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So having just mentioned these exceptional elements of the quarter, I would like to kindly ask you to advance to Slide 5, where you can see that they were moderately negative this quarter whereas they have been moderately positive a year ago.In fact after-tax the impact to the first quarter 2018 results to the tune of minus €56 million versus a positive impact of €76 million the year before.If we turn to costs of these operating divisions, they were 1% higher but stable net of the impact of the increased annual taxes and levies that you know are fully accounted in the first quarter and this IFRIC 21.The cost of risk at Group level was still at the low level equivalent to 32 basis points over outstanding which is essentially in line with what we saw in the first quarter of 2017.So if we now pick the next slide which is number 6, you can see the impact of the higher taxes and contributions accounted this quarter for the full-year as per IFRIC 21.The total amount increased by a tad less than €100 million compared to last year from €1 billion to €1.1 billion.BNP Paribas ADR (OTCPK: BNPZY) Q1 2018 Earnings Conference Call May 4, 2018 AM ET Executives Lars Machenil - CFO Analysts Jacques-Henri Gaulard - Kepler Cheuvreux Jean-Francois Neuez - Goldman Sachs Delphine Lee - JPMorgan Kiri Vijayarajah - HSBC Omar Fall - Mediobanca Flora Benhakoun - Deutsche Bank Jean-Pierre Lambert - KBW Anke Reingen - Royal Bank of Canada Jon Peace - Crédit Suisse Maxence Le Gouvello - Jefferies Tarik Mejjad - Bank of America Merrill Lynch Lorraine Quoirez - UBS Pierre Chedeville - CM-CIC Market Solutions Alex Koagne - Natixis Operator Good afternoon, ladies and gentlemen, and welcome to the presentation of BNP Paribas First Quarter 2018 Results. Supporting slides are available on BNP Paribas IR website invest. I would now like to hand the call over to Lars Machenil, Group Chief Financial Officer. I hope you've all got a copy of the presentation in front of you. Good afternoon fine ladies and gentlemen and welcome to BNP Paribas Q1 2018 results presentation.

If we now turn to Slide 15, where we see that the net book value per share stood at €73.6 at the end of the first quarter compared to a pro forma of €73.1 at the beginning of the year.

For your guide, on an yearly basis, the increase should be limited to €47 million, as €33 million were booked in the second quarter of 2017 and are now crystallized in the first quarter.

As a reminder, these taxes included in particular the €572 million contribution to the single resolution front which stood at €469 million a year ago.

And at every quarter the CET1 ratio increases by the net income generated after of course allowing for a dividend of 50%, and in Q1, given the impact of IFRIC 21 taxes this effect is basically offset by higher risk weighted assets net of For Ex and this in connection with the good business activity that I mentioned before.

On the other issues, we have the leverage ratio which stood at 4.1% and our liquidity coverage ratio stood at 120% so all that is doing fine.

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