PRESS RELEASE
04/02/2004

Decisions of the Dutch Securities Institute (DSI)

The DSI confirms the validity of share leasing contracts

Dexia has reviewed the press release issued to-day by the DSI, concerning claims related to share leasing contracts, which the former Bank Labouchere was one of the main players on the Dutch market

Dexia notes with satisfaction that the DSI recognises the validity of such contracts and the adequacy of the documentation utilised with the clients, who could not ignore the existence of the risks attached thereto.

Dexia has also taken note of the position of the DSI on the question of the banker's duty of care towards its clients, as well as on the treatment of the "Depot Lease" type contracts, and does not agree with the approach of the Commission. After careful review of individual cases, Dexia will consider all available recourses against the decisions taken by the DSI.

It is reminded that Dexia has already put in place measures allowing the settling of those cases where customers encounter difficulties. In particular, an independent Commission has been nominated to examine such cases, and provisions have been set aside to this effect.