PB Consumer PB Consumer GmbH Steinweg Frankfurt am Main Germany fax: +49 (0) Deutsche Postbank AG

Transcription

1 Deal Name: PB Consumer Issuer: PB Consumer GmbH Steinweg Frankfurt am Main Germany fax: +49 (0) Seller of the Receivables: Servicer Name: Reporting Entity: Germany Contact Persons: Mr. Sven Thomas phone: +49 (0) Mr. Thomas Lippmann Administrator: Wilmington Trust SP Services GmbH Steinweg Frankfurt am Main Germany phone: +49 (0) fax: +49 (0) Basic Information Regarding the Notes Class Name Original Note Balance ISIN Fixed / Interest Base Spread Floating Current Rating Moody's Fitch S & P Class A Notes 997,700, DE000A0STMA5 Floating 1-Month Euribor 45 bps Aaa AAA AAA Class B Notes 18,600, DE000A0STMB3 Floating 1-Month Euribor 95 bps Aa2 AA+ AA Class C Notes 30,200, DE000A0STMC1 Floating 1-Month Euribor 160 bps A1 A+ A Class D Notes 42,900, DE000A0STMD9 Floating 1-Month Euribor 260 bps Baa2 BBB BBB Class E Notes 17,400, DE000A0STME7 Floating 1-Month Euribor 390 bps Ba2 BB BB Class F Notes 53,300, DE000A0STMF4 Floating 1-Month Euribor 100 bps N.R. N.R. N.R. Liquidity Reserve Notes 8,300, DE000A0STMG2 Floating 1-Month Euribor -15 bps N.R. N.R. N.R. Page 1 / 22

2 Table of Contents Cover Sheet Table of Contents Deal Overview Poolinformation at Pool Cut... 3 Counterparties... 4 Future Rating Related Triggers... 5 Information Regarding the Notes... 6 Pro Rata Test Default Trigger Liquidity Reserve Account Waterfall... 9 Set-Off Risk Commingling Risk Interest Rate Swap Run Out Schedule Overview of the Asset Pool Deficiency Events Dunning Level Prepayments Pool Stratifications Page 2 / 22

3 Deal Overview Cut-Off Date: Issue Date: Legal Maturity Date: Reporting Period: April 2010 Reporting Frequency: monthly Period No.: 28 Collection Period: until Determination Date: Reporting Date: Payment Date: Next Payment Date: th Business Day of each month (for previous Collection Period) 15th Business Day of each month (for previous Collection Period) 28th day of each calendar month following the relevant Determination Date Interest Accrual Period: (including) until (excluding) Poolinformation at Cut-Off Date Contract Type Number of Number of Original Gross Balance (*) Original Gross Balance Original Net Balance (**) Original Net Balance Postbank Privatkredit 131, % 1,572,170, % 1,501,928, % - thereof insurance for death 68, % 832,070, % 774,543, % - thereof insurance for inability to work 26, % 320,707, % 293,927, % - thereof insurance for unemployment 5, % 62,835, % 54,711, % - thereof no insurance 63, % 740,100, % 727,385, % DSL Privatkredit 9, % 155,045, % 148,809, % - thereof insurance for death 3, % 57,666, % 53,381, % - thereof insurance for inability to work 2, % 35,623, % 32,749, % - thereof insurance for unemployment % 1,749, % 1,514, % - thereof no insurance 5, % 97,379, % 95,427, % Total 140, % 1,727,216, % 1,650,738, % (*) Original Gross : including insurance premium and including upfront adminstration costs (**) Original Net : without insurance premium and without upfront adminstration costs Page 3 / 22

4 Counterparties Rating Name Moody's Short term Long term Fitch Short Long term term S & P Short Long term term Arranger: Royal Bank of Scotland Attn: Andrew Lewis FI Debt Capital Markets 135 Bishopsgate London, EC2M 3UR United Kingdom Joint Lead Manager: JP Morgan EMEA Securitised Products 125 London Wall London, EC2Y 5AJ United Kingdom Royal Bank of Scotland FI Debt Capital Markets 135 Bishopsgate London, EC2M 3UR United Kingdom Société Généralé SG House 41 Tower Hill London, EC3N 4SG United Kingdom Account Bank: Banco Santander, S.A., Frankfurt Branch Eschersheimer Landstrasse Frankfurt am Main Germany P-1 Aa2 F1+ AA A-1+ AA Ratings of Banco Santander Headquarters, Madrid Paying Agent : Listing Agent / Cash Manager: BNP Paribas Securitisation Service, Frankfurt Branch Attn: Angela Faranda Grüneburgweg Frankfurt am Main Germany BNP Paribas Securitisation Service, Luxembourg Branch Attn: Jean-Francois Liegeois 33, Avenue de Gasperich, Howald-Hesperage L-2085 Luxembourg Luxembourg P-1 Aa2 F1+ AA- A-1+ AA Ratings of BNP Paribas Headquarters, Paris P-1 Aa2 F1+ AA- A-1+ AA Ratings of BNP Paribas Headquarters, Paris Swap Counterparty: Société Généralé Tour S.G. 17, Cours Valmy Paris La-Défense France P-1 Aa2 F1+ A+ A-1 A+ Security Trustee: Data Trustee: BNP Paribas Trust Corporation UK Limited Attn: Ian Hames 55, Moorgate London EC2R 6PA United Kingdom BNP Paribas Securitisation Service, Frankfurt Branch Attn: Angela Faranda Grüneburgweg Frankfurt am Main Germany Page 4 / 22

5 Rating Agencies: Moody's Deutschland GmbH Attn: Monitoring An der Welle Frankfurt am Main Germany monitor.abs@moodys.com Fitch Ratings Limited Attn: Structured Finance Surveillance 4th Floor, 101 Finsbury Pavement London EC2A 1RS United Kingdom abssurveillance@fitchratings.com Standard & Poor's Attn: Structured Finance Surveillance Department 18 Finsbury Circus London EC2M 7NJ United Kingdom europeansurveillance@standardandpoors.com Rating of : Moody's Short term Long term Rating Fitch Short Long term term S & P Short Long term term P-1 A1 F1+ A+ A-2 A- Future Rating Related Triggers: Set Off Risk: The Originator has agreed to within 5 (five) Business Days upon becoming aware thereof pay the Set-Off Risk Reserve Required Amount to the Issuer directly into the Set-Off Risk Reserve Account if the Originator's rating is reduced below BBB+ by S&P or BBB+ by Fitch or Baa3 by Moody s. Commingling Risk: In order to mitigate the Commingling Risk (i) the Servicer has undertaken to transfer the Collections received and cleared by it if the rating of the Servicer is below (a) BBB+ by S&P or F1 by Fitch or Baa1 by Moody s two Business Days after the day on which the funds are available on any of the Collection Accounts and (b) BBB- by S&P or Baa3 by Moody s on the day on which the funds are available on any of the Collection Accounts (taggleich) to the Operating Account and (ii) the Issuer may replace the Servicer inter alia if the Servicer becomes Insolvent. At the Servicer s rating being withdrawn or reduced below A2 by S&P or F2 by Fitch or Ba2 by Moody s the Servicer will without undue delay and not later than 15 (fifteen) Business Days after receipt of the written request of the Security Trustee (acting on behalf of the Issuer) (a) open the Second Collection Account with the Second Collection Account Bank; (b) pledge the Second Collection Account to the Security Trustee; (c) fund the Second Collection Account with the Commingling Risk Reserve Amount; and (d) either (x) instruct the Debtors to make all future payments due under the relevant Consumer Loan Agreement directly into the Second Collection Account or (y) ensure that all future payments due under the relevant Consumer Loan Agreement are debited (eingezogen) directly to the Second Collection Account. For the avoidance of doubt, in such case the Servicer will continue to transfer the Collections received and cleared by it on the day on which the funds are available on the Second Collection Account (taggleich) to the Operating Account. Page 5 / 22

