PROMISE NEO Quarterly Report Q Reporting Entity: HSH Nordbank AG Martensdamm 6 D Kiel Germany

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1 PROMISE NEO HSH NORDBANK AG Reporting Entity: HSH Nordbank AG Martensdamm 6 D Kiel Germany Dr. Dorit Ehlers Phone Promise@hsh-nordbank.com HSH-NORDBANK.DE

2 Disclaimer PROMISE NEO This document has been prepared by HSH Nordbank AG on behalf of Promise Neo It is being issued solely for information purposes in respect of the Promise Neo securitization. HSH Nordbank AG, the Trustee, the Calculation Agent and the Account Bank do not accept any liability for any direct or consequential loss however arising from any use of this document or its contents or otherwise arising in connection therewith. This document is for information purposes only. It is not intended to be and should not construed as an offer document nor does its contribute or form part of an offer for sale or subscription of, or invitation or solicitation of any offer to buy or subscribe for any security and neither this document nor any part of it shall form the basis of or be relied on in connection with, or act as an inducement to enter into any contract or commitment whatsoever. Any decision to purchase or subscribe for securities must be made solely on the basis of the information contained in the offering circular in connection with the offering and no reliance is to be placed on any representation other than those contained therein. By accepting this document you agree to be bound by the restrictions set forth herein. No part of this document may be reproduced or distributed in any manner without the permission of HSH Nordbank AG. This document may not be distributed in the United States or to US Persons. Page 1

3 Overview PROMISE NEO Counterparties Ratings Function Counterparties Moody `s Fitch S&P Originator/ Protection Buy er/ HSH Nordbank AG Baa3 / P-3 A- / F1 n ot a v a ila ble Calculation Agent Martensdamm 6 Serv icer and Reporting Entity Kiel, Germany Protection Seller/ Kreditanstalt für Wiederaufbau Aaa/ P-1 AA A/ F1+ A AA/ A-1 + Principal Pay ing Agent Palmengartenstraße Frankfurt am Main, Germany T rustee Wilmington Trust SP Serv ices (Frankfurt) GmbH A2 / P- A / F1 A / A-1 Steinweg 3-5 (Ra tin g a pplied fr om M & T Ba n k) Frankfurt am Main, Germany Rating Agency Moody s Deutschland GmbH n ot a v a ila ble not available BBB+ / NR An der Welle 5 (Ra tin g a pplied fr om Moody s Cor p) Frankfurt am Main, Germany Page 2

4 Overview PROMISE NEO Date Specification Issue Date October 25, Reporting Date January 31, Collection Period November 1, January 31, 2015 Scheduled Maturity Date June 15, Legal Maturity Date June 15, Rate Inform ation (3-m onth EURIBOR), interpolated 0,082% Interest Period (incl. / ex cl.) December 1 5, March 16, Next Interest Period (incl. / excl.) March 16, June 15, 2015 Notes Pay m ent Date March 16, 2015 Next Notes Pay m ent Date June 15, 2015 Initial Cut-off Date June 30, Day s accrued 91 Currency EUR Notice: Business Day means "a day which is a TARGET Settlement Day, a Frankfurt Business Day, a Hamburg Business Day, a Kiel Business Day and a London Business Day." Page 3

5 Portfolio Summary PROMISE NEO Portfolio Notes Cut-Off Date June 30, 2012 Last Inv estor Report *) from to Period **) from to Class Initial Principal Am ount Principal Am ount before Distribution Principal Distribution Realised Loss Allocation Unjustified Loss Allocation Late Recov eries Principal Am ount after Distribution T otal Interest Distribution Outstanding Principal BoP , , ,21 Senior Guarantee , ,24 0,00 0,00 0,00 0, , ,60 Aggregate Principal Collections Aggregate of Liquidated n.a , ,15 A , ,00 0,00 0,00 0,00 0, ,00 324,06 n.a. - - B , ,00 0,00 0,00 0,00 0, , ,13 Replenishment n.a. - - Outstanding Principal EoP n.a , ,06 Num ber of Reference Claim Delinquency Profile No. of Claims T otal Delinquency Am ount days days 0 0 *) Last Replenishment 05 Sept 2014 Credit Enhancement >90 day s (but no Credit Event yet) Aggregated Delinquencies 0 0 **) Outstanding Principal Class 0 0 of the last Senior reported Guarantee Collection Period (EoP) / Q4 2014: Initial Rating Rating Latest Change Initial CE CE 3M-Euribor Margin T otal Interest Aaa Aaa N/A 22,00% 22,00% N/A 0,800% 0,800% A+ Aaa Aaa N/A 22,00% 22,00% 0,082% 1,200% 1,282% Replenishment Cap , ,21 B NR NR N/A 0,00 0,00 0,082% 12,000% 12,082% Page 4

