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.