Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — Q1 2023 Earnings Presentation
72 slides from Deutsche Pfandbriefbank's earnings presentation, May 15, 2023
Slide 1: Results Q1 2023 - Analyst Presentation
Results Q1 2023 - Analyst Presentation
Slide 2: Disclaimer
Disclaimer This presentation is not an offer or invitation to subscribe for or purchase any securities in any jurisdiction, including any jurisdiction of the United States. Securities may not be offered or sold in the United States absent registration or pursuant to an available exemption from reg
Slide 3: Agenda
1. Highlights Q1/23 2. Operative Highlights AGENDA 3. Financial Highlights 4. ESG 5. Strategic Initiatives 6. Summary 7. Appendix Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 3
Slide 4: Highlights Q1/23
HIGHLIGHTS Q1/23 pbb remains on track in difficult market environment Progress on strategic initiatives Pre-tax profit of € 32 million in-line with full-year guidance 2023 Increased average gross portfolio margin Release of management overlay keeps risk provisions low Retail deposit volume strongly
Slide 5: The road ahead: three phases, 2023 Year of Investments
THE ROAD AHEAD We aim to deliver our plan in three phases by 2026 – 2023 is Year of Investments 2026 & beyond 2024 & 2025 2023 Release our full potential Accelerate our Further scale up our growth Operative resilience performance initiatives beyond 2026 NII reduced due to floors/TLTRO – Harvest fi
Slide 6: Agenda
1. Highlights Q1/23 2. Operative Highlights AGENDA 3. Financial Highlights 4. ESG 5. Strategic Initiatives 6. Summary 7. Appendix Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 6
Slide 7: Operative highlights
OPERATIVE HIGHLIGHTS Adequate positioning throughout the cycle € 1 bn ~200bp REF new business1 Gross interest margin2 (REF (REF new new business) business € 29.4 bn +23% REF portfolio3 pbb direkt; total volume € 5.4 bn 1. Incl. extensions > 1 year 2. Net of FX-effects; gross revenue margin Q3/23 ~23
Slide 8: CRE markets: challenging market environment
CRE MARKETS Challenging market environment – further decline of CRE investment volumes in Q1/23 European and US Investment volume1 (€ bn) European and US CRE investment volumes remain 1.000 € 900 € on very low level in Q1/23 800 € 700 € 600 € 12 month rolling total USA Ongoing difficult investme
Slide 9: REF new business & portfolio
REF NEW BUSINESS & PORTFOLIO New business margins remain on elevated level – strategic REF portfolio stable Volume of strategic REF portfolio in € bn (financing volume) New business volume on low level in challenging market environment 29.3 29.4 Avg. gross interest margin remains on 27.6 elevate
Slide 10: Diversification by countries and property types
REF NEW BUSINESS & PORTFOLIO Diversification by countries and property types enables for flexible approach Regions Property types USA 16% Logistics 15% Germany 44% France 5% Office 41% No new commitments in property types Hotel and € 1.0 bn Nordics 6% Residential 31% Retail Shopping Centres (excep
Slide 11: Solid portfolio quality, stable low average LTV
REF NEW BUSINESS & PORTFOLIO Solid portfolio quality – stable low average LTV of 51% REF Portfolio: LTV cluster1 € bn 12.1 12.3 Not sliced, total 12/22 10.1 financing loan 56% 55% 57% 58% 9.6 03/23 53% 53% 51% 51% volume shown 48% 48% 49% 12/22: Ø 51% 47% 47% in resp. cluster 45% 03/23: Ø 51% German
Slide 12: NPL ratio on low level
NPL PORTFOLIO NPL ratio on low level Non-performing loans – regions € mn (EaD, Basel III) 1.6% 1.6% 1.0% Non-performing loans (NPLs) stable q-o-q – NPL ratio1 835 837 3 new additions of US loans (€ 137 mn) mainly compensated by removal of 1 US office loan (€ 116 mn, 580 in forbearance cure-period)
Slide 13: NPLs ≠ risk provisioning