6 Liquidated Reference Claims PROMISE NEO No Liquidated Reference Claims per Report Date. Page 5

7 Defaulted Reference Claims PROMISE NEO No Defaulted Reference Claims per Report Date. Page 6

8 Overview Trigger PROMISE NEO T rigger Nam e HSH Internal Rating Score 10 9 WA PD related Rating Score T rigger Value Breach? 7,50% 2,43% no 15,00% 7,26% no 7,00 7,00 no WA Life of Bullet Facilities (years) 3,00 1,91 no Replenished Bullet Facilities (% of current Replenishment Volume) 15% N.A. no Debtor Group Concentrations Max. Debtor Group Top 10 Debtor Groups Top 50 Debtor Groups Top 100 Debtor Groups 1,50% 2,53% y es 14,00% 17,05% y es 60,00% 56,7 9% no 85,00% 82,57 % no NOT E: All figures are calculated as of 31 January Any breaches of covenants / triggers are for inform ation purposes only. T he relevant figures for replenishm ents will be calculated on the respective Repenishment Dates. Industry Groups (A m on gst th e la r gest th r ee Moody 's In du str y Gr ou ps m u st be th e follow in g In du str y Gr ou ps: (i) Bev erage, Food & Tobacco, (ii) Construction & Buildung, (iii) Healthcare & Pharm aceuticals, (iv ) Metals & Mining, (v ) Transportation : Cargo Largest: CORP - CONSTRUCTION & BUILDING 25,00% 20,15% no CORP - CONST RUCT ION & BUILD 2nd largest: CORP - HEALTHCARE & PHARMACEUTICALS 20,00% 16,36% no CORP - HEALT HCARE & PHARMACEUT ICALS 3rd largest: CORP - FIRE: FINANCE 17,500% 12,22% no CORP - FIRE: FINANCE Max. Industry "Construction & Buildings" 20,0% 20,15% yes Regional Concentrations Debtors domiciled outside of Germany 20,00% 4,32% no Debtors domiciled in a country other than Germany 7,00% 1,87 % no Debtors domiciled outside of the Euro-zone 3,00% 0,10% no Suspension Events Agg. Volume of Defaulted, Liquidated, Restructured Reference Claims 2,50% 0,00% no WA Life of Reference Pool (years) * 3,50 3,22 no HSH Longterm Rating (Fitch / Moody s) BB+ / Ba1 A- / Baa3 no WA Life (y ears) Y ear 1 Y ear 2 Y ear 3 * 4,50 4,00 3,50 3,22 no Maturity Max. Volume with Remaining Term > 10 years 30,00% 16,69% no Max. Volume with Remaining Term > 30 y ears 5,00% 1,62% no Max. Volume with Micro SMEs 15,00% 4,7 2% no WA Reference Claim Ratio (max. WA A- Loan Portion) 7 1,00% 66,23% no Max. Single A-Loan portion 7 5,00% 7 5,00% no Replenishment Cap , ,06 no Page 7

9 List of Credit Events PROMISE NEO No Credit Events per Report Date. Page 8

10 List of Realised Losses PROMISE NEO No Realised Losses per Report Date. Page 9

11 Distribution by Weighted Average Life Asset Type PROMISE NEO Loan Claim s (EoP) WAL in y ears Number of Claims as of Cut-off-Date A-Loan Number of Claims A-Loan % of Total Nominal 0 < = , ,26 20,5% 1 < = , ,7 3 25,1% 2 < = , ,22 21,1% 3 < = , ,49 8,5% 4 < = , ,7 7 5,7 % 5 < = , ,95 3,9% 6 < = , ,92 2,4% 7 < = , ,7 3 3,5% 8 < = , ,11 3,8% 9 < = , ,93 2,1% 10 < = , ,89 1,6% 11 < = , ,16 0,1% 12 < = ,38 0-0,0% 13 < = , ,12 0,2% 14 < = , ,26 0,0% 15 < = , ,91 0,9% 20 < = , ,61 0,6% 25 < ,40 0-0,0% 30 < ,0% T otal A-Loan Kontrolle ,24 Loan Claim s (EoP) Asset T y pe Amortising loan Bullet loan T otal , ,06 100% Number of Claims as of Cut-off-Date A-Loan Number of Claims A-Loan % of Total Nominal , ,41 94,0% , ,65 6,0% , ,06 100% 0 - Nominal in Mio A-Loan Distribution by Weighted Average Life A-Loan Page 10

