PRESS RELEASE
09/01/2002

Risks of Dexia in Argentina: negligible impact on the 2001 results

Further to press articles mentioning the risks of Dexia in Argentina, the group communicates that the amount of its exposure subject to country risk provisions is less than EUR 40 million in the case of Argentina.

This exposure mostly relates to solvent public authorities.

It will be provisioned in the amount of 50% in the accounts at year end 2001, a level considered very cautious, given the risks under consideration.

This means that a EUR 5 million allowance will be written in the 4th quarter 2001 results, over and above the provisions standing previously against those same risks.

This will therefore have a negligible impact on the 2001 results.