Dexia Crédit LocalFixed Income Investor Presentation

June 2018

2

This presentation is confidential and is being provided to you solely for your information and may not be reproduced, retransmitted, forwarded,further distributed to any other person or published, in whole or in part, by any medium or in any form for any purpose and in particular, may notbe forwarded to any U.S. person (as defined in the U.S. Securities Act of 1933, as amended (the “Securities Act”)) or to any U.S. address or toany person and/or in any jurisdiction in which it would be unlawful to do so. Any forwarding, distribution or reproduction of this document in wholeor in part is unauthorised. Failure to comply with such limitations may result in a violation of the Securities Act or the applicable laws of otherjurisdictions.

Nothing in this presentation constitutes an offer of securities for sale in the United States or in any other jurisdiction where it is unlawful to do so.

This investor presentation is for distribution only to persons who (i) are outside the United Kingdom, (ii) have professional experience in mattersrelating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"),(iii) are persons falling within Article 49(2)(a) to (e) ("high net worth companies, unincorporated associations etc") of the Order or (iv) are qualifiedinvestors (investisseurs qualifiés) as defined in Article L411-2 of the French Monetary and Financial Code (code monétaire et financier), (v) whoare both (a) investment professionals falling within section 31a (2) of the German Securities Trading Act (Wertpapierhandelsgesetz) and (b)qualified investors within section 2 no. 6 of the German Securities Prospectus Act, or (vi) qualify as both (a) “professional investors” under theFinnish Investment Funds Act 48/1999 and as (b) “qualified investors” under the Finnish Securities Markets Act 746/2012 (all such personstogether being referred to as "relevant persons"). This investor presentation is directed only at relevant persons and must not be acted on reliedon by persons who are not relevant persons.

This presentation includes expectations and/or forward-looking statements and assumptions related to the possible evolution of the businessenvironment. By their very nature, statements contained in this document involve inherent risks and uncertainties, both general and specific, andrisks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to placeundue reliance on these statements as a number of important factors could cause our actual results to differ materially from the beliefs, plans,objectives, expectations, anticipations, estimates and intentions expressed in such statements. Such important factors include, but are not limitedto, general economic conditions, general competitive factors, changes in the availability or costs of liquidity, general market conditions, changes inlaws and regulations (including accounting principles), changes in the policies of regulatory authorities, changes in interest rates and/or exchangerates. In any event, forward-looking statements made herein speak only as to the date on which they are made, and Dexia does not undertakeany obligation to update or revise such statements as a result of new information, future events or otherwise.

This presentation contains unaudited figures. It also contains financial information of the Dexia SA Group. This financial information is not directlycomparable with the financial information of the Dexia Credit Local Group. Apart from in relation to Dexia Credit Local itself, investors will not haveany direct claims on the cash flows or assets of the Dexia SA Group and, apart from the Dexia Credit Local Group, members of the Dexia SAGroup have no obligation, contingent or otherwise, to pay amounts due under the Notes or to make funds available to Dexia Credit Local for thesepayments.

Fixed Income Investor PresentationDisclaimer

3

Fixed Income Investor PresentationAgenda

Section 1 Dexia Group Profile

Section 2 Dexia Crédit Local, Issuer of the Group

Section 3 Funding & Liquidity

Section 4 2013 Funding State Guarantee

4

Fixed Income Investor Presentation

Dexia Group Profile1. Overview

2. A Group in Orderly Resolution

5(1) 31 December 2017

Dexia Group ProfileOverview

Mandate

Balance sheet1

Shareholding structure

Staff1

Status

Dexia SA99.5% State-owned banking institution in orderly resolution

99.5% State-owned (Belgium: 52.75%, France: 46.78%)

EUR 180.9 billion

994

As a significant bank, under the direct supervision of the European Central Bank within the framework of the Single Supervisory Mechanism since 4 November 2014

A group in orderly resolution, as approved by the European Commission on 28 December 2012; historically active in the financing of European public local sector

European Central Bank’s proportionate, pragmatic and tailored supervisory approach, taking into account Dexia’s specific and unique situation as a bank in run-off, within the current and forthcoming prudential framework

To manage the balance sheet wind-down in order to preserve the financial interests of the shareholders and the State guarantors; 3 strategic objectives

- Secure group’s liquidity at all times over the orderly resolution period

- Ensure operational continuity to execute the orderly resolution plan

- Preserve capital to respect regulatory and legal requirements over the orderly resolution period

Solvency1 Common Equity Tier 1 ratio (Basel III) at 19.5% - Total Capital ratio at 20.4%

6(1) Common Equity Tier 1 ratio (Basel III); Total Capital ratio at 20.4%

Dexia Group ProfileA Group in Orderly Resolution

Dexia revised orderly resolution plan setting the base of the orderly run-down of the Group’s activities

In essence, plan calling for the disposal of the saleable commercial franchises within a short deadline and themanagement in run-off of other franchises without new commercial production, except for a limited number of exceptions

Support provided by the Belgian, French and Luxembourg States to allow the Group’s orderly resolution in the long run

Uniqueness of Dexia’s situation acknowledged by the European Central Bank

Dexia Revised Orderly Resolution Plan, approved by the European Commission on 28 December 2012

Funding guarantee granted by the Belgian, Frenchand Luxembourg States on 24 January 2013

EUR 85 billion State Guarantee provided by Belgium,France and Luxembourg, allowing Dexia to fund theGroup’s balance sheet

EUR 5.5 billion capital increase aimed at providing sufficientcapital base to carry the Group’s residual assets and to meetregulatory capital requirements over the period of theresolution plan

Capital increase of Dexia SA subscribed by Belgianand French States on 31 December 2012

Balance Sheet (EUR bn)

Tier 1 ratio

Staff

651 413

10.6% 7.6%

36,700 22,460

181

994

19.5%1Group Restructuring

Group Resolution

31/12/2008 31/12/2011 31/12/2017Scope: Dexia SA

7

Fixed Income Investor Presentation

Dexia Crédit Local, Issuer of the Group

1. Simplified Organizational Chart

2. Balance Sheet

3. Solvency

4. Run-Off Portfolio

5. Asset Quality

8(1) Contribution to the group’s consolidated balance sheet, retreated from intragroup items, as of 31 December 2017

Dexia Crédit Local, Issuer of the GroupSimplified Organizational Chart

Dexia KommunalbankDeutschlandTotal B/S1: EUR 27.6 bn

Dexia SA

Dexia Crédit Local1(incl. New York, Dublin, Madrid, Lisbon branches) - Total B/S1: EUR 141.1 bn

Dexia CrediopTotal B/S1: EUR 10.0 bn

100%

70%

100%

Dexia Crédit Local:

- Banking subsidiary and main operational entity of the group

- Located in France

- Former flagship entity for the financing of local authorities and project finance

- Perimeter converging to the one of Dexia SA, in the frame of the orderly resolution of the group with a total consolidated balance sheet of EUR 181 billion at the end of December 2017; >99% of the group’s assets held by Dexia Crédit Local

- Simplified and unified governance with Dexia SA; members of Management Board and Board of Directors of Dexia SA being members of those of Dexia Crédit Local

- Issuer of the group, benefiting from the State guarantee provided by Belgian, French and Luxembourg States

- International presence through branches in New York, Dublin, Madrid and Lisbon and subsidiaries in Germany and in Italy

9

EUR 181 bn

EUR ~127 bn

Natural asset amortization and asset disposals

EUR 246 bn

EUR 229 bn

Forecasts1Achieved

(1) Targeted figures as determined in the business plan of November 2012 (updated in June 2017) underlying the Orderly Resolution Plan approved by the European Commission

Dexia Crédit Local, Issuer of the GroupBalance Sheet

Indicative1 Run Off Balance Sheet 2014-2021For illustration purpose only

Total assets expected to be reduced by ~48% over the period 2014 – 2021 due to natural portfolio amortization and assetdisposals, not compensated by new assets origination

Balance sheet total sensitive to exogenous factors, as the amount of cash collateral posted and fair value items may beimpacted by interest rate and exchange rate movements

No numerical targets set by European Commission in terms of asset disposal; deleveraging mainly driven by asset valueoptimization

EUR 212 bn

10(1) Targeted figures at year-end as determined in the business plan of November 2012 (updated in June 2017) underlying the Orderly Resolution Plan approved by the European Commission

Dexia Crédit Local, Issuer of the GroupSolvency

For illustration purpose only Achieved

Since 2014, progressive deduction of 20% per annum of AFS reserve (last tranche 01/01/2018)

Capital measures undertaken since 2016 aiming at enhancing capital ratios

Positive impact of IFRS 9 first time application of EUR ~2.8 bn on regulatory capital (~500 bps on solvency ratios)

As from 2018, projections highly sensitive to assumptions on the regulatory and accounting framework

No impact in terms of distribution of breach of the combined ratio including the capital conservation buffer, given the ECdistribution restrictions already applying to the group in the frame the Orderly Resolution Plan, for burden sharingpurposes

13.1% 12.6%

Total capital ratio 2014-20211

Forecasts1

12.75 %

13.4%

17.2%16.3% 16.8% 17.0%

20.4%

IFRS 9 first application

9.875 %

11

(1) Including deposits with Central Banks (positive liquidity position of EUR 16.4 bn as at 31 December 2017, of which EUR 10.5 bn in the form of deposits with central banks)(2) The Exposure at Default (EAD) corresponds to the best estimate of credit risk exposure at default for a counterparty. The EAD for a counterpart corresponds to the (i) balance sheet assets' accounting book value gross of impairments, (ii) derivatives' mark-to-market plus regulatory add-ons and (iii) off-balance sheet items' nominal amounts times a Credit Conversion Factor.

Dexia Crédit Local, Issuer of the GroupPortfolio Breakdown

Significant share of illiquid assets

Long-term loans to the local public sector: ~61% of the portfolio with amaturity of more than 10 years

Portfolio reflecting Dexia’s previous positioning of former leader inpublic financing: significant exposure to local public sector, sovereignsand to project finance, generally linked to public sector (financing ofinfrastructures, utilities or renewable energies)

Scope: Dexia Crédit Local, as at 31 December 2017

Portfolio1 distribution (EAD2 in %) Breakdown by maturity (EAD2 in %)

Scope : Dexia Crédit Local, as at 31 December 2017

Number of exposures

Number of debtors

Commitments (EAD2)

o/w Loans

o/w Bonds

EUR 73.4 billion

20,135

6,078

EUR 141.4 billion

EUR 57.2 billion

Key portfolio figures

Spain 7%

France 20%

UK 16%

Germany 13%

North America

14%

Italy 16%

Portugal 3%

Other countries 7%

Japan 4% Corporates 4%

Sovereigns 21%

Monoline 1%

Financial institutions

9%

Project finance 8%

ABS/MBS 3%

Local public sector 54%

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Dexia Crédit Local, Issuer of the GroupAsset Quality

Project finance 21%

Assets well rated, ~90% investment grade, with a low cost of risk

Portfolio of significantly higher quality with respect to other run off entities inEurope

Limited amount of Non Performing Loans (<1% of portfolio)

AAA 21%

AA 15%

B and below <1%BB 7%

BBB 29%

A 25%

Exposures1 per rating (EAD2 in %)

Focus on NIG assets (EAD2 in %)

A good quality asset portfolio

NIG assets mostly in the BB range

Experienced risk management teams monitoring the portfolio

Local public sector 74%

Sovereigns <1%

ABS/MBS 1%Financial institutions <1%

~ 89% of NIG exposure in BB range

NIG exposures mainly on local public sector in Southern European countriesand project finance (secured financings usually not rated in the InvestmentGrade range)

Concentration on specific sectors and counterparts, involving a cautious risksupervision

Teams mostly composed of senior risk officers with a solid experience in riskmanagement in sectors such as local public sector and project finance

Active derisking policy, to allow asset value preservation

Non performing (D) <1%

Corporates 3%

(1) Including deposits with Central Banks (positive liquidity position of EUR 16.4 bn as at 31 December 2017, of which EUR 10.5 bn in the form of deposits with central banks)(2) The Exposure at Default (EAD) corresponds to the best estimate of credit risk exposure at default for a counterparty. The EAD for a counterpart corresponds to the (i) balance sheet assets' accounting book value gross of impairments, (ii) derivatives' mark-to-market plus regulatory add-ons and (iii) off-balance sheet items' nominal amounts times a Credit Conversion Factor.

