World Leader of Public Finance


General Presentation


                                 June 2004
Contents



! Dexia within the Local Public Finance Market

! Group Financial Performances and Objectives

! Business Line...
Part One


Dexia within the Local Public Finance Market
The main markets of Local Public Finance




LT Debt O/S:             ≈1,600 Bn€   ≈500 Bn€*       ≈1,500 Bn€



         ...
The Local Public Finance Market
The Players

                            Liability Driven                                 ...
Market constituents – Clients’ expectations - Products

         Market constituents                                  Clie...
Dexia’s volume growth outperformed the market’s

                  Europe                                                 ...
Key business model features


! Solvency of borrowers
     " Low risk asset weighting
     " Narrow margins
     " Low cos...
History:
In 1996 CCB and CLF combined into Dexia

 Crédit Communal de Belgique (CCB)          Crédit local de France (CLF)...
Dexia Primary Franchise …


                   Assets         Liabilities




                              Retail Deposit...
… has been enlarged over the years

                                                       # Private banking
             ...
Business Portfolio in 2003
Segment contributions*


                                                Net Income 2003: 1,431...
Main Business Aggregates                                                                      (at 31.12.03)



           ...
Part Two


Financial Performances and Targets
A different business model


                      Dexia                        Group of 9 European banks*

             1...
Return On Risk-Weighted Assets (RORWA)*


 2%


                                                           1.51%       1.5...
Cost of Risk related to total net O/S commitments
(in basis points)



                                                   ...
Cost/Income Ratio (%)




                59.0   58.9   59.2   Objective

         54.8                        ≤ 54.0
  53...
ROE


                                                                    Objective

                                  ROE...
Earnings per Share (€)

                                                           Objective

                            ...
Dividend per Share


   (€)
                                                CAGR:
                                        ...
Summary of 2003 P&L

                                                                                                     ...
Part Three


Business Lines
Public/Project Finance
                  & Credit Enhancement

 This segment covers: • Municipal Finance
                 ...
Geographical origin of net income*




                                                      USA                          ...
Public and Project Finance: Revenue metrics


In & off B/S outstandings*                                                  ...
Growth of outstandings (banking activities)
stems from new markets
                                              CAGR 2000...
FSA: Revenue metrics


 Net Par Outstanding                                                                               ...
FSA’s credit enhancement: a high growth business
Net Par outstanding*
                                                    ...
Public/Project Finance & Credit Enhancement
Analysis of 2003 underlying P&L

                                             ...
Retail Financial Services




                                 Net underlying* Income 2003:   286 M€
              19%



...
Dexia Bank Belgium:
a key player in asset gathering
                    Dexia Bank alone                                  ...
Domestic market shares in Belgium (as of Dec. 2003)


              Savings bonds     Savings accounts     Mutual funds


...
Merger of Dexia Bank and Artesia produces sizeable costs
synergies in Retail Financial Services as well as in other divisi...
Number of branches


                                 -26%
                                 -26%
                         ...
Retail Financial Services
Analysis of 2003 underlying P&L

                                                               ...
Investment Management Services




           13%
                                 Net underlying* Income 2003:   204 M€

...
Investment Management Services

 Segment contributions to the underlying Gross Operating Income (2003)



                ...
Recent evolution
 of the underlying Gross Operating Income
             Dexia Nederland                                   ...
Private and Affluent Banking*


                              Total customers’ assets** : 28.0 Bn€

       By geographical...
Dexia Asset Management


                       Assets by type of management
 (Bn€)
                               60.9   ...
Fund Administration


        Total assets under                                # of NAV to calculate in   # of transactio...
Investment Management Services
Analysis of 2003 underlying P&L

                                                          ...
Treasury and Financial Markets




                                 Net underlying* Income 2003:   263 M€

            17%...
Treasury and Financial Markets
Missions and Key Figures


 ! Missions
              ! Long and Short Term Funding
        ...
Capital Markets & Treasury Activities
Analysis of 2003 underlying P&L

                                                   ...
Appendices
Dexia ranking in Euroland (market capitalisation)


            31/12/2000                   31/12/2001               31/1...
Profit Margin * (2003)



