Dexia Crédit Local Fixed Income Investor Presentation

March 2018

2

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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 matters

relating 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 qualified

investors (investisseurs qualifiés) as defined in Article L411-2 of the French Monetary and Financial Code (code monétaire et financier), (v) who

are 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 the

Finnish Investment Funds Act 48/1999 and as (b) “qualified investors” under the Finnish Securities Markets Act 746/2012 (all such persons

together being referred to as "relevant persons"). This investor presentation is directed only at relevant persons and must not be acted on relied

on 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 business

environment. By their very nature, statements contained in this document involve inherent risks and uncertainties, both general and specific, and

risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place

undue 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 limited

to, general economic conditions, general competitive factors, changes in the availability or costs of liquidity, general market conditions, changes in

laws and regulations (including accounting principles), changes in the policies of regulatory authorities, changes in interest rates and/or exchange

rates. In any event, forward-looking statements made herein speak only as to the date on which they are made, and Dexia does not undertake

any 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 directly

comparable with the financial information of the Dexia Credit Local Group. Apart from in relation to Dexia Credit Local itself, investors will not have

any 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 SA

Group have no obligation, contingent or otherwise, to pay amounts due under the Notes or to make funds available to Dexia Credit Local for these

payments.

Fixed Income Investor Presentation Disclaimer

3

Fixed Income Investor Presentation Agenda

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 Profile

1. Overview

2. A Group in Orderly Resolution

5 (1) 31 December 2017

Dexia Group Profile Overview

Mandate

Balance sheet1

Shareholding structure

Staff1

Status

Dexia SA

99.5% 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 Profile A 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 the management 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, French and Luxembourg States on 24 January 2013

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

EUR 5.5 billion capital increase aimed at providing sufficient capital base to carry the Group’s residual assets and to meet regulatory capital requirements over the period of the resolution plan

Capital increase of Dexia SA subscribed by Belgian and 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%1 Group Restructuring

Group Resolution

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

7

Fixed Income Investor Presentation

Dexia Crédit Local, Issuer of the Group

1. Simplified Organizational Chart

2. Balance Sheet

3. Capital Base

4. Run-Off Portfolio

5. Asset Quality

8 (1) Including DCL branches

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

Dexia Crédit Local, Issuer of the Group Simplified Organizational Chart

Dexia Kommunalbank Deutschland Total B/S2: EUR 27.6 bn

Dexia SA

Dexia Crédit Local1 (incl. New York, Dublin, Madrid, Lisbon branches) - Total B/S2: EUR 141.1 bn

Dexia Crediop Total B/S2: 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, Italy and Israel

9

EUR 181 bn

EUR ~127 bn

Natural asset amortization and asset disposals

EUR 246 bn

EUR 229 bn

Forecasts1 Achieved

(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

(2) Dexia Israel may continue its self-funded commercial activities with the purpose of preserving the commercial franchise until its divestment

Dexia Crédit Local, Issuer of the Group Balance Sheet

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

Total assets expected to be reduced by ~48% over the period 2014 – 2021 due to natural portfolio amortization and asset disposals, not compensated by new assets origination2

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

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

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 Group Capital Base

For illustration purpose only Achieved

Since 2014, downwards trend explained by the progressive deduction of 20% per annum of AFS reserve (last tranche 01/01/2018)

Capital measures undertaken since 2016 aiming at enhancing capital ratios

As from 2018, projections highly sensitive to assumptions on the regulatory and accounting framework such as application of IFRS 9 or regulatory treatments

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

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 Group Portfolio Breakdown

Significant share of illiquid assets

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

Portfolio reflecting Dexia’s previous positioning of former leader in public financing: significant exposure to local public sector, sovereigns and to project finance, generally linked to public sector (financing of infrastructures, 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%

US 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%

12

Dexia Crédit Local, Issuer of the Group Asset 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 in Europe

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 countries and project finance (secured financings usually not rated in the Investment Grade range)

Concentration on specific sectors and counterparts, involving a cautious risk supervision

Teams mostly composed of senior risk officers with a solid experience in risk management 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%

13

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 & Liquidity Targeted Funding Profile

Indicative1 Consolidated Funding Mix 2015-2021 For 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 funding raised under the State guarantee scheme granted by the States of Belgium, France and Luxembourg

■ Secured market funding (non guaranteed) including secured repo transactions and covered bonds (Pfandbriefe issued by DKD)

■ Deposits and non-guaranteed unsecured funding (mostly residual funding raised before 2011)

Funding Mix

EUR 212 bn

EUR 229 bn Achieved

EU

R 1

63 b

n

EU

R 1

46 b

n

EU

R ~

81 b

n

EUR ~127 bn

EUR 199 bn

EU

R 1

40 b

n

Forecasts1

15

Funding & Liquidity Funding Tool Box

State guaranteed funding Non guaranteed funding

Issuer Dexia Crédit Local

and 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 years Up 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 longer Up to 1 year

Bilateral and Triparty Repo,

Covered Bonds (Pfandbriefe)

Bilateral and Triparty Repo, Commercial Papers, Certificates

of Deposits

Capital markets Money market

Documentation EMTN

USMTN BMTN

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

EMTN GMRA

Dexia Crédit Local, DCL NY branch,

DKD and Crediop Dexia 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 & Liquidity Focus on State Guarantee Issuance

Long term funding

Short term funding

EUR USD

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 long term funding in the market for an average amount of EUR equivalent 30 billion per year

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

- Benchmark transactions to maintain liquid curves in Euro, 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

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

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

Funding & Liquidity Focus on State Guarantee Issuance

Asia 13%

Benelux 10%

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 SSA issuer

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

- EUR 9.9 bn in public benchmarks

- EUR 4 bn in private placements

EUR 19.7 billion raised in 2017 via 311 short term transactions executed under the CD and CP formats:

- Average outstanding of EUR 27 bn

- Average initial maturity above 8.4 months

Other Europe 4%

2017 State Guaranteed Benchmarks (USD, EUR, GBP)

0.250% €2 bn bmk due June 2022

Reoffer: MS +9bps Issue date: 2nd June 2017

1.125% £1 bn bmk due June 2022

Reoffer: UKT +70bps Issue date: 12th July 2017

0.625% €2 bn bmk due Feb 2024

Reoffer: MS +23bps Issue date: 3rd Feb 2017

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

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

1% €1.5 bn bmk due Oct 2027

Reoffer: MS +16bps Issue date: 18th Oct 2017

18 Source: Bloomberg (update 8 February 2018)

Funding & Liquidity State 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 Guarantee Key Terms

European Commission: 28 December 2012

Belgium: Royal Decree of 18 October 2011 granting the State’s guarantee for certain commitments of Dexia Crédit Local SA, as amended by the Royal Decree of 19 December 2012 and ratified by the Law of 17 June 2013

France: article 4 of the finance law n° 2011-1416 of 2 November 2011, as amended by the finance law for 2012 of 29 December 2012

Luxembourg: law of 16 December 2011

Effective as of 24 January 2013; replaces the 2011 Guarantee

Maximum maturity of 10 years for securities issued under the guarantee and extended issuance period till 31 December 2021

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

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

Eligible as HQLA level 1 under the EU Delegated Act on the Liquidity 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 Guarantee Mechanism

Eligible Financing : funding raised in the form of

securities and financial instruments, deposits or borrowings (Deposits, CP, CD, Notes, Bonds, Loans, Interbank Overdraft and Fiduciary Deposits)

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

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

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

Call by any Third-Party Beneficiary or Security Holder, or any proxy holder, agent, settlement institution or trustee acting for the account of the former, on the Guarantee by simple notice delivered to each of the States within 90 days after the date of non-payment by DCL

