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 16.23 15.26 0.98 NVP 18.11 16.69 1.42 rising yields *) 17.05 15.85 1.20 falling yields *) 18.86 17.55 1.31 *) dynamic simulation according to German Pfandbrief Act Date: 06/30/2010