Deutsche Bank

Deutsche Bank SAE Cédulas Hipotecarias Cover Pool Update

Q1 2020

Cédulas Hipotecarias Investor UpdateQ1 2020

Deutsche Bank SAE 2

Cover Pool details (as of Q1 20) Outstanding Cédulas – Maturity profile

DB S.A.E. Cédulas Rating

Moody´s

Aa1

EUR bnEUR bn

OC level = 133%

Outstanding volume at € 5,400mn by end of Q1 2020

Cover Pool Details – Overview (1/2)

7.7 7.25.7

1.4

4.0

Total MortgagePortfolio

Eligible mortgages Legal IssuanceCapacity

Outstandingcedulas

Retained Public Placement

No new issuances in Q1 2020

1.0 1.0

0.5

1.0

0.5

2020 2021 2022 2023 2024 2025

Retained Public placement

0.05

0.8

0.6

Cédulas Hipotecarias Investor UpdateQ1 2020

Deutsche Bank SAE 3

Cover Pool details(1) (as of Q1 20)

High quality mortgage portfolio with over 93% of the volume qualified as eligible

Cover Pool eligibility

(1) Figures based on total cover pool (EUR 7.7bn)

— Average outstanding loan size: EUR 97.0k

— Number of loans: 79,649

— Weighted avg. loan seasoning (years): 7.5

— Weighted avg. remaining loan maturity (years): 20.3

— Total pool weighted avg. Loan-to-Value (LTV): 50.4%

— Total pool Non-Performing Loan (NPL) ratio: 2%

— Interest rate type: 95.6% FRN

— Residential mortgages: 95.7%

— EUR denominated loans: 99.0%

— 1st residence mortgages: 89.3%

Cover Pool Details – Overview (2/2)

Eligible 93%

Non-eligible 7%

Cédulas Hipotecarias Investor UpdateQ1 2020

Deutsche Bank SAE 4

Cover Pool by asset type

Focus on residential mortgages Marginal exposure to commercial mortgages Almost no exposure to real estate developers

Low Loan-to-Value portfolio due to prudent lending policy

Cover Pool Loan-to-Value (LTV) profile

(1) Figures based on total cover pool (EUR 7.7bn)

Cover Pool Details(1) – Mortgage quality (1/3)

4%

96%

Commercial Residential

68%

10% 9% 10%

2% 0% 1%

0-50% 50-60% 60-70% 70-80% 80-90% 90-100% >100%

WA 50.4%

Cédulas Hipotecarias Investor UpdateQ1 2020

Deutsche Bank SAE 5

Historical development of NPL(2) ratio

NPL ratio relatively stable at very low levels Well diversified portfolio No large lending risk concentration

Distribution by average loan size(3)

(1) Figures based on total cover pool (EUR 7.7bn)(2) NPL: Non-performing loans - Loan is defined as non-performing if a loan is due more than 90 days in arrears(3) Loan size at inception

Cover Pool Details(1) – Mortgage quality (2/3)

4.75%

4.68%

4.53%4.40%

4.28%4.20%

4.04%

3.89% 3.51%

3.41%

3.40%

2.36%

2.13%

2.00%

2.02%

2.01%

2.00%1.90%

1.90%1.85%

1.80%1.79%

1.87%

1.86%

2.00%

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

4Q16

1Q17

2Q17

3Q17

4Q17

1Q18

2Q18

3Q18

4Q18

1Q19

2Q19

3Q19

4Q19

1Q20

34%

45%

14%

4%1% 2%

0-100k 100k-200k 200k-300k 300k-400k 400k-500k >500k +

Avg. outstandingloan size

EUR 97.0k

Cédulas Hipotecarias Investor UpdateQ1 2020

Deutsche Bank SAE 6

(1) Figures based on total cover pool (EUR 7.7bn)

Cover Pool maturity profile

High credit quality demonstrated by high seasoning score

Seasoning

Long-term mortgage portfolio Remaining average maturity over 20 years

Cover Pool Details(1) – Mortgage quality (3/3)

> 10y 5y - 10y < 5y

>10y 89%

5y

Avg. 7.5 years

Cédulas Hipotecarias Investor UpdateQ1 2020

Deutsche Bank SAE 7

Top 10 regions account for over 80% of DB S.A.E.‘s mortgage portfolio

Madrid and Barcelona region represent over 50% of total mortgage portfolio:

