1. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 1 Brussels – 16 th June 2005 Employee ownership education in major European groups Dexia Group

2. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 2 France 2.275 Luxembourg 2.976 Netherlands 573 Belgium 15.196 24,019 employees around the world The Dexia group

3. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 3 Slovakia Austria Israel Switzerland Singapore Japan Australia Denmark United Kingdom North America Ireland Jersey PortugalMonaco ItalySpain The Dexia group Sweden Germany France 2.275 Luxembourg 2.976 Netherlands 573 Belgium 15.196 Poland Hongkong 24,019 employees around the world

4. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 4 The Dexia group Shareholding breakdown Individual shareholders ETHIAS Arcofin Institutional shareholders Other in % 29,42 4,74 20,22 15,51 7,91 15,72 6,46 Employees Holding Communal Caisse des dépôts & consignations

5. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 5 Employees Target: 5% The Dexia group Shareholding breakdown

6. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 6 Dexia capital increase Strengthens corporate culture ++ +++ Allows you to: take part in the ‘shareholder value’ be involved in a long-term growth strategy make an attractive investment at attractive terms Why ?

7. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 7 Who may subscribe ? All employees of the Group ++ +++ Seniority of at least 3 months ++ +++ Employees who have an employment contract ++ +++ Dexia capital increase

8. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 8 Subscription limits ++ ++++++ according to work patterns (for part-time employees) ++ ++++++ maximum equal to 25% of the employee's gross annual remuneration (to include leveraged offer) Dexia capital increase

9. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 9 ++ ++++++++++++++++++++ (leveraged offers) For 1 subscribed share by the employee 9 additional subscribed shares Dexia Star 2010 2 offers : standard & averaged 3 offers ++ ++++++ Total personal contribution of the employee Classic offer Dexia capital increase

10. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 10 Employee’s investment 20 % discount return dividends 100% increase Share price perf. after 5 years total 38 + dividends 5 years + 100% + + + ++ ++++ Example : Return – reference price 19 euros 15,2 3,8 5 years 19 Dexia capital increase Classic offer

11. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 11 Standard leveraged offer Share price used: maturity after 5 years ++ +++ Calculation of increase If market price > initial reference return = 8 x increase / share ++ ++++++++ Return (80% / 10 shares) Personal contribution guaranteed Dexia capital increase

12. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 12 9,5 x increase / share ++ +++++ Return (95% / 10 shares) Share price used: Monthly averages 06/2006 09/2010 ++ +++++++ Calculation increase (52 monthly prices) Reflect share evolution during 5 years > final price in 2010 Averaged leveraged offer Personal contribution guaranteed Dexia capital increase

13. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 13 employee’s total subscription 154 ++ ++++ Example Dexia Star 2010 employee’s investment : 1 share 9 x personal investment share reference price subscription price (20% discount) hypothesis 15,4 138,6 19 15,4 Dexia capital increase

14. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 14 Dexia capital increase

15. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 15 Dexia capital increase

16. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 16 Dexia capital increase

17. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 17 Dexia Star 2010Classic offer Subscription with discount direct voting rightindirect voting right capital guarantee interim dividendsdividends 25% of gross salary2.5% salary x 10 100% of the capital gain of one share Standard formula 8 x capital gain in one share Averaged formula 9,5x capital gain in one share Dexia capital increase

18. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 18 Employee ’ s satisfaction 2.307 employees around the world

19. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 19 Employee ’ s satisfaction 2.307 employees around the world

20. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 20 Employee ’ s satisfaction 2.307 employees around the world

21. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 21 Employee ’ s satisfaction 2.307 employees around the world

22. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 22 Employee ’ s satisfaction 2.307 employees around the world

23. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 23 Employee ’ s satisfaction 2.307 employees around the world

24. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 24 Employee ’ s satisfaction 2.307 employees around the world

25. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 25 Employee ’ s satisfaction 2.307 employees around the world

26. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 26 Performances au 13 Mai 2005 IAS: +297,07% CAC40: +166,95% SBF250: +177,82%

27. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 27 Performances au 13 Mai 2005

28. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 28 Conclusion employee share holding is a very important value for Dexia as mentioned with the “ IAS indice ”, a company with an important employee shareholding over perform the success for Dexia explain the creation of a new activity : Dexia Employee Benefits

29. +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ 29 Questions ?