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Article R3332-22 of the French Labour Code

When the investment instruments of a company savings plan include the possibility of investing in company securities which are not admitted to trading on a regulated market, their valuation is determined in accordance with the methods defined in article L. 3332-20, without prejudice to the specific legal provisions which set the conditions for determining the value of these securities.

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Article R3332-23 of the French Labour Code

Securities are valued by the company, under the supervision of the statutory auditor, at least once every financial year and whenever an event or series of events occurring during a financial year is likely to lead to a substantial change in the value of the company’s shares. In addition, a valuation is carried out by experts at least every five years. This valuation is optional for the companies mentioned in…

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