EFES PRESS REVIEW – OCTOBER 2005

Monthly press review covering following items in English, French, German, Spanish and Italian:
Revue de presse sur les thèmes suivants en anglais, français, allemand, espagnol et en italien:

accionariado asalariado - actionnaires salariés - actionnariat salarié - Arbeitnehmerkapitalbeteiligung - azionariato dei dipendenti - azionisti dipendenti - employee buyouts - employee owners - employee ownership - employee share ownership - employee stock ownership - ESOP - financiele werknemersparticipatie - finanzielle Beteiligung der Arbeitnehmer – Mitarbeiterbeteiligung – Mitarbeiterkapitalbeteiligung - partecipazione finanziaria dei lavoratori - participación financiera de los trabajadores - participation financière des travailleurs - salariés actionnaires - sociedades laborales -  werknemersaandeelhouders – werknemersparticipatie

597 articles in October, on which 418 in the USA, 78 in France, 26 in Spain, 21 in India, 16 in Germany, 10 in South Africa, 10 in UK, 6 in South Corea, 3 in Ireland, 2 in Canada, 2 in Italy, 1 in the Netherlands, 1 in Slovenia, 1 in Trinidad and Tobago, 1 in Cuba, 1 in Philippines.

1. Richard Ryman column: KI is owned by employees for 25 years
Green Bay Press Gazette, WI – Oct 31, 2005
Schreiber Foods is another local company that switched to employee ownership, doing so in 1999. Both companies cite employee ownership ...

2. Au Bourget, Dominique de Villepin parle de politique industrielle ...
Revue-republicaine.org, France – 31 oct 2005
... La relance de la participation et de l’actionnariat salarié, de même que l’orientation de l’épargne vers des projets de long terme, représentent des ...

3. El Plan de Medianías de la Isla pone en marcha una sala de ...
La Opinión de Tenerife, Spain – 31 Oct 2005
... la cooperativa de trabajo asociado; la sociedad laboral limitada y anónima y las ayudas, subvenciones y captaciones a sociedades laborales y cooperativas. ...

4. Giving workers a share pays off
Sunday Herald, UK – Oct 31, 2005
... Fowler says: “The employee ownership model delivers great benefits to the company ... of the organisation’s shares to create an employee share ownership trust. ...

5. ESOPs have one-for-all appeal
St. Louis Post-Dispatch, MO – Oct 30, 2005
... Wilson will create an Employee Stock Ownership Plan, or ... planning information with their employee owners, he said ... to the National Center for Employee Ownership. ...

6. Sound Federal Bancorp, Inc. Announces Second Fiscal Quarter ...
PR Newswire (press release), NY - Oct 28, 2005
... and 1,258,964 shares at September 30, 2005 and March 31, 2005, respectively) (19,186) (18,131) Common stock held by Employee Stock Ownership Plan (5,801) (6,053 ...

7. Europe : du sommet au budget
Le Figaro, France- 28 oct 2005
... Toutes les formes d'intéressement, d'actionnariat salarié, sont autant d'outils pour offrir la sécurité qu'apportait naguère la carrière professionnelle ...

8. Villepin le magicien
l'Humanité, France- 28 oct 2005
... impôt sur la fortune prend un tour social : « J’ai pris des mesures qui répondent au problème des délocalisations en favorisant l’actionnariat salarié ...  

9. FedFirst Financial Corporation Announces Third Quarter 2005 ...
Black Enterprise, NY - Oct 28, 2005
... Most of the remaining increase in noninterest expense resulted from the establishment of an Employee Stock Ownership Plan (ESOP), marketing of our new on-line ...

10. E&C Firms Enjoy Good Times But Sound Alarms on Future
Engineering News-Record, NY - Oct 28, 2005
... That is great news for company owners looking to cash in their shares, but Zofnass cautioned that overvaluation could affect employee stock ownership plans. ...

11. Abington Community Bancorp, Inc. Announces 51.2% Increase in Net ...
Business Wire (press release), CA - Oct 28, 2005
... 2005 when compared to the third quarter of 2004, primarily due to additional expenses of $296,000 relating to the Company's employee stock ownership plan ("ESOP ...