                HVB Group
               Abbey National
                                        ...
Credit Ratings of main subsidiaries




                                  S&P   Moody’s   Fitch

         Dexia Crédit Loc...
Main Stock Indexes including the Dexia stock


  &   Euronext 100

  &   CAC 40

  &   BEL 20

  &   FTSE Eurotop 100

  &...
Shareholders’ base (at Dec. 31, 2003)


          Total number of shares outstanding: 1,175,222,680

                     ...
Total Shareholder Return


                                  Value in € at 31/03/2004 of 1000 € invested*


              ...
54
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General Presentation

  1. 1. World Leader of Public Finance General Presentation June 2004
  2. 2. Contents ! Dexia within the Local Public Finance Market ! Group Financial Performances and Objectives ! Business Lines ! Appendices 2
  3. 3. Part One Dexia within the Local Public Finance Market
  4. 4. The main markets of Local Public Finance LT Debt O/S: ≈1,600 Bn€ ≈500 Bn€* ≈1,500 Bn€ Bond Bank Loans Bond Market Access: Market & Bond Market & Bank Loans * Local Authorities only 4 Group
  5. 5. The Local Public Finance Market The Players Liability Driven Asset Driven Domestic Savings L.T. lending Intermediated Banks institutions Dexia Bank Dexia Crédit Local Arrangers Dexia Public Capital Markets Disintermediated (Municipal Bond Market) Bond Investors Insurers Dexia Municipal Agency Dexia Hypothekenbank Berlin Dexia Crediop … 5
  6. 6. Market constituents – Clients’ expectations - Products Market constituents Clients’ expectations ! Municipalities ! Funding ! Regions ! Long lasting relationship ! Social Housing Institutions ! Assistance to Financial/Budget management ! Health care institutions ! Access to capital markets solutions ! Schools / universities ! Optimisation of debt, and cost of debt ! Charities ! Public/Private partnership Products ! Long term Loans and Bonds ! Short term facilities ! Payment services ! Asset management ! Insurance services ! Financial engineering/advisory services 6
  7. 7. Dexia’s volume growth outperformed the market’s Europe USA LT Loans O/S Muni Bonds insured O/S 1,763 Bn$ CAGR: +4.9% p.a. 1,262 Bn$ CAGR: +1.3% p.a. 493 Bn€ 451 Bn€ 1996 1997 1998 1999 2000 2001 2002 1996 1997 1998 1999 2000 2001 2002 Gr oup 201 Bn$ CAGR: +23.2% p.a. CAGR: +8.3% p.a. 129 Bn€ 79 Bn€ +17.4%p.a 53 20 47 Bn$ 59 +4.1%p.a 76 . 1996 1997 1998 1999 2000 2001 2002 1996 1997 1998 1999 2000 2001 2002 Local authorities Other local actors 7
  8. 8. Key business model features ! Solvency of borrowers " Low risk asset weighting " Narrow margins " Low cost of risk ! Long Term " Annuity building business " Low revenue volatility ! Importance of Funding " High credit ratings needed ! Differential advantages " A “volume” business " Innovation: new products successfully marketed in a country can be exported to others 8
  9. 9. History: In 1996 CCB and CLF combined into Dexia Crédit Communal de Belgique (CCB) Crédit local de France (CLF) Lendings to local public authorities LT Lendings to local Retail loans Retail public LT Bonds Customer authorities Issues Deposits Bond Portfolio Bond Portfolio assets liabilities assets liabilities + BIL Private Banking Asset Management Fund Administration 9