NPL PORTFOLIO NPLs ≠ risk provisioning Overall NPL levels remain moderate and largely without additional loan loss provisions due to conservative risk positioning NPL coverage ratio regularly underscores collateral position: NPLs are sized as loan amount minus actual collateral value – the effective
Slide 14: Focus: US portfolio
FOCUS: US PORTFOLIO Risk profile strictly monitored and managed – only small risk provisioning need US portfolio: Property types US portfolio: Regions 31/03/2023: € 4.9 bn (EaD, Basel III) 31/03/2023: € 4.9 bn (EaD, Basel III) Weak fundamentals esp. for the US Office market with high vacancies but
Slide 15: Focus: Office portfolio
FOCUS: OFFICE PORTFOLIO Risk profile strictly monitored and managed – solid risk parameters Office portfolio: Regions 31/03/2023: € 16.0 bn (EaD, Basel III) Other Office investment volumes are at historic lows, only a few 1A-properties with long term 14% UK leases and good tenants are still transa
Slide 16: Funding and liquidity
FUNDING AND LIQUIDITY Focus on resilient and cost efficient Pfandbrief – unsecured funding increasingly shifted into currently more favourable retail deposit base New long-term funding1 € bn Q1/2021: € 1.4 bn Q1/2022: € 1.8 bn Q1/2023: € 1.4 bn Focus on benchmarks and green refinancing Spread (avg
Slide 17: pbb direkt: development of volumes
pbb direkt – DEVELOPMENT OF VOLUMES Retail deposits up by 23% to € 5.4 bn – ~80% term money Development of pbb direkt volume € bn Avg. term1 3.8 3.1 3.0 (yrs.) Number of clients increased by >80% since 12/21, +70% from 41,000 to 75,000 in 03/23 with an avg. deposit +23% amount of € 42,000 per clie
Slide 18: Structural shift of funding into retail deposits
FUNDING Structural shift of funding into currently cheaper retail deposits pbb direkt Pfandbrief Spread Development vs 6M-Euribor Spread Development (6M-Euribor) pbb vs peers 310 310 310 260 260 260 210 210 210 160 160 160 110 110 110 60 60 60 10 10 10 -40 -40 -40 -90 -90 -90 Jan-22 Mar-22 May-22 Ju
Slide 19: Agenda
1. Highlights Q1/23 2. Operative Highlights AGENDA 3. Financial Highlights 4. ESG 5. Strategic Initiatives 6. Summary 7. Appendix Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 19
Slide 20: Financial highlights
FINANCIAL HIGHLIGHTS Pre-tax profit of € 32 million in line with full-year guidance € 32 mn 16.6% PBT (RoE before tax of 3.3%) CET 1 ratio1 € -2 mn € -58 mn Risk Provisioning GAE – 2023 Year of Investments 1. Calibrated towards anticipated Basel IV levels (fully loaded) Results Q1/23 (IFRS, pbb Grou
Slide 21: Financials: solid operating performance
FINANCIALS Solid operating performance despite difficult market environment Income statement € mn NII mainly affected by loss of floor income and TLTRO III benefit, partially compensated by Q1/22 Q4/22 Q1/23 increased average REF financing volume Operating Income 149 131 119 Fair value measureme
Slide 22: NII and NCI
NII AND NCI Loss of floors and TLTRO III benefit weighs on NII as expected – strategic initiatives to compensate over time NII and NCI € mn (IFRS) 502 497 NII mainly affected by 127 135 loss of floor income loss of TLTRO III benefit Partially compensated by increased average REF 124 117 fina
Slide 23: Risk provisioning on low level
RISK PROVISIONING Risk provisioning on low level, supported by release of management overlay Net income from risk provisioning € mn (IFRS) 5 1 Stage 1&2: Net release of € 5 mn – additions due to -5 -7 interest rate driven changes of model parameters and -2 shift in internal ratings over-compensate
Slide 24: Risk provisioning: long-term level of 40-80bp
RISK PROVISIONING Conservative risk profile aims at a long-term sustainable provisioning level of 40-80bp on the REF portfolio throughout the cycle Balance sheet – loss allowances € mn 135 bp 134 bp 125 bp 400 398 4 4 358 85 bp 29 38 bp 261 REF coverage 30 26 bp 396 394 135 329 103 30 231 33 105 70
