Eurohypo Group Investor Conference Covered Bond Recovery Basel 27 August 2009.

Eurohypo GroupInvestor Conference „Covered Bond Recovery“

Basel 27 August 2009

2Basel, 27 August 2009

Agenda

Teil 1:

Franz-Josef KaufmannHead of Capital Markets FundingCommerzbank Group

Teil 2:

Reinolf DibusMember of the Board of Managing DirectorsEurohypo Europäische Hypothekenbank S.A.


Eurohypo at a glance

Eurohypo is one of Germany’s oldest banks. Eurohypo’s history goes back to the foundation of the “Frankfurter Hypothekenbank” in 1862

Eurohypo is part of Commerzbank Group - Germany’s second largest banking group – specialist for Public Finance and Commercial Real Estate

Premier issuer in the Jumbo covered bond market with a market share of 7 %

Largest issuer in the German Jumbo Pfandbrief market with a market share of more than 22 %

Eurohypo issued Euro 18 billion Hypotheken Pfandbriefe since summer 2007

Top Ratings from all major agencies for Eurohypo’s covered bond products


Table of contents (Part 1)

1. Update 1H2009

2. Successful funding effort throughout the crisis

3. Pfandbriefe collateral pools (Eurohypo AG)


01Update 1H2009


H12009 highlights

■ Operating income of Euro -59 m includes valuation adjustments of Euro 94 m on the US RMBS Portfolio. US sub-prime portfolio now adjusted by around 90 %.

■ Net interest income stable, despite difficult market environment ■ Anticipated level of 461 m loan loss provisions caused by real

estate market crisis ■ Administrative expenses decreased further 3 % to Euro 229 m even

after integration of Essen Hyp

■ Commercial real estate assets decreased from 78.9 bn (YE2008) to Euro 77.4 bn after prolongations of Euro 3.8 bn and new business of Euro 0.7 bn

■ Conservative downsizing of public finance assets from Euro 154.3 bn to Euro 136.6 bn

Operating results

Seasoned portfolios

■ Access to long-term funding, total issuance of Euro 10.3 bn*, thereof Euro 7.2 bn* Mortgage Pfandbriefe

■ Issuance of three Jumbo Benchmark Pfandbriefe with a total volume of Euro 4.5 bn*

Funding capabilities

*Including Euro 1.5 bn 10 year Jumbo Mortgage Pfandbrief issued on 25 June 2009 with value day 2 July 2009


Commercial Real EstateKey elements of the realignment

■ Focus on ten core marketsGermany, France, Italy*, Poland, Portugal, Spain, UK, USA, Russia* and Turkey* Markets

Clients

New business

Targets

Asset classes

Products

■ Focus on professional real estate investors and developersCustomer exposure ≥ Euro 15 m

■ Increasing/confirming minimum ticket thresholds, Minimum individual domestic tickets > Euro 10 mMinimum individual international tickets > Euro 20 m Restriction of concentration risk through upper threshold for final hold

■ Concentration on five asset classesOffices, German residential real estate, trade and shopping centres, logistics and hotels

■ Concentration on profitable CRE financeSingle asset and portfolio financing, Development financing and financing-related derivatives

■ Downsizing of CRE portfolio to Euro 67 bn by end 2011■ Cost-cutting of Euro 110 m p.a. and■ Headcount reduction of > 30 % until end 2011

*No new business until further notice


Other5

France5

Italy3

USA6

Spain 6UK

8

Other EU10

Germany36

Commercial Real Estate: Portfolio analysis by region as of 30 June 2009

Exposure at default (EAD) Euro 77.4 bn ■ Germany

Downswing of the office markets; retail and residential markets yet robust

■ UK Sharp corrections in each market segment; hopeful signs from the investment market

■ USA Deteriorating labour market burdens the real estate sector

■ Spain Economic slump with negative impacts on the real estate markets

■ France Downturn of the letting markets holds on

■ Poland Negative adjustments in the real estate sector despite moderate contraction of the economy


Retail22

Hotel4

Residential12

Market/trade fair/ warehousing

4

Building site1

Other8

Offices28

Exposure at default (EAD)Euro 77.4 bn

Commercial Real Estate: Portfolio analysis by asset type as of 30 June 2009

■ Offices World-wide downswing of office letting markets continues

■ Retail The retail markets are affected negatively from the global economic downswing