  10. 10. Dexia Primary Franchise … Assets Liabilities Retail Deposits Public/Project Finance Triple A Funding 10
  11. 11. … has been enlarged over the years # Private banking # Asset management # Muni bonds # Fund administration # ABS rv me t Se age en s t ic e n m an st M ve In En Cre ce ha nc dit ran em ca ssu en n t Ba Public/Project Finance Retail Deposits Tre l as cia he Fin ury a n to t r a Fin es c to a Ma nc ia nd vic e r ke l Ser lic S ts b Pu # Insurance # Cash management # Financial engineering 11
  12. 12. Business Portfolio in 2003 Segment contributions* Net Income 2003: 1,431 M€ 13% 51% 19% 17% Public/Project Finance & Credit Enhancement Investment Management Services Retail Financial Services Treasury and Financial Markets * Excluding nonrecurring items 12
  13. 13. Main Business Aggregates (at 31.12.03) Bn€ $ LT Loans and bonds to Public Institutions 174 $ LT Corporate and Project Finance 15 assets $ ST Loans 12 $ Retail Loans 26 Balance $ Credit Spread Portfolio* 39 Sheet $ Retail and Private Deposits 64 liabilities $ Institutional clients Deposits 45 $ Long Term Bonds O/S 67 $ Short term funding 39 $ Net Par outstanding Muni Bonds 171 $ Net Par outstanding ABS 119 Off B/S $ Life Insurance Technical Reserves 7 $ Assets under Management 77 * Of which 9.3 Bn€ of Public Bonds 13
  14. 14. Part Two Financial Performances and Targets
  15. 15. A different business model Dexia Group of 9 European banks* 1,000 1,000 Customer Loans (1,000 basis) 658 955 Risk Weighted Assets B/S 570 1,068 Customer deposits 4 35 Non Performing Loans 1,000 1,000 Revenues (1,000 basis) 592 623 Costs P&L 34 89 Cost of risk 293 204 Net income before minorities * BNP Paribas, Société Générale, KBC, SCH, CA SA, BBVA, Unicredito, Fortis (Banking), ABN Amro (data 2003) 15
  16. 16. Return On Risk-Weighted Assets (RORWA)* 2% 1.51% 1.50% 1.39% 1.40% 1.54% 1.30% 1.18% 1.32% 1.29% 1.23% 1% 1.12% 1.01% 0% 1998 1999 2000 2001 2002 2003 Dexia Peer Group ** * The ratio between the net income including minority interests and the average risk-weighted assets. ** Peer Group: Abn-Amro, Barclays Bank, HVB, BBVA, BNP Paribas, CA SA1, Deutsche Bank, Dresdner Bank, Fortis, KBC, ING Groep, Lloyds TSB, Nordea, Société Générale, SP IMI, SHB 1 before 2002 figures of Crédit Lyonnais 16
  17. 17. Cost of Risk related to total net O/S commitments (in basis points) 2.5 bp Credit 1.2 bp 0.7 bp 0.6 bp 0.6 bp 1.2 bp 0.4 bp Enhancement 12.2 bp* 9.8 bp* 7.8 bp 6.4 bp 6.6 bp 5.7 bp* Banking 2.2 bp Activities 1997 1998 1999 2000 2001 2002 2003 * Excluding impact of charges for Legiolease at Dexia Bank Nederland 17
  18. 18. Cost/Income Ratio (%) 59.0 58.9 59.2 Objective 54.8 ≤ 54.0 53.9 1999 2000 2001 2002 2003 2006 18
  19. 19. ROE Objective ROE 18.7% 17.7% 18.0% 16.2% 16.5% 15.7% 14.0% 12.9% 13.2% Tier One Ratio 11.2% 9.5% 10.2% 9.9% 9.6% 9.0% 9.3% 9.3% 9.3% 9.0% 1996 1997 1998 1999 2000 2001 2002 2003 2006 19
  20. 20. Earnings per Share (€) Objective 1.70 CAGR: CAGR: +9.4 % p.a. +9.4 % p.a. 1.25 1.24 1.15 1.13 0.98 0.85 0.75 0.66 1996 1997 1998 1999 2000 2001 2002 2003 2006 20
