Financial and Mortgage Portfolio Overview

Covered bond framework comparison – cont'd - Name of instrument Supervision Collateral type Segregation of collateral Repayment LTV limits Substitute collateral Protection against mismatching Mandatory OC Voluntary OC is protected Premium Covered Bond Eurosystem eligibility ECB CBPP3 eligibility Iceland Sértryggð skuldabréf Icelandic Financial Supervisory Authority (FME) Residential mortgage loans Mortgage loans backed by industrial, office or commercial properties Loans backed by agricultural properties Public sector loans Ring-fenced via registration on the issuer's balance sheet Soft bullet 80% for residential mortgage loans 60% for commercial mortgage loans 70% of for loans backed by agricultural property Up to 20% of the nominal value of the cover pool; FME can approve an increase up to 30% Nominal value and NPV of assets at least equal to outstanding covered bonds; payment obligations covered by inflows; maturity extension No mandatory OC requirement Yes up to limit approved by FME Finland Finnish Covered Bonds Finnish Financial Supervisory Authority (FSA) Housing loans Commercial property loans Public sector loans Ring-fenced via registration on the issuer's balance sheet Hard and soft bullet 80% for residential mortgage loans 60% for commercial mortgage loans Up to 20% of the nominal value of the cover pool Nominal value of assets at least equal to outstanding covered bonds; NPV of assets at least equal to 102% of outstanding covered bonds; 180-day liquidity requirements covered via liquid assets; maturity extension 2% Nominal Yes Yes No Yes CBs issued prior to 8th July 2022 No CBs issued after 8th July 2022 No Yes Yes Source: ECBC Factbook 2021, National Covered Bond Frameworks Denmark Særligt Dækkede Realkreditobligationer Særligt Dækkede Obligationer Realkreditobligationer Danish Financial Supervisory Authority (FSA) Residential mortgage loans Public sector loans Exposures to credit institutions (up to a limit). Residential mortgage loans Public sector loans Residential mortgage loans Public sector loans Cover assets held on the issuer's balance sheet and assigned to individual capital centers (mortgage banks) or registers (commercial banks) Hard and soft bullet 75/80% for residential loans 75% for holiday property 60% for agricultural or commercial property Up to 15% of outstanding covered bonds 80% for residential loans 75% for holiday property 70% for agricultural property 60% for commercial property No limit Balancing principle for mortgage banks; payment obligations covered by inflows; 180-day liquidity requirements covered via liquid assets (does not apply to match-funded programmes) 2% Nominal Yes Yes Yes No No mandatory OC No 54 August-September 2022

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