March 2014 KLP Kommunekreditt AS Cover Pool Information
Overview As at 31.03.2014 Ratings Fitch Moody`s KLP Banken AS A- KLP Kommunekreditt AS A- Covered Bonds Programme AAA Aaa Key data Public sector loans in the pool-nok 16 360 696 884 Number of loans in the cover pool 871 Average loan size NOK 18 783 808 Weighted average remaining terms (months) 241 Weighted average maturity (yrs) 10 Largest obligor/guarantor (in percent of cover pool) 5,3 % All loans are either loans made directly to. Or with an guarantee by Norwegian municipalities or county administrations Only includes loans with an unconditional and irrevocable on-demand guarantee of payment covering both interest and principal Public sector loans NOK *Current OC is higher than the committed minimum (16 %) Substitution assets NOK Total NOK Cover pool-nok 16 360 696 884 3 369 407 613 19 730 104 497 Covered bonds issued-nok 16 337 000 000 Covered bonds issued-sek 433 500 000 Over colleralisation* 17,6 % Geographic Distribution Norway Others Cover Pool Composition 17 % 83 % Public sector loans Substitution assets All figures NOK All amounts are nominal, may differ from interim/annual report
As at 31.03.2014 Repayment structure Loan size Repayment structure Loan balance % Number of loans Constant Amortisation 13 118 652 432 80 % 808 Annuity 74 026 048 0 % 5 Partial Bullet 0 0 % - Bullet 3 168 018 403 19 % 58 Total 16 360 696 884 100 % 871 Loan size Loan Balance % Number of loans < 10 mill. 1 664 455 562 10 % 475 > 10 mill. - < 25 mill. 3 598 417 992 22 % 216 > 25 mill. - < 100 mill. 7 288 021 108 45 % 159 > 100 mill. - < 250 mill. 2 661 346 221 16 % 18 < 250 mill. 1 148 456 000 7 % 3 Total 16 360 696 884 100 % 871 Interest rate structure Rate reset period Loan balance % Accumulated % < 1 month 8 092 801 901 49 % 49 % > 1 month - < 3 month 1 952 965 146 12 % 61 % > 3 month - < 1 yr 1 254 164 137 8 % 68 % > 1 yr - < 2 yr 733 641 575 4 % 73 % > 2 yr - < 5 yr 2 384 642 847 14 % 87 % > 5 yr 2 146 112 129 13 % 100 % Total 16 564 327 735 100 % Interest rate type Loan balance % Variable 10 658 927 457 64 % Fixed 6 005 400 278 36 % Total 16 664 327 735 100 % All figures NOK All amounts are nominal, may differ from interim/annual report
As at 31.03.2014 Portfolio distribution By claim Loan balance % Direct claim against municipality 13 364 630 031 81,7 % Direct claim against county 920 294 628 5,6 % Loan with guarantee of municipality 1 597 272 225 9,8 % Loan with guarantee of county 478 500 000 2,9 % Total 16 360 696 884 100 % Largest debtors Loan balance % Debtor 1 610 833 330 3,7 % Debtor 2 585 928 728 3,6 % Debtor 3 467 000 000 2,9 % Debtor 4 460 014 279 2,8 % Debtor 5 326 269 584 2,0 % Debtor 6 319 652 417 2,0 % Debtor 7 300 000 000 1,8 % Debtor 8 291 456 000 1,8 % Debtor 9 282 458 415 1,7 % Debtor 10 258 000 000 1,6 % Total 3 901 612 753 23,8 % Geographical Distrubtion Loan balance % Akershus 679 351 302 4,2 % Aust-Agder 252 926 491 1,5 % Buskerud 1 105 503 122 6,8 % Finnmark 720 815 732 4,4 % Hedmark 1 387 977 809 8,5 % Hordaland 450 196 064 2,8 % Møre og Romsdal 1 727 290 903 10,6 % Nordland 1 571 301 121 9,6 % Nord-Trøndelag 531 043 426 3,2 % Oppland 665 317 758 4,1 % Oslo 100 000 000 0,6 % Rogaland 1 225 678 354 7,5 % Sogn og Fjordane 921 821 900 5,6 % Svalbard 41 526 637 0,3 % Sør-Trøndelag 1 407 818 692 8,6 % Telemark 55 491 679 0,3 % Troms 642 992 320 3,9 % Vest-Agder 493 572 542 3,0 % Vestfold 1 497 022 514 9,2 % Østfold 883 048 518 5,4 % Total 16 360 696 884 100,0 % All figures NOK All amounts are nominal, may differ from interim/annual report
As at 31.03.2014 Arrears Loans in arrears Loan balance Amount in arrears Loan balance in % of cover pool loans 0< >30 days 225 151 298 2 424 958 1,38 % 30< >60 days - - 0,00 % 60< >90 days - - 0,00 % >90 days - - 0,00 % Total 225 151 298 2 424 958 1,38 % Substitution assets Substitution assets Amount % of cover pool Deposits in banks (NOK) 709 407 613 3,6 % Norwegian AAA-rated covered bonds 2 660 000 000 13,5 % Total 3 369 407 613 17,1 % Substitution Assets 21 % 79 % Norwegian AAA-rated covered bonds Deposits in banks (NOK) All figures NOK All amounts are nominal, may differ from interim/annual report
Contacts Name Phone Email Christopher Steen +47 952 24 953 christopher.steen@klp.no Kristian Lie-Pedersen +47 970 75 107 kristian.lie-pedersen@klp.no
Disclaimer This material does not constitute an offering circular in whole or part and you must read the actual offering circular related to the Covered Bond program and the notes which may be issued from time to time thereunder as referred to in this material (respectively the "Program" and the Notes ) before making an investment decision. The offering circular for the Program is available from the Arranger. You should consult the offering circular for more complete information about KLP Kommunekreditt AS and the Program. This material is presented solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments and should not be treated as giving investment advice. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this material are subject to change without notice and KLP Kommunekreditt AS is not under any obligation to update or keep current the information contained herein. In addition, institutions mentioned in this material, their affiliates, agents, directors, partners and employees may make purchases and/or sales of the Notes as principal or agent or may act as market maker or provide investment banking or other services in respect of the Program or the Notes which may be issued from time to time thereunder. KLP Kommunekreditt, the Arranger and the Dealers and their respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. KLP Kommunekreditt cannot guarantee that the information contained herein is without fault or entirely accurate. The information in this material is based on sources that KLP Kommunekreditt believes to be reliable. KLP Kommunekreditt can however not guarantee that all the information is correct. Furthermore, information and opinions may change without notice. KLP Kommunekreditt is under no obligation to make amendments or changes to this publication if errors are found or opinions or information change. KLP Kommunekreditt accepts no responsibility for the accuracy of its sources. The Notes are not to be offered or sold in any jurisdiction in circumstances in which the distribution of this document or the Notes would be prohibited in such jurisdiction. This document must not be acted on or relied on by persons who are not eligible to invest in the Notes. Any investment or investment activity to which this communication relates is available only to persons eligible to invest in the Notes and will be engaged in only with such persons. Furthermore, you should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in the Notes which may be offered from time to time under the Program) based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this presentation.