During an internal meeting held on 24 April 1995, the French Tax Administration would have considered that the capital gain neutralisation regime aplicable to the disposals of fixed assets within a tax consolidated group would not apply to the sale of securities (other than securities held for long term purposes and offering substantial control power) realized during fiscal years opened as of 1st January 1995. According to the Tax Administration, except for the application of the mergers regime, such securities are to be considered as current assets, regardless of their accounting treatment.

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