The value of the portfolio of open-ended subscriptions is calculated by determining the present value of the future net revenues these subscriptions will generate throughout their useful life. The life curve of subscriptions recruited via a promotional operation makes it possible to determine the residual life expectancy of the remaining subscriptions accurately.

The net contribution still to be received from residual subscriptions corresponding to an operation is computed by applying to the number of remaining subscriptions the average revenues observed and the margin on direct costs (with discounts deducted). The present value of this contribution, calculated by applying the money market rate, gives the value of this number of subscriptions.

The total value of the portfolio of subscriptions held is thus determined by cumulating all the values attached to all subscriptions. Portfolio value is corrected for any latent tax.

The value of the portfolio, plus consolidated shareholders’ equity, represents net asset value.