Dexia Holding SA · EURONEXT:DEXB
Dexia Holding SA — Investor Presentation (June 2006)
69 slides from Dexia Holding SA's investor presentation, Jun 6, 2006
Slide 1: General Presentation - World Leader of Public Finance
World Leader of Public Finance General Presentation June 2006
Slide 2: Important Disclaimer
Important Disclaimer The following presentation may include forward looking statements, estimates and comments related to the possible evolutions of business environment in the future which represent by no means any commitment on the part of Dexia and/or the Management of Dexia. 2
Slide 3: Contents
Contents 9 Dexia within the local public finance market 9 Group financial performance and targets 9 Business lines 9 Appendices 3
Slide 4: Dexia within the local public finance market
Part One Dexia within the local public finance market
Slide 5: The main markets of local public finance
The main markets of local public finance Outstanding debt 2004 € 1.2 Trillion € 0.6 Trillion* € 1.5 Trillion Bond Mainly Bond market and Execution market bank loans bank loans * EU-25 data 5 • A very wide and deep market, in the developed areas of the world (by comparison, Federal Government debt in
Slide 6: The players
The local public finance market The players Liability -driv en A sset-Origination Domestic savings L.T. le nding Intermediated banks institutions Bank Crédit Local Arrangers Dexia Public Capital Markets Disintermediated (M unicipal bond market) Bond Investors insurers Dexia Municipal Agency(DMA) Dex
Slide 7: Market constituents and clients' needs
Market constituents and clients’ needs Market constituents Clients’ needs 2 Municipalities 2 Funding 2 Regions 2 Long-lasting relationship 2 Social housing institutions 2 A ssistance to financial/budget management 2 Health care institutions 2 A ccess to capital markets solutions 2 Schools / universi
Slide 8: Dexia is the only global player to offer full range of products/services
Dexia is the only global player to offer full range of products/services to the local public sector Debt management Structured loans Project financing Payment services / short term Insurance services lendings Local Local public public sector sector Asset management Long term loans Credit Capital mar
Slide 9: Dexia outperformed the market in Europe
Dexia outperformed the market in Europe Long-term loans outstanding Europe* CAGR: + 3.0 % p.a. 572 Bn€ 119 Bn€ CAGR: + 6.2 % p.a. 451 Bn€ 28 73 Bn € + 9.2 % p.a. 14 + 5.4 % p.a. 91 59 1996 1997 1998 1999 2000 2001 2002 20 03 2004 1996 1997 1998 1999 2000 2001 2002 2003 2004 Local authorities** Local
Slide 10: Key business model features
Key business model features 9 Solvency of borrowers ª Low risk asset weighting ª Narrow margins ª Low cost of risk 9 Long-term ª A nnuity building business ª Low revenue volatility 9 Importance of funding ª High credit ratings needed 9 Differential advantages ª A “volume” business ª Innovation: new
Slide 11: A different business model
A different business model Dexia Group of the 29 fir st European banks 1,000 1,000 Customer loans (1,000 basis) 598 941 Risk-weighted assets B/S 506 921 Customer deposits 73 91 Total shareholders' equity 8 17 Impaired loans 1,000 1,000 Revenues (1,000 basis) 540 625 Costs P&L 9 53 Cost of risk 350 2
Slide 12: Profit margin
Profit margin * HB OS De ut sc he Ba nk Cr édi t Sui s se Co mme rzba nk A BN Amro Ca pi t a li a Ba rc la y s A l li anz - Dr es dner Ll oy ds SP I M I Soc ié t é G é né ra le R B OS Average Av eof 30 rag e Ba of 3 nkss 0 bank 27.2 % U ni c red it o HSB C Fort i s ** St a nd ard C ha rt e re d B N
