Ethics

A Compliance Charter was approved in 2002 by Dexia's Management Board and the Board of Directors which details the organization and the scope of oversight activities.

Basic compliance principles applicable to all of the group's employees are contained in a code of ethics drawn up and approved in 2001.

The Chief Compliance Officer reports directly to the Chief Executive Officer and Chairman of the Management Board.

In the fight against money laundering, the group respects the local rules of each of the countries in which it operates.

In addition, for all its international entities, Dexia has voluntarily adopted stricter, standardized criteria with which to evaluate client acceptability and respectability.

In this regard, no group subsidiary is located in a country on the official list of non-cooperative countries drawn up by FATF (Financial Action Task Force on Money Laundering).