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EXHIBIT 11 Dassault Systemes Group
CODE OF ETHICS
 Purpose The Code aims at providing for standards to promote the values and ethics of
the Company, and to deter wrongdoings. Definitions "Signing Officers are the CEO and Executive Vice Presidents of Dassault
Systèmes (which include the CFO), the Controller, the internal audit director
and the group accounting and consolidation manager of Dassault Systèmes, and
the CEOs and CFOs of the main DS Group companies. "Code means this code of ethics. "Company means Dassault Systèmes, a French company listed on Euronext Paris
and NASDAQ. "DS Group means Dassault Systèmes and all companies controlled (over 50%)
directly or indirectly by Dassault Systèmes. "DS Group company(ies) means any companies controlled (over 50%) directly or
indirectly by Dassault Systèmes DS is doing business internationally, in a fast and multicultural environment.
Dassault Systèmes, the parent company of the DS Group is listed both on the
Euronext Paris and NASDAQ; as such, it has to comply with securities
regulations applicable in the United States and in France. Therefore it is
necessary to outline to the Signing Officers the main ethical principles of the
DS Group in order to share a common understanding and acceptance of these
principles. Each of the Signing Officers agrees to adhere to and advocate for the following
principles and responsibilities governing professional and ethical conduct for
their dealing and relationships in relation to Dassault Systèmes and DS Group:  o
    
    To act with honesty and integrity, including in the handling of
actual or apparent conflicts of interesto
    
    To avoid conflicts of interests, and to disclose to the Chief
Legal Officer any material transactions or relationship that reasonably
could be expected to give rise to such a conflicto
    
    To act in good faith, with due care, competence and diligenceo
    
    Not to misrepresent material facts or allow misrepresentation of material factso
    
    To provide information for disclosure or within any information
process, that is accurate, complete, objective, relevant, timely and
understandableo
    
    To share knowledge and maintain skills relevant to their
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o
    
    To proactively promote ethical behavior in the work
environment, and to report promptly to the Chief Legal Officer
violations, or concerns about the potential for violations of the Codeo
    
    To achieve responsible use and control of resources and assets
of DS Groupo
    
    To comply with applicable governmental laws, rules and
regulations as well as the rules and procedures of the DS Group,
including without limitations, the ones related to the collection,
control and disclosure of financial, technical and business
information. Publication The Code is filed with the SEC as an exhibit to Dassault Systèmes 20F for 2003.
Any amendment to the Code will be published in the same manner and would be
disclosed in the next 20F. Page 2 of 3




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List of the Signing Officers, as of February 15, 2004 Principal executive officers of the Company: CEO, Executive Vice Presidents Bernard Charlès
    
    Thibault de TersantDominique Florack
    
    Bruno LatchagueEtienne Droit
    
    Philippe ForestierMuriel Penicaud
 Controller, Group Accounting and Consolidation Manager and internal auditor of the Company Frédéric Dunod  Group Accounting and Consolidation ManagerNathalie Paté  Internal Audit DirectorSophie de Roux  Controller
 CEOs, General Managers, President and CFOs of the main DS Group companies Joel Lemke
    
    Tom EmmrichMarcelo Lemos
    
    Horace BillMike Payne
    
    John BengerPhilippe Charlès
    
    Ludovic MonchalJohn McEleney
    
    Joe EspositoBruce Van Nuss
    
    Xavier HermenChristian Nardin
    
    Jean-Michel FerrerAvinoam Nowogrodski
    
    Jacob Weiss
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