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Useful information


Becoming an ANF shareholder


Buying or selling shares

• If your shares are held in managed registered or bearer form:

You must contact the financial intermediary that keeps your securities account (bank, La Poste, Caisse d'Epargne, Treasury accountant, COB-approved portfolio management company, investment company). The order may be placed by mail, fax, telephone, Minitel or via the internet.
Your financial intermediary will inform you of the practical procedures to be followed when placing an order, along with the rates it charges.

•If your shares are held in pure registered form:

If your shares are held in pure registered form, you must contact the Securities Department ("Service Titres" in French) at Lazard Frères Banque (121 boulevard Haussmann, 75008 Paris), which ANF has appointed to manage its shares that are held in pure registered form. You may place orders to buy or sell securities on the Paris stock exchange by telephone, mail or fax. A statement of your transactions will be sent to you by mail. For sales, it will show details of payments into your bank account, and for purchases, it will show the amount to be paid.

Your order must include:

• General information

- type of transaction (buy or sell);
- name of the company;
- number of shares;
- Euroclear code (formerly Sicovam code) if possible.

• Time limits

- An order of specified duration expires if not filled within the stated time.
- A Good Till Cancelled (GTC) order is valid until the final trading day of the month, except for orders specified as being for deferred settlement (see below).

If no duration is specified, an order is assumed to be GTC.

• Price

- At any price: These orders have priority over all other types of order. Orders placed before the opening are filled at the opening price, and orders placed during the session are filled at as many different prices as are required to obtain the specified quantity. As a result, the buyer does not control the price at which shares are bought. If the stock is illiquid, there is the risk of a substantial price differential in the event of a reservation.

- At best: As with the "at any price" order, no price limit is specified, but the order is handled very differently. The "at best" price corresponds to the best offer (or bid) price available.

· At the opening, "at best" orders are filled at the opening price after "at any price" orders. They may be filled in several parts.
· During the session, it is converted into a limit order at the best offer price (for a buy order) or best bid price (for a sell order).
- Limit: this type of order is more prudent, since it protects the investor against price fluctuations. It involves an upper price limit for a buy order and a lower price limit for a sell order. - All or nothing: this is a more sophisticated version of the limit order. It includes a price limit, but its execution depends on there being a counterparty willing to buy or sell the whole number of shares required, without splitting the order. This type of order is mainly used for illiquid stocks, to avoid the splitting of orders.

- Stop loss: A stop loss order is the opposite of a limit order: for a buy order, shares are bought at the specified price or above, and for a sell order, shares are sold at the specified price or below.

Order execution times

• If your shares are held in bearer form:

Your orders are executed directly by your financial intermediary, in principle on the same day.

• If your shares are held in managed registered form:

You must first instruct your bank to convert the shares into bearer shares. As a result, the execution time is longer (a maximum of 4-5 days).

• If your shares are held in pure registered form:

You must first instruct Lazard Frères Banque to convert the shares into bearer shares. Lazard Frères Banque will carry out the conversion as quickly as possible.

Settlement

Since 25 September 2001, all stocks listed on the Paris stock exchange, regardless of the market, are traded on a cash settlement basis. Transfer of ownership takes place on the day of the trade, and settlement takes place three days later.

Order execution costs

Brokerage fees are defined by your financial intermediary. Orders with deferred settlement are subject to an additional commission.
VAT at 19.6% is levied on the brokerage fees that intermediaries charge on stockmarket transactions.

Tax

• Tax credit:
A tax credit is granted to recipients of dividends paid by corporations headquartered in France. The tax credit equals 50% of the dividend.

Taxation of dividends
The gross dividend (net dividend + tax credit) is subject to income tax on investment income. It must therefore be stated on shareholders' tax returns. With their tax returns, shareholders must also enclose tax credit documentation provided by financial intermediaries. The tax credit is deducted from the amount of tax payable, or if it exceeds the amount of tax payable, the portion in excess of the tax payable is refunded.
Dividend income, less deductible expenses (custody and dividend collection expenses) is subject to personal income tax, although the following allowances are applied:

- €1,220 for single, widowed or divorced persons, and for separately-taxed spouses
- €2,440 for a married couple or a couple joined by a PACS civil partnership and subject to joint taxation

Dividend income below these levels is not taxed.

• Stockmarket transaction tax:
If any of your transactions exceeds €7,666, you must pay a stockmarket transaction tax equal to 0.3% of the transaction amount. If a transaction exceeds €153,000, the portion above this level is taxed at 0.15%.

• Capital gains tax:
Capital gains (i.e. the difference between the selling price minus expenses and duties and the purchase price) are taxed at 26% via your tax return if the total amount of sales during a year exceeds €15,000.
Capital losses may be carried forward and, if the shareholder so requests, may be charged against capital gains of the same type realised in the same year or the following ten years.

• Shares held in a PEA plan:
Shares held in a PEA are not taken into account when calculating the capital gains tax threshold. Dividends on shares held in a PEA for five years are not subject to income tax, provided they remain in the account for the required period.
French taxpayers are authorised to invest in the shares of EU companies within their PEAs, provided that the company issuing the shares is subject to corporate income tax or an equivalent tax in its home country.
The limit for cash contributions into a PEA is €132,000 for a single taxpayer, or double for a married couple.


