In order to uphold international air traffic rights and the operating licence, Lufthansa shares are traded as registered shares with transfer restrictions in accordance with the German Aviation Compliance Documentation Act (LuftNaSiG). This means that documentation can be provided proving that the majority of Lufthansa shares are held by German investors. There were only slight shifts in the regional shareholder structure over the course of 2011. At year-end the percentage of German investors came to 68.6 per cent (previous year: 68.5 per cent) and was therefore again well above the statutory minimum. The second largest group with 9.2 per cent was shareholders from the USA. Investors from Luxembourg accounted for 7.6 per cent, followed by the United Kingdom and Canada with 3.6 and 2.0 per cent respectively.
The free float for Lufthansa shares is 100 per cent. As of the reporting date 61.5 per cent of the shares were held by institutional investors and 38.5 per cent by private individuals. The largest investors at year-end were the global fund managers BlackRock Inc. and Templeton Global Investors Limited with holdings of 5.08 and 3.19 per cent respectively. All the transactions requiring disclosure and published during the financial year 2011 can be seen in the to the consolidated financial statements. They are also published on our website together with the shareholder structure, which is updated every quarter.