6 Rating of the Notes Class Moody's Fitch S & P Original Current Original Current Original Current Class A Notes Aaa Aaa AAA AAA AAA AAA Class B Notes Aa2 Aa2 AA AA+ AA AA Class C Notes A1 A1 A A+ A A Class D Notes Baa2 Baa2 BBB BBB BBB BBB Class E Notes Ba2 Ba2 BB BB BB BB Class F Notes N.R. N.R. N.R. N.R. N.R. N.R. Liquidity Reserve Notes N.R. N.R. N.R. N.R. N.R. N.R. Credit Enhancement of the Notes Class CE (*) as of Issue Date CE as of Issue Date CE as of Beginning of Interest Accrual Period CE as of Beginning of Interest Accrual Period CE as of Ending of Interest Accrual Period CE as of Ending of Interest Accrual Period Class A Notes 162,400, % 93,693, % 90,283, % Class B Notes 143,800, % 85,197, % 82,314, % Class C Notes 113,600, % 71,404, % 69,374, % Class D Notes 70,700, % 51,811, % 50,993, % Class E Notes 53,300, % 43,864, % 43,537, % Class F Notes None None None (*) CE: Credit Enhancement Call Options Clean-up Call has the right to repurchase all of the Receivables if (a) the Aggregate Outstanding Amount represents less than 10 (ten) per cent. of the Aggregate Outstanding Amount as at the Issue Date; and (b) the Security Trustee has given its prior written consent to such repurchase; and (c) the Originator has reimbursed the Issuer's costs and expenses in respect of the repurchase of the Purchased Receivables. Regulatory Call has the right to repurchase all of the Receivables if any change in (i) the laws of the Federal Republic of Germany or the official interpretation or application of such laws occurs or (ii) any directive or any other ruling of the European Union or the official interpretation or application of such rulings or (iii) any accord, standard or recommendation of the Basel Committee on Banking Supervision or an official communication of previously not existing or not publicly available official interpretation of any such accord, standard or recommendation or a change in the official interpretation, implementation or application of any such accord, standard or recommendation occurs which becomes effective on or after the Issue Date and which, for reasons outside the control of the Originator and the Issuer would: (a) restrict the Issuer from performing any of its material obligations under any Note; or (b) with respect to the Originator result in a less favourable capital adequacy treatment of the transaction contemplated by the Transaction Documents compared to the situation that existed on the Issue Date immediately after the issue of the Notes; or (c) oblige the Issuer to make any tax withholdings or deductions for reasons of tax in respect of any payment on the Notes. Page 6 / 22

7 Information regarding the Payments to the Notes Interest Accrual Period: (including) until (excluding) Interest Base Rate Determination: Month EURIBOR Value: 0.404% Payment Date: Accrued days in the relevant Interest Accrual Period: 30 Day Count Convention: Currency: ACT/360 EUR Interest Payments to the Notes Class Beginning Balance of the Class Spread Current Interest Rate Number of Notes Interest paid per Note Interest paid per Class Unpaid Interest per Class Cumulated unpaid Interest per Class Class A Notes 219,725, bps 0.854% 9, , Class B Notes 8,495, bps 1.354% , Class C Notes 13,793, bps 2.004% , Class D Notes 19,593, bps 3.004% , Class E Notes 7,947, bps 4.304% , Class F Notes 53,300, bps 1.404% , Liquidity Reserve Notes 5,000, bps , Payments to the Notes Class Original Balance of the Class Beginning Balance of the Class Distribution Ending Balance of the Class Current Bond Factor Class A Notes 997,700, ,725, ,596, ,128, Class B Notes 18,600, ,495, , ,969, Class C Notes 30,200, ,793, , ,939, Class D Notes 42,900, ,593, ,212, ,381, Class E Notes 17,400, ,947, , ,455, Class F Notes 53,300, ,300, ,300, Liquidity Reserve Notes 8,300, ,000, ,000, Deficiency Ledger of the Notes Class Debited Balance at Beginning of Interest Accrual Debited Amount in Current Collection Credited Amount at Payment Date Debited Balance at End of Interest Accrual Class A Notes Class B Notes Class C Notes Class D Notes Class E Notes Class F Notes 9,435, , , ,762, Page 7 / 22

8 Pro-Rata Test The Pro-Rata Test is passed, if all Subtests are passed This Periods result for the Pro-Rata Test: passed Subtest a The ratio of the Aggregate Outstanding Class A Note Amount to the aggregate Note Amount of the outstanding Class B Notes, Class C Notes, Class D Notes and Class E Notes has at least halved in comparison to the same ratio calculated on the Closing Date. Trigger Value: <= 4.57 Current Value: 4.41 passed Subtest b The Senior Deficiency Ledger (including the Senior Deficiency Sub-Ledgers) does not provide for a debit balance after the application of Issuer Receipts in accordance with the relevant Priority of Payments. Trigger Value: = 0.00 Current Value: 0.00 passed Subtest c The Liquidity Reserve Account Required Amount is paid up in full. passed Trigger Value: >= 5,000, Current Value: 5,000, Subtest d No Issuer Event of Default has occured. passed Subtest e No Default Trigger has occured on the preceding Collection Date. passed Trigger Value: <= 0.40 % Current Value: 0.13 % Subtest f The Aggregate Outstanding Note Amount exceeds 10% of the Initial Senior Note Amount. Trigger Value: > % Current Value: % passed Default Trigger Collection Period Collection Period - 1 Collection Period - 2 April 2010 March 2010 February 2010 Current Value = Σ ( 459, , , ) = Σ ( 313,588, ,478, ,307, ) 0.13% Default Trigger occurs when the Default Ratio is equal to or higher than 0.40%. Current Trigger Result: passed Liquidity Reserve Account Liquidity Reserve at Beginning of Period: Repaid / Drawn in Interest Period: Liquidity Reserve at Ending of Period: 5,000, ,000, Page 8 / 22

