Stabilisation Notice

RNS Number:3375P
Nomura International PLC
10 January 2007

10 January 207

(Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.)

                        Dexia Munincipal Agency (DEXMA)

                              Stabilisation Notice

Nomura International plc London (Yumi Hattori; [phone]) hereby gives
notice that the Stabilising Manager(s) named below undertook stabilisation
(within the meaning of the rules of the Financial Services Authority) in
relation to the offer of the following securities, as set out below.

Issuer:                           Dexia Munincipal Agency (DEXMA)
Guarantor (if any):
Aggregate nominal amount:         JPY 50,000,000,000
Description:                      1.55% notes due 31-Oct-2013
Stabilising Manager(s)            Mizuho International plc - Bracken Use, 1 Friday Street, London EC4M 9JA

                                  Nomura International plc - Nomura House, 1 St Martin's-le-Grand, London
                                  EC1A 4NP
Stabilisation started:            18/10/2006
Stabilisation last occurred:      16/11/2006

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Issuer in any jurisdiction.

(This announcement is not an offer of securities for sale into the United
States. The securities referred to above have not been, and will not be,
registered under the United States Securities Act of 1933 and may not be offered
or sold in the United States absent registration or an exemption from
registration.  There has not been and will not be a public offer of the
securities in the United States.)


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            The company news service from the London Stock Exchange
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