Calculation parameters:

• Dividends reinvested in BNP shares then BNP Paribas shares; 50% tax credit included until tax credit system abolished in early 2005.
• Exercise of pre-emptive rights during the rights issues in March 2006 and October 2009.
• Returns stated gross, i.e. before any tax payments or brokerage fees.

Calculation results:

The following table indicates, for various periods ending on 31 December 2016, the total return on a BNP share, then a BNP Paribas share, as well as the effective annual rate of return.