Bond Caisse Française de Financement Locatif 4.558% ( FR0010925073 ) in EUR

Issuer Caisse Française de Financement Locatif
Market price 100 %  ⇌ 
Country  France
ISIN code  FR0010925073 ( in EUR )
Interest rate 4.558% per year ( payment 1 time a year)
Maturity 27/07/2029 - Bond has expired



Prospectus brochure of the bond Caisse Francaise d.Financ.Loc FR0010925073 in EUR 4.558%, expired


Minimal amount /
Total amount /
Detailed description Caisse Française de Financement Local is a French public financial institution providing financing to local authorities.

The Bond issued by Caisse Française de Financement Locatif ( France ) , in EUR, with the ISIN code FR0010925073, pays a coupon of 4.558% per year.
The coupons are paid 1 time per year and the Bond maturity is 27/07/2029







DEXIA MUNICIPAL AGENCY
Euro 75,000,000,000 Euro Medium Term Note Programme
for the issue of Obligations Foncières
Due from one month from the date of original issue
Under the Euro Medium Term Note Programme described in this Base Prospectus (the "Programme"), Dexia Municipal Agency (the "Issuer" or "Dexia MA"), subject to compliance with
all relevant laws, regulations and directives, may from time to time issue obligations foncières (the "Obligations Foncières"). The aggregate nominal amount of Obligations Foncières
(issued under the Programme) outstanding will not at any time exceed Euro 75,000,000,000 (or the equivalent in other currencies).
This Base Prospectus replaces and supersedes the Base Prospectus dated 10 July 2009.
This Base Prospectus constitutes a prospectus as defined in Article 5.4 of Directive 2003/71/EC (the "Prospectus Directive").
Application has been made to the Commission de surveillance du secteur financier (the "CSSF") in Luxembourg for approval of this Base Prospectus and application may be made for the
notification of a certificate of approval to be released to the competent authorities of other Member States of the EEA, both approval and notification being made in its capacity as competent
authority under the loi relative aux prospectus pour valeurs mobilières dated 10 July 2005 which implements Directive 2003/71/EC of 4 November 2003 on the prospectus to be published
when securities are offered to the public or admitted to trading.
Application has been made to the Luxembourg Stock Exchange for Obligations Foncières issued under the Programme during a period of 12 months from the date of this Base Prospectus 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. The Luxembourg Stock Exchange is a
regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EEC (a "Regulated Market"). The Regulated Market is governed by Directive 2004/39/EC on
markets in financial instruments (hereinafter referred to as a "Regulated Market"). Application may also be made to the competent authority of any other Member State of the EEA for
Obligations Foncières issued under the Programme to be listed and admitted to trading on any other Regulated Market in such Member State.
Application will be made in certain circumstances to list Obligations Foncières under the Programme on the Luxembourg Stock Exchange. Obligations Foncières which are not admitted to
trading on a Regulated Market, or which are not offered to the public, in a Member State of the EEA may be issued under the Programme and may also be listed on an alternative stock
exchange or may not be listed at all. The relevant final terms (the "Final Terms") (forms of which are contained herein) in respect of the issue of any Obligations Foncières will specify
whether or not such Obligations Foncières will be admitted to trading and/or offered to the public and, if so, the relevant Regulated Market in the EEA and/or the Member State(s) in the
EEA where the Obligations Foncières will be offered to the public and will be published, if relevant and if required by any applicable regulation, on the website of the Regulated Market
where the admission to trading is sought.
Obligations Foncières may be issued either in dematerialised form ("Dematerialised Obligations Foncières") or in materialised form ("Materialised Obligations Foncières") as more
fully described herein.
Dematerialised Obligations Foncières will at all times be in book entry form in compliance with Articles L. 211-3 and R. 211-1 of the French Code monétaire et financier (the "French
Monetary and Financial Code"). No physical documents of title will be issued in respect of the Dematerialised Obligations Foncières.
Dematerialised Obligations Foncières may, at the option of the Issuer, be in bearer dematerialised form (au porteur) inscribed as from the issue date in the books of Euroclear France
("Euroclear France") (acting as central depositary) which shall credit the accounts of Account Holders (as defined in "Terms and Conditions of the Obligations Foncières -- Form,
Denomination, Title and Redenomination") including Euroclear Bank S.A./N.V. ("Euroclear") and the depositary bank for Clearstream Banking, société anonyme ("Clearstream,
Luxembourg") or in registered dematerialised form (au nominatif) and, in such latter case, at the option of the relevant holder, in either fully registered form (nominatif pur), in which case
they will be inscribed with a registration agent (appointed in the relevant Final Terms) for the Issuer, or in administered registered form (nominatif administré) in which case they will be
inscribed in the accounts of the Account Holders designated by the relevant holders of Obligations Foncières.
