Article 422-249-4 into force since 27 December 2025

The market value and the replacement value of the GFI shall be established by the investment management company at the end of each financial year, as well as, for variable-capital GFIs or fixed-capital GFIs that are the object of a capital increase, at the time of the interim accounting position for each first-half of a financial year, on the basis:

1. Of a valuation of the market value of the wood, forests, vacant land to be planted, and the accessories and outbuildings listed in Article R. 214-176-1 of the Monetary and Financial Code, made by one or more independent forest appraisers on the list of forest appraisers provided for in Article R. 171-9 of the Rural Code under the conditions set out in Article R. 214-175 of the Monetary and Financial Code;

2. Of the net value of other assets.

Each forestry property must be appraised prior to acquisition and at least once every 15 years.

This appraisal shall be updated every three years by the forestry appraiser(s), unless exceptional events, works or harvesting require a new update sooner. An event shall be deemed to be exceptional if it affects more than 20% of the land area of a forestry property or involves an amount greater than 20% of the valuation.

A second appraisal shall be made after the tenth anniversary of the GFI covering at least 20% of the forest properties of the company each year, so that all the forest properties have been appraised by the end of the fourteenth year.

The brief of the independent forest appraiser(s) shall cover all the forest properties of the GFI.

A newly appointed forest appraiser may update appraisals carried out less than fifteen years previously.

The appraisals must be made in compliance with the appropriate forest appraisal methods and recommendations, and in compliance with professional practices.