  21. 21. Dividend per Share (€) CAGR: CAGR: +10.5 % p.a. +10.5 % p.a. 0.53 0.48 0.48 0.43 0.39 0.36 0.32 0.31 0.26 1997 1998 1999 2000 2001 2002 2003 Dexia France Dexia Belgium Dexia 21
  22. 22. Summary of 2003 P&L Evolution of underlying * E volution of (M€) 2002 2003 ! * at constant underlying rate of exchange Reven ues # Net Interest and Related Incom e 3,422 3,429 0.2% # Net Com m issions an d Other Incom e 1,015 992 -2.3% # Technical & Financial M argin / Insurance 720 739 2.6% Total Revenues 5,157 5,160 0.1% 3.8 % 5.5% Costs -3,037 -3,05 5 0.6% -0.3% 0.7% Gross Operating Income 2,120 2,104 -0.7% 10 .2% 13.0% # C ost of Risk -722 -176 -75.7% -41.0% -37.8% # Losses/Gains on LT invest. -36 15 n.s. # GBRR 82 7 -91.6% # Goodw ill am ortization -57 -131 n.s. # C orporate Incom e Tax -58 -362 n.s. # Incom e from E quity Accounted Co’s 56 56 - Net incom e before minority interests 1,385 1,513 9.3% Minority Interests 86 82 -4.4% Net Incom e 1,299 1,431 10.2 % 15 .2% 18.5% * Based on pro forma accounts, without exceptional and nonrecurring items 22
  23. 23. Part Three Business Lines
  24. 24. Public/Project Finance & Credit Enhancement This segment covers: • Municipal Finance • Project Finance • Structured Finance • Corporate Lending • Credit Enhancement 51% Net underlying* Income 2003: 783 M€ * Excluding nonrecurring items 24
  25. 25. Geographical origin of net income* USA Europe (FSA + NY branch) 39% 60% Dexia NY • Long and short-term • Liquidity Facilities financing to the public sector 1% • Project Finance Other • Other financial services to the • Bond portfolio public sector FSA • Credit Enhancement – Muni • Project Finance and • Credit Enhancement – ABS Corporate Lending * Underlying net income of booking centers and irrespective of transactions’ location 25
  26. 26. Public and Project Finance: Revenue metrics In & off B/S outstandings* Net interest margin** Bn€ 201 170 200 184 24 160 Short Term 150 167 19 15 140 17 13 Other LT 130 150 140 162 133 4 14 152 120 4 11 110 10 136 Public Sector 125 100 Long Term 119 90 100 80 59 bp 58 bp 70 54 bp 53 bp 53 bp 60 50 50 40 30 20 10 0 0 1999 2000 2001 2002 2003 * Fully consolidated Co’s ** Net interest and related income (excluding commissions and interest on allocated economic capital), related to period-end outstandings 26
  27. 27. Growth of outstandings (banking activities) stems from new markets CAGR 2000-2003 (Bn€) +9.3% 184.7 171.8 24.1 +26.5% 154.4 21.1 141.3 17.4 11.9 USA 77.1 69.9 53.4 57.5 +13.0% Other Countries France+ 76.0 79.5 80.8 83.6 +3.2% Belgium 2000 2001 2002 2003 27
  28. 28. FSA: Revenue metrics Net Par Outstanding Margin* Bn$ 290 300 110 263 119 100 250 126 90 217 80 200 111 70 ABS 154 60 150 130 Muni 67 50 51 40 100 30 20 bp 17 bp 18 bp 18 bp 18 bp 20 50 10 79 87 106 137 171 0 0 1999 2000 2001 2002 2003 * Total revenues (excluding GICs revenues and net realized and unrealized gains/losses on derivatives) related to period-end outstandings 28
