4 Financial instruments and other investments

4.1 Accounting classification

The following table shows the carrying amounts of financial assets and financial liabilities.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which FMO has access at that date.

	June 30, 2026
	Fair Value P&L	Fair value hedging instruments	FVOCI-equity instruments	Amortized cost	Financial liabilities used as hedged items	Total
Financial assets
Cash balances with Banks	-	-	-	175,619	-	175,619
Current accounts with state funds and other programs	-	-	-	5,056	-	5,056
Short-term deposits	209,883	-	-	520,407	-	730,290
Other receivables	-	-	-	21,886	-	21,886
Interest-bearing securities	131,821	-	614,125	696,236	-	1,442,182
Derivative financial instruments	173,742	35,213	-	-	-	208,955
Loans to the private sector	711,167	-	-	6,116,770	-	6,827,937
Equity investments	2,111,943	-	237,157	-	-	2,349,100
Total Financial assets	3,338,556	35,213	851,282	7,535,974	-	11,761,025
Financial liabilities
Short-term credits	-	-	-	478,829	-	478,829
Current accounts with state funds and other programs	-	-	-	38	-	38
Derivative financial instruments	102,749	74,765	-	-	-	177,514
Dutch government program liabilities	85,896	-	-	-	-	85,896
Debentures and notes	-	-	-	1,648,177	5,652,662	7,300,839
Accrued and other liabilities	-	-	-	202,851	-	202,851
Total Financial liabilities	188,645	74,765	-	2,329,895	5,652,662	8,245,967

	December 31, 2025
	Fair Value P&L	Fair value hedging instruments	FVOCI-equity instruments	Amortized cost	Financial liabilities used as hedged items	Total
Financial assets
Cash balances with Banks	-	-	-	140,239	-	140,239
Current accounts with state funds and other programs	-	-	-	3,207	-	3,207
Short-term deposits	446,130	-	-	623,995	-	1,070,125
Other receivables	-	-	-	33,487	-	33,487
Interest-bearing securities	134,120	-	-	573,170	-	707,290
Derivative financial instruments	169,895	63,588	-	-	-	233,483
Loans to the private sector	709,700	-	-	5,604,615	-	6,314,315
Equity investments	2,166,158	-	223,452	-	-	2,389,610
Total Financial assets	3,626,003	63,588	223,452	6,978,713	-	10,891,756
Financial liabilities
Short-term credits	-	-	-	543,965	-	543,965
Current accounts with state funds and other programs	-	-	-	2,117	-	2,117
Derivative financial instruments	93,775	50,214	-	-	-	143,989
Dutch government program liabilities	96,887	-	-	-	-	96,887
Debentures and notes	-	-	-	1,071,393	5,427,499	6,498,892
Accrued and other liabilities	-	-	-	174,163	-	174,163
Total Financial liabilities	190,662	50,214	-	1,791,638	5,427,499	7,460,013

In these condensed consolidated interim financial statements, immaterial presentation updates have been made to certain line items. Specifically, the captions ‘Accrued liabilities’ and ‘Other liabilities’, which were presented separately in the June 30, 2025 condensed consolidated interim financial statements, have been combined into a single line item.

During the current financial reporting period, FMO acquired interest bearing securities as a part of a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets. In accordance with IFRS 9, these instruments are classified as financial assets measured at fair value through other comprehensive income (FVOCI).

4.2 Short-term deposits

	June 30, 2026	December 31, 2025
Collateral delivered (related to derivative financial instruments)	133,527	96,230
Cash held at central bank	376,425	518,721
Mandatory reserve deposit with Dutch Central Bank	7,509	6,098
Collateral delivered to European Central Bank	2,946	2,946
Short-term deposits measured at AC	520,407	623,995
Commercial paper	-	269,632
Money market funds	209,883	176,498
Short-term deposits measured at FVPL	209,883	446,130
Total Short-term deposits	730,290	1,070,125

Mandatory reserve represents the average daily target set by the regulator and is not available for use in FMO’s day-to-day operations.

4.3 Derivative financial instruments

FMO uses various derivatives to hedge its assets and liabilities against interest rate risk and currency risk. During the first half of 2026, the derivatives position has increased and the majority is related to an increase in interest rate swaps for both derivatives hedge accounting instruments and other than hedge accounting instruments.

