PRESS RELEASE
15/01/2002

Successful second Dexia Group employee shareholding plan

Dexia's 2001 Shareholding Plan reserved for its workforce has just closed having been successful and constitutes another step toward a real employee shareholding establishing the culture for the group.

In total, 6 out of 10 employees have subscribed to Dexia shares.

More specifically in Belgium, the Plan received a large membership from Artesia as well as from Dexia Bank (with 68% and 62% respectively of employee subscribers). Internationally (outside Belgium, France and Luxembourg), the rate of membership has increased by more than 50% from one year to another. In France the membership rate remains high at 72%.

These participation rates demonstrate the strengthening of the employees¿ feeling of belonging to a Group socially united around a main holding company, Dexia SA, since the end of November 1999.

Nearly EUR 170 M was raised, an increase of 32% in relation to the 2000 Shareholding Plan, which represents 1% of the capital. Employees now hold 2,5% of Dexia SA¿s capital. As a reminder, the group has itself an objective of 5% of capital to be held by the workforce by 2005.

The amounts subscribed are all the more significant since the subscription period began on September 20, 2001 in a context of high volatility of financial markets after the tragic events of September 11.

At the time when the Euro is being successfully introduced in the European Community, the diversity of national legislation is still a limit to the development of a European employee shareholding. By capitalizing on this successful operation, Dexia aims at playing an active role in the debate regarding employee shareholding.