Materialised Obligations Foncières will be in bearer materialised form only and may only be issued outside France. A temporary global certificate in bearer form without interest coupons
attached (a "Temporary Global Certificate") will initially be issued in connection with Materialised Obligations Foncières. Such Temporary Global Certificate will be exchanged for
definitive Materialised Obligations Foncières in bearer form with, where applicable, coupons for interest attached on or after a date expected to be on or about the 40th day after the issue
date of the Obligations Foncières (subject to postponement as described in "Temporary Global Certificates issued in respect of Bearer Materialised Obligations Foncières") upon
certification as to non-U.S. beneficial ownership as more fully described herein.
Temporary Global Certificates will (a) in the case of a Tranche (as defined in the section "Summary of the Programme-Method of Issue") intended to be cleared through Euroclear and/or
Clearstream, Luxembourg, be deposited on the issue date with a common depositary on behalf of Euroclear and Clearstream, Luxembourg and (b) in the case of a Tranche intended to be
cleared through a clearing system other than or in addition to Euroclear and/or Clearstream, Luxembourg or delivered outside a clearing system, be deposited as agreed between the Issuer
and the relevant Dealer (as defined below).
It is expected that the Obligations Foncières issued under the Programme will be rated AAA by Standard & Poor's Rating Services and Fitch Ratings, and Aaa by Moody's Investors
Services, Inc. The rating will be specified in the relevant Final Terms. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or
withdrawal at any time by the assigning rating agency.
The final terms of the Obligations Foncières will be determined at the time of the offering of each Tranche based on then prevailing market conditions and will be set out in the relevant
Final Terms.
Arrangers
Deutsche Bank
Morgan Stanley
Dealers
Barclays Capital
BNP PARIBAS
Commerzbank
Crédit Agricole CIB
Credit Suisse
Deutsche Bank
Dexia Capital Markets
Goldman Sachs International
J.P. Morgan
Morgan Stanley
NATIXIS
Nomura International
Société Générale Corporate & Investment Banking
The Royal Bank of Scotland
UBS Investment Bank
Uni CreditBank
The date of this Base Prospectus is 2 July 2010.


This Base Prospectus is to be read in conjunction with all documents which are incorporated herein by
reference in accordance with Article 28 of the European Commission Regulation No. 809/2004 dated
29 April 2004 (see "Documents Incorporated by Reference" below) and may only be used for the purposes
for which it has been published.
No person has been authorised to give any information or to make any representation other than those
contained in this Base Prospectus in connection with the issue or sale of the Obligations Foncières and, if
given or made, such information or representation must not be relied upon as having been authorised by the
Issuer or any of the Dealers or the Arrangers (as defined in "Summary of the Programme"). Neither the
delivery of this Base Prospectus nor any sale made in connection herewith shall, under any circumstances,
create any implication that there has been no change in the affairs of the Issuer since the date hereof or the
date upon which this Base Prospectus has been most recently amended or supplemented or that there has
been no adverse change in the financial position of the Issuer since the date hereof or the date upon which
this Base Prospectus has been most recently amended or supplemented or that any other information
supplied in connection with the Programme is correct as of any time subsequent to the date on which it is
supplied or, if different, the date indicated in the document containing the same.
The distribution of this Base Prospectus and the offering or sale of the Obligations Foncières in certain
jurisdictions may be restricted by law. Persons into whose possession this Base Prospectus comes are
required by the Issuer, the Dealers and the Arrangers to inform themselves about and to observe any such
restriction.
The Obligations Foncières have not been and will not be registered under the United States Securities Act of
1933 (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of
the United States and the Obligations Foncières may include Materialised Obligations Foncières in bearer
form that are also subject to U.S. tax law requirements. Subject to certain exceptions, Obligations Foncières
may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S.
persons (as defined in Regulation S under the Securities Act ("Regulation S") or in the case of Materialised
Obligations Foncières in bearer form, the U.S. Internal Revenue Code of 1986, as amended (the "U.S. Internal
Revenue Code")).
THE OBLIGATIONS FONCIERES ARE BEING OFFERED IN RELIANCE ON REGULATION S.
The Materialised Obligations Foncières are subject to U.S. tax law requirements and may not be offered,
sold or delivered within the United States or its possessions or to a U.S. person, except in certain
transactions permitted by U.S. tax regulations.
