22 December 2008
Communiqué

Bernard L. Madoff and Bernard L. Madoff Investment Securities LLP

The Commission de Surveillance du Secteur Financier (CSSF) informs having collected relevant data in order to analyse the impact of the Madoff fraud case on the Luxembourg financial sector. It has to be noted that it has not yet been possible to analyse this fraud case entirely due to its complexity.

However, on basis of the information currently available, the CSSF notes that the Luxembourg credit institutions are slightly impacted by this case, the direct and indirect exposures being 160 million EUR. This amount does not include possible exposures due to contractual or legal responsibility.

The impact on Luxembourg law undertakings for collective investment which are directly or indirectly exposed to the Madoff case amounts to 1.9 billion EUR, which represents only 0.15% of the total net assets of undertakings for collective investment as at 30 November 2008.

It should also be noted that the aforementioned figures do not imply that these amounts are entirely lost, but they represent the maximum responsibility at stake.

The CSSF continues moreover its work to analyse possible infringements to legal and contractual provisions.