INDEPENDENT ON-DEMAND GUARANTEEJanuary 22nd, 2013
FiledJanuary 22nd, 2013hereby unconditionally and irrevocably, severally but not jointly, each to the extent of its percentage share indicated above and in accordance with the terms and conditions set forth in this guarantee (the “Guarantee”), guarantee the performance by Dexia Crédit Local SA (acting through its head office or any of its branches, including its New York branch, “DCL”) of its payment obligations, in principal, interest and incidental amounts, under the Guaranteed Obligations referred to below.