■ Residential German residential market remains robust; downswing in UK and USA seems to ease

■ Hotel Hotel performances worsening; the luxury segment is affected most

■ Warehousing Weakening demand, but rents held up almost firm


Public FinanceAsset reduction by 12 %

100.589.8

154.3

136.6

'31 December2007

'30 June 2008 '31 December2008

'30 June 2009

Outstanding business

in Euro bn in Euro bn in %

Eurohypo AG, Eschborn 113.6 129.2 -12.1%

Eurohypo S.A., Luxemburg 23.0 25.1 -8.4%

Public Finance 136.6 154.3 -11.5%

Change 30.06.09 versus

31.12.08

as of 31 December

2008

as of 30 June 2009

Outstanding businessIn Euro bn

*Hypothekenbank in Essen’s PF assets of Euro 66.4 bn transferred in August 2008

*

AAA: 1.0 to 1.2 AA: 1.4 to 1.6 A: 1.8 to 2.0 BBB: 2.2 to 2.8 BB: 3.0 to 3.6 B: 3.8 to 5.0 CCC: 5.2 to 5.8

Total by internal ratingsEuro 136.6 bn

NIG1%

AAA 31%

BBB3%

A16%

AA 49%


Successful funding effort throughout the crisis 02


Senior unsecured

Mortgage Pfandbriefe

Commerzbank Group approx. Euro 20 bn

Public Sector Pfandbriefe

ProductsDemand

Commerzbank Group 2009 funding plan for senior unsecured over 100 % completed**; Euro 2.5 bn already transferred to Eurohypo

Eurohypo issued Euro 7.2 bn* Mortgage Pfandbriefe in 1H2009

Issuance on an opportunistic basis due to asset reduction;Euro 500 m issued in 1H2009

Approx. Euro 10.5 bn

Approx. Euro 6 bn

Up to Euro 3 bn

Status:100 % completed**

Eurohypo AG

Demand

Approx. Euro 6 bn

Approx. Euro 6 bn

Up to Euro 3 bn

thereof

*Including Euro 1.5 bn 10 year Jumbo Mortgage Pfandbrief issued on 25 June 2009 with value date 2 July 2009

**as end of June 2009

Funding plan Commerzbank Group and Eurohypo

1H2009: Eurohypo took advantage of positive market environment to cover large parts of funding plan


Eurohypo successfully issued Euro 4.5 bn via Jumbos

Jumbo issuance

Maturity 5 years 7 years 10 years

Spread (re-offer) Midswaps +100 bps Midswaps +80 bps Midswaps +70 bps

Book size 1.5 bn Euro 2.3 bn Euro 2.4 bn Euro

Number of investors 170 115 110

Placement non-banks 36 % 39 % 52 %

Placement non-Germany 10 % 18 % 28 %

≈

March 2009

Euro 1.25 bn3.75 % Jumbo


June 2009



May 2009



Trend

Eurohypo issued 3 Jumbo Mortgage Pfandbriefe within 3 months


Jumbo Pfandbriefe

65%

Domestic Pfandbriefe

7%

Registered Pfandbriefe

28%

Maturity profilePfandbrief mix

Euro 7.2 bn*

0.1 0.2

3.4

2.3

0.8

0

0.5

1

1.5

2

2.5

3

3.5

0-2y 3-4y 5-7y 8-10y >10y

Euro bn

~Euro 0.3 bn

Maturities 5 years and longerMaturities < 5 years

~Euro 6.8 bn*

■ Funding plan for Mortgage Pfandbriefe done

■ Clear priority for longer maturities

1H2009: Eurohypo issued Euro 7.2 bn* Mortgage Pfandbriefe


*


0.0

1.0

2.0

3.0

4.0

5.0

6.0

Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q 1 2009 Q2 2009

Private placements Benchmarks

By maturity

Eurohypo has placed more than Euro 17 bn* in Mortgage Pfandbriefe since 4Q2007 into the market

Private placements (> Euro 8.5 bn) a stable market for domestic and registered Pfandbriefe

