Article 422-249-3 into force since 22 February 2019

The management report submitted to the general meeting shall give an account of:

1. The management policy followed, and particular problems encountered and the prospects of the GFI;

2. The evolution of capital and the share price;

3. The evolution and valuation of forestry assets:

   a) Acquisitions (made and planned), sales, trades, with information about the financial terms;

   b) As appropriate, the guidelines used for basic management plans or amendments drawn up during the financial year or planned for the next financial year;

   c) Works and harvesting carried out and planned under the basic management plans;

   d) As appropriate, planned works and harvesting not covered by the basic management plan for a forest asset involving an amount, net of tax, that is 10% greater than the most recent market value of that asset;

   e) As appropriate, ordinary management operations aimed at improving property access or structures, consolidation of fragmented properties, general interest operations and any other operation provided for by Article R. R. 214-164 of the Monetary and Financial Code;

   f) As appropriate, presentation of valuation works completed by the forest appraiser;

4. Evolution on the market for shares over the year;

5. Evolution of the revenue (from rentals, sales of wood, subsidies and other sources) and the proportions of these revenues in aggregate revenue;

6. Evolution in each type of cost incurred by the GFI and, more specifically, fees. All the amounts comprising the management fee should be explained in detail and matched to the asset under management. The basis for calculating them must also be explained and duly commented upon;

7. A summary statement of forestry assets at the end of the financial year, with an asset-by-asset presentation of:

   a) Information on the forestry assets held by each business unit as defined in Article R. 214-176-7 of the Monetary and Financial Code, as well as subscription of insurance coverage of the fire risk;

   b) A summary of the appraisals and updates of appraisals carried out with information about which proportion of the forestry assets have been subject to appraisals or updates of appraisals during the year;

8. Cash and cash equivalents and their use:

   a) Cash proportion of the GFI's assets and any changes;

   b) Breakdown by investment type and changes.