Net asset value is slightly up (after dividend payout), at €286 million, i.e. + 1% vs. December 2016. Real estate hax maintained its assets rotation momentum. Private equity continues to be the leading contributor, in terms of revenue and value creation. Hospitality managed to generate organic growth of 6% in spite of the intensive investment phase to guarantee delivery in 2018 of four new hotels in Paris and in Lens and of the Grand Spa Thermal of Brides, and thanks to its positionning in a Parisian market that show signs of recovery.