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Public Pfandbriefe issued by DKD

In accordance with the German Pfandbrief Act (Pfandbriefgesetz) Dexia Kommunalbank Deutschland is registered as Pfandbrief Bank at the German Federal Institute for Financial Service Supervision. Therefore, it is allowed to issue Public Pfandbriefe in order to refinance the Public Finance activities of the Dexia Group. Public Pfandbriefe, issued by Dexia Kommunalbank Deutschland, are rated A+ by Standard & Poors.

The issuance of Pfandbriefe is governed by the provisions of the German Pfandbrief Act, the main purpose of which is to protect the investor. The Pfandbrief Act provides Pfandbrief investors with a close-mesh safety net. Thanks to its high quality standards, only sovereign bonds match the safety offered by the Pfandbrief.

The safeguarding mechanisms of the Pfandbrief Act are brought into play through the Pfandbrief creditors’ preferential right in the event of insolvency. This means that in the event of a Pfandbrief bank becoming insolvent, the cover pools (collateral) are made available only to the Pfandbrief creditors to satisfy their claims. Thus, they are not affected by the insolvency of the Pfandbrief bank. Visit the website of the Association of German Pfandbrief Banks (vdp) to find out more about the criteria for cover-pool eligibility for receivables due from the public sector as a result of granting loans or issuing bonds.

Dexia Kommunalbank Deutschland issues regularly both registered and bearer Pfandbriefe. Registered and bearer Pfandbriefe differ in regard to their transferability. The bearer Pfandbrief may be transferred at any time by way of a simple purchase transaction. By contrast, the registered Pfandbrief has to be assigned to the new buyer and the issuer notified accordingly. For this reason, registered Pfandbriefe are bought primarily by long term-oriented institutional investors such as insurance companies and pension funds, which keep the Pfandbriefe in their portfolio until maturity.

Moreover, Dexia Kommunalbank Deutschland issuing activities encloses unsecured bonds e.g. senior unsecured, subordinated liabilities or profit participation bonds.

In the context of investor protection please see our Investor Relations site and for further information the transparency requirements under § 28 German Pfandbrief Act. These strict requirements enable investors to obtain a complete overview of the composition of Dexia Kommunalbank Deutschland's cover pool based on quarterly reports.

Please contact us in case of any question regarding our Public Pfandbriefe or for investment purposes via communication(at)dexia.de.

Disclaimer

The information contained on the pages that follow is not intended for distribution in jurisdictions in which this is not permitted. In particular, this information may not be distributed in the United States or to "US Persons". The bonds described on the pages that follow have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("Securities Act") and may not be offered or sold in the United States or to, or for the account or benefit of, "US Persons" absent registration or an exemption from the registration requirement of the Securities Act.


The information on this page and the pages that follow does not constitute an offer to sell, or the solicitation of an offer to buy, any securities described on this website.

Dexia-Group

You can find more information regarding the Dexia-Group via www.dexia.com.

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