PRESS RELEASE
22/07/2008

FSA - Moody's

Please find attached the comments issued yesterday by FSA regarding the possible downgrading of its AAA rating by Moody's.

As of today, we do not wish to make any other comments on Moody's action. Within a few weeks Dexia will communicate FSA's 2Q08 financial results as well as the conclusions of the on going strategic review of FSA that was announced earlier this year.

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