Non rated <1%

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Fixed Income Investor Presentation

Funding & Liquidity

1. Targeted Funding Profile

2. Funding Tool Box

3. Focus on State Guaranteed Issuance

4. State Guaranteed Bonds Secondary Market Levels

14(1) Figures determined in the business plan of November 2012 (updated in June 2017) underlying the Orderly Resolution Plan approved by the European Commission(2) Until 31 December 2021.

Funding & LiquidityTargeted Funding Profile

Indicative1 Consolidated Funding Mix 2015-2021For illustration purpose only

End-2017, exit from Central Bank funding, replaced by State guaranteed funding and secured market funding

As from 2017 onward, funding mix converging towards:

- ~70 % of State guaranteed funding

- ~30 % of non-guaranteed secured and unsecured market funding

Access to ECB funding still available up to EUR 5.2 bn2

■ State Guaranteed fundingraised under the Stateguarantee scheme granted bythe States of Belgium, Franceand Luxembourg

■ Secured market funding (nonguaranteed) including securedrepo transactions and coveredbonds (Pfandbriefe issued byDKD)

■ Deposits and non-guaranteedunsecured funding (mostlyresidual funding raised before2011)

Funding Mix

EUR 212 bn

EUR 229 bnAchieved

EU

R 1

63 b

n

EU

R 1

46 b

n

EU

R ~

81 b

n

EUR ~127 bn

EUR 181 bnE

UR

125 b

n

Forecasts1

15

Funding & LiquidityFunding Tool Box

State guaranteed funding Non guaranteed funding

Issuer Dexia Crédit Localand DCL NY branch

Yearly targeted issuance volumes

EUR 7.5 bn

Annual funding program for 2018

EUR 15 - 25 bn

Regular issuance to maintain outstanding of short term

guaranteed funding at EUR 18 bn as at end of 2018

Currencies EUR, USD, GBP, CHF, CAD, JPY

Maturity 1 to 10 yearsUp to 1 year

Format Bonds

Commercial Papers, Certificates of

Deposits, Deposits of institutional clients

Debt capital markets

Money market

Dexia Crédit Local, DCL NY branch,

DKD and Crediop

EUR 3 bn

Annual funding program for 2018 of which

EUR 1.6 bn of repo and EUR 1.4 bn of collateral switch

Mainly EUR, USD and GBP

1 year and longerUp to 1 year

Bilateral and TripartyRepo,

Covered Bonds (Pfandbriefe)

Bilateral and TripartyRepo, Commercial Papers, Certificates

of Deposits

Capital marketsMoney market

DocumentationEMTN

USMTNBMTN

ECD & ECP USCD & USCP

ECD & USCP GMRA

EUR 14 bn

Regular issuance to achieve outstanding of short term

non secured funding of EUR 0.5 bn and short term repos

of EUR 13.5 bn at end of 2018

EMTNGMRA

Dexia Crédit Local, DCL NY branch,

DKD and CrediopDexia Crédit Local

16

GBP

(1) Targeted figures as determined in the business plan of November 2012 (updated in June 2017), underlying the Orderly Resolution Plan approved by the European Commission

Funding & LiquidityFocus on State Guarantee Issuance

Long term funding

Short term funding

EURUSD

EUR ~57 bn

EUR 61.0 bn

Indicative1 State Guaranteed Funding Mix

For illustration purpose only

Indicative1 Recourse to State Guarantee 2015-2021

For illustration purpose only

Forecasts1

In 2018, targeting State Guaranteed short term and longterm funding in the market for an average amount of EURequivalent 30 billion per year

2018 long term funding program of EUR 7.5 bn with aplanned execution through:

- Benchmark transactions to maintain liquid curves inEuro, US Dollar and Sterling

