Share capital and rights attached to the shares

The Bank's share capital, totalling ten million Euro, is represented by four hundred thousand shares. Two hundred thousand of those shares, which are registered and non-transferable, are held by the Belgian State. The other two hundred thousand shares, which are registered, bearer or dematerialised shares, are listed on Euronext Brussels. The share capital is fully paid up.
Apart from the participation of the Belgian State, holding fifty percent of the Bank's shares since 1948 by virtue of the law, the Bank has not been informed of any other participation in its capital totalling or exceeding five percent of the voting rights.
The rights attached to the shares are determined by Articles 3 to 11 and 57 to 70 of the statutes.

Dematerialisation of the Bank’s shares

Since 1 January 2008 the 200,000 NBB shares listed on Euronext Brussels are available in three forms: registered, bearer and dematerialised.

On 1 January 2008, all bearer shares recorded in a securities account were automatically converted to dematerialised shares. Bearer shares which are subsequently placed in a securities account were also converted to dematerialised form. Owners of registered and dematerialised shares will no longer be able to demand physical delivery of their stocks. Existing bearer shares must be converted to registered or dematerialised shares by no later than 31 December 2013. On that date, bearer shares which have not been converted will be automatically converted to dematerialised shares. In accordance with the law, from 1 January 2015 any shares whose owner remains unknown will be sold on the market.

Bearer coupons carrying entitlement to a dividend can continue to be collected from financial institutions until 31 December 2013. After that date, the exercise of the rights attached to bearer shares for which conversion to registered or dematerialised shares has not been requested will be suspended until the person who has provided legal proof of ownership has the shares registered.

Dematerialised shares are represented by an entry in an account in the name of the owner or holder with a recognised intermediary or with the clearing institution, NV Euroclear Belgium. Registered shares are represented by an entry in the register of registered NBB shares.

With the exception of those belonging to the State, registered shares can be converted free of charge to dematerialised shares, and vice versa, as the owner wishes.

The National Bank provides free custody of the NBB shares recorded in an account with the Bank.

Taxation of the dematerialisation of bearer shares

The Law of 28 December 2011 introduces a tax on the dematerialisation of bearer shares. The rate of this tax is set at 1 percent of the value of the shares to be converted for conversions carried out in the course of the year 2012 and at 2 percent for those converted in 2013.

In the case of bearer shares that are deposited for registration in the holder's name, the National Bank shall collect the tax in its capacity as issuer. For shares that are deposited to be booked onto a securities account, the tax is collected by the agent responsible - either the National Bank under the open custody system, or the financial institution concerned. In both cases, the tax shall be calculated on the basis of the last share price fixed before the date on which the shares are deposited.

The tax must be paid by the shareholder when despositing his or her shares, either in cash or via a payment terminal at his disposal.

Purchase, sale and safekeeping

Instructions regarding the purchase/sale of NBB shares

The National Bank provides free custody of NBB shares which shareholders deposit with it for safe keeping. This deposit may be made by means of a registered or bearer registration. The shares may be converted into registered (form in Dutch or in French) or dematerialised shares (form in Dutch or in French), free of charge, as the owner wishes.

• Rule book Dematerialised shares: in Dutch - in French
• Rule book Registered shares: in Dutch - in French

Dividend

The Council of Regency determines the dividend paid by the National Bank to its shareholders. For more details, see the Bank's reserve and dividend policy, as determined by the Council of Regency on 22 July 2009.

By decision of the General Meeting of Shareholders of 30 March 2009, the payment date of the dividend is the fifth bank working day after the General Meeting.

Development of the net dividend: