La Défense, 10 th July 2017

Dexia Credit Local decided to issue on 12 th July 2018 - GBP 125,000,000 - Fixed Rate Notes due June 2022 guaranteed by the States of Belgium, France and Luxembourg to be assimilated to the GBP 1,000,000,000 issued on 12 July 2017.

The Information Memorandum dated 25 June 2018 relating to the Guaranteed Euro Medium Term Notes Programme benefitting from an unconditional and irrevocable first demand guarantee by the States of Belgium, France and Luxembourg, approved by the Luxembourg Stock Exchange is available on the website of the Luxembourg Stock Exchange ( www.bourse.lu ), at the registered office of the issuer: Tour CBX La Défense 2 - 1, Passerelle des Reflets - TSA 92 202 - 92919 La Défense Cedex, France, and at the office of the Paying Agent. The Pricing Supplement relating to the issue will be available on the website of the Luxembourg Stock Exchange ( www.bourse.lu ), at the office of the issuer: Tour CBX La Défense 2 - 1, Passerelle des Reflets - TSA 92 202 - 92919 La Défense Cedex, France, and at the office of the Paying Agent.

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