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 14.90 13.90 1.00
NVP 17.01 15.53 1.48
rising yields *) 15.87 14.62 1.25
falling yields *) 17.53 16.20 1.32
*) dynamic simulation according to German Pfandbrief Act

Date: 09/30/2011