2019 Annual financial report

Chapter 8. Company information and capital structure

8.2 Ownership structure

8.2 OWNERSHIP STRUCTURE

8.2.1 Major shareholders and voting rights

At December 31 2019, to the best of Publicis’ knowledge, no person held, directly or indirectly, individually or jointly, 5% or more of its shares (a “Major Shareholder”) except those disclosed below. Publicis’ bylaws state that all its shareholders have the same proportional voting rights with respect to the shares they hold, except that shares owned by the same shareholder in registered form for at least two years carry double voting rights. The Company has not issued any preferred shares or any securities without voting rights.

/ Distribution of the Company’s share capital and voting rights

At December 31, 2019	Shares held	% of the share capital ⁽¹⁾	Voting rights	% of voting rights ⁽²⁾
A) Shareholders holding more than 5% of the share capital	A) Shareholders holding more than 5% of the share capital Shares held	A) Shareholders holding more than 5% of the share capital % of the share capital ⁽¹⁾	A) Shareholders holding more than 5% of the share capital Voting rights	A) Shareholders holding more than 5% of the share capital % of voting rights ⁽²⁾
Élisabeth Badinter⁽³⁾	Élisabeth Badinter⁽³⁾ Shares held 16,700,967	Élisabeth Badinter⁽³⁾ % of the share capital ⁽¹⁾ 6.95%	Élisabeth Badinter⁽³⁾ Voting rights 33,401,934	Élisabeth Badinter⁽³⁾ % of voting rights ⁽²⁾ 12.85%
Harris Associates LP⁽⁴⁾	Harris Associates LP⁽⁴⁾ Shares held 19,728,885	Harris Associates LP⁽⁴⁾ % of the share capital ⁽¹⁾ 8.20%	Harris Associates LP⁽⁴⁾ Voting rights 19,728,885	Harris Associates LP⁽⁴⁾ % of voting rights ⁽²⁾ 7.59%
B) Treasury shares held	B) Treasury shares held Shares held 3,480,234	B) Treasury shares held % of the share capital ⁽¹⁾ 1.45%	B) Treasury shares held Voting rights -	B) Treasury shares held % of voting rights ⁽²⁾ -
C) Public (registered and bearer shares)	C) Public (registered and bearer shares) Shares held 200,526,975	C) Public (registered and bearer shares) % of the share capital ⁽¹⁾ 83.40%	C) Public (registered and bearer shares) Voting rights 206,729,723	C) Public (registered and bearer shares) % of voting rights ⁽²⁾ 79.56%
Total	Total Shares held 240,437,061	Total % of the share capital ⁽¹⁾ 100.00%	Total Voting rights 259,860,542	Total % of voting rights ⁽²⁾ 100.00%

(1) Percentages are calculated based on the total number of shares issued by the Company, including treasury shares.
(2) Percentages are calculated based on the total number of shares issued by the Company (percentage of voting rights that can be exercised at the General Shareholders’ Meeting), excluding treasury shares with no voting rights, and counting the double voting rights attached to some shares.
(3) Élisabeth Badinter fully owns 2.43% of shares (4.49% of voting rights) and is the beneficial owner of 4.52% of shares with her children having bare ownership of the underlying shares (8.36% of voting rights).
(4) Acting as an investment adviser for managed funds and clients..

/ Reminder of the distribution of the Company’s share capital and voting rights for the prior two years

At December 31, 2018	Shares held	% of the share capital ⁽¹⁾	Voting rights	% of voting rights ⁽²⁾
A) Shareholders holding more than 5% of the share capital	A) Shareholders holding more than 5% of the share capital Shares held	A) Shareholders holding more than 5% of the share capital % of the share capital ⁽¹⁾	A) Shareholders holding more than 5% of the share capital Voting rights	A) Shareholders holding more than 5% of the share capital % of voting rights ⁽²⁾
Élisabeth Badinter⁽³⁾	Élisabeth Badinter⁽³⁾ Shares held 16,700,967	Élisabeth Badinter⁽³⁾ % of the share capital ⁽¹⁾ 7.10%	Élisabeth Badinter⁽³⁾ Voting rights 33,401,934	Élisabeth Badinter⁽³⁾ % of voting rights ⁽²⁾ 13.13%
Harris Associates LP⁽⁴⁾	Harris Associates LP⁽⁴⁾ Shares held 14,044,013	Harris Associates LP⁽⁴⁾ % of the share capital ⁽¹⁾ 5.97%	Harris Associates LP⁽⁴⁾ Voting rights 14,044,013	Harris Associates LP⁽⁴⁾ % of voting rights ⁽²⁾ 5.52%
B) Treasury shares held	B) Treasury shares held Shares held 4,009,493	B) Treasury shares held % of the share capital ⁽¹⁾ 1.70%	B) Treasury shares held Voting rights -	B) Treasury shares held % of voting rights ⁽²⁾ -
C) Public (registered and bearer shares)	C) Public (registered and bearer shares) Shares held 200,495,328	C) Public (registered and bearer shares) % of the share capital ⁽¹⁾ 85.23%	C) Public (registered and bearer shares) Voting rights 207,039,904	C) Public (registered and bearer shares) % of voting rights ⁽²⁾ 81.35%
Total	Total Shares held 235,249,801	Total % of the share capital ⁽¹⁾ 100.00%	Total Voting rights 254,485,851	Total % of voting rights ⁽²⁾ 100.00%

(1) Percentages are calculated based on the total number of shares issued by the Company, including treasury shares.
(2) Percentages are calculated based on the total number of shares issued by the Company (percentage of voting rights that can be exercised at the General Shareholders’ Meeting), excluding treasury shares with no voting rights, and counting the double voting rights attached to some shares.
(3) Élisabeth Badinter fully owns 2.48% of shares (4.59% of voting rights) and is the beneficial owner of 4.62% of shares with her children having bare ownership of the underlying shares (8.54% of voting rights).
(4) Acting as an investment adviser for managed funds and clients.