Lower unemployment rate than the Spanish average

Highest contributors to Spanish GDP

Economically resilient regions

Mortgage loans - location % of Pool

Barcelona 28.1

Madrid 26.4

Baleares 4.2

Alicante 4.0

Sevilla 4.0

Málaga 3.9

Valencia 3.5

Girona 2.6

Tarragona 2.6

Cadiz 2.0

Rest 18.7

(1) Figures based on total cover pool (EUR 7.7bn)

Credit quality – Locations

comunidades

AutonomiaProvincia

AndalucíaAlmería

AndalucíaCádiz

AndalucíaCórdoba

AndalucíaGranada

AndalucíaHuelva

AndalucíaJaén

AndalucíaMálaga

AndalucíaSevilla

AragónHuesca

AragónTeruel

AragónZaragoza

AsturiasAsturias

CantabriaCantabria

Castilla y LeónÁvila

Castilla y LeónBurgos

Castilla y LeónLeón

Castilla y LeónPalencia

Castilla y LeónSalamanca

Castilla y LeónSegovia

Castilla y LeónSoria

Castilla y LeónValladolid

Castilla y LeónZamora

Castilla-La ManchaAlbacete

Castilla-La ManchaCiudad Real

Castilla-La ManchaCuenca

Castilla-La ManchaGuadalajara

Castilla-La ManchaToledo

CataluñaBarcelona

CataluñaGerona

CataluñaLérida

CataluñaTarragona

ExtremaduraBadajoz

ExtremaduraCáceres

GaliciaLa Coruña

GaliciaLugo

GaliciaOrense

GaliciaPontevedra

Islas BalearesIslas Baleares

Islas CanariasSanta Cruz de Tenerife

Islas CanariasLas Palmas

La RiojaLa Rioja

MadridMadrid

MurciaMurcia

NavarraNavarra

País VascoÁlava

País VascoGuipúzcoa

País VascoVizcaya

ValenciaAlicante

ValenciaCastellón

ValenciaValencia

&"arial unicode ms,Regular"For internal use only

&"arial unicode ms,Regular"For internal use only

&"arial unicode ms,Regular"For internal use only

codigos

PROVINCIASZONAS

CódigoProvinciaDGTzonaprovin2

011AlavaNORTE01 ALAVAAlava

022AlbaceteESTE02 ALBACETEAlbacete

033AlicanteESTE03 ALICANTEAlicante

044AlmeriaSUR04 ALMERIAAlmeria

055AvilaCENTRO05 AVILAAvila

066BadajozSUROESTE06 BADAJOZBadajoz

077BalearesMADRID-BALEARES07 BALEARESBaleares

088BarcelonaCATALUÑA08 BARCELONABarcelona

099BurgosCENTRO09 BURGOSBurgos

1010CaceresSUROESTE10 CACERESCaceres

1111CadizSUROESTE101 MONDRAGON GUIPUZCOAVizcaya

1212CastellonESTE102 MONDRAGON VIZCAYAVizcaya

1313Ciudad RealCENTRO104 ORDUÑALugo

1414CordobaSUR105 RIBADEO-VIVERO NUEVO 33Lugo

1515La CoruñaNOROESTE106 RIBADEO-VIVERO NUEVO 27Lugo

1616CuencaESTE107 LANZAROTEGran Canaria

1717GeronaCATALUÑA108 LA PALMAGran Canaria

1818GranadaSUR109 GOMERAGran Canaria

1919GuadalajaraCENTRO11 CADIZCadiz

2020GuipuzcoaNORTE110 HIERROTenerife

2121HuelvaSUROESTE111 FUERTEVENTURATenerife

2222HuescaNORTE114 BARCELONA (CAT II 10/05/05)Barcelona

2323JaenSUR116 FORMENTERA (01-01-06)Baleares

2424LeonCENTRO118 MENORCA 10/01/2006Baleares

2525LeridaCATALUÑA119 BARCELONA CAT II (05-04-06)Barcelona

2626LogroñoNORTE12 CASTELLONCastellon

2727LugoNOROESTE120 SAN NICOLASTenerife

2828MadridMADRID-BALEARES121 IBIZABaleares

2929MalagaSUR122 MONDRAGON GUIPUZCOA 01/2009Guipuzcoa

3030MurciaESTE123 RIBADEO-VIVERO 27 (2010)Lugo

3131NavarraNORTE124 SIERRA DE HUELVAHuelva

3232OrenseNOROESTE125 SIERRA DE HUELVA (HUELVA)Huelva

3333AsturiasNOROESTE126 SIERRA DE HUELVA (BADAJOZ)Badajoz

3434PalenciaCENTRO128 SEVILLA CAPITALSevilla

3535Gran CanariaCANARIAS13 CIUDAD REALCiudad Real