To manage interest rate risk arising from the exposure to interest-bearing securities acquired by FMO during the period which are measured at FVOCI, FMO entered into additional interest rate swap contracts. These derivatives are designated as hedging instruments in fair value hedge relationships, with the hedged risk being changes in the fair value of the securities attributable to movements in benchmark interest rates. FMO applies fair value hedge accounting in accordance with IFRS 9. Changes in the fair value of the hedging instruments are recognized in profit or loss. The carrying amount of the hedged securities is adjusted for changes in fair value attributable to the hedged risk, with the corresponding gain or loss recognized in profit or loss. Other changes in the fair value of the securities are recognized in other comprehensive income.

Refer to FMO's accounting policy for hedge accounting in the consolidated annual financial statements as at December 31, 2025.

The following table summarizes the notional amounts and the fair values of derivatives. Some derivatives are held to reduce interest rate risks and currency risks but do not meet the specified criteria to apply hedge accounting for the reporting period. The table also includes derivatives related to the asset portfolio.

	2026
	Carrying amount
	Notional amount	Assets	Liabilities	Change in fair value used for calculating hedge ineffectiveness	Ineffectiveness recorded in profit or loss	Line item in P&L that includes hedge ineffectiveness
Derivatives hedge accounting instruments:
Interest rate swaps	6,292,291	35,213	74,765	-49,316	-110	Results from financial transactions

Derivatives other than hedge accounting instruments:
Currency swaps	230,151	1,519	2,666
Interest rate swaps	3,461,914	19,780	4,392
Cross-currency interest rate swaps	3,882,469	152,443	85,151
Subtotal	7,574,534	173,742	92,209
Embedded derivatives related to asset portfolio	-	-	10,540
Total derivative assets /(liabilities) other than hedge accounting instruments	7,574,534	173,742	102,749
Balance at June 30	13,866,825	208,955	177,514

	2025
	Carrying amount
	Notional amount	Assets	Liabilities	Change in fair value used for calculating hedge ineffectiveness	Ineffectiveness recorded in profit or loss	Line item in P&L that includes hedge ineffectiveness
Derivatives hedge accounting instruments:
Interest rate swaps	5,414,841	63,588	50,214	82,609	-2,289	Results from financial transactions

Derivatives other than hedge accounting instruments:
Currency swaps	716,408	4,371	1,638
Interest rate swaps	2,749,004	13,349	8,916
Cross-currency interest rate swaps	3,721,572	152,175	72,990
Subtotal	7,186,984	169,895	83,544
Embedded derivatives related to asset portfolio	-	-	10,231
Total derivative assets /(liabilities) other than hedge accounting instruments	7,186,984	169,895	93,775
Balance at December 31	12,601,825	233,483	143,989

The amounts relating to items designated as hedged items were as follows:

	2026
	Carrying amount of the hedged item	Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item
Balance sheet line item	Liabilities	Assets	Liabilities	Change in fair value used for calculating hedge ineffectiveness	Accumulated amount remaining in the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and losses
Debentures and notes	5,652,662	-	-	-49,206	-
Balance at June 30	5,652,662	-	-	-49,206	-

	2025
	Carrying amount of the hedged item	Accumulated amount of fair value hedge adjustments on the hedged item included in the carrying amount of the hedged item
Balance sheet line item	Liabilities	Assets	Liabilities	Change in fair value used for calculating hedge ineffectiveness	Accumulated amount remaining in the balance sheet for any hedged items that have ceased to be adjusted for hedging gains and losses
Debentures and notes	5,427,499	-	-	-84,898	-
Balance at December 31	5,427,499	-	-	-84,898	-

4.4 Loans to the private sector

The following tables show the changes in loans measured at amortized cost. Additions in the tables include newly originated exposures, as well as drawdowns on existing exposures.

