The method for calculating the net asset value has been set in accordance with the January 2002 fairness opinion. The change in net asset value measures the increase in shareholder value from one year to the next. Net asset value nearly tripled between December 2003 and December 2007. The internal rate of return, with dividends reinvested in Wendel shares, was 33%(1) p.a. on average during this period. This strong, steady profi tability illustrates the value Wendel has created since the end of 2003. The methods used to calculate net asset value are described on pages 217 - 219 of this report. At least twice a year, an independent expert prepares his own valuation and submits it to the Audit Committee.

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