Obligation Caisse Nationale du Financement Local 3.875% ( FR0010398115 ) en EUR

Caisse Nationale du Financement Local

100 % ⇌

France

FR0010398115 ( en EUR )

3.875% par an ( paiement annuel )

24/11/2016 - Obligation échue

Prospectus brochure de l'obligation Caisse Francaise de Financement Local FR0010398115 en EUR 3.875%, échue

1 000 EUR

1 030 000 000 EUR

La Caisse Française de Financement Local (CFFL) est un établissement public national français qui assure le financement des collectivités territoriales et de leurs groupements.

L'émission obligataire référencée sous le code ISIN FR0010398115, émise en France par la Caisse Française de Financement Local (CFFL) ? une institution financière publique clé spécialisée dans le financement des collectivités territoriales françaises ? représente un instrument de dette libellé en EUR d'une taille totale de 1 030 000 000,00 EUR, offrant un taux d'intérêt annuel fixe de 3,875% et accessible avec une taille minimale à l'achat de 1 000,00 EUR, laquelle est arrivée à maturité le 24 novembre 2016 et a été intégralement remboursée à 100% de son prix nominal sur le marché, complétant ainsi son cycle d'investissement.

Final Terms dated 22 October 2008

DEXIA MUNICIPAL AGENCY
(the "Issuer")
Euro 75,000,000,000
Euro Medium Term Note Programme
for the issue of Obligations Foncières
Due from one month from the date of the original issue

SERIES NO: 308
TRANCHE NO: 2
Euro 30,000,000 3.875 per cent. Obligations Foncières due 24 November 2016 to be
assimilated (assimilables) upon listing, and form a single series with the existing Euro
1,000,000,000 3.875 per cent. Obligations Foncières due 24 November 2016

Issue Price: 90.7540 per cent. of the Aggregate Nominal Amount of the Tranche plus an
amount corresponding to accrued interest at a rate of 3.54670 per cent. of the Aggregate
Nominal Amount of the Tranche for the period from, and including, 24 November 2007 to, but
excluding, 24 October 2008

Credit Suisse Securities (Europe) Limited

The Base Prospectus referred to below (as completed by these Final Terms) has been
prepared on the basis that any offer of Obligations Foncières in any Member State of the
European Economic Area which has implemented the Prospectus Directive (2003/71/EC)
(each, a "Relevant Member State") will be made pursuant to an exemption under the
Prospectus Directive, as implemented in that Relevant Member State, from the requirement to
publish a prospectus for offers of the Obligations Foncières. Accordingly any person making
or intending to make an offer in that Relevant Member State of the Obligations Foncières may
only do so in circumstances in which no obligation arises for the Issuer or any Dealer to
publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a
prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such
offer. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of
any offer of Obligations Foncières in any other circumstances.

PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions
(the "Conditions") set forth in the Base Prospectus dated 21 July 2006 and the supplement
to the Base Prospectus dated 4 October 2006. This document constitutes the Final Terms of
the Obligations Foncières described herein for the purposes of Article 5.4 of the Prospectus
Directive (Directive 2003/71/EC) (the "Prospectus Directive") and must be read in
conjunction with the Base Prospectus dated 24 July 2008 and the supplement to the Base
Prospectus dated 1 September 2008, which together constitute a base prospectus for the
purposes of the Prospectus Directive, save in respect of the Conditions which are extracted
from the Base Prospectus dated 21 July 2006 and the supplement to the Base Prospectus
dated 4 October 2006 and are attached hereto. Full information on the Issuer and the offer of
the Obligations Foncières is only available on the basis of the combination of these Final
Terms and the Base Prospectus dated 21 July 2006 and the Base Prospectus dated 24 July
2008 and the supplement to the Base Prospectus dated 1 September 2008. The Base
Prospectus and the supplement to the Base Prospectus are available for viewing at the office
of the Fiscal Agent or each of the Paying Agents, on the website of the Luxembourg Stock
Exchange (www.bourse.lu), or otherwise in accordance with the provisions of Article 14 of the
Prospectus Directive, and copies may be obtained from Dexia Municipal Agency, Tour Dexia,
La Défense 2 - 1, passerelle des Reflets, TSA 92202 - 92919 La Défense Cedex, France.
For the avoidance of doubt, the Obligations Foncières do not, and are not intended to
benefit from any state guarantee.

