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.

Since 2000, a college of statutory auditors comprised of two audit firms has audited Dexia:

• PricewaterhouseCoopers SCCRL, an audit firm, represented by Robert Peirce, a certified public accountant. This firm was reap-pointed by the Ordinary Shareholders’ Meeting of May 11, 2005 for a period of 3 years ending after the May 2008 Ordinary Shareholders’ Meeting;
  
  
• Mazars & Guérard SCCRL, an audit firm, represented by Xavier Doyen, a certified public accountant. The mandate of Mazars & Guérard expires at the end of the Ordinary Shareholders’ Meeting of May 10, 2006. The meeting will be asked to renew the mandate of Mazars & Guérard for a period of three years until the end of the Ordinary Shareholders’ Meeting of May 2009.