- Private placements to meet specific investor demand

15%

60%25%

Realized

EUR 71.4 bn

67%

33%

EUR 70.5 bn

17

Funding & LiquidityFocus on State Guarantee Issuance

Asia13%

Benelux10%

Nordic countries 7%

UK & Ireland 24%

Germany & Austria

14%

France 10%

Middle East & Africa 8%

USA 7%

Switzerland 3%

Fund Managers 32%

Insurance & pension funds 7%

Central banks & official

institutions 28%

Banks 33%

Aggregated benchmark distribution since 2015

Order books reflecting Dexia positioning as an SSAissuer

EUR 13.9 bn of long term funding raised in 2017through 6 benchmark issues and privateplacements:

- EUR 9.9 bn in public benchmarks

- EUR 4 bn in private placements

EUR 19.7 billion raised in 2017 via 311 short termtransactions executed under the CD and CPformats:

- Average outstanding of EUR 27 bn

- Average initial maturity above 8.4 months

Other Europe 4%

2018 State Guaranteed Benchmarks1

0.5% €2 bn bmk due Jan 2025

Reoffer: MS FlatIssue date: 17th Jan 2018

2.5% $1.5bn bmk due Jan 2021Reg S / 144A

Reoffer: MS+27 bps / T+45,9 bpsIssue date: 25th Jan 2018

(1) Benchmark issued in 2017 are summarized in the appendices (slide 26)

1,625% £500M bmk due Dec 2023

Reoffer: UKT Sept 23 + 55bpsIssue date: 21st March 2018

18Source: Bloomberg (update 8 February 2018)

Funding & LiquidityState Guaranteed Bonds Secondary Market Levels

Spread vs MS (bps)Spread vs MS (bps)

EUR USD

19

Fixed Income Investor Presentation

2013 Funding Government Guarantee

1. Key Terms

2. Mechanism

20(1) 2013 funding guarantee agreement available on www.dexia.com/EN/shareholder_investor/dexia_debt/2013_state_guarantee/Documents/garantie_2013_EN.pdf(2) Guaranteed obligations denominated in foreign currencies are converted into their euro equivalent amount on the date any new eligible financings are issued or entered into(3) Rating reports: S&P (24/01/2013), Moody’s (18/02/2013 and 11/03/2014) and Fitch (25/10/2012, 26/03/2014 and 04/01/2017)

2013 Funding State GuaranteeKey Terms

European Commission: 28 December 2012

Belgium: Royal Decree of 18 October 2011 granting theState’s guarantee for certain commitments of Dexia CréditLocal SA, as amended by the Royal Decree of 19 December2012 and ratified by the Law of 17 June 2013

France: article 4 of the finance law n° 2011-1416 of 2November 2011, as amended by the finance law for 2012 of29 December 2012

Luxembourg: law of 16 December 2011

Effective as of 24 January 2013; replaces the 2011Guarantee

Maximum maturity of 10 years for securities issued under theguarantee and extended issuance period till 31 December2021

In agreement with the European Commission, fees paid onthe outstanding guaranteed under the 2013 scheme set at 5bps

Confirmation of 0% RW for State Guaranteed debt byNational Bank of Belgium and French banking supervisor(ACPR)

Eligible as HQLA level 1 under the EU Delegated Act on theLiquidity Coverage Ratio

Guarantee governed by Belgian Law

Framework

Explicit State guarantee1 granted to Dexia Crédit Local and DCL New York Branch

Limit of EUR 85 billion in principal2; interests and incidental amounts due are guaranteed beyond this limit

Shared 51.41% Belgium (AA / Aa3 / AA-), 45.59% France (AA / Aa2 / AA), 3.00% Luxembourg (AAA / Aaa / AAA)

Several, not joint, first demand, unconditional, irrevocable

2013 State guarantee rated AA / Aa3 / AA- and A-1+ / P- 1 / F1+3

Key terms of the funding State Guarantee

Governmental and Parliamentary Approvals

Jurisdiction

21

2013 Funding State GuaranteeMechanism

Eligible Financing : funding raised in the form ofsecurities and financial instruments, deposits orborrowings (Deposits, CP, CD, Notes, Bonds, Loans,Interbank Overdraft and Fiduciary Deposits)

