BIC - 2019 Universal Registration Document

COMMENTS ON THE YEAR

Dividends

DIVIDENDS 5.3.

The Board of Directors of SOCIÉTÉ BIC proposes the distribution of dividends primarily as a function of the Company’s earnings, its investment policy, and balance sheet strength, as well as comparisons with peer companies in the same sector. BIC does not foresee a material change in this dividend distribution policy.

The Board of Directors will propose 2.45 euros as an ordinary dividend per share at the Annual Shareholders’ Meeting on May 20, 2020. The pay-out ratio would be 63% in 2019, compared to 91% in 2018. The dividends paid for the last three fiscal years were as follows:

Net ordinary dividend (in euros)

Net ordinary dividend divided by earnings per share (pay-out ratio)

2018

3.45

91%

2017

3.45

56%

2016

3.45

65%

179

• BIC GROUP - 2019 UNIVERSAL REGISTRATION DOCUMENT •