Management incentive plans

Short-term management incentive schemes include an MBO (Management By Objectives) plan for 2011 targeted at senior and middle management, related to the achievement of individual, department and company performance objectives.

As concerns long-term management incentives, at the start of the year the 2006 Stock Option Plan is still in place, the deferral of which to 31 March 2013 was resolved in 2009. We note that during the period, a total of 5,596,300 residual options were exercised and that as of 31 December 2011, a total of 0 options can therefore be exercised.

Long-term cash-based managerial incentives are available to Top Managers and Key People under the cash-based three-year (2011-2013) Long Time Incentive (LTI) Plan, the purpose of which is to generate value and achieve the challenging performance targets set.