de Volksbank N.V. Monthly Investor Report Dutch National Transparency Template Covered Bond Reporting Period: 1 December December 2018

Transcription

1 Monthly Investor Report Dutch National Transparency Template Covered Bond Reporting Period: 1 December December 2018 Reporting Date: 24 January 2019 AMOUNTS ARE IN EURO Intertrust Administrative Services B.V. Report Version October 2017 Report Version October 2017

2 Table of Contents Page Covered Bonds 3 Asset Cover Test 5 Counterparty Credit Ratings & Triggers 6 Ledgers & Investments 7 Regulatory Information 8 Stratifications 9 Glossary 27 Contact Information 29 2 of 30

3 Covered Bonds Series ISIN Currency Initial Principal Balance* Outstanding Amount* Issuance Date Date IRS Counterparty Redemption Type LCR HQLA Category Series 5 XS EUR 10,000,000 10,000, % 01/08/08 01/08/30 Commerzbank Soft Bullet No Series 6 XS EUR 10,000,000 10,000, % 08/08/08 08/08/31 de Volksbank N.V. Soft Bullet No regcb1 EUR 53,500,000 53,500, % 22/06/10 22/06/40 Unicredit Bank Soft Bullet No regcb2 EUR 20,000,000 20,000, % 06/07/10 06/07/40 Unicredit Bank Soft Bullet No regcb3 EUR 65,000,000 65,000, % 12/07/10 12/07/30 DZ Bank AG Soft Bullet No regcb4 EUR 35,000,000 35,000, % 12/07/10 12/07/30 DZ Bank AG Soft Bullet No regcb5 EUR 30,000,000 30,000, % 13/07/10 13/07/40 Unicredit Bank Soft Bullet No regcb6 EUR 20,000,000 20,000, % 15/07/10 15/07/30 Commerzbank Soft Bullet No regcb8 EUR 20,000,000 20,000, % 22/07/10 22/07/30 Unicredit Bank Soft Bullet No regcb9 EUR 10,000,000 10,000, % 23/07/10 23/07/30 DZ Bank AG Soft Bullet No regcb10 EUR 45,000,000 45,000, % 09/08/10 09/08/40 Unicredit Bank Soft Bullet No Series 10 XS EUR 1,000,000,000 1,000,000, % 22/09/10 28/09/20 Societe Generale Soft Bullet 1 regcb11 EUR 10,000,000 10,000, % 18/10/10 15/09/20 Commerzbank Soft Bullet No regcb12 EUR 4,000,000 4,000, % 11/01/11 11/01/21 Unicredit Bank Soft Bullet No Series 12 XS EUR 500,000, ,000, % 24/10/16 24/10/31 Soft Bullet 1 Series 13 XS EUR 50,000,000 50,000, % 02/02/17 02/02/37 Soft Bullet No Series 15 XS EUR 16,000,000 16,000, % 21/04/17 21/04/33 Soft Bullet No Series 16 XS EUR 25,000,000 25,000, % 04/05/17 04/05/37 Soft Bullet No Series 14 XS EUR 50,000,000 50,000, % 04/05/17 04/05/37 Soft Bullet No Series 17 XS EUR 500,000, ,000, % 18/05/17 18/05/27 Soft Bullet 1 Series 18 XS EUR 30,000,000 30,000, % 01/06/17 01/06/37 Soft Bullet No Series 19 XS EUR 50,000,000 50,000, % 08/06/17 08/06/37 Soft Bullet No Series 20 XS EUR 25,000,000 25,000, % 14/07/17 14/07/37 Soft Bullet No Series 21 XS EUR 25,000,000 25,000, % 24/07/17 24/07/37 Soft Bullet No Series 22 XS EUR 23,500,000 23,500, % 15/08/17 17/08/37 Soft Bullet No Series 23 XS EUR 26,000,000 26,000, % 01/09/17 01/09/37 Soft Bullet No Series 24 XS EUR 15,500,000 15,500, % 08/09/17 08/09/32 Soft Bullet No Series 26 XS EUR 8,000,000 8,000, % 18/09/17 18/09/37 Soft Bullet No Series 25 XS EUR 30,000,000 30,000, % 18/09/17 18/09/37 Soft Bullet No Series 27 XS EUR 26,000,000 26,000, % 02/10/17 02/10/37 Soft Bullet No Series 28 XS EUR 30,000,000 30,000, % 05/10/17 05/10/37 Soft Bullet No Series 29 XS EUR 500,000, ,000, % 08/03/18 08/03/28 Soft Bullet 1 Series 32 XS EUR 17,000,000 17,000, % 21/03/18 21/03/33 Soft Bullet No Series 31 XS EUR 40,000,000 40,000, % 21/03/18 21/03/33 Soft Bullet No Series 30 XS EUR 43,000,000 43,000, % 21/03/18 21/03/33 Soft Bullet No Series 33 XS EUR 25,000,000 25,000, % 03/05/18 03/05/38 Soft Bullet No Series 34 XS EUR 25,000,000 25,000, % 14/06/18 14/06/38 Soft Bullet No Series 35 XS EUR 25,000,000 25,000, % 19/07/18 19/07/38 Soft Bullet No Series 36 XS EUR 10,000,000 10,000, % 23/07/18 23/07/38 Soft Bullet No Series 37 XS EUR 15,000,000 15,000, % 26/07/18 26/07/38 Soft Bullet No Series 38 XS EUR 25,000,000 25,000, % 01/10/18 01/10/39 Soft Bullet No Series 39 XS EUR 10,000,000 10,000, % 18/10/18 18/10/38 Soft Bullet No Series 40 XS EUR 25,000,000 25,000, % 18/10/18 18/10/38 Soft Bullet No Series 41 XS EUR 16,000,000 16,000, % 18/10/18 18/10/38 Soft Bullet No Series 42 EUR 5,000,000 5,000, % 22/10/18 22/10/37 Soft Bullet No Series 43 EUR 10,000,000 10,000, % 22/10/18 22/10/38 Soft Bullet No Series 44 XS EUR 25,000,000 25,000, % 15/11/18 15/11/38 Soft Bullet No 3 of 30

