Pharmaceuticals Sector - Solvay

(around 300 persons) with a view to involving them more closely in the long-term development of the Group.
The majority of the managers in question subscribed the options offered them with an exercise price of EUR 97.30,
representing the average stock market price of the share for the 30 days prior to the offer.
The 3-year vesting period is followed by a 5-year exercise period, at the end of which any unexercised options
expire.
Share options 2002 2003 2004 2005
Number of share options at 31/12/2004 495 600 469 300 450 500
Granted share options
Forfeitures of rights and expiries
Share options exercised
516 100
Number of share options at 31/12/2005 495 600 469 300 450 500 516 100
Share options exercisable at 31/12/2005 0 0 0 0
Exercise price (EUR) 63,76 65,83 82,88 97,30
Fair value of options at measurement date (EUR) 9.60 9.50 7.25 10.12
The share options resulted in a charge in 2005 of EUR 4 million calculated by a third party according to the Black &
Scholes model and recorded in the income statement under commercial and administrative costs.
(22) Dividends
As well as the distribution to Solvay shareholders, dividends include EUR 7 million for minority shareholders of fullyconsolidated
companies.
Solvay Global Annual Report 2005
77