Annual report 2009 - Dexia.com

Shareholder informationPRINCIPAL DEXIA SHAREHOLDERSPercentage of existing shares heldas at 31 December 2009Caisse des dépôts et consignations 17.61%Holding Communal 14.51%Arco Group 14.25%French Government 5.73%Belgian Federal Government 5.73%Three Belgian Regions 5.73%Ethias Group 5.04%CNP Assurances 2.96%Employee shareholding 1.56%Other institutional and individual shareholders 26.88%STOCK MARKET RATIOS 2005 2006 2007 2008 2009Pay-out ratio (in %) (1) 37.9 34.3 42.0 - (2) - (3)Price-earnings ratio (4) 10.4x 8.3x 7.9x n.a. 7.8xPrice to book ratio (5) 2.0x 1.8x 1.3x 0.3x 0.4xAnnual yield (in %) (6) 3.6 3.9 5.3 - (2) - (3)(1) The ratio between the total dividend and the net income Group share.(2) No dividend was paid for the 2008 financial year.(3) The Board of Directors wants shareholders to benefit from Dexia’s positive result in 2009 in the form of new shares, and as a consequence it will make aproposal to the Extraordinary Shareholders’ Meeting on 12 May 2010 to proceed with a capital increase of approximately EUR 350 million.(4) The ratio between the average share price as at 31 December and the earnings per share for the year. For the period 2005-2008, the average price onEuronext Brussels and Euronext Paris. On 14 January 2009, following the introduction of the single order book, the benchmark for the Dexia share becameEuronext Brussels.(5) The ratio between the average share price as at 31 December and the net assets per share as at 31 December (related to core shareholders’ equity).(6) The ratio between the gross dividend per share and the share price as at 31 December.Management reportConsolidatedfinancial statementsDividend policyIn accordance with the agreement with the European Commission,Dexia is not authorised to pay dividends in cash untilthe end of 2011.However, the Board of Directors wants shareholders to benefitfrom Dexia’s positive result in 2009 and plans to proposeto the Extraordinary Shareholders’ Meeting, to be heldon 12 May 2010 at the end of the Ordinary Shareholders’Meeting, to approve a capital increase of approximately EUR350 million, by a distribution of bonus shares to shareholders.Bonus shares are new shares created by incorporation in capitalof existing available reserves, and distributed to shareholdersin proportion to their holdings.The rate of exchange of the number of coupons giving aright to a new share will be fixed on 11 May 2010.The issue price of the new shares will be equal to the averageof the closing prices of the Dexia share on Euronext Brusselsover the thirty calendar days preceding 12 May 2010, thedate of the Shareholders’ Meeting.For more detailed information, please consult the specialreport from the Board of Directors dated 31 March 2010,available at www.dexia.com.Relations with shareholdersDexia is attentive to the quality of its relations with its shareholders.These relations are described in the chapter Corporategovernance in this annual report (see pages 16-17).In 2010 Dexia meets its shareholders on Wednesday 12 Mayin Brussels at the Ordinary and Extraordinary Shareholders’Meetings.Annual financial statementsAdditional informationAnnual report 2009 Dexia 49