PRESS RELEASE
24/10/2001

Dexia Credit Local to Acquire 75% of Global Structured Finance Business from PricewaterhouseCoopers LLP

Dexia Credit Local has signed an agreement to acquire seventy-five percent of Global Structured Finance (GSF), a business unit of PricewaterhouseCoopers LLP which advises on and structures asset finance transactions. Key management of GSF will acquire the remaining twenty-five percent of the GSF business. The transaction is subject to regulatory approval in the United States.

GSF is mainly active in structuring deals in the fields of energy, waste water, fresh water, public transportation, solid waste management, and municipal real estate projects for a clientele primarily composed of local governments and their subsidiaries. GSF is active primarily in the United States and Europe (France, Belgium, Germany, the Netherlands, Norway). GSF has 20 professionals located in New York, Boston, San Francisco, and Amsterdam.

GSF's activities are at the heart of Dexia's first business line, Public and Project Finance, and complements the wide range of value added products and services offered to its clientele through its branches and subsidiaries throughout the world.

GSF's team will reinforce the technical capabilities of Dexia in the field of structured finance and further enhance its already strong resources in this area.

Contact:
Dexia Crédit Local - François Plantureux + 33 (0)1-43-92-72-73 (Paris)
PricewaterhouseCoopers LLP - Marc Eiger + 1 646-394-3760 (New York)