3636PontevedraNOROESTE14 CORDOBACordoba

3737SalamancaCENTRO15 LA CORUÑALa Coruña

3838TenerifeCANARIAS16 CUENCACuenca

3939CantabriaNOROESTE17 GERONAGerona

4040SegoviaCENTRO18 GRANADAGranada

4141SevillaSUROESTE19 GUADALAJARAGuadalajara

4242SoriaCENTRO20 GUIPUZCOAGuipuzcoa

4343TarragonaCATALUÑA21 HUELVAHuelva

4444TeruelNORTE22 HUESCAHuesca

4545ToledoCENTRO23 JAENJaen

4646ValenciaESTE24 LEONLeon

4747ValladolidCENTRO25 LERIDALerida

4848VizcayaNORTE26 LogroñoLogroño

4949ZamoraCENTRO27 LUGOLugo

5050ZaragozaNORTE28 MADRIDMadrid

5151CeutaSUROESTE29 MALAGAMalaga

5252MelillaSUROESTE30 MURCIAMurcia

31 NAVARRANavarra

32 ORENSEOrense

33 ASTURIASAsturias

34 PALENCIAPalencia

35 GRAN CANARIAGran Canaria

36 PONTEVEDRAPontevedra

37 SALAMANCASalamanca

38 TENERIFETenerife

39 CANTABRIACantabria

40 SEGOVIASegovia

41 SEVILLASevilla

42 SORIASoria

43 TARRAGONATarragona

44 TERUELTeruel

45 TOLEDOToledo

46 VALENCIAValencia

47 VALLADOLIDValladolid

48 VIZCAYAVizcaya

49 ZAMORAZamora

50 ZARAGOZAZaragoza

51 CEUTACeuta

52 MELILLAMelilla

66 SAGUNTOValencia

89 MONDRAGON (GUIPUZCOA)Guipuzcoa

92 BAJO ARAGONTeruel

93 RINCON ADEMUZValencia

127 REINOSACantabria

129 MONTEQUINTOSevilla

130 TESORILLO CADIZCadiz

131 TESORILLO MALAGAMalaga

132REINOSA Y LIEBANACantabria

133YECLA Y JUMILLAMurcia

134REINOSA NUEVACantabria

135SIERRA DE HUELVA (HUELVA) 01/01/2013Huelva

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&"arial unicode ms,Regular"For internal use only

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Simulación

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SINCO mayores de 30 añosTotal de la nueva producciónOctubre - Diciembre

Enero FebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreEnero FebreroMarzoAbrilMayoJunioJulioAgostoSeptiembreOctubreNoviembreDiciembreMayores de 30 años

ALAVA44,520.1340,117.8662,433.8448,649.9241,320.1436,858.2152,025.0625,224.8635,689.7052,484.3944,882.9656,351.17122,155.53155,879.69146,332.97120,476.28125,823.85121,861.03151,140.30100,024.0997,445.98116,738.98104,910.31125,681.18153,718.52

ALBACETE100,545.33105,241.63129,389.37105,297.38115,624.39122,066.78112,564.0196,456.6886,426.37130,175.99133,377.27145,833.19336,081.76295,119.19305,473.35257,848.76281,652.79270,881.59348,559.23251,238.74215,570.26297,434.91258,146.94281,275.29409,386.45

ALICANTE369,865.33418,439.93477,762.80416,612.74423,891.54461,573.23431,598.83305,500.31291,286.79458,642.79445,508.59470,048.591,547,629.951,299,160.282,734,974.821,472,730.171,570,514.151,593,995.061,570,259.18902,300.36790,921.19896,662.60863,050.82900,299.321,374,199.97

ALMERIA336,963.54408,020.57504,620.32368,854.31402,936.33366,731.04379,984.23290,380.09249,054.24366,237.97355,739.56380,701.21808,781.19891,559.231,079,907.90928,366.86966,258.591,018,130.94949,663.18790,740.86689,578.10852,817.56785,261.20788,784.551,102,678.74

AVILA40,596.7439,427.4549,740.4041,293.1746,006.1844,682.1852,619.2636,944.5036,476.7146,471.2446,788.3843,294.26126,833.62115,447.05141,884.99116,378.16142,726.95155,450.47134,294.55123,781.3797,477.96147,617.52144,978.62135,269.31136,553.88

