Total shareholder return at December 31, 2010

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: 10.4% per year of which:
+5.5% in share price gains
+4.9% in gross dividends (including the 50% avoir fiscal tax credit until 2004)

The calculation breaks down as follows:
- IPO price: €10.559 per share*
- payment of dividends in cash in 1987 and 1988
- reinvestment of dividends in shares between 1989 and 1997 inclusive
- payment of dividends in cash between 1998 and 2008 inclusive
- payment of dividends in cash in 2009 and 2010
- share price at December 31, 2010: €38.500

Over 10 years - from December 29, 2000 to December 31, 2010: 5.5% per year of which:
+0.1% in share price gains
+5.4% in gross dividends (including the 50% avoir fiscal tax credit until 2004)

The calculation breaks down as follows:
- share price at December 29, 2000: €37.998*
- payment of dividends in cash between 1998 and 2008 inclusive
- payment of dividends in cash in 2009 and 2010
- share price at December 31, 2010: €38.500

*figures adjusted for the effects of the March 1994 and February 2009 right issues.