Employee Share Plan June Employee shareholding plan

Employee Share Plan June The Dexia Group employees France 2,275 Luxembourg 2,976 Belgium 15,196

Employee Share Plan June The Dexia Group employees Slovakia Austria Israel Switzerland Singapore Japan Australia Denmark United Kingdom USA Ireland Jersey Portugal Monaco Italy Spain Sweden Germany France 2,275 Luxembourg 2,976 The Netherlands Belgium 15,196 Poland HongKong Canada Mexico

Employee Share Plan June The Dexia Group Shareholding breakdown

Employee Share Plan June The Dexia Group Share price performance

Employee Share Plan June The employee share plan Goals Strengthen the corporate culture take part in the ‘shareholder value’ be involved in a long term growth strategy make an attractive investment at attractive terms

Employee Share Plan June The employee share plan Eligibility & limits  All employees of the Group  Seniority of at least 3 months  Employment contract  25% gross annual remuneration (Including leverage)  According to work patterns (for part-time employees)

Employee Share Plan June The employee share plan The offers For 1 subscribed shares by the employee Leveraged Offers Total personal contribution of the employee Classic Offer 9 additional subscribed shares by the counterparty 2 leveraged offers : standard & averaged Difference : return calculation

Employee Share Plan June Leveraged OffersClassic offer Subscription with discount direct voting rightindirect voting right capital guarantee interim dividendsdividends 25% of gross salary2.5% salary x % of the capital gain of one share Following the formula X % the capital gain in 10 shares The employee share plan The offers

Employee Share Plan June employee share plan The offers Standard Leveraged OfferAveraged Leveraged Offer 1.Calculation of increase -Share price used : maturity after 5 years 2.Personal Contribution Guaranteed 3.Return -If market price at maturity > initial reference price return = 8 x increase / share ( 80% / 10 shares) 1.Calculation of increase -Share price used : Average of 52 monthly prices 2.Personal Contribution Guaranteed 3.Return -If average price > initial reference price return = 9,5 x increase / share ( 95% / 10 shares)

Employee Share Plan June The employee share plan Example of return Employee’s investment 20 % Discount return Dividends 100% increase Share price evol. after 5 years total years dividends + 100% Reference price = 19 euros Subscription price = 15,2 euros Classic offer 15,2 3,8 5 years 19

Employee Share Plan June Employee’s total subscription 152 Employee’s investment : 1 share 9 x personal investment Reference price of the share Subscription price (20% discount) 15,2 136, ,2 The employee share plan Example of return Leveraged offers

Employee Share Plan June The employee share plan Example of return 500 % ? = 15,2 + 8 x (28,50 – 19) = 91,2  500% increase 332,5 % ? = 15, x (24,32 – 19) = 65,74  332,5% increase

Employee Share Plan June The employee share plan Example of return

Employee Share Plan June The employee share plan Example of return

Employee Share Plan June The employee share plan Example of return

Employee Share Plan June The employee share plan Subscription process Reservation Reference price calculation Confirmation Capital increase Payment of subscription price

Employee Share Plan June

Employee Share Plan June Exit 2000 employee share plan Guidelines  Dexia’s 2000 International Employee Share Plan ends on November 10, 2005 includes only the classic offer financial results will be determined in November  Dexia’s 2000 Employee Share Plan in Belgium & Luxembourg terminated on July 12, 2005 classic offer and July 29, 2005 leveraged offer

Employee Share Plan June Exit 2000 employee share plan Financial results Bel / Lux  2000 Employee Share Plan in Belgium and Luxembourg “in a nutshell” : Reference Price : 139,68 € divided by ten in 2001 Subscription Price : 111,75 € divided by ten in 2001 Employee’s capital gain percentage of leveraged offer : 56 %

Employee Share Plan June employee share plan Financial results The Final Reference Price corresponds to the average of the closing prices of the Dexia share on Euronext Brussels during the 20 stock exchange days following June 15, 2005

Employee Share Plan June Exit 2000 employee share plan Financial results Bel / Lux The presentation of the 2000 plan results does not constitute any guarantee or estimation for the 2005 plan results

Employee Share Plan June Exit 2000 employee share plan Financial results Bel / Lux The presentation of the 2000 plan results does not constitute any guarantee or estimation for the 2005 plan results

Employee Share Plan June