short term has no future

Dirk Hoebeeck, CIO Dexia Group

Agoria - December 18, 2007

DEXIA

22

A European Banking Group from the Roots

Dexia: a growth story

France

1987Foundation ofCrédit Local

de France (CLF)

Luxembourg

1856Foundation of

Banque Internat.à Luxemb. (BIL)

Belgium

1860Foundation of

Crédit Communalde Belgique (CCB)

Acquisition of BIL by CCB

1996

Acquisition of Financial Security Assurance2000

Acquisition of Artesia BC2001

1991

Alliance CCB - CLF

2006 Acquisition of DenizBank

33

Dexia is among the top 20 financial groups of Euroland

Market Capitalization as of September 27, 2007 Bn EUR Bn EUR

1 SANTANDER 85.6 11 KBC 35.3

2 BNP PARIBAS 71.5 12 FORTIS 27.5

3 ABN AMRO 70.5 13 DEXIA 24.9

4 ING 68.6 14 NATIONAL BANK OF GREECE 21.3

5 INTESA SANPAOLO 63.9 15 NATIXIS 18.8

6 UNICREDIT 63.0 16 COMMERZBANK AG 18.6

7 BBVA 58.5 17 CAPITALIA 17.6

8 SOCIETE GENERALE 56.0 18 ERSTE BANK 17.0

9 DEUTSCHE BANK 47.4 19 RAIFFEISEN INT 14.7

10 CREDIT AGRICOLE 44.9 20 BANCO POPULAR ESPANOL 14.7

Dexia: a growth story

44

Two pillar strategy

Since its merger in 1999 and the acquisition in 2000 of Financial Security Assurance (FSA) in the United States, Dexia has become the world’s largest player in local public finance. Dexia’s high level of expertise, its long-term horizon and the very high solvency of its customers, grant a superior quality of franchise. Dexia develops its strategy in this area on a global scale.

Dexia is a leading retail bank, and serves more than 6 million customers in Belgium, Luxembourg, Slovakia and Turkey. Over the years, Dexia has developed an entire range of banking services catering to individual customers, small and medium-sized enterprises and institutional clients and it is an active player in asset management, insurance, investor services and capital markets.

Public/project finance worldwide & universal banking in Europe

55

A worldwide presence of the Group

Dexia: a growth story

Canada 1,866Slovakia 861USA 535

Australia 330

Ireland 208

Spain 218

Singapore 141

UK 516

The Netherlands 181Germany 146

China 64

Denmark 43Israel 38Italy 305

Other 14 countries 97

Luxembourg 3,629

Belgium 15,223

* including 4,688 JV RBC-Dexia

Jersey 35

34,153 employees in 37 countries*

Turkey 6,801

Japan 50

France 2,454

Switzerland 221

Russia 60China 64Austria 131

66

Segment contribution to net income Group share (1)

Dexia’s business portfolio

(1) Excluding non-operating items and central assets, 1H 2007

% 52

27

4413

Public / Project Finance

and Credit Enhancement

Treasury and Financial Markets

Asset Management

Investor Services

Personal FinancialServices

Uni

vers

al B

anki

ng A

ctiv

ities

77

IT World @ Dexia

Strategy,Development & Architecture

Technology Services•Systems•Infrastructure•Operations •Helpdesk

IT STRATEGY TODAY: Dexia Technology Services• Dexia Bank Belgium• Dexia Bank Luxemburg• RBC-Dexia Luxemburg• Dexia Asset Management (Belgium & Luxemburg)

TOMORROW

Technology Services in other entitiesHUBS in Luxemburg, Turkey, Singapore, New York

88

Development, IT Strategy & Architecture

From a country organisation to a functional organisation

•Competence Centers Organisation•Multi-sourcing (X-entity, X-border, …)•Quality Framework (CMMI 2 – CMMI 3)•Performance Driven Culture and Optimize Skill Mix (CIO University)

Application Strategy

IT Strategy & Development Architecture

IT Governance

Treasury & Financial Market

Insurance Accounting, RMG, HR

DBB

DBL

DCL

Denizbank

Factory

CIO

99

CIO Strategic Framework

Strategic Projects Build IT Capabilities

1010

Current IT Delivery & Maintenance

not considering DenizBank, Dexia Banca Slovenska, smaller entities

1111

Multi Sourcing Strategy Maximum Impact (not considering DenizBank )

The schema below illustrates how DEXIA IT will unlock up to 60 000 man.days

1212

Questions?