BIC_REGISTRATION_DOCUMENT_2017

COMMENTS ON THE YEAR Dividends

4.4. Dividends

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 3.45 euros as an ordinary dividend per share, at the Annual Shareholders’ Meeting on May 16, 2018. The pay-out ratio would be 56% in 2017, compared to 65% in 2016. 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)

2016

3.45 3.40 2.85

65% 49% 51%

2015  (a)

2014

In addition to the ordinary dividend, a special dividend of 2.50 euros per share was voted for the full year 2015. (a)

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BIC GROUP - 2017 REGISTRATION DOCUMENT