PRESS RELEASE
03/01/2003

Dexia confirms that Dexia Bank Nederland has received ...

... summons from Stichting Leaseverlies and Consumentenbond on 2nd January 2003. According to the plaintiffs, Bank Labouchere and its successors would have commercialized share leasing products under certain conditions which would not have allowed the clients to be fully informed about the risks related to the products.

These summons have been announced a number of weeks ago by Stichting Leaseverlies and contain no new elements with respect to the allegations that this foundation had already made in the past.

Dexia believes that the allegations made by Stichting Leaseverlies and Consumentenbond have no legal grounds and is confident about its chances of success, after having proceeded with a full review of the risks, including legal risks, related to the products commercialized by Bank Labouchere and its successors. Dexia will therefore resolutely defend its interests before all competent courts. Dexia believes that the legal arguments currently made by the Stichting Leaseverlies and the Consumentenbond, as well as all other arguments that have been or will be made in the future, are not applicable or groundless.

Dexia Bank Nederland has announced on 5 December 2002 that it has proposed a general offer aiming at maintaining the commercial relationship with its clients. This offer is currently being finalized and will be communicated individually to the clients in the coming weeks.

Dexia confirms that it has taken all conservatory measures which are required to cover the risks linked to this situation, and in particular that the provisions which have been taken are sufficient to cover the costs and risks related to this matter.