4 Series ISIN Currency Initial Principal Balance* Outstanding Amount* Issuance Date Date IRS Counterparty Redemption Type LCR HQLA Category Series 45 XS EUR 25,000,000 25,000, % 13/12/18 13/12/38 Soft Bullet No Series 46 XS EUR 25,000,000 25,000, % 20/12/18 20/12/38 Soft Bullet No Series 47 XS EUR 7,000,000 7,000, % 20/12/18 20/12/38 Soft Bullet No Series 49 XS EUR 65,000,000 65,000, % 14/01/19 14/01/39 Soft Bullet No Series 48 EUR 75,000,000 75,000, % 17/01/19 17/01/39 Soft Bullet No * Amounts to be reported in the relevant currency, and also the euro-equivalent amounts The issuer believes that, at the time of issuance and based on transparency data made publicly available by the issuer, the above listed bonds meet the eligibility criteria for classification as a Level 1 or Level 2A asset (as specified in the column LCR HQLA Category) in accordance with Chapter 2 of the LCR delegated act. It should be noted that whether or not a bond is a liquid asset for the purposes of the Liquidity Coverage Ratio under Regulation (EU) 575/2013 is ultimately a matter to be determined by the relevant investor or institution and its relevant supervisory authority and the issuer does not accept any responsibility in this regard. 4 of 30

5 Asset Cover Test Asset Cover Test A 4,545,524, B 0.00 C 0.00 D 0.00 Y1 10,904, Y2 53,281, Z 0.00 A+B+C+D-Y1-Y2-Z 4,481,338, Outstanding bonds 3,775,500, Pass/Fail Pass ACT Cover Ratio % Parameters Asset percentage % Cap LTV Cut-Off indexed valuation % non-nhg % Cap LTV Cut-Off indexed valuation % NHG % % of Index Increases % % of Index Decreases % Reserve Fund 9,349, Supplemental Liquidity Reserve Amount 0.00 Deduction Set-Off 0.00 Ratings S&P Moody's Fitch NR Aaa AAA Other UCITS compliant CRR compliant ECBC Label compliant True True True Overcollateralisation Legally required minimum OC 5.00 % Documented minimum OC % Available Nominal OC % 5 of 30

6 Counterparty Credit Ratings & Triggers S&P (ST/LT) Moody's (ST/LT) Fitch (ST/LT) DBRS (ST/LT) Role Party Rating trigger Current rating Rating trigger Current rating Rating trigger Current rating Rating trigger Current rating Consequence if breached* Account Bank Rabobank Nederland / / P-1 / - P-1 / - F1 / A F1+ / AA- / / Replacement of GIC Provider or obtain guarantee Collection Account Provider Collection Account Provider Interest Rate Swap Counterparty Interest Rate Swap Counterparty Interest Rate Swap Counterparty Interest Rate Swap Counterparty Interest Rate Swap Counterparty Interest Rate Swap Counterparty de Volksbank N.V. / / - / Baa1 - / A3 F1 / A F2 / A- / / Post collateral, or establish reserve funds, or obtain a eligible guarantee Rabobank Nederland / / - / Baa1 - / Aa3 F1 / A F1+ / AA- / / Post collateral, or establish reserve funds, or obtain a eligible guarantee Commerzbank / / P-1 (cr) / A2 (cr) DZ Bank AG / / P-1 (cr) / A2 (cr) Natixis S.A. / / P-1 (cr) / A2 (cr) Natwest Markets / / P-1 (cr) / A2 (cr) Societe Generale / / P-1 (cr) / A2 (cr) Unicredit Bank / / P-1 (cr) / A2 (cr) Issuer de Volksbank N.V. / / - / Baa3 (cr) P-1 (cr) / A1 (cr) P-1 (cr) / Aa1 (cr) P-1 (cr) / Aa3 (cr) P-2 (cr) / A3 (cr) P-1 (cr) / A1 (cr) P-1 (cr) / A1 (cr) F1 / A F2 / BBB+ / / Interest Rate & Structured Swap Trigger F1 / A F1+ / AA- / / Interest Rate & Structured Swap Trigger F1 / A F1 / A+ / / Interest Rate & Structured Swap Trigger F1 / A F1 / A / / Interest Rate & Structured Swap Trigger F1 / A F1 / A+ / / Interest Rate & Structured Swap Trigger F1 / A F2 / BBB+ / / Interest Rate & Structured Swap Trigger - / Aa3 (cr) - / BBB- - / A- / / Asset monitor trigger Issuer de Volksbank N.V. / / P-1 (cr) / - P-1 (cr) / - F1 / A F2 / A- / / Item Y1 of Asset Cover Test is activated Issuer de Volksbank N.V. / / P-1 (cr) / - P-1 (cr) / - F1 / A F2 / A- / / Item Y2 of Asset Cover Test is activated Issuer de Volksbank N.V. / / P-1 (cr) / - P-1 (cr) / - F1 / A F2 / A- / / Reserve fund build up trigger Servicer de Volksbank N.V. / / - / Baa3 / A3 - / BBB- F2 / A- / / Negotiate agreement with a back-up servicer Total Return Swap Provider Total Return Swap Stand-by Facility Provider Total Return Swap Stand-by Facility Provider de Volksbank N.V. (as TRS provider) / / P-1 (cr) / A2 (cr) Natwest Markets / / P-1 (cr) / A2 (cr) Rabobank Nederland / / P-1 (cr) / A2 (cr) P-1 (cr) / Aa3 (cr) P-2 (cr) / A3 (cr) P-1 (cr) / Aa2 (cr) F1 / A F2 / A- / / Novation Trigger F1 / A F1 / A / / Total return swap Stand-by first counterparty (collateral posting) F1 / A F1+ / AA- / / Total return swap Stand-by first counterparty (collateral posting) * Event is triggered if credit rating is below the rating as mentioned in the table 6 of 30

7 Ledgers & Investments Ledgers Revenue Ledger 0.00 Principal Ledger 0.00 Reserve Fund Ledger 9,349, Total 9,349, Investments Substitution Assets Balance 0.00 Authorised Investments Balance 0.00 Total 0.00 Liquidity Buffer Outflows 51,195, Required Liquidity Buffer 51,195, Inflows 116,462, Cash 9,346, Bonds Available Liquidity Buffer 125,809, of 30

8 Regulatory Information CRR Article 129 Article 129 CRR "Exposures in the form of covered bonds" (7) Exposures in the form of covered bonds are eligible for preferential treatment, provided that the institution investing in the covered bonds can demonstrate to the competent authorities that: (a) it receives portfolio information at least on: (i) the value of the covered pool and outstanding covered bonds; value of the cover pool value of the outstanding covered bonds (ii) the geographical distribution and type of cover assets, loan size, interest rate and currency risks; geographical distribution of cover assets type of cover assets loan size interest rate risk and currency risk (iii) the maturity structure of cover assets and covered bonds; and maturity structure of cover assets maturity structure of covered bonds (iv) the percentage of loans more than ninety days past due; (b) the issuer makes the information referred to in point (a) available to the institution at least semi annually. table Portfolio characteristics table Covered Bonds table 14 Geographical Distribution table Portfolio Characteristics table 3 Outstanding Loan Amount table Covered Bonds for coupon and currency information of the covered bonds table 10 for coupons of mortgages table Counterparty Ratings & Triggers for IRS/TRS information See base prospectus for information about hedging Only EUR denominated mortgages: see BP table 6 Legal table Covered Bonds table 1 Delinquencies table Portfolio Characteristics Overcollateralisation Legally required minimum OC Documented minimum OC Nominal OC table Asset Cover Test table Asset Cover Test table Asset Cover Test 8 of 30

9 Stratifications Portfolio Characteristics Principal amount 5,675,038, Value of saving deposits 165,039, Net principal balance 5,509,999, Construction Deposits 0.00 Net principal balance excl. Construction and Saving Deposits 5,509,999, Number of loans 33,234 Number of loanparts 61,531 principal balance (borrower) 170, principal balance (loanpart) 92, average current interest rate 2.82 % average maturity (in years) average remaining time to interest reset (in years) 7.10 average seasoning (in years) 8.82 average CLTOMV % average % Maximum current interest rate 9.20 % Minimum current interest rate 0.43 % Type of cover assets: Currency Portfolio: Frequency of publication National Transparancy Template: Dutch Residential Mortgages EUR Monthly 9 of 30

10 1. Delinquencies From (>) - Until (<=) Arrears Amount Aggregate Outstanding Amount % of Total Nr of Loans % of Total Performing ,646,589, % 33, % 2.81 % % <= 30 days 115, ,366, % % 2.94 % % > 30 days - <= 60 days 15, ,082, % % 3.35 % % > 60 days - <= 90 days > 90 days - <= 120 days > 120 days - <= 180 days > 180 days Total 131, ,675,038, % 33, % 2.82 % % 10 of 30

11 2. Redemption Type Description Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total Annuity 1,103,278, % 13, % 2.42 % % Bank Savings 262,060, % 2, % 3.67 % % Interest only 3,755,227, % 38, % 2.82 % % Investment 169,158, % 1, % 2.87 % % Lineair 112,153, % 1, % 2.31 % % Savings 273,159, % 3, % 3.72 % % Total 5,675,038, % 61, % 2.82 % % 11 of 30

12 3. Outstanding Loan Amount From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loans % of Total <= ,241, % % 2.97 % % 25,000-50,000 44,093, % 1, % 2.83 % % 50,000-75, ,116, % 2, % 2.82 % % 75, , ,267, % 3, % 2.85 % % 100, ,000 1,173,023, % 9, % 2.80 % % 150, ,000 1,258,788, % 7, % 2.83 % % 200, , ,559, % 4, % 2.84 % % 250, , ,525, % 2, % 2.85 % % 300, , ,427, % 1, % 2.75 % % 350, , ,434, % % 2.81 % % 400, , ,672, % % 2.74 % % 450, ,000 85,784, % % 2.76 % % 500, ,000 60,049, % % 2.69 % % 550, ,000 43,912, % % 2.69 % % 600, ,000 29,326, % % 2.59 % % 650, ,000 22,962, % % 2.80 % % 700, ,000 16,689, % % 2.54 % % 750, ,000 25,077, % % 2.87 % % 800, ,000 9,153, % % 2.63 % % 850, ,000 12,377, % % 2.44 % % 900, ,000 5,596, % % 2.55 % % 950,000-1,000,000 8,886, % % 2.85 % % > ,070, % % 2.87 % % Unknown Total 5,675,038, % 33, % 2.82 % % 12 of 30

13 4. Origination Year From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total ,751, % % 3.09 % % ,286, % 1, % 2.92 % % ,042, % % 3.15 % % ,152, % 1, % 2.96 % % ,203, % 2, % 2.89 % % ,793, % 3, % 2.92 % % ,698, % 4, % 2.81 % % ,348, % 5, % 2.69 % % ,011, % 4, % 2.96 % % ,137, % 3, % 3.00 % % ,406, % 4, % 3.34 % % ,604, % 3, % 3.25 % % ,399, % 1, % 3.43 % % ,499, % % 3.48 % % ,610, % 1, % 3.26 % % ,215, % 1, % 3.44 % % ,266, % 3, % 2.76 % % ,015, % 4, % 2.41 % % 2016 > 923,594, % 10, % 2.09 % % Unknown Total 5,675,038, % 61, % 2.82 % % 13 of 30

14 5. Seasoning From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total 1 Year 389,593, % 4, % 2.08 % % 1 Year - 2 Years 534,001, % 6, % 2.09 % % 2 Years - 3 Years 400,015, % 4, % 2.41 % % 3 Years - 4 Years 327,266, % 3, % 2.76 % % 4 Years - 5 Years 136,215, % 1, % 3.44 % % 5 Years - 6 Years 89,610, % 1, % 3.26 % % 6 Years - 7 Years 67,499, % % 3.48 % % 7 Years - 8 Years 169,399, % 1, % 3.43 % % 8 Years - 9 Years 296,604, % 3, % 3.25 % % 9 Years - 10 Years 498,406, % 4, % 3.34 % % 10 Years - 11 Years 345,137, % 3, % 3.00 % % 11 Years - 12 Years 486,011, % 4, % 2.96 % % 12 Years - 13 Years 556,348, % 5, % 2.69 % % 13 Years - 14 Years 421,698, % 4, % 2.81 % % 14 Years - 15 Years 327,793, % 3, % 2.92 % % 15 Years - 16 Years 248,203, % 2, % 2.89 % % 16 Years - 17 Years 131,152, % 1, % 2.96 % % 17 Years - 18 Years 79,042, % % 3.15 % % 18 Years - 19 Years 120,286, % 1, % 2.92 % % 19 Years - 20 Years 50,751, % % 3.09 % % 20 Years - 21 Years 21 Years - 22 Years 22 Years - 23 Years 23 Years - 24 Years 24 Years - 25 Years 25 Years - 26 Years 26 Years - 27 Years 27 Years - 28 Years 28 Years - 29 Years 29 Years - 30 Years 30 Years > Unknown Total 5,675,038, % 61, % 2.82 % % 14 of 30

15 6. Legal From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total ,562, % % 3.22 % % ,059, % 1, % 3.44 % % ,285, % 4, % 3.07 % % ,262,558, % 14, % 2.93 % % ,122,268, % 20, % 2.99 % % ,949, % 7, % 3.03 % % ,249,847, % 13, % 2.20 % % , % % 2.20 % % , % % 3.04 % % ,351, % % 2.61 % % 2100 > Total 5,675,038, % 61, % 2.82 % % 15 of 30

16 7. Remaining Tenor From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 0 Year 419, % % 2.12 % % 0 Year - 1 Year 6,076, % % 3.18 % % 1 Year - 2 Years 6,066, % % 3.33 % % 2 Years - 3 Years 7,320, % % 3.72 % % 3 Years - 4 Years 7,936, % % 3.52 % % 4 Years - 5 Years 9,982, % % 3.45 % % 5 Years - 6 Years 12,769, % % 3.53 % % 6 Years - 7 Years 19,051, % % 3.24 % % 7 Years - 8 Years 24,631, % % 3.20 % % 8 Years - 9 Years 26,117, % % 3.23 % % 9 Years - 10 Years 31,870, % % 3.13 % % 10 Years - 11 Years 69,835, % % 3.17 % % 11 Years - 12 Years 143,830, % 1, % 2.97 % % 12 Years - 13 Years 144,553, % 1, % 3.11 % % 13 Years - 14 Years 149,834, % 1, % 3.01 % % 14 Years - 15 Years 264,220, % 2, % 2.93 % % 15 Years - 16 Years 313,930, % 3, % 2.94 % % 16 Years - 17 Years 390,020, % 4, % 2.82 % % 17 Years - 18 Years 550,266, % 5, % 2.72 % % 18 Years - 19 Years 499,498, % 4, % 2.91 % % 19 Years - 20 Years 325,389, % 3, % 2.88 % % 20 Years - 21 Years 455,629, % 4, % 3.33 % % 21 Years - 22 Years 291,483, % 2, % 3.21 % % 22 Years - 23 Years 155,125, % 1, % 3.26 % % 23 Years - 24 Years 54,582, % % 3.34 % % 24 Years - 25 Years 48,686, % % 3.06 % % 25 Years - 26 Years 113,716, % 1, % 3.31 % % 26 Years - 27 Years 300,838, % 3, % 2.75 % % 27 Years - 28 Years 364,667, % 4, % 2.48 % % 28 Years - 29 Years 476,103, % 5, % 2.08 % % 29 Years - 30 Years 407,868, % 4, % 2.08 % % 30 Years >= 2,714, % % 2.62 % % Unknown Total 5,675,038, % 61, % 2.82 % % 16 of 30

17 8. Current Loan To Original Market Value From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total NHG 1,171,683, % 14, % 2.85 % % <= 10 % 10 % - 20 % 14,027, % % 2.67 % % 20 % - 30 % 116,015, % 1, % 2.60 % % 30 % - 40 % 248,605, % 3, % 2.62 % % 40 % - 50 % 444,290, % 5, % 2.64 % % 50 % - 60 % 710,224, % 7, % 2.68 % % 60 % - 70 % 1,108,957, % 10, % 2.71 % % 70 % - 80 % 489,182, % 5, % 2.68 % % 80 % - 90 % 438,742, % 4, % 2.90 % % 90 % % 429,452, % 4, % 2.99 % % 100 % % 500,396, % 4, % 3.37 % % 110 % % 2,562, % % 3.08 % % 120 % % 395, % % 3.13 % % 130 % % 361, % % 3.42 % % 140 % % 150 % > 140, % % 2.52 % , % Unknown Total 5,675,038, % 61, % 2.82 % % 17 of 30

18 9. Current Loan To Indexed Market Value From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total NHG 1,171,683, % 14, % 2.85 % % <= 10 % 162, % % 3.10 % % 10 % - 20 % 47,813, % % 2.65 % % 20 % - 30 % 189,221, % 2, % 2.66 % % 30 % - 40 % 372,275, % 4, % 2.65 % % 40 % - 50 % 660,177, % 7, % 2.68 % % 50 % - 60 % 917,962, % 8, % 2.68 % % 60 % - 70 % 872,695, % 8, % 2.73 % % 70 % - 80 % 498,919, % 4, % 2.88 % % 80 % - 90 % 448,142, % 4, % 3.02 % % 90 % % 320,495, % 3, % 3.19 % % 100 % % 156,118, % 1, % 3.41 % % 110 % % 18,978, % % 3.60 % % 120 % % 250, % % 3.74 % % 130 % % 140 % % 150 % > 140, % % 2.52 % , % Unknown Total 5,675,038, % 61, % 2.82 % % 18 of 30

19 10. Loanpart (interest rate bucket) From (>) - Until (<=) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total <= 0.5 % 160, % % 0.43 % % 0.5 % % 1.0 % % 25,164, % % 1.42 % % 1.5 % % 1,345,208, % 15, % 1.84 % % 2.0 % % 1,161,637, % 12, % 2.27 % % 2.5 % % 1,322,114, % 13, % 2.78 % % 3.0 % % 747,888, % 7, % 3.23 % % 3.5 % % 467,149, % 4, % 3.76 % % 4.0 % % 197,826, % 2, % 4.26 % % 4.5 % % 164,976, % 1, % 4.76 % % 5.0 % % 119,811, % 1, % 5.24 % % 5.5 % % 94,063, % 1, % 5.75 % % 6.0 % % 20,902, % % 6.23 % % 6.5 % % 6,706, % % 6.72 % % 7.0 % > 1,428, % % 7.37 % % Unknown Total 5,675,038, % 61, % 2.82 % % 19 of 30

20 11. Remaining Interest Rate Fixed Period From (>=) - Until (<) Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total < 1 year 927,747, % 10, % 3.04 % % 1 year - 2 years 195,892, % 2, % 3.43 % % 2 years - 3 years 144,590, % 1, % 3.69 % % 3 years - 4 years 89,670, % 1, % 4.01 % % 4 years - 5 years 89,544, % 1, % 3.58 % % 5 years - 6 years 173,334, % 2, % 3.67 % % 6 years - 7 years 795,622, % 8, % 2.97 % % 7 years - 8 years 944,479, % 9, % 2.60 % % 8 years - 9 years 965,576, % 10, % 2.30 % % 9 years - 10 years 621,272, % 6, % 2.14 % % 10 years - 11 years 22,972, % % 3.98 % % 11 years - 12 years 70,063, % % 3.26 % % 12 years - 13 years 70,113, % % 3.13 % % 13 years - 14 years 46,630, % % 2.75 % % 14 years - 15 years 41,167, % % 2.88 % % 15 years - 16 years 18,064, % % 4.13 % % 16 years - 17 years 73,057, % % 3.50 % % 17 years - 18 years 168,312, % 1, % 3.10 % % 18 years - 19 years 132,690, % 1, % 2.85 % % 19 years - 20 years 83,231, % % 2.87 % % 20 years - 21 years 341, % % 5.94 % % 21 years - 22 years 180, % % 5.70 % % 22 years - 23 years 378, % % 5.58 % % 23 years - 24 years 24 years - 25 years 105, % % 5.60 % % 25 years - 26 years 26 years - 27 years 27 years - 28 years 28 years - 29 years 29 years - 30 years >= 30 years Total 5,675,038, % 61, % 2.82 % % 20 of 30

21 12. Interest Payment Type Description Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total Fixed 5,103,271, % 55, % 2.84 % % Floating 571,766, % 6, % 2.64 % % Unknown Total 5,675,038, % 61, % 2.82 % % 21 of 30

22 13. Property Description Description Aggregate Outstanding Amount % of Total Nr of Borrowers % of Total House 5,042,427, % 28, % 2.84 % % Apartment 632,610, % 4, % 2.65 % % Total 5,675,038, % 33, % 2.82 % % 22 of 30

23 14. Geographical Distribution (by province) Province Aggregate Outstanding Amount % of Total Nr of Borrowers % of Total Drenthe 186,890, % 1, % 2.74 % % Flevoland 160,627, % % 2.81 % % Friesland 132,857, % % 2.70 % % Gelderland 889,017, % 4, % 2.80 % % Groningen 170,120, % 1, % 2.84 % % Limburg 838,799, % 5, % 3.04 % % Noord-Brabant 956,905, % 5, % 2.81 % % Noord-Holland 737,959, % 3, % 2.70 % % Overijssel 405,338, % 2, % 2.78 % % Utrecht 384,855, % 1, % 2.73 % % Zeeland 96,740, % % 2.97 % % Zuid-Holland 714,925, % 4, % 2.78 % % Unspecified Total 5,675,038, % 33, % 2.82 % % 23 of 30

24 15. Occupancy Description Aggregate Outstanding Amount % of Total Nr of Borrowers % of Total Owner Occupied 5,675,038, % 33, % 2.82 % % Buy-to-let Unknown Total 5,675,038, % 33, % 2.82 % % 24 of 30

25 16. Loanpart Payment Frequency Description Aggregate Outstanding Amount % of Total Nr of Loanparts % of Total Monthly 5,675,038, % 61, % 2.82 % % Quarterly Semi-annually Annually Unknown Total 5,675,038, % 61, % 2.82 % % 25 of 30

26 17. Guarantee Type Aggregate Outstanding Amount % of Total Nr of Loans % of Total NHG Guarantee 1,171,683, % 7, % 2.85 % % Non-NHG Guarantee 4,503,355, % 25, % 2.81 % % Unknown Total 5,675,038, % 33, % 2.82 % % 26 of 30

27 Glossary Term Definition / Calculation Account Bank ACT means Rabobank Nederland. means Asset Cover Test. ACT Y1 means, if the Issuer's credit rating from Moody's falls below P-1 (short-term) or if the issuer default rating falls below F1 (short term) or A- by Fitch, the sum of all amounts (the "Deposit Amount") in respect of the Mortgage Receivables, which amounts are, in respect of each Mortgage Receivable separately, the lower of: (a) the aggregate amount of the deposits, to the extent the amount thereof exceeds the amount claimable under the DGS, held by the Borrower of the Mortgage Receivable(s) with the Originators on the last day of the immediately preceding month; and (b) the aggregate Outstanding Principal Amount of such Mortgage Receivable(s) on the last day of the immediately preceding month. The Deposit Amount will be adjusted as follows. If the outcome of A(a) is lower than A(b) as described above, the Deposit Amount will be reduced with an amount equal to A(b) minus A(a) provided that the Deposit Amount will always be at least 0. If the outcome of A(a) is higher than A(b) as described above, the Deposit Amount will be reduced with the amount of the Excess Credit Enhancement. ACT Y2 means, (i) if the Issuer's CR Assessment from Moody's falls below P-1(cr) (short-term) or if the issuer default rating falls below F 1 (short term) or A (long-term) by Fitch, an additional amount equal to the Outstanding Principal Amount of all Mortgage Receivables on the last day of the month immediately preceding the Calculation Date multiplied by the Monthly Payment Percentage of the prior calendar month immediately preceding the Calculation Date in connection with the commingling risk or (ii) zero (a) if the Issuer's credit rating from Moody's is at least equal to P-1 (short-term) and if the issuer default rating is at least equal to FI (short term) or A (long-term) by Fitch or (b) if de Volksbank has taken alternative measures to reduce the commingling risk ACT Z ACT α means an amount equal to the Interest Cover Required Amount. Whereby "Interest Cover Required Amount" means an amount equal to the positive difference, if any, between: (a) the aggregate amount of Scheduled Interest for all Series outstanding; and (b) the aggregate amount of interest to be received under the Transferred Assets up to the relevant final maturity date taking into account their respective contractual amortisation profile less in respect of each Savings Mortgage Receivable which is subject to a Participation, an amount equal to the net amount received or recovered multiplied by the applicable Participation Fraction; and, in each case, (i) taking into account any amount (to be) received or (to be) paid by the CBC in connection with any Swap Agreement and (ii) assuming that for any floating or fixed rate interest, that up to and including the latest Final Date, of any Covered Bond outstanding, such rates remain at the same level as at the relevant Calculation Date preceding the relevant CBC Payment Date. means for each Mortgage Receivable the lower of its Current Balance and the sum of the following elements, to the extent applicable to it: (i) if it is a Savings Mortgage Receivable an amount calculated on the basis of a method notified to the Rating Agencies and subject to Rating Agency Confirmation from Moody's, related to the Savings and Accrued Savings Interest in connection with such Savings Mortgage Receivable, provided that no amount will be deducted if and to the extent that a Bank Savings Participation Agreement and/or Insurance Savings Participation Agreement (each a Participation Agreement and together the "Participation Agreements") is in place in relation to the relevant Mortgage Receivable; (ii) if it corresponds to a Construction Deposit: the amount of the Construction Deposit; (iii) if it was in breach of the Mortgage Receivable Warranties as of the relevant Transfer Date: such amount as is necessary to reduce its Adjusted Current Balance or Current Balance, as the case may be, to zero; (iv) if it is 3 months or more in arrears and it is not a Defaulted Receivable: such amount as is necessary to arrive at 30% of its Current Balance; (v) if it is a Defaulted Receivable: such amount as is necessary to reduce its Current Balance to zero; and/or (vi) if it is a Mortgage Receivable with an interest rate below the Minimum Mortgage Interest Rate, an amount equal to the Minimum Mortgage Interest Rate Reduction. ACT β means for each Mortgage Receivable the lower of (i) the LTV Cut-Off Percentage of its Indexed Valuation and (ii) α minus L. Asset Percentage Available Liquidity Buffer Calculation Date Construction Deposit Credit Rating Current Balance Current Loan to Indexed Market Value () Current Loan to Original Market Value (CLTOMV) Debt Service to Income Index Indexed Valuation IRS Liquidity Buffer Test Loan to Income (LTI) Loanpart(s) means 80.5% or such percentage figure as is determined from time to time in accordance with the Asset Monitoring Agreement. means available liquid assets on reserved accounts of the CBC, plus interest payments and principal repayments from the underlying assets (including derivatives) to which the CBC is contractually entitled for the following six (6) months period. means the date falling two business days before each CBC Payment Date. The "relevant" Calculation Date in respect of any Calculation Period will be the first Calculation Date falling after the end of that period and the "relevant" Calculation Date in respect of any CBC Payment Date will be the last Calculation Date prior to that CBC Payment Date. means in relation to a Mortgage Loan, that part of the Mortgage Loan which the relevant Borrower requested to be disbursed into a blocked account held in his name with the relevant Seller, the proceeds of which may be applied towards construction of, or improvements to, the relevant Mortgaged Asset. means an assessment of the credit worthiness of the notes assigned by the Credit Rating Agencies. means in relation to an Eligible Receivable at any date, the aggregate (without double counting) of the Net Outstanding Principal Amount, Accrued Interest (unless it concerns calculations for either the Asset Cover Test or the Amortisation Test Aggregate Asset Amount, in which case Accrued Interest will not be included) and Arrears of Interest as at that date. means the ratio calculated by dividing the current outstanding loan amount by the Indexed Market Value. means the ratio calculated by dividing the current outstanding loan amount by the Original Market Value. means the ratio calculated by dividing the amount a borrower is required to pay (in interest and principal repayments) on an annual basis by the borrower(s) disposable income. means the index of increases of house prices issued by the Land Registry in relation to residential properties in. means in relation to any Mortgaged Asset at any date means the Original Market Value of that Mortgaged Asset increased or decreased as appropriate by the increase or decrease in the Index since the date of the Original Market Value (and if such is required for the Covered Bonds to maintain the CRD Status, as adjusted as required pursuant to the Capital Requirement Directive). means Interest Rate Swap. means a monthly check, whether the Available Liquidity Buffer is equal to / or higher than the Required Liquidity Buffer, calculated in accordance with article 40(g) of the Decree on Prudential Rules under the FSA (Besluit prudentiele regels Wft) and annually checked by the Asset Monitor. means the ratio calculated by dividing the original loan amount by the income of the borrower at the moment of origination of the Mortgage Loan. means one or more of the loan parts (leningdelen) of which a Mortgage Loan consists. 27 of 30

28 Term LTV Cut-Off Percentage Date (Bonds) Minimum Overcollateralization Net Outstanding Principal Amount NHG Guarantee Nominal OC Occupancy Original Loan to Original Market Value (OLTOMV) Original Market Value Originators Outstanding Principal Amount Prematurity Liquidity Ledger Redemption Type Remaining Tenor Required Liquidity Buffer Reserve Fund Saving Deposits Seasoning Series Servicer Set-Off Definition / Calculation means 80% for all Mortgage Receivables or such lower percentage as is (a) required from time to time for Covered Bonds to qualify as 'covered bonds' as defined in the CRD IV or (b) otherwise determined from time to time in accordance with the Asset Monitoring Agreement. means, subject to Condition 7(c), in respect of a Series of Covered Bonds, the relevant Interest Payment Date which falls no more than 40 years after the Issue Date of such Series and on which the Covered Bonds of such Series are expected to be redeemed at their Principal Amount Outstanding in accordance with these Conditions, as specified in the relevant Final Terms. means the minimum overcollateralization required by either law or the programme documentation. means in relation to a Mortgage Receivable, at any date, the Outstanding Principal Amount of such Mortgage Receivable less, if it is a Savings Mortgage Receivable subject to a Participation, an amount equal to the Participation on such date. means a guarantee (borgtocht) under the NHG Conditions granted by Stichting WEW. means the actual overcollateralization which is calculated by dividing (i) the total outstanding balance of the cover assets included in the cover pool by (ii) the total amount of outstanding covered bonds (both excluding accrued interest). means the way the mortgaged property is used (e.g. owner occupied). means the ratio calculated by dividing the original loan amount by the Original Market Value. means the value of the mortgaged property if the mortgaged property would be privately sold voluntarily, estimated during the assessment of the application. means de Volksbank N.V. means, in respect of a Mortgage Receivable, the aggregate principal sum (hoofdsom) due by the relevant Borrower under the relevant Mortgage Receivable and, after the occurrence of a Realised Loss in respect of such Mortgage Receivable, zero. is not applicable means the principal payment type of the bond means the time in years from the reporting date to the maturity date of a loan. means an amount which is such amount as required for covered bonds pursuant to the CB Regulations to meet the obligation regarding interest payments and redemptions (the latter only in case of hard bullet covered bonds) under the covered bonds for the following six (6) months period including senior cost. means, pursuant to the Trust Deed, if the Issuer's short-term credit rating falls below P-1 by Moody's or if the short-term issuer default rating falls below F1 (short-term) and A (long-term) by Fitch, the CBC will be required to establish a reserve fund (the "Reserve Fund") on the GIC Account which will be credited by the Issuer with an amount equal to the Reserve Fund Required Amount and such further amounts as are necessary from time to time to ensure that an amount up to the Reserve Fund Required Amount is credited to the Reserve Fund for as long as the above rating trigger is breached. means savings in a bank account, pledged to the mortgage lender, which are meant to repay the loan at maturity. means the difference between the loan start date and the current reporting period. means a Tranche of Covered Bonds together with any further Tranche or Tranches of Covered Bonds which are (i) expressed to be consolidated and form a single series and (ii) identical in all respects (including as to listing) except for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices. means de Volksbank N.V. means the right of a debtor to set-off a claim that corresponds to its debt owed to the same counterparty. 28 of 30

29 Contact Information Account Bank Rabobank Nederland Asset Monitor Ernst & Young Accountants LLP (Amsterdam) Croeselaan 18 Antonio Vivaldistraat CB Utrecht 1083 HP Amsterdam Auditors Ernst & Young Accountants LLP (Amsterdam) BUS facilitator Intertrust Administrative Services B.V. Antonio Vivaldistraat 150 Prins Bernhardplein HP Amsterdam 1097 JB Amsterdam Collection Account Provider de Volksbank N.V. Collection Account Provider Rabobank Nederland Croeselaan 1 Croeselaan BJ Utrecht 3521 CB Utrecht Company Administrator Intertrust Administrative Services B.V. Cover Pool Monitor Ernst & Young Nederland LLP Prins Bernhardplein More London Place 1097 JB Amsterdam SE1 2DA London The United Kingdom Covered Bond Company Volks Covered Bond Company B.V. Prins Bernhardplein 200 Floating Rate GIC Provider Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (NL) Croeselaan JB Amsterdam 3521 CB Utrecht Interest Rate Swap Counterparty Commerzbank Interest Rate Swap Counterparty de Volksbank N.V. Mainzer Landstr Croeselaan Frankfurt am Main 3521 BJ Utrecht Germany Interest Rate Swap Counterparty DZ Bank AG Interest Rate Swap Counterparty Natixis S.A. Platz der Republik 30, avenue Pierre Mendès-France Frankfurt am Main Paris Germany France Interest Rate Swap Counterparty Natwest Markets Interest Rate Swap Counterparty Societe Generale 135 Bishopsgate 29 Boulevard Haussmann EC2M 3UR London Paris The United Kingdom France Interest Rate Swap Counterparty Unicredit Bank Issuer de Volksbank N.V. Kardinal-Faulhaber-Straße 1 Croeselaan München 3521 BJ Utrecht Germany Issuer de Volksbank N.V. Legal Advisor NautaDutilh N.V. Croeselaan 1 Strawinksylaan BJ Utrecht 1077 XV Amsterdam 29 of 30

30 Listing Agent Dexia Banque Luxembourg Originator de Volksbank N.V. 69 Route d'esch Croeselaan 1 L-2953 Luxembourg 3521 BJ Utrecht Luxembourg Principal Paying Agent Dexia Banque Luxembourg Servicer de Volksbank N.V. 69 Route d'esch Croeselaan 1 L-2953 Luxembourg 3521 BJ Utrecht Luxembourg Sponsor (if applicable) de Volksbank N.V. Total Return Swap Provider de Volksbank N.V. (as TRS provider) Croeselaan 1 Croeselaan BJ Utrecht 3521 BJ Utrecht the Netherlands Total Return Swap Stand-by Facility Provider Natwest Markets 135 Bishopsgate Total Return Swap Stand-by Facility Provider Rabobank Nederland Croeselaan 18 EC2M 3UR London 3521 CB Utrecht The United Kingdom Trustee Stichting Security Trustee Volks Covered Bond Company Hoogoorddreef BA Amsterdam 30 of 30