9 Waterfall Pro Rata Payment - Prior to Enforcement Notice Revenue Available (a) Interest paid in respect of a Purchased Receivable 1,564, (b) Interest Servicer Revoked Amount Advances 0.00 (c) Recoveries Available 40, (d) Liquidity Reserve Note Revenue Amount 1, (e) Netted Amounts paid by the Interest Swap Counterparty 0.00 (f) Amounts standing to the credit of the Operating Account (g) Revenue Shortfall Amount for the relevant Interest Accrual Period 0.00 Total Revenue Available Amount 1,606, Priority of Payments in respect of revenue (i) Obligation of the Issuer 0.00 (ii) Fees and Expenses to be paid to the Security Trustee in an Amount of up to (and including) the Security Trustee Fee Cap 0.00 (iii) Liquidity Reserve Top Up Amount 0.00 (iv) Any Interest Servicer Revoked Amount Advances repayable to the Servicer 0.00 (v) Administrative Expenses in an amount of up to (and including) the Administrative Expenses Cap 209, (vi) Netted Amounts due under the Interest Swap 933, (vii) Liquidity Reserve Note Revenue Amount 1, (viii) Interest Class A 156, (ix) Credit Amount to Class A Deficiency Sub Ledger 0.00 (x) Interest Class B 9, (xi) Credit Amount to Class B Deficiency Sub Ledger 0.00 (xii) Interest Class C 23, (xiii) Credit Amount to Class C Deficiency Sub Ledger 0.00 (xiv) Interest Class D 49, (xv) Credit Amount to Class D Deficiency Sub Ledger 0.00 (xvi) Interest Class E 28, (xvii) Credit Amount to Class E Deficiency Sub Ledger 0.00 (xviii) Liquidity Reserve Ramp Up Amount 0.00 (xix) Issuer Close Out Payment Obligation 0.00 (xx) Interest Class F 62, (xxi) Credit Amount to Class F Deficiency Sub Ledger 133, (xxii) Any Damages payable to a party under a Transaction Document 0.00 (xxiii) Success Fee to the Originator 0.00 (xxiv) Transaction gain 0.00 Total Revenues Paid 1,606, Available Amount (a) Repayment and prepayment of principal in respect of a Purchased Receivable 16,546, (b) Amounts to be received by payments of a Non-Eligible Receivable Repurchase Price 0.00 (c) Liquidity Reserve Account Release Amount 0.00 (d) Amounts to be received by Servicer Revoked Amount Advances 0.00 (e) Amounts to be credited to the Deficiency Ledger 133, Total Available Amount 16,680, Priority of Payments in respect of principal (i) Servicer Revoked Amount Advances 0.00 (ii) Liquidity Reserve Account Release Amount 0.00 (iii) amounts due under Class A Note 13,596, (iv) amounts due under Class B Note 525, (v) amounts due under Class C Note 853, (vi) amounts due under Class D Note 1,212, (vii) amounts due under Class E Note 491, (viii) amounts due under Class F Note 0.00 (ix) Amounts paid to the Operating Account Total Paid 16,680, Page 9 / 22

10 Set-Off Risk Current Rating Moody's Fitch S&P Set-Off Risk Release Rating means simultanious ratings of BBB+ or better by S&P and BBB+ or better by Fitch and Baa3 or better by Moody's A1 A+ A- passed Set-Off Risk Reserve (in case Postbank's long term rating is below the Set-Off Risk Rating) % of Aggregate Value Set-Off Risk Reserve at Beginning of Collection Period 2.91% 9,128, Rise / Fall in Collection Period -308, Set-Off Risk Reserve at Ending of Collection Period The Maximum of the following values 2.97% 8,819, (i) The aggregate of the Debtor Set-Off Potential for all Debtors on the relevant Collection Date and the Product of and 2.9 and the aggregate of the Outstanding Amount of all Purchased Receivables in the Linked Contracts Portfolio. 8,612, (ii) The Sum of the aggregate of the Debtor Set-Off Potential for all Debtors on the last three relevant Collection Dates divided by three and the Product of and 2.9 and the aggregate of the Outstanding Amount of all Purchased Receivables in the Linked Contracts Portfolio. 8,819, Commingling Risk Servicer s rating being withdrawn or reduced below A-2 by S&P or F2 by Fitch or Ba2 by Moody s (Required Servicer Level 3 Rating) Current Rating Moody's Fitch S&P A1 F1+ A-2 passed Commingling Risk Reserve (in case Postbank's long term rating is below the Required Servicer Level 3 Rating) The Commingling Risk Reserve ist calculated as 1.5% of the Aggregate Outstanding Amount with a maximum of EUR 25,000,000 and a minimum of EUR 8,000,000. Value Commingling Risk Reserve at Beginning of Collection Period 8,000, Rise / Fall in Collection Period Commingling Risk Reserve at Ending of Collection Period ,000, Page 10 / 22

