1. Eight major changes in the new Dutch Covered Bond Regulations (draft version) Wolf Zwartkruis 24th April 2014

2. One rule less – the minimum ratings requirement 24th April 2014 PresentChange 1: Current regulations recognise only cb’s rated at least AA-/Aa3 upon issuance. This concept is abandoned in new cb regulation No minimum rating of cb’s

3. Enhancing legal certainty for investors (I): legal basis and sanctions 24th April 2014 PresentChange 2: Legal basis in lower regulation Legal basis in parliamentary law 3: Registration of covered bonds can be removed Registration for covered bonds is permanent 4: Removal of registration only sanction Extended sanction regime: fines, removal of issuer registration

4. Enhancing legal certainty for investors (II) - Codifying program concepts 24th April 2014 ConceptImplementation 5: Asset cover testTotal assets should equal at least 105% of total outstanding cb’s. Total combined substitution assets may not exceed 20*% of total pool (to ensure homogeneous pool) 6: Contractual determination of asset pool Limitation and fixation of assets classes proscribed by law 7: Pre-maturity test; liquidity reserve Liquidity should be sufficient to redeem hard bullet cb’s maturing within 6* months and to cover 6 months of interest on all cb’s 8: Investor reportingLegal duty to inform investors on asset pool performance

5. Thank you for your attention. 24th April 2014 wolf.zwartkruis@minfin.nl