Slide 13: History: In 1996 CCB and CLF combined into Dexia
History: In 1996 CCB and CLF combined into Dexia Crédit Communal de Be lgique (CCB) Crédit loca l de France (CLF) Lendings to LT lendings local public Retail authorities to local customer public Retail loans authorities deposits LT bond issues (52 Bn€) Bond portfolio (66 Bn€) Bond portfolio assets l
Slide 14: Business portfolio
Business portfolio Treasury and 15 % Financial Mar kets 5% Asset Management P ublic/Pr oject Finance & Credit Enhancement 50 % 4% Insurance Ser vices 4% Investor Ser vices P ersonal 22 % Financial Services Ne t income – Group share FY 2005: 2,038 M€ Q1 2006: 767 M€ Pie chart represents segment contr
Slide 15: Group financial performance and targets
Part Two Group financial performance and targets
Slide 16: A double digit growth of the earnings per share
A double digit growth of the earnings per share Reported earnings per share (in EUR) CAGR: 1.87 CAGR: ++12.3 12.3%%p.a. p.a. 1.63 1.64 (1) 1.25 1.24 1.43 (1) 1.15 1.13 0.98 ++14.5 14.5% % 0.85 0.75 0.66 1996 1997 1998 1999 2000 2001 2002 2003 2004 (2) 2005 Dexia GAAP IFRS as adopted (1) Excluding no
Slide 17: Dividend per share
Dividend per share Gross dividend (in EUR) Dexi a Fra nc e Dexi a Bel gium Dexi a CAGR: CAGR: ++11.6 11.6%%p.a. p.a. + + 14.5 14.5%% 0.71 0.62 0.53 0.48 0.48 0.43 0.39 0.36 0.32 0.31 0.27 1997 1998 1999 2000 2001 2002 2003 2004 2005 17 • Pay-out ratio has been in the area of 40 %. • Management objec
Slide 18: ROE and Tier 1 ratio
ROE and tier 1 ratio 28.0% 19.8% 20.0% 16.2% 16.5% 17. 2% ROE 19.7% * 2002 2003 2004 2004 2005 Q1 2006 annualized 10.7% 10.3% 10.3% 9.9% 10.0% 9.3% Tier 1 ratio 31/ 12/02 31/ 12/03 31/ 12/04 01/ 01/05 31/ 12/05 31/ 03/2006 Dexia GAAP EU GAAP** * Excluding results on Dexia’s net asset contribution to
Slide 19: Return on risk-weighted assets (RORWA)
Return on risk-weighted assets (RORWA)* 1 .92% 1 .76% 1 .50% 1 .70% 1 .30% 1 .40% 1 .50% 1 .32% 1 .23% 1 .01% 200 1 200 2 200 3 200 4 200 5 Dexia Peer g rou p ** * The ratio between the net income including minority interests and the average risk-weighted assets ** Peer Group: Abn-Amro, Barclays Ban
Slide 20: Cost-income ratio
Cost-income ratio 58.9 % 59.2 % 54.4 % 54.0 % 53.9 % * 45.9 % ** 2002 2003 2004 2005 Q1 2006 under Dexia GAAP under EU GAAP * Underlying ** Includes results on Dexia’s net asset contribution to RBC Dexia I.S. 20 • A low cost-income ratio stemming from Dexia’s specific business model, and cost effici
Slide 21: Cost of risk
Cost of risk related to total net O/S commit ments** (in bas is po in ts) 2.5 1.2 1.2 Credit 0.4 0.7 0.6 0.6 0.6 0.6 0.4 enha nce me nt 12.2* 9.8* 7.8 6. 4 6.6 5.7* 2.2 1.8* 1.6* 1.7* Banking activ itie s 1997 1998 1999 2000 2001 2002 2003 200 4 2005 Q1 2006 annualized * Excluding impact of charges
Slide 22: Summary of P&L
Summary of P&L Variation Q1 06/Q1 05 (M€) FY 2005 Q1 2005 Q1 2006 reported underlying* Income 5,976 1,453 1,786 + 22.9 % + 6.3 % Costs - 3,229 - 773 - 820 + 6.1 % + 6.4 % Gross operating income 2,747 680 966 + 42.1 % + 6.1 % Cost of risk - 52 -90 0 n.s. + 67.6 % Impairments on (in)tangible asset
Slide 23: Business lines
Part Three Business lines Public/Project Fina nce a nd Cre dit Enha nce me nt Persona l Fina ncial Service s A sset Ma na ge me nt, Insura nce Services a nd I nve stor Service s Treasury and Fina ncial M arkets
Slide 24: Public/Project Finance & Credit Enhancement
Public/Project Finance & Credit Enhancement This business line covers: • Municipal finan ce • Project finance • Corporate lending • Cred it enhancement (FSA) Q1 2006 50% Underlying* ne t income – Group share FY 2005: 997 M€ Q1 2006: 272 M€ * Excluding non-operating items, pro forma for 2005 24 • Mun
