Creating value

BNP Paribas presents below two measures of the value created for shareholders, using a medium-term investment horizon similar to that used by the majority of individual investors.

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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 in October 1993

Initial investment on 18 October 1993 = 1 share at the IPO price
(FRF 240 or EUR 36.59).

	2007	2006	2005	2004	2003	2002	2001
Gross dividend¹ per share (in euros)	3.10	2.60	2.00	2.175	1.80	1.80	3.375
Gross dividend¹ received by shareholders (in euros)	10.18	8.18	6.07	6.33	5.04	4.88	4.42
Price of shares acquired by reinvesting dividends² (in euros)	89.20	72.60	54.45	50.50	45.32	54.10	100.50
Fractional share acquired by reinvesting gross dividends¹	0.1141	0.1127	0.1115	0.1253	0.1112	0.0902	0.0440
Total number of shares after gross dividend¹ reinvestment	3.3988	3.2847	3.1474 3.172⁶	3.0359	2.9106	2.7994	1.3546 2,7092⁵

	2000	1999	1998	1997	1996	1995	1994
Gross dividend¹ per share (in euros)	2.625	2.25	1.60³	1.23³	0.82³	0.73³	0.69³
Gross dividend¹ received by shareholders (in euros)	3.35	2.79	1.94	1.45	0.94	0.82⁴	0.69
Price of shares acquired by reinvesting dividends² (in euros)	93.95	80.85	75.92	38.28	27.36	34.30	37.17
Fractional share acquired by reinvesting gross dividends¹	0.0357	0.0345	0.0256	0.0379	0.0344	0.0239	0.0186
Total number of shares after gross dividend¹ reinvestment	1.3106	1.2749	1.2404	1.2148	1.1769	1.1425⁴	1.0186

(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 ex-dividend 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 right in March, 2006 (factor of adjustment = 0,992235740050131). The new shares are fully entitled as from January 1st, 2006.

Closing price on 29/12/2006 = EUR 82.65 valuing the initial investment at 82.65*3.2847 = EUR 271.48. This represents an average annual increase
(average annual TSR for the period) of 16.38% and an amount 7.42 times higher than the original investment made in 1993.

Over 5 years

Initial investment = 1 share at the opening price on 02/01/2002 = 49.81*2/ 0.992235740050131 = EUR 100.40

	2007	2006	2005	2004	2003	2002
Gross dividend¹ per share (in euros)	3.10	2.60	2.00	2.175	1.80	1.80
Gross dividend¹ received by shareholders (in euros)	3.64	6.04	4.48	4.67	3.72	3.60
Price of shares acquired by reinvesting dividends¹ (in euros)	89.20	72.60	54.45	50.50	45.32	54.10
Fractional share acquired by reinvesting gross dividends¹	0.0408	0.0832	0.0823	0.0925	0.0821	0.0665
Total number of shares after gross dividend¹ reinvestment	1.2143	2.4248	2.3234 2.3416³	2.2411	2.1486	2.0665

(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 ex-dividend date.
(3) Number of shares adjusted following the capital increase with pre-emptive subscription right in March, 2006 (factor of adjustment = 0,992235740050131). The new shares are fully entitled as from January 1st, 2006.

Closing price on 29/12/2006 = EUR 82.65, valuing the initial investment at 82.65*2.4248 = EUR 200.41 ; This represents an average annual increase
(average annual TSR for the period) of 14.83%, and an increase in the investment of 99.6% 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
- 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