M and G Comments Further On Covered Bonds

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Vocal UK fund manager clarifies/corrects its comments on Dexia Municipal Agency.

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M and G Comments Further On Covered Bonds

  1. 1. M&G INVESTMENTS COMMENTS ON COVERED BONDSLondon, 8 April 2011 – In the M&G Investments press release issued on 22 March 2011,entitled "Not all covered bonds are the same, warns M&G Investments", we stated that thecover pool of Dexia MA Obligation Foncieres is "full of assets originated elsewhere in theDexia Group (not French mortgages) including Belgian and Italian ABS and Spanishmortgage bonds.”We are happy to clarify that the Dexia MA cover pool consists exclusively of public sectorloans or assets backed by them. These include securitisations and covered bonds originatedby subsidiaries of Dexia in other European countries including Belgium, Italy and Spain. Thecover pool of the Cedulas Territoriales originated by Dexia Sabadell which go into the coverpool of the Obligations Foncieres issued by Dexia MA does not contain Spanish mortgages.We hope that this will correct any misconceptions about Dexia MA’s cover pool. -ENDS-If you require any further information, please contact:David ButcherM&G Press OfficeTel. 020 7548 2478Mob. 07920 823 701david.butcher@mandg.co.ukM&G Investment Management Limited is registered in England and Wales under number 936683 withits registered office at Laurence Pountney Hill, London EC4R 0HH. M&G Investment ManagementLimited is authorised and regulated by the Financial Services Authority. This article reflects theauthors present opinions reflecting current market conditions; are subject to change without notice;and involve a number of assumptions which may not prove valid. This is not an offer of any particularsecurity, strategy or investment product. It has been written for informational/educational purposesonly and should not be considered as investment advice or as a recommendation of any particularsecurity, strategy or investment product. Information given in this document has been obtained from,or based upon, sources believed by us to be reliable and accurate although M&G does not acceptliability for the accuracy of the contents. Page 1 of 1

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