Custody Forma

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					                        Analysts’ Meeting
                         Q2 2006 Results




Brussels, September 5, 2006      Rembert von Lowis
                                 Member of the Management Board
Highlights
                              Strong originations
                        in the commercial business lines
                         Business volumes (12 months growth)


Public/Project       • LT banking commitments o/s          + 17.0 %
Finance and Credit
Enhancement
                     • Net par o/s FSA                     + 6.6 %




                     • Customer assets o/s                 + 4.9 %
Personal Financial
Services
                     • Customer loans o/s                  + 15.0 %



                     • Assets under management             + 19.5 %

                     • Life insurance technical reserves   + 19.5 %

                     • Assets under administration         + 26.3 %
                                                                      3
Group results
                            Changes in scope


                                                              (M€)

Reported net income – Group share June 30, 2005               982


- Exits (Eural, Rekord, Private banking London)


- Impact JV RBC (proportional integration)


- Impact of the IFRS adjustments booked in Q4 2005


Pro forma net income – Group share June 30, 2005              983



                                                  Variation   +1     Of which:
                                                                     Income - 6 M€
                                                                     Costs - 3 M€

                                                                                     5
                          Summary of H1 2006 P&L account


                                               FIRST HALF 2006

                                                                                             Variation
                         (M€)                           H1 2005         H1 2006
                                                                                       reported    underlying*
    Income                                                  2,896          3,464       + 19.6%      + 10.0%
    Costs                                                 - 1,566         - 1,659       + 5.9%           + 6.5%
    Gross operating income                                  1,330          1,805       + 35.7%      + 14.2%

     Cost of risk                                            - 50            - 61      + 22.0%      + 38.0%
     Impairments on (in)tangible assets                       +1                  0        n.s.            n.s.
     Tax expense                                            - 272           - 352      + 29.4%          + 7.3%

    Net income                                              1,009          1,392       + 38.0%      + 15.8%
    Minority interests                                          27                41    + 51.9%      + 53.7%
    Net income – Group share                                  982          1,351       + 37.6%      + 14.7%

*     Based on pro forma accounts for H1 2005 and excluding non-operating items




                                                                                                                   6
                          Summary of Q2 2006 P&L account


                                        SECOND QUARTER 2006

                                                                                           Variation
                         (M€)                         Q2 2005        Q2 2006
                                                                                     reported    underlying*
    Income                                               1,443          1,678        + 16.3%      + 13.8%
    Costs                                                 - 793          - 839        + 5.8%           + 6.6%
    Gross operating income                                 650            839        + 29.0%      + 22.8%

     Cost of risk                                         + 40            - 61           n.s.     + 22.9%
     Impairments on (in)tangible assets                    +1                   0        n.s.            n.s.
     Tax expense                                          - 171          - 173        + 1.2%      + 15.4%

    Net income                                             520            605        + 16.3%      + 25.3%
    Minority interests                                       13             21        + 61.5%      + 66.0%
    Net income – Group share                               507            584        + 15.2%      + 24.1%


*    Based on pro forma accounts for Q2 2005 and excluding non-operating items




                                                                                                                 7
                              Focus on revenues (1)

1. ACCOUNTING VIEW


 (M€)                                                             Variation
                                           H1 2005   H1 2006
                                                                M€         %

 Total income (reported)                   2,896       3,464   + 568    + 19.6%

     Net interest, dividend and related
                                            2,182      2,725   + 543    + 24.9%
      income
     Net commissions                        583         646    + 63    + 10.8%

     Technical margin of insurance
                                              81          41     - 40    - 49.4%
      activities
     Net income from associates              50          52     +2      + 4.0%




                                                                                   8
                             Focus on revenues (2)


2. INCOME BY TYPE OF ACTIVITIES



  (M€)                                                       Variation
                                   H1 2005    H1 2006
                                                        M€           %

  Total income (underlying)         2,843      3,128    + 285     + 10.0%
     Banking activities              2,391     2,608    + 217       + 9.1%
     FSA                              229        279     + 50      + 21.4%

     Insurance activities             223        241     + 18       + 8.0%




                                                                              9
                                                       Cost of risk
                             related to total net O/S commitments**
(in basis points)