12 Distribution by Outstanding Principal and Top Debtor Group Concentration PROMISE NEO Loan Claims (EoP) Distribution by Outstanding Principal Balance Range Number as of Cut-off-Date A-Loan Number A-Loan % of Total Nominal <= 1 Mio 1 Mio <= 2 Mio 2 Mio <= 3 Mio 3 Mio <= 4 Mio 4 Mio <= 5 Mio 5 Mio <= 6 Mio 6 Mio <= 7 Mio 7 Mio <= 8 Mio 8 Mio <= 9 Mio 9 Mio <= 10 Mio 10 Mio <= 11 Mio 11 Mio <= 12 Mio 12 Mio <= 13 Mio , ,40 16,16% , ,03 13,52% , ,7 7 11,98% , ,89 14,7 7 % , ,07 7,54% , ,85 9,27 % , ,19 5,01% , ,64 7,7 6% , ,39 5,50% , ,00 1,30% , ,24 2,7 0% , ,59 4,49% ,00 0 0,00 0,00% > 13 Mio 21 0,00 0 0,00 0,00% T otal , ,06 100% A-Loan A-Loan Nominal in Mio. Loan Claims (EoP) T op Debtor Groups A-Loan Cum ulated Concentration Figures: A-Loan % of Outstanding Principal , ,00 2,53% , ,57 2,01% , ,00 1,92% , ,00 1,7 1% , ,82 1,64% , ,00 1,56% , ,59 1,47 % , ,47 1,44% , ,05 1,39% , ,32 1,38% , ,82 17,05% , ,13 56,7 9% , ,50 82,57 % Nominal in Mio A-Loan Top Debtor Group Concentration A-Loan Page 11

13 Regional Distribution PROMISE NEO Loan Claims by Country Country Number as of Cut-off-Date A-Loan Number A-Loan % of current Outstanding Principal Germany , ,7 9 95,68% Euro-Zone: Luxembourg ,00 1,7 1% France , ,68 0,39% Netherlands , ,16 1,87 % Austria , ,94 0,21% Belgium , ,49 0,04% Non-Euro-Zone: Sweden ,00 0-0,00% UK (United Kingdom) , ,00 0,10% Switzerland ,00 0-0,00% T otal , ,06 100,00% Loan Claims by Region Region Number as of Cut-off-Date A-Loan Number Nominal in Mio. Distribution by Region A-Loan % of current Outstanding Principal Germ any , ,7 9 95,68% Baden-Württemberg , ,68 5,40% Bavaria , ,68 11,20% Berlin , ,49 6,67 % Brandenburg , ,7 5 2,50% Bremen ,00% Hamburg , ,47 17,84% Hesse , ,99 3,82% Lower-Saxony , ,39 8,88% Mecklenburg-W.-Pommerania , ,36 3,35% North Rhine-Westphalia , ,62 18,27 % Rhineland-Palatinate , ,62 0,85% Saxony , ,19 1,47 % Saxony -Anhalt , ,01 0,13% Schleswig-Holstein , ,7 6 14,35% Thuringia , ,7 8 0,95% Foreign Country , ,27 4,32% T otal , ,06 100,00% Nominal in Mio A-Loan A-Loan Distribution by Country A-Loan as of Cut-Off Date A- Loan Distribution by Region Page 12