Eligible Investors : Qualified Investors (as perEuropean Directive), Qualified Institutional Buyers,Accredited Investors, Central Banks, Credit Institutions(as per European Directive), social security andassimilated organizations, state-owned enterprises,public or semi public authorities, supranational andinternational institutions, financial holding companies,investments firms, other approved or regulated,financial institutions, insurance companies, retirementinstitutions

Available currencies : EUR, USD, GBP, CHF, CAD,JPY

No acceleration of payment. Guarantee calls leading topayment obligations of the States only in accordance with thenormal payment schedule of the Guaranteed Obligations(“Pay as you go”)

Call by any Third-Party Beneficiary or Security Holder, or anyproxy holder, agent, settlement institution or trustee acting forthe account of the former, on the Guarantee by simple noticedelivered to each of the States within 90 days after the date ofnon-payment by DCL

Third-Party Beneficiaries or Security Holders not required, inthe context of securities and financial instruments, to exercisethe Guarantee, to make any demand against DCL, to take anyaction against DCL or to file claims in any insolvencyproceedings relating to DCL

Regular guarantee payment period of 5 days for all debtissuance except USD short term funding (< 365 days) whichmay benefit from a shorter 3 days period

Guarantee drawn up in French and in English, both languagesbeing equally binding

Guaranteed Debt outstanding to be followed on:www.nbb.be/DOC/DQ/warandia/index.htm

Process Scope

22

Fixed Income Investor Presentation

Contact Information

23

Vincent JacqmardInvestor Relations OfficerTel: +33 1 58 58 58 53 / +32 2 213 57 66vincent.jacqmard@dexia.com

Jean-Christophe RicardHead of Funding & TreasuryTel: +33 1 58 58 51 42 jean-christophe.ricard@dexia.com

Florent MassonHead of Financial CommunicationTel: +33 1 58 58 82 48florent.masson@dexia.com

Funding New York

Financial Communication

Olivier BenatarFunding Programs & Investor RelationsTel: +1 212 705 07 16olivier.benatar@dexia-us.com

Franck PibouinLong Term Funding OfficerTel: +33 1 58 58 51 46 franck.pibouin@dexia.com

Fixed Income Investor PresentationContact Information

Angela GarayLong Term Funding OfficerTel: +33 1 58 58 51 36angela.garay@dexia.com

Funding & Treasury

Dexia Crédit LocalFixed Income Investor Presentation

Appendices

25

Senior Unsecured Debt

State Guaranteed Debt

(1) A severity rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, revision or withdrawal at any time by the assigning rating agencies

AppendicesRatings1

Dexia Crédit Local

Long term Outlook Short term

Long term Outlook Short term

Fitch

Moody’s

Standard & Poor’s

AA-

(P)Aa3

AA

Stable

F1+

P-1

A-1+

Dexia Crédit Local

Fitch

Moody’s

Standard & Poor’s

BBB+

Baa3

BBB

Stable

Stable

Stable

F2

P-3

A-2

Moody’s – Counterparty Risk (CR) Assessment Baa3(cr) P-3(cr)

“In our view, Dexia Crédit Local’s liquidity has improved, as its government-guaranteed issuance programs let to a reduction of its dependence on exceptional funding mechanisms and central bank loans. As such, we have positively reassessed DCL’s stand-alone credit profile to ‘bb’ from ‘b’”

Standard & Poors – 6 July 2016

“DCL’s BCA of b2 reflects Moody’s view that the entity, which is managed in run-off mode and has avoided default thanks to the provision of extraordinary support from the governments of Belgium, France and Luxembourg is slowly and progressively improving its risk profile by de-risking its large balance sheet of EUR 230 billion at year-end 2015, while maintaining the operational continuity of the group.”

Moody’s – 18 April 2016

“Regulatory capital is gradually eroded through the yearly negative net results. The 2012 capital injection had been calibrated as such to cover for the combination of reported net losses and anticipated reduction in weighted risks. Capitalisation should therefore remain sufficient if DCL’s resolution goes according to plan.”