  29. 29. FSA’s credit enhancement: a high growth business Net Par outstanding* CAGR 1996-2003 (Bn$) 290 +25.5% International Asset- Backed Obligations 263 38 +67.3% 34 6 +30.0% International Municipal Obligations 217 5 U.S. Asset-Backed 25 82 +20.4% Obligations 3 92 U.S. Muni Obligations 154 13 86 130 2 7 1 105 3 54 1 44 75 2 35 165 +24.8% 59 1 1 133 26 1 103 22 85 78 66 46 35 1996 1997 1998 1999 2000 2001 2002 2003 * Excludes amounts relating to FSA-insured GICs; excludes insurance of interest 29
  30. 30. Public/Project Finance & Credit Enhancement Analysis of 2003 underlying P&L ∆ ∆ at constant (M€) 2002* 2003 2003 / rate of 2002 exchange Revenues 1,793 1,867 4.1% 10.4% Costs -631 -635 0.6% 4.6% Gross Operating Income 1,162 1,232 6.0% 13.6% Cost of Risk -168 -84 -50.2% Corporate income tax -266 -319 19.9% Other Items -4 -46 n.s. Net Income 724 783 8.2% 16.7% ROEE** 21.0% 22.8% Allocated equity 3,659 3,663 * Based on pro forma accounts ** Annualized Return on Economic Equity. ROEE = Total Net Income (before minority interests) / Allocated Equity 30
  31. 31. Retail Financial Services Net underlying* Income 2003: 286 M€ 19% * Excluding nonrecurring items 31
  32. 32. Dexia Bank Belgium: a key player in asset gathering Dexia Bank alone Dexia Bank + Artesia 82 80 79 6 7 6 Bn€ 18 18 19 57 59 2 53 2 49 1 13 12 6 9 56 55 56 22 22 23 43 43 44 45 7 7 7 11 13 14 9 4 5 2 3 15 15 16 7 8 9 9 Dec.1997 Dec.1998 Dec.1999 Dec.2000 Dec.2001 Dec. 2002 Dec.2003 Loans to Professionals & SME’s Life Insurance technical reserves Mortgages & consumer loans Mutual funds and other investment products Deposits & Savings Bonds 32
  33. 33. Domestic market shares in Belgium (as of Dec. 2003) Savings bonds Savings accounts Mutual funds Dexia market share: 25.9% 15.7% 17.1% Insurance* Mortgages Consumer loans Dexia market share: 9.2% 16.2% 15.6% * estimated 33
  34. 34. Merger of Dexia Bank and Artesia produces sizeable costs synergies in Retail Financial Services as well as in other divisions 200 (M€) 180 149 101 95 85 55 60 39 50 48 25 30 16 Objective Achieved Objective Achieved Objective Objective Min. Max. Min. Max. Min. Max. Min. Max. 2002 2003 2004 2005 Retail Financial Services Other business lines 34
  35. 35. Number of branches -26% -26% target 1,483 1,283 1,099 940 889 895 543 394 204 2001 2002 2003 2004 2005 Employee Network Independent Agents Network 35
  36. 36. Retail Financial Services Analysis of 2003 underlying P&L ∆ 2003 / (M€) 2002* 2003 2002 Revenues 1,661 1,764 6.2% Costs -1,349 -1,371 1.7% Gross Operating Income 312 393 26.1% Cost of Risk -40 -34 -14.4% Corporate Income tax -109 -110 0.9% Other Items 27 37 37.0% Net Income 190 286 50.9% ROEE** 10.8% 15.8% Allocated Equity 1,748 1,799 * Based on pro forma accounts ** Annualized Return on Economic Equity. ROEE = Total Net Income (before minority interests) / Allocated Equity 36
  37. 37. Investment Management Services 13% Net underlying* Income 2003: 204 M€ * Excluding nonrecurring items 37
  38. 38. Investment Management Services Segment contributions to the underlying Gross Operating Income (2003) 22% 35% Private/ Affluent Banking Dexia Nederland Asset Management Fund 21% Administration 22% 38
