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Banken for en verden i endring The bank for a ... - BNP Paribas

• glossary

Accretion Reverse of dilution. Accretion is where a corporate action (share buyback or issue of shares in a smaller proportion

than the increase in income following a merger or public tender offer, for example) leads to an increase in earnings

per share.

ADR

(American Depositary Receipt)

AMS Asset Management and Services.

Negotiable certificates representing one or several shares. Their face value is stated in dollars and interest is also

payable in dollars. ADRs allow American investors to buy shares in foreign-based companies that are not quoted

on an American Stock Exchange.

Arbitrage Activity that consists of attempting to profit by price differences on the same or similar financial assets. For example,

in the case of a takeover bid, where the predator offers a price that exceeds the price at which the target's

shares are trading.

Attribution right Right to receive bonus shares issued in connection with a capital increase paid up by capitalising retained earnings.

Attribution rights are quoted.

Avoir fiscal Dividend tax credit available to individual shareholders resident in France on the dividends distributed by French

companies. The purpose of the tax credit is to avoid double taxation of distributed earnings, in the hands of the

company and the shareholder. The avoir fiscal granted to individual shareholders resident in France is equal to

one-half of the net dividend. It is deductible from personal income tax. If the avoir fiscal cannot be set off against

taxable income, it is refunded by the French Treasury.

B2B or BtoB Business to Business: sales of products or services by one company to another.

B2C or BtoC Business to Consumer: sales of products or services by a company to a consumer.

B2E portal Intranet site for Group employees. The home page includes a browser, links to services and a wealth of information

concerning the various functions within the Group, practical information for employees and career information.

Back office Department responsible for all administrative processing.

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GLOSSARY

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