Eurohypo issued over Euro 7 bn* in Mortgage Pfandbriefe in 1H2009

in Euro bn

Eurohypo has issued 6 longer-dated Jumbo Mortgage Pfandbriefe:

Total volume Euro 9 bn Maturities 5 to 10 years

Over 80 % with maturities of 5 years and longer

Lehman default

Maturities 5 years and longer

~Euro 3.2 bn

in Euro bn

Maturities < 5 years

~Euro 14 bn*

Pfandbrief: Eurohypo has raised over € 17 bn* in Mortgage Pfandbriefesince the crisis started

Private placements / benchmarks


0.0

1.0

2.0

3.0

4.0

5.0

6.0

1 Y 2 Y 3 Y 4 Y 5 Y 6 Y 7 Y 8 Y 9 Y 10Y > 10 Y


47.2

0

1

2

3

4

5

6

7

8

2005 2006 2007 2008 2009ytd

Pfandbrief provides stable access to long-term funding

Increased issuance of Mortgage Pfandbriefe also in times of crises

Strategic benchmark transactions Stable private placements into

domestic and registered markets Funding optimization – focus on

covered bond funding after spread widening between secured and unsecured funding

Pfandbrief continues to be a hiqh quality product backed by a broad investor base

Average funding costs of mortgage Pfandbriefe issued by Eurohypo in 1H2009 were below 90 bps

Pfandbrief: Eurohypo has increased issuance and outstandings

In Euro bn

In Euro bn

Mortgage Pfandbrief new issuance

Outstanding Mortgage Pfandbriefe

2H 2009

**45.7

43.4

38.9

47.3*

35

40

45

50

Dec 2005 Dec 2006 Dec 2007 Dec 2008 Jun 2009

*Not including Euro 1.5 bn 10 year Jumbo Mortgage Pfandbrief issued on 25 June 2009 with value date 2 July 2009

**Including Essen Hyp


Public Sector Pfandbriefe

75.1

Mortgage Pfandbriefe*

47.3

Lettres de Gage Publiques

14.8Senior bearer

bonds9.4

Promissory notes30.4

Subordinated bonds

2.7

Hybrid capital0.9

Others**5.1

Profit participation certificates

0.7Short-term intergroup

18.5Repo35.0

Euro 239.9 bn*

Over 50 % funded via covered bonds

Funding structureEuro bn

*Not including Euro 1.5 bn 10 year Jumbo Mortgage Pfandbrief issued on 25 June 2009 with value date 2 July 2009

**Including money market transactions, fixed-term deposits and call money

Sound funding mixas of 30 June 2009

Funding strategy

Covered bonds

Euro benchmark issuance

Utilisation of domestic market


Private placements

Lettres de Gage primarily in Non-Euro currencies (CHF, USD, GBP)

Unsecured

Careful re-entrance of unsecured market

Further diversification of investor base


Domestic Pfand-briefe22%


29%

Jumbo Pfand-briefe49%

*Not including Euro 1.5 bn 10 year Jumbo Mortgage Pfand- briefe issued on 25 June 2009 with value day 2 July 2009

Mortgage Pfand-briefe34%

Public Sector Pfand-briefe55%

Lettres de Gage

Publiques11%

Well diversified covered bond profile as of 30 June 2009

Se

p 2

8, 2

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9O

ct

23

, 20

09 No

v 1

7, 2

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9

Ja

n 1

5, 2

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0F

eb

17

, 20

10

Ju

l 5, 2

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0J

ul 5

, 20

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Ju

l 19

, 20

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De

c 8

, 20

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Ja

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7, 2

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1

Ap

r 1

1, 2

01

1S

ep

21

, 20

11

Se

p 3

0, 2

01

1N

ov

21

, 20

11

Ja

n 1

8, 2

01

2

Se

p 2

8, 2

01

2N

ov

20

, 20

12

Ja

n 2

1, 2

01

3

Au

g 2

8, 2

01

3N

ov

21

, 20

13

Ma

r 2

4,2

01

4

Oc

t 2

6, 2

01

5

Ma

y,2

5 2

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6

No

v 2

1, 2

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6

Ju

n 4

, 20

18

Ju

l 2, 2

01

9

0

1

2

3

4

5

6

2009 2010 2011 2012 2013 2014 2015 2016 2018 2019

Product mixEuro 137.2 bn*

Eurohypo’s benchmark curveEuro bn

Pfandbrief mixEuro 122.4 bn*


03Pfandbriefe collateral pools (Eurohypo AG)


