Nominations Dexia

Dexia's Board of Directors met on April 26th, 2005. Pursuant to the proposals of the Appointments Committee, it was unanimously decided on the following nominations concerning the holders of the top functions of the Group.

Pierre Richard, whose six-year mandate as Chief Executive Officer will expire on December 31st 2005, will succeed to François Narmon as Chairman of the Board of Directors.

Axel Miller will be co-opted as Director and appointed as Chief Executive Officer and, as such, will chair Dexia's Management Board.

These appointments at the top positions of the Group reflect the balance between the Belgian and the French interests, as wanted at the Group's creation.

These appointments will take effect on January 1st, 2006. At this date, François Narmon will have remitted to the Board of Directors his mandate of Chairman of the Board of Directors, as well as his mandate of Director, so as to allow the implementation of the respective nominations of the new Chairman of the Board and of the new Chief Executive Officer.

Pursuant to the company's articles of association, the new Chief Executive Officer will submit before January 1st, 2006 to the Appointments Committee and then to the Board of Directors his proposals as to the operational organization of the Group and the composition of the management teams. In this respect, the Board of Directors is favorable to the appointment of Jacques Guerber, Head of the Public/Project Finance business line, as vice-chairman of the Management Board.

Following the Board meeting, François Narmon has declared: "Considering my very strong and continuous commitment to Dexia, I salute this forthcoming transition, which has been well prepared and in compliance with the Group's articles of association, and I am delighted that the Board of Directors has made the choice of continuity and dynamism when designating Pierre Richard and Axel Miller to their new functions".