                                                                                   2.5
                              1.2                                                           1.2
Credit                                   0.4       0.7        0.6        0.6                       0.6    0.6      0.6
enhancement
                                                                       12.2 *

                                                                                   9.8*

                                        7.8
                             6.4                              6.6
                                                                                            5.7*


                                                   2.2                                             1.8*   1.6*     1.7*
Banking
activities
                            1997       1998       1999       2000       2001      2002      2003   2004   2005      H1
                                                                                                                   2006
                                                                                                                 annualized

* Excluding impact of charges for Legio Lease at Dexia Bank Nederland
** For credit enhancement activities, cost of risk relates to net par outstanding insured
                                                                                                                         10
                                    Non-operating items


                        (M€)                             Q2 2005         Q2 2006          H1 2005        H1 2006

   Income                                                     + 28            + 72            + 47          + 336

    of which     . capital gains                              + 28           + 67*             + 39        + 304*
                 . MTM, CDS FSA                                - 11              -3             - 14          + 21
                 . interest DBNL                                +9              +3             + 18            +8

   Costs                                                        -1                0              -1               0

   Cost of risk (DBNL)                                        + 56             - 42            - 27           - 29

   Tax expense                                                 - 11           + 13             +51               -3

    of which     . tax credit on impairments                    +3                             + 20
                 . settlement of tax disputes                                   +7             + 23            +7

   Net Income – Group share                                   + 72            + 43            + 70          + 304



* Of which 227 million EUR result on Dexia’s net asset contribution to the JV RBC Dexia Investor Services (Q1 2006)
  and 17 million EUR following the sale of the 25% participation in Creatis (Q2 2006)


                                                                                                                      11
             Incidence of FSA’s MTM on CDS portfolio
                     on the quarterly income

(M€)



       40

                                     35
       30

                                                        24
       20



       10



        0
                 -2                                                -3

       -10                 -11                 -12

       -20
             Q1 2005   Q2 2005   Q3 2005   Q4 2005   Q1 2006   Q2 2006

                                                                         12
   Key performance indicators (1)



                          H1 2005   H1 2006

C/I ratio                  54.1%     47.9%

C/I ratio underlying       54.8%     53.0%

ROE                        19.3%     24.3%

Return on risk-weighted
                           1.85%     2.30%
assets

Profit margin              34.8%     40.2%




                                              13
                         Key performance indicators (2)


                                                                                            Variation in
                                                           31/03/06              30/06/06
                                                                                             3 months

 Tier 1 ratio                                                 10.3%                 9.9%        -

 Tier 1 ratio with 50% hybrid                                   9.8%                9.4%        -

 Tier 1 capital (M€)                                          12,291              12,591     + 2.4%

 Risk weighted assets (Bn€)                                     119.2               127.1    + 6.6%

 NAV per share (€)*

      Core shareholders’ equity**                               10.34               10.67    + 3.2%
      Total shareholders’ equity***
                                                                12.50               12.30     - 1.6%

*   Estimated dividend for the period deducted
**  Without AFS and CFH reserves, and cumulative translation adjustments (CTA)
*** With AFS, CFH and CTA


                                                                                                           14
                                  Earnings per share


                                                       +39.1%
  (€)
                                                                   1.24



                                                0.89
                                                                  0.97 (1)
                     +15.8%
                                               0.83 (1)

                                                          +16.0
                                 0.53                      %
          0.46
                                0.50 (1)
          0.40 (1)
                     +24.8%



          Q2 2005
         Q2 2005                 Q2 2006
                                Q2 2006        H1 2005
                                                H1 2005           H1 2006
                                                                   H2 2006
(1)   Excluding non-operating items
                                                                             15
Business lines

Activity and Results
Activity highlights

              Public/Project Finance & Credit Enhancement

  Long-term banking commitments*
(Bn€)


                                                 + 17.0 %
                                                               245.4

                                     209.7                                  America
                                                            28.2    43.1    (+ 14.0 %)
      Project/                   17.5
      Corporate                           37.8
      Finance
                                                                    111.0   Other countries
                                          85.9                              (+ 29.3 %)
                                                            217.2
                                 192.2
      Public
      Finance
                                                                            France +
                                          86.0                      91.3
                                                                            Belgium +
                                                                            Luxembourg
                                                                            (+ 6.1 %)
                                  30/06/2005                  30/06/2006