12. Broadway Financial Corporation Reports Third Quarter Net Earnings
Business Wire (press release), CA - Oct 28, 2005
... 10,327 9,561 Treasury stock-at cost, 348,595 shares at September 30, 2005, and December 31, 2004 (4,859) (4,859) Unearned Employee Stock Ownership Plan shares ...

13. Source: Sound Federal Bancorp, Inc.
Yahoo! News (press release) - Oct 28, 2005
... and 1,258,964 shares at September 30, 2005 and March 31, 2005, respectively) (19,186) (18,131) Common stock held by Employee Stock Ownership Plan (5,801) (6,053 ...

14. Sound Federal Bancorp, Inc. Announces Second Fiscal Quarter ...
PR Newswire (press release), NY - Oct 28, 2005
... and 1,258,964 shares at September 30, 2005 and March 31, 2005, respectively) (19,186) (18,131) Common stock held by Employee Stock Ownership Plan (5,801) (6,053 ...

15. Parthenon Capital Purchases American Wholesale Insurance Group
Insurance Journal - Oct 28, 2005
... AnWINS) outstanding common stock. The employee owners of AmWINS will continue to own 30 percent of the firm. In addition to acquiring ...

16. Sale of AmWINS Majority Share to Equity Firm Finalized
Insurance Journal - Oct 28, 2005
... its outstanding common stock. The employee owners of AmWINS will continue to own 30 percent of the firm. In addition to acquiring ...

17. Profits rise for Mass. parent of Berkshire Bank
Albany Business Review, NY - Oct 28, 2005
... The 2005 results include an expense of $8.4 million for the termination of the company's employee stock ownership plan and merger expenses of $1.1 million. ...

18. American Wholesale Insurance Group Completes Agreement to Sell ...
Carolina Newswire (press release), NC - Oct 28, 2005
... insurance wholesaler, outstanding common stock. The employee owners of AmWINS will continue to own 30% of the firm. "I cannot think of ...

19. Source: Provident Financial Services, Inc.
Yahoo! News (press release) - Oct 28, 2005
... other comprehensive (loss) income (6,893) 3,767 Treasury stock at cost (154,152) (70,810) Unallocated common stock held by Employee Stock Ownership Plan (74,062 ...

20. Provident Financial Services, Inc. Announces 18% Increase in ...
Finanzen.net, Germany - Oct 28, 2005
... other comprehensive (loss) income (6,893) 3,767 Treasury stock at cost (154,152) (70,810) Unallocated common stock held by Employee Stock Ownership Plan (74,062 ...

21. Provident Financial Services, Inc. Announces 18% Increase in ...
PR Newswire (press release), NY - Oct 28, 2005
... other comprehensive (loss) income (6,893) 3,767 Treasury stock at cost (154,152) (70,810) Unallocated common stock held by Employee Stock Ownership Plan (74,062 ...

22. American Wholesale Insurance Group Completes Agreement to Sell ...
Business Wire (press release), CA - Oct 28, 2005
... majority of its outstanding common stock. The employee owners of AmWINS will continue to own 30% of the firm. "I cannot think of a ...

23. FedFirst Financial Corporation Announces Third Quarter 2005 ...
Black Enterprise, NY - Oct 28, 2005
... Most of the remaining increase in noninterest expense resulted from the establishment of an Employee Stock Ownership Plan (ESOP), marketing of our new on-line ...

24. FedFirst Financial Corporation Announces Third Quarter 2005 ...
Business Wire (press release), CA - Oct 28, 2005
... Most of the remaining increase in noninterest expense resulted from the establishment of an Employee Stock Ownership Plan (ESOP), marketing of our new on-line ...

25. Abington Community Bancorp, Inc. Announces 51.2% Increase in Net ...
Business Wire (press release), CA - Oct 28, 2005
... to the third quarter of 2004, primarily due to additional expenses of $296,000 relating to the Company's employee stock ownership plan ("ESOP"), 2005 Stock ...

26. Greene County Bancorp, Inc. Announces Quarterly Earnings
Business Wire (press release), CA - Oct 28, 2005
... were the result of activities associated with the various stock-based compensation plans of the Company including the 2000 Stock Option Plan and ESOP Plan. ...

27. We are not turning out the lights !
Grays Harbor Daily World, WA - Oct 28, 2005
... for a feasibility study to see if the Cosmopolis pulp mill in particular can be saved by attracting another owner or perhaps an employee buyout , a dicier ...