Changes in Loans to the private sector at AC in 2026	Stage 1		Stage 2		Stage 3		Total
	Gross carrying amount	ECL allowance	Gross carrying amount	ECL allowance	Gross carrying amount	ECL allowance	Gross carrying amount	ECL allowance
Balance at January 1, 2026	4,990,814	-21,832	472,843	-20,061	315,360	-132,509	5,779,017	-174,402
Additions	943,996	-5,947	13,892	-444	-	-	957,888	-6,391
Exposure derecognized or lapsed	-473,242	1,766	-54,584	1,724	-17,692	6,741	-545,518	10,231
Transfers to Stage 1	95,025	-1,486	-95,025	1,486	-	-	-	-
Transfers to Stage 2	-90,485	316	98,384	-1,298	-7,899	982	-	-
Transfers to Stage 3	-8,281	174	-73,646	5,341	81,927	-5,515	-	-
Modifications of financial assets (including derecognition)	-32,002	-	2	-	1,324	-	-30,676	-
Changes in risk profile (including changes in accounting estimates)	-	2,673	-	-475	-	-19,534	-	-17,336
Amounts written off/disposals	-	-	-	-	-6,099	6,099	-6,099	6,099
Changes in amortizable fees	-767	-	325	-	206	-	-236	-
Premium / discount	-12	-	-	-	-	-	-12	-
Changes in accrued income	10,354	-	-901	-	526	-	9,979	-
Foreign exchange adjustments	123,582	-597	8,109	-300	6,426	-2,994	138,117	-3,891
Balance at June 30, 2026	5,558,982	-24,933	369,399	-14,027	374,079	-146,730	6,302,460	-185,690

Changes in Loans to the private sector at AC in 2025	Stage 1		Stage 2		Stage 3		Total
	Gross carrying amount	ECL allowance	Gross carrying amount	ECL allowance	Gross carrying amount	ECL allowance	Gross carrying amount	ECL allowance
Balance at January 1, 2025	4,441,643	-30,723	611,623	-31,694	343,435	-143,766	5,396,701	-206,183
Additions	2,281,739	-17,040	57,394	-1,796	16,403	-10,667	2,355,536	-29,503
Exposure derecognized or lapsed	-1,216,536	3,738	-144,756	3,202	-28,962	12,838	-1,390,254	19,778
Transfers to Stage 1	185,371	-9,177	-185,371	9,177	-	-	-	-
Transfers to Stage 2	-211,298	4,832	229,200	-8,243	-17,902	3,411	-	-
Transfers to Stage 3	-945	13	-44,338	2,253	45,283	-2,266	-	-
Modifications of financial assets (including derecognition)	1,003	-	2,533	-	430	-	3,966	-
Changes in risk profile (including changes in accounting estimates)	-	23,265	-	4,434	-	-16,466	-	11,233
Consolidation of group entities							-	-
Amounts written off/disposals	-	-	-	-	-11,110	11,110	-11,110	11,110
Changes in amortizable fees	-9,877	-	997	-	635	-	-8,245	-
Premium / discount	-43	-	-	-	-	-	-43	-
Changes in accrued income	14,789	-	-899	-	1,133	-	15,023	-
Foreign exchange adjustments	-495,032	3,260	-53,540	2,606	-33,985	13,297	-582,557	19,163
Balance at December 31, 2025	4,990,814	-21,832	472,843	-20,061	315,360	-132,509	5,779,017	-174,402

The full contractual amount of assets that were written off during the current and prior reporting period are still subject to enforcement activity.

4.5 Equity Investments

The overall change in fair value as per June 30, 2026 is mainly driven by foreign exchange results. Unrealized results from capital movement for FVPL positions is €-18.3 million, please also refer to note 10.

	Equity measured at FVOCI	Equity measured at FVPL	Total
Balance at January 1, 2026	223,452	2,166,158	2,389,610
Purchases and contributions	-	115,718	115,718
Return of capital (including sales)	-	-195,494	-195,494
Net result from sales	-	4,887	4,887
Changes in fair value	13,705	20,674	34,379
Balance at June 30, 2026	237,157	2,111,943	2,349,100

	Equity measured at FVOCI	Equity measured at FVPL	Total
Balance at January 1, 2025	201,287	2,355,626	2,556,913
Purchases and contributions	119	256,101	256,220
Conversion of loans to equity	-	1,325	1,325
Return of capital (including sales)	-	-301,626	-301,626
Net result from sales	-	-30,703	-30,703
Changes in fair value	22,046	-114,565	-92,519
Balance at December 31, 2025	223,452	2,166,158	2,389,610

