In the case of a shareholder reinvesting his or her dividends in shares and subscribing to the capital increase offer, the Total Shareholder Return (TSR) was as follows: Since the Company’s privatization in December 1986: 9.5% per year of which: +4.7% in share price gains +4.8% in gross dividends (including the 50% avoir fiscal tax credit until 2004) The calculation breaks down as follows: IPO price: €10.559 per share* 1987 and 1988 cash dividends 1989-1997 stock dividends 1998-2008 cash dividends 2009 and 2010 stock dividends 2011 and 2012 cash dividends 2013, 2014 (50%) and 2015 (50%) stock dividend share price at December 31, 2015: €39.850 Over 10 years - from December 30, 2005 to December 31, 2015: 3.5% per year of which: -1.3% in share price gains +4.8% in gross dividends The calculation breaks down as follows: share price at December 30, 2005: €45.650* 2003-2008 cash dividends 2009 and 2010 stock dividends 2011 and 2012 cash dividends 2013, 2014 (50%) and 2015 (50%) stock dividend share price at December 31, 2015: €39.850 * Figures adjusted for the effects of the March 1994 and February 2009 right issues.
