Shareholder structure

The Federal Republic’s shareholding including that of KfW, Kreditanstalt für Wiederaufbau, stands at approximately 32 percent. The proportion of institutional investors is 54 percent of share capital, while the share of retail investors is 14 percent. As a result, the percentage of shares in free float remains at 68 percent of share capital.

All data have been updated as of March 31, 2017.

Shareholder	Structure as of March 31, 2017		Structure as of December 31, 2016		Structure as of December 31, 2015
	%	# of shares	%	# of shares	%	# of shares
Free float	68.0	3,180,938,444	68.0	3,180,938,444	68.2	3,142,234,670
State-owned: Federal Republic of Germany	14.5	676,971,353	14.5	676,971,353	14.3	660,479,968
State-owned: KfW	17.5	818,992,236	17.5	818,992,236	17.5	803,937,232
Total	100.0	4,676,902,033	100.0	4,676,902,033	100.0	4,606,651,870