Dexia launches US$3.5 billion Canadian commercial paper program

On January 31, 2007, Dexia CAD Funding LLC ("Dexia CAD") launched its Canadian commercial paper program for the issuance of up to $3.5 billion of commercial paper. The commercial paper is unconditionally guaranteed by its parent company, Dexia Crédit Local, acting through its New York Branch. The dealers for the commercial paper program are Bank of Montreal, CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc. Dominion Bond Rating Service Limited assigned an R-1 (high) rating to the commercial paper. Net proceeds from the program will be primarily used by Dexia CAD to fund the global Canadian dollar requirements of the Dexia Group. Dexia CAD and Dexia Crédit Local, New York Branch were advised by Fasken Martineau with a team comprised of Jim Lisson and Robert Elliott (financial institutions), John Sabetti (securities) and Kathleen Hanly (tax).