Europe25.9%

Former Eastern

Germany12.7%

Berlin8.1%

Former Western Germany

53.3% Others*10.6%

Luxembourg1.8%

Sweden1.0%

Austria3.2%

Switzerland3.8%

Poland5.5%

Netherlands5.9%

France13.9%Italy

9.7%Portugal

13.0%

United Kingdom

13.3%

Spain18.3%

Real estate collateral pool of Eurohypo AGas of 30 June 2009

Total**Euro 51.7 bn

International real estate loans by countryEuro 13.4 bn

**Excluding substitute collateral

*Hungary (2.7%), Finland (2.6%), Czech Republic (2.0%), Belgium (0.8%), Romania (0.7%). Slovakia (0.6%), Ireland (0.5%),

Lithuania (0.3%), Iceland (0.2%) and Denmark (0.2%)


Retail20.1%

Storage Facilities

2.9%

Hotels3.5%

Industrial real estate1.0%

Others4.1%

Offices23.2%

Owner occupied residential

26.3%

Other residential

(rented)18.9%

Commercial 55.0%

Residential45.0%

Total*Euro 51.7 bn

Total by property type*Euro 51.7 bn

*Excluding substitute collateral *Excluding substitute collateral

Real estate collateral pool of Eurohypo AGas of 30 June 2009


Municipalities3.9%

Public sector credit

institutions and others

28.1%

Federal government

4.0%

State governments

37.7%

International26.3%

Poland3.5%

Austria18.6%

France3.1%Others*

19.3%

Canada3.5%

UK4.7%

Switzerland5.9%

Italy12.5%

Spain13.1%

USA15.8%

Public sector collateral pool of Eurohypo AGas of 30 June 2009

*Including countries with less than 2.6 %

Total by type of borrowersEuro 70.4 bn

International public sector assets by countryEuro 18.5 bn


NIG/NIR1.0%

AAA 42.5%

BBB1.5%

A10.3%

AA 44.7%

Public sector collateral pool of Eurohypo AGas of 30 June 2009

Total by internal ratingsEuro 70.4 bn

■ AAA: 1.0 to 1.2

■ AA: 1.4 to 1.6

■ A: 1.8 to 2.0

■ BBB: 2.2 to 2.8

■ NIG/NIR

■ BB: 3.0 to 3.6

■ B: 3.8 to 5.0

■ CCC: 5.2 to 5.8

■ NIG: Non-investment grade

■ NIR: Not internal rated


Agenda

Teil 1:

Franz-Josef KaufmannHead of Capital Markets FundingCommerzbank Group

Teil 2:

Reinolf DibusMember of the Board of Managing DirectorsEurohypo Europäische Hypothekenbank S.A.

Covered Bond Konferenz in Basel 27. August 2009Covered Bond RecoveryEurohypo Luxemburg

Reinolf Dibus : Präsentation der Eurohypo S.A. Luxemburg


Inhaltsverzeichnis (Teil 2)

■ Short Profile und strategische Bedeutung im Konzern

■ Facts and Figures

■ Steuern durch die Krise

■ Ausblick


Short Profile und strategische Bedeutung

■ Spezialbankprinzip: Beschränkung auf risikoarmes Kommunal-Kreditgeschäft

■ 100% Tochter der Eurohypo AG, Teil des Commerzbank Konzerns

■ Komplementäres Geschäftsmodell für Public Finance zur Eurohypo AG- “deckungsfähige Kommunaldarlehen”: Definition nach Luxemburger Gesetz - erweiterter geografischer Rahmen (OECD)

■ Komplementäres Funding- Lettres de Gage Emissionen mit starker Gewichtung der Fremdwährungen- EZB- und Repogeschäft zur kurzfristigen Liquiditätssicherung- konzerninternes unsecured Funding


