La banque d'un monde qui change 2004 - BNP Paribas

90sustainable development91Yield and performance dataIn euros 2004 2003 2002 2001 2000Earnings per share (1) 5.55 4.31 3.78 4.64 4.70Net assets per share (2) 34.20 (3) 31.50 29.30 27.10 24.00Net dividend per share 2.00 (3) 1.45 1.20 1.20 1.13Payout rate (in %) (4) 37.90% (3) 34.80 32.60 26.50 24.50Share priceHigh 55.00 49.92 61.25 52.55 54.75Low 46.07 32.65 29.00 37.95 37.78Year-end 53.30 49.92 38.83 50.25 46.75Cac 40 index on 31 December 3 821.16 3 557.90 3 063.91 4 625.58 5 926.42Data in the above table have been adjusted to take into account the two-for-one share-split carried out on 20 February 2002.(1) Based on the average number of shares outstanding during the year.(2) After dividends. Non-revalued net book value based on the number of shares outstanding at the year-end.(3) Subject to approval at the Annual General Meeting of 18 May 2005.(4) Recommended dividend expressed as a percentage of net income for the year.Creating value for shareholdersBNP Paribas uses two methods to measure the value created for shareholders, based on a long- mediumterminvestment period reflecting the length of time that the majority of individual investors hold theirBNP Paribas shares.A) Total Shareholder Return -TSR:Calculation parameters:- The dividend includes the avoir fiscal tax credit at a rate of 50% and is assumed to have been reinvested inBNP shares then BNP Paribas shares;- Returns are gross returns, i.e. before any tax payments or brokerage fees.• Since privatisation in October 1993Initial investment = 1 share at the IPO price (FRF 240 or EUR 36.59) on 18 October 1993.Investment GrowthYears Gross dividend Gross dividend Price of shares Fractional share Total number ofper share received by acquired by acquired by shares after gross(in euros) shareholder reinvesting dividend (2) reinvesting dividend(in euros) (in euros) gross dividend reinvestment1994 0.69 (1) 0.69 37.17 0.0186 1.01861995 0.73 (1) 0.82 (3) 34.30 0.0239 1.1425 (3)1996 0.82 (1) 0.94 27.36 0.0344 1.17691997 1.23 (1) 1.45 38.28 0.0379 1.21481998 1.60 (1) 1.94 75.92 0.0256 1.24041999 2.25 2.79 80.85 0.0345 1.27492000 2.625 3.35 93.95 0.0357 1.31062001 3.375 4.42 100.50 0.0440 1.3546 2.7092 (4)2002 1.80 4.88 54.10 0.0902 2.79942003 1.80 5.04 45.32 0.1112 2.91062004 2.175 6.33 50.50 0.1253 3.0359(1) 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 year in question.(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) 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.(4) After the two-for-one share-split on 20 February 2002.Closing price on 31 December 2004 = EUR 53.30, valuing the initial investment at 53.30 x 3.0359 =EUR 161.81. This represents an average annual increase (average annual TSR for the period) of 14.18%and an amount 4.42 times higher than the original investment made in 1993.