Value of Public Sector Collateralisation Public sector assets in Euro bn Public sector Pfandbriefe in circulation in Euro bn Over-collateralisation in Euro bn Nominal 4.02 3.78 0.24 NVP 5.11 4.74 0.38 rising yields *) 4.66 4.47 0.20 falling yields *) 5.43 4.96 0.48 *) dynamic simulation according to German Pfandbrief Act Date: 09/30/2018