Reward 

MOTIVATE & RETAIN
 
In view of its geographic distribution throughout the world, it is difficult for Dexia to offer a common salary package. Legislation and practices in this regard differ so much from one country to another. Whether in relation to group insurance, banking benefits, additional holiday entitlements or cut-price midday meals, all our entities offer certain advantages in addition to a salary already attractive in itself, all of which make your remuneration so worthwhile. We can only advise you therefore to visit the sites of our various subsidiaries to discover specific local features.
On the other hand, there is one benefit common to all members of staff in the Group: employee shareholding plan.
 

 
Since 2000, the Group has launched a share ownership plan reserved for members of staff. The objectives of such a plan are to strengthen the feeling of belonging to a socially unified group, to associate members of staff with Group strategy and to promote the benefits of "save as you earn" under advantageous conditions.
The principle is simple: Dexia offers its members of staff the opportunity to become shareholders in the Group at a preferential subscription price in consideration of a freeze on the investment for five years. This transaction enables the interests of shareholders and of members of staff to be reconciled and permits the latter to be associated with the creation of value by the Dexia share. 
Different offers are made, some of which combine the lever effect with a guaranteed personal contribution from the member of staff, thus avoiding their taking any risk. Since these offers were first launched, more than six out of every ten members of staff have taken part.
 
The percentage of capital held by Dexia members of staff has, since its creation, been one of the federating elements within the Group. In fact, in 2000, on the launch of the first shareholding plan, the Chairman of the Board of Directors fixed as its objective that within five years 5% of the capital would be held by members of staff. That objective was achieved in June 2005 with a share of capital held by members of staff which, since then, has been around 4% depending upon transactions involving exits from previous plans reaching maturity. These results place Dexia in the global Top 30 of companies which have implemented employee shareholding plans.
 
There are two offers: the classic offer and the leveraged offer. In 2007 the latter takes three forms, namely the “standard” option, the “average” option and the “click” option. These different offers are presented in every country in which Dexia operates, within the appropriate legal and fiscal limits. The shares subscribed for in each of these offers are locked up for five years (except in the case of early exit).
 
The classic offer

In the classic offer, the member of staff finances all the Dexia shares he or she wishes to acquire, and benefits from a maximum 20% discount.
 
The leveraged offer

In the leveraged offer, by virtue of a specific financial mechanism, members of staff who acquire a share (with a 20% discount) find themselves heading 10 Dexia shares. At the end of five years, if the stock market price has increased, the member of staff receives, in shares or cash, the amount of their initial investment increased by a percentage of the increase calculated on 10 shares. If the share price is lower at maturity than the benchmark price (before application of the discount), the amount of the member of staff’s initial investment is guaranteed.
 
New participants

In 2007, the capital increase operation was offered for the first time in Turkey.
 
Evolution of employee shareholding

As at December 31, 2007, Dexia members of staff held more than 45.3 million shares, or 3.84% of the capital.