13th résolution  [ Return towards  Draft resolutions  ]

To finance the investments made to develop the Group’s business, shareholders are asked, under the 13^th resolution, to authorize for five years the Board of Directors to issue bonds, on one or more occasions.

The total maximum limit (including previous issues not yet redeemed) shall not exceed 8 billion euros.

During fiscal year 2007, the Group used in the amount of 900 million euros the authorization granted by the Shareholders’ Meeting in 2004 and renewed in 2006 for a maximum par value of 4 billion euros. As of December 31, 2007, the overall outstanding is 2.5 billion euros.

Authorization granted to the Board of Directors for a period of 5 years to issue, on one or more occasions, bonds within a total aggregate maximum limit (including previous issues not yet redeemed) of 8 billion euros. This authorization supersedes that granted by the Ordinary Shareholders’ Meeting of May 12, 2004 and renewed by the Extraordinary Shareholders’ Meeting of May 10, 2006

The shareholders, deliberating according to the quorum and majority required for Ordinary Shareholders’ Meetings, pursuant to Article 19 of the Articles of Association, authorize the Board of Directors for a period of 5 years to issue, on one or more occasions, at the times and under the conditions that it deems appropriate, one or more fixed-rate or floating-rate bonds, denominated in euros or foreign currencies or monetary units determined with reference to several currencies, with or without collateral, within the total aggregate maximum limit (including previous issues not yet redeemed) of 8 billion euros or its counter-value in the currency used, represented by bonds. This authorization supersedes that granted by the Ordinary Shareholders’ Meeting of May 12, 2004.

Full powers are granted to the Board of Directors within the aforementioned limits in order to decide on all the necessary measures to perform such issue or issues. The shareholders authorize the Board of Directors to delegate to the Chief Executive Officer, or one or more Senior Executive Vice-Presidents, the necessary powers to perform the bond issue and determine its terms and conditions, within the limits set by this Shareholders’ Meeting.