Pledge and Administration Agreement

Pledge and Administration Agreement. The Pledge and Administration Agreement, dated as of June 30, 2009, among Dexia SA, Dexia Crédit Local S.A., Dexia Bank Belgium SA, Dexia FP Holdings Inc., Financial Security Assurance Inc., FSAM, FSA Portfolio Asset Limited, FSA Capital Markets, FSA Capital Management, FSA Capital Markets Services (Caymans) Ltd., and The Bank of New York Mellon Trust Company, National Association, as the same may be amended, supplemented or modified from time to time.