* fully-consolidated companies                                                           17
Activity highlights

            Public/Project Finance & Credit Enhancement

                            Credit enhancement (FSA)
    Gross present value originations                         Net par outstanding
  (M US$)
                                                (Bn US$)
                  +4.7 %                                          + 6.6 %
                             425
         406                                                                  362
            34                53                       339                             14
                                                                 11
            40                        14                                      30
                                                           33                          15
            44                                                    8
                             139                                              80
                                                           87
            120
                              53


                                                           200                222
            168              167



       H1 2005             H1 2006                   30/06/05               30/06/06

                           U.S. Muni             U.S. ABS
                           International Muni    International ABS
                           Financial products
                                                                                        18
         Public/Project Finance & Credit Enhancement
                            Analysis of H1 2006 underlying P&L

                                                  FIRST HALF 2006

                                                                                        Variation         Variation
                  (M€)                          H1 2005*           H1 2006               H1 06 /      At constant rate
                                                                                          H1 05         of exchange
 Income                                            1,087             1,226              + 12.8%             + 11.8%

 Costs                                              - 365             - 390               + 7.0%             + 6.4%

 Gross operating income                               722               835             + 15.7%             + 14.5%

 Cost of risk                                           -7              - 24                  x 3.4

 Tax expense                                         - 221             - 225               + 1.8%

 Other items                                          - 20              - 22                   n.s.

 Net income – Group share                             474               564             + 19.2%             + 17.8%

 Cost-income ratio                                33.6%             31.8%

 ROEE**                                           22.8%             23.1%

 Allocated equity                                4,154             4,879                + 17.4%

* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity

                                                                                                                         19
         Public/Project Finance & Credit Enhancement
                            Analysis of Q2 2006 underlying P&L

                                             SECOND QUARTER 2006

                                                                                        Variation         Variation
                  (M€)                          Q2 2005*           Q2 2006               Q2 06 /      at constant rate
                                                                                          Q2 05         of exchange
 Income                                               546               621             + 13.8%           + 11.8 %

 Costs                                              - 185             - 193               + 4.2%            + 2.9%

 Gross operating income                               361               428             + 18.7%           + 16.3%

 Cost of risk                                           -9              - 14              + 66.6%

 Tax expense                                         - 106             - 110               + 3.7%

 Other items                                          - 10              - 12                   n.s.

 Net income – Group share                             236               292             + 23.5%           + 20.9 %

 Cost-income ratio                               33.9%              31.0%

 ROEE**                                          22.8%              23.9%

 Allocated equity                                  4,154             4,879              + 17.4%

* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity

                                                                                                                         20
               Public/Project Finance & Credit Enhancement
           Quarterly variation of the underlying gross operating income

    (M€)
                                                                              621
                                                                    604
                                               575        578
                      541           546
Income




                                                                              428
                                                                    407
                                               387        382
Gross                 361           361
operating
income


Costs
                                    185        187        195       197        193
                      179




                     Q1 2005*      Q2 2005*   Q3 2005*   Q4 2005*   Q1 2006   Q2 2006


*    Based on pro forma accounts                                                        21
Activity Highlights

                         Personal Financial Services

  Total Customer Assets (Retail and Private Banking)
(Bn€)

                      + 4.9 %

                                   125.5   of which
         119.6         122.3
                        9.6         10.2
          8.5                                                   Insurance
                                                       43.2     (Life insurance technical
                                                      Private   reserves)
                                                      Banking
          57.8          60.4        60.8

                                                                Off Balance Sheet products
                                                                (Mutual funds, direct
                                                                securities,...)