28. Omega Earnings Up Nearly 60% in Third Quarter
Yahoo! News (press release) - Oct 28, 2005
... interest bearing $237,853 $228,408 Interest bearing 1,209,997 1,273,674 Total deposits 1,447,850 1,502,082 Short-term borrowings 107,798 90,259 ESOP debt 1,933 ...

29. Omega Earnings Up Nearly 60% in Third Quarter
PR Newswire (press release), NY - Oct 28, 2005
... interest bearing $237,853 $228,408 Interest bearing 1,209,997 1,273,674 Total deposits 1,447,850 1,502,082 Short-term borrowings 107,798 90,259 ESOP debt 1,933 ...

30. First Capital Bancorp, Inc. Reports Third Quarter 2005 Results
PR Newswire (press release), NY - Oct 28, 2005
... shares issued, respectively 5,284 5,170 Surplus 37,327 35,902 Treasury stock, 148,809 and 142,888 shares, respectively (1,243) (1,122) Unearned ESOP shares (240 ...

31. Source: First Capital Bancorp, Inc.
Yahoo! News (press release) - Oct 28, 2005
... shares issued, respectively 5,284 5,170 Surplus 37,327 35,902 Treasury stock, 148,809 and 142,888 shares, respectively (1,243) (1,122) Unearned ESOP shares (240 ...

32. Subex Systems board to declare 15% interim dividend
Myiris.com, India - Oct 28, 2005
... General Meeting. The board will institute a new Employee Stock Option Plan (ESOP-III) with a corpus of 5 lakh options. Shares of ...

33. i-flex Solutions Q2 net up 42.4% at Rs 53.12 crore
Myiris.com, India - Oct 28, 2005
... Further the Company has informed that the board of directors of the Company at its meeting held on October 28, 2005 has allotted 60,402 ESOP 2002 equity shares ...

34. Manchado dice que Delgado 'enchufó' a la mujer de Labanda y ' ...
El Mundo-El Día (Balears), Spain - 27 Oct 2005 
... Cargo al que iba asociada la presidencia de la sociedad laboral Limpiezas Costa de Calvià. Ocupaba la silla presidencial en los consejos de administración. ...

35. Verizon Communications Reports Strong 3Q Earnings Highlighted by ...
PR Newswire (press release), NY - Oct 27, 2005
... other comprehensive loss (1,710) (1,053) (657) Common stock in treasury, at cost (303) (142) (161) Deferred compensation - employee stock ownership plans and ...

36. Breton engage une polémique épistolaire avec Fabius sur l'ISF
Les Échos, France- 27 oct 2005
... lancée dimanche soir par Laurent Fabius au sujet de l'exonération d'impôt sur la fortune (ISF) accordée aux dirigeants et salariés actionnaires de leur ...

37. La conférence de presse de Dominique de Villepin
Nouvel Observateur, France- 27 oct 2005
... publique : 15% de son capital seulement est ouvert ; une partie est réservée aux salariés de l’entreprise pour développer l’actionnariat salarié. ...

38. Conférence de presse
PM France (Communiqués de presse) - 27 oct 2005
... publique : 15% de son capital seulement est ouvert ; une partie est réservée aux salariés de l’entreprise pour développer l’actionnariat salarié. ...

39. STEEL WORKERS FACE COMPETITION
NewsHour - Oct 27, 2005
... workers banded together to raise money, with concerts, telethons and parades, so they could buy the company through an Employee Stock Ownership Plan, or ESOP. ...

40. Berkshire Hills Bancorp, Inc. Reports 10% Increase in Core ...
Business Wire (press release), CA - Oct 27, 2005
... $3.4 million ($0.48 per diluted share) as a result of an $8.7 million non-cash charge related to the termination of the Bank's Employee Stock Ownership Plan in ...

41. MutualFirst Announces Third Quarter 2005 Earnings
Yahoo! News (press release) - Oct 27, 2005
... Increases due to net income of $4.9 million, Employee Stock Ownership Plan (ESOP) shares earned of $549,000, and RRP shares earned of $192,000 were offset by ...

42. MutualFirst Announces Third Quarter 2005 Earnings
PR Newswire (press release), NY - Oct 27, 2005
... Increases due to net income of $4.9 million, Employee Stock Ownership Plan (ESOP) shares earned of $549,000, and RRP shares earned of $192,000 were offset by ...

