Annual report 2005 - Dexia.com

Annual Report 2005performance, again very average, of Britishbanks which had already underperformed themarket in 2004.It was another year of progress for Dexiawhich, after a 24% rise in 2004, again rose15% in 2005. After having outperformed theEuroStoxx Banks index over the first half-year2005, a trend reversal occured from the firstspeculative movements on German banks(HVB Group but also Commerzbank) whichadded momentum to the EuroStoxx Banks ina spectacular manner to the end of the year(+18.5% from July 7 until year-end 2005).From the end of October until the end ofthe year, the progress made by Dexia was approximatelycorrelated to that of the market,recording a significant peak in the second fortnightof December (+5%), in a week which istraditionally calm.Closing the year at EUR 19.49 in Paris andEUR 19.48 in Brussels, Dexia had thereforegained 15.1% in 2005, establishing newhistorical highs in a session at EUR 19.78 andclosing at EUR 19.73.Finally, over two years, the net performanceof Dexia (with dividend reinvested) was 53%against 47.8% for the EuroStoxx Banks. Overthe same period that performance was at toplevel among European indices.DEXIA’S POSITION IN THE PRINCIPAL EUROPEAN INDICESIndex Weighting Position Numberin index (1)of companiesBEL20 13.05% 4 20CAC 40 1.43% 23 40Euronext 100 1.21% 25 99Next CAC 70 0.89% 25 69FTSE Eurotop 100 0.38% 86 106FTSEurofirst 80 0.71% 49 80Dow Jones EuroStoxx Banks 1.68% 17 47MSCI Europe Banks 1.12% 22 44MAIN SHAREHOLDERS OF DEXIA (1)Name of shareholderPercentageof Dexia SA capital heldArcofin 16.56%Holding Communal 16.22%Caisse des dépôts et consignations 8.89%Groupe Ethias 6.81%CNP Assurances 1.86%STOCK EXCHANGE DATAAs of December 31, As of December 31,2004 2005Share price (2) 16.93 19.49(in EUR)Market capitalization 19,384 21,579(in millions of EUR)(1) As of December 31, 2005.(1) (2) Moyenne Average closing des cours price de on clôture Euronext sur Euronext Brussels and Bruxelles Euronext et Euronext Paris. Paris.25