Slide 25: GAE 2023 is Year of Investments
GAE 2023 is Year of Investments to advance strategic initiatives General and admin. expenses € mn (IFRS) Investment in strategic projects to continue in difficult 53% times 46% FTE increase mainly driven by IT insourcing 40% CIR1 219 224 67 Personnel vs. non-personnel expenses 68 € mn (IFRS) FTE
Slide 26: GAE cost reduction program, CIR <45% by 2026
GAE Compact cost reduction program to be launched with target CIR <45% by 2026 Cost efficiency is integral part of strategic agenda 2023 is Year of Investment Cost reduction program to be launched in near-term: Investments imply that savings need to be realized – we look specifically into: Busines
Slide 27: Pre-tax profit in line with full-year guidance
PBT Pre-tax profit of € 32 million in line with full-year guidance Pre-tax profit € mn (IFRS) Decline in NII driven by loss of floor income and TLTRO III benefit – strategic initiatives to compensate over time 242 Forward-looking build-up of a management overlay 213 keeps risk provisioning at lo
Slide 28: Capital: strong capital base
CAPITAL Strong capital base allows for taking advantage of profitable growth opportunities RWA already calibrated towards anticipated Basel IV Basel III: RWA € bn (IFRS) levels 17.7 (fully loaded) 16.8 17.0 17.1 Slight RWA increase by new REF commitments and individual internal rating deteriorat
Slide 29: Agenda
1. Highlights Q1/23 2. Operative Highlights AGENDA 3. Financial Highlights 4. ESG 5. Strategic Initiatives 6. Summary 7. Appendix Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 29
Slide 30: ESG progress in all areas
ESG Progress in all areas + € 0.5 bn € 3.4 bn Green GrossBonds 1 outstanding interest margin2 Green Bonds1 (REF new business 18% 69% Green Gross REF interest Portfolio margin 2 2 share Share of scored REF portfolio (26% (REF on new scored business portfolio) 1. According to pbb’s green bond framewor
Slide 31: Strong progress in sustainable finance activities
ESG Strong progress in sustainable finance activities Green share of REF portfolio1 (green loan eligible assets) % > 30% 69% of REF portfolio scored – scoring of remaining 26% on scored portfolio portfolio ongoing 18% Green share of total REF portfolio currently at 18% (26% based on scored portf
Slide 32: Agenda
1. Highlights Q1/23 2. Operative Highlights AGENDA 3. Financial Highlights 4. ESG 5. Strategic Initiatives 6. Summary 7. Appendix Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 32
Slide 33: Continuous progress in strategic initiatives
STRATEGIC INITIATIVES Continuous progress in implementation of strategic initiatives – 2023 is Year of Investments 1 2 3 4 5 6 Digitalisation Profitable Green Revenue Focus on core Funding & operational growth finance diversification business diversification revamp Strong new Cooperation with
Slide 34: pbb's path to PBT target of >300 mn by 2026
STRATEGIC INITIATIVES pbb’s path to its PBT target of >300 mn by 2026 Simplified waterfall € mn Revenue contribution from strategic initiatives (at constant pbb cost) >300 ~10 ~30 ~40 213 ~40 ~70 ~40 CIR <45% Investments/costs for strategic initiatives to be compensated by efficiency/cost cutting me
Slide 35: Agenda
1. Highlights Q1/23 2. Operative Highlights AGENDA 3. Financial Highlights 4. ESG 5. Strategic Initiatives 6. Summary 7. Appendix Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 35
Slide 36: Summary: pbb well positioned
SUMMARY pbb well positioned to weather current market challenges 2023 is Year of Investments Speedy implementation of strategic initiatives Managing increasingly difficult markets risk-wise Keeping operative track Q1/23 in line to reach full-year guidance 2023 Significant growth in retail depo
Slide 37: Agenda
