PRESS RELEASE
28/11/2004

Dexia - San Paolo IMI - latest press release

Dexia Board of directors met today to examine the project of union with San Paolo IMI, as it stands at present.

The Group¿s management presented the case to the Board of directors. The Board noticed unanimously that the conditions are no longer met for the project to be further studied in an efficient way, and decided consequently to put an end to it.

The Board of directors confirms unanimously its trust to the Group CEO and the Management board as a whole to carry on with the development of Dexia Group.

The Board members have simultaneously, reaffirmed their confidence in the growth perspectives of the Group.