Slide 25: Geographical origin of the net income
Geographical origin of the net income* Other Other (mainly (mainly Europe) Europe) 21% 21% France France++ America America Benelux Benelux (Dexia) (Dexia) 46% 46% 8% 8% Dexia NY Americ Americaa • Long and short-term • Liquidity facilit ies (FSA) (FSA) 25% 25% financing to the public sector • Project
Slide 26: A robust growth, both top and bottom line
A robust growth, both top and bottom line (M€) CAGR CAGR ++7.0 7.0% % 2 ,253 2 ,037 1 ,877 1 ,793 1 ,716 CAGR CAGR ++12.3 12.3% % 1,008 884 790 724 634 2001 2002 2003 2004 2005 under Dexia GAAP U nder Underlying revenue EU GAAP Underlying net income - Group share 26 • This business line has delivere
Slide 27: Growth of outstandings stems mainly from new markets
Growth of outstandings stems mainly from new markets… (Bn€) Long-term outstandings CAGR 20 01 -20 05 + 12.4 % 241.3 42.5 + 25.0 % 193.1 177.7 167.1 26.8 151.2 24.1 21.1 + 18.6 % America 17.4 107.9 71.4 80.8 65.7 54.5 Oth er c ountries France + Belgium 80.3 82.2 85.5 90.9 + 3.5 % 79.3 2001 2002 2003
Slide 28: … and from other local players in historic markets
… and from “other local players” in historic markets (France & Belgium) (Bn€) Long-term outstandings CAGR 20 01 -20 05 + 2.9 % 89.0 85.5 80.3 82.2 4.9 79.3 5.8 - 8.2% Corporate and 6.9 6.7 6.9 19.3 project finance 16.7 19.2 + 8.1% 14.1 14.8 Other local players Local authorities + 2.7% 58.6 58.8 60.6
Slide 29: Stable return on growing volumes
Activity highlights Public/Project Finance & Credit Enhancement Stable return on growing volumes Commitme nts* Gross retur n on commitments ** Bn€ bp 1 70 25 0 255 1 60 243 1 50 231 223 1 40 20 0 213 1 30 201 202 202 206 1 20 1 10 15 0 1 00 90 70 bp 73 bp 72 b p 70 b p 80 66 bp 68 b p 67 bp 68 bp 66
Slide 30: FSA's credit enhancement: a high growth business
FSA’s credit enhancement: a high growth business Net par outstanding (Bn USD) CAGR 20 01 – Q1 20 06 International asset-backed obligations International municipal obligations U.S. asset-backed obligations* U.S. Muni obligations 353 + 12.1 % 351 326 29 30 + 4.4 % 294 32 12 13 + 41.2 % 266 38 8 + 1.3
Slide 31: FSA's adjusted book value growth since merger
Since the merger with Dexia, FSA’s adjusted book value has grown at a high double digit rate CAGR 1999 – 2005* Pre-acquisition Adjusted Post-acquisition book value ABV: 16.4 % BV: 16.5 % Book value Adjusted book value (ABV) per shar e of USD 118 .09 at December 31 , 2005 = book value of USD 84.87 +
Slide 32: Underlying P&L
Public/Project Finance & Credit Enhancement Underlying* P&L Variation Variation at constant (M€) FY 2005* * Q1 2005** Q1 2006 Q1 06 / rate of Q1 05 exchange Income 2,239 541 604 + 11.8 % + 9.0 % Costs - 747 - 179 - 197 + 9.9 % + 8.1 % Gross operating income 1,492 361 407 + 12.7 % + 9.4 % Cost of ris
Slide 33: Strategy and outlook
Public/Project Finance & Credit Enhancement Strategy and outlook Development largely driven by organic growth Innovation Innovation Based on Broadening Broadeningof ofclient clientbase base Geographic Geographicexpansion expansion lead ing to High single digit annual growth of underly ing gross oper
Slide 34: Personal Financial Services
Personal Financial Services This business line covers: • Retail ban king • Private banking Q1 2006 Underlying* ne t income – Group share FY 2005: 443 M€ 22% Q1 2006: 119 M€ * Excluding non-operating items, pro forma for 2005 34 • After the acquisition of Artesia in 2001, Dexia Bank Belgium became on
