The shares comprising the authorized capital of Sequana are of the same and unique category. The face value of each share is € 1.50 and to each share corresponds one voting right.

The ISIN number for Sequana shares is FR0000063364. The Sequana share is listed on the Paris Stock Exchange, on the Eurolist market of NYSE Euronext Paris, Compartment B and is part of CAC Small, CAC Mid & Small et CAC All-Tradable indexes.

It is also eligible for deferred settlement service (SRD).

Information regarding the Sequana share is available in the heading “stock price” (finance) on the company’s internet site.

Management of the Sequana’s Securities department is handled by BNP Paribabas Securities Services, whose contact information is as follows:

•  BNP PARIBAS SECURITIES SERVICES
  Relations Actionnaires
  Grands Moulins de Pantin
  9 rue du Débarcadère - 93500 Pantin – France
  Tel: 0 826 109 119
  E-mail : www.gisnomi.bnpparibas.com

The Articles of Association of Sequana provide that company shares can be held in registered form (either pure or administered) or in bearer form.

Registration enables shareholders to benefit from a personalized client service, as Sequana knows the identity of all its shareholders whose shares are in registered form, and to be formally convened to each shareholders’ meeting.

• If you choose registration in a company account
• If you choose registration in a depository account (i.e. registration in administered form), you may contact the financial intermediary of your choice. Your shares will be registered in an account with BNP Paribas Securities Services but managed by your intermediary.

Bearer form enables shareholders to have all their shares in the same account and to simplify their transactions.

However, Sequana’s Articles of Association allow Sequana to ask for the list of its shareholders holding shares in bearer form.

• If you choose to hold your shares in bearer form, you may contact the financial intermediary of your choice. Your shares will be deposited in an account with this intermediary.

Before buying Sequana shares, you must have selected a holding method (registered, whether pure or administrated, or bearer form).

• If you choose registration in pure form, you must contact BNP Paribas Securities Services to which Sequana has entrusted the management of its shares in company registered form.
• If you choose registration in administered form or bearer form, you may contact the financial intermediary holding your securities account (bank, the Postal Bank, the Caisse d’Epargne, brokerage firm, etc.).

In both cases, whether it involves a purchase or a sale of shares, depending on the practices of the financial intermediary retained by you, the order can be placed in writing, by telephone, fax, Internet or in person.

The order must contain the following information :

• the nature of the transaction (buy or sale)
• the name of the share and the ISIN number (FR0000063364)
• the number of shares
• the validity period of the order (1)
• the price terms (2)

(1) When the validity period is not specified (GTC orders), the order is valid until the end of the month.

(2) “Market to limit” orders do not have any limit as to price and allow a total execution of the order upon receipt or as soon as the share is listed. “Limit” orders are executed once the price reaches or exceeds the limit fixed for sale and once it is equal to or less than the limit fixed for purchase. It may be partially executed. Subject to the terms imposed by your financial intermediary, other order types may be offered to you.

The transfer of ownership of your share shall only take place three Exchange business days after the date on which you have placed your order.

Brokerage fees and custody charges Intermediaries are free to set their fees for negotiation and placing of orders (brokerage fees).

Custody charges (for administered form and bearer form only), deducted for the handling of securities accounts, cover administrative transactions carried out and are charged by the establishment holding your account.

Capital gains tax on sales
The net capital gain is the difference between the net value received at the time of the sale of shares and their net acquisition cost.
When the annual amount of sales exceeds, per tax home, the sum of € 15,000:

• capital gains on sale are taxable, as from the first Euro:
• at the capital gains tax rate of 16%
• at the withholding rate of 11%
• any capital

losses may be deducted from capital gains of a comparable nature realized in tthe same year or 10 years thereafter.

The wealth tax (impôt de solidarité sur la fortune (ISF)) Shares held by natural persons as a part of their personal assets are included in their assets subject to the wealth tax, if applicable. The value of the share to be used is:

• the last stock price on December 31 of the year at issue, or the average price for the last 30 market-days of the year at issue.
• the average price for the last 30 market-days of the year at issue.