                                                       82.3
                                                      Retail
          53.3          52.3        54.5                        Balance Sheet products
                                                                (Deposits, saving bonds,…)



        June 2005     Dec. 2005   June 2006
                                                                                            22
Activity Highlights

                      Personal Financial Services

  Total Customer Loans              (Retail and Private Banking)
(Bn€)



                        + 15.0 %
                                                30.6
                          28.6                    3.3
                                                              Loans to Private banking
          26.6             2.8
                                                              customers
           2.5                                                Loans to SME, independents
                                                  6.4
                           6.4
           6.2
                                                  2.4         Consumer loans
                           2.3
           2.3
                                                              Mortgage loans


                           17.1                  18.5
           15.7




         June 2005       Dec. 2005             June 2006
                                                                                         23
                  Personal Financial Services
               Analysis of H1 2006 underlying P&L
                                   FIRST HALF 2006

                                                                                    Variation
                (M€)                          H1 2005*            H1 2006            H1 06 /
                                                                                      H1 05
Income                                           1,095              1,121               + 2.4%

Costs                                             - 769              - 786              + 2.2%

Gross operating income                             325                 335              + 2.9%

Cost of risk                                        - 15                 -6             - 59.8%

Tax expense                                         - 94               - 84             - 11.1%

Other items                                         +1                  +1                 n.s.

Net income – Group share                           217                 246          +13.3%

Cost-income ratio                              70.3%               70.1%

ROEE**                                         24.7%               27.2%

Allocated equity                                 1,757              1,805               +2.7%
* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity

                                                                                                  24
                  Personal Financial Services
               Analysis of Q2 2006 underlying P&L
                             SECOND QUARTER 2006

                                                                                  Variation
               (M€)                         Q2 2005*            Q2 2006            Q2 06 /
                                                                                    Q2 05
Income                                           551                561           + 1.7%

Costs                                          - 385              - 393           + 2.2%

Gross operating income                           167                168           + 0.6%

Cost of risk                                       -5                 -1           - 83.4%

Tax expense                                      - 50                - 41          - 18.7%

Other items                                          0               +1                 n.s.

Net income – Group share                         112                127            13.3%

Cost-income ratio                            69.7%              70.1%

ROEE**                                       25.4%              28.0%

Allocated equity                              1,757               1,805           + 2.7%
* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity

                                                                                               25
                                     Personal Financial Services
          Quarterly variation of the underlying gross operating income

(M€)

                                                             566       560       561
                      543              551        553
 Income




                                                  394        399       393       393
                      385              385
 Costs




 Gross
                      158              167        159        168       167       168
 operating
 income




                     Q1 2005*         Q2 2005*   Q3 2005*   Q4 2005*   Q1 2006   Q2 2006
  *    Based on pro forma accounts                                                         26
• Asset Management
• Insurance Services
• Investor Services




                       27
Activity Highlights

                                              Asset Management

  Assets under Management
(Bn€)                                           Organic growth: YTD + 8.2%

                                                Market effect:     YTD - 0.8%
                                                                                       + 7.4 %




                                                                            5.4       1.2        97.2       2.0                 97.3
                       2.3         87.9      1.5       1.1       90.6                                                 -1.9
              4.2                                                                     Market                Organic
   81.4                                                Market               Organic   effect                growth    Market
                                             Organic                        growth                                    effect
             Organic   Market                          effect
                                             growth
             growth    effect




 June 2005                      Sept. 2005                      Dec. 2005                      March 2006                      June 2006

                                                                                                                                   28
                      Asset Management
          Analysis of H1 2006 underlying P&L
                                   FIRST HALF 2006

                                                                                   Variation
               (M€)                         H1 2005*            H1 2006             H1 06 /
                                                                                     H1 05
Income                                              90               121           + 34.9%

Costs                                             - 49               - 65          + 32.6%

Gross operating income                              40                 56          + 37.7%

Cost of risk                                          0                  0                n.s.

Tax expense                                         -2                 -5                x 2.2

Other items                                           0                -3                 n.s.