Third-Party Beneficiaries or Security Holders not required, in the context of securities and financial instruments, to exercise the Guarantee, to make any demand against DCL, to take any action against DCL or to file claims in any insolvency proceedings relating to DCL

Regular guarantee payment period of 5 days for all debt issuance except USD short term funding (< 365 days) which may benefit from a shorter 3 days period

Guarantee drawn up in French and in English, both languages being 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 Jacqmard Investor Relations Officer Tel: +33 1 58 58 58 53 / +32 2 213 57 66 vincent.jacqmard@dexia.com

Jean-Christophe Ricard Head of Long Term Funding & Structured Funding Tel: +33 1 58 58 51 42 jean-christophe.ricard@dexia.com

Hervé Foyan Djoudom Head of Cash & Liquidity Management Tel: +33 1 58 58 88 58 herve.foyandjoudom@dexia.com

Florent Masson Head of Financial Communication Tel: +33 1 58 58 82 48 florent.masson@dexia.com

Long Term Funding

Short Term Funding

Funding New York

Financial Communication

Olivier Benatar Funding Programs & Investor Relations Tel: +1 212 705 07 16 olivier.benatar@dexia-us.com

Franck Pibouin Long Term Funding Officer Tel: +33 1 58 58 51 46 franck.pibouin@dexia.com

Fixed Income Investor Presentation Contact Information

Angela Garay Long Term Funding Officer Tel: +33 1 58 58 51 36 angela.garay@dexia.com

Dexia Crédit Local Fixed 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

Appendices Ratings1

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

1.875% $1.75bn bmk due Mar 2019 Reg S / 144A

Reoffer: MS+83bps / T+85bps Issue date: 20th Jan 2016

Appendices 2016 State Guaranteed Public Benchmarks

State Guaranteed Benchmarks in EUR

State Guaranteed Benchmarks in USD

State Guaranteed Benchmarks in GBP

0.75% €1.5 bn bmk due Jan 2023

Reoffer: MS +32bps Issue date: 14th Jan 2016

1.125% £300m bmk due Feb 2019

Reoffer: UKT 03/2019 +90bps Issue date: 3rd Mar 2016

0.2% €2 bn bmk due March 2021

Reoffer: MS +25bps Issue date: 16th March 2016

0.04% €2bn bmk due Dec 2019

Reoffer: MS +13bps Issue date: 1st June 2016

1.875% $1.25bn bmk due Sept 2021 Reg S / 144A

Reoffer: MS+79bps / T+80bps Issue date: 15th Sept 2016

0.875% £500m bmk due Sept 2021

Reoffer: UKT +75bps Issue date: 5th Oct 2016

27

Appendices 18 January 2017: 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 10th January 2017, launch of a 3-year senior unsecured guaranteed transaction under the 2013 State Guarantee Mechanism

Strong investors interests, allowing to close the books with a final pricing of MS+69bps

Central banks accounting for 35% of the order book, Asset Managers for 34% and Banks for 27%

Central Banks 35%

MS + 69 bps / UST + 91,9 bps

USD 1,500,000,000

10 January 2017

18 January 2017

18 February 2020

2.250%, semi-annual

Banks 27%

Asset Managers

34%

UK & Ireland 19%

Nordic 12%

Asia 10%

Pension funds &

Insurance 4%

Swiss 5%

US 41%

EMEA 10%

Other EU 3%

28

Appendices 03 February 2017: 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 26th January 2017, launch of a 3-year senior unsecured guaranteed transaction under the 2013 State Guarantee Mechanism

Strong geographical granularity of the order book

Banks accounting for 42% of the order book, Central Banks for 25% and Asset Managers for 25%

