Austrian Covered Bonds Cover Pool Reporting Q1 2018 Analyst: Christian Enger, CFA +43 (0) 50100 84052 [email protected] 23 July 2018 Page 1 For the exclusive use of Erste Group Client (Erste Group) Public Sector Cover Pools Note: In the course of the current year, several issuers have changed their reporting. Therefore, reporting standards were not consistent in Q1 2018. To make the data comparable, we used approximations in a few cases. 23 July 2018 Page 2 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Overcollaterization S&P Moody's Fitch S&P Moody's Fitch Cover Covered Bonds Covered Covered Bond Covered Issuer Issuer Issuer Assets (in Outstanding (in Nom. OC Issuer Legal Type Bond Rating Rating Bond Rating Rating Rating Rating EUR m) EUR m) (in %) Anadi Bank Pfandbrief - - - - - - 585 439 33,0% BTV Fundierte Bankschuldverschreibung - - - - - - 75 24 213,0% BAWAG Fundierte Bankschuldverschreibung - Aaa - - A2 A- 1.187 686 73,0% Erste Group Pfandbrief - Aaa - A A2 A- 3.472 2.319 50,0% Hypo Vorarlberg Pfandbrief - Aa1 - A+ A3 - 786 626 25,5% HYPO NOE Pfandbrief - Aa1 - A - - 4.330 3.413 27,0% Hypo OOE Pfandbrief - - - A+ - - 713 476 49,9% Hypo Salzburg Pfandbrief - - - - - - 164 125 31,0% Hypo Steiermark Pfandbrief - - - - - - 190 166 14,0% Hypo Tirol Pfandbrief - Aa1 - A- Baa2 - 631 430 47,0% Hypo Burgenland Pfandbrief - - - - - - 99 30 231,0% KA Finanz Fundierte Bankschuldverschreibung AA+ - - AA+ - - 1.449 1.075 34,8% KA (neu) Fundierte Bankschuldverschreibung A - - - - - 1.218 962 27,0% RBI Fundierte Bankschuldverschreibung - Aa2 - BBB+ A3 - 948 790 20,0% RLB NOE-Wien Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 1.051 645 62,9% RLB OOE Fundierte Bankschuldverschreibung - - - - Baa1 - 1.067 842 27,0% RLB Steiermark Fundierte Bankschuldverschreibung - Aaa - - Baa1 - 565 344 64,0% RLB Tirol Fundierte Bankschuldverschreibung - - - - Baa1 - 72 57 26,6% Spk. OOE Fundierte Bankschuldverschreibung - - - - - - 40 0 >1.000% Bank Austria Pfandbrief - Aaa - BBB+ Baa1 - 6.597 4.695 40,5% Source: Companies, Erste Group Research 23 July 2018 Page 3 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Overcollaterization 7.000 250% 6.000 200% 5.000 150% 4.000 3.000 100% 2.000 50% 1.000 0 0% RBI BTV BAWAG KA(neu) RLB Tirol RLB OOE Spk.OOE Hypo Tirol KAFinanz Hypo OOE Anadi Bank HYPONOE Erste Group Bank Austria Hypo Salzburg RLB NOE-Wien RLB Steiermark Hypo Vorarlberg Hypo Steiermark Hypo Burgenland Cover Assets (in EUR m) Covered Bonds Outstanding (in EUR m) Nom. OC (in %) Source: Companies, Erste Group Research 23 July 2018 Page 4 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Volume Distribution Issuer (amounts in EUR m) less than 100.000 100.000-300.000 300.000-500.000 500.000-1.000.000 1.000.000-5.000.000 more than 5.000.000 Anadi Bank 6 15 12 27 69 456 BTV 0 0 0 0 0 75 BAWAG 37 175 167 223 481 104 Erste Group 108 312 257 397 757 1.641 Hypo Vorarlberg 4 24 19 35 207 497 HYPO NOE 811 269 239 333 390 2.288 Hypo OOE 4 13 10 37 98 541 Hypo Salzburg 6 21 21 31 37 47 Hypo Steiermark 3 10 5 7 40 125 Hypo Tirol 14 49 44 65 192 267 Hypo Burgenland 1 1 2 6 14 75 KA Finanz n/d n/d n/d n/d n/d n/d KA (neu) 34 133 108 126 206 610 RBI n/d n/d n/d n/d n/d n/d RLB NOE-Wien 16 33 31 110 676 186 RLB OOE 47 144 112 175 173 415 RLB Steiermark 45 108 61 94 68 189 RLB Tirol 2 11 11 15 32 0 Spk. OOE 0 5 6 10 7 12 Bank Austria 54 189 182 436 1.171 4.565 Source: Companies, Erste Group Research 23 July 2018 Page 5 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Volume Distribution 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% RBI BTV BAWAG KA(neu) RLB Tirol RLB OOE Spk.OOE Hypo Tirol KAFinanz Hypo OOE Anadi Bank HYPONOE Erste Group Bank Austria Hypo Salzburg RLB NOE-Wien RLB Steiermark Hypo Vorarlberg Hypo Steiermark Hypo Burgenland less than 100.000 100.000-300.000 300.000-500.000 500.000-1.000.000 