GLOBAL BIOENERGIES

Establishment of flexible bond financing by the reserved issue of OCABSAs for an €11.25 million bond loan on condition of shareholder approval - Seite 3

The Company indicates that this transaction could create a dilution, whose future theoretical impact is shown in the table below.

The impact of the issue of the OCABSAs (if the maximum ceiling is reached) on the investment of a shareholder holding 1% of the capital of the Company prior to the issue and not subscribing thereto, calculated on the basis of the number of shares composing the capital at 21 September 2016, would be as follows:

Theoretical investment in the capital of the Company	On the basis of shares outstanding to date (3,200,128)	Diluted base of diluting instruments issued prior to 22 September 2016
Prior to the issue of new ordinary shares of the Company from the conversion of the totality of the OCAs and upon the exercise of the totality of the BSAs	1.00%	0.90%
ESTABLISHMENT OF FINANCING BY ISSUE OF OCABSA:
Following the issue of 32,456 new ordinary shares of the Company issued only from the conversion of the tranche 1 OCAs	0.99%	0.90%
Following the issue of 14,683 additional new ordinary shares from the exercise of the BSAs attached to the OCAs of tranche 1	0.99%	0.89%
Following the issue of 454,390 additional new ordinary shares of the Company from the conversion of the OCAs of tranches 2 to 15	0.86%	0.79%
Following the issue of 205,557 additional new ordinary shares from the exercise of the BSAs attached to the OSAs of tranches 2 to 15	0.82%	0.75%

The average weighted price used to calculate the dilution is the volume-weighted average price of the session of 21 September 2016, i.e. €25.5403. This dilution does not prejudice neither the final number of shares to issue nor their issue price, which will be set according to the market price listed in accordance with the procedures described below.