DG HYP INVESTOR PRESENTATION. Situation as at: 30 June 2016

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1 DG HYP INVESTOR PRESENTATION Situation as at: 30 June 2016

2 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June

3 1. DG HYP PART OF A STRONG GROUP DG HYP at a glance - One of Germany s leading mortgage banks - CRE specialist of the DZ Bank Group - Wholly-owned subsidiary of DZ Bank*, supported via a Letter of Comfort - Based in Hamburg - Over 400 employees in Germany * DZ BANK. Die Initiativbank a merger between DZ BANK and WGZ Bank started operations on 1 August 2016 DG HYP Investor Presentation 30 June

4 1. DG HYP PART OF A SOLID BANKING GROUP Cooperative Financial Network Cooperative Financial Network Key financial indicators indicators Key financial DG HYP Investor Presentation 30 June

5 1. COMMERCIAL REAL ESTATE BANK WITH LONG-STANDING EXPERIENCE History Foundation of DG HYP in Berlin Head office moved to Hamburg Take over of the commercial real estate finance business from DZ BANK Business model adjustment: commercial real estate finance business is now core business Focus on the German market Agricultural loans / Private housing finance Commercial real estate finance DG HYP Investor Presentation 30 June

6 1. GERMAN COMMERCIAL REAL ESTATE MARKET Transaction Volume* e Commercial properties Residential Portfolios total volume Continued strong demand for commercial real estate during the first half year of 2016 met with demonstrably restricted supply of adequate properties Transaction volume of CRE amounted to 18 billion down by about 25 per cent on the strong level of previous year s period Office properties were mostly in demand (appr. 7.6 billion), followed by retail properties ( 4.1 billion) * in EUR mn Source: Jones Long LaSalle DG HYP Investor Presentation 30 June

7 1. CORE COMPETENCE COMMERCIAL REAL ESTATE FINANCE Real estate bank of the cooperative banking network Joint market coverage with German Cooperative Banks Commercial real estate finance Commercial real estate customers Local cooperative banks Public customers: Local authority lending/ PPP IMMO Meta products underpinning cooperation with German cooperative banks IMMO VR Rating a web-based, convinient rating procedure for cooperative financial network VR WERT real estate valuation DG HYP Investor Presentation 30 June

8 1. PERVASIVE DECENTRALISED PRESENCE IN GERMAN CORE MARKET CROSS BORDER Debt solutions for German clients in F, NL, UK Dusseldorf Hamburg Frankfurt Stuttgart Leipzig Munich Berlin DG HYP has a decentralised Leipzig structure with 6 real estate offices across Germany Success factors for real estate offices: Customer serrvice by local front office and back office units Flat hierarchies, with local decision-making process Strong market penetration in mid-volume segment Close relastionship with local cooperative banks Five regional offices in Hanover, Kassel, Leipzig, Nuremberg and Mannheim Servicing international investors directly from Hamburg for CRE investments throughout Germany DG HYP Investor Presentation 30 June

9 1. STRATEGIC FOCUS ON COMMERCIAL REAL ESTATE FINANCING Segments Core segments: Offices Multifamiliy Retail Speciality segments: Hotel Logistics Nursing/ retirement homes Customers Private / institutional investors Residential real estate developers Project developers Developers Financing principles Individual transactions ranging from 1mn to 100mn Senior loans secured by first ranking mortgage Equity commitment generally min. 20% LTV: up to 75%, depending on the property segment Properties suitable for use by third parties Property appraised and valued by VR WERT DG HYP Investor Presentation 30 June

10 1. SUSTAINABILITY WITHIN THE DG HYP Economic growth can only be long-term where it is sustainable, and where it respects social and environmental needs. (Dr. Georg Reutter, Chairman of the Management Board) Economic Responsibility In our business activities, we therefore aim to balance entrepreneurial success with social and ecological considerations. (Dr. Georg Reutter, Chairman of the Management Board) Ecological Responsibility Social Responsibility DG HYP Investor Presentation 30 June

11 1. SUSTAINABILITY RATINGS* * The status report on sustainability is available: DG HYP Investor Presentation 30 June

12 1. SUSTAINABILITY IS A PERMANENT PROCESS DG HYP Investor Presentation 30 June

13 AGENDA 1. Corporate profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June

14 2. TREND IN BUSINESS New business ( mn) June June 2016 Commercial real estate financing 4,941 2,153 3,420 of which domestic 4,709 2,153 3,299 of which foreign Local authority lending business Issues 3,628 2,202 2,799 covered 1,501 1,160 1,130 uncovered 2,127 1,042 1,669 Portfolio ( mn) June 2016 Total assets 42,912 39,821 37,579 Real estate loans 19,535 18,674 18,787 Public-sector lending / originated local authority loans 16,667 14,967 14,051 Bank bonds 1,722 1, MBS 1,511 1,273 1,092 DG HYP Investor Presentation 30 June

