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

1. M&G INVESTMENTS COMMENTS ON COVERED BONDS
London, 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 the
cover pool of Dexia MA Obligation Foncieres is "full of assets originated elsewhere in the
Dexia Group (not French mortgages) including Belgian and Italian ABS and Spanish
mortgage bonds.”
We are happy to clarify that the Dexia MA cover pool consists exclusively of public sector
loans or assets backed by them. These include securitisations and covered bonds originated
by subsidiaries of Dexia in other European countries including Belgium, Italy and Spain. The
cover pool of the Cedulas Territoriales originated by Dexia Sabadell which go into the cover
pool 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 Butcher
M&G Press Office
Tel. 020 7548 2478
Mob. 07920 823 701
david.butcher@mandg.co.uk
M&G Investment Management Limited is registered in England and Wales under number 936683 with
its registered office at Laurence Pountney Hill, London EC4R 0HH. M&G Investment Management
Limited is authorised and regulated by the Financial Services Authority. This article reflects the
authors 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 particular
security, strategy or investment product. It has been written for informational/educational purposes
only and should not be considered as investment advice or as a recommendation of any particular
security, 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 accept
liability for the accuracy of the contents.
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