Based on our shareholder analysis¹ (Dec. 31, 2013), the number of shareholders in the USA increased further during the past year. In December 2012, the level of US-held shares was 20 percent. Now, a year later, it is 24 percent. The strongest growth recorded by WACKER was accounted for by UK shareholders. Their share of the free float more than doubled to 23 percent last year (2012: 11 percent). Conversely, share ownership in Germany declined to 15 percent (2012: 24 percent). The number of Swiss shareholders was practically steady at 7 percent (2012: 6 percent). The overall share of Canadian investors edged down to 11 percent (2012: 12 percent). Share ownership in Europe – excluding Germany, Switzerland and the UK – decreased by 6 percent to 19 percent.