The investment structure of our major shareholders changed in the course of the financial year. At 31 December 2007, Allianz SE held around 6 percent of the shares in our company (2006: 9 percent) and Deutsche Bank AG around 5 percent (2006: 8 percent). With almost 10 percent of the shares, the holding of Commerzbank AG remained the same.

The proportion of shares held by institutional investors again increased in comparison with the previous year. Based on our annual shareholder identification survey conducted at the balance sheet date, 31 December 2007, around 63 percent (2006: 53 percent) of outstanding Linde shares are held by institutional investors. The proportion of private investors has declined and now stands at 16 percent (2006: 20 percent).

Our shareholder structure has become even more international in 2007. Above all, the proportion of North American investors amongst our institutional investors increased once again and now stands at 51 percent (2006: 38 percent). This increase is mainly due to the commitment shown by Capital Research & Management Group, which increased its investment to around 10 percent. The proportion of British and French institutional investors remained virtually the same, at 17 percent and 8 percent respectively. However, the proportion of German investors declined in 2007 and stood at 15 percent at the year-end (2006: 23 percent).

What is clear is that the proportion of investors who take a long-term view has increased significantly. This positive development is testimony to Linde’s stable business model, which is based on sustainability.