Activities of the Board of Directors in 2008

The Board of Directors held twenty meetings in 2008. The directors’attendance rate at Board meetings was 86,26%

In addition to the items belonging to the ordinary competence of the Board of Directors, the Board concentrated in particular on the following matters:

• The evolution of the quotation of the Dexia share
• The budget of Dexia group for 2008;
• The acquisition project of the bank Istrobanka in Slovakia;
• The “Governance memorandum” drawn up according to the CBFA circular on good governance of financial institutions;
• The development of the activities of Denizbank two years after its acquisition;
• The supervision of the trading rooms;
• The criteria for independent directors
• The composition of the Board of Directors and its specialised committees;
• The strategic survey 2008 of Dexia;
• The discussion and the examination of the internal control report in 2007 and the approval of the audit plan for the year 2008;
• The report of the chairman of the Board of Directors of Dexia SA on the activity of the Board and on the internal control of the group in 2007;
• Examination of the report on the assessment and monitoring of risks in 2007;
• The state of progress of the ongoing procedures in the Netherlands in the framework of the file Dexia Bank Nederland (Legiolease);
• The state of progress of the ongoing procedures in the Lernout & Hauspie file;
• The shareholders plan for the employees and co-workers of the group, as well as the stock option plan for 2008;
• The strategy concerning the programme for the buyback of own shares;
• The strategy and development of the activities Financial services for individuals;
• The Dexia policy concerning the implementation of the Basle II standards and the capital adequacy ratios for Dexia under Basle II;
• The accounts of the specialised committees;
• The financial crisis linked at the “subprimes” on the U.S. markets and the evolution of the financial markets in general and its impact on the activities of FSA and Dexia;
• The capital increase on October 3, 2008 realised within the framework of the authorised capital;
• The transformation plan of Dexia group, including the transfer of FSA.