15 2. FINANCIAL RATIOS Income statement ( mn) 30 June June 2016 Net interest income Net commission result Gross profit Administrative expenses Net other operating income/expenses Risk provision Net financial result Operating result Allocation to the fund for general banking risks Tax expenses Partial profit transfer Profit transfer DG HYP Investor Presentation 30 June

16 2. FAVOURABLE TREND CONTINUES* Net interest income Net commission result 37 Profit transfer / / /2016 * Declarations in EUR mn DG HYP Investor Presentation 30 June

17 2. FINANCIAL RATIOS Regulatory capital* June 2016 Own funds (EUR mn) 1,668 1,611 Total capital ratio (%) 12,7 12,3 Tier 1 ratio (%) 10,4 9,8 Common equity tier 1 ratio (%) 7,1 6,9 * DG HYP has used the so-called waiver option provided under section 2a of the German Banking Act (KWG, old version). Ratios Cost Income Ratio Return on Equity Liquidity coverage requirements June 2016 LCR (%) DG HYP Investor Presentation 30 June

18 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June

19 3. FUNDING STRATEGY liquidity supply at any time DG HYP Pfandbrief issuer in the structurally congruent refinancing cooperative financial network optimisation of the liquidity costs goals products Unsecured funding mainly within the DZ BANK group well-balanced funding mix Strategy broad investor base institute rating from S&P and long-term business relationships investors rating Fitch regular publication of institute and cover pool rated by S&P cover-specific data professional cover fund management DG HYP Investor Presentation 30 June

20 3. STRONG FUNDING BASE THROUGH STABLE RATING Mortgage Pfandbrief AAA - Public Pfandbrief AAA - Senior unsecured A+ - Issuer rating Long-term/ outlook/ short-term A+ / stable / A-1 AA- / stable / F1+ Last Rating Action 12/05/2011 Upgrade from A to A+ 03/24/2015 Upgrade from A+ to AA- Cooperative Banking Sector Germany AA- outlook stable AA- outlook stable DG HYP Investor Presentation 30 June

21 3. LONG-TERM FUNDING Portfolio development ( mn) 11,225 12,153 12,202 registered bonds 2,633 bearer bonds 2,003 Benchmark 2,000 14,162 12,092 11,235 Benchmark 3,500 registered bonds 7,233 10,985 10,626 10,570 bearer bonds 4, /2016 Mortgage Pfandbrief Public Pfandbrief Unsecured Bonds DG HYP Investor Presentation 30 June

22 3. LONG-TERM FUNDING New issues ( mn) New Mortgage Pfandbriefe ( mn) 2,127 2,407 1, , ,8 1,500 5,3 1,501 1,707 1, /2016 1,000 3,5 35,1 27,8 21,8 12, /2016 Mortgage Pfandbriefe Unsecured bonds Benchmark Issues Private Placements DG HYP Investor Presentation 30 June

23 3. DG HYP MORTGAGE COVERED BONDS Outstanding Benchmark Issues (500mn each; AAA) Current Spread Level 31 August 2016 Maturity Issue Date Price YtM Spread MS Issue Spread DGHYP /10/18 2, ,64-0,29-8,3-13,0 DGHYP 1 3/8 01/29/20 3, ,84-0,33-14,0 3,0 DGHYP 0 1/4 01/21/21 4, ,41-0,30-14,2-12,0 DGHYP 0 7/8 07/21/21 4, ,66-0,28-14,1 0,0 DGHYP 0 1/8 09/30/22 6, ,02-0,21-14,1-2,0 DGHYP 0 5/8 06/05/24 7, ,48-0,08-15,4-15,0 DGHYP 0 3/8 03/31/26 9, ,24 0,04-19,8-2,0 DG HYP Investor Presentation 30 June

24 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June

25 4. MORTGAGE POOL* SHARE OF COMMERCIAL LENDING GROWS FURTHER ,3% ,7% /2016 x 1 EURmn x > 1 EURmn * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June

26 4. MORTGAGE POOL* SHARE OF COMMERCIAL LENDING GROWS FURTHER Differentiation by type of use Geographical Breakdown 0,9 43,5% 39,8% 34,6% 32,7% 56,5% 60,2% 65,4% 67,3% 11, /2016 Commercial Residential 06/2016 Domestic Foreign * EUR bn * According to section 28 Pfandbrief Act * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June

