Activity of the Audit Committee in 2008

The Audit Committee met eight times in 2008 and dealt, in particular, with the following subjects:

• developments in the crisis of the financial markets and their impact on Dexia and FSA
• the results for the 1st quarter of 2008
• the 2007 compliance report and 2008 compliance action plan
• the annual report on the 2007 Internal Control and 2008 audit plan
• the report on the operation of trading rooms
• the scrutiny of the results for the 2nd quarter of 2008
• the state of implementation of the 2007 audit plan
• reporting on the activities of the compliance system
• the choice of accounting references
• the results for the 3rd quarter of 2008.