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Glossary

AGM: Annual General Meeting ATM: Automated Teller Machine Beta: Coefficient measuring the marginal contribution of a financial asset to the risk of the market portfolio and equal to COV (RA,RM) / V(RM) where RA is the financial asset return and RM the market portfolio return. This coefficient reflects the sensitivity degree of the financial asset return to the variations of the market portfolio return. Beta R: Correlation coefficient between the historical financial asset return and the historical return of a market index used as a proxy for the market portfolio return. This coefficient reflects the degree of relevance of the beta. If the coefficient R is close to 1, the beta is meaningful. If it is close to zero, it is not. B2B: Business to Business B2C: Business to Consumer BLOC TRADE: Financial operation which involves selling a significant bloc of shares to the market BS: Black-Scholes Bullet loan: Loan for which the payment of the principal is due at the end of the loan term CALL OPTION: Derivative product providing the buyer with the right (and not the obligation) to buy a financial asset at a specified price (and called the strike price) CAPEX: Capital Expenditures CAPM: Capital Asset Pricing Model Cash concentration: Transfer of funds from different bank accounts into a centralization account in order to improve cash management CDO: Collateralized Debt Obligation CEO: Chief Executive Officer CFADS: Cash Flow Available for Debt Service CIB: Corporate and Investment Banking Compliance: Act of adhering to and of enforcing a standard or a regulation CRG: Corporate Reference Group CSP: Concentrated Solar Power

Glossary
DCF: Discounted Cash Flows DILUTION/ACCRETION: Decrease/Increase in the financial participation held by a shareholder as a result of a capital increase. DISCOUNT TO TERP: Discount at which the new shares to be issued through the capital increase are offered compared to the TERP. DSCR: Debt Service Coverage Ratio EBIT: Earnings Before Interest and Taxes EBITDA: Earnings Before Interest, Taxes, Depreciations and Amortizations ECM Credentials: Set of historical equity capital markets transactions underwritten by an investment bank. ECM: Equity Capital Market EONIA: Euro Over Night Index Average EPT: Electronic Payment Terminals EQUITY STORY: Idiomatic expression referring to the sales argument/investment rationale presented by the management to the market with the objective to convince new investors to invest in the new stocks issued by their company. ERS: Energy-Recovery Seat EU OPTION: European option. Option contract where the right can be exercised at a specified date only EV: Equity Value. Corresponds to the market value of the shareholders equity. For listed companies, the equity value corresponds to the market capitalization which is equal to the share price multiplied by the total number of shares. EXECUTION RISK: The execution risk of an operation refers to its risk of failure. In the case of a capital increase, the execution risk is the risk that no (or not enough) investors will buy the new shares issued by the company. If it should happen, the company would not manage to raise the funds initially planned. EXCHANGE POSITION (also called foreign exchange change position or simply change position) : It results from operations in foreign currencies. The Exchange position is calculated for each currency. FACIAL DISCOUNT: The facial discount (also called nominal discount) refers to the discount at which the new shares to be issued through the capital increase are offered compared to the current market share price.

Glossary
Factoring: Act of selling the receivables of a company to a financial intermediary. The intermediary usually buys the receivables at a discount FCF: Free Cash Flows FLD: Freeland Dollar Free Float: The free float refers to the shares issued by a company which are effectively available for trading on the stock exchange market. As opposed to the shares held by the strategic shareholders of the company who are supposed to hold them for a long term period, the shares belonging to the free float can potentially be sold or purchased at any time on the stock exchange market. FV: Firm Value. Corresponds to the market value of the operating assets of a company and usually equal to the equity value increased by the value of the net financial debts. Gearing: Net debt to Shareholders Equity ratio. GCPS: Global Commercial Payment Solution GOV: Gross Asset Value GTI: Green Tennis, Inc. IFRS: International Financial Reporting Standards IPO: Initial Public Offering. Sale transaction where the shares in the target company are offered to the equity capital market and through which the target company becomes public. Unlike the trade sale, the IPO will generally imply the disposal of a minority stake by the vendor who will have to remain a reference shareholder of the target after the IPO, while offering the possibility to sell its remaining stake at a later date. This transaction will also provide the company with the possibility to raise large amount of new funds in the market. However, this company will then be exposed to the constraints linked to its new public status (financial communication, market pressure, ) LBO: Leveraged Buyout. Liquidity: The liquidity refers to the degree to which an asset or security can be bought or sold in the market without affecting the asset's price. The liquidity is generally characterized by a high level of trading activity (The assets that then can be easily bought or sold). LOG-RETURN: Return of a financial security in a continuous time framework of analysis and defined as ln(At)-ln(At-1), where At is the asset price in date t and At-1 the asset price in date t-1. LONG POSITION: Investment strategy on a financial asset (stock security, fixed income security, option, etc.) where the investor is exposed to a downside risk of the asset value. Investors taking a long position on one particular asset are buyers who become owners of that asset. In the context of