Slide 35: A key player in asset gathering in Belgium and Luxembourg
Dexia: a key player in asset gathering, mainly in Belgium and Luxembourg Volumes outstanding in Bn€, at 31/03/2006 125.7 of wh ich 10.0 43.0 Pr ivate banking 62.5 82.7 29.3 Retail 53.2 banking 20.1 6.4 2 .8 Loans to retail customers Life insurance technical reserves Loans to professionals & SME ’s O
Slide 36: Domestic market shares in Belgium
Domestic market shares in Belgium (at December 2005) Savings bonds Savings accounts Mutual funds Dexia mar ket share: 20.6 % 15.7 % 20.4 % Mortgages Consumer loans Dexia mar ket share: 17.9 % 9.8 % 36 • Market share strongest in savings bonds (a historic product of Dexia Bank, on which margins are r
Slide 37: Branch network in Belgium
Personal Financial Services Branch network in Belgium --29 29 % % 1,483 1,411 1,283 1,187 1,069 1,054 940 912 889 871 833 823 543 499 394 316 236 231 2001 2002 2003 2004 2005 Q1 2006 Employee network Independent agents network 37 • Acquisition of Artesia has brought a whole new field of opportunitie
Slide 38: Underlying P&L
Personal Financial Services Underlying* P&L Variation (M€) FY 2005 ** Q1 2005** Q1 2006 Q1 06 / Q1 05 Income 2,214 543 560 + 3.0 % Costs -1,562 - 385 - 393 + 2.1 % Gross operating income 652 158 167 + 5.3 % Cost of risk - 23 -9 -5 - 46.0 % Tax expense - 186 - 44 - 43 - 2.6 % Other items -1 0 0 n.s.
Slide 39: Strategy and outlook
Personal Financial Services Strategy and outlook 9 Finalize the integration of Artesia, and the restructuring of the distribution networks in Belgium 9 Deploy commercial action in Belgium - increase wallet-share 9 Fully exploit the synergies between retail and private banking leading to Annual growt
Slide 40: Asset Management, Insurance Services and Investor Services
Asset Management, Insurance Services and Investor Services Q1 2006 Underlying* ne t income - Group share FY 2005 : 215 M€ Q1 2006: 68 M€ of w hich: A sset M anagement: 25 M € Insurance S erv ices: 24 M € Inv estor S erv ices: 20 M € * Excluding non-operating items, pro forma for 2005 40
Slide 41: Dexia Asset Management
Dexia Asset Management (Bn€, end of period) Assets by type of management CAGR CAGR ++19.1 97.2 19.1% % 90.6 Institutional mandat es 24.5 21.8 71.5 4.9 Private clients discret ionary 62.2 4.6 18.4 mandates 55.1 14.9 11.2 3.8 Mutual funds (ret & instit.) 4 4.1 64.2 67.7 49.3 39.8 43.4 2002 2003 2004 2
Slide 42: Underlying P&L - Asset Management
Asset Management Underlying* P&L Variation (M€) FY 2005 ** Q1 2005** Q1 2006 Q1 06 / Q1 05 Income 198 45 59 + 31.0 % Costs - 111 - 24 - 31 + 27.2 % Gross operating income 87 21 28 + 35.3 % Cost of risk 0 0 0 n.s. Tax expense -7 -1 -3 x 2.8 Other items -1 0 0 n.s. Net income – Group share 79 20 25 +
Slide 43: Insurance Services
Insurance Services (M€) Insurance premiums PFS 63 % 3,684 Insu ra nce Serv ices 413 19 % 3,003 of wh ich 397 2,363 317 1,754 Non life 281 3,271 PPF 2,606 18 % 947 2,046 127 Life 1,473 820 2002 * 2003* 2004 2005 Q1 2006 * As previously published for the first and second business lines and excluding d
Slide 44: Underlying P&L - Insurance Services
Insurance Services Underlying* P&L Variation (M€) FY 2005** Q1 2005 ** Q1 2006 Q1 06 / Q1 05 Income 215 57 52 - 8.7 % Costs - 125 - 30 - 33 + 11.6 % Gross operating income 90 27 18 - 31.4 % Cost of risk 0 0 0 n.s. Tax expense -4 -3 +6 n.s. Other items -3 0 0 n.s. Net income – Group share 83 24 24 -
Slide 45: RBC Dexia Investor Services
