At end Q3 17, Hal Trust’s NAV, based on the market value of the ownership interests in quoted companies, its liquid portfolio and on the book value of the unquoted companies, amounted to €12bn, i.e. a 5.3% decrease compared to 31 December 2016. This decrease is primarily due to the lower stock market value of both Vopak and Boskalis. The stock market value of Hal’s 76.72% ownership interest in GrandVision amounted to €4.2bn (vs. €4.6bn at the end of H1 17 and vs. &e