As a shareholder of Sequana, you are the owner of a fraction of its capital in proportion to the number of shares held. The share confers on its owner a certain number of rights and obligations:

• Voting rights
  To each share corresponds one voting right. Voting rights are exercised at general shareholders’ meetings, in which each shareholder has the right to participate, either personally or through a representative, or to vote by proxy.

• Financial rights
  Holder of an interest in the company, the shareholder is entitled to the profits distributed by the company in the form of dividends after approval of the annual financial statements and allocation of earnings proposed by the board of directors and approved by the general shareholders’ meeting.

• Right to information
  The shareholder is entitled to obtain, at any time, information regarding the company. Moreover, shareholders are entitled to exercise their right to information and to have access to various corporate documents concerning company operations.

These rights are distinguishable as follows:

• the shareholders’ right to receive information exercised during general shareholders’ meetings (as from the convocation or 15 days preceding said meeting),
• the constant right to receive information that entitles any shareholder to review, at the registered office, corporate documents related to the last three fiscal years, as well as the minutes and attendance sheets of the general meetings held during this period.

In addition, the Sequana Internet site contains all useful information regarding the company, the Group and its activities.

• Right to participate in share capital transactions
  Shareholders are entitled, in connection with new issues of capital, to subscribe on a priority basis to a number of new shares proportionate to the number of shares they hold. This right is exercised in two forms: a preferential right of subscription (when the company makes a public offering) or a right of attribution (upon the creation of bonus shares). However, the company can ask its shareholders to waive this right at an extraordinary general shareholders’ meeting. This right is generally negotiable on the stock exchange: it can be exercised at maturity or traded on the market, its value being extinguished once the transaction is completed.

• Disclosure requirements
  The shareholder also has certain obligations. Specifically, in addition to compliance with regulations related to disclosure requirements when crossing legal thresholds (5%, 10%, 15%, 20%, 33.3%, 50%, 66.6%, 90% and 95% of the share capital), and in accordance with the Sequana Articles of Association, any person or entity holding, directly or indirectly, a number of company shares equal to or greater than 0.5% of the equity capital must report to the company, within 5 market days following the crossing of this ownership threshold, the total number of shares they hold. This reporting must be renewed each time a new threshold of 0.5% is crossed, upwards or downwards, even if the crossed thresholds are higher or lower than the thresholds provided by law.

Depending on the nature and agenda, there are three kinds of general shareholders’ meetings:

The ordinary general shareholders’ meeting meets on a mandatory basis once per year, in the six months following the end of the corporate fiscal year: it votes on the financial statements for the ending fiscal year, sets dividends, appoints of ratifies the appointment of directors, authorizes the Board to proceed with the purchase or sale of company shares, etc.

The extraordinary general shareholders’ meeting is charged with all issues related to modifications of the Articles of Association, issuance of securities giving access, directly or indirectly, to share capital (including capital increases), reductions in capital and for mergers and asset transfers.

The extraordinary/ordinary general shareholders’ meeting covers resolutions within the authority of an ordinary general shareholders’ meeting and those of an extraordinary general shareholders’ meeting. This avoids holding two successive meetings and preparing two attendance sheets.

A meeting notice is published in Bulletin des Annonces Légales Obligatoires (BALO) at least 35 days before the date of each general shareholders’ meeting.

Moreover, shareholder whose shares are registered receive a full meeting notice which is sent at least 15 days before the date of the meeting by the financial intermediary in whose custody their shares are held.

Each shareholder has the right to attend the shareholders’ meeting if his/her shares are registered, either in the accounts kept by the company or in the accounts kept by authorized intermediaries, in his/her name or in the name of the intermediary registered on his/her behalf at midnight C.E.T. on the third business day preceding the meeting.

For shareholders holding registered shares, this registration allows them to attend the meeting.

