1. Kommunalkredit Austria AG
Dr. Reinhard Platzer
CEO and Chairman of the Executive Board Kommunalkredit Austria AG
CEE Environmental Funds Network 24th- 26th September 2001
Kommunalkredit Austria AG
Füllung weiß/ keine Füllung

2. Kommunalkredit Austria AG
Employees : 115
Total assets : EUR 4,528.4 million ( )
Kommunalkredit Austria AG, Türkenstraße 9, 1092 Vienna, Austria
Vienna
Management of the Environmental and
Water Management Fund
Total assets: EUR 3,316.1 million ( )

3. Ownership Investkredit Bank AG Dexia Crédit Local % 49 51

4. Rating Moody's Investor Service Kommunalkredit Austria AG
Bank Deposits LT/ST Aa3/P-1
Long-Term Senior Debt Aa3
Financial Strength C+
Investkredit Bank AG A1
Dexia Crédit Local Aa2
Austria Aaa

5. Business profile Financing of Management of Trust Funds Infrastructure
International Strategy Dexia Kommunalkredit Holding GmbH
Treasury

6. KEY FINANCIAL FIGURES

7. Total assets Total assets [€ million] 1996 1997 1998 1999 2000*
[€ billion ]
Total assets
[€ million]
1996
1997
1998
1999
2000* *
687
1.092
1.507
2.219
3.363
4.528
* Kommunalkredit-Group

8. Kommunalkredit Group 31-12-2000 / 31-08-2001
[€ million]
[€ million]
Change/ share in %
[ATS million]
Loans to customers
2,117.8
2,849.7
+ 34.6%
39,212.1
Total assets
3,363.2
4,528.4
+ 34.7%
62,311.5
Net interest income
18.9
19.3
102.2%
265.3
Profit after taxes
10.1
13.5
133.5%
185.4
Return on equity after taxes
17.8%
20.5%
Profit after taxes 2000 surpassed by 33% by the end of August

9. Operating Result - Profit after Taxes
[€ million]
in € million
1996
1998
2000* *
Profit after taxes
2.6
5.4
10.1
13.5
* Kommunalkredit Group

10. Return on Equity RoE after taxes Kommunalkredit Group 31-12-2000
[%]
RoE after taxes
RoE after taxes
Kommunalkredit Group
17,8 %
20,5 %
* KommunalkreditGroup

11. Economic Value of Equity
[€ per share]
1990
1993
1997
1/2001
8/2001
116.3
239.8
363.4
908.4
1,650
Participation of Dexia
First increase of capital
Second increase of capital
Own calculation

12. THE WAY TO BECOME A EUROPEAN SPECIAL-PURPOSE BANK

13. Development of Kommunalkredit
1958
Foundation of Kommunalkredit as a bank specialized in municipal financing
General agreement: Kommunalkredit remains special-purpose bank for financing of public sector infrastructure projects
1990
Crédit Local de France purchases 26% of the share capital
1992
1993
KA is entrusted with the management of the Environmental and Water Management Fund and the Austrian Environmental Support Scheme
KA strengthens its engagement within EU-environmental programmes (PHARE, TACIS) and becomes Partner of World Bank and EBRD
1995
Dexia Crédit Local and KA sign a co-operation agreement on common strategic movements in the CEE-Markets
1998
Dexia and KA establish Dexia Kommunalkredit Holding:
PKB - first participation in Central Europe
2000

14. Structure of Subsidiaries Kommunalkredit Austria AG as of 08-08-2001
Vienna
Investkredit Bank AG
Dexia Crédit Local
Paris
KOFIS LEASING,
a.s.
Zilina (SK)
Dexia Kommunalkredit
Holding G.m.b.H
Kommunalkredit Beteiligungs-
und Immobilien G.m.b.H
49 %
51 %
100 %
49,16 %
Kommunalkredit
Finance & Leasing,
s.r.o. Prag (CZ)
Prvá komunálna
banka, a.s.
Komunálna poistovna,
Banska Bystrica (SK)
Komunálna realitná
spolocnost, s.r.o.
50,84%
78,4 %
9,63 %

15. The Role of a Special-Purpose Bank?
Allocation of long term loans
Know-how for special financing arrangements
High flexibility and customer-oriented service
Cost-efficient structures
Considerable funding advantages (Basel II)
1,400 banks in 13 countries researched
Competitve advantage has grown from 13% to 23%
International study confirms: Niche-player have efficency advantages
Bank Niche Universal Niche Universal
CIR

16. Our Targets in Central Europe Dexia Kommunalkredit Holding Ltd.
Prvá Komunálna Banka a.s. (PKB)
Total assets: € 459,6 mln.
Kommunalkredit F. & L. s.r.o.
Switzerland: Smaller municipalities
Kofis Leasing
Participations are planned in Czech Republic, Hungary, Poland and Slovenia

17. A MODEL FOR CENTRAL EUROPE

18. Sale of Loans - a Model for Central Europe
1958
Creation of the Water Management Fund
Water supply & municipal waste-water management
Industrial sewage measures (since 1970)
Prevention of environmental pollution (since 1987)
Kommunalkredit was entrusted with the reorganisation of the Fund
1992 – 1993
up to 1992: Low-interest loans by the Fund (1 % to 3 % interest) with a maturity of up to 50 years
Change in the type of support:
since 1993: annuity-subsidies to loans by commercial banks (over a period of 25 years)
Since 1996 selling of settled loans of the Fund - EUR 362 million will be sold in October 2001

19. Sale of Loans - a Model for Central Europe
Austrian Environmental and Water Management Fund
Loans as of
EUR 5,380.7 million
Amounts in EUR million
1996
1997
1998
2000
Total
Nominal Value
459.5
819.9
751.7
1,276.9
4,568.0
Revenue
327.9
1,334.2
531.2
815.6
3,008.9
Loans as of
EUR million
Reduction of gross national debt (Maastricht criteria)
Revenue is used for further investments in the water management area

20. Summary Core Competence: Specialist Bank for infrastructure financing
Specialisation guarantees competitive advantage
Together with Dexia - Expansion in Central Europe
Sale of loans may be a model for Central Europe

21. CONTACT LIST

22. CONTACT LIST Phone +43-1-31 6 31- 200 Member of the Executive Board
Gerhard Gangl
CEO and Chairman of the Executive Board
Reinhard Platzer
100
300
Patrick Giacobbi
Kommunalkredit Austria AG
Fax
500
Türkenstraße 9, 1092 Vienna
.at

23. Contact List Phone +43-1-31 6 31- Head of Trust Management
Bernhard Sagmeister
320
Danilo Fras
Head of Trust Management
310
Willibald Schebesta
Deputy-Head of Financing
150
Thomas Fendrich
Senior Trader
640
Kommunalkredit Austria AG
Fax
500
Türkenstraße 9, 1092 Vienna

24. Füllung weiß/ keine Füllung
Füllung weiß/ keine Füllung