RBC Dexia Investor Services A 50-50 joint venture between Dexia and Royal Bank of Canada Client Assets Under C ustody A ssets under Top Global Custodians administration* (B n USD) At December 31, 2005 US$ billion 1 JP Morgan 11,249 + 19.0 % 2 Bank of New York 10,900 3 State Street 10,121 1,978 4 Ci
Slide 46: Underlying P&L - Investor Services
Investor Services Underlying* P&L Variation (M€) FY 2005** Q1 2005** Q1 2006 Q1 06 / Q1 05 Income 312 69 89 + 27.6 % Costs - 230 - 51 - 59 + 14.3 % Gross operating income 82 18 30 + 65.5 % Cost of risk 0 0 0 n.s. Tax expense - 28 -6 -9 + 54.0 % Other items -1 0 -1 n.s. Net income – Group share 53 12
Slide 47: Recap Asset Management, Insurance and Investor Services
Recap Asset Management, Insurance Services and Investor Services Underlying* P&L Variation (M€) FY 2005** Q1 2005** Q1 2006 Q1 06 / Q1 05 Income 725 172 200 16.5 % Costs - 466 - 106 - 123 16.5 % Gross operating income 259 66 77 16.4 % Cost of risk 0 0 0 n.s. Tax expense - 39 - 10 -7 - 32.1 % Other i
Slide 48: Strategy and outlook
Asset Management, Insurance Services and Investor Services Strategy and outlook 9 Asset Management 2 Target strong growth of assets 9 Insurance Services 2 Develop life insurance act ivities 2 Pursue the reorganization of the activity 9 Investor Services 2 Continue to develop Luxembourg and internati
Slide 49: Contribution of the business lines to the revenues
Insurance Activities* at Group level: Contribution of the business lines to the revenues 2005 2005underlying** underlying**revenues: revenues: 443 443M€ M€ + +13.3 13.3 % %ovoverer2004 2004 Public/Project Finance 50 % 5% Personal Financial Services 45 % Investment Management and Insurance Services *
Slide 50: Treasury and Financial Markets
Treasury and Financial Markets Q1 2006 15% Underlying* ne t income – Group share FY 2005: 271 M€ Q1 2006: 81 M€ * Excluding non-operating items, pro forma for 2005 50
Slide 51: Missions and key figures
Treasury and Financial Mar kets Missions and key figures 9 Missions 2 Long a nd short-term funding 2 Liquidity 2 Fina ncial markets desks (Foreign excha nge , fina ncial e ngine ering a nd derivativ es, f ixe d income…) 9 Key figures 2 L.T. debt issued: 30 Bn€ in 2005 2 Credit Sprea d Portf olio (C
Slide 52: Underlying P&L - Treasury and Financial Markets
Treasury and Financial Mar kets Underlying* P&L Variation (M€) FY 2005** Q1 2005 ** Q1 2006 Q1 06 / Q1 05 Income 490 136 152 +11.7 % Costs - 173 -41 -41 -1.1 % Gross operating income 317 95 111 +17.3 % Cost of risk +1 +1 0 n.s. Tax expen se - 44 -13 -29 x 2.2 Other items -3 -2 -1 n.s. Net income – G
Slide 53: Strategy and outlook
Treasury and Financial Mar kets Strategy and outlook 9 Develop, through permanent innovation, the offer of market products to the commercial business lines and group treasury functions 9 Support the growth of Group’s balance sheet 9 Optimize the use of allocated equity by maintaining a cautious risk
Slide 54: New organization / Management since January 2006
New organization / Management since January 2006 Pierre RICHA RD A xel MILLER Chair ma n of the Boar d CEO 54
Slide 55: The Group Management Board
The Group Management Board Axel Miller CEO Jacques Guerber Rembert von Lowis Vice-chair man Dirk Xavier Bruneel de Walque 55
Slide 56: Recent development: acquisition of DenizBank
Recent development : acquisition of DenizBank
Slide 57: The transaction
The transaction 9 Acquisition of a majority stake in DenizBank 9 Main shareholder (Zorlu Holding) sells 75 % 9 Mandatory offer for the remaining 25 %, publicly traded, shares 9 Total consideration: USD 3.25 billion for 100 % (EUR 2.52 billion)* 9 Dexia intends to issue capital, around EUR 1 billion,
Slide 58: Key figures
