Issuer	Dexia Banque Internationale à Luxembourg (Aa2/AA)
Status	Senior Note
Trade date	08^th April 2005
Effective date	22^th April 2005
Termination date	22^th April 2015, dependent on early termination
Notional amount	USD 3,000,000.00
Denomination	USD 10,000
No. of denominations	300; i.e. Notional amount divided by Denomination
Issue Price	100% (depending on market conditions)
Underlying	6 Month USD Libor USD-LIBOR-BBA (as defined in the ISDA Definitions) with a Designated Maturity of 6 months which appears on Telerate Page 3750 as of 11:00 a.m. (London time) on each London Business Day (ISDA Definitions amended accordingly)
Coupon	8.26 % p.a. x n/N (Quarterly, 30 / 360)
Coupon (Quarterly, 30 / 360) Modified Following Non-Adjusted		Start Date	End Date Payment date	Barriers
	Year 1	22/04/2005	22/04/2006	5.000%
	Year 2	22/04/2006	22/04/2007	5.500%
	Year 3	22/04/2007	22/04/2008	6.000%
	Year 4	22/04/2008	22/04/2009	6.500%
	Year 5	22/04/2009	22/04/2010	7.000%
	Year 6	22/04/2010	22/04/2011	7.125%
	Year 7	22/04/2011	22/04/2012	7.250%
	Year 8-10	22/04/2012	22/04/2015	7.375%
	“n” being the number of days where the underlying strictly fixes daily below the Barrier during the Coupon Period “N” is the total number of days during the Coupon Period Coupon Period = From 2 business days prior the “Start Date” to two business days prior to “Payment Date” (First Libor Observation Period will begin on 2 London and NY Business Days prior to the Start Date; and Last Libor Observation Period will end on 2 London and NY Business Days prior to the End Date).
Call Option	Issuer will have the right to call the Note at 100% on a quarterly basis, beginning 3 months after Start Date, with 2 weeks notification.
Redemption Price	100%
Isin Code	XS0217380772

Governing Law	UK
Sell. Restrictions	UK, USA and US persons
Entry Fee	00%
Form	Bearer Non Deliverable
Risks	There is no risk on the principal as long as the Issuer can pay its obligations. Prior to maturity the value of the product can fluctuate due to changes in the Underlying Price, Volatility, Dividends and Interest Rates. An Investor who sells the product before maturity may receive back less than his original investment.