BADAJOZ176,198.14196,603.35280,515.33218,007.34217,155.34191,600.49234,033.42184,384.11145,964.35235,019.09226,982.25266,308.01596,667.22572,203.13957,638.29557,028.36625,200.93702,355.69687,730.18575,419.61470,197.94601,230.91590,827.73616,200.20728,309.35

BALEARES149,991.09197,230.92225,774.66197,608.53192,062.63242,632.62243,274.65146,549.33131,413.14172,586.86155,506.36151,093.22746,634.34854,801.402,501,350.221,264,784.601,579,135.211,166,834.611,208,379.83722,030.25477,697.95422,319.24398,094.37370,068.70479,186.44

BARCELONA1,572,406.701,543,803.522,018,644.321,610,345.661,583,913.661,684,064.561,670,472.44968,923.15925,832.431,240,903.531,125,587.601,212,999.003,799,488.864,005,547.304,307,054.143,458,014.233,687,101.073,944,129.074,250,742.502,523,241.032,387,818.412,653,549.672,533,808.062,559,697.953,579,490.13

BURGOS66,909.6261,183.6480,524.6366,648.6371,926.4675,005.1779,852.2362,229.3157,657.3178,179.8971,069.6465,499.80309,443.93190,408.96220,876.80192,154.30225,891.45252,500.10242,672.63171,273.49137,086.11160,635.44145,506.45151,268.02214,749.33

CACERES112,707.89124,748.75159,344.68141,239.20133,096.81129,705.66127,000.3098,636.2487,038.32131,194.80123,702.62132,925.56320,076.96338,162.00369,832.51317,490.01337,484.76352,902.43356,809.77304,294.49270,533.18346,546.98318,914.95341,942.41387,822.98

CADIZ407,785.45371,133.76521,926.34471,266.07446,725.70498,769.79465,174.39429,971.38339,007.16468,047.13484,496.68484,728.751,083,530.73994,057.871,191,524.051,045,081.951,141,735.421,218,032.361,144,096.061,102,180.01894,483.68911,761.73964,072.02908,291.601,437,272.56

CASTELLON162,765.11188,003.69197,811.86169,266.97194,100.18219,453.96204,382.24170,390.46132,516.54239,411.85178,868.78217,862.68445,938.301,137,512.242,590,691.391,029,776.011,250,295.162,336,897.71961,770.14453,114.17416,050.40538,769.25424,001.78458,728.09636,143.30

CIUDAD REAL130,720.08127,206.55169,530.64136,848.02144,955.14154,883.97159,062.43126,259.21114,138.96167,705.13159,743.40170,012.77372,519.12347,355.94433,268.98338,345.99359,982.34403,418.38431,194.95354,763.68283,519.21371,500.32391,209.05387,578.82497,461.30

CORDOBA179,310.88236,225.31335,726.56237,402.68236,508.87211,640.18273,497.17174,144.33144,392.12243,476.77232,547.04242,274.74477,783.43570,383.24699,827.92512,497.01526,519.00520,933.93624,880.42451,597.98400,852.10516,547.66521,792.07509,488.24718,298.55

LA CORUÑA245,133.48275,787.04362,705.27241,617.31247,377.76305,239.13269,585.10232,298.99196,059.86288,905.74292,906.56331,255.25734,829.57851,187.09808,278.24652,846.29631,863.59773,889.90729,243.15677,983.08581,887.99584,634.87589,615.50626,979.10913,067.54

CUENCA56,216.7166,400.7672,801.0372,765.9970,309.4162,256.0568,676.0962,414.5353,781.6174,111.5560,250.6862,814.82169,072.69193,418.65210,902.29201,595.85198,691.41190,479.64215,889.30220,762.25161,097.29197,186.88198,257.05176,411.74197,177.06

GERONA189,547.45196,256.47270,401.72242,236.24242,813.97229,967.82199,858.71178,775.54158,315.83211,693.96184,229.91185,752.36512,007.23576,396.89620,249.44549,570.20560,771.73583,908.16549,218.76464,751.57432,900.46499,230.18428,631.48449,783.51581,676.23

GRANADA244,070.55266,387.46363,443.56262,067.33280,140.07275,669.91304,942.59257,637.84195,296.79254,781.60267,777.10289,734.99629,460.04661,995.88779,210.60617,838.37642,667.33665,206.27695,097.86588,425.66544,829.17550,562.64571,828.59566,687.70812,293.69

