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As of December 31, 2006, individual shareholders held 11.9% of the Group’s share capital (vs. 10.1% at the end of 2005).


Institutional investors owned 47.7% of share capital, of which 23.7% held by French companies and 24.0% by non-French institutional investors. Among the international institutional investors, the United States represented 8.5%. Continental Europe represented 7.9% of share capital, of which Germany (2.3%), Switzerland (1.4%) and Luxembourg (0.7%). UK shareholders held 6.4% of the share capital.

The main changes in the shareholding breakdown compared with 2005 are the increase in the percentage of international institutional investors (up 17.6% in number of shares), mainly involving UK shareholders
(number of shares multiplied by more than 2.5), and the increase in individual shareholdings (up 24.6% in number of shares).
 
Source: Identifiable Bearer Shareholders as of December 31, 2006.
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