11 Interest Rate Swap Period No. Days Accrued in Interest Period Notes Amount of Hedged Notes Debit Balance on the Deficiency Ledger Swap Outstanding Amount Fix Payment Floating Payment Net Payment ,160,100, ,160,100, ,975, ,174, , ,112,617, , ,112,598, ,567, ,750, , ,066,041, , ,065,997, ,653, ,016, , ,022,464, , ,022,198, ,390, ,736, , ,147, , ,595, ,562, ,915, , ,603, , ,874, ,887, ,241, , ,729, ,025, ,704, ,049, ,434, , ,436, ,128, ,308, ,994, ,373, , ,398, ,567, ,831, ,583, ,230, , ,221, ,076, ,144, ,636, ,051, , ,920, ,553, ,367, ,513, ,142, , ,662, ,282, ,380, ,322, ,600, , ,394, ,475, ,918, ,221, ,011, ,210, ,485, ,868, ,617, ,192, , ,336, ,827, ,371, ,456, ,953, , ,386, ,145, ,819, ,326, ,928, , ,444, ,451, ,122, ,329, ,957, , ,495, ,375, ,942, ,433, ,687, , ,336, ,451, ,360, ,091, ,717, , ,478, ,717, ,817, ,899, ,631, , ,430, ,250, ,470, ,780, ,501, , ,334, ,545, ,969, ,575, ,567, , ,398, ,458, ,494, ,963, ,353, , ,204, ,536, ,926, ,609, ,242, , ,095, ,928, ,369, ,558, ,178, , ,052, ,023, ,885, ,137, ,196, , ,070, ,510, ,202, ,308, ,098, , , ,854, ,435, ,418, ,039, , , Swap Fixed Rate: 3.98% Run Out Schedule Collection Period Outstanding Balance Beginning of Collection Period Weighted Average Interest Rate Outstanding Balance Ending of Collection Period Weighted Average Interest Rate Arrears Mar 2010 Apr 2010 May 2010 Jun 2010 Jul 2010 Aug 2010 Sep 2010 Oct 2010 Nov 2010 Dec 2010 Jan 2011 Feb 2011 Mar 2011 Apr 2011 May 2011 Jun 2011 Jul , , , , ,195, , % % 301,436, , % 296,179, , % 289,932, , % 284,890, , % 278,688, , % 273,848, , % 267,707, , % 263,068, , % 256,942, , % 252,501, , % 246,380, , % 242,135, , % 236,006, , % 231,953, , % 225,864, , % 222,000, , % 215,950, , % 212,272, , % 206,222, , % 202,725, , % 196,671, , % 193,350, , % 187,330, , % 184,177, , % 178,214, , % 175,224, , % 169,342, , % 166,510, , % 160,728, , % 158,050, , % 152,372, , % 149,844, , % Page 11 / 22

