| EFES NEWSLETTER - MARCH 2015
 
 Press 
                    reviewWe have a selection of 34 remarkable articles in 10 countries 
                    in February 2015: Australia, Belgium,  France, Germany, Italy, 
                    Poland, South Korea, Spain, UK, USA.
 Australia: New legislation will replicate key aspects 
                    of the British regime that seeks to encourage stock options 
                    in small companies and start-ups.
 Belgium: British policy would be a good example for 
                    employee ownership in Belgium.
 Germany: The German Share Institute (DAI) points out 
                    the dramatic drop in the number of employee shareholders in 
                    Germany. A call for renewed fiscal incentives.
 France: 2014 was not a good year for employee share 
                    ownership in France. Orange: Employee shareholders want their 
                    stake raising to 10% in 2020. Workers co-operatives in France: 
                    some typical cases. The view from Xavier Collot, Amundi.
 Poland: Employee share ownership was not a success 
                    for Kielce  Mines.
 South Korea: New government plans announced to encourage 
                    stock ownership mean that workers who purchase shares of their 
                    own companies will get tax deductions.
 Spain: Javier San José is the Spanish Member of the 
                    EFES Board of Directors.
 UK: The Labour Party has its own plans to promote employee 
                    ownership. Hayes Davidson becomes employee-owned business.
 USA: The ESOP Association submits comments to the House 
                    Ways and Means Committee regarding the state of the U.S. economy 
                    and policies that can promote job creation and economic growth. 
                    "Most relevant to the review of jobs and wealth creation 
                    for all who work is that shared ownership through the ESOP 
                    model is an excellent jobs policy."
 The full press review is available 
                    on:http://www.efesonline.org/PRESS 
                    REVIEW/2015/February.htm
 |  A 
                    political roadmap for employee ownership in Europe 
 
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