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Exhibit 99.5
[GRAPHIC OMITTED] PRESS
RELEASE
CONTACT: Mike Paquette
(603) 640-2205
WHITE MOUNTAINS CONCLUDES SALE
OF ASSETS TO DEXIA S.A. ("DEXIA")
HAMILTON, Bermuda, July 5, 2000 - White Mountains has concluded the previously
announced sale of its indirect, wholly-owned subsidiary, White Mountains
Holdings, Inc. (which controls a substantial amount of its holdings of Financial
Security Assurance Holdings Ltd. "FSA") as well as all its other holdings of
FSA, to Dexia for total proceeds of $620.4 million.
The transaction was consummated in connection with Dexia's merger with FSA in
which all other holders of outstanding shares of FSA will also receive $76.00
cash per share.
White Mountains estimates that the Dexia transaction has served to increase its
March 31, 2000 tangible book value by $252.1 million, after tax, or $41.29 per
share.
White Mountains is traded on the New York Stock Exchange under the symbol WTM.