For a description of certain restrictions on offers and sales of Obligations Foncières and on distribution of
this Base Prospectus, see "Subscription and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the
Dealers to subscribe for, or purchase, any Obligations Foncières.
The Arrangers and the Dealers have not separately verified the information contained in this Base
Prospectus. None of the Dealers or the Arrangers makes any representation, express or implied, or accepts
any responsibility, with respect to the accuracy or completeness of any of the information in this Base
Prospectus. Neither this Base Prospectus nor any other financial statements nor any other information
incorporated by reference are intended to provide the basis of any credit or other evaluation and should not
be considered as a recommendation by any of the Issuer, the Arrangers or the Dealers that any recipient of
this Base Prospectus or any other financial statements or any other information incorporated by reference
should purchase the Obligations Foncières. Each potential purchaser of Obligations Foncières should
determine for itself the relevance of the information contained in this Base Prospectus and its purchase of
Obligations Foncières should be based upon such investigation as it deems necessary. None of the Dealers or
the Arrangers undertakes to review the financial condition or affairs of the Issuer during the life of the
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arrangements contemplated by this Base Prospectus nor to advise any investor or potential investor in the
Obligations Foncières of any information coming to the attention of any of the Dealers or the Arrangers.
In connection with the issue of any Tranche, the Dealer or Dealers (if any) named as the stabilising
manager(s) (the "Stabilising Manager(s)") (or person(s) acting on behalf of any Stabilising Manager(s)) in
the applicable Final Terms may over-allot Obligations Foncières or effect transactions with a view to
supporting the market price of the Obligations Foncières at a level higher than that which might otherwise
prevail. However, there is no assurance that the Stabilising Manager(s) (or person(s) acting on behalf of a
Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on or after the
date on which adequate public disclosure of the terms of the offer of the relevant Tranche is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of
the relevant Tranche and 60 days after the date of the allotment of the relevant Tranche. Any stabilisation
action or over-allotment shall be conducted by the relevant Stabilising Manager(s) (or person(s) acting on
behalf of any Stabilising Manager(s)) in accordance with applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "",
"Euro", "EUR" or "euro" are to the currency of the participating member states of the European Union
which was introduced on 1 January 1999, references to "£", "GBP", "pounds sterling" and "Sterling" are to
the lawful currency of the United Kingdom references to "$", "USD" and "US Dollars" are to the lawful
currency of the United States of America, references to "¥", "JPY", "Japanese yen" and "Yen" are to the
lawful currency of Japan, references to "CHF" and "Swiss francs" are to the lawful currency of the Helvetic
Confederation and references to "CAD" and "Canadian Dollars" are to the lawful currency of Canada.
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PERSON RESPONSIBLE FOR THE INFORMATION SET OUT IN THE BASE PROSPECTUS
The Issuer accepts responsibility for the information contained in this Base Prospectus. The Issuer declares,
having taken all reasonable care to ensure that such is the case, that to the best of the knowledge of the Issuer the
information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to
affect the import of such information.
Dexia Municipal Agency
Tour Dexia
La Défense 2
1, passerelle des Reflets
92913 La Défense Cedex
France
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TABLE OF CONTENTS
PERSON RESPONSIBLE FOR THE INFORMATION SET OUT IN THE BASE PROSPECTUS........................ 4
SUMMARY OF THE PROGRAMME ...................................................................................................................... 6
RISK FACTORS ...................................................................................................................................................... 15
DOCUMENTS INCORPORATED BY REFERENCE............................................................................................ 22
SUPPLEMENT TO THE BASE PROSPECTUS .................................................................................................... 24
GENERAL DESCRIPTION OF THE PROGRAMME ........................................................................................... 25
TERMS AND CONDITIONS OF THE OBLIGATIONS FONCIÈRES................................................................... 33
TEMPORARY GLOBAL CERTIFICATES ISSUED IN RESPECT OF BEARER MATERIALISED
OBLIGATIONS FONCIÈRES.......................................................................................................................... 55
USE OF PROCEEDS............................................................................................................................................... 56
SUMMARY OF THE LEGAL PRIVILÈGE GRANTED BY THE LAW ............................................................... 57
DESCRIPTION OF DEXIA MUNICIPAL AGENCY............................................................................................. 58
BUSINESS OVERVIEW......................................................................................................................................... 62
TREND INFORMATION........................................................................................................................................ 66
ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES............................................................. 67
STATUTORY AUDITORS ...................................................................................................................................... 70
MAJOR SHAREHOLDERS.................................................................................................................................... 71
SELECTED FINANCIAL INFORMATION ........................................................................................................... 72
MATERIAL CONTRACTS ..................................................................................................................................... 74
TAXATION.............................................................................................................................................................. 75
SUBSCRIPTION AND SALE ................................................................................................................................. 79
FORM OF FINAL TERMS 1................................................................................................................................... 84
FORM OF FINAL TERMS 2................................................................................................................................. 101
FORM OF FINAL TERMS 3................................................................................................................................. 116
GENERAL INFORMATION................................................................................................................................. 127
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SUMMARY OF THE PROGRAMME
This summary must be read as an introduction to this Base Prospectus and any decision to invest in the Obligations
Foncières should be based on a consideration of the Base Prospectus as a whole, including the documents incorporated
by reference. Following the implementation of the relevant provisions of Directive 2003/71/EC (the "Prospectus
Directive") as supplemented by the European Commission Regulation No. 809/2004 dated 29 April 2004 (the
"Prospectus EU Regulation") in each Member State of the European Economic Area, no civil liability will attach to
the Issuer on the basis of this summary, including any translation thereof, unless it is misleading, inaccurate or
inconsistent when read together with the other parts of this Base Prospectus. Where a claim relating to the information
contained in this Base Prospectus is brought before a court in a Member State of the European Economic Area, the
plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the
costs of translating the Base Prospectus before the legal proceedings are initiated.
1-KEY INFORMATION ABOUT OBLIGATIONS FONCIÈRES TO BE ISSUED UNDER THE PROGRAMME
Issuer:
Dexia Municipal Agency.
Description:
Euro Medium Term Note Programme for the issue of Obligations
Foncières.
Arrangers:
Deutsche Bank AG, Paris Branch and Morgan Stanley & Co.
International plc.
Dealers:
Barclays Bank PLC, BNP PARIBAS, Commerzbank Aktiengesellschaft,
Crédit Agricole Corporate and Investment Bank, Credit Suisse
Securities (Europe) Limited, Deutsche Bank Aktiengesellschaft, Dexia
Banque Internationale à Luxembourg, société anonyme (acting under
the name of Dexia Capital Markets), Goldman Sachs International, J.P.
Morgan Securities Ltd., Morgan Stanley & Co. International plc,
Natixis, Nomura International plc, Société Générale, The Royal Bank of
Scotland plc, UBS Limited, UniCredit Bank AG.
At the date of this Base Prospectus, only credit institutions and
investment firms incorporated in a member state of the European Union
("EU") and which are authorised by the relevant authority of such
member state to lead-manage bond issues in such member state may act
(a) as Dealers with respect to non-syndicated issues of Obligations
Foncières denominated in euro and (b) as lead manager of issues of
Obligations Foncières denominated in euro issued on a syndicated basis.
Programme Limit:
Up to Euro 75,000,000,000 (or its equivalent in other currencies at the
date of issue) aggregate nominal amount of Obligations Foncières
outstanding at any one time.
Fiscal Agent and Principal Paying
Agent:
Dexia Banque Internationale à Luxembourg, société anonyme
Paying Agents:
Dexia Banque Belgium SA
RBC Dexia Investor Services Bank France S.A.
Luxembourg Listing Agent:
Dexia Banque Internationale à Luxembourg, société anonyme
Method of Issue:
The Obligations Foncières will be issued on a syndicated or non-
syndicated basis. The Obligations Foncières will be issued in series
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(each a "Series") having one or more issue dates and on terms otherwise
identical (or identical other than in respect of the first payment of
interest, the issue date, the issue price and the nominal amount), the
Obligations Foncières of each Series being intended to be
interchangeable with all other Obligations Foncières of that Series. Each
Series may be issued in tranches (each a "Tranche") on the same or
different issue dates. The specific terms of each Tranche (which will be
supplemented, where necessary, with supplemental terms and conditions
and, save in respect of the issue date, issue price, first payment of
interest and nominal amount of the Tranche, will be identical to the
terms of other Tranches of the same Series) will be set out in a Final
Terms to this Base Prospectus (the "Final Terms").
Maturities:
Subject to compliance with all relevant laws, regulations and directives,
any maturity from one month from the date of original issue.
Currencies:
Euro, U.S. Dollars, Japanese yen, Swiss francs, Sterling, Canadian
Dollars and in any other currency specified in the relevant Final Terms.