Central Banks 25%

MS + 23 bps

EUR 2,000,000,000

26 January 2017

03 February 2017

03 February 2024

0.625 %

Banks 42%

Asset Managers

25%

BeNeLux18%

Nordic 9%

Germany & Austria 30%

Pension funds &

Insurance 8%

France 13% Swiss 4%

Southern Europe 12%

Other 1%

Asia 10%

UK & Ireland 3%

29

Appendices 16 May 2017: 5Y 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 24th May 2017, launch of a 5-year senior unsecured guaranteed transaction under the 2013 State Guarantee Mechanism

Great granularity of the order book

Strong interest from Banks (34%), Asset Managers (32%) and Central Banks & Official Institutions (25%)

Asset Managers

32%

MS + 9 bps

EUR 2,000,000,000

24 May 2017

02 June 2017

02 June 2022

0.250%

Banks 34%

Germany & Austria

23%

Other 1%

Benelux13%

Central Banks & Official

Institutions25%

Pension Funds and Insurance

9%

France 25%

UK & Ireland 16%

Asia 12%

Nordics 15%

Italy 6%

Switzerland 3%

30

Appendices 12 July 2017: 5Y GBP 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 4th July 2017, launch of a 5-year senior unsecured guaranteed transaction under the 2013 State Guarantee Mechanism

High quality of the order book, in a challenging market environment

Order book composed of Fund Managers (47%), Banks (32%) and Central Banks & Official Institutions (14%)

Fund Managers

47%

GILT + 70 bps

GBP 1,000,000,000

4 July 2017

12 July 2017

15 June 2022

1.125%

Banks 32%

UK 76%

Other Europe

13%

Asia 6%

CB & OI 14%

Insurance & Pension Fund 7%

Switzerland 5%

31

Appendices 20 September 2017: 5Y 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 12th September 2017, launch of a 5-year senior unsecured guaranteed transaction under the 2013 State Guarantee Mechanism

Strong investors’ demand for the transaction, with a significant over supply

Order book composed of Fund Managers (39%), Central Banks & Official Institutions (29%), followed by Banks (28%), with a large geographic distribution

Fund Managers

39% MS + 61 bps

USD 2,000,000,000

12 September 2017

20 September 2017

20 September 2022

2.375%

Banks 28%

USA 38%

Europe 18%

Middle East & Africa 3%

CB & OI 29%

Insurance & Pension Fund 3%

Switzerland 3% Other 1%

Asia 21%

UK 17%

32

Appendices 18 October 2017: 10Y 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 10th October 2017, launch of a 10-year senior unsecured guaranteed transaction under the 2013 State Guarantee Mechanism

Order book highly oversubscribed

Strong recognition among a strong buy and hold investor base

Order book composed of Fund Managers (36%), Banks (35%), Central Banks & Official Institutions (23%), benefitting from a large geographic distribution

Fund Managers

36% MS + 16 bps

EUR 1,500,000,000

10 October 2017

18 October 2017

18 October 2027

1%

CB & OI 23%

Germany & Aust.

26%

UK & Ir. 14%

Other 2%

Banks 35%

Insurance & Pension Fund 6%

Rest of Europe 3%

Asia 1%

Benelux 15%

Switzerland 6%

France 19%

33

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

Appendices Private 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 2021

Coupon: 3mEuribor+40 bps

Issue date: 13th May 2016

£100mn tap due March 2019 Coupon: 1.125%

Issue date: 13th May 2016

€350mn tap due Nov 2024 Coupon: 1.25%

Issue date: 27th Jan 2015

€500mn due June 2020

Coupon: 3mEuribor+10 bps

Issue date: 5th June 2015

$575mn due June 2018 RegS / 144A

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

€500mn due Oct 2025 Coupon: 1.25%

Issue date: 27th Oct 2015

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

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

34 (1) Data as at 31 December 2017

(2) Total Capital Ratio

Appendices Results 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)

35

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

Appendices Disposal Process

Main characteristics Status

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

Disposal of major franchises

Sale price Other disposals Status

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

EUR 49.2 million

Dexia Crédit Local Fixed Income Investor Presentation