1. Highlights Q1/23 2. Operative Highlights AGENDA 3. Financial Highlights 4. ESG 5. Strategic Initiatives 6. Summary 7. Appendix Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 37
Slide 38: Appendix
1. Strategic Initiatives 2. Guidance APPENDIX 3. ESG 4. Dividend & Financials 5. Portfolio: Operating Processes and Profile 6. Funding & Ratings Contact Details Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 38
Slide 39: Strategic initiatives
Published 9 March 2023, Annual Results 2022 STRATEGIC INITIATIVES Strategic initiatives to further strengthen pbb’s profitability growth trajectory and adapt our strategic focus to changing market conditions 1 2 3 4 5 6 Digitalisation Profitable Green Revenue Focus on core Funding & operational grow
Slide 40: Profitable growth
Published 9 March 2023, Annual Results 2022 PROFITABLE GROWTH We accelerate profitable, organic growth in our core business Strategic Rationale Measures KPIs We grow our core REF We re-allocate portfolios to continue to improve our margins REF portfolio (€ bn) business in two dimensions: based on cu
Slide 41: Green finance
Published 9 March 2023, Annual Results 2022 GREEN FINANCE Become the leading green CRE transformation financing partner in Europe Strategic Rationale Measures KPIs We set pbb up as sustainable Green Lending Green REF portfolio share1 (%) finance bank and real estate • We increase share of financed g
Slide 42: Revenue diversification
Published 9 March 2023, Annual Results 2022 REVENUE DIVERSIFICATION We leverage our core CRE competencies for capital-efficient diversification of our income Strategic Rationale Measures KPIs We continue to diversify pbb Real Estate Investment Management (IM) pbb Group: share of net fee and our busi
Slide 43: Focus on core business and funding diversification
Published 9 March 2023, Annual Results 2022 FOCUS ON CORE BUSINESS AND FUNDING DIVERSIFICATION Diversify funding base to drive cost savings & optimize balance sheet for core business 4 Focus on core business Measures KPIs We optimise our balance • We focus on our REF core business and merge Total as
Slide 44: Digitalisation and operational revamp
Published 9 March 2023, Annual Results 2022 DIGITALISATION & OPERATIONAL RECAMP Catalyse profitable growth through digital processes and steadfast cost discipline compensating for investments in strategic initiatives Digitalisation Measures KPIs We continue our digitalisation We further expedite the
Slide 45: Appendix
1. Strategic Initiatives 2. Guidance APPENDIX 3. ESG 4. Dividend & Financials 5. Portfolio: Operating Processes and Profile 6. Funding & Ratings Contact Details Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 45
Slide 46: Guidance 2023
Published 9 March 2023, Annual Results 2022 GUIDANCE 2023 In 2023, we invest in our business to lay the foundation for accelerated growth and a higher profitability level 2022 2023 Financial Targets REF new business1 € 9.0 bn € 9.0-10.0 bn Pre-tax profit € 213 mn € 170-200 mn NII + NCI € 497 mn > €
Slide 47: Guidance 2026
Published 9 March 2023, Annual Results 2022 GUIDANCE 2026 We release our full potential by 2026 and reach a higher profitability level with >10% RoE b.t. > 10% > € 300 < 45% Gross interest 2 RoE b.t. Profit b.t.margin Cost-income ratio (REF new business (> 9% RoCET1 a.t.) > 14% > 30% 50% + 25% CET1
Slide 48: Appendix
1. Strategic Initiatives 2. Guidance APPENDIX 3. ESG 4. Dividend & Financials 5. Portfolio: Operating Processes and Profile 6. Funding & Ratings Contact Details Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 48
Slide 49: ESG at core of pbb strategy and brand
ESG ESG at core of pbb strategy and brand ESG at core of pbb’s strategy: ESG Programme pbb can make a real difference, reducing the real estate sector`s significant CO2 impact ESG Committee Green finance bank and transformation partner Active portfolio steering with initial roadmap to ESG Pr
