The structure of the Group was simplified in May and June 2007 through the following transactions:
treasury shares were cancelled;
the ownership loop was eliminated and the family holding structure simplified. The family holding companies and the Wendel management
team exchanged Wendel-Participations shares for Wendel shares, and SLPS and Wendel-Participations were then merged.
The two organization charts below summarize the changes in the holding structure that took place during the year.