12 Collection Period Outstanding Balance Beginning of Collection Period Weighted Average Interest Rate Outstanding Balance Collection Period: Period No.: Ending of Collection Period April Weighted Average Interest Rate Aug 2011 Sep 2011 Oct 2011 Nov 2011 Dec 2011 Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 Aug 2013 Sep 2013 Oct 2013 Nov 2013 Dec 2013 Jan 2014 Feb 2014 Mar 2014 Apr 2014 May 2014 Jun 2014 Jul 2014 Aug 2014 Sep 2014 Oct 2014 Nov 2014 Dec 2014 Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015 Jan 2016 Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2016 Jul 2016 Aug 2016 Sep 2016 Oct 2016 Nov ,241, , % 141,859, , % 136,333, , % 134,094, , % 128,646, , % 126,544, , % 121,184, , % 119,218, , % 113,964, , % 112,127, , % 106,936, , % 105,225, , % 100,111, , % 98,522, , % 93,490, , % 92,016, , % 87,092, , % 85,728, , % 80,930, , % 79,673, , % 75,028, , % 73,874, , % 69,367, , % 68,313, , % 63,923, , % 62,963, , % 58,707, , % 57,838, , % 53,708, , % 52,926, , % 48,952, , % 48,256, , % 44,453, , % 43,836, , % 40,153, , % 39,611, , % 36,050, , % 35,579, , % 32,164, , % 31,759, , % 28,483, , % 28,139, , % 25,039, , % 24,751, , % 21,869, , % 21,632, , % 18,970, , % 18,778, , % 16,348, , % 16,195, , % 13,994, , % 13,875, , % 11,884, , % 11,798, , % 10,028, , % 9,969, , % 8,426, , % 8,391, , % 7,012, , % 6,998, , % 5,790, , % 5,796, , % 4,764, , % 4,786, , % 3,936, , % 3,971, , % 3,334, , % 3,378, , % 2,982, % 3,030, % 2,815, % 2,865, % 2,664, % 2,716, % 2,528, % 2,581, % 2,404, % 2,458, % 2,291, % 2,345, % 2,184, % 2,238, % 2,084, % 2,138, % 1,987, % 2,041, % 1,895, % 1,947, % 1,806, % 1,857, % 1,718, % 1,767, % 1,631, % 1,680, % 1,548, % 1,596, % 1,466, % 1,516, % 1,388, % 1,438, % 1,314, % 1,363, % 1,246, % 1,294, % 1,181, % 1,228, % 1,121, % 1,168, % 1,066, % 1,112, % 1,016, % 1,061, % 969, % 1,013, % 926, % 969, % 884, % 927, % 845, % 888, % 810, % 851, % 778, % 818, % 749, % 787, % 722, % 760, % Page 12 / 22

13 Collection Period Outstanding Balance Beginning of Collection Period Weighted Average Interest Rate Outstanding Balance Collection Period: Period No.: Ending of Collection Period April Weighted Average Interest Rate Dec 2016 Jan 2017 Feb 2017 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017 Aug 2017 Sep 2017 Oct 2017 Nov 2017 Dec 2017 Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 Oct 2018 Nov 2018 Dec 2018 Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr , % 735, % 676, % 711, % 655, % 690, % 635, % 669, % 616, % 650, % 596, % 631, % 577, % 612, % 559, % 594, % 541, % 575, % 524, % 558, % 506, % 540, % 489, % 523, % 472, % 506, % 457, % 491, % 442, % 476, % 427, % 462, % 413, % 448, % 400, % 434, % 387, % 422, % 376, % 410, % 365, % 399, % 354, % 388, % 343, % 377, % 333, % 366, % 323, % 356, % 314, % 347, % 305, % 337, % 296, % 328, % 287, % 320, % 279, % 311, % 271, % 303, % 264, % 295, % 256, % 287, % 249, % 280, % 241, % 272, % 235, % 265, % 228, % 259, % 222, % 252, % 216, % 246, % 210, % 240, % % 233, % Increases in principal, number of loans and maximum runout are due to restructuring of the loans Page 13 / 22

14 Overview of the Asset Pool Collection Period: Period No.: Outstanding April Beginning of Collection Period 60, ,588, End of Term in Collection Period Fully Prepaid in Collection Period 1, , ,170, Partially Prepaid in Collection Period , Scheduled Payments in Collection Period 11,382, Total Payments in Collection Period 16,546, Non-Eligible in Collection Period Deficiency Event in Collection Period , Ending of Collection Period 57, ,582, Thereof Delinquent 1,218 8,077, Distribution by Former Arrears Arrears in the Past Not at any time 47, % 241,373, % At least once 9, % 55,208, % Distribution by Dunning Level and Deficiency Event* Current Collection Period Delinquent Receivables 1,218 8,077, Receivables for which a Deficiency Event* has occured (less recoveries) 1,589 14,434, (*) Debtor Insolvency, liquidation or commencement of insolvency proceedings against the Debtor of such Purchased Receivable; or termination (Kündigung) of the corresponding Consumer Loan Agreement. Deficiency Events* by Contract Type Contract Type Outstanding at Day of Default Total Recoveries Available Outstanding End of Collection Period Postbank-Privatkredit 1,393 11,668, , ,348, DSL-Privatkredit 196 3,205, , ,086, (*) Debtor Insolvency, liquidation or commencement of insolvency proceedings against the Debtor of such Purchased Receivable; or termination (Kündigung) of the corresponding Consumer Loan Agreement. Page 14 / 22