Facts and Figures: Bilanzkennzahlen Lux Gaap

Bilanzzahlen in mio EUR 30.06.09 31.12.08 31.12.07 31.12.06

Bilanzsumme 24.538 25.121 26.186 25.793

Lettres de Gage Umlauf 15.801 16.616 17.140 16.581

Repogeschäfte 4.056 4.432 5.550 5.829

EZB Tender Geschäfte 1.312 1.105 600 217

GuV: Zinsüberschuss 38,7 72,3 40,5 39,4

Gewinn vor Steuern 25,7 63,0 82,9 40,9

Kennzahlen:

ROE vor Steuern 16,4 22,4 30,9 15,8

Cost Income Ratio 9,3 9,8 19,0 17,8

Stabile Erträge auch in der KriseKeine Impairments durch KreditausfälleSolide Refinanzierung


Refinanzierungsübersicht absolute Beträge mio EUR und prozentual

0

5000

10000

15000

20000

25000

30000

2006 2007 2008 2009

Equity

MM

EZB

Repo

Unsecured

LdG

0%

20%

40%

60%

80%

100%

2006 2007 2008 2009

Equity

MM

EZB

Repo

Unsecured

LdG

■ Fokus auf der besicherten Refinanzierung: - Lettres de Gage - Repo- EZB

■ Aus Kostengründen werden fällige Lettre de Gage nicht ersetzt: => stabiler Zinsertrag

■ Strategischer Assetabbau auf Druck der EU Komission lässt kaum Kreditneu-geschäft zu


11112523117139114614

8

181318

15

112

46

74

0200400600800

100012001400160018002000220024002600280030003200340036003800400042004400460048005000

Kreditportfolio Eurohypo S.A. per 30.06.2009

Aufstellung nach Ländern in mio EUR und Anzahl der Debitoren

Anzahl Debitoren

Mio EUR


Japan0.8%andere

7.6%

Italien4.2%

Belgien1.4%

Griechen-land1,0%

Österreich1.8%

Supras6.7%Deutschland

8.5%

Spanien5.2%

Schweiz8.5%

Kanada12.9%

Gross-britannien

14,3%

USA27.2%

BBB (+,-)2.0%

A-0.2%

A+, A5.8%

AA, AA-6.0%

AA+20.4%

AAA65.6%

Lettres de Gage Publiques: Deckungsstock Eurohypo S.A.per 30.06.2009

Nach internen Ratings*EUR 16.7 mrd

Nach Land*EUR 16.7 mrd

*Nach Swap Betrachtung


CAD2,3%

CHF12,6%

GBP9,4%

EUR33,9%

USD41,7%

USD48.2%

EUR23.2%

GBP14.7%

CHF9.6%

CAD2.8%

JPY0.6%

SEK, AUD1.0%

*Nominalbetrag nach SwapZero bonds mit Zeitwert

Lettres de Gage Publiques: Deckungsstock Eurohypo S.A.per 30. Juni 2009

Deckungsstock nach Währung*EUR 16.7 mrd

Lettres de Gage Publiques nach Währung*EUR 14.8 mrd


Entwicklung Deckungsstock nach internem Rating und Überdeckung

11,0%6,3%5,7%9,4%3,8%11,0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

O/C

LdG

BBB

A

AA

AAA

11,0%

3,8%

9,4%5,7% 6,3% 11,0%

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

O/C

LdG

BBB

A

AA

AAA

■ Breit diversifizierter Deckungsstock nach Ländern und Emittenten

■ Kreditengagements im investmentgrade Bereich

■ Überdeckung über das gesetzliche Mass hinaus

O/C

Mio EUR

Basel, 27 August 2009

Ratingsper 30.06.2009

Ratings for Eurohypo AGPublic Sector Pfandbriefe Aaa AAA AAA

Mortgage Pfandbriefe Aaa AAA AAA

Long-term Bank Deposits / Senior unsecured debt A1* A-* A*

Short-term Bank Deposits / Counterparty Rating P-1 A-2* F1

Subordinated debt A2 BBB+ A-

Bank Financial Strength / Individual Rating D* - -

Support Rating - - 1

Rating Outlook *Negative *Negative *Negative

FitchRatings The McGraw•Hill Companies

Ratings for EUROHYPO Europäische Hypothekenbank S.A., Luxembourg Lettres de Gage AAA AAA