Slide 50: Green loan framework criteria
GREEN LOAN pbb Green Loan Framework aligned with current regulatory and market developments – specific metrics defined for each criterion pbb Scoring Model EU Taxonomy MAX SCORE: 100 Points III. Additional Sustainability I. Energy Efficiency II. Building Certification Factors Energy demand/-consum
Slide 51: Appendix
1. Strategic Initiatives 2. Guidance APPENDIX 3. ESG 4. Dividend & Financials 5. Portfolio: Operating Processes and Profile 6. Funding & Ratings Contact Details Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 51
Slide 52: Dividend proposal for 2022
Published 9 March 2023, Annual Results 2022 DIVIDEND PROPOSAL FOR 2022 pbb continues to deliver attractive shareholder return Profit attributable to shareholders DPS (proposal) Payout ratio (proposal) € mn (IFRS) € 0.95 Dividend policy 75%1 213 2023–2025 -26 187 50% 25% -16 171 + regular dividend sp
Slide 53: Key figures pbb Group
KEY FIGURES pbb Group Income statement (€ mn) 2020 2021 Q1/22 Q2/22 Q3/22 Q4/22 2022 Q1/23 5 Net interest income 476 494 122 120 116 131 489 106 Net fee and commission income 6 8 2 1 1 4 8 1 Net income from fair value measurement -8 10 9 5 7 -1 20 1 Net income from realisations 26 81 5 5 - 5 15 14 N
Slide 54: Key figures Real Estate Finance (REF)
KEY FIGURES Real Estate Finance (REF) Income statement (€ mn) 2020 2021 Q1/22 Q2/22 Q3/22 Q4/22 2022 Q1/23 3 Net interest income 396 417 104 103 101 112 420 96 Net fee and commission income 6 8 2 1 2 3 8 1 Net income from fair value measurement -6 6 6 4 4 - 14 - Net income from realisations 24 81 5
Slide 55: Key figures Non-Core (PIF & VP)
KEY FIGURES Non-Core (PIF & VP) Income statement (€ mn) Q1/22 Q2/22 Q3/22 Q4/22 2022 Q1/23 Net interest income 17 17 15 18 67 9 Net fee and commission income - - -1 1 - - Net income from fair value measurement 3 1 3 -1 6 1 Net income from realisations - - -1 - -1 10 Net income from hedge accounting
Slide 56: Balance sheet
BALANCE SHEET Specialist lender with attractive German Pfandbrief as major funding instrument Balance sheet IFRS, € bn Assets 31/03/23 31/12/22 Liabilities & equity 31/03/23 31/12/22 Financial assets at fair value through P&L 1.0 1.1 Financial liabilities at fair value through P&L 0.7 0.7 thereof th
Slide 57: Appendix
1. Strategic Initiatives 2. Guidance APPENDIX 3. ESG 4. Dividend & Financials 5. Portfolio: Operating Processes and Profile 6. Funding & Ratings Contact Details Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 57
Slide 58: Monitoring process: multi-level valuation review
MONITORING PROCESS Multi-level valuation review process Loan Origination Regular annual review (Level 1/2) – revaluation mandatory In addition, reviews on a continuous basis: in case of significant changes (Level 3/4) Event triggered review – revaluation mandatory in case of significant changes (e
Slide 59: Risk management: risk mitigating fields of action
RISK MANAGEMENT Risk mitigating fields of action for pbb in worsening credit situations Additional collateral/recourse elements (e.g. cash, deposit) Conservative risk positioning, strong Risk mitigating fields of action SPV covenant structures, close monitoring for pbb process and intensive client
Slide 60: Portfolio: total portfolio
PORTFOLIO Total portfolio Regions € bn2 31/12/2022 / Total: € 50.0 bn 31/03/2023 / Total: € 50.9 bn Hungary < 1% Hungary < 1% Other Europe 5% Finland 1% Other Europe 5% Finland 1% Other Rest of World 2% Czech Republic 1% Other Rest of World 2% Czech Republic 1% Sweden 2% 5% Sweden 2% 5% Italy Italy
Slide 61: Portfolio: Real Estate Finance (REF)
PORTFOLIO Real Estate Finance (REF) € bn2 Regions Property types 31/12/2022: € 31.0 bn 31/03/2023: € 30.9 bn 31/12/2022: € 31.0 bn 31/03/2023: € 30.9 bn Austria 1% Mixed use 1% Mixed use 1% Austria 1% Other Europe Other Europe Other 1% Other 1% Czech Republic 1% Hotel 4% Hotel 4% Czech Republic 1% R
