Capital structure

AREVA shareholding structure is particularly stable. The French State controls directly or indirectly more than 85% of AREVA's capital. The main shareholder is a public organization, the CEA (Commissariat à l'Energie Atomique et aux énergies alternatives). The CDC (Caisse des Dépôts et Consignations) represents also a public shareholder of the company.

Shareholder structure December 31, 2012

Alternate content

* KIA stands for Kuwait Investment Authority and is the sovereign fund of the state of Kuwait.

The current shareholder structure is a derivation of the original structure and dates from AREVA’s foundation on September 3, 2001 and successive market transactions.

At AREVA's foundation, numerous shareholders (Total, EDF...) exchanged a number of minority holdings primarily in COGEMA and Framatome SA for shares in the new AREVA group.
The holdings of the original shareholder, the CEA (Commissariat à l'Energie Atomique et aux énergies alternatives) is still at a majority stake that is for now at 69%.
In December 2010, the sovereign fund of Koweit (Kuwait Investment Authority) has entered the capital of AREVA at a 5% level, followed by the French State which reinforced his direct stake.
The capital increase reserved to investment certificates holders (only listed investment tool at this time) at the beginning of 2011 allowed to keep the float (part of the capital held by the general public) at 4% of the capital.
The exchange in 2011 of all AREVA's shares into ordinary shares had considerably simplified the structure of AREVA's capital.
Since May 30, 2011 AREVA’s entire capital has been listed in the form of ordinary shares.

Change in shareholding December 31, 2012

Sharehoder	December 31, 2012		December 31, 2011		December 31, 2010		December 31, 2009
Sharehoder	% capital	% voting rights	% capital	% voting rights	% capital	% voting rights	% capital	% voting rights
CEA	68.88⁽⁶⁾	68.88⁽⁶⁾	73.03	73,03	73.03	77.15⁽⁴⁾	78.96	83.16⁽⁴⁾
French State	14.33⁽⁶⁾	14.33⁽⁶⁾	10.17	10.17	10.20	10.23	8.39	8.41
Kuwait Investment Authority (KIA)	4.82	4.82	4.82	4.82	4.83	4.84	-	-
Caisse des Dépôts et Consignations (CDC)	3.32	3.32	3.32	3.32	3.33	3.33	3.59	3.59
EDF Group	2.24	2.24	2.24	2.24	2.24	2.25	2.42	2.42
Framépargne (employees)	0.23⁽¹⁾	0.23⁽¹⁾	0.26⁽¹⁾	0.26⁽¹⁾	0.35⁽¹⁾	0.36⁽¹⁾	0.42⁽¹⁾	0.43⁽¹⁾
Crédit Agricole Corporate and Investment Bank (CA CIB)	-⁽⁵⁾	-⁽⁵⁾	0.89⁽¹⁾	0.89⁽¹⁾	0.89⁽¹⁾	0.89⁽¹⁾	0.96⁽¹⁾	0.96⁽¹⁾
Total Group	0.95	0.95	0.95	0.95	0.95	0.95	1.02	1.02
Public	4.04	4.04	4.01	4.01	3,74%	-	4,03	-
Members of Supervisory Board	ns⁽²⁾	ns⁽²⁾	ns⁽²⁾	ns⁽²⁾	ns⁽²⁾	ns⁽²⁾	ns⁽²⁾	ns⁽²⁾
AREVA	1.20⁽⁵⁾	1.20⁽³⁾	0.31	0.31⁽³⁾	0.22	-⁽³⁾	0.20	-⁽³⁾
Total	100.00%	100.00	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

(1) Crédit Agricole Corporate and Investment Bank (CA CIB) entered into a liquidity guarantee with Framépargne by which it agreed to acquire, in the event of insufficient liquidity, AREVA shares held by Framépargne that the latter would have to sell to meet share repurchase requirements. Pursuant to this guarantee, CA CIB purchased some AREVA shares beginning in July 2002. The liquidity of the shares was then ensured by AREVA itself as provided by the law of December 30, 2006 and the implementing decree of October 2007, until the shares were traded on the NYSE Euronext Paris regulated market on May 30, 2011.

(2) Each member of the Supervisory Board appointed by the AGM (other than CEA) holds 10 shares.

(3) Treasury shares held by AREVA are non-voting, as provided in Article L. 225-210 of the French Commercial Code (Code de commerce).

(4) The reason for the difference in the percentage of share capital and percentage of voting rights held by the CEA in AREVA is that the CEA owns all of the voting right certificates, which were recombined into common shares with the investment certificates in connection with the public exchange offer that closed on May 11, 2011.

(5) Shares purchase aiming at ending the liquidity guarantee mecanism implemented with CA-CIB in order to ensure the liquidity of the shares held by FCPE Framépargne before the law of December 30, 2006 and the implementing decree of October 2007 and the associated financial expenses for AREVA.

(6) following the sale of 15,910,409 shares by CEA to the French State, i.e. 4.15% of AREVA's capital, on December 7th, 2012.