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Employee Share PlanJune 2006 1
Employee shareholding plan
Employee Share PlanJune 2006 2
The Dexia Group24.019 employees
France 2,275
Luxembourg 2,976
Belgium 15,196
Employee Share PlanJune 2006 3
The Dexia Group24.019 employees
SlovakiaAustria
Israel
Switzerland Singapore
Japan
Australia
Denmark
United Kingdom
USA
Ireland
Jersey
Portugal Monaco
ItalySpain
Sweden
Germany
France 2,275
Luxembourg 2,976
The Netherlands Belgium 15,196
Poland
HongKong
Canada
Mexico
Employee Share PlanJune 2006 4
Arcofin16,44%
Holding Communal
16,36%
Ethias6,76%
Employees4,95%
Others18,03%
InstitutionalShareholders
28,88%
CDC Group8,58%
The Dexia GroupShareholding breakdown
Employee Share PlanJune 2006 5
0
2
4
6
8
10
12
14
16
18
2001
/02/
97
07/0
2/97
01/0
2/98
07/0
2/98
01/0
2/99
07/0
2/99
01/0
2/00
07/0
2/00
01/0
2/01
07/0
2/01
01/0
2/02
07/0
2/02
01/0
2/03
07/0
2/03
01/0
2/04
07/0
2/04
01/0
2/05
07/0
2/05
The Dexia GroupShare price performance
Employee Share PlanJune 2006 6
The employee share planGoals
S tre
n gt h
e n th
e co
rpor
ate
cultu
re
take part in the ‘shareholder value’
be involved in a long term growth strategy
make an at t ra cti ve inv estm
e nt at a tt ract ive t erms
Employee Share PlanJune 2006 7
The employee share planEligibility & 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)
Employee Share PlanJune 2006 8
The employee share planThe offers
For 1 subscribed shares by the employee
Leveraged Offers
Total personal contribution of the employee
Classic Offer
9 additional subscribed shares by the counterparty
2 leveraged offers : standard & averaged
Difference : return calculation
Employee Share PlanJune 2006 9
Leveraged OffersClassic offer
Subscription with discount Subscription with discount
direct voting right indirect voting right
capital guarantee capital guarantee
interim dividends dividends
25% of gross salary 2.5% salary x 10
100% of the capital gain of one share
Following the formulaX % the capital gain in 10
shares
The employee share planThe offers
Employee Share PlanJune 2006 10
2005 employee share planThe offers
Standard Leveraged Offer Averaged Leveraged Offer
1. Calculation of increase
- Share price used : maturity after 5 years
2. Personal Contribution Guaranteed
3. Return
- If market price at maturity > initial reference price
return = 8 x increase / share(80% / 10 shares)
1. Calculation of increase
- Share price used :Average of 52 monthly prices
2. Personal Contribution Guaranteed
3. Return
- If average price > initial reference price
return = 9,5 x increase / share
(95% / 10 shares)
Employee Share PlanJune 2006 11
The employee share planExample of return
Employee’s investment
20 % Discount
return
Dividends
100% increase
Share price evol.after 5 years
total 38+ 5 years dividends
+ 100%
+
+
+
Reference price = 19 eurosSubscription price = 15,2 euros
Classic offer
15,2
3,8
5 years
19
Employee Share PlanJune 2006 12
Employee’s total subscription 152
Employee’s investment : 1 share
9 x personal investment
Reference price of the share
Subscription price (20% discount)
15,2
136,8
19
15,2
The employee share planExample of return
Leveraged offers
Employee Share PlanJune 2006 13
0
10
20
30
40
50
60
70
80
90
100
Share Price Subscription price Standard Leveraged Averaged Leveraged
Standard Leveraged Offer : 500 % return
Averaged Leveraged Offer : 332,5 % return
The employee share planExample 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
Employee Share PlanJune 2006 14
0
2
4
6
8
10
12
14
16
18
20
Share Price Subscription price Standard Leveraged Averaged Leveraged
Standard & Averaged Leveraged: 0 % return
The employee share planExample of return
Employee Share PlanJune 2006 15
0
10
20
30
40
50
60
70
80
90
100
Share Price Subscription price Standard Leveraged Averaged Leveraged
Averaged Leveraged Offer : 268,13% return
Standard Leveraged Offer: 0% return
The employee share planExample of return
Employee Share PlanJune 2006 16
0
10
20
30
40
50
60
70
80
90
100
Share Price Subscription price Standard Leveraged Averaged Leveraged
Standard Leveraged Offer : 500 % return
Averaged Leveraged Offer : 116,25 % return
The employee share planExample of return
Employee Share PlanJune 2006 17
The employee share planSubscription process
ReservationReference price
calculation
Confirmation
Capital increase
Payment of subscription price
Employee Share PlanJune 2006 18
Employee Share PlanJune 2006 19
Exit 2000 employee share planGuidelines
Dexia’s 2000 International Employee Share Plan
ends on November 10, 2005 includes only the classic offer financial results will be determined in November
Dexia’s 2000 Employee Share Plan in Belgium & Luxembourg
terminated on July 12, 2005 classic offer and July 29, 2005 leveraged offer
Employee Share PlanJune 2006 20
Exit 2000 employee share planFinancial 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 %
Employee Share PlanJune 2006 21
2000 employee share planFinancial 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
Employee Share PlanJune 2006 22
Exit 2000 employee share planFinancial results Bel / Lux
-38,35% -34% -29,96%
3,11%
82,36%
-50,00%
0,00%
50,00%
100,00%
EuroStoxx 50 Cac 40 SBF 120 Bel 20 Dexia Plan -Classic offer
The presentation of the 2000 plan results does not constitute any guarantee or estimation for the 2005 plan results
Employee Share PlanJune 2006 23
Exit 2000 employee share planFinancial results Bel / Lux
-38,35% -34% -29,96%
3,11%
211,07%
-40,00%
10,00%
60,00%
110,00%
160,00%
210,00%
EuroStoxx 50 Cac 40 SBF 120 Bel 20 Dexia Plan -Leveraged
offer
The presentation of the 2000 plan results does not constitute any guarantee or estimation for the 2005 plan results
Employee Share PlanJune 2006 24