1.000.000-5.000.000 more than 5.000.000 Source: Companies, Erste Group Research 23 July 2018 Page 6 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (1) Issuer Other Countries/ (amounts in EUR m) EU Austria Germany EU-GIIPS CEE Switzerland Not Disclosed Anadi Bank 585 585 0 0 0 0 0 BTV 75 75 0 0 0 0 0 BAWAG 1.187 1.187 0 0 0 0 0 Erste Group 3.472 3.382 0 0 59 0 0 Hypo Vorarlberg 786 642 78 0 18 0 0 HYPO NOE 4.330 4.262 0 0 68 0 0 Hypo OOE 713 713 0 0 0 0 0 Hypo Salzburg 163 163 0 0 0 0 1 Hypo Steiermark 190 182 8 0 0 0 0 Hypo Tirol 631 621 5 0 0 0 0 Hypo Burgenland 99 99 0 0 0 0 0 KA Finanz 1.382 1.120 262 0 0 67 0 KA (neu) 1.218 1.178 25 0 15 0 0 RBI 947 887 49 0 0 0 1 RLB NOE-Wien 1.051 1.051 0 0 0 0 0 RLB OOE 1.067 1.067 0 0 0 0 0 RLB Steiermark 565 565 0 0 0 0 0 RLB Tirol 72 72 0 0 0 0 0 Spk. OOE 40 40 0 0 0 0 0 Bank Austria 6.597 6.597 0 0 0 0 0 Source: Companies, Erste Group Research 23 July 2018 Page 7 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (1) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% RBI BTV BAWAG KA(neu) RLB Tirol RLB OOE Spk.OOE Hypo Tirol KAFinanz Hypo OOE Anadi Bank HYPONOE Erste Group Bank Austria Hypo Salzburg RLB NOE-Wien RLB Steiermark Hypo Vorarlberg Hypo Steiermark Hypo Burgenland Austria Germany EU-GIIPS CEE Other EU countries Switzerland Other Countries/ Not Disclosed Source: Companies, Erste Group Research 23 July 2018 Page 8 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (2) Issuer Central Lower Upper (amounts in EUR m) Government Burgenland Carinthia Austria Austria Salzburg Styria Tyrol Vorarlberg Vienna Anadi Bank 0 2 241 46 111 5 50 5 10 102 BTV 75 0 0 0 0 0 0 0 0 0 BAWAG 0 41 64 336 308 36 260 28 84 30 Erste Group 11 41 20 1.371 294 172 311 172 128 624 Hypo Vorarlberg 0 0 93 4 82 0 52 1 307 104 HYPO NOE 0 24 5 3.833 54 1 39 0 0 278 Hypo OOE 0 0 0 0 682 0 0 0 0 21 Hypo Salzburg 0 0 1 0 0 161 1 0 0 1 Hypo Steiermark 6 0 24 32 0 6 113 1 0 0 Hypo Tirol 0 0 5 36 4 3 6 568 0 0 Hypo Burgenland 0 82 0 1 0 0 0 0 0 17 KA Finanz 100 116 0 34 475 0 392 0 3 0 KA (neu) 0 162 143 272 264 50 172 48 47 20 RBI 0 190 41 462 0 113 0 60 15 0 RLB NOE-Wien 0 30 0 885 0 0 0 0 0 76 RLB OOE 0 0 0 31 1.034 2 0 0 0 0 RLB Steiermark 0 0 0 48 0 0 517 0 0 0 RLB Tirol 0 0 0 0 0 0 0 72 0 0 Spk. OOE 0 0 0 2 39 0 0 0 0 0 Bank Austria 1.115 265 668 1.047 731 90 1.057 182 224 1.217 Source: Companies, Erste Group Research 23 July 2018 Page 9 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Regional Distribution (2) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% RBI BTV BAWAG KA(neu) RLB Tirol RLB OOE Spk.OOE Hypo Tirol KAFinanz Hypo OOE Anadi Bank HYPONOE Erste Group Bank Austria Hypo Salzburg RLB NOE-Wien RLB Steiermark Hypo Vorarlberg Hypo Steiermark Hypo Burgenland Central Government Burgenland Carinthia Lower Austria Upper Austria Salzburg Styria Tyrol Vorarlberg Vienna Source: Companies, Erste Group Research 23 July 2018 Page 10 For the exclusive use of Erste Group Client (Erste Group) PS Cover Pools – Assets By Type Direct claim Direct claim Claim with Claim with Claim with Issuer against Direct claim against against guarantee guarantee of guarantee of Other (amounts in EUR m) sovereign region/federal state municipality of sovereign region/federal state municipality Claims Anadi Bank 0 82 232 0 177 70 24 BTV 75 0 0 0 0 0 0 BAWAG 18 16 838 0 70 231 14 Erste Group 39 436 1.533 115 737 471 141 Hypo Vorarlberg 117 112 191 12 216 138 0 HYPO NOE 20 1.573 332 0 2.019 209 177 Hypo OOE 0 20 91 0 580 12 10 Hypo Salzburg 0 44 53 1 22 44 -1 Hypo Steiermark 6 8 42 0 76 58 0 Hypo Tirol 0 202 281 0 0 138 10 Hypo Burgenland 0 0 17 0 66 16 0 KA Finanz n/d n/d n/d n/d n/d n/d n/d KA (neu) 0 217 575 32 280 101 13 RBI 0 0 678 0 97 173 0 RLB NOE-Wien 0 0 222 0 728 41 60 RLB OOE 0 52 576 0 227 183 29 RLB Steiermark 0 55 325 0 65 120 0 RLB Tirol n/d n/d 47 n/d n/d n/d 25 Spk.