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