Net income – Group share                            38                 48               27.9%

Cost-income ratio                             55.0%              54.0%

ROEE**                                        97.7%              86.1%

Allocated equity                                    77               112           + 45.5%

* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity


                                                                                                 29
                                       Asset Management
           Quarterly variation of the underlying gross operating income

    (M€)                                                   62                  61
                                                                     59




                       45                       46
    Income                           44


                                                           35                  34
                                                                     31
    Costs                                       27
                       24            25
                                                           27        28        27

                       21                       20
                                     19


    Gross
    operating
    income
                     Q1 2005*      Q2 2005*   Q3 2005*   Q4 2005*   Q1 2006   Q2 2006



*    Based on pro forma accounts
                                                                                        30
                                    Insurance Services

 Insurance gross written premiums
(M€)                                     1,297
                                           94                                   Non life
                                                                 1,057
                                           257      947                         Life Branch 23
        829          823                                           106
                                                     127           87
                                686                                             Life Branch 21
        120          101                             115
        123          149         99
                                117
                                           946                     864
                                                     705
        586          573
                                470


       Q1 2005      Q2 2005    Q3 2005    Q4 2005   Q1 2006       Q2 2006



Gross written premiums H1 2006: 2,004 M€                      +21.3 % versus H1 2005

              16%             PPF                   30%
                                                                      France, Luxembourg, others
          18%                 PFS
                    66%
                                                    70%               Belgium
                              IMIS
                                                                                                 31
                           Insurance Services
              Analysis of H1 2006 underlying P&L
                                     FIRST HALF 2006

                                                                                        Variation
                  (M€)                          H1 2005*            H1 2006              H1 06 /
                                                                                          H1 05
 Income                                               111                 129            + 15.8%

 Costs                                                - 60                - 68           + 14.1%

 Gross operating income                                 51                  60           + 17.8%

 Cost of risk                                             0                 -1                n.s.

 Tax expense                                            -9                  -5            - 39.0%

 Other items                                              0                 -1                n.s.

 Net income – Group share                               42                  53             26.4%

 Cost-income ratio                                53.9%               53.1%

 ROEE**                                           13.3%               12.8%

 Allocated equity                                     631                 825            + 30.7%

* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity
                                                                                                     32
                                        Insurance Services
           Quarterly variation of the underlying gross operating income

    (M€)

                                                                               77
                                                           71


                       57
    Income                           54                              52

                                                                               35
                                                33         32
                                                                     33
                       30            30
    Costs
                                                33

Gross
operating
income                 27            24         -1         39        18         42

                     Q1 2005*      Q2 2005*   Q3 2005*   Q4 2005*   Q1 2006   Q2 2006




*    Based on pro forma accounts
                                                                                        33
Activity Highlights

                                            Investor Services*

   Assets under administration**                     Number of funds                        Number of shareholder
             (Bn USD)                              under administration                    accounts in transfer agent
                                                                                                   (in thousands)

                + 26.3 %
                                                                                                     + 10.9 %
                                                            + 3.8 %
                               2,080                                                                                6,318
                                                                        4,079
                                                3,929        3,898                         5,696      5,783
                   1,796
     1,647




         June       Dec.        June              June        Dec.        June              June      Dec.          June
         2005       2005        2006              2005        2005       2006               2005      2005          2006


     *     RBC Dexia Investor Services since Jan. 1, 2006 – pro forma for 2005.
     ** i.e. assets under custody, administration and transfer agent in the banking activities +
        assets under custody of the trust activities.
                                                                                                                            34
                                                Investor Services
                                 Analysis of H1 2006 underlying P&L
                                                    FIRST HALF 2006

                                                                                        Variation         Variation
                  (M€)                          H1 2005*            H1 2006              H1 06 /      At constant rate
                                                                                          H1 05         of exchange
 Income                                               148                189              + 27.4%          + 19.4%

 Costs                                              - 108              - 122              + 13.0%            + 6.1%

 Gross operating income                                40                  67             + 65.8%          + 54.8%

 Cost of risk                                            0                   0                 n.s.

 Tax expense                                          - 13                - 23             + 69.2%

 Other items                                            -1                 -1                  n.s.

