The Dexia Group (www.dexia.com) was born in 1996 from the alliance of two major players in local public finance in Europe: Credit local de France and Credit Communal de Belgique. Both institutions, together with Banque Internationale a Luxembourg were united in 1999 into one publically quoted company named Dexia. This was one of the very first cross border mergers in the European banking sector. In 2006, Dexia acquired DenizBank, the sixth largest privately owned bank in Turkey.

With a market capitalization of 26.0 billion euros as of March 31, 2007, Dexia ranks among the twenty largest financial institutions in the eurozone. Dexia currently employs over 33,000 staff and has operations in approximately thirty countries. Dexia enjoys one of the best credit ratings in the banking sector.

Since its formation in 1999 and the acquisition in 2000 of Financial Security Assurance (FSA), Dexia has become the world’s largest player in local public finance. Dexia’s high level of expertise, its long term horizon, and the very high solvency of its customers, grant a superior quality of franchise.

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Dexia conducts its operations in the following Business Lines:

• Public / Project Finance
Dexia has a well deserved reputation for global leadership in public finance. Scale, innovation, expertise, and a long term view are the key ingredients to Dexia’s success in this business line. Dexia participates in this market through a variety of activities which include lending, bond execution, structured project financing, and various forms of credit enhancement.

• Treasury and Financial Markets
Dexia’s principal businesses provide the Group with a strong presence in the capital markets. This is required for funding and managing the Group’s balance sheet and for structuring sophisticated products and solutions for clients of the various business lines.

• Asset Management, Insurance, and Investor Services
Dexia Asset Management has built a strong reputation in Europe as a leading provider of asset management services. In 2006, RBC Dexia Investor Services was set up as a joint venture with Royal Bank of Canada and today it ranks among the ten largest custodian banks worldwide.

• Personal Financial Services
In Belgium Dexia Bank is one of the country’s largest providers of retail banking services through its Branch banking network. It offers a complete range of banking and insurance services to a clientele of households and small to medium sized enterprises.