GUADALAJARA74,821.6570,276.9192,030.8274,422.7970,462.5884,112.7091,623.4856,688.4343,473.0371,064.7881,367.3265,734.40333,235.55252,424.25268,145.50247,337.48255,006.76275,249.12325,734.42216,409.75179,203.76235,675.51249,131.15209,893.05218,166.50

GUIPUZCOA94,626.17102,446.62124,062.58110,592.37110,147.19118,859.24111,282.0572,960.3572,495.54111,486.3597,653.84136,997.29411,684.80299,452.80356,487.87295,131.70301,592.76328,004.28324,381.79206,015.99219,971.40261,824.98244,693.66292,932.68346,137.48

HUELVA127,197.19112,522.19179,636.54132,486.30153,437.99156,289.97136,542.97113,539.39105,542.72148,151.58158,997.21144,049.75362,471.87341,726.53474,915.89333,922.64370,236.22424,888.03412,629.49307,968.96288,062.46339,146.65345,668.97308,085.02451,198.54

HUESCA36,079.9239,120.7659,082.0339,687.3549,153.0850,433.8344,000.7238,292.2430,349.3944,652.4941,186.6641,288.90168,463.53140,490.27150,733.18115,284.42126,593.54140,092.58146,458.91110,814.62114,606.74104,241.79100,569.9494,607.71127,128.05

JAEN143,173.65199,540.97247,738.69194,165.55158,913.27161,310.70207,826.68156,178.08117,937.64186,957.77178,026.51193,687.28442,353.06475,206.73528,544.31480,132.92364,899.85402,238.02467,444.14421,372.49372,655.14387,501.72395,848.59392,950.48558,671.56

LEON77,278.98103,453.80125,508.79110,746.62102,076.87113,223.82121,158.9892,658.1282,823.1990,296.8995,447.05106,849.44238,041.49279,363.50292,799.09240,723.74322,536.14285,128.18350,358.36243,840.54225,754.60194,289.30218,480.23211,842.30292,593.39

LERIDA95,753.92129,031.80153,839.06124,416.41118,856.74141,736.97122,822.15110,912.9193,219.52115,530.3696,864.78107,063.17303,807.04288,280.46322,805.12275,535.19284,030.22322,313.77291,323.10277,705.18218,704.25259,032.22244,537.79213,154.11319,458.31

LOGROÑO72,631.4772,978.0199,719.2876,622.9491,660.2864,436.0975,176.6057,482.9755,505.3286,307.7082,586.0963,417.19211,383.65211,098.40243,271.86200,691.47208,102.33214,137.77226,324.24183,441.76159,666.21201,034.15180,769.79156,071.92232,310.98

LUGO70,613.5170,837.7067,701.5864,525.1273,431.3265,434.7473,913.2963,029.6251,361.6657,236.4265,546.8967,524.38208,663.88193,907.52224,343.85191,499.04217,306.20236,440.41235,656.86216,203.81173,770.80132,544.27147,426.98146,437.41190,307.69

MADRID2,038,367.082,209,245.733,149,811.902,729,304.402,569,406.403,398,922.053,196,725.172,009,575.661,997,965.221,988,882.301,870,781.051,920,522.735,548,689.335,150,985.926,275,841.005,536,076.605,227,534.836,606,522.356,395,015.174,192,190.933,993,314.683,835,950.033,662,932.093,723,165.875,780,186.09

MALAGA485,948.85590,610.18840,089.01662,032.59668,259.56651,301.06664,385.76533,720.73544,694.02634,750.88622,244.73598,282.741,533,984.661,572,221.802,119,808.661,676,378.411,760,230.991,941,617.751,914,889.571,546,311.451,515,657.071,486,210.761,530,635.721,372,505.381,855,278.36

MURCIA559,409.66474,442.89605,211.44449,575.37526,767.80585,739.49546,096.37413,773.19328,366.94541,048.72549,870.79588,893.271,510,445.951,278,618.611,455,572.251,234,336.841,916,518.471,521,006.772,067,420.941,085,608.29935,293.591,064,691.711,093,380.211,088,872.561,679,812.79

NAVARRA122,709.98123,660.08178,595.04123,381.79115,155.74141,338.8096,515.17109,028.1795,584.28144,128.22123,506.63108,098.18438,054.32438,392.00574,128.17415,351.27443,272.69484,416.57372,264.60395,567.47323,683.90377,294.48330,792.78329,515.74375,733.02

