NOTICE TO THE NOTEHOLDERS

DEXIA S.p.A.

“EURO 50,000,000 FIXED RATE AND ITALIAN INFLATION INDEX LINKED NOTES” - Series N. 52 (ISIN Code XS0173438317) issued pursuant to the € 8,000,000,000 Euro Medium Term Note Programme

and

DEXIA CREDIOP S.p.A.

“DEXIA CREDIOP S.P.A. EUR 550,000,000 7 YEAR TRAGUARDO INDEX LINKED NOTES ON A BASKET OF 6 WORLD INDICES DUE 2011” – Series N. 75 (ISIN Code XS0203820237) issued pursuant to the € 8,000,000,000 Euro Medium Term Note Programme

and

DEXIA CREDIOP S.p.A.

“ISSUE OF EUR 39,000,000 DEXIA CREDIOP S&P DYNAMIC MULTI-ASSET STRATEGY INDEX LINKED 2006-2014 NOTES” – Series N. 97 (ISIN Code XS0272578369) issued pursuant to the € 8,000,000,000 Euro Medium Term Note Programme

In accordance with Condition 13 “Notices” of the relative Base Prospectus applicable to the above mentioned issues, Dexia Crediop S.p.A. (the “Issuer”) informs all the Noteholders about the termination of the appointment of International (Europe), as Calculation Agent, and the new appointment, as Calculation Agent, as follows:

Deutsche AG – London, for the issues with ISIN Code XS0173438317 (Pricing Supplement dated of 1st August 2003) and ISIN Code XS0203820237 (Pricing Supplement dated of 29th December 2004) and

JPMorgan , N.A., for the issue with ISIN Code XS0272578369 (Final Terms dated as of 29th November 2006).

Deutsche Bank AG and JPMorgan Chase Bank, N.A. will also take over as Dealer, respectively, for the bond issues with ISIN Code XS0173438317 (Pricing Supplement dated of 1st August 2003) and with ISIN Code XS0272578369 (Final Terms dated as of 29th November 2006). For further information, Noteholders shall refer to the Pricing Supplement or Final Terms and to the Supplement of the relevant Notes, available at the specified office of the Agent in Luxembourg.

Rome, 07 May 2009

Dexia Crediop S.p.A. acting as Issuer

Dexia Crediop S.p.A. Tel: +39 06 4771 1 Capitale Sociale € 450 210 000 i.v. – Registro Imprese Roma – C.F. / P.IVA: 04945821009 via Venti Settembre, 30 Fax: +39 06 4771 5952 Albo Banche n. 5288 – Aderente al Fondo Interbancario di Tutela dei Depositi 00187 Roma www.dexia-crediop.it Società Capogruppo del Gruppo Bancario Dexia Crediop, iscritto all’Albo dei Gruppi Bancari (Italia) www.dexia.com Società soggetta all’attività di direzione e coordinamento di Dexia Crédit Local