Short Selling Disclosure

Short Selling Disclosure

Dexia Asset Management

Form TR-5. FSA Version 1.0 August 2010

TR-51 :

Disclosure of Short Position relating to securities which are the subject of a rights issue or a UK Financial Sector Company

1. Full name of person(s) holding the disclosable short position2: Â	Â	Dexia Asset Management acting as a management company for and on behalf of Dexia Index Arbitrage
2: Name of the issuer of the relevant securities		Direct Line Insurance Group ISIN : GB00B89W0M42   Ticker : DLG LN
3: Disclosable short position3		0.27 % (Quantity : - 4 000 000)
4. Date that disclosable short position was held		31 May 2013

¹ This form relates to the disclosure of short positions in compliance with chapter 2 of the FSA’s Financial Stability and Market Confidence sourcebook (FINMAR) . The form, or the information contained within it, should be disclosed via an RIS using the short code SSD.

² Specify the holder of the net short position. The naming of nominees or vehicle companies is insufficient. In the case of a discretionary investment manager managing assets on behalf of a client, the disclosure obligation applies at the level of both the entity to which FINMAR 2.2.1 R or 2.2.3 R applies and at the level of the discretionary investment manager. The discretionary investment manager may make a net short position disclosure on behalf of its client. In respect of itself, the discretionary investment manager is required to disclose its aggregate net short position across all of the funds it manages. Non-discretionary investment managers may also make disclosure of a net short position on behalf of their clients.

Where a disclosure by a discretionary investment manager is the same as that being made for its client/fund/sub-fund, it is permitted to make a single disclosure provided that the disclosure makes it clear that it applies to both parties.

³ Figure to be expressed as a percentage of issued capital. Disclosable short position is defined in the Glossary of Definitions in the FSA Handbook. Positions must be disclosed on a net basis of all holdings. All financial instruments that represent a direct or indirect economic interest in the shares of the issuer must be included within such holdings.