Creating value

Total Shareholder Return (TSR)

Calculation parameters:

• dividends include the avoir fiscal tax credit at a rate of 50% and are assumed to have been reinvested in BNP shares then BNP Paribas shares,
  
  
• returns are gross returns, i.e. before any tax payments, and brokerage fees.
  
  
• Since privatisation on October 1993
  
  Initial investment on 18 October 1993 = 1 share at the IPO price (FRF 240 or EUR 36.59).
  

  	Gross dividend1 per share (in euros)	Gross dividend1 received by share- holders (in euros)	Price of shares acquired by reinvesting dividends2 (in euros)	Fractional share acquired by reinvesting gross dividends1	Total number of shares after gross dividend1 re- investment
  1994	0,693	0.69	37.17	0.01856	1.0186
  1995	0.733	0.824	34.30	0.02381	1.14244
  1996	0.823	0.94	27.36	0.03424	1.1766
  1997	1.233	1.45	38.28	0.03781	1.2144
  1998	1.603	1.94	75.92	0.02559	1.2400
  1999	2.25	2.79	80.85	0.03451	1.2745
  2000	2.625	3.35	93.95	0.03561	1.3101
  2001	3.375	4.42	100.50	0.04400	1.3541	2.70825
  2002	1.80	4.87	54.10	0.09011	2.7984
  2003	1.80	5.04	45.32	0.11114	2.9095
  2004	2.175	6.33	50.50	0.12531	3.0348
  2005	2.00	6.07	54.45	0.11147	3.1463	3.17096
  2006	2.60	8.18	72.60	0.11268	3.2836
  2007	3.10	10.18	89.20	0.11412	3.3977
  2008	3.35	11.38	65.68	0.17330	3.5710
  2009	1.003	3.57	47.24	0.07559	3.6466	3.75207

  
  (1) "Avoir fiscal" tax credit abolished for dividends distributed as from 1 January 2005.
  (2) Based on the assumption that the dividend was reinvested in shares at the opening price on the first trading day after the payment date.
  (3) To be consistent with subsequent years. it has been assumed that the dividend was paid in cash and not in shares. although the Board of Directors approved the payment of scrip dividends for the years in question.
  (4) Taking into account the March 1995 allocation of one share for every 10 shares acquired at the time of the IPO and held for 18 months.
  (5) After the nominal value was divided in half on 20th February 2002.
  (6) Number of shares adjusted following the capital increase with pre-emptive subscription rights in March. 2006 (factor of adjustment = 0.992235740050131). The new shares are fully entitled as from January 1st. 2006.
  (7) Number of shares adjusted following the capital increase with pre-emptive subscription rights from 30 September to 13 October 2009 (factor of adjustment = 0.971895). The new shares are fully entitled as from January 1st. 2009.
  
  Closing price on 31/12/2009 = EUR 55.90. valuing the initial investment at 55.90*3.7520 = EUR 209.74. This represents an average annual increase (average annual TSR for the period) of 11.37% and an amount 5.73 times higher than the original investment made in 1993.
  
  
  
  
• Since the creation of BNP Paribas
  
  Initial investment = 1 share at the opening price on 1st September 1999 = EUR 72.70.
  
  

	Gross dividend1 per share (in euros)	Gross dividend1 received by share- holders (in euros)	Price of shares acquired by reinvesting dividends2 (in euros)	Fractional share acquired by reinvesting gross dividends1	Total number of shares after gross dividend1 re- investment
2000	2.625	2.63	93.95	0.00279	1.0279
2001	3.375	3.47	100.50	0.04400	1.0625	2.12493
2002	1.80	3.82	54.10	0.09011	2.1956
2003	1.80	3.95	45.32	0.11114	2.2828
2004	2.175	6.33	50.50	0.12531	2.3811
2005	2.00	6.07	54.45	0.11147	2.4686	2.48794
2006	2.60	8.18	72.60	0.11268	2.5763
2007	3.10	10.18	89.20	0.11412	2.6659
2008	3.35	11.38	65.68	0.17330	2.8018
2009	1.003	3.57	47.24	0.07559	2.8612	2.94396