 Net income – Group share                              26                  43             + 62.8%          + 52.2%

 Cost-income ratio                               72.7%               64.5%

 ROEE**                                          98.9%             128.8%

 Allocated equity                                      54                  67             + 25.0%

* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity


                                                                                                                         35
                                          Investor Services
           Quarterly variation of the underlying gross operating income

    (M€)                                                                       100

                                                                      89
                                                            84
                                     79          80
    Income
                       69
                                                 61         61                  63
                                                                      59
                                     56
                       51
    Costs



                                                                                37
                                                                      30
                                     22                     23
    Gross              18                        18
    operating
    income
                     Q1 2005*      Q2 2005*    Q3 2005*   Q4 2005*   Q1 2006   Q2 2006



*    Based on pro forma accounts
                                                                                         36
          Treasury and Financial Markets (TFM)
              Group Treasury - Funding activities

                         New LT issues
Average
             8.2 years                    8.1 years
life
               19.1

(Bn€)

                                            14.6

               AA                            AA




               AAA                           AAA



             H1 2005                      H1 2006

                                                      37
          Treasury and Financial Markets (TFM)
                      Fixed Income – CSP portfolio


Average   7.3 years
life
                                                                 8.2 years

                               + 13.9                - 7.4

(Bn€)                                                                69.4
            62.9                                  Repayments
                                                    & sales
                                New
                            investments




            92 %                                                     92 %




           31/12/05                                                 30/06/06

          Available for sale & held to maturity                Trading         38
        Treasury and Financial Markets
          Analysis of H1 2006 underlying P&L

                                 FIRST HALF 2006
                                                                                 Variation
                (M€)                        H1 2005*            H1 2006           H1 06 /
                                                                                   H1 05
Income                                             237               290        + 22.1%

Costs                                              - 83              - 81         - 1.5%

Gross operating income                             155               208        + 34.7%

Cost of risk                                           0                 0               n.s.

Tax expense                                        - 14              - 45               x 3.2

Other items                                          -2                -1                n.s.

Net income – Group share                           139               162        + 16.4%

Cost-income ratio                              34.8%             28.1%

ROEE**                                         28.5%             24.4%

Allocated equity                                   978            1,328         + 35.8%

* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity

                                                                                                39
                            Treasury and Financial Markets
       Quarterly variation of the underlying net income – Group share

    (M€)                                                        152

                  136                      135                            137
Income
                                                      117

                                101


Net income         81
- Group share
                                                                 81        81
                                            74

                                 58                    57

Costs                                                  48
                   41            42         42                   41        41




                 Q1 2005*      Q2 2005*   Q3 2005*   Q4 2005*   Q1 2006   Q2 2006


*    Pro forma
                                                                                    40
                     Treasury and Financial Markets
        Underlying contribution of the business line’s segments
                                                                          Market Engineering
                                Treasury             Fixed Income
                                                                             and Trading
              (M€)         H1 2005*   H1 2006     H1 2005*   H1 2006      H1 2005*   H1 2006

Income                          70          60        152           176         16        53

Costs                          - 24        - 24       - 29       - 29         - 29      - 28

Gross operating income          45          36        123           147       - 13        25

Taxes                          - 15        - 12       - 29       - 32         + 30       -1

Net Income – Group share        30          24         93       114            17        24

                                                                          Market Engineering
                                Treasury             Fixed Income
                                                                             and Trading
              (M€)         Q2 2005*   Q2 2006     Q2 2005*   Q2 2006      Q2 2005*   Q2 2006

Income                          28          20         68           90          5        27

Costs                          - 12        - 12       - 15      - 14          - 14      - 14

Gross operating income          16           8         53           76        - 10       12

Taxes                           -5          -3        - 12      - 16         + 17       +3

Net Income – Group share        11           7         40           60          7        15


  *     Pro forma
                                                                                               41
                    Focus on Central Assets (underlying)


                   (M€)        Q2 2005*   Q2 2006   H1 2005*   H1 2006


    Income                         36         48        76         54


    Costs                         - 65       - 80     - 124      - 146


    Gross operating income        - 28       - 32      - 48       - 93


    Cost of risk                   -1         -3        -1          0


    Tax expense                     10         7         29        38


    Minority interests               1         6          3        13


    Net income – Group share      - 20       - 34      - 23       - 69


*     Pro forma


                                                                         42
                Appendices


• FSA from US GAAP (USD) to IFRS (EUR)
• Recap Asset Management, Insurance and Investor Services
• View on Insurance activities across the Group
• Update on DBNL/Legio
• Branch network in Belgium
• Evolution of outstanding shares
                FSA from US GAAP (USD) to IFRS (EUR)
                                                                                   Variation
(M$)                                                        H1 2005     H1 2006    H1 06 /
                                                                                    H1 05
US GAAP – Net Income (as reported by FSA)                      193         240     + 24.6%

