Determination of the Net Asset Value (NAV)
The Net Asset Value (NAV) per share is a figure which is calculated on a regular, consistent basis to approximately reflect the intrinsic value of one share of the company.

• The auditor reviews the consistency of the calculation methods used by the Investment Manager to determine the NAV on a semi-annual basis.
  

• The Investment Manager calculates the NAV of every single investment on a regular basis (at least bi-weekly). The NAV of New Venturetec investments will be calculated on the basis of the following principles and guidelines:

Valuation of public companies: 
    - closing bid price

Valuation of private companies:     
    - original cost or subsequent capital increase is 
      considered an approximation of the fair market value
    - valuation factors: nature of business, 
      industry outlook, book value, earnings capacity, etc.
    - Measuring the value of intangible assets
    - Measuring the enterprise as a whole: 
      orientation on cost, income, market