RubricCOMPLEX STRUCTURES - DIFFICULT TO RESOLVE

Dexia's structure Associated Dexia SA (DSA) Technology DBNL Services (ADTS)

100% 100% Belgium 100% Netherlands DCL Paris Deniz

DCL London DHI Branch Dexia CBX IA1 SARL, DCL Global Dexia Banque Dexia Credit Local Holdings Inc Dexia FP (FP) Dexia Bank Banque, Funding (GF) Internationale a (DzB) (DCL) (DHI) Belgium (DBB) Luxembourg (BIL) CBX IA2 SARL, 100% Belgium 100% US 100% Belgium Banque, 100% France 99.8% Belgium 99.8% Luxembourg 99.8% Turkey DCL France

Dexia RBC Dexia Dexia Asset Dexia Dexia Sabedell Kommunalbank Dexia Municipal Other Dexia Insurance Investor DenizEmeklilik Management (Crediop) (Sabadell) Deutschland Agency (DMA) subsidiaries Belgium (DIB) Services (DzE) (DAM) (DKD) (RBCD)

100% Turkey 70% Italy 60% Spain 100% Germany 100% France 100% Various 99.8% Belgium 100% Belgium 50% Belgium

International French Small DCL France - subsidiaries Dublin DCL East Subsidiaries DCL France 100% Various DCL America 100% France

DCL Dublin Chuo Mitsui Dexia Real Estate DCL Canada DKB Polska Dexia Capital Markets DCL NY branch branch SPV branch (DCL Varsovie) Domiserve Domiserve Locatoin (DRECM) Sofaxis Exterimmo longue SA + duree, (LLD- Dexia Credit DCL Grand Dexia CAD Dexia Local Asia Pacific Funding LLC Kommunalkredit JV) DCL Tokyo Cayman Dexia Pty (Dexia Pacific (Dexia US Bank AG (DCL Dexia CLF branch Securities) Vienne) SISL Regions Dexial Bail / China) Flobail Immobilier Dexia Dexia Credit Dexia Delaware Bail Management Local Mexico SA CLF Banque LLC (Dexia US Services Ltd de CV (DCL DCL Israel (DMS UK) Mexico) Securities) Rubric HIGH INTERCONNECTEDNESS BETWEEN CCPs & GSIBs

ICE Europe CME LCH Clearnet ICE CC HSBC Goldman Sachs EUREX Clearing Morgan Stanley BNP Paribas JP Morgan Chase Citi Bank UBS

Bank of America