ORENSE93,993.8787,284.66126,618.2289,099.8089,554.67103,450.10111,074.1184,607.8572,899.9297,658.48101,707.03110,442.04328,679.00267,206.73284,439.93220,731.68236,383.18290,034.67289,141.04262,280.66204,561.35228,133.07220,325.53246,430.45309,807.55

ASTURIAS184,204.83228,166.25302,032.39248,158.82233,605.49230,320.71240,741.54198,230.71153,720.68240,727.82217,130.43239,779.94644,628.31695,497.79762,633.22638,383.07676,300.20720,026.51748,360.55633,113.56500,082.43561,686.19526,147.46509,678.65697,638.19

PALENCIA29,661.0526,593.7928,307.0530,615.8130,455.5934,953.4529,917.4527,794.9219,462.0028,810.3837,157.4636,481.56124,562.6574,174.6492,727.9275,461.7575,266.53106,595.0386,259.0988,898.7464,510.3781,078.6889,904.4276,765.28102,449.41

GRAN CANARIA277,238.51292,072.74411,779.84340,640.45372,371.26353,666.61345,750.28302,925.08291,580.57351,527.00322,085.38296,942.741,281,561.901,175,132.811,461,619.311,014,678.001,156,825.781,090,787.761,733,583.763,530,602.60984,764.01991,497.72957,757.76767,140.60970,555.12

PONTEVEDRA217,300.48257,559.94327,192.00243,266.17234,347.16247,808.57270,883.51225,168.16196,424.84256,592.63249,664.85273,349.71637,385.96675,333.11732,767.89621,712.18737,703.29683,498.54752,174.66688,959.54546,449.83579,090.90545,119.36601,285.04779,607.19

SALAMANCA85,447.2181,296.00111,919.9873,632.7881,571.6587,754.7086,326.0879,031.4768,718.7577,372.2874,314.6590,122.52199,146.03196,314.43220,981.58186,307.26192,896.08211,887.89233,001.80194,610.97165,103.57184,339.72172,586.00192,495.69241,809.45

TENERIFE207,854.26222,292.05293,383.52255,426.96267,936.11264,721.84260,604.32234,779.13212,282.34298,440.42266,924.39230,372.04883,706.961,016,500.66919,048.14712,896.16726,544.35783,547.07957,309.70744,098.52723,135.18691,148.91628,210.86576,649.46795,736.85

CANTABRIA95,373.56137,369.73177,892.65134,327.13129,006.05153,643.42116,600.31111,828.0681,824.59118,827.09110,635.11119,181.76300,252.86325,482.10361,825.17319,399.23303,009.33348,939.41317,148.40303,858.28207,284.16277,861.73229,240.39239,033.52348,643.95

SEGOVIA33,328.5340,173.1654,021.6438,328.1345,453.8244,572.3241,778.1247,081.5331,076.1937,487.4335,727.4845,307.92105,639.84118,083.56145,505.5397,851.67121,199.08130,346.17128,387.43130,257.17100,608.18119,841.29110,342.60117,487.19118,522.83

SEVILLA638,215.04638,875.00879,441.76632,815.41706,623.95775,597.03802,118.78613,692.55504,836.23777,515.01792,752.84741,271.751,701,743.181,793,416.592,061,321.631,544,744.891,780,267.051,950,327.952,060,319.171,614,397.931,435,471.881,574,395.171,675,253.491,532,844.392,311,539.60

SORIA20,347.4314,452.5930,017.8530,425.4926,133.3320,914.4021,797.7416,062.4815,449.4216,039.7218,433.7321,904.2770,088.4850,782.4990,451.6477,928.3770,853.6584,596.3470,684.7767,217.9854,241.6448,884.3452,889.2266,038.5356,377.72

TARRAGONA242,180.76273,428.18341,799.42276,994.21284,657.76281,655.52253,956.00216,782.54184,366.28259,988.39228,691.95215,057.42661,838.59659,933.00719,316.49573,833.22636,565.75729,156.82634,625.72543,710.47469,864.92541,457.66492,254.87465,722.04703,737.76

TERUEL40,565.0855,303.4956,084.5152,923.6750,715.2056,501.7551,831.6744,709.6433,580.1643,296.0741,299.4153,840.71154,377.24160,302.41162,036.48138,995.23148,449.60164,768.01161,853.23169,022.68106,374.73132,047.69115,433.67143,135.12138,436.19

