Conversion rate for dividend

Prodesse Investment Limited
24 May 2006


24 May 2006

Prodesse Investment Limited
Sterling Conversion Rate for Q1 2006 Dividend

The Company previously declared a dividend for the quarter ended 31 March 2006
of US$0.12 per share payable on 5 June 2006 to holders on the register on 19 May
2006. For those shareholders who have elected to receive their dividend in
Sterling, the dividend will be 6.33 pence per share based upon an exchange rate
of 1.8937.

About Prodesse Investment Limited

Prodesse is a limited liability Guernsey-incorporated closed-end investment
company, the investments of which are managed by Fixed Income Discount Advisory
Company. The company's investment policy is to provide net income for
distribution from the spread between the interest income earned from a portfolio
of residential mortgage-backed securities and the cost of repurchase agreements
entered into to finance the acquisition of such residential mortgage-backed
securities.



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