CORPORATE GOVERNANCE disqualification for voting purposes of the shares that number of shares making up the share capital should have been disclosed under the conditions and to which voting rights are attached, including provided for by law, if so requested by one or more shares that are disqual ified for voting purposes, shareholders separately or together owning at as publ ished by Rexel as required by law (Rexel least 2.5% of the share capital or voting rights and must publish the total number of shares with voting duly recorded in the minutes of the shareholders’ rights and the number of such shares that have been meeting. disqualified for voting purposes). Any shareholder whose ownership interest and/ or voting rights in Rexel fal ls below one of the 3.6.8 Special provisions governing changes to aforesaid thresholds, for any reason whatsoever, is share capital (article 7 of the by-laws) also required to disclose this fact to Rexel, under Rexel’s share capital may be increased or reduced in the same conditions and within the same periods of all ways and by all manners authorized by law. time specified above. The extraordinary shareholders’ meeting may In calculating the aforesaid thresholds, the also decide to divide the shares or to group them denominator must take into account the total together. 3 3.7 SHAREHOLDERS 3.7.1 Principal shareholders The chart below shows the simplified shareholding structure of Rexel as of December 31, 2017: EMPLOYEES AND PUBLIC FORMER EMPLOYEES 1.27% 74.68% 0.40% 15.63% CEVIAN CAPITAL PARTNERS FCPE REXEL LIMITED 0.43% 7.59% FIRST EAGLE INVESTMENT TREASURY SHARES MANAGEMENT LLC REXEL 2017 – REGISTRATION DOCUMENT 133