Long-term Bank Deposits / Counterparty Rating A-* A*

Short-term Bank Deposits / Counterparty Rating A-2* F1

Support Rating - 1

Rating Outlook *Negative *Negative

The McGraw•Hill Companies FitchRatings

35Basel, 27 August 2009 Source: Company Data

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

EUROHYPO HPBI EEPK NordLB Dexia

Darstellung: Pre-Swap Betrachtung Zeros zum Endwert keine Beachtung von Kündigungsrechten

4.00012%

5.90317%

15.826 46%

0

5000

10000

15000

20000

25000

30000

35000

40000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

EUROHYPO HPBI EEPK NordLB Dexia

5.11715,%

3.512 10%

34.358

Covered Bond Markt Luxemburg

■ Gesundes Wachstum seit seiner Einführung mit neuen Emittenten und neuen Emissionswährungen

■ Eurohypo S.A. führender Emittent von Lettres de Gage

■ Gesetz wurde weiter modernisiert und aktualisiert

Mio EUR


Novellierung des Luxemburger Pfandbriefgesetzes vom 21.10.2008

■ Möglichkeit neuer Mobiliarpfandbriefe für Sachwerte, die in einem öffentlichen Register in der OECD geführt werden

■ Beleihungswert für private Immobilienfinanzierung auf 80% angehoben

■ Emissionsgrenze des 60-fachen Eigenkapitals aufgehoben

■ Einführung einer gesetzlichen Überdeckung von 2% der umlaufenden Pfandbriefe auf nominaler und barwertiger Basis

■ ABS können nach dem dem Lux. Gesetz deckungsfähig sein, wenn sie ein Mindestrating von AA-/Aa3 aufweisen und wenn:- 90% der verbrieften Aktiva selbst deckungsfähig sind, dann unbegrenzt - mindestens 50% der verbrieften Aktiva selbst deckungsfähig sind, dann ist ihr Anteil auf 20% des Deckungsstocks begrenzt

Begrenzung des Anteils von nicht deckungsfähigen Aktiva im Deckungsstock auf 10% der Deckungsmasse


Disclaimer

The information contained herein was prepared by Eurohypo which does not undertake to influence your opinion on the information contained herein. It is furnished for your information only. It is not an offer to buy, sell or hold any securities. Though the figures are generated carefully, no representation or warranty, expressed or implied, is made as to and no reliance should be placed on the accuracy, completeness or correctness of any information contained herein. Eurohypo shall not have any liability whatsoever for any loss howsoever arising from, related to or in connection with any use of any of the information contained herein.

The investments discussed or recommended in any of these presentations may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advisers as they believe necessary. Be aware of the date of presentation and possible amendment thereafter. The information might not be amended or updated. Third persons may receive other or updated information, before it is made available to the use of this service.

This presentation may be restricted by law in certain jurisdictions. Persons into whose possession this presentation comes are required to inform themselves about and observe any such restrictions. The information contained herein may not be used by any person in any such jurisdiction in which it is restricted by law.

These materials are not an offer for sale of securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933,

as amended (the "Securities Act") and may not be sold in the United States absent registration or an exemption from registration under the Securities Act.


Contacts

EUROHYPO AGHelfmann-Park 5

D - 65760 EschbornGermany

Franz-Josef Kaufmann Tel.: +49 – 69 – 136 – 81109Head of Capital Markets Funding Commerzbank Group [email protected]

Rainer Mastenbroek Tel.: +49 – 69 – 136 – 44883Head of Covered Bond Funding Commerzbank Group [email protected]

Libor Vincent Tel.: +49 – 69 – 2548 – 26519 Head of Capital Market Communication [email protected]

EUROHYPO Europäische Hypothekenbank S.A.Airport Center, 5, Rue Heienhaff

L - 1736 SenningerbergLuxembourg

Reinolf Dibus Tel.: +352 – 263 – 455 - 204 Member of the Board of Managing Directors [email protected]

Peter H. Meyer Tel.: +352 – 263 – 455 - 300 Head of ALM and Portfoliomanagement [email protected] Ralf Heilmann Tel.: +352 – 263 – 455 - 311 Head of Funding [email protected]

Eurohypo Group Investor Conference Covered Bond Recovery Basel 27 August 2009.

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Transcript of Eurohypo Group Investor Conference Covered Bond Recovery Basel 27 August 2009.