* EDF is the smallest CAC 40 constituent and is at risk of being removed
If deletion is confirmed, EDF could suffer from a supply of c.EUR112m, or 7m shares, equivalent to
three trading days of volume.
* Klepierre is the best ranked and balanced candidate and hence best poised for any addition
If added, Klepierre could benefit from a demand of c.EUR243m or 6m shares, equivalent to 6
trading days.
* The CAC Next 20 composition is likely to remain unchanged
Edenred seems to be the weakest constituent but should manage to stay in the CAC Next 20 in the
absence of an obvious candidate for inclusion. Eutelsat and Rexel will probably not be entering the
index at this review.
* SBF 120: Europcar and Worldline should replace Maurel et Prom and Solocal Group. If
eligible, Dassault Aviation may replace Montupet
Ipsos and Vicat are also at risk of deletion. The impacts should be quite small.
* We might see another case for composition change in the CAC 40 in March 2016
Alstom is likely to have a weaker ranking following the expected redistribution to shareholders.