TOLEDO222,946.80224,690.22301,068.27247,464.37243,389.66270,677.73269,477.33193,466.38193,328.92266,095.47274,178.66295,578.20769,354.47792,125.09939,941.51810,420.60796,756.68829,742.06879,146.81715,649.44634,560.83766,236.18763,302.54800,061.91835,852.33

VALENCIA743,953.35818,130.93916,233.77784,117.74834,943.94847,945.66937,131.61645,008.71616,233.02899,029.69836,673.68891,630.522,061,805.322,126,568.562,239,524.581,898,545.372,869,257.942,404,308.2737,487,485.171,794,187.181,801,831.661,945,424.581,844,514.821,916,565.992,627,333.88

VALLADOLID127,624.47120,126.38160,310.08140,369.76149,849.15134,315.85151,637.18108,033.1895,325.16160,442.34136,717.60158,300.37531,241.91400,869.13418,968.71349,511.00389,982.64405,127.47437,304.62331,871.35287,196.02358,601.63351,305.70343,030.22455,460.31

VIZCAYA163,522.88184,772.11309,084.24191,717.47215,771.47194,462.37235,512.26136,037.50114,331.66172,352.51185,402.80198,270.69559,529.00611,597.76823,155.39574,096.60698,940.71741,711.72697,623.19465,508.30403,660.15410,920.18437,943.17458,063.92556,026.00

ZAMORA38,333.3539,777.9264,703.1040,534.5244,072.9242,881.3257,485.2934,118.4729,218.8343,687.0444,837.2043,834.03114,694.17183,218.32128,238.45119,905.67111,626.42127,688.71135,898.46111,962.1192,916.3796,045.60103,740.90110,889.32132,358.27

ZARAGOZA151,754.55175,413.61218,717.09174,796.96185,506.24182,229.63196,633.42134,613.84124,015.49190,773.58191,262.58202,286.04534,462.18580,670.87606,547.47515,707.17553,328.01590,325.94625,136.71466,353.69433,805.03472,104.00460,144.05468,438.47584,322.21

CEUTA29,632.7128,641.2735,276.7129,192.4829,583.4740,670.8443,671.0230,283.0425,088.5425,985.1117,867.6221,382.5999,304.2394,850.07126,131.3196,584.88118,176.52122,980.08127,874.5289,807.2088,246.4381,027.4565,500.4780,410.2865,235.32

MELILLA67,506.9771,903.2787,095.6567,939.7559,532.4552,404.8852,231.1545,763.4740,230.1454,593.7366,678.5450,793.73179,567.20175,463.93208,496.15152,183.59152,715.12152,480.25150,050.51124,835.19116,511.04131,251.12143,632.36126,766.16172,066.00

TOTAL12,295,851.913,178,709.617,439,103.814,062,775.014,213,674.715,467,088.915,393,831.711,204,979.410,103,660.413,497,766.912,904,188.313,388,029.736,793,783.137,146,288.946,892,354.135,615,102.739,205,224.642,122,739.677,494,912.933,252,577.527,491,471.829,818,258.728,963,324.528,733,402.239,789,984.87