Slide 62: REF portfolio sub-segments
REF PORTFOLIO Sub-segments Property type Regions Evaluation of current situation Challenges Risk positioning Shopping centres: increased pressure, fashion Short Term: threads to income stability as well as Selective approach with foresighted dominated shopping centres most impacted (decline de
Slide 63: REF portfolio sub-segments
REF PORTFOLIO Sub-segments Property type Regions Evaluation of current situation Challenges Risk positioning Above average increase in vacancies in office Cooling of tenant market due to overall situation of Focus on good locations properties which are not fulfilling the current property econo
Slide 64: Portfolio: Non-Core (PIF)
PORTFOLIO Non-Core (PIF) € bn3 Regions Borrower classification1 31/12/2022: € 4.7 bn 31/03/2023: € 4.5 bn 31/12/2022: € 4.7 bn 31/03/2023: € 4.5 bn Finland 1% Other Europe 3% Finland 1% Other Europe 3% Corporation 3% Corporation 2% UK 3% Other Rest of World 2% PSE (related) 1% PSE (related) 1% UK 3%
Slide 65: Portfolio: Non-Core (VP)
PORTFOLIO Non-Core (VP) € bn3 Regions Borrower classification1 31/12/2022: € 10.6 bn 31/03/2023: € 10.5 bn 31/12/2022: € 10.6 bn 31/03/2023: € 10.5 bn Other Financial Institution 3% Other Rest Other Other Rest Supranational 4% PSE 3% Financial Institution 3% Europe 3% PSE < 1% of World Europe 3% of
Slide 66: Portfolio: Consolidation & Adjustments (C&A)
PORTFOLIO Consolidation & Adjustments (C&A) € bn4 Regions Borrower classification2 Internal ratings (EL classes) 31/12/2022: € 3.7 bn 31/12/2022: € 3.7 bn 31/12/2022: € 3.7 bn 9–11 1% Other Europe Other Rest of World Corporation Sweden < 1% Supra 8% 6% UK 1% 9% USA 1% 10% 99% Poland 2% Sovereign Inv
Slide 67: Appendix
1. Strategic Initiatives 2. Guidance APPENDIX 3. ESG 4. Dividend & Financials 5. Portfolio: Operating Processes and Profile 6. Funding & Ratings Contact Details Results Q1/23 (IFRS, pbb Group, unaudited) 15 May 2023 67
Slide 68: Funding: own funds and eligible liabilities exceed 8% TLOF
FUNDING Own Funds and Eligible Liabilities significantly exceed 8% TLOF € bn MREL2 Composition of Rundown (31/03/2023) Liabilities (31/03/2023) Buffer for Senior Preferred (SP) investors due to high volume of capital instruments and Senior Non- ~ 15.9 Preferred (SNP) liabilities Existing Senior
Slide 69: Public benchmark issuances since 2019
FUNDING Public benchmark issuances since 2019 Types WKN Launch Date mnaturity Date Size Spread1 Coupon Issue/Reoffer Price Mortgage Pfandbrief A2LQNP 21.01.2019 29.01.2024 € 500 mn +8 bp 0.25% 99.812% Senior Preferred A2LQNQ 31.01.2019 07.02.2023 € 500 mn +80 bp 0.75% 99.679% Mortgage Pfandbrief (1s
Slide 70: Mandated ratings
MANDATED RATINGS Bank Ratings S&P Long-term BBB+ Outlook/Trend Stable Short-term A-2 Stand-alone Rating1 bbb Long Term Debt Ratings “Preferred” senior unsecured Debt2 BBB+ “Non-preferred” senior unsecured Debt 3 BBB- Subordinated Debt BB+ Pfandbrief Ratings Moody’s Mortgage Pfandbrief Aa1 Public Sec
Slide 71: Definition of borrower classifications
DEFINITION OF BORROWER CLASSIFICATIONS Borrower classification Definition Sovereign Direct and indirect obligations of Central Governments, Central Banks and National Debt Agencies Sovereign (related) Indirect obligations of Non Sovereigns with an explicit first call guarantee by a Sovereign Regiona
Slide 72: Contact details
CONTACT DETAILS Grit Beecken Axel Leupold Head of Communications Investor Relations/Rating Agency Relations +49 (0)89 2880 28787 +49 (0)89 2880 23648 grit.beecken@pfandbriefbank.com axel.leupold@pfandbriefbank.com Michael Heuber Head of Investor Relations/Rating Agency Relations +49 (0)89 2880 28778
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