1
Issuer: Dexia
Municipal
Agency
2
(i) Series
Number:
308

(ii) Tranche
Number:
2

The
Obligations Foncières will, upon listing
on the Luxembourg Stock Exchange, be
assimilated (assimilables), interchangeable
for trading purposes and form a single

series with the existing Euro 1,000,000,000
3.875 per cent. Obligations Foncières due
24 November 2016
3
Specified Currency or Currencies:
Euro
4
Aggregate Nominal Amount:

(i) Series:
1,030,000,000

(ii) Tranche:
30,000,000
5
Issue Price:
90.7540 per cent. of the Aggregate Nominal
Amount plus an amount corresponding to
accrued interest at rate of 3.546790 per
cent. of such Aggregate Nominal Amount for
the period from, and including,
24
November 2007 to, but excluding, the Issue
Date
6
Specified Denominations:
Euro ("EUR") 1,000
7
(i)
Issue Date:
24 October 2008

(ii)
Interest Commencement Date:
24 November 2007
8
Maturity Date:
24 November 2016
9
Interest Basis:
3.875 per cent. per annum Fixed Rate
10
Redemption/Payment Basis:
Redemption at par
11
Change of Interest or Redemption/Payment Not Applicable
Basis:
12
Call Options:
None
13
(i) Status of the Obligations Foncières:
Obligations Foncières

(ii) Dates of the corporate authorisations for
Decision of the Directoire
of Dexia
issuance of Obligations Foncières obtained:
Municipal Agency dated 16 October 2008
deciding the issue of the Obligations
Foncières and authorizing Mr François
Laugier, President or any of its Directeurs
Généraux
to sign and execute all
documents in relation to the issue of the
Obligations Foncières.
14
Method of distribution:
Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
15 Fixed
Rate
Obligation Foncière Provisions
Applicable

(i)
Rate of Interest:
3.875 per cent. per annum payable annually
in arrear

(ii)
Interest Payment Date(s):
24 November in each year, commencing on
and including 24 November 2008 to and

including the Maturity Date

(iii)
Fixed Coupon Amount :
EUR 38.75 per Obligation Foncière of EUR
1,000 in nominal amount in respect of each
Interest Payment Date

(iv)
Broken Amount(s):
Not Applicable

(v)
Day Count Fraction (Condition 5(a)):
Actual/Actual (ICMA ) (unadjusted)

(vi) Determination
Date(s)
(Condition 5(a)):
24 November

(vii)
Other terms relating to the method of

calculating interest for Fixed Rate
Obligations Foncières:
Not Applicable
16
Floating Rate Provisions
Not Applicable
17 Zero
Coupon
Obligation Foncière Provisions
Not Applicable
18
Index Linked Interest Obligation
Not Applicable
Foncière /other variable-linked interest
Obligations Foncières Provisions
19 Dual
Currency
Obligation Foncière Provisions
Not Applicable
PROVISIONS RELATING TO REDEMPTION

20 Call
Option
Not Applicable
21 Other
Option
Not Applicable
22
Final Redemption Amount of each Obligation
EUR 1,000 per Obligation Foncière of EUR
Foncière
1,000 Specified Denomination
23 Early
Redemption
Amount

Early Redemption Amount(s) of each Obligation
Foncière payable on redemption for taxation
reasons or on any early redemption and/or the
method of calculating the same (if required or if
different from that set out in the Conditions):
Not Applicable
GENERAL PROVISIONS APPLICABLE TO THE OBLIGATIONS FONCIÈRES
24
Form of Obligations Foncières: Dematerialised
Obligations Foncières

(i) Form of Dematerialised Obligations
Bearer dematerialised form (au porteur)
Foncières:

(ii) Registration
Agent:
Not
Applicable

(iii) Temporary Global Certificate:
Not Applicable

(iv) Applicable TEFRA exemption:
Not Applicable
25
Financial Centre(s) (Condition 7(h)) or other
TARGET
special provisions relating to Payment Dates:

(i) Adjusted Payment Date (Condition 7(h)):
The following business day
26
Talons for future Coupons or Receipts to be
Not Applicable
attached to definitive Materialised Obligations

Foncières (and dates on which such Talons
mature):
27
Details relating to Partly Paid Obligations
Not Applicable
Foncières: amount of each payment comprising
the Issue Price and date on which each payment
is to be made and consequences (if any) of failure
to pay
28
Details relating to Instalment Obligations
Not Applicable
Foncières: amount of each instalment, date on
which each payment is to be made:
29
Redenomination, renominalisation and
Not Applicable
reconventioning provisions:
30
Consolidation provisions:
Not Applicable
31
Representation of holders of Obligations
Applicable
Foncières - Masse (Condition 10):
The initial Representative will be:
Antoine de Chauveron
23, avenue Foch
75016 Paris
The alternate Representative will be:
Laurent Valery Radot
23, avenue Foch
75016 Paris
The Representative will not be remunerated
32
Other final terms:
Not Applicable

DISTRIBUTION

33
(i)
If syndicated, names and addresses of
Not Applicable
Managers and underwriting
commitments:
34
If non-syndicated, name and address of Dealer:
Credit Suisse Securities (Europe) Limited
One Cabot Square
London E14 4QJ
35
Total commission and concession:
Not Applicable
36
Additional selling restrictions:
France:
The Dealer and the Issuer has represented
and agreed that:
(i) it has not offered or sold and will not
offer or sell, directly or indirectly, any
Obligations Foncières to the public in
France;
(ii) it has not distributed or caused to be
distributed and will not distribute or cause
to be distributed to the public in France,

the Base Prospectus, its supplements, the
Final Terms or any other offering material
relating to the Obligations Foncières; and
such offers, sales and distributions have
been and will be made in France only to
qualified investors (investisseurs qualifiés),
as defined in, and in accordance with,
Articles L. 411-1, L. 411-2, D. 411-1 to
D.
411-3 of the French Monetary and
Financial Code but excluding individuals
referred to in Article D.411-1 II 2° of the
French Monetary and Financial Code
37
Non-exempt Offer:
Not Applicable
PURPOSE OF FINAL TERMS
These Final Terms comprise the final terms required for issue and admission to trading on the
Regulated Market of the Luxembourg Stock Exchange of the Obligations Foncières described herein
pursuant to the Euro 75,000,000,000 Euro Medium Term Note Programme of Dexia Municipal Agency.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:
Duly represented by:

PART B OTHER INFORMATION
1. RISK FACTORS
Not Applicable
2. LISTING AND ADMISSION TO TRADING

Application has been made by the Issuer (or on its behalf) for the Obligations Foncières
to be listed on the official list of the Luxembourg Stock Exchange and admitted to trading
on the regulated market of the Luxembourg Stock Exchange with effect from 24 October
2008.
The existing EUR 1,000,000,000 3.875 per cent. Obligations Foncières due 24
November 2016 are already admitted to trading on the regulated market of the
Luxembourg Stock Exchange

3. RATINGS
Ratings: Applicable:
Obligations Foncières to be issued under the
Programme are expected to be rated AAA by
Standard & Poor's Rating Services and Fitch
Ratings and Aaa by Moody's Investors
Services, Inc.

