Incentive Programs

Exel Oyj's performance-based incentive program covers all employees. Salaried employees receive a monthly salary and an annual bonus tied to the attainment of annually established goals emphasising growth and profitability. Non-salaried employees are also eligible for incentive compensation, but their annual bonus is based on productivity. The Board of Directors of Exel Plc has in 2007 established a new long-term incentive program for the top management of the company. The aim of the program is to commit persons entitled to participate in the Program to improve Exel Plc’s long-term profitability and value and reward them for achieving these goals.

The Program consists of three subprograms (one for each of the financial years 2007, 2008 and 2009) with the total duration of each of the subprograms being three years. The Participants shall earn the reward under each of the subprograms as and when the financial performance targets as set by the Board of Directors for the subprogram have been met. The Board of Directors will decide on the targets related to the growth of the Exel Group's earnings per share (EPS) and return on capital employed (ROCE) for each subprogram separately before the beginning of the subprogram. The maximum amount of reward for each subprogram is decided by the Board of Directors.