Key figures 9 Accelerated development in 2002 by opening a countr ywide networ k 9 236 branches in Turkey (+10 branches abroad) 9 P ositioned in 97% of the country ’s bank deposit market In 2005 9 Total assets amount to USD 8 .9 billion 9 Net income: USD 168 million 9 C /I ratio: 54 .1% 9 M arket sh
Slide 59: An opportunity to enhance Dexia's growth momentum
An opportunity to enhance Dexia’s growth momentum 9 Persona l Fina ncial Service s 9 Increase retail penetration by introducing a comprehensiv e product range (insurance, asset-management) and improv ed sales management 9 S tep in rapidly in the nascent mortgage market in Turkey 9 O ptimize BO /MO:
Slide 60: Appendices
Appendices
Slide 61: Stock performance
12 € 14 € 16 € 18 € 20 € 22 € 24 € 2/01/2004 2/02/2004 Dexia basis 2/03/2004 2/04/2004 2/05/2004 2/06/2004 2/07/2004 2004 Average De xia 2/08/2004 2/09/2004 2/10/2004 Stock performance 2/11/2004 2/12/2004 2/01/2005 2/02/2005 2/03/2005 2/04/2005 2/05/2005 Dow Jones EuroStoxx Banks 2/06/2005 2/07/2005
Slide 62: Total shareholder return
Total shareholder return Value in € at 30/05/2006 of 1,000 € invested* on November 20, 1996 on September 16, 1999 (day before creation of Dexia) (day before merger Dexia F rance and Dexia Belgium) 3,765 3,660 2,611 2,442 2,459 1,699 1,587 1,344 1,202 1,082 CAC 40 EuroStoxx 50 BEL 20 EuroStoxx De xia
Slide 63: Dexia ranking in Euroland (market capitalisation)
Dexia ranking in Euroland (market capitalisation) 02/06/2006 (Bn€) 1 BCO SANT A NDER CENTRAL HISPA NO 71.5 2 BNP Paribas 68.0 3 ING Groep 68.0 4 UNICREDITO ITA LIA NO 62.6 5 BCO BILBA O VIZCA Y A A RGENT 55.5 6 SOCIETE GENERALE 53.2 7 DEUT SC HE BA NK R 49.5 8 A LLIA NZ DRESDNER 48.5 9 CREDIT A GRIC
Slide 64: Main stock indexes including the Dexia stock
Main stock indexes including the Dexia stock Ö Euronext 100 Ö CAC 40 Ö BEL 20 Ö Dow-Jones Stoxx & EuroStoxx Ö FTSE Eurotop 100 Ö FTSEurofirst80 Ö MSCI Ö Next CAC 70 Ö Dexia is also included in 4 “Sustainable Growth” indexes: Ö DJ Sustain ability Index “World”, Ö A SPI Eurozone, Ö FTSE 4 Good “Europe
Slide 65: Shareholders' base at March 31, 2006
Shareholders’ base at March 31, 2006 Total number of shares outstanding: 1,107,469,030 Arcofin 16.7% Holding Communal Caisse des Dépôts & Consignation 43.6% 16.3% Ethias Staff and Management 9.5% Treasury Shares 7.0% Others 4.8% 2.1% 65
Slide 66: Credit ratings of main subsidiaries
Credit ratings of main subsidiaries S&P Moody’s Fitch Dexia Créd it Local AA Aa2 AA+ Dexia Bank Belg ium AA Aa2 AA+ Dexia BIL AA Aa2 AA+ Dexia Mun icip al Agency AAA Aaa AAA FSA AAA Aaa AAA 66
Slide 67: Economic Capital: a new method implemented in 2005
Economic Capital: a new method implemented in 2005 The amount of economic capit al may change from time to time ! wit h continuing refinements of the risk measurement methodology (Bn€, at 31/12/05) Total reg. capital 12.5 Tier 1 capital 11.9 10.0 9.2 -2.5 +2.4 +0.9 Basel II Basel II Basel II Pillar
Slide 68: Contacts
Contacts Robert Boublil Director of Investor Relations Investor Relations O fficers: Peter de Baere (Brussels) Anne Gar soux (Brussels) C hristian Daumann (Paris) Tel: +32 2 213 57 46 Tel: +32 2 213 57 49 Tel: +33 1 43 92 82 54 Fax: +32 2 213 57 80 Fax: +32 2 213 57 80 Fax: +33 1 43 92 71 07 peter.d
Slide 69: For more information
For more information Dexia.com Activity Report Q1 2006 Ö http://www.dexia.com/docs/2006 /20060523_Q1 /P DF/20060523_Slides_Q1_UK.pdf Slideshow –Analysts’ Conference Ö http://www.dexia.com/docs/2006 /20060523_Q1 /P DF/20060523_Slides_Q1_UK.pdf Slideshow –Dexia within the local Public Finance Market Ö