15 Cumulated Deficiency Events* Collection Period (% of Cut-Off ) Deficiency Amount Deficiency Amount (% of Cut-Off ) January % 19, % February % 25, % March % 222, % April % 371, % May % 249, % June % 659, % July % 410, % August % 439, % September % 766, % October % 697, % November % 948, % December % 453, % January % 648, % February % 699, % March % 722, % April % 506, % May % 557, % June % 668, % July % 561, % August % 788, % September % 643, % October % 524, % November % 647, % December % 648, % January % 715, % February % 443, % March % 373, % April % 459, % 1, % 14,873, % (*) Debtor Insolvency, liquidation or commencement of insolvency proceedings against the Debtor of such Purchased Receivable; or termination (Kündigung) of the corresponding Consumer Loan Agreement. Distribution by Dunning Level at Ending of Collection Period Dunning Level (*) Arrears Interest Arrears None 56, % 288,504, % 8, , Dunning Level % 550, % , Dunning Level % 3,545, % 17, , Dunning Level % 1,972, % 12, , Dunning Level % 287, % 3, , Dunning Level % 1,721, % 29, , , , (*) Dunning Levels according to Postbank's dunning level matrix, i.e. dunning level 2 for 15 days after due date until dunning level 5 which is reached 60 days after the due date. Consumer Loan Receivables which fulfil the termination criteria according to Section 489 of the German Civil Code and which are in dunning level 4 or 5 are terminated by Postbank Page 15 / 22

16 Dunning Levels - History % of of the Pool 2,00% 1,60% 1,20% 0,80% 0,40% 0,00% Prepayments by Interest Rate paid by the Borrower Interest Rate paid by the Borrower Collection Period Prepaid Amount in Collection Period Dunning Level 1 Dunning Level 2 Dunning Level 3 Dunning Level 4 Dunning Level 5 Prepaid Amount in Collection Period ]4.5 % - 5 %] % 871, % ]5 % %] % 840, % ]5.5 % - 6 %] % 561, % ]6 % %] % 206, % ]6.5 % - 7 %] % 977, % ]7 % %] % 661, % ]7.5 % - 8 %] % 76, % ]8 % %] % 9, % ]8.5 % - 9 %] % 31, % ]9 % %] % 34, % ]9.5 % - 10 %] % 2, % % 4,272, % Prepayments by Postbank Internal Rating Postbank Internal Rating (*) Prepaid Amount in Collection Period Prepaid Amount in Collection Period AAA - A % 201, % BBB - B % 3,995, % N/A % 76, % % 4,272, % Page 16 / 22

17 Historic Prepayments Cumulated Collection Period Prepayments in Collection Period Prepayments in Collection Period (% of Cut-Off ) Cummulated Prepayments Cummulated Prepayments (% of Cut-Off ) January ,842, % 21,842, % February ,002, % 41,845, % March ,504, % 59,349, % April ,268, % 79,618, % May ,719, % 98,337, % June ,027, % 115,365, % July ,270, % 133,635, % August ,001, % 150,636, % September ,783, % 164,420, % October ,099, % 177,519, % November ,952, % 188,472, % December ,097, % 198,570, % January ,161, % 208,731, % February ,595, % 219,326, % March ,051, % 228,377, % April ,268, % 237,646, % May ,631, % 246,278, % June ,130, % 254,409, % July ,027, % 262,436, % August ,224, % 268,661, % September ,867, % 275,528, % October ,375, % 281,904, % November ,435, % 287,340, % December ,159, % 292,499, % January ,345, % 296,845, % February ,347, % 301,192, % March ,734, % 305,926, % April ,272, % 310,199, % Page 17 / 22

18 Distribution by Contract Type Contract Type Postbank-Privatkredit 52, % 256,240, % DSL-Privatkredit 5, % 40,341, % Distribution by Distribution Channel Distribution Channel Loan Internet 21, % 105,798, % Postbank Branch 18, % 90,918, % Call Center 12, % 58,351, % Others 5, % 41,513, % Distribution by Employment Status Employment Status Employee 37, % 200,575, % Civil Servant / Employee at Public Service 11, % 57,266, % Other 8, % 38,739, % Distribution by Borrowers Borrowers Sole Borrower 39, % 183,768, % Co-Borrowers 18, % 112,813, % Distribution by Domicile of the Borrower Domicile of the Borrower Rent 33, % 171,667, % Ownership 15, % 75,445, % Other 9, % 49,468, % 57, % 296,582, % Page 18 / 22