27 4. MORTGAGE POOL*: DOMESTIC EXPOSURE Differentiation by property location ( mn) Differentiation by type of use ( mn) Commercial Residential * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June

28 4. MORTGAGE POOL*: DEVELOPMENT OF THE COVER POOL 14,0 2,5 12,0 10,0 8,0 2,0 1,5 6,0 1,0 4,0 2,0 0,5 0,0 06/ ,0 Asset pool Pfandbriefe outstanding overcollateralisation * bn DG HYP Investor Presentation 30 June

29 AGENDA 1. Company profile and business strategy 2. Facts and figures 3. DG HYP funding 4. Analysis of the mortgage cover pool 5. Appendix DG HYP Investor Presentation 30 June

30 5. APPENDIX: PUBLIC SECTOR POOL: HIGH DOMESTIC SHARE Differentiation by debtor category ( mn) Local authorities Foreign public 4,084 5,714 Regional authorities German Federal Government Other debtors 2, Domestic exposure: 8,300 EUR mn * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June

31 5. APPENDIX: PUBLIC SECTOR POOL: FOREIGN Differentiation by country and debtor category ( mn) ES IT CA CH PT AT LUX BE State Regional authorities Local authorities Other * According to section 28 Pfandbrief Act DG HYP Investor Presentation 30 June

32 5. APPENDIX: PUBLIC SECTOR POOL: DEVELOPMENT OF THE COVER POOL* 14,0 4,0 12,0 10,0 3,0 8,0 6,0 2,0 4,0 1,0 2,0 0,0 06/ ,0 Asset Pool Pfandbriefe outstanding overcollateralisation * in bn DG HYP Investor Presentation 30 June

33 5. APPENDIX: DG HYP PART OF A STRONG NETWORK Interaction within the German Cooperative Financial Network * Source: DZ BANK DG HYP Investor Presentation 30 June

34 5. APPENDIX: DG HYP PART OF A STRONG SECTOR The three pillars of the German banking sector * Source: DZ BANK DG HYP Investor Presentation 30 June

35 CONTACTS Deutsche Genossenschafts-Hypothekenbank AG Rosenstraße Hamburg treasury@dghyp.de Patrick Ernst Head of Treasury Division Tel.: patrick.ernst@dghyp.de Nicole John Deputy Head of Treasury Division Tel.: nicole.john@dghyp.de DG HYP Investor Presentation 30 June

36 DISCLAIMER This document has been prepared by Deutsche Genossenschafts-Hypothekenbank AG (DG HYP) solely for information purposes and is intended only for distribution in the Federal Republic of Germany. This document is not intended for persons having their domicile and/or registered office and/or branches outside Germany, particularly in the United States of America, Canada, the United Kingdom or Japan. This document may only be distributed outside Germany in compliance with the laws and regulations applicable in the relevant country. Anyone gaining possession of this information or material must inform themselves of the applicable laws and regulations and observe said laws and regulations. Nothing contained in this document constitutes either a public offer or an invitation to make an offer to buy securities or financial instruments. It cannot replace an independent examination of the opportunities and risks relating to the product presented taking the respective investment objectives into consideration. DG HYP shall not act in particular as an investment advisor or on the basis of an asset management duty or obligation. This document does not constitute financial analysis. All assessments, expressions of opinion and statements contained herein are those of the writer and are not necessarily shared by third parties. DG HYP has obtained the information on which this document is based from sources that are considered reliable, but has not, however, verified all of these documents. Accordingly, no representation or warranty as to the accuracy or completeness of the information or expressions of opinion contained herein is made by DG HYP. DG HYP shall not be liable for direct of indirect losses caused by the distribution and/or use of this document or any losses in connection with the distribution and/or use of this document. Investors shall not base their investment decision regarding securities or other financial instruments on this document, but on the relevant sales prospectus or information memorandum. Depending on the specific investment objectives, investment horizon and financial situation, our recommendations may not suitable, in whole or in part, for individual investors. As trading recommendations are largely based on short-term market conditions, they may also conflict with other recommendations made by DG HYP. The recommendations and expressions of opinion contained herein are as at the date of this document. They can change at any time or may become obsolete as a result of future developments. DG HYP is under no obligation to update or keep the information current or to inform about this. This document includes expectations and forecasts that relate to the future. These forward-looking statements, in particular those regarding DG HYP s business and earnings growth, are based on forecasts and assumptions, and are subject to risks and uncertainties. As a result, the actual results may differ materially from those currently forecast. DG HYP Investor Presentation 30 June

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