4.6 Investments in associates & Joint Ventures

Movements carrying amounts of the Associates and Joint ventures
	June 30, 2026	December 31, 2025
Balance at January 1	386,603	372,073
Purchases and contributions	8,387	24,990
Conversion from loans to equity	-	4,386
Return of capital (including sales)	-	-1,728
Share in net results	-4,320	50,809
Dividends from associate/JV	-9,214	-17,745
Exchange rate differences	10,786	-46,182
Carrying amount of investment in associates and joint ventures	392,242	386,603

Share of investees' net loss as of June 30, 2026 was €4.3 million.

In April 2026 FMO provided a €150 million commitment to the Global Green Bond Initiative (GGBI) Feeder Fund. GGBI is a new flagship initiative of the EU Global Gateway strategy. The investment in the GGBI Feeder Fund is accounted for as an associate due to FMO holding 40 percent of the fund's voting rights. At June 30, 2026, FMO had not made any capital disbursements to the fund.

4.7 Dutch government program liabilities

	June 30, 2026	December 31, 2025
Balance at January 1	96,887	121,715
Purchases and contributions	-6,823	10,926
Return of Capital (including sales)	-	-232
Changes in fair value through profit & loss	-7,189	-12,906
Other changes	3,021	-22,616
Total Dutch government program liabilities	85,896	96,887

The financial liabilities contained in this note relate to FMO's obligations to the public fund programs managed on behalf of the Dutch Government and amounts payable to the Dutch Government as a part of their participation in the DFCD and Ventures programs.

4.8 Fair values

Fair value hierarchy

All financial instruments for which fair value is recognized or disclosed are categorized within the fair value hierarchy, based on lowest level input that is significant to the fair value measurement as a whole, as follows:

Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable;

Level 3 – Valuation technique for which the lowest level input that is significant to the fair value measurement is unobservable.

Valuation processes

For recurring fair value measurements classified within Level 3 of the fair value hierarchy, FMO applies established valuation policies and procedures to determine fair values and analyze changes in those measurements over time.

FMO’s fair value methodology and governance over its methods includes a number of controls and other procedures to ensure appropriate safeguards are in place to ensure its quality and adequacy. The responsibility of ongoing measurement resides with the relevant departments. Once submitted, fair value estimates are also reviewed and challenged by the Financial Risk Committee (FRC). The FRC approves the fair values measured including the valuation techniques and other significant input parameters used.

Valuation techniques

When available, the fair value of an instrument is measured by using the quoted price in an active market for that instrument (level 1). A market is regarded as active if transactions of the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

If there is no quoted price in an active market, valuation techniques are used that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. These valuation techniques applied by FMO to determine the fair value of its financial instruments are described in detail in FMO’s consolidated financial statements as at December 31, 2025.

Financial instruments not measured at fair value

The table below presents the carrying value and estimated fair value of FMO’s financial assets and liabilities, not measured at fair value.

Financial assets and liabilities not measured at fair value
At December 31	June 30, 2026		December 31, 2025
	Carrying amount	Fair value	Carrying amount	Fair value
Financial assets not measured at fair value
Short-term deposits at AC	520,407	520,407	623,995	623,995
Cash balances with Banks	175,619	175,619	140,239	140,239
Interest-bearing securities at AC	696,236	681,569	573,170	563,025
Loans to the private sector at AC	6,116,770	5,881,925	5,604,615	5,061,973
Current accounts with state funds and other programs	5,056	5,056	3,207	3,207
Other receivables	21,886	21,886	33,487	33,487
Total financial assets not measured at fair value	7,535,974	7,286,462	6,978,713	6,425,926
Financial liabilities not measured at fair value
Short-term credits	478,829	478,829	543,965	543,965
Debentures and notes	7,300,839	7,608,772	6,498,892	6,826,090
Current accounts with state funds and other programs	38	38	2,117	2,117
Accrued and other liabilities	202,851	202,851	174,163	174,163
Total financial liabilities not measured at fair value	7,982,557	8,290,490	7,219,137	7,546,335

Financial instruments measured at fair value

The following table gives an overview of the financial instruments valued at fair value using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

