Employee Ownership Education in Major European Groups - Dexia Group Brussels

Employee ownership education in major European groups Dexia Group Brussels – 16th June 2005

The Dexia group Netherlands 573 Belgium 15.196 France 2.275 Luxembourg 2.976 24,019 employees around the world

The Dexia group Netherlands 573 United Kingdom Sweden Belgium 15.196 Denmark Ireland France 2.275 Luxembourg 2.976 Poland Germany Slovakia North America Japan Austria Jersey Hongkong Israel Portugal Monaco Switzerland Singapore Spain Italy Australia 24,019 employees around the world

The Dexia group Shareholding breakdown in % Individual shareholders 20,22 Institutional shareholders Holding Communal 15,51 29,42 Other ETHIAS 6,46 Arcofin 15,72 Employees 4,74 7,91 Caisse des dépôts & consignations

Target: 5% The Dexia group Shareholding breakdown Employees

++ ++ ++ ++ ++ Strengthens corporate culture Allows you to: • take part in the ‘shareholder value’ • be involved in a long-term growth strategy • make an attractive investment at attractive terms Dexia capital increase Why ?

++ ++ ++ ++ ++ All employees of the Group ++ ++ ++ ++ ++ Seniority of at least 3 months ++ ++ ++ ++ ++ Employees who have an employment contract Dexia capital increase Who may subscribe ?

++ ++ ++ ++ ++ ++ ++ ++ maximum equal to 25% of the employee's gross annual remuneration (to include leveraged offer) ++ ++ ++ ++ ++ ++ ++ ++ according to work patterns (for part-time employees) Dexia capital increase Subscription limits

Classic offer ++ ++ ++ ++ ++ ++ ++ ++ Total personal contribution of the employee 2 offers : standard & averaged Dexia capital increase 3 offers (leveraged offers) Dexia Star 2010 ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ For 1 subscribed share by the employee 9 additional subscribed shares

Share price perf. after 5 years Dexia capital increase Classic offer ++ ++ ++ ++ ++ ++ Example : Return – reference price 19 euros return + 100% Employee’s investment 15,2 + 20 % discount 3,8 + dividends 5 years + 100% increase 19 38 + dividends 5 years total

Calculation of increase ++ ++ ++ ++ ++ Share price used: maturity after 5 years Return ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ If market price > initial reference return = 8 x increase / share (80% / 10 shares) Personal contribution guaranteed Dexia capital increase Standard leveraged offer

Calculation increase ++ ++ ++ ++ ++ ++ ++ ++ ++ Share price used: Monthly averages 06/2006 09/2010 (52 monthly prices) Return ++ ++ ++ ++ ++ ++ ++ 9,5 x increase / share (95% / 10 shares) Dexia capital increase Averaged leveraged offer Reflect share evolution during 5 years > final price in 2010 Personal contribution guaranteed

Dexia capital increase Dexia Star 2010 ++ ++ ++ ++ ++ ++ Example hypothesis share reference price 19 subscription price (20% discount) 15,4 employee’s investment : 1 share 15,4 9 x personal investment 138,6 154 employee’s total subscription

Dexia capital increase

Dexia capital increase Classic offer Dexia Star 2010 25% of gross salary 2.5% salary x 10 Subscription with discount Subscription with discount capital guarantee capital guarantee interim dividends dividends direct voting right indirect voting right Standard formula 8 x capital gain in one share 100% of the capital gain of one share Averaged formula 9,5x capital gain in one share

Employee’s satisfaction 2.307 employees around the world

Performances au 13 Mai 2005 IAS: +297,07% CAC40: +166,95% SBF250: +177,82%

Performances au 13 Mai 2005

Conclusion • employee share holding is a very important value for Dexia • as mentioned with the “IAS indice”, a company with an important employee shareholding over perform • the success for Dexia explain the creation of a new activity : Dexia Employee Benefits

Questions ?

Employee Ownership Education in Major European Groups - Dexia Group Brussels