In 2006, Dexia SA's Annual General Meeting resolved to grant a maximum annual directors' remuneration of EUR 1,300,000 for their mandates.

This Meeting also authorized the Board to determine the practical procedures and individual allocation of this remuneration.

At its meeting on January 29, 2009, the Board of Directors decided to grant each director a fixed compensation of EUR 10,000 (EUR 2,500 per quarter), and directors' fees (variable compensation) of EUR 2,000 per Board meeting or specialist committee meeting.

Directors who have been in office for less than one full year shall earn a proportion of this fixed fee based on the number of quarters during which they have effectively been in office.