Moreover, the convocation which is sent to them also includes a form to request an admission card for the meeting facilitating their entrance, to give power of attorney to the President, another shareholder or their spouse and to cast their vote by mail. It is also accompanied by a form to request delivery of documents and information, text of the proposed resolutions and earnings for the last five years.

Shareholders holding bearer shares must contact their financial intermediary in order to request, as the case may be, an admission card for the meeting which will have to be handled at the entrance or a form for voting by proxy or by correspondence.

If unable to attend a general shareholders’ meeting personally, the following three options, which are set forth in the meeting notice, are available to you for voting purposes:

• you may give power of attorney to another shareholder of your choice or your spouse requesting that he or she votes for you,
• you may also give the Meeting Chairman power of attorney, in which case the vote cast is consistently in favor of the proposed resolutions presented or approved by the Board of Directors,
• you may also vote by correspondence.

The vote by proxy or by correspondence forms must be sent to BNP Paribas Securities Services(Attn: General Shareholders’ Meeting “Sequana” Department) three days before the date of the general shareholders’ meeting (this deadline can, however, be shortened by resolution of the Board of Directors). Failing this, it cannot be considered.

A dividend is the annual (although it can be paid in installments), variable income of the share.

It represents the portion of the profits that the general shareholders’ meeting decides to distribute to the shareholders. The other portion is generally set side to increase the paid-in capital of the company and fund its growth.

The amount thereof is proposed by the Board of Directors and approved by the general shareholders’ meeting, which approves the financial statements for the ending fiscal year.

Receiving a dividend is automatic and does not require any action on your part.

It is credited directly to the shareholder account by the financial intermediary as of the payment date set by the general shareholders’ meeting. Each shareholder may also ask to receive a dividend by cheque.

For natural persons residing in France, the dividends received are subject to the income tax on securities and thus must be reported in the income tax return. However, it is possible to choose between two tax regimes. The first one, called “Prélèvement Forfaitaire Libératoire” or “PFL” provides for a final withholding tax computed on the gross dividends received. Absent such option, the taxable dividends are subject to progressive income tax.

1/ Persons who do not choose to benefit from PFL:

The dividends are first reduced by a general allowance of 40%, not subject to any limit; then they benefit from an annual, fixed total allowance of €3,050 (married or civil union couples filing jointly) or of € 1,525 (single filers).

After application of these two allowances, the amount of the dividends is included in the total taxable income at the progressive rate.

In addition, dividends give rise to a tax credit, equal to 50% of the amount of the dividends received, before application of the above-mentioned general allowance of 40% and the annual, fixed allowance. This tax credit is capped annually at € 230 (married or civil union couples filing jointly) or at € 115 (single filers). It is ascribable to the total income tax payable for the year in which the dividends were received.

2/ Persons who choose to benefit from PFL:

This final withholding tax is computed on the gross dividends received, without applying the two tax allowances mentioned above. Persons who choose PFL for part of the dividends they have received loose also the application of these allowances for their other dividends subject to progressive income tax. Persons choosing PFL also loose the application of above mentioned the tax credit.

Finally, specific rules apply to dividends from securities registered in a share savings plan (“Plan d’ Epargne en Actions (PEA)”) or an employee savings plan (“Plan d’ Epargne d’ Entreprise (PEE)”).

Information regarding the Group and the Sequana share is available at the company Internet site (www.sequana.com).

Stock prices are posted (on a delayed basis) in the heading “Stock prices.”

If you want more information regarding the Group, you can contact the Sequana Shareholder Department:

• By mail: Sequana
  Shareholder Relations
  8, rue de Seine – 92517 Boulogne Billancourt Cedex – France
• By telephone: + 33 1 58 04 22 80
• By fax: + 33 1 58 04 22 22
• By e-mail: contact@sequana.com

For all information concerning the management of your Sequana shares, please contact the manager of our securities department, BNP Paribas Securities Services at +33 826 109 119.