PRESS RELEASE
22/07/2004

Decisions taken by the Financial Markets Authority of the Netherlands (AFM)

Considering that Banque Labouchère would have infringed some securities regulations when selling some of the Legiolease products from the 9th December 2000 until the 31st December 2001, the Financial Markets Authority has imposed six fines of €9,075 each to Dexia Bank Nederland, successor of Banque Labouchère.

From Dexia's perspective, these decisions are not justified. Besides, they do not have a judicial bearing as they come from an administrative authority.

Dexia Bank Nederland reserves the right, as allowed by the regulation, to appeal against any of these decisions.