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Employee shareholding plan

Employee shareholding plan. The Dexia Group 24.019 employees. 15,196. Belgium. 2,275. France. 2,976. Luxembourg. The Dexia Group 24.019 employees. The Netherlands. United Kingdom. Sweden. Belgium. 15,196. Denmark. Ireland. 2,275. France. Luxembourg. 2,976. Poland. Canada.

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Employee shareholding plan

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  1. Employee shareholding plan

  2. The Dexia Group 24.019 employees 15,196 Belgium 2,275 France 2,976 Luxembourg

  3. The Dexia Group 24.019 employees The Netherlands United Kingdom Sweden Belgium 15,196 Denmark Ireland 2,275 France Luxembourg 2,976 Poland Canada Germany Slovakia USA Japan Austria Jersey HongKong Israel Monaco Portugal Mexico Switzerland Singapore Italy Spain Australia

  4. The Dexia Group Shareholding breakdown

  5. The Dexia Group Share price performance

  6. The employee share plan Goals take part in the ‘shareholder value’ Strengthen the corporate culture make an attractive investment at attractive terms be involved in a long term growth strategy

  7. The employee share plan Eligibility & limits • All employees of the Group • Seniority of at least 3 months • Employment contract • 25% gross annual remuneration (Including leverage) • According to work patterns (for part-time employees)

  8. For 1 subscribed shares by the employee 9 additional subscribed shares by the counterparty 2 leveraged offers : standard & averaged Difference : return calculation The employee share plan The offers Classic Offer Total personal contribution of the employee Leveraged Offers

  9. The employee share plan The offers Classic offer Leveraged Offers 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 Following the formula X % the capital gain in 10 shares 100% of the capital gain of one share

  10. 2005 employee share plan The offers Standard Leveraged Offer Averaged Leveraged Offer • Calculation of increase • Share price used : maturity after 5 years • Personal Contribution Guaranteed • Return • If market price at maturity > initial reference price return = 8 x increase / share (80% / 10 shares) • Calculation of increase • Share price used : Average of 52 monthly prices • Personal Contribution Guaranteed • Return • If average price > initial reference price return = 9,5 x increase / share (95% / 10 shares)

  11. Share price evol. after 5 years The employee share plan Example of return Classic offer Reference price = 19 euros Subscription price = 15,2 euros return + 100% Employee’s investment 15,2 + 20 % Discount 3,8 + Dividends 5 years + 100% increase 19 38 + 5 years dividends total

  12. The employee share plan Example of return Leveraged offers Reference price of the share 19 Subscription price (20% discount) 15,2 Employee’s investment : 1 share 15,2 9 x personal investment 136,8 Employee’s total subscription 152

  13. The employee share plan Example of return 500 % ? = 15,2 + 8 x (28,50 – 19) = 91,2  500% increase 332,5 % ? = 15,2 + 9.5 x (24,32 – 19) = 65,74  332,5% increase

  14. The employee share plan Example of return

  15. The employee share plan Example of return

  16. The employee share plan Example of return

  17. The employee share plan Subscription process Reservation Reference price calculation Capital increase Confirmation Payment of subscription price

  18. Question time !

  19. Dexia’s 2000 Employee Share Plan in Belgium & Luxembourg • terminated on July 12, 2005 classic offer and July 29, 2005 leveraged offer Exit 2000 employee share plan Guidelines • Dexia’s 2000 International Employee Share Plan • ends onNovember 10, 2005 • includes only the classic offer • financial results will be determined in November

  20. Exit 2000 employee share plan Financial results Bel / Lux • 2000 Employee Share Plan in Belgium and Luxembourg “in a nutshell” : • Reference Price : 139,68 € divided by ten in 2001 • Subscription Price : 111,75 € divided by ten in 2001 • Employee’s capital gain percentage of leveraged offer : 56 %

  21. 2000 employee share plan Financial results The Final Reference Price corresponds to the average of the closing prices of the Dexia share on Euronext Brussels during the 20 stock exchange days following June 15, 2005 18,18 €

  22. Exit 2000 employee share plan Financial results Bel / Lux The presentation of the 2000 plan results does not constitute any guarantee or estimation for the 2005 plan results

  23. Exit 2000 employee share plan Financial results Bel / Lux The presentation of the 2000 plan results does not constitute any guarantee or estimation for the 2005 plan results

  24. Question time !

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