  39. 39. Recent evolution of the underlying Gross Operating Income Dexia Nederland Private and Affluent Banking (M€) 53 44 44 79 Revenues 40 74 74 72 74 35 Costs 56 56 55 58 56 23 24 22 22 20 Gross 30 Operating 22 23 Income 22 15 17 18 17 15 16 Q1 2003* Q2 2003* Q3 2003* Q4 2003* Q1 2004 Q1 2003* Q2 2003* Q3 2003* Q4 2003* Q1 2004 Asset Management Fund Administration 54 53 56 57 51 (M€) 45 45 Revenues 37 37 37 37 38 31 32 33 Costs 24 23 21 21 21 21 22 19 19 Gross 17 16 14 Operating 11 12 10 Income Q1 2003* Q2 2003* Q3 2003* Q4 2003* Q1 2004 Q1 2003* Q2 2003* Q3 2003* Q4 2003* Q1 2004 39 * Q1 2003 to Q4 2003 are pro forma
  40. 40. Private and Affluent Banking* Total customers’ assets** : 28.0 Bn€ By geographical area By type of management Advisory Luxembourg Management Discretionary Management 40% 72% 19% 8% Belgium 9% 41% 7% 4% Switzerland Other Without France mandate *Excluding Dexia Nederland 40 **at Dec. 31, 2003
  41. 41. Dexia Asset Management Assets by type of management (Bn€) 60.9 62.2 55.1 Institutional Mandates 53.1 10.6 14.9 11.2 10.6 4.8 43.2 4.0 Private Clients Discretionary 4.1 Mandates 8.6 5.3 31.8 Mutual Funds (Ret & Instit.) 4.4 6.2 4.2 45.5 43.4 37.2 39.8 30.1 21.5 1998 1999 2000 2001 2002 2003 41
  42. 42. Fund Administration Total assets under # of NAV to calculate in # of transactions (in custody (Bn€) the year (x 1000) millions) 5.38 329 5.24 301 297 303 314 4.67 272 159 151 149 Other** Other** Other** 146 154 142 Mandates Mandates Mandates to DFS* to DFS* to DFS* 12 12 12 Dec. Dec. Dec. Dec. Dec. Dec. months months months 2001 2002 2003 2001 2002 2003 2001 2002 2003 Custody Central Administration Transfer Agent * Including Dexia Nederland Holding ** Dexia-BIL group only; excludes other units of Dexia 42
  43. 43. Investment Management Services Analysis of 2003 underlying P&L ∆ ∆ 2003 / at constant (M€) 2002* 2003 2002 rate of exchange Revenues 1,011 914 -9.6% -8.4% Costs -668 -604 -9.5% -9.4% Gross Operating Income 343 310 -9.6% -6.5% Cost of Risk -6 -22 n.s. Corporate Income Tax -99 -80 -18.4% Other Items -1 -4 +33.3% Net Income 237 204 -13.8% -10.6% ROEE** 39.1% 35.3% Allocated Equity 614 588 * Based on pro forma accounts ** Annualized Return on Economic Equity. ROEE = Total Net Income (before minority interests) / Allocated Equity 43
  44. 44. Treasury and Financial Markets Net underlying* Income 2003: 263 M€ 17% * Excluding nonrecurring items 44
  45. 45. Treasury and Financial Markets Missions and Key Figures ! Missions ! Long and Short Term Funding ! Liquidity ! Financial Markets Desks (Forex, derivatives, equities, bonds…) ! In 2003 ! L.T. Debt Issued in 2003: 21.5 Bn€ ! CSP outstanding: 38.9 Bn€ ! S.T. Debt outstanding 2003: 38.8 Bn€ Credit Spread Portfolio: 51% ! Net Underlying* Income: 263 M€ Money Market: 25% Other: 24% * Excluding nonrecurring items 45
  46. 46. Capital Markets & Treasury Activities Analysis of 2003 underlying P&L ∆ ∆ 2003 / at constant (M€) 2002* 2003 2002 rate of exchange Revenues 552 472 -14.6% -10.4% Costs -170 -153 -10.2% -8.4% Gross Operating Income 382 319 -16.6% -11.3% Cost of Risk -24 6 n.s. Corporate Income Tax -75 -60 -20.6% Other Items -2 -2 n.s. Net Income 281 263 -6.6% -1.1% ROEE** 24.0% 28.3% Allocated Equity 1,181 938 * Based on pro forma accounts ** Annualized Return on Economic Equity. ROEE = Total Net Income (before minority interests) / Allocated Equity 46
