Article 2

Belgium, France and Luxembourg shall respect all the commitments and conditions set out in Annex I to this decision within the time limits fixed.

Before making any payment of coupons on hybrid Tier 1 or upper Tier 2 instruments issued before 1 February 2010, and at the latest two weeks before the start of the notification period for the payment of the coupon to investors, Dexia shall notify the Commission, until 31 December 2011, of its intention to pay such a coupon and shall demonstrate that this payment:

1. (i)

   is mandatory;

2. (ii)

   cannot be deferred;

3. (iii)

   is not discretionary; and

4. (iv)

   is not triggered automatically by a dividend payment, whatever the form, by Dexia SA or one of its subsidiaries, with the exception of the Tier 1 issue by DFL (ISIN code XS0273230572).

The Commission reserves the right not to authorise such a payment if any of the four cumulative conditions set out above is not satisfied.