Fitch – 15 March 2016

26

Appendices2017 State Guaranteed Public Benchmarks

State Guaranteed Benchmarks in EUR

State Guaranteed Benchmarks in USD

State Guaranteed Benchmarks in GBP

2.375% $2 bn bmk due Sept 2022Reg S / 144A

Reoffer: MS+61bps / T+68.8bpsIssue date: 20th Sept 2017

0.250% €2 bn bmk due June 2022

Reoffer: MS +9bpsIssue date: 2nd June 2017

0.625% €2 bn bmk due Feb 2024

Reoffer: MS +23bpsIssue date: 3rd Feb 2017

1% €1.5 bn bmk due Oct 2027

Reoffer: MS +16bpsIssue date: 18th Oct 2017

2.250% $1.5 bn bmk due Feb 2020Reg S / 144A

Reoffer: MS+69bps / T+91.9bpsIssue date: 18th Jan 2017

1.125% £1 bn bmk due June 2022

Reoffer: UKT +70bpsIssue date: 12th July 2017

27

Appendices8 January 2018: 7Y EUR State Guaranteed benchmark

Issuer

Issue rating

Instrument

Amount

Launch

Settlement

Maturity

Coupon

R/O spread

Dexia Crédit Local

Aa3 / AA / AA-(Moody’s / S&P / Fitch)

Senior, unsecured, unsubordinated, guaranteed

Investor by geography Investor by type

Key terms

On 9th January 2018, launch of a 7-year senior unsecured guaranteed transaction under the 2013 State GuaranteeMechanism

Books closing at short notice consecutively to investors’ strong appetite

Asset Managers accounting for 38% of the order book, Banks for 34%, followed by Central Banks with 22%

Central Banks 22%

MS flat

EUR 2,000,000,000

9 January 2018

17 January 2018

17 January 2025

0.50 %

Banks 34%

Asset Managers

38%

BeNeLux11%

Nordic 6%

Germany & Austria 24%

Pension funds &

Insurance 6%

France 34%Swiss 5%

Italy 5%

Other 1%

Asia 7%

UK & Ireland 8%

28

Appendices17 January 2018: 3Y USD State Guaranteed benchmark

Issuer

Issue rating

Instrument

Amount

Launch

Settlement

Maturity

Coupon

R/O spread

Dexia Crédit Local

Aa3 / AA / AA-(Moody’s / S&P / Fitch)

Senior, unsecured, unsubordinated, guaranteed

Investor by geography Investor by type

Key terms

On 17th January 2018, launch of a 3-year senior unsecured guaranteed transaction under the 2013 State GuaranteeMechanism

A high quality order book in excess of USD 4.2bn driven by real money demand

Asset Managers accounting for 45% of the order book, Banks for 26% and Central Banks for 24%

Central Banks 24%

MS + 27 bps / UST + 45.9 bps

USD 1,500,000,000

17 January 2018

25 January 2018

25 February 2021

2.50%, semi-annual

Banks 26%

Asset Managers

45%

UK & Ireland 18%

Nordic 10%

Asia 12%

Pension funds &

Insurance 4%

Swiss 7%US 41%

EMEA 8%

Other EU 4%

Others 1%

29

Appendices13 March 2018: GBP Dec-2023 State Guaranteed benchmark

Issuer

Issue rating

Instrument

Amount

Launch

Settlement

Maturity

Coupon

R/O spread

Dexia Crédit Local

Aa3 / AA / AA-(Moody’s / S&P / Fitch)

Senior, unsecured, unsubordinated, guaranteed

Investor by geography Investor by type

Key terms

On 13th March 2018, launch of a Dec-2023 senior unsecured guaranteed transaction under the 2013 State GuaranteeMechanism

Demand driven by central banks and official institutions (47%), the rest being split between fund managers and insurers(28%) and banks (25%)

Central Banks& Official

institutions 47%

UKT 2.25% 09/23+ 55 bps

GBP 500,000,000

13 March 2018

21 March 2018

8 December 2023

1.625%, annual

Banks 25%

UK & Ireland 48%

Asia 38%

Pension funds &

Insurance 28%

Europe 14%

30

$1bn due March 2018Coupon: 3m$Libor + 60bpsIssue date: 23rd March 2016

AppendicesPrivate Placement Activity since 2015

Selection of non-benchmark State Guaranteed transactions Private Placement Activity since 2015

