At 1 January 2001, the following taxes were applicable in France:

Income tax
(subject to changes in accordance with current French tax law)

Per share, the amount of dividend (net dividend) plus the tax credit makes up the gross income to be declared (net dividend + tax credit = gross dividend). There is an annual deduction of €1220 for a single person and €2440 for a couple. Share income is added to other personal income for income tax calculation purposes. The tax credit is deducted from the income tax payable.

Capital gains tax
(subject to changes in accordance with current French tax law)

Capital gains (the positive difference between the sale price less the purchase price) must be declared on the sale of the securities. The gain is taxed at a rate of 16% from the first franc once the annual threshold (€15,000) has been reached or exceeded. The tax is triggered by the amount of sales, not the amount of capital gains.

Personal equity plan

Income from investments in qualifying personal equity plans is exempt from tax and added to capital for the duration of the plan.

In all cases, income from investments is subject to the surtaxes introduced to finance the social security deficit.