Subsection 3: Capital amortisation.

Capital amortisation is carried out by virtue of a stipulation in the Articles of Association or a decision of the Extraordinary General Meeting and using distributable sums within the meaning of Article L. 232-11. This amortisation may only be carried out by means of an equal repayment on each share of the same class and does not result in a reduction in capital. Shares that have been fully amortised are…

Shares that have been fully or partially amortised lose their right to the first dividend provided for in article L. 232-19 and the repayment of the nominal value. They retain all their other rights.

Where the capital is divided either into capital shares and fully or partially amortised shares, or into unequally amortised shares, the General Meeting of shareholders may decide, under the conditions required for amending the Articles of Association, to convert the fully or partially amortised shares into capital shares. To this end, it provides that a compulsory deduction will be made, up to the amortised amount of the shares to be…

Shareholders may be authorised, under the same conditions, to pay the company the amortised amount of their shares, increased, where applicable, by the first dividend or the statutory interest for the period elapsed in the current financial year and, where applicable, for the previous financial year.

The decisions provided for in articles L. 225-200 and L. 225-201 are subject to ratification by special meetings of each category of shareholders with the same rights.

The Board of Directors or the Management Board, as the case may be, shall make the necessary amendments to the clauses of the Articles of Association, insofar as these amendments correspond materially to the actual results of the operations provided for in Articles L. 225-200 and L. 225-201.