(1) "Avoir fiscal" tax credit abolished for dividends distributed as from 1 January 2005.
(2) Based on the assumption that the dividend was reinvested in shares at the opening price on the first trading day after the payment date.
(3) After the nominal value was divided in half on 20th February 2002.
(4) Number of shares adjusted following the capital increase with pre-emptive subscription rights in March, 2006 (factor of adjustment = 0.992235740050131). The new shares are fully entitled as from January 1st, 2006.
(5) To be consistent with subsequent years, it has been assumed that the dividend was paid in cash and not in shares, although the Board of Directors approved the payment of scrip dividends for the years in question.
(6) Number of shares adjusted following the capital increase with pre-emptive subscription rights from 30 September to 13 October 2009 (factor of adjustment = 0.971895). The new shares are fully entitled as from January 1st, 2009.

Closing price on 31/12/2009 = EUR 55.90, valuing the initial investment at 55.90*2.9439 = EUR 164.56. This represents an average annual increase (average annual TSR for the period) of 8.22% and an amount 2.26 times higher than the original investment made on 1st September 1999.

• Over 5 years
  
  Initial investment = 1 share at the opening price on 03/01/2005 = EUR 53.40.
  

	Gross dividend1 per share (in euros)	Gross dividend1 received by share- holders (in euros)	Price of shares acquired by reinvesting dividends2 (in euros)	Fractional share acquired by reinvesting gross dividends1	Total number of shares after gross dividend1 re- investment
2005	2.00	2.00	54.45	0.0367	1.0367	1.04482
2006	2.60	2.70	72.60	0.0371	1.0820
2007	3.10	3.35	89.20	0.0376	1.1196
2008	3.35	3.75	65.68	0.0571	1.1767
2009	1.003	1.18	47.24	0.0249	1.2016	1.23634

(1) "Avoir fiscal" tax credit abolished for dividends distributed as from 1 January (1) Based on the assumption that the dividend was reinvested in shares at the opening price on the first trading day after the payment date.
(2) Number of shares adjusted following the capital increase with pre-emptive subscription rights in March, 2006 (factor of adjustment = 0.992235740050131). The new shares are fully entitled as from January 1st, 2006.
(3) To be consistent with subsequent years, it has been assumed that the dividend was paid in cash and not in shares, although the Board of Directors approved the payment of scrip dividends for the years in question.
(4) Number of shares adjusted following the capital increase with pre-emptive subscription rights from 30 September to 13 October 2009 (factor of adjustment = 0.971895). The new shares are fully entitled as from January 1st, 2009.

Closing price on 31/12/2009 = EUR 55.90, valuing the initial investment at 55.90*1.2363 = EUR 69.11. This represents an average annual increase (average annual TSR for the period) of 5.30% and a placement whose value has increased by 29.40% over 5 years.

 

 

Five-year comparison of an investment in BNP Paribas shares with the "Livret A" passbook savings account and medium-term Treasury notes

In this calculation, we compare the creation of shareholder value over the same period through investment in BNP, then BNP Paribas shares with two risk free investments, the "Livret A" passbook savings account offered by the French savings bank network and medium-term Treasury notes (OAT).

• Investment of EUR 100.40 on 1/1/2002 in a "Livret A" passbook savings account:

At the investment date, the official interest rate on Livret A accounts was 2.25%. The rate was increased to 3.0% on 1 July 2000 and returned to 2.25% on 1 August 2003.

As of 31/12/2006, the account balance is EUR 113.61.

The value created through an investment in BNP Paribas shares, reflecting the additional risk, totalled 200,41 - 113,61 = EUR 86,80 per share over 5 years.

• Investment of EUR 100.4 on 1/1/2002 in five-year French government notes:

The five-year interest rate (BTAN) on that date was 4.4484% ; at the end of each subsequent year, interest income is re-invested in a similar note on the following terms:

• 3.2489 % (BTAN) in January 2003 for 4 years ;
• 3.0106 % (BTAN) in January 2004 for 3 years ;
• 2.5006 % (BTAN) in January 2005 for 2 years ;
• 2.844 % in January 2006 for 1 year (Euribor).

At the end of five years, the accrued value of the investment is EUR 124.11.

The additional value created by choosing BNP Paribas shares as the investment vehicle is therefore 200.41 - 124.11 = EUR 76.3 per share over five years.

Comparative total yields over 5 years for an investment of EUR 100.40