43. PCL Construction Named General Contractor for 55 West Development
Business Wire (press release), CA - Oct 27, 2005
... Employee ownership instills a shared commitment to construction excellence. For more information visit PCL's web site at www.pcl.com. ...

44. OfficeMax Reports Third-Quarter 2005 Financial Results
PR Newswire (press release), NY - Oct 27, 2005
... September 30, 2004 dividend attributable to the company's Series D Convertible Preferred Stock held by the company's ESOP (employee stock ownership plan) is ...

45. TF Financial Corporation Announces Third Quarter Results and ...
PR Newswire (press release), NY - Oct 27, 2005
... a) 2,734 2,742 Number of branch offices 15 14 Full time equivalent employees 174 175 (a) Excludes 189,000 and 202,000 employee stock ownership plan shares at ...

46. FirstFed Reports Results for the Third Quarter of 2005
Business Wire (press release), CA - Oct 27, 2005
... in capital 42,157 40,977 38,815 Retained earnings - substantially restricted 612,737 549,202 532,762 Unreleased shares to employee stock ownership plan (2,628 ...

47. Source: First Security Group, Inc.
PrimeZone (press release), CA - Oct 27, 2005
... The common stock will be used to provide shares under First Security's Employee Stock Ownership Plan and matching contributions for the 401(k) program. ...

48. Verizon Communications Reports Strong 3Q Earnings Highlighted by ...
Finanzen.net, Germany - Oct 27, 2005
... other comprehensive loss (1,710) (1,053) (657) Common stock in treasury, at cost (303) (142) (161) Deferred compensation - employee stock ownership plans and ...

49. Employee trust buying company
The Republican, MA - Oct 27, 2005
... The company will be sold tomorrow to a trust known as an employee stock ownership plan, which exists as a ... Employee ownership is becoming more popular, he said. ...

50. Banner Corporation's Third Quarter Profits Increase 10% to $5.7 ...
Business Wire (press release), CA - Oct 27, 2005
... 92,327 Accumulated other comprehensive income (loss) (5,529) (1,952) 183 (888) Unearned shares of common stock issued to Employee Stock Ownership Plan (ESOP ...

51. Dow Reports Third Quarter 2005 Results Strong Sales and Earnings ...
PR Newswire (press release), NY - Oct 27, 2005
... 449 Preferred Securities of Subsidiaries 1,000 1,000 Stockholders' Equity Common stock 2,453 2,453 Additional paid-in capital 572 274 Unearned ESOP shares (4 ...

52. Technology Briefing
Seattle Post Intelligencer - Oct 27, 2005
... Steve Skaggs, CEO of Lattice Semiconductor Corp., said the company will reduce its work force by through a combination of employee buyouts and layoffs. ...

53. i-flex Solutions Q2 net up 42.4% at Rs 53.12 crore
Myiris.com, India - Oct 27, 2005
... Further the Company has informed that the board of directors of the Company at its meeting held on October 28, 2005 has allotted 60,402 ESOP 2002 equity shares ...

54. STEEL WORKERS FACE COMPETITION
NewsHour - Oct 27, 2005
... workers banded together to raise money, with concerts, telethons and parades, so they could buy the company through an Employee Stock Ownership Plan, or ESOP. ...

55. Chromcraft Revington, Inc. Reports Third Quarter Results
Business Wire (press release), CA - Oct 27, 2005
... operating activities Depreciation expense 2,643 2,841 Loss on disposal of equipment 230 - Deferred income taxes 372 (278) Non-cash ESOP compensation expense ...

56. Berkshire Hills Bancorp, Inc. Reports 10% Increase in Core ...
Business Wire (press release), CA - Oct 27, 2005
... net income and earnings per share. The ESOP termination expense is net of a $288,000 tax benefit. Other adjustments to arrive at ...

57. Compuware Earns Six Cents Per Share in Fiscal Year 2006 Second ...
PR Newswire (press release), NY - Oct 27, 2005
... operations: Depreciation and amortization 25,394 30,559 Tax benefit from exercise of stock options 3,054 249 Issuance of common stock to ESOP 4,872 Acquisition ...

58. United Financial Bancorp, Inc. Announces Earnings for Third ...
PR Newswire (press release), NY - Oct 27, 2005
... share, authorized 60,000,000 shares; 17,205,995 shares issued in 2005 and 100 shares issued in 2004 172 - Paid-in capital 78,391 - Unearned ESOP shares (6,252 ...

