During the month of May the following transactions occurred:

1. An investor subscribed for 80,500 shares at €1.0632 each (according to the last NAV published).

2. The accountant accrued for another 1 month other expenses, which amounts to €39,200 per year. No fees were paid during this month.

3. The Fund Manager fees are fixed at €200,000 per annum, and the accrual above reflects payment due for the first 4 months of the year. He was paid till March 2019.

4. The accountant accrued for another 1 month management fees.

5. The Administrator was not paid any fees from the outstanding amount. The fees accrued are 0.075% of the NAV per annum.

6. All Custody fees till April were paid. The accountant accrued for the May fees. Fees amount to a fixed €45,000 per annum.

7. No Bond Income was received in the cash, and the balance continued to grow for the month.

8. Salzgitter declared a dividend to all the shareholders of gross 8.5 Euro cents per share. The amount receivable by the Fund is net of 15% tax.

9. The Fund sold 5,000 shares of Heineken @ €88.50.

10. The closing prices of securities as at 31 May were the following: ⁻

Telefonica shares @ €8.15 ⁻

Orange Shares @ €12.99 ⁻

Heineken shares @ €89.00 ⁻

Salzgitter shares @ €37.63 ⁻

7.625% Barclays Bank Bonds 2022 @ €106.45 ⁻

6.75% Societe General Bonds 2046 @ €115.26 ⁻

4.20% Volvo Bonds 2075 @ €105.92 ⁻

Nokia Corporation Bonds 2024 @ €100.456

Calculate the Net Asset Value per share as at 31 May 2019.