Commercial terms of the Obligations
The commercial terms and conditions of the Obligations Foncières of
Foncières (price, amount, interest rate,
each Series of Obligations foncières will be set out in the applicable
etc.):
Final Terms.
Denomination:
The Obligations Foncières will be in such denominations as may be
specified in the relevant Final Terms.
The Obligations Foncières will be issued in such denomination(s) as
may be agreed between the Issuer and the relevant Dealer save that the
minimum denomination of each Obligation Foncière admitted to trading
on a regulated market, or offered to the public, in a Member State of the
European Economic Area in circumstances which require the
publication of a prospectus under the Prospectus Directive will be
1,000 (or, if the Obligations Foncières are denominated in a currency
other than euro, the equivalent amount in such currency at the issue
date) or such other higher amount as may be allowed or required from
time to time by the relevant central bank (or equivalent body) or any
laws or regulations applicable to the relevant Specified Currency.
Obligations Foncières having a maturity of less than one year will
constitute deposits for the purposes of the prohibition on accepting
deposits contained in section 19 of the Financial Services and Markets
Act 2000 unless they are issued to a limited class of professional
investors and have a denomination of at least £100,000 or its equivalent.
Dematerialised Obligations Foncières shall be issued in one
denomination only.
Use of Proceeds:
The net proceeds of the issue of the Obligations Foncières will be used
for the Issuer's general corporate purposes.
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Status of Obligations Foncières:
The Obligations Foncières will constitute direct and unconditional
obligations of the Issuer, and, as provided below, benefit from the
privilège defined by Article L. 515-19 of the French Monetary and
Financial Code.
The Obligations Foncières are issued under Articles L. 515-13 to
L. 515-33 of the French Monetary and Financial Code. Holders of
Obligations Foncières benefit from a privilège (priority right of
payment) over all the assets and revenues of the Issuer.
Form of Obligations Foncières:
Dematerialised Obligations Foncières or Materialised Obligations
Foncières.
Dematerialised Obligations Foncières may be issued in bearer
dematerialised form (au porteur) or in registered dematerialised form
(au nominatif).
Materialised Obligations Foncières will be in bearer form only.
Negative Pledge:
None.
Events of Default (including Cross
None.
Default):
Interest:
Obligations Foncières may be interest bearing or non-interest bearing.
Interest (if any) may accrue at a fixed rate or a floating rate or other
variable rate or be index-linked and the method of calculating interest
may vary between the issue date and the maturity date of the relevant
Series.
Redemption:
The Final Terms will specify the basis for calculating the redemption
amount and, if applicable, the conditions under which the Obligations
Foncières may be redeemed prior to maturity at the option of the Issuer
or automatically.
Taxation:
1. All payments of principal and interest by or on behalf of the Issuer in
respect of the Obligations Foncières shall be made free and clear of, and
without withholding or deduction for, any taxes, duties, assessments or
governmental charges of whatever nature imposed, levied, collected,
withheld or assessed by or within France or any authority therein or
thereof having power to tax, unless such withholding or deduction is
required by law.
2. Obligations Foncières issued on or after 1 March 2010 (except
Obligations Foncières that are issued on or after 1 March 2010 and
which are to be assimilated to (assimilables for the purpose of French
law), and form a single series with, Obligations Foncières issued before
1 March 2010 benefitting from the exemption from withholding tax of
Article 131 quater of the French Code général des impôts) fall under the
new French withholding tax regime pursuant to the French loi de
finances rectificative pour 2009 no. 3 (no. 2009-1674 dated
30 December 2009), applicable as from 1 March 2010 (the "Law").
Pursuant to such regime, payments of interest and other revenues made
by the Issuer on such Obligations Foncières will not be subject to the
withholding tax set out under Article 125 A III of the French Code
général des impôts unless such payments are made outside France in a
non-cooperative State or territory (Etat ou territoire non coopératif)
within the meaning of Article 238-0 A of the French Code general des
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impôts (a "Non-Cooperative State"). If such payments under the
Obligations Foncières are made in a Non-Cooperative State, a 50%
withholding tax will be applicable (subject to certain exceptions
described below and the more favourable provisions of any applicable
double tax treaty) by virtue of Article 125 A III of the French Code
général des impôts.
