PRESS RELEASE
08/11/2005

FSA Holdings to delay its third Quarter 05 reporting, due to restatement of past results

Originally scheduled for publication on November 9th 2005, FSA's third quarter results will be released at a later date, so as to allow time to proceed with the restatement of past results.

Such restatement will be made following the US Securities and Exchange Commission's request to make a different interpretation of SFAS 133 than had been made until now, for the accounting of certain hedge relationships.

The cumulative impact of the restatement on FSA's past results (from January 2001 to June 2005) will be an estimated increase of US $ 55-60 million post tax earnings, and the incidence on Dexia's consolidated accounts is not material.

Dexia will publish its third Quarter results as planned on November 17th, and will announce with some advanced notice the new date of FSA's release.