PRESS RELEASE
10/12/2002

Rating Dexia Bank Nederland

Following the announcement by Dexia Group of provisions amounting to 467 million € in 2002 to cover restructuring costs, bad debts as well as a generic provision for potential risks and charges for Dexia Bank Nederland, Standard & Poors has lowered the long term credit rating of Dexia Bank Nederland to single A minus from single A.

This downgrading has no significant impact on Dexia Bank Nederland and its clients. Dexia Bank Nederland benefits from the guarantee of Dexia SA, which is rated AA through its main operating entities.

In addition, Dexia Bank Nederland will be recapitalized before year end so that the capital adequacy ratio will be above 10%.