  47. 47. Appendices
  48. 48. Dexia ranking in Euroland (market capitalisation) 31/12/2000 31/12/2001 31/12/2002 23/02/2004 1 ALLIANZ DRESDNER 1 ALLIANZ DRESDNER 1 BNP Paribas 1 BNP Paribas 2 ING Groep 2 ING Groep 2 ING Groep 2 SANTANDER 3 DEUTSCHE BANK R 3 DEUTSCHE BANK R 3 SANTANDER 3 ING Groep 4 SANTANDER 4 BNP Paribas 4 BBVA 4 DEUTSCHE BANK R 5 BBVA 5 BBVA 5 DEUTSCHE BANK R 5 ALLIANZ DRESDNER 6 FORTIS 6 SANTANDER 6 ABN-AMRO 6 BBVA 7 BNP Paribas 7 FORTIS 7 SOCIETE GENERALE A 7 SOCIETE GENERALE A 8 ABN-AMRO 8 ABN-AMRO 8 UNICREDITO ITALIANO 8 ABN-AMRO 9 HVB Group 9 SOCIETE GENERALE A 9 FORTIS 9 CREDIT AGRICOLE 10 SOCIETE GENERALE 10 UNICREDITO ITALIANO 10 ALLIANZ DRESDNER 10 UNICREDITO ITALIANO 11 UNICREDITO ITALIANO 11 DEXIA 11 DEXIA 11 FORTIS 12 INTESA BCI 12 HVB Group 12 CREDIT AGRICOLE 12 INTESA BCI 13 SAN PAOLO IMI 13 NORDEA 13 NORDEA 13 DEXIA 14 NORDEA 14 SAN PAOLO IMI 14 INTESA BCI 14 NORDEA 15 DEXIA 15 CREDIT AGRICOLE 15 ALLIED IRISH BANKS 15 SAN PAOLO IMI 16 COMMERZBANK 16 INTESA BCI 16 BANK OF IRELAND 16 KBC BANCASSURANCE 17 KBC BANCASSURANCE 17 ALLIED IRISH BANKS 17 KBC BANCASSURANCE 17 ALLIED IRISH BANKS 18 CREDIT LYONNAIS 18 KBC BANCASSURANCE 18 SAN PAOLO IMI 18 BCO POPULAR ESPANOL 19 ALLIED IRISH BANKS 19 BANK OF IRELAND 19 BCO POPULAR ESPANOL 19 BANK OF IRELAND 20 BANK OF IRELAND 20 COMMERZBANK 20 HVB Group 20 HVB Group 21 BCO POPULAR ESPANOL 21 BCO POPULAR ESPANOL 21 COMMERZBANK 21 COMMERZBANK 48
  49. 49. Profit Margin * (2003) HVB Group Abbey National Allianz ** Deutsche Bank CA SA SP IMI Intesa ING Groep** SocGen ABN Amro KBC Average of 30 UBS first European Fortis ** Unicredito Banks Crédit Suisse AIB Standard Chartered RBOS Barclays BNP Paribas HSBC Nordea Dexia BBVA Santander HBOS Banco Popular Lloyds Den Danske Handelsbanken -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% * Net Income before minority interests/Total revenue 49 ** Banking Activities only
  50. 50. Credit Ratings of main subsidiaries S&P Moody’s Fitch Dexia Crédit Local AA Aa2 AA+ Dexia Bank Belgium AA Aa2 AA+ Dexia BIL AA Aa2 AA+ Dexia Municipal Agency AAA Aaa AAA FSA AAA Aaa AAA 50
  51. 51. Main Stock Indexes including the Dexia stock & Euronext 100 & CAC 40 & BEL 20 & FTSE Eurotop 100 & MSCI & Dexia is also included in 4 “Sustainable Growth” indexes: & DJ Sustainability Index “World”, & ASPI Eurozone, & FTSE 4 Good Europe & World, Ethibel Sustainability Index (ESI) 51
  52. 52. Shareholders’ base (at Dec. 31, 2003) Total number of shares outstanding: 1,175,222,680 15.3% Arcofin Holding Communal Groupe CDC 14.9% 49.5% Ethias (Formerly SMAP) Staff and Management 7.7% Treasury Shares 5.7% Others 2.8% 4.1% 52
  53. 53. Total Shareholder Return Value in € at 31/03/2004 of 1000 € invested* on November 20, 1996 on September 19, 1999 2,450 2,317 1,810 1,785 1,498 1,108 1,005 833 791 819 CAC 40 EuroStoxx50 BEL 20 EuroStoxx Dexia CAC 40 EuroStoxx50 BEL 20 EuroStoxx Dexia Banks Banks * With dividends reinvested 53
  54. 54. 54
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