Dividends

Net dividend per share

The dividend paid for fiscal year 2010 amounted to €0.23 per share, i.e. a dividend payout ratio of 50%, as for fiscal year 2007, after payment of interest on Super Subordinated Securities.

Dividend ex-date: June 2, 2011

Dividend payment date: July 4, 2011.

Shareholders could opt for dividend payment in shares. The two options, i.e. payment in cash or in shares, were exclusive of each other and could not be combined.

The issue price of these shares was €3.26 (i.e. 90 % of the average of the first quoted prices on each of the twenty trading days prior to the day of the General Meeting, less the dividend amount).

The proposed price for the new shares, regulated by the French Commercial Code, corresponded to the maximum authorized discount, i.e. 10%.

The option of dividend payment in shares could be exercized by shareholders from June 2 up to and including June 24.

Tax treatment

Tax treatment is the same whether an individual resident chooses payment in cash or payment in shares.
Dividend payment is subject to tax at source of social contributions for individual residents and to tax deduction at source of 25% for non-resident shareholders, unless an international tax treaty applies.
Dividend is taxable at the progressive rate of income tax, after deduction of eligible allowances provided for in Article 158 of the French General Tax Code, unless the beneficiary has opted for flat-rate withholding tax.
In case of a subsequent sale of the shares, the capital gain or loss will be calculated based on an average purchase price that takes this transaction into account.
The proceeds from the sale of shares are taken into account in the annual sales calculation. Capital gains are subject to the standard tax on income and to social contributions from the first euro of sale proceeds as from January 1, 2011 (excluding personal equity plans).

Net dividend per share in EUR (excluding the tax credit)

Financial year 2010: 0.23
Financial year 2009:   -
Financial year 2008:   -
Financial year 2007: 0.45
Financial year 2006: 0.86*
Financial year 2005: 5.00
Financial year 2004: 3.30
Financial year 2003: 2.50

 * After 10-for-1 stock split