Holding shares in pure registered form


Why hold shares in pure registered form?

Holding ANF shares in pure registered form has two main advantages:

- No management fees: shareholders do not have to pay custody fees or expenses relating to the ordinary management of their securities.

- Personalised information Shareholders receive, without having to make an advance request, AGM notices and the various information documents produced by the company (shareholders' newsletter, shareholder's guide, annual report)..

How to hold shares in pure registered form

Shares are never automatically held in registered form. Shareholders must make a formal written request for their shares to be held in registered form.

The request should be made to the financial institution that keeps the account where the shares are deposited, asking for the shares to be transferred to a pure registered account.

The institution will then transfer the shares to Lazard Frères Banque, which has been appointed to manage transfers of ANF shares into pure registered accounts.

The cost of the transfer depends on the financial institution. Neither ANF nor Lazard Frères Banque receives any commission on these transfers.

Transactions involving shares in pure registered form

The register of shares held in pure registered form belongs to ANF, which has appointed Lazard Frères Banque to manage the relevant shareholders' registered share accounts.

Shareholders do not need to hold a securities account or a related cash account directly with Lazard Frères Banque, since fund movements take place solely by cheque or interbank transfer.

Orders can be placed directly with Lazard Frères Banque by mail or fax: Lazard Frères Banque, 121 boulevard Haussmann, 75008 Paris / +33 1 44 13 06 60.

If you want to sell shares, Lazard Frères Banque will convert your shares from registered to bearer form free of charge, and will send you the sale proceeds.

If you want to buy shares, you must provide sufficient funds to cover the order. Your initial order must be accompanied by information on your full civil status and your address for tax purposes.

How to hold shares in pure registered form within a PEA plan

ANF shares held in pure registered form may in principle be held in a PEA plan.

However, the authorities require PEAs to be managed by authorised financial intermediaries.

As a result, buy and sell orders must go through the financial intermediary that manages the PEA, and shares are subject to this intermediary's standard custody and management fees.

Since 31 March 1993, only newly purchased shares are eligible for inclusion in a PEA, not shares transferred from another account.

As a result, it is possible to buy ANF shares to be held within a PEA and to request that ANF shares within a PEA be held in pure registered form.


AGM


Reporting to shareholders

The following information is provided to bearer shareholders:

• the date, time and place of the AGM and the resolutions to be submitted for shareholder approval, at least 30 days before the date of the meeting via:

- a notice published in the Bulletin des Annonces Légales Obligatoires (BALO),
- advertisements in the financial press,
- a notice on the ANF website.
- Bearer shareholders are invited to attend the AGM via a notice of meeting in a statutory announcement journal (Les Petites Affiches) at least 15 days before the date of the meeting.

ANF shareholders holding shares in pure or managed registered form are invited to attend the AGM directly by mail, at least 15 days before the date of the meeting.

How to take part in the AGM

To take part in the AGM (either by attending, being represented by someone else or postal voting), shareholders must first prove that they are shareholders.

Holders of shares in registered form must be on the Company's register at least three days before the date of the AGM.

Holders of shares in bearer form must be sent a letter by the intermediary with which their shares are held, stating that their shares will be blocked until the date of the AGM. The letter must be received three days before the AGM, either by Lazard Frères Banque or by ANF's head office.

To avoid admission problems at the AGM itself, shareholders wanting to attend the AGM in person are advised to ask their financial intermediary for an admission card.

This card will be sent directly to their home in the days leading up to the AGM.

The following information is provided to bearer shareholders:

• the date, time and place of the AGM and the resolutions to be submitted for shareholder approval, at least 30 days before the date of the meeting via:

- a notice published in the Bulletin des Annonces Légales Obligatoires (BALO),
- advertisements in the financial press,
- a notice on the ANF website.

• They are invited to attend the AGM via a notice of meeting in a statutory announcement journal (Les Petites Affiches) at least 15 days before the date of the meeting.

ANF shareholders holding shares in pure or managed registered form are invited to attend the AGM directly by mail, at least 15 days before the date of the meeting.

How to be represented by someone else in the AGM

Shareholders unable to attend the AGM in person may:

- be represented by their spouse
- give a proxy to another shareholder
- vote by post,
- give their proxy to the Company, without appointing a specific person to represent them, in which case their shares will be voted in favour of the draft resolutions submitted or supported by the Board of Directors.

A postal voting form and a proxy form are sent to all holders of shares in registered form.

For holders of shares in bearer form, postal voting forms should be requested by registered letter with acknowledgment of receipt, accompanied by a certificate from the account-keeping institution stating that the shares are blocked. The request must reach either Lazard Frères Banque or another institution approved by the Board of Directors, or ANF's head office, five days before the date of the AGM.

To be taken into consideration, voting forms must be received at the latest:

- five days before the date of the AGM by Lazard Frères Banque or another institution approved by the Board of Directors,
- three days before the date of the AGM at ANF's head office.

Proxy forms, prepared in accordance with regulations in force, must reach the company at least five days before the date of the AGM.

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