THE COMPANY

Shareholder structure

At 31 december 2009, shareholders having more than 5% of the voting rights in the capital of the Company are :

 Shareholder Number of shares Percentage 
Bearer Registered   Capital1) Voting rights
 Parjointco NV, Netherlands 40'076'000 57'079'400   54.1% 62.9%
 BNP Paribas, France 9'808'841 20'135'300   14.0% 19.4%

1) The capital percentages are calculated on the basis of the total number of shares issued (bearer equivalent) comprising the capital, net of treasury shares

Pargesa Holding SA is jointly controlled through the Dutch holding company Parjointco NV, pursuant to an agreement signed in 1990 between the Power and Frère-Bourgeois/CNP groups.  The beneficial owners of Parjointco are Messrs Paul G. Desmarais and Albert Frère.