MAKOR FLASH-LIGHT Aug 12, 2015  NAV as of December 31, 2015 was €136.4 per share, up 10.7% vs. prior year (the discount to NAV was 21.3% as of December 31, 2015.). Management also provided NAV as of March 17, 2016 of €128.2 per share which was impacted by the market decline in the early part of 2016, and by management’s valuation methodology for IHS, Constantia Flexibles and Stahl. Based on our calculation and current market price of the listed assets (Bureau Veritas and saint Gobain) the current NAV per share is €140.5.  IHS which is Wendel’s largest unlisted asset (approx. 9% of the portfolio) experienced sharp growth despite FX headwinds, boosted by the successful integration of acquired towers (Revenue was up 130%, Ebitda 269%). On March 10, IHS announced the acquisition of Helios Towers Nigeria Limited, and this transaction will be the first in-market consolidation in Africa. Management noted that an IPO remains an option for IHS in which Wendel holds 26% stake.  Constantia Flexibles which was acquired at the beginning of 2015 experienced strong results with more than 9% sales growth attributable to all of Constantia’s business divisions: Food (+7.5% o/w +4.7% organic), Pharma (+7.9% o/w +7.1% organic) and Labels (+11.7% o/w +5.5% organic). We now factor in our NAV a higher valuation for Constantia Flexibles of €692 million which is based on 8.5x EV/Ebitda 2016E vs. our previous valuation of €571 million, which was based on acquisition price.  Partial disposal of Bureau Veritas – in early March 2015, Wendel sold 48 million Bureau Veritas shares, corresponding to 10.9% of the company’s share capital, for around €1 billion. Wendel now holds 40% of Bureau Veritas’ share capital and 56.5% of its voting rights.  Current LTV ratio is 33% proforma of Parcours disposal and the company’s BBB-rating and stable outlook was affirmed by S&P on February 19, 2016.  The company proposes an increased dividend - the ordinary dividend to be proposed at the Annual Shareholder’s Meeting on June 1, 2016 is up 7.5% at €2.15 per share.  All of the company’s 2013-17 objectives have now been achieved demonstrating Management’s excellent execution. Management now plans to pursue its international development strategy. Makor Securities Makor Capital Makor Capital Markets Makor Securities London Ltd Rogovin Tower Makor Securities London Ltd Makor Securities London Ltd 7/8 Savile Row 2nd Floor Menachem Begin 11 (Geneva Rep Office) (Paris Rep. Office) London W1S 3PE, ENGLAND 52689 Ramat Gan, ISRAEL 27 rue de la Croix-d’Or 51 rue Francois Premier +44 207 290 5777 +972 3 545 3777 1204 Geneve, SWITZERLAND 75008 Paris, FRANCE +41 223 106 916 +33 1 42 99 69 41 2