Sparebanken Ost · OSL:SPOG

Sparebanken Ost — Sparebanken Øst Boligkreditt AS — Debt Investor Presentation (September 2014)

12 slides from Sparebanken Ost's debt investor presentation, Sep 30, 2014

  1. Slide 1: Sparebanken Øst Boligkreditt AS Investor presentation

    Sparebanken Øst Boligkreditt AS Investor presentation 30.09.2014 Frode Lindbeck

  2. Slide 2: Sparebanken Øst group

    Sparebanken Øst group • Savings bank established 1843 • Head office in Drammen, 23 branches • Total assets 35.0 bn. NOK (≈€4.2 bn.) • Moody’s rating bank: Baa1/P-2 negative outlook • Equity instrument «SPOG» Oslo Stock Exchange • Q3 2014 – After tax ROE 17.0% – CAR / CET1* 16.7% / 13,5% – * Incl. 50

  3. Slide 3: Sparebanken Øst Boligkreditt AS

    Sparebanken Øst Boligkreditt AS • Established 14. April 2009 • Fully owned subsidiary of Sparebanken Øst • Moody’s has assigned Aaa rating to covered bonds issued by Sparebanken Øst Boligkreditt AS – All figures in the following presentation are as at September 30th 2014 unless otherwise stated Gyld

  4. Slide 4: Summary Q3 2014

    Summary Q3 2014 Sparebanken Øst Boligkreditt AS • Market value non-recourse sale of loans from bank to covered bond company • All loans in cover pool first priority Norwegian residential mortgages • Collateral property valued by independent specialist Eiendomsverdi AS (AVM) • FSA-appointed independe

  5. Slide 5: Sparebanken Øst Boligkreditt AS 30.09.14

    Sparebanken Øst Boligkreditt AS 30.09.14 Rating Aaa (Moody’s) Total assets in the cover pool 8 940 MNOK Outstanding covered bonds 7 466 MNOK OC 19.7 % Type of collateral 100 % 1st prio. residential properties Floating rate loans 100 % Weighted average LTV 47.6 % Number of loans 7 156 Average loan ba

  6. Slide 6: Property type

    Property type Semi detached Other 10 % 0% Apartment 28 % Detached house 62 % Frode Lindbeck

  7. Slide 7: Regional distribution of Cover Pool

    Regional distribution of Cover Pool SHARE OF LOAN BALANCE 0% 5% 10 % 15 % 20 % 25 % 30 % 35 % Buskerud 29,0 % Oslo 23,4 % Akershus 20,8 % Rogaland/Hordaland 10,2 % Vestfold 6,6 % Østfold 3,5 % Northwest/Trøndelag 3,2 % Telemark/Agder 1,5 % Nordland/Troms/Finmark 1,0 % Hedmark/Oppland 0,8 % Distribut

  8. Slide 8: Seasoning

    Seasoning 3.500 MNOK 3.000 2.500 2.000 1.500 1.000 500 1.756 3.324 1.937 1.362 346 0 0-1 1-3 3-5 5-10 10+ Years • Weighted average seasoning: 3.38 years • Approx. 42% of the cover pool is >3 years seasoned Frode Lindbeck

  9. Slide 9: Loan to Value

    Loan to Value MNOK 2.500 2.000 1.500 1.000 500 121 435 875 1.238 1.614 1.842 2.273 328 0 0-10% 10- 20- 30- 40- 50- 60- 70- 20% 30% 40% 50% 60% 70% 80% • Weighted average LTV = 47.6% • Approx. 70% of the cover pool has an LTV < 60% Frode Lindbeck

  10. Slide 10: Issued Covered Bonds

    Issued Covered Bonds ISIN TICKER INT. ISSUED MATURITY CURR. AMOUNT COUPON Mill. NOK NO0010572464 SPOBK01PRO FRN 21.05.10 21.05.15* NOK 1 000 NIB3+65 NO0010589955 SPOBK02PRO FRN 18.10.10 18.10.16* NOK 1 000 NIB3+57 NO0010604879 SPOBK03PRO FRN 16.03.11 15.03.17* NOK 1 000 NIB3+60 NO0010623986 SPOBK04P

  11. Slide 11: Overcollateralization

    Overcollateralization RESIDENTIAL MORTGAGES INCL. SUBSTITUTE COLLATERAL COVERED BONDS OVER-COLLATERALIZATION Q1-13 7.573.948 6.359.040 19 % Q2-13 7.992.328 6.859.490 17 % Q3-13 7.919.793 5.891.160 34 % Q4-13 7.620.344 6.394.160 19 % Q1-14 7.981.607 6.786.750 18 % Q2-14 9.274.167 7.672.740 21 % Q3-14

  12. Slide 12: Sparebanken Øst Boligkreditt AS contact details

    Sparebanken Øst Boligkreditt AS Phone:+47 915 03220 P.O.Box 67 Fax: +47 3288 3712 3301 Hokksund www.oest.no Norway firmapost@oest.no CEO Frode Lindbeck +47 9172 4891 frode.lindbeck@oest.no Investor / Funding Contact Vegard Kvamme +47 9770 0370 vegard.kvamme@oest.no Frode Lindbeck

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