PRESS RELEASE
15/12/2008

Dexia exposure related to Madoff Investment Securities

Regulated information – Brussels, Paris, December 15, 2008 – 19:15 pm

Dexia has no direct investments in funds managed by Madoff Investment Securities.

Dexia's private banking clients have a total exposure of EUR 78 million to funds primarily invested in Madoff funds.

Indirectly, Dexia is exposed through partially collateralised lending operations to funds exposed to Madoff funds for a gross amount EUR 164 million.

If the value of the assets managed by Madoff Investment Securities were nil, the above mentioned lending operations could trigger an after tax loss of about EUR 85 million for Dexia.

Dexia is a limited company. This press release contains information subject to the transparency regulations for listed companies.