To the best of our knowledge, and in accordance with applicable reporting principles for annual financial reporting, the annual financial statements give a true and fair view of the assets, liabilities, financial position and earnings situation of the company, and the management report of the company includes a fair review of the development and performance of the business and the position of the company, together with a description of the principal opportunities and risks associated with the anticipated development of the company.

Munich, 31 January, 2017

MÜNCHENER HYPOTHEKENBANK eG
The Board of Management

Dr. Louis Hagen	Bernhard Heinlein	Michael Jung