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datos_mapa

DATOSRANKING

IDPROVINCIADato 1Dato 2Dato 3Dato 4Dato 1

Raul Vaquerizo Romero: El más bajo será rojoDato 2

Raul Vaquerizo Romero: El más bajo será rojoDato 3

Raul Vaquerizo Romero: El más bajo será verde

Dato 4

Raul Vaquerizo Romero: El más bajo será verde

01ALAVA0.08.2%8.2%-91.8%1142111

02ALBACETE0.00.2%0.2%-3.9%1152127

03ALICANTE4.238.4%38.4%6.3%3292442

04ALMERIA0.06.8%6.8%-7.4%11431013

33ASTURIAS0.056.1%56.1%3.3%11233039

05AVILA0.035.2%35.2%-3.2%11302328

06BADAJOZ0.05.1%5.1%-4.8%1146723

08BARCELONA27.290.2%90.2%0.8%154834

09BURGOS0.083.9%83.9%9.4%1194447

10CACERES0.01.3%1.3%-9.5%1151210

11CADIZ2.189.4%89.4%-22.0%107464

39CANTABRIA0.069.6%69.6%-7.2%11173616

12CASTELLON0.024.6%24.6%1.5%11341936

13CIUDAD REAL0.080.7%80.7%-0.6%11114232

14CORDOBA0.03.5%3.5%-7.4%1149413

15LA CORUÑA0.059.7%59.7%1.5%11203335

16CUENCA0.071.0%71.0%-10.8%1116376

17GERONA2.692.9%92.9%-5.2%825121

18GRANADA0.062.3%62.3%-7.4%11193413

19GUADALAJARA0.015.2%15.2%-5.6%11391418

20GUIPUZCOA0.05.9%5.9%-1.4%1145831

21HUELVA0.023.0%23.0%-14.3%1135185

22HUESCA0.089.9%89.9%9.5%1164748

07BALEARES4.290.2%90.2%7.3%344944

23JAEN0.03.6%3.6%-10.3%114857

24LEON0.086.1%86.1%5.2%1184541

25LERIDA0.017.8%17.8%-4.9%11381522

27LUGO0.073.0%73.0%12.5%11153850

28MADRID26.434.4%34.4%0.3%2312233

29MALAGA4.040.4%40.4%-10.3%526277

30MURCIA0.068.3%68.3%-5.4%11183520

31NAVARRA0.077.2%77.2%10.0%11124149

32ORENSE0.026.4%26.4%2.1%11332037

34PALENCIA0.04.1%4.1%8.3%1147645

35GRAN CANARIA0.040.4%40.4%-4.4%11272625

36PONTEVEDRA0.021.1%21.1%9.2%11361746

26LOGROÑO0.054.9%54.9%6.7%11242943

37SALAMANCA0.057.8%57.8%-4.0%11223126

40SEGOVIA0.015.1%15.1%-2.1%11401330

41SEVILLA3.918.9%18.9%-9.5%637169

42SORIA0.014.5%14.5%-4.5%11411224

43TARRAGONA2.440.1%40.1%-2.4%9282529

38TENERIFE0.03.5%3.5%-9.4%1150311

44TERUEL0.042.6%42.6%-5.4%11252819

45TOLEDO0.06.4%6.4%-8.6%1144912

46VALENCIA3.774.4%74.4%-6.5%7143917

47VALLADOLID0.091.8%91.8%2.6%1135038

48VIZCAYA0.095.4%95.4%15.9%1115252

49ZAMORA0.028.3%28.3%4.0%11322140

50ZARAGOZA0.074.9%74.9%13.8%11134051

51CEUTA0.059.4%59.4%-27.3%1121322

52MELILLA0.082.4%82.4%-27.3%1110432

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mapa

AzulVerdeRojohexadecimaldecimalincr azulincr verdeincr rojo

COLOREScolor inicio255220200FFDCC816768200origen1671168011080-4-3

ProvinciaShapeDato 1Dato 2Dato 3Dato 4Dato 1Dato 2Dato 3Dato 4Número rankingcolorcolor fin25500FF000016711680fin16768200

Álavaalava008%08%-92%16757930167260931675793016768200116768200255220200FFDCC8CiudadImporte

Albacetealbacete000%00%-04%16757930167158231676820016741498216767173255216197FFD8C5Barcelona27.2

Alicantealicante4.238%38%06%16766146167394441674457916726093316766146255212194FFD4C2Madrid26.4

Almeríaalmeria007%07%-07%16757930167250661675895716755876416765119255208191FFD0BFBaleares4.2

Asturiasasturias056%56%03%16757930167456061673841716729174516764092255204188FFCCBCAlicante4.2

Ávilaavila035%35%-03%16757930167384171674560616740471616763065255200185FFC8B9Málaga4

Badajozbadajoz005%05%-05%16757930167219851676203816745606716762038255196182FFC4B6Sevilla3.9

Barcelonabarcelona27.290%90%01%16768200167640921671993116734309816761011255192179FFC0B3Valencia3.7

Burgosburgos084%84%09%16757930167599841672403916720958916759984255188176FFBCB0Girona2.6

Cácerescaceres001%01%-09%167579301671685016767173167589571016758957255184173FFB8ADTarragona2.4

Cádizcadiz2.189%89%-22%167589571676203816721985167651191116757930255180170FFB4AACadiz2.1

Cantabriacantabria070%70%-07%167579301675176816732255167527951216756903255176167FFB0A7Resto

Castellóncastellon025%25%02%167579301673430916749714167322551316755876255172164FFACA4

Ciudad Realc_real081%81%-01%167579301675793016726093167363631416754849255168161FFA8A1

Córdobacordoba004%04%-07%167