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Management report 23 end of May. It was followed by a three-year Mortgage Pfand- brief that was nominally valued at over USD 500 million. This issue was our first US dollar denominated benchmark format Pfandbrief and marked a milestone for MünchenerHyp. “Our large-volume Pfandbrief issues generated great attention in the markets and were warmly welcomed by investors.” During the fall months we placed two benchmark Public Pfand- briefe with a volume of € 500 million each and terms of five and two years. These issues recorded historically low spreads. In comparison to other German Pfandbrief issuers, all of our aforementioned issues noted major purchases by foreign inves- tors. This meant that our refinancing continued to be based on a broad and stable foundation. sovereign debt crisis continued virulently. As a consequence, spreads widened again at mid-year for bonds issued by the public-sector and banks in peripheral countries of the eurozone. Tensions eased notably towards the end of the year as the mar- ket’s sentiment improved. Our actions were very cautious and reserved in this business environment according to our business and risk strategy. Invest- ments were only made in very creditworthy addresses located in European core countries. The volume of lending commitments made declined from € 1.4 billion in 2011 to € 0.7 billion. We plan to further reduce the volume of our portfolio through scheduled maturities and sales. Refinancing MünchenerHyp was able to refinance its activities in the capital market at very good conditions in 2012. Our four large-volume Pfandbrief issues stood out in particular. They generated great attention in the markets and were warmly welcomed by investors. The first of these issues – a ten-year Jumbo Mortgage Pfand- brief with a nominal volume of € 1 billion – was floated at the Source: MünchenerHyp As of: 02.01.2013 Initialeffectiveannualrateinpercent 2 3 4 5 6 7 8 11 10 9 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Long-term average rate Mortgage rates MünchenerHyp (ten year fixed rate)