59. Source: United Financial Bancorp, Inc.
Yahoo! News (press release) - Oct 27, 2005
... share, authorized 60,000,000 shares; 17,205,995 shares issued in 2005 and 100 shares issued in 2004 172 - Paid-in capital 78,391 - Unearned ESOP shares (6,252 ...

60. MutualFirst Announces Third Quarter 2005 Earnings
Yahoo! News (press release) - Oct 27, 2005
... Increases due to net income of $4.9 million, Employee Stock Ownership Plan (ESOP) shares earned of $549,000, and RRP shares earned of $192,000 were offset by ...

61. MutualFirst Announces Third Quarter 2005 Earnings
PR Newswire (press release), NY - Oct 27, 2005
... Increases due to net income of $4.9 million, Employee Stock Ownership Plan (ESOP) shares earned of $549,000, and RRP shares earned of $192,000 were offset by ...

62. OfficeMax Reports Third-Quarter 2005 Financial Results
PR Newswire (press release), NY - Oct 27, 2005
... (a) The September 30, 2004 dividend attributable to the company's Series D Convertible Preferred Stock held by the company's ESOP (employee stock ownership plan ...

63. Lattice aims to cut about 140 positions
kgw.com (subscription), OR - Oct 27, 2005
Steve Skaggs, CEO of Lattice Semiconductor Corp., said the company will reduce its work force by through a combination of employee buyouts and layoffs. ...

64. Lattice aims to cut about 140 positions
OregonLive.com, OR - Oct 27, 2005
Steve Skaggs, CEO of Lattice Semiconductor Corp., said the company will reduce its work force by through a combination of employee buyouts and layoffs. ...

65. Wipro allots equity shares under ESOP
Myiris.com, India - Oct 27, 2005
Wipro (Q, N,C,F)* Ltd`s board of directors has resolved to issue and allot 69510 equity shares of Rs 2 each pursuant to exercise of the stock options by the ...

66. Carver Bancorp, Inc. Reports Second Quarter Results
Yahoo! News (press release) - Oct 27, 2005
... 2005, respectively) 25 25 Additional paid-in capital 23,941 23,937 Retained earnings 23,814 22,748 Unamortized awards of common stock under ESOP and management ...

67. Carver Bancorp, Inc. Reports Second Quarter Results
PR Newswire (press release), NY - Oct 27, 2005
... 2005, respectively) 25 25 Additional paid-in capital 23,941 23,937 Retained earnings 23,814 22,748 Unamortized awards of common stock under ESOP and management ...

68. Progress Energy Announces 2005 Third-Quarter Results
PR Newswire (press release), NY - Oct 27, 2005
... shares authorized, 252 and 247 million shares issued and outstanding, respectively $5,548 $5,360 Unearned restricted shares - (13) Unearned ESOP shares (63) (76 ...

69. Progress Energy Announces 2005 Third-Quarter Results
Yahoo! News (press release) - Oct 27, 2005
... shares authorized, 252 and 247 million shares issued and outstanding, respectively $5,548 $5,360 Unearned restricted shares - (13) Unearned ESOP shares (63) (76 ...

70. Dow Reports Third Quarter 2005 Results Strong Sales and Earnings ...
PR Newswire (press release), NY - Oct 27, 2005
... 449 Preferred Securities of Subsidiaries 1,000 1,000 Stockholders' Equity Common stock 2,453 2,453 Additional paid-in capital 572 274 Unearned ESOP shares (4 ...

71. Lattice aims to cut about 140 positions
OregonLive.com, OR - Oct 27, 2005
... people. Lattice said it would reduce its work force by 12 to 14 percent through a combination of employee buyouts and layoffs. Lattice ...

72. Dow Reports Third Quarter 2005 Results Strong Sales and Earnings ...
Finanzen.net, Germany - Oct 27, 2005
... 449 Preferred Securities of Subsidiaries 1,000 1,000 Stockholders' Equity Common stock 2,453 2,453 Additional paid-in capital 572 274 Unearned ESOP shares (4 ...

73. Banner Corporation's Third Quarter Profits Increase 10% to $5.7 ...
Business Wire (press release), CA - Oct 27, 2005
...