Stock market data

Share data

IFRS adopted by the EU

		In Eur		2004		2005		2006
		Earnings per share  (1)		1.63		1.87		2.49
		Net Assets per share related to core shareholders' equity (5)		8.87		9.86		11.60
		Net Assets per share related to total shareholders' equity (5)		10.32		12.25		13.21
		Gross dividend		0.62		0.71		0.81
		Net dividend		0.47		0.53		0.61
		Net dividend for shares with a VVPR Strip		0.53		0.60		0.69

Dexia's accounting standards till end 2004

		In EUR		2000		2001		2002		2003		2004
		Net result group portion (1)		1.15		1.25		1.13		1.24		1.58
		Net assets without FGBR group portion (2)		6.41		6.73		7.20		7.68		8.32
		Net assets with FGBR group portion (2)		8.02		8.39		8.79		9.25		9.95
		Gross dividend		0.43		0.48		0.48		0.53		0.62
		Net dividend (3)		0.32		0.36		0.36		0.40		0.47
		Net dividend for shares with a VVPR Strip (4)		0.37		0.41		0.41		0.45		0.53

(1) Ratio between the net result and the weighted average number of shares
(2) Net assets after deducting the cross-shareholding (based on the number of shares held at the end of the period)
(3) After deduction of Belgian withholding tax at the rate of 25%
(4) After deduction of Belgian withholding tax, reduced to 15% for shares accompanied by a VVPR strip
(5) first january 2005

Stock market ratios

IFRS adopted by the EU

		In Eur		2004		2005		2006
		Pay-out ratio (in %) (6)		37.6		37.9		34.3 (10)
		Price Earnings ratio (7)		10.7		10.4		8.3
		Price-to-book ratio (8)		1.7		2		1.8
		Annual return (in %) (9)		3.7		3.6		3.9

Dexia's accounting standards till end 2004

		In EUR		2000		2001		2002		2003		2004
		Pay-out ratio (in %) (6)		41.9		39.3		43.0		42.1		38.7
		Price Earnings ratio (7)		16.8		12.9		10.4		11.0		10.7
		Price-to-book ratio (8)		2.4		1.9		1.3		1.5		1.7
		Annual return (in %) (9)		2.2		3.0		4.1		3.9		3.7

(6) Ratio between profit intended for distribution and the net result group portion
(7) Ratio between the average share price at 31 December and the net result per share at 31 December
(8) Ratio between the average share price at 31 December and the net assets (including FGBR group portion) per share at 31 December
(9) Ratio between the gross dividend per share and the average share price at 31 December
(10) Based on the proposed dividend.