Furthermore, according to Article 238 A of the French Code général des
impôts, interest and other revenues on such Obligations Foncières will
no longer be deductible from the Issuer's taxable income, as from the
fiscal years starting on or after 1 January 2011, if they are paid or
accrued to persons domiciled or established in a Non-Cooperative State
or paid in such a Non-Cooperative State. Under certain conditions, an
such non-deductible interest and other revenues may be recharacterised
as constructive dividends pursuant to Article 109 of the French Code
général des impôts, in which case such non-deductible interest and other
revenues may be subject to the withholding tax set out under Article 119
bis 2 of the French Code général des impôts, at a rate of 25% or 50%
(subject to the more favourable provisions of an applicable tax treaty).
Notwithstanding the foregoing, the Law provides that neither the 50%
withholding tax set out under Article 125 A III of the French Code
général des impôts nor, to the extent the relevant interest or other
revenues relate to genuine transactions and are not in an abnormal or
exaggerated amount the non-deductibility set out under Article 238 A of
the French Code général des impôts will apply in respect of a particular
issue of Obligations Foncières if the Issuer can prove that the principal
purpose and effect of such issue of Obligations Foncières was not that of
allowing the payments of interest or other revenues to be made in a Non-
Cooperative State (the "Exception"). Pursuant to the ruling (rescrit) no.
2010/11 (FP and FE) of the French tax authorities dated
22 February 2010, an issue of Obligations Foncières will benefit from
the Exception without the Issuer having to provide any proof of the
purpose and effect of such issue of Obligations Foncières, if such
Obligations Foncières are:
(i) offered by means of a public offer within the meaning of Article
L.411-1 of the French Code monétaire et financier or pursuant to an
equivalent offer in a State other than a Non-cooperative State. For this
purpose, an "equivalent offer" means any offer requiring the registration
or submission of an offer document by or with a foreign securities
market authority; or
(ii) admitted to trading on a regulated market or on a French or foreign
multilateral securities trading system provided that such market or
system is not located in a Non-Cooperative State, and the operation of
such market is carried out by a market operator or an investment services
provider, or by such other similar foreign entity, provided further that
such market operator, investment services provider or entity is not
located in a Non-Cooperative State; or
(iii) admitted, at the time of their issue, to the clearing operations of a
central depositary or of a securities clearing and delivery and payments
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systems operator within the meaning of Article L.561-2 of the French
Code monétaire et financier, or of one or more similar foreign
depositaries or operators provided that such depositary or operator is not
located in a Non-Cooperative State.
3. Interest and other revenues on Obligations Foncières issued on or after
1 March 2010 and which are to be assimilated to (assimilables for the
purpose of French law), and form a single series with Obligations
Foncières issued before 1 March 2010 with the benefit of Article 131
quater of the French Code général des impôts will be exempt from the
withholding tax set out under Article 125 A III of the French Code
général des impôts.
In addition, interest and other revenues paid by the Issuer on Obligations
Foncières issued on or after 1 March 2010 and which are to be
assimilated to (assimilables for the purpose of French law), and form a
single series with Obligations Foncières issued before 1 March 2010 will
be subject neither to the non-deductibility set out under Article 238 A of
the French Code général des impôts nor to the withholding tax set out
under Article 119 bis 2 of the French Code général des impôts solely on
account of their being paid in a Non-Cooperative State or accrued or paid
to persons established or domiciled in a Non-Cooperative State.
Unless otherwise specifically provided in the Final Terms, there will be
no grossing up provisions and accordingly no Issuer's tax call option.
See "Terms and Conditions of the Obligations Foncières ­ Taxation"."
Central Depositary:
Euroclear France in respect of Dematerialised Obligations Foncières.
Clearing Systems:
Euroclear and Clearstream, Luxembourg
Listing and Admission to trading:
Obligations Foncières of any particular Series may be listed on the
official list of the Luxembourg Stock Exchange and be admitted to
trading on the Regulated Market or listed on such other or additional
stock exchanges as may be specified in the applicable Final Terms, or
unlisted. The applicable Final Terms will state whether or not the
relevant Obligations Foncières are to be listed and, if so, on which stock
exchange(s).
Offer to the public:
The Obligations Foncières may or may not be offered to the public in
Luxembourg and/or in any Member State of the European Economic
Area, provided that such offer to the public is made in accordance with
the public offer selling restrictions under the Prospectus Directive (see
"Subscription and Sale").
Method of Publication of the Final The Final Terms related to Obligations Foncières admitted to trading
Terms:
will be published, if relevant on the website of the Luxembourg Stock
Exchange (www.bourse.lu) or, if required by any applicable regulation,
on the website of the Regulated Market where the admission to trading
is sought, 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 or through any other means in
accordance with the terms of Article 14 of the Prospectus Directive. The
Final Terms will indicate where the Base Prospectus may be obtained.
A12095729
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