Fair value adjustments for economic interest rate hedges      - 36.2      - 43.7
Fair value adjustments for insured CDS                          13.4      - 16.9
US GAAP – Operating Earnings (as reported by FSA)              170         179      + 5.7%
Restatement of hedging relationship US GAAP / IFRS              - 0.7       2.4
Restatement on securities in foreign currencies               - 14.5        5.1
IFRS – Operating Earnings                                      155         187     + 20.9%
CDS MtM                                                       - 13.4       16.9
IFRS – Net Income                                              141         204     + 44.4%
Result Dexia Holdings Inc, Minority Interest FSA Holdings      - 0.1        0.4

IFRS - TOTAL REPORTED Net Income                               141         204     + 44.7%
                                        Exchange rate          1.28        1.24
(M€)
Net Income (as reported by Dexia)                              110         164     + 49.1%

Non operating items                                              -9          13         n.s.

Underlying Net Income (as reported by Dexia)                   119         151     + 27.0%
Of which
   Public and Project Finance                                   107         140     + 30.2%
   Central Assets                                                11          11       - 3.4%
                                                                                               44
                Recap Asset Management, Insurance and
                           Investor Services
                              Analysis of H1 2006 underlying P&L
                                                FIRST HALF 2006
                                                                                    Variation           Variation
               (M€)                         H1 2005*           H1 2006               H1 06 /       at constant rate of
                                                                                      H1 05             exchange
Income                                            349                439                + 25.6%           + 22.2%

Costs                                           - 217              - 255                + 17.7%           + 14.3%

Gross operating income                            132                183                + 38.6%           + 35.2%

Cost of risk                                         0                 -1                   n.s.

Tax expense                                       - 24               - 33               + 35.5%

Other items                                         -2                 -5                   n.s.

Net income – Group share                          106                144                + 36.1%           + 33.4%

Cost-income ratio                             62.1%              58.2%

ROEE**                                        27.8%              28.7%

Allocated equity                                  761              1,003                + 31.8%


* Based on pro forma accounts
** Annualized return on economic equity = net income - Group share / allocated equity

                                                                                                                         45
          View on insurance activities across the Group (1)

 Insurance gross written premiums
(M€)                                         1,297
                                              94                                 Non life
                                                                   1,057
                                              257      947                       Life Branch 23
       829                                                          106
                        823                                         87
                                                        127
        120              101
                                    686                                          Life Branch 21
                                                        115
        123              149        99
                                    117
                                              946                   864
                                                        705
        586              573
                                    470


       Q1 2005          Q2 2005    Q3 2005   Q4 2005   Q1 2006     Q2 2006



Gross written premiums H1 2006: 2,004 M€                         + 21.3 % versus H1 2005

                 16%              PPF                  30%
          18%                                                          France, Luxembourg, others
                                  PFS
                       66%
                                                       70%             Belgium
                                  IMIS
                                                                                                  46
          View on insurance activities across the Group (2)
                 Contribution to the pro forma underlying revenues*
(M€)


           H1 2006 revenues:                    241 M€                           + 8.0 % versus H1 2005

                    By business lines                                           By reporting entities



                                               5%                                 84%
                    51%




                                   44%                                                           16%




              Public/Project Finance
              Personal Financial Services                                       Dexia Insurance Services
              Insurance Services                                                Other (mainly DBB, DBIL, DCL)


* Excluding FSA (credit enhancement) and Dexia Sofaxis (specialist brokerage)
                                                                                                                47
  Pro forma i.e. without Rekord
          View on insurance activities across the Group (3)
                           Focus on Dexia Insurance Services (DIS)
(M€)                                             2005     2006     Variation    2005     2006     Variation
                                                  Q2       Q2      Q2 2006 /     H1       H1      H1 2006 /
                                                                    Q2 2005                        H1 2005
 Total Group Insurance Revenues                    108      129        19.8%      223      241         8.0%
 of wich Dexia Insurance Services                   91      108         18.0%     192      203          5.9%



