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<strong>Dexia</strong><strong>Dexia</strong>’s <strong>Annual</strong> Report <strong>2005</strong> has been published by the Communication Department of the Group.It has been drafted in cooperation with the Communication Departments of <strong>Dexia</strong> Bank Belgium,<strong>Dexia</strong> Crédit Local, <strong>Dexia</strong> Banque Internationale à Luxembourg,<strong>Dexia</strong> Asset Management and <strong>Dexia</strong> Insurance Services.ContentsThis <strong>report</strong> is also available in Dutch, French and German.It just needs to be requested at the <strong>Dexia</strong> head office in Brussels or in Parisor via the <strong>com</strong>pany website at www.dexia.<strong>com</strong>.2 CORPORATE PROFILE4 FINANCIAL PROFILE6 MESSAGE FROM THE CHAIRMEN12 GROUP ORGANIZATION16 ACTIVITY PORTFOLIO – BUSINESS MODEL –STRATEGY24 SHARE AND SHAREHOLDERS36 FINANCIAL RESULTS50 PUBLIC/PROJECT FINANCE ANDCREDIT ENHANCEMENT76 PERSONAL FINANCIAL SERVICES84 INVESTMENT MANAGEMENT ANDINSURANCE SERVICES92 TREASURY AND FINANCIAL MARKETS98 WOMEN, MEN, A GROUP106 CORPORATE GOVERNANCE124 DEXIA IN THE WORLD<strong>Dexia</strong> entrusted Gueorgui Pinkhassov, photographer for Magnum Agency,with providing the illustrations for its <strong>Annual</strong> Report <strong>2005</strong>. He carried out his tasks at several of the Group’s locations in Paris,Brussels and Luxembourg. We would like to thank all of those who appear in these pages.www.dexia.<strong>com</strong><strong>Dexia</strong> SASquare de Meeûs 1B-1000 BrusselsAccount no. 068-2113620-17RPM Brussels VAT BE 0458.548.296Address in Paris7-11, quai André CitroënF-75015 ParisAddress in Luxembourg69, route d’EschL-2953 LuxembourgPhoto creditsGueorgui Pinkhassov - Magnum, Michel Labelle, all rights reserved.Concept & DesignL’Agence SynelogProductionNord Compo + 33 3 20 41 40 01Printed bySnoeck-Ducaju, B-9000 GhentThe <strong>Annual</strong> Report <strong>2005</strong> is printed on Novatech.The manufacturer of Novatech paper takes into account the principles of sustainable development and is ISO 14001 and EMAS(Eco Management and Audit Scheme) certified as well as PEFC (Program for Endorsement of Forest Certification Schemes)certified for paper based on sustainable managed timber forests; it is also bearer of the Nordic Swan ecolabel.
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