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Division 8 Dexia shall limit the amount of:

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Original text. Later amendments are not shown.

  1. (a)

    any form of dividends distributed by Dexia SA in respect of its ordinary shares; and

  2. (b)

    any discretionary early repayment or payment of coupons on hybrid Tier 1 instruments or Tier 2 instruments (i) issued by entities over which Dexia has exclusive control (ii) held by persons or entities other than Dexia SA and its subsidiaries and (iii) the payment or exercise of which is discretionary by virtue of the contractual provisions covering these instruments;

    so that, after the distribution or the payment under consideration (and taking account of any payments which have become mandatory on account of the payment of a dividend in respect of ordinary shares), the Dexia group’s Core Tier 1 (calculated by reference to the latest consolidated annual accounts prepared in accordance with IFRS).

    1. (i)

      remains above or equal to the level below:

      31.12.200931.12.201031.12.201131.12.201231.12.201331.12.2014
      10,7 %10,6 %[…] %[…] %[…] %[…] %
    2. (ii)

      and remains above or equal to the sum of:

      1. (i)

        12,5 % of the risk-weighted assets of the Legacy Portfolio Management Division, as defined in point 7 above; and

      2. (ii)

        9,5 % of the risk-weighted assets of the other activities of the group (the ‘Core Division’).

      The commitment above:

      1. (i)

        shall be without prejudice to the distributable profit requirement (within the meaning of Article 617 of the Belgian Companies Code) at Dexia level;

      2. (ii)

        shall be without prejudice to the operations which Dexia shall be legally required to undertake in respect of hybrid Tier 1 or Tier 2 instruments or operations which Dexia shall be required to undertake in relation to such instruments by virtue of contracts concluded before 1 February 2010;

      3. (iii)

        shall be revised in the event of significant change in the definition of the prudential own funds and accounting standards applicable to Dexia; and

      4. (iv)

        shall apply to any distribution made up to 31 December 2014.