19 Distribution by Postbank Internal Rating Postbank Internal Rating (*) AAA - A 2, % 11,991, % BBB - B 51, % 279,656, % N/A 3, % 4,934, % (*) The loans where the Postbank internal Rating ist not available were originated before the introduction of a scorecard / rating model at. Distribution by Current Current ]0-5,000] 35, % 80,267, % ]5,000-10,000] 14, % 102,266, % ]10,000-15,000] 4, % 58,240, % ]15,000-20,000] 1, % 30,851, % ]20,000-25,000] % 14,657, % ]25,000-30,000] % 6,728, % ]30,000-35,000] % 2,766, % ]35,000-40,000] % 763, % ]40,000-45,000] % 40, % Minimum Maximum Current Current , Weighted Average Current 5, Page 19 / 22

20 Distribution by Original Original ]0-5,000] 2, % 2,448, % ]5,000-10,000] 19, % 41,598, % ]10,000-15,000] 15, % 64,694, % ]15,000-20,000] 8, % 54,072, % ]20,000-25,000] 5, % 44,588, % ]25,000-30,000] 3, % 35,487, % ]30,000-35,000] 1, % 20,985, % ]35,000-40,000] % 12,478, % ]40,000-45,000] % 9,051, % ]45,000-50,000] % 4,301, % ]50,000-75,000] % 6,876, % Minimum Maximum Original Original 2, , Weighted Average Original 13, Distribution by Interest Rate paid by the Borrower Interest Rate paid by the Borrower ]4.5 % - 5 %] 14, % 68,343, % ]5 % %] 10, % 54,216, % ]5.5 % - 6 %] 5, % 43,245, % ]6 % %] 3, % 18,121, % ]6.5 % - 7 %] 12, % 58,303, % ]7 % %] 6, % 42,133, % ]7.5 % - 8 %] 1, % 7,288, % ]8 % %] % 796, % ]8.5 % - 9 %] % 2,391, % ]9 % %] % 1,523, % ]9.5 % - 10 %] % 217, % Minimum Maximum Interest Rate Debtor Interest Rate Debtor 4.54% 10.00% Weighted Average Interest Rate Debtor 6.03% Page 20 / 22

21 Distribution by Original Term Original Term (Months) ]12-24] % 4, % ]24-36] % 243, % ]36-48] 5, % 7,367, % ]48-60] 10, % 28,506, % ]60-72] 12, % 54,269, % ]72-84] 28, % 204,234, % ]84-96] % 1,614, % ]96-108] % 313, % ] ] % 27, % Minimum Maximum Original Term in months Original Term in months Weighted Average Original Term in months Distribution by Remaining Term Remaining Term (Months) [0-12] 15, % 19,866, % ]12-24] 14, % 53,374, % ]24-36] 12, % 82,505, % ]36-48] 12, % 110,181, % ]48-60] 2, % 25,432, % ]60-72] % 2,769, % ]72-84] % 1,638, % ]84-96] % 353, % ]96-108] % 229, % ] ] % 93, % ] % 137, % Minimum Maximum Remaining Term in months Remaining Term in months Weighted Average Remaining Term in months Increases in principal, number of loans and maximum runout are due to restructuring of the loans Page 21 / 22

22 Distribution by Seasoning Seasoning (months) ]24-36] 8, % 52,796, % ]36-48] 27, % 162,715, % ]48-60] 14, % 64,113, % ]60-72] 5, % 14,865, % ]72-84] 1, % 2,076, % ]84-96] % 13, % ]96-108] % % Minimum Maximum Seasoning Term in months Seasoning Term in months Weighted Average Seasoning Term in months Geographic Distribution Region (Federal State) Baden-Wuerttemberg 7, % 41,983, % Bavaria 7, % 43,929, % Berlin 3, % 17,869, % Brandenburg 2, % 9,587, % Bremen % 2,537, % Hamburg 1, % 7,807, % Hesse 4, % 24,953, % Lower Saxony 5, % 26,815, % Mecklenburg-Western Pomerania % 4,061, % North Rhine-Westphalia 13, % 68,116, % Rhineland-Palatinate 2, % 12,356, % Saarland % 2,554, % Saxony 1, % 9,172, % Saxony-Anhalt 1, % 6,245, % Schleswig-Holstein 2, % 11,931, % Thuringia 1, % 6,533, % N/A % 125, % Page 22 / 22