2-5 Years 53%

>5 Years 25%

<2 Years 22%

EUR 54% GBP 10%

USD 36%

€150mn due May 2021Coupon: 3mEuribor+40 bpsIssue date: 13th May 2016

£100mn tap due March 2019Coupon: 1.125%

Issue date: 13th May 2016

€350mn tap due Nov 2024Coupon: 1.25%

Issue date: 27th Jan 2015

€500mn due June 2020Coupon: 3mEuribor+10 bpsIssue date: 5th June 2015

$575mn due June 2018RegS / 144A

Coupon: 3m$Libor+20 bpsIssue date: 5th June 2015

€500mn due Oct 2025Coupon: 1.25%

Issue date: 27th Oct 2015

€20mn 7-year & €20mn 8-yearCoupon : 0.075% & 0.135%Issue date: 10th Oct 2016

$500mn due Feb 2019Coupon: 3m$Libor+50bpsIssue date: 15th Feb 2017

31(1) Data as at 31 December 2017(2) Total Capital Ratio

AppendicesResults FYE 2017 – Dexia SA1

180.9 bn€

-31.8 bn€vs. 31/12/2016

Balance sheet

Decrease in RWAs offsetting the impact of the phased-in deduction of the AFS reserve

Solvency remaining sensitive to exogenous market parameters (mainly credit spreads)

20.4%

vs. 16.8% on 31/12/2016

Solvency

Net result Group share

-462 m€

Recurring elements : -302 m€

− EUR -89 m€ of taxes and contributions

− EUR -114 m€ as a result of an adjustment of accounting hedge relations

Accounting volatility : -64 m€

− Reflecting the impact of variations in market parameters and unfavourable evolution of derivatives valuation on the basis of the OIS curve

Non recurring elements : -96 m€

− Loss derived from active balance-sheet management (EUR -41 m)

− Negative impact of the unwinding of accounting hedging relationships on exposures to Puerto Rico, with a view to selling them (EUR -54 m)

Trend mainly driven by the reduction of asset portfolios (EUR -20 bn) under the effect of natural amortisation (EUR -10.9 bn) and asset disposals (EUR -9.1 bn)

Decrease of fair value of assets and derivatives (EUR -9.7 bn)

Decrease by EUR -6.5 bn of the cash collateral paid by Dexia

Increase of cash placed with central banks (EUR +7.3 bn)

32

Closed 13/03/2013

Closed 02/04/2013

Closed 06/09/2013

Closed 30/09/2013

Closed 04/10/2013

Closed 06/12/2013

Closed 19/02/2014

AppendicesDisposal Process

Main characteristicsStatus

Sale price EUR 838 million

Banque Internationale à Luxembourg

RBC Dexia Investor Services

DenizBank

Société de Financement Local

Sale price EUR 3,024 million

Balance sheet reduction of EUR ~18 billion

Closed 27/07/2012

Closed 28/09/2012

Sale price EUR 730 million

Scope of disposal excluding Legacy Division assets andholdings in Parfipar and RBC Dexia

Balance sheet reduction of EUR ~12 billion

Closed 05/10/2012

Disposal for 1 euro

No guarantee given on assets sold

Balance sheet reduction of EUR ~84 billion

Closed 31/01/2013

EUR 13.7 million

EUR 1 million

EUR 0.4 million

DKB Polska

Dexia Bail

Public LLD

Sofaxis

Domiserve

ADTS

Popular Banca Privada

EUR 136 million

EUR 2.3 million

EUR 1.2 million

Closed 3/02/2014Dexia Asset Management Sale price EUR 380 million

Disposal of major franchises

Sale priceOther disposals Status

Dexia Bank Belgium (renamed Belfius) Closed 20/10/2011 Sale price EUR ~4 billion

EUR 49.2 million

Closed 18/03/201858.9% participation in Dexia Israël Sale price EUR 82 million

Dexia Crédit LocalFixed Income Investor Presentation