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 1987 Foundation of Crédit Local de France (CLF) Luxembourg 1856 Foundation of Banque Internat. à Luxemb. (BIL) Belgium 1860 Foundation of Crédit Communal de Belgique (CCB) Acquisition of BIL by CCB 1996 Acquisition of Financial Security Assurance 2000 Acquisition of Artesia BC 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 1SANTANDER85.611KBC35.3 2BNP PARIBAS71.512FORTIS27.5 3ABN AMRO70.513DEXIA24.9 4ING68.614NATIONAL BANK OF GREECE21.3 5INTESA SANPAOLO63.915NATIXIS18.8 6UNICREDIT63.016COMMERZBANK AG18.6 7BBVA58.517CAPITALIA17.6 8SOCIETE GENERALE56.018ERSTE BANK17.0 9DEUTSCHE BANK47.419RAIFFEISEN INT CREDIT AGRICOLE44.920BANCO POPULAR ESPANOL14.7 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 1,866 Slovakia 861 USA 535 Australia 330 Ireland 208 Spain 218 Singapore 141 UK 516 The Netherlands 181 Germany 146 China 64 Denmark 43 Israel 38 Italy 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 60 China 64 Austria 131

66 Segment contribution to net income Group share (1) Dexia’s business portfolio (1) Excluding non-operating items and central assets, 1H 2007 % Public / Project Finance and Credit Enhancement Treasury and Financial Markets Asset Management Investor Services Personal Financial Services Universal Banking Activities

77 IT 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 entities HUBS 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

10 Current IT Delivery & Maintenance not considering DenizBank, Dexia Banca Slovenska, smaller entities

11 Multi Sourcing Strategy Maximum Impact (not considering DenizBank ) The schema below illustrates how DEXIA IT will unlock up to man.days

12 Questions?