                                                 2005     2006     Variation    2005     2006     Variation
                                                  Q2       Q2      Q2 2006 /     H1       H1      H1 2006 /
 Dexia Insurance Services P&L                                       Q2 2005                        H1 2005
 Revenues                                           91      108        18.0%      192      203         5.9%
 of which:
   Financial revenues                              123      162        31.8%      240      304        26.7%
     Net interest & dividend income                111      149         33.8%     198      242         22.4%
    Net trading inc. & net inc. On investments      11       12         14.9%      41       61         48.8%
   Other financial income                             1        1        -2.7%        1        1       -25.4%
  Technical margin                                 -44      -64        45.6%      -71     -123        73.7%
   Allowances, accounting adj.                       -4       -3       -25.0%       -4       -3       -25.0%
 Costs                                             -52      -57         8.4%     -104     -111         7.2%
 Gross operating income                             39       51        31.0%       88       92         4.3%
 Taxes and other                                   -12      -17        43.2%      -22      -18       -15.2%
 Net income – Group share                           27       34        25.9%       66       73        10.8%

2005 pro forma view : without Rekord subsidiaries                                                        48
      View on insurance activities across the Group (4)
       Performance ratios of Dexia Insurance Services
                                                                      H1 2005      H1 2006
 Life
     • Margin on outstanding                                          1.7 %*        1.5 %
      (income life direct business/ mathematical life reserves)


     • Cost ratio                                                      2.5 %        2.2 %
      (operating expenses, network fees included / gross written premiums life)


 Non Life
     • Net combined ratio                                            102.1 %       103.2 %
      (loss + commissions + expenses + reinsurance cost / gross earned premiums)
     • Gross combined ratio                                           98.6 %       100.5 %
      (loss + commissions + expenses / gross earned premiums)


* Pro forma for merger                                                                  49
DBNL/Legio

      Evolution of the share leasing portfolio outstanding

                                                                                                               (M€)



  3,269
   172

             2,448                                                      Total
                                                                        1,054
              147
   1,868                                                                              Of which                   Of which
                          1,625                                                      contracts     Of which        Not
                                                                                        with     Accepted an    accepted
                                     1,370                                             capital    agreement         an
              1,489                                                                                            agreement
                           300                     1,145                            repayments

                                       357
                                                    219
                                                                         267
                                                                                       363          427
                           1,034                                                                               264
   1,229                               815          694                                              12
              812                                                        615                                      8
                                                                                       247          313
                           291         198          232                  172                                     195
                                                                                       107
  31/12/03   31/12/04     31/12/05   31/03/2006   30/06/2006           21/08/2006         9          102          61



     Amount of lease contracts with surplus
     Collateral of lease contracts with lack
                                                      Amount of lease contracts with lack
     Lack of collateral                                                                                             50
DBNL/Legio

       Share Leasing – Evolution of the stock of provisions

(M€)                                                          IAS 37 Provision (in Liabilities)
                                                              IAS 39 Portfolio provision (deducted from Assets)
           497          - 13
                      Cost of risk
                       (reversal)       - 91
           145                                         393           + 42             - 44           391
                                      Utilisations                 Cost of risk     Utilisations
                                            +          105        (allocation,…)          +           103
                                     adjustments                                   adjustments



           352
                                                       288                                            288




         31/12/2005                                  31/03/2006                                    30/06/2006

          under
         EU GAAP




                                                                                                                  51
             Branch network in Belgium


                             - 30 %

1,483
          1,411
                      1,283
                                      1,187
                                                1,069          1,037
 940
           912
                       889
                                       871
                                                 833           814


 543       499         394             316       236           223

2001      2002         2003           2004      2005       June 2006

        Employee network          Independent agents network


                                                                       52
            Evolution of outstanding shares

                  Shares cancelled at
                    Shareholders’
Outstanding       General Meeting of
  shares            May 10, 2006
1,107,469,030      -22,096,720          Exercice of   Outstanding
                                         warrants       shares
                                         227,281      1,085,599,591




                   Of which:
                   2,369,120 bought
                   back in 2006




Treasury shares                                       Treasury shares
 20,550,020                                              544,931

 31/12/2005                                           30/06/2006
                                                                        53

				
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