Statutory auditors

The audit of the company's financial situation and annual financial statements is entrusted to one or more auditors who are appointed by the Shareholders' Meeting for a maximum of three years on the recommendation of the Board of Directors.

A tender process was organized in 2007 in order to harmonize the external control function within the Group. The decision to assign the external audit of Dexia SA and its main subsidiaries to a single audit firm is in line with current market trend and will allow Dexia to improve efficiency of the audit procedure and to reduce costs.

Since its creation, as a result of successive mergers, the Dexia Group has worked with several external auditors. The Board of Directors has decided to switch to one single international audit firm for the whole Group, except in countries where a board of auditors is legally required.

The appointment of Deloitte, subject to approval by the 2008 ordinary shareholders' meeting, is effective as from the financial year 2008.