PRESS RELEASE
05/02/2002

Dexiam and Cordius Asset Management merge to form Dexia Asset Management

On 1 February 2002, Dexiam and Cordius Asset Management joined forces to strengthen the Dexia group's asset management capability and create a new organisational structure for the group's asset management business.

· Dexiam

Since its creation on 1 February 1999, Dexiam, the Dexia group's asset management arm, has considerably increased its collective management business through mutual funds and discretionary management for individual and institutional clients. Built up around a central structure in the Grand Duchy of Luxembourg, Dexiam is active internationally through its operational subsidiaries in Luxembourg, Belgium, France, Italy, Spain, Switzerland, Singapore and Australia.

· Cordius Asset Management

Cordius Asset Management is the asset management arm of the Artesia Banking Corporation group, acquired by the Dexia group in July 2001. It specialises in implementing investment processes based on research and financial analysis and has a powerful range of traditional managed products. Cordius has earned an excellent reputation in the asset management market thanks to the high quality of its asset management services.

· Creation of Dexia Asset Management

With a view to maximum exploitation of synergies by making use of the complementary contributions of the two asset management entities, the operational integration of Cordius in Dexia Asset Management began as soon as Dexia acquired the Artesia group. The new structure is called Dexia Asset Management and already enjoys an excellent reputation among asset management specialists.

The wide range of Sicavs managed by Dexia Asset Management is distributed not only via the Dexia group's own distribution networks, but also via other networks in 9 European countries. With an international presence, a rigorous and unified investment process and its own sales teams, Dexia Asset Management currently manages assets worth EUR 60 billion and its goal is to manage over EUR 72 billion by the end of 2002.

· Operational structure

Integration has been carried out on the principle of best practice. The traditional management process that has been retained is that of Cordius while the alternative management process is that of Dexiam. The commercial structure results from pooling the skills of both companies, although the IT system will be the one used by Dexiam.

At the organisational level, Dexia Asset Management has adopted a horizontal structure, built around different business units, namely traditional management, alternative management, an autonomous sales network, a finance department and an IT department. Due to the horizontal nature of the organisation, the same investment processes can be applied and scrupulously followed across Dexia Asset Management's various international entities. Dexia Asset Management will operate through a limited number of centres of competence and through decentralised sales teams.

Dexia Asset Management aims to achieve steady and coherent performance for its different types of customer. The company's ambition is to rank in the first quartiles of investment fund rankings by Standard&Poors/Micropal. With household savings set to grow strongly and increased demand for investment funds and pension funds, asset management represents a profitable business for the Dexia group.