Section 4: Equity securities.

Articles R. 228-49 to R. 228-55 of the French Commercial Code set out the rules for redeemable shares issued by public limited companies and cooperative societies incorporated as sociétés anonymes or sociétés à responsabilité limitée.

When the group of holders provided for in article L. 228-37 of the French Commercial Code is made up of holders of securities issued by a State-owned industrial and commercial establishment subject to public accounting rules, the report on the accounts for the financial year and on the factors used to determine the remuneration of the redeemable shares is drawn up by the establishment’s accounting officer.

Article R. 322-79 of the Code rural et de la pêche maritime sets out the rules for profit participation certificates issued by mutual insurance companies and agricultural mutual insurance and reinsurance funds subject to administrative approval.

The rules governing profit participation certificates issued by insurance companies are set out in article R. 322-79 of the Insurance Code.