Glossary
option contracts, investors taking long positions are therefore the buyers of the option and as such, are exposed to a risk of decrease in the option value. M&A: Mergers and Acquisitions M&A Credentials: Set of historical mergers and acquisitions transactions executed by an Investment Bank as financial advisor. Market gearing: Net debt to Equity Value (expressed in market value terms). NAV: Net Asset Value Net debt: Financial debt Cash and Cash equivalents NOR: Number of rights NOSH: Number of shares OVERDRAFT : It is the fact of overdrawing a bank account, resulting in a negative cash balance. Overdraft is often associated with overdraft fees. Excess overdraft is the overdraft over the authorized overdraft granted by the bank. It will lead to higher fees. PARITY (also named subscription ratio): In the case of a capital increase, parity is the number of rights required to subscribe one new share. PAYOFF: Final benefit generated by a financial contract PBR: Price to Book Value ratio. Equity value multiple equal to the equity market value divided by the accounting value of shareholders equity. PER: Price Earnings Ratio. Equity Value multiple equal to the equity market value divided by the net income. Pips: Percentage Increment Point (i.e. the smallest increment point of a currency), also translated into Percentage In Points. PUT OPTION: Derivative product providing the buyer with the right (and not the obligation) to sell a financial asset at a specified price REFERENCE PRICE: Asset price used to perform the calculation (generally the current share price) Road Show: Marketing presentation performed by a company issuing new securities to convince potential buyers to subscribe to the operation and invest on the new securities he is offering. ROCE: Return on Capital Employed ROE: Return on Equity

Glossary
ROTATION RATIO OVER CAPITAL: The rotation ratio over capital measures the level of liquidity of a stock security by comparing the daily average volume of shares effectively trading in the market with the total number of outstanding shares of the company over a specified period of time. The spot rotation ratio for instance is equal to the volume of shares exchanged during the last trading day divided by the total number of shares. If this ratio is high (for instance higher than 0.5%), it means that a significant portion of the total number of shares is effectively exchanged in the market every day. In this particular case, we consider that the stock is liquid, which means that a moderate volume of such stocks can be bought or sold without significantly affecting its price. SBB: Share Buyback. A share buyback consists in buying its own shares with the objective to cancel them or distribute them later in the context of the exercise of stock options or convertible debts. A share buyback is an alternative tool to the dividend payment and as such is used by a company to give back money to ist shareholders. SBS: Sustainable Building Standards SD: Summerland Dollar SEPA: Single Euro Payments Area SFC: Self-Financing Capability SHORT POSITION: Investment strategy on a financial asset (stock security, fixed income security, option, etc.) where the investor is exposed to an upside risk of the asset value. Investors taking a short position on one particular asset are vendors who committed to sell that asset. In the context of option contracts, investors taking short positions are therefore the vendors of the option and as such, are exposed to a risk of increase in the option value. SPA: Share Purchase Agreement. Legal document specifying the terms of the transaction agreed between the seller and the buyer. SPREAD / CREDIT SPREAD : Difference between the interest rate at which the debt is issued and the risk free rate. The credit spread reflects the level of risk of a given debt security and normally depends on the degree of solvability of its issuer. STRADDLE OPTION: Derivative product combining both a call and a put option. The contract provides the buyer with the right (and not the obligation) to sell and to buy a financial asset at a specified price STRIKE PRICE: Price at which the right provided by the option contract can be exercised SWIFT: Society for Worldwide Interbank Financial Telecommunication SWOT: Strengths, Weaknesses, Opportunities and Threats. TCO: Total Cost of Ownership TERP: Theoretical Ex-Rights Price.

Glossary
THEORETICAL DISCOUNT: In the case of a rights issue, the theoretical discount corresponds to the discount to TERP. In the case of a capital increase without rights, the theoretical discount refers to the discount at which the new shares to be issued through the capital increase are offered compared to the theoretical price immediately after the operation. Trade sale: Sale transaction where the potential buyer of the target company is an industrial player (as opposed to a private equity fund in case of LBO or the equity capital market in case of IPO). This type of transaction usually results in the submission of higher offer prices for the target company because of the potential synergies between the target and acquirer. However, it usually implies the full disposal by the vendor of his controlling stake in the company. TRP: Theoretical Rights Price. TV: Terminal Value UCITS: Undertakings for Collective Investments in Transferable Securities UNSOLICITED OFFERS: In a merger or acquisition context, an unsolicited offer is a hostile purchase offer made by a bidder on the stock securities of a target company. Such offers are done without the previous consent of the management of the target company. US OPTION: American option. Option contract where the right can be exercised for as long as the option remains valid VAT: Value Added Tax WACC: Weighted Average Cost of Capital. WC (or NWC): Working Capital (also called Net Working Capital). WCR: Working Capital Requirement