June 30, 2026	Level 1	Level 2	Level 3	Total

Financial assets mandatorily at FVPL
Short-term deposits	209,883	-	-	209,883
Derivative financial instruments	-	208,955	-	208,955
Loans to the private sector	186,875	-	524,292	711,167
Equity investments	28,836	18,660	2,064,447	2,111,943

Financial assets designated at FVPL
Interest-bearing securities at FVTPL	131,821	-	-	131,821

Financial assets at FVOCI
Interest-bearing securities at FVOCI	614,125	-	-	614,125
Equity investments	-	-	237,157	237,157
Total financial assets at fair value	1,171,540	227,615	2,825,896	4,225,051

Financial liabilities mandatorily at FVPL
Derivative financial instruments	-	166,974	10,540	177,514

Financial liabilities designated at FVPL
Dutch government program liabilities	-	-	85,896	85,896
Total financial liabilities at fair value	-	166,974	96,436	263,410

December 31, 2025	Level 1	Level 2	Level 3	Total

Financial assets mandatorily at FVPL
Short-term deposits	176,498	269,632	-	446,130
Derivative financial instruments	-	233,483	-	233,483
Loans to the private sector	139,328	-	570,372	709,700
Equity investments	42,914	29,944	2,093,300	2,166,158

Financial assets designated at FVPL
Interest-bearing securities at FVTPL	134,120	-	-	134,120

Financial assets at FVOCI
Equity investments	-	-	223,452	223,452
Total financial assets at fair value	492,860	533,059	2,887,124	3,913,043

Financial liabilities mandatorily at FVPL
Derivative financial instruments	-	133,758	10,231	143,989

Financial liabilities designated at FVPL
Dutch government program liabilities	-	-	96,887	96,887
Total financial liabilities at fair value	-	133,758	107,118	240,876

Movements in fair value of financial instruments in level 3 fair value hierarchy

Movements in financial instruments measured at fair value based on level 3	Loans to the private sector	Equity investments	Total

Balance at January 1, 2025	552,204	2,533,032	3,085,236
Total gains or losses
-In profit and loss (changes In fair value)	3,097	49,138	52,235
-In profit and loss (net result from sales)	-	-30,703	-30,703
-In other comprehensive income (changes in fair value)	-	22,046	22,046
Purchases /disbursements	211,630	256,220	467,850
Sales/repayments	-113,050	-290,036	-403,086
Interest capitalization	522	-	522
Write-offs	-10,873	-	-10,873
Accrued income	-11,988	-	-11,988
Exchange rate differences	-59,968	-207,233	-267,201
Conversion from loans to equity	-1,202	1,325	123
Conversion associate/FVPL	-	-	-
Transfers out of level 3	-	-17,037	-17,037
Balance at December 31, 2025	570,372	2,316,752	2,887,124
Total gains or losses
-In profit and loss (changes In fair value)	6,710	-12,887	-6,177
-In profit and loss (net result from sales)	-	4,155	4,155
-In other comprehensive income (changes in fair value)	-	13,705	13,705
Purchases /disbursements	37,986	112,711	150,697
Sales/repayments	-82,766	-171,170	-253,936
Interest capitalization	110	-	110
Write-offs	-12,547	-	-12,547
Accrued income	-8,095	-	-8,095
Exchange rate differences	12,522	38,338	50,860
Conversion from loans to equity	-	-	-
Conversion associate/FVPL	-	-	-
Transfers out of level 3	-	-	-
Balance at June 30, 2026	524,292	2,301,604	2,825,896

Transfers between levels 1 and 2

There were no material transfers between levels 1 and 2.