4. SPECIFIC CONTROLLER
The specific controller (contrôleur spécifique) of the Issuer has certified that the value
of the assets of the Issuer will be greater than the value of its liabilities benefiting from
the privilège defined in Article L. 515-19 of the French Monetary and Financial Code,
after settlement of this issue and of the issues which have been the subject of previous
attestations.
5. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE OFFER
Save as disclosed in "Subscription and Sale", so far as the Issuer is aware, no person
involved in the offer of the Obligations Foncières has an interest material to the offer."
6. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL
EXPENSES

(i) Reasons for the offer:
See "Use of Proceeds" wording in Prospectus

(ii) Estimated net proceeds:
EUR 28,290,236.89

(iii) Estimated total
EUR 700.00
expenses:

7. Fixed Rate Obligations Foncières only YIELD
Indication of yield:
5.31 per cent. per annum
Calculated at the Issue Date in accordance with the ICMA
method, which determines the effective interest rate of the
Obligations Foncières taking into account accrued interest
on a daily basis on the Issue Date.
As set out above, the yield is calculated at the Issue Date
on the basis of the Issue Price. It is not an indication of
future yield.
8. OPERATIONAL
INFORMATION
ISIN Code:
FR0010398115
Common Code:
027596894
Depositaries:

(i)
Euroclear France to act as Central Yes
Depositary:
(ii)
Common Depositary for Euroclear Bank
S.A./N.V. and Clearstream, Luxembourg:
No
Any clearing system(s) other than Euroclear and
Clearstream, Luxembourg and the relevant
identification number(s):
Not Applicable
Delivery:
Delivery against payment
The Agents appointed in respect of the Obligations Fiscal Agent, Principal Paying Agent and
Foncières are:
Luxembourg Listing Agent:
Dexia Banque Internationale à Luxembourg,
socitété anonyme
69, route d'Esch
L-1470 Luxembourg
Grand-Duchy of Luxembourg
Paying Agents:
Dexia Bank Belgium SA
44, boulevard Pachéco
B-1000 Brussels
Belgium
RBC Dexia Investor Services Bank France
S.A.
105, rue Réaumur
75002 Paris
France

Name and address of the Calculation Agent:
Not Applicable
Names and addresses of additional Paying

Agent(s) (if any):
Not Applicable
The aggregate principal amount of Obligations
Not Applicable
Foncières issued has been translated into Euro at
the rate of [currency] per Euro 1.00, producing a
sum of:

TERMS AND CONDITIONS OF THE OBLIGATIONS FONCIÈRES

For the purpose of these Terms and Conditions, "Regulated Market" means any regulated market
situated in a Member State of the European Economic Area ("EEA") as defined in the Investment
Services Directive 93/22/EEC and as listed on the website of Europa
(http://www.europa.eu.int/comm/internal market/en/finances/mobil/isd).
References below to "Conditions" are, unless the context requires otherwise, to the numbered
paragraphs below.
1
Form, Denomination, Title and Redenomination
(a)
Form: Obligations Foncières may be issued either in dematerialised form
("Dematerialised Obligations Foncières") or in materialised form ("Materialised
Obligations Foncières").
(i)
Title to Dematerialised Obligations Foncières will be evidenced in accordance
with Article L. 211-4 of the French Monetary and Financial Code by book
entries (inscriptions en compte). No physical document of title (including
certificats représentatifs pursuant to Article R.211-7 of the French Monetary and
Financial Code) will be issued in respect of the Dematerialised Obligations
Foncières.
Dematerialised Obligations Foncières are issued, at the option of the Issuer and
as specified in the final terms (the "Final Terms"), in either bearer
dematerialised form (au porteur), in which case they are inscribed in the books
of Euroclear France ("Euroclear France") (acting as central depositary) which
shall credit the accounts of Account Holders, or in registered dematerialised
form (au nominatif) and, in such latter case, at the option of the relevant holder
in either administered registered form (nominatif administré) inscribed in the
books of an Account Holder or in fully registered form (au nominatif pur)
inscribed in an account in the books of Euroclear France maintained by the
Issuer or a registration agent (designated in the relevant Final Terms) acting on
behalf of the Issuer (the "Registration Agent").
For the purpose of these Conditions, "Account Holder" means any authorised
financial intermediary institution entitled to hold accounts, directly or indirectly,
on behalf of its customers with Euroclear France, and includes Euroclear Bank
S.A./N.V. ("Euroclear") and the depositary bank for Clearstream Banking,
société anonyme ("Clearstream, Luxembourg").