Dexia : Dexia : Execution of the definitive funding guarantee agreement by the Belgian, French and Luxembourg States

Dexia : Dexia : Execution of the definitive funding guarantee agreement by the
                    Belgian, French and Luxembourg States

Regulated information * - Brussels, Paris, 24 January 2013 - 18.00

Execution of the definitive funding guarantee agreement by the Belgian, French
and Luxembourg States

The French, Belgian and Luxembourg States have entered into a several but  not 
joint definitive funding guarantee agreement  in favour of Dexia Crédit  Local 
(main issuer and main operating entity of the group). As was the case for  the 
EUR 5.5 billion  capital increase  of 31 December  2012 subscribed  to by  the 
French and Belgian States, this guarantee reflects the States' active  support 
for the revised orderly resolution plan for the Dexia Group.

This definitive guarantee agreement is effective immediately. It replaces  the 
temporary guarantee  dated  December  16, 2011  which  is  terminated  without 
retroactive effect and  without prejudice  to any rights  arising pursuant  to 
guaranteed obligations entered into  or issued prior  to the effectiveness  of 
the definitive guarantee.

As indicated in the press release dated 31 December 2012, the guarantee  limit 
is EUR 85 billion in principal^[1],  including funding already covered by  the 
temporary guarantee of 2011 (amounting to EUR 53.6 billion in principal as  of 
18 January, 2013). The States' guarantee obligations are allocated as follows:
51.41% for Belgium (corresponding to a maximum amount of EUR 43.6985 billion),
45.59% for France (corresponding to a  maximum amount of EUR 38.7515  billion) 
and 3% for Luxembourg (corresponding to a maximum amount of EUR 2.55 billion).
The  guarantee  covers  debt,  in   the  form  of  securities  and   financial 
instruments, deposits and borrowings,  with a maximum  maturity of ten  years, 
issued  between  the  date   hereof  and  31   December  2021  to   qualified, 
institutional and professional investors within  the meaning of the  guarantee 
agreement.

The definitive funding guarantee agreement is available on Dexia's website:
http://www.dexia.com/EN/shareholder_investor/dexia_debt/ratings/Pages/default.aspx

As was  the  case  for  the  2011 temporary  guarantee,  in  order  to  be  as 
transparent as possible, the outstanding amount of the guaranteed debt will be
disclosed on  a  daily basis  on  the website  of  the Belgian  National  Bank 
(http://www.nbb.be/DOC/DQ/warandia/index.htm).  The   rating   of   guaranteed 
programmes for CDs  (certificates of deposit)  and TMTN (tradable  medium-term 
notes) of Dexia Crédit Local, of F1+, AA/F1+ (Fitch) and AA et A-1+  (Standard 
& Poor's) respectively is unchanged.

* Dexia  is a  limited company  listed on  a regulated  market  (NYSE-Euronext 
Brussels and NYSE-Euronext Paris). This press release contains information the
dissemination of which is governed by the Royal Decree dated 14 November  2007 
relating to the obligations  of issuers of financial  instruments listed on  a 
regulated market.

For more information: www.dexia.com

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[1] It being understood that any interest or incidental amounts due on the
amount in principal are guaranteed above such ceiling

Press Release

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