Transfers from levels 1 and 2 to level 3

There were no material transfers from levels 1 and 2 to level 3

Valuation techniques and unobservable inputs used for measuring fair value of loans to the private sector

Type of debt investment	Fair value at June 30, 2026	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity to unobservable inputs

Loans	57,124	Discounted cash flow model	Based on client spread change for fixed rate loans at FVTPL	A decrease/increase of the used spreads with 1% will result in a higher/lower fair value of approx €1.8 million
	188,002	ECL measurement	Based on client rating for floating rate loans at FVTPL	An improvement / deterioration of the Client Rating with 1 notch will result approx 0.4% increase/decrease
	14,072	Credit impairment	n/a	n/a
Debt Funds	265,094	Net Asset Value	n/a	n/a
Total	524,292

Type of debt investment	Fair value at December 31, 2025	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity to unobservable inputs

Loans	60,909	Discounted cash flow model	Based on client spread for fixed rate loans at FVTPL	A decrease/increase of the used spreads with 1% will result in a higher/lower fair value of approx €4.4 million
	240,987	ECL measurement	Based on client rating for floating rate loans at FVTPL	An improvement / deterioration of the Client Rating with 1 notch will result approx 0.4% increase/decrease
	19,341	Credit impairment	n/a	n/a
Debt Funds	249,135	Net Asset Value	n/a	n/a
Total	570,372

Valuation techniques and unobservable inputs used measuring for fair value of equity investments

Type of equity investment	Fair value at June 30, 2026	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity to unobservable inputs of 10%

Private equity fund investments	1,221,721	Net Asset Value	Discounts applied ranging from 0 to 75%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €5.6 million.
Private equity direct investments	89,855	Recent transactions	Discounts applied ranging from 0 to 100%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €0.6 million.
	131,715	Book multiples	Discounts applied ranging from 0 to 50% Book multiple applied ranging 0.5 – 1.1	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €1.6 million. Changes in the applied multiple with 10% would result is a lower/higher fair value of €13.2million
	50,578	Earnings Multiples	Discounts applied ranging from 0 to 30% Earnings multiple applied ranging 1.0 - 1.3	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €1.0 million. Changes in the applied multiple with 10% would result is a lower/higher fair value of €5.1 million
	42,718	Discounted Cash Flow (DCF)	Discounts applied ranging from 0 to 40% DCF model inputs: Discount rates applied ranging from 11% to 17% Expected monthly cash flows ranging from €0.1 million to €6.0 million	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €1.2 million. Changes in the DCF model by lowering the discount rate and increasing the Cash flows would result in a positive change in fair value of €8.9 million.
	2,642	Put option	Discounts applied ranging from 0 to 29%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €0.1 million.
	57,570	Firm offers	Discounts applied ranging from 0 to 20%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €0.5 million.
	535,320	Net Asset value	Discounts applied ranging from 0 to 75%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €4.2 million.
	81,917	Other	Discounts applied ranging from 0 to 90%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €1.2 million.
	87,568	Cost	N/A	N/A
Total	2,301,604

Type of equity investment	Fair value at December 31, 2025	Valuation technique	Range (weighted average) of significant unobservable inputs	Fair value measurement sensitivity to unobservable inputs

Private equity fund investments	1,185,166	Net Asset Value	Discounts applied ranging from 0 to 75%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €5.3 million.
Private equity direct investments	109,697	Recent transactions	Discounts applied ranging from 0 to 50%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €0.4 million.
	57,030	Book multiples	Discounts applied ranging from 0 to 50% Book multiple applied ranging 0.5 – 1.0	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €0.3 million. Changes in the applied multiple with 10% would result is a lower/higher fair value of €5.7 million
	96,879	Earnings Multiples	Discounts applied ranging from 0 to 20% Earnings multiple applied ranging 1.0 - 1.9	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €1.7 million. Changes in the applied multiple with 10% would result is a lower/higher fair value of €10.8 million
	35,162	Discounted Cash Flow (DCF)	Discounts applied ranging from 0 to 50% DCF model inputs: Discount rates applied ranging from 12% to 16% Expected monthly cash flows ranging from €0.5 million to €5.8 million	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €1,1 million. Changes in the DCF model by lowering the discount rate and increasing the Cash flows would result in a positive change in fair value of €8.2 million.
	3,430	Put option	Discounts applied ranging from 0 to 29%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €0.1 million.
	150,903	Firm offers	Discounts applied ranging from 0 to 20%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €0.9 million.
	519,851	Net Asset value	Discounts applied ranging from 0 to 85%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €3.3 million.
	81,505	Other	Discounts applied ranging from 0 to 61%	Changes in the discounts applied would result in a lower/ higher fair value in valuation of €1.8 million.
	77,128	Cost	N/A	N/A


Total	2,316,752