14 Distribution by Moody s Industry Code PROMISE NEO All Reference Claims Moody 's Industry Code Number as of Cut-off-Date A-Loan as of Cut-Off Date Number A-Loan % of current Outstanding Principal Construction & Building , ,23 20,15% Healthcare & Pharm aceuticals , ,13 16,36% Energy : Fire: Finance , ,47 12,22% Beverage, Food & Tobacco , ,55 11,42% Energy: Oil & Gas , ,13 5,42% Metals & Mining , ,57 5,13% Consumer Goods: Non-durable , ,65 4,87 % Automotive , ,06 4,87 % Banking , ,01 3,60% Capital Equipment , ,28 2,7 4% Energy: Electricity , ,48 2,35% Consumer Goods: Durable , ,05 2,10% Media: Advertising, Printing & Publishing , ,45 1,62% Hotel, Gaming & Leisure , ,54 1,25% Services: Business , ,54 1,15% Chemicals, Plastics, & Rubber , ,7 2 0,98% Transportation: Cargo , ,27 0,82% Services: Consumer , ,80 0,65% Containers, Packaging & Glass , ,99 0,51% Wholesale , ,38 0,46% Energy: Environmental Industries , ,33 0,43% Telecommunications , ,11 0,23% Forest Products & Paper , ,55 0,22% Transportation: Consumer , ,85 0,18% Utilities: Water 0 0, ,93 0,17 % Sovereign & Public Finance , ,99 0,12% Retail , ,00 0,00% High Tech Industries 0 0,00 0 0,00 0,00% Utilities: Electric ,57 0 0,00 0,00% Utilies: Oil & Gas ,05 0 0,00 0,00% Media: Diversified & Production ,00 0 0,00 0,00% T otal , ,06 100,00% Media: Diversified & Production Utilities: Electric Retail Utilities: Water Forest Products & Paper Energy: Environmental Industries Containers, Packaging & Glass Transportation: Cargo Services: Business Media: Advertising, Printing & Notice: Amongst the largest three Moody's Industry Groups must be the following Industry Groups (see also Trigger Overview): (i) Beverage, Food & Tobacco, (ii) Construction & Buildung, (iii) Healthcare & Pharmaceuticals, (iv) Metals & Mining, (v) Transportation: Cargo Energy: Electricity Consumer Goods: Non-durable Energy: Oil & Gas Energy: Fire: Finance Construction & Building Nominal in Mio. Banking Distribution by Moody's Industry Code A-Loan A-Loan as of Cut-Off Date Page 13

15 Distribution by Rating PROMISE NEO Loan Claims Initial Cut-off date Rating A-Loan as of Cut-Off Date A-Loan Loan Claim s (EoP) A-Loan Number of Loan Claims % of Outstanding Principal 1 (AAAA) ,33 5 1,03% 1 (AAA) , , ,04% 1 (AA+) ,00% 1 (AA) , ,49 6 1,25% 1 (AA-) , ,63 2 0,46% 1 (A+) , ,51 8 0,31% 1 (A) , , ,46% 1 (A-) , , ,07 % , , ,7 7 % , , ,10% , , ,24% , , ,53% , , ,45% , , ,24% , , ,81% , , ,83% , ,05 2 0,27 % ,45 2 0,19% ,50 2 1,29% ,52 4 0,34% ,42 3 0,26% ,01 1 0,09% ,00% ,00% 1 (AAAA) 1 (AAA) 1 (AA+) 1 (AA) 1 (AA-) 1 (A+) 1 (A) 1 (A-) Distribution Loans Claims by Rating ,00% Average PD of the Pool 0,7 97 % T otal , , % Equals HSH Rating Score 7 Nominal A-Loan A-Loan 1,00 51,00 101,00 151,00 Page 14

16 Turnover Distribution PROMISE NEO All Reference Claims Annual T urnover A-Loan Am ount As of Cutoff Date % A-Loan Am ount % 0-1 Mio ,90 10,90% ,11 4,7 2% 1 Mio - 5 Mio ,58 9,18% ,45 9,91% 5 Mio - 10 Mio ,62 7,34% ,32 6,82% 10 Mio - 15 Mio ,94 5,12% ,85 2,03% 15 Mio - 20 Mio ,95 4,02% ,59 2,60% 20 Mio - 25 Mio ,97 2,90% ,49 1,7 5% 25 Mio - 30 Mio ,08 1,91% ,16 1,88% 30 Mio - 35 Mio ,89 4,16% ,48 1,83% 35 Mio - 40 Mio ,80 3,03% ,84 2,29% 40 Mio - 45 Mio ,88 1,03% ,15 1,51% 45 Mio - 50 Mio ,7 7 3,42% ,58 0,7 5% > 50 Mio ,86 46,98% ,04 63,91% T otal ,24 100% ,06 100% > 50 Mio 45 Mio - 50 Mio 40 Mio - 45 Mio 35 Mio - 40 Mio 30 Mio - 35 Mio 25 Mio - 30 Mio 20 Mio - 25 Mio 15 Mio - 20 Mio 10 Mio - 15 Mio 5 Mio - 10 Mio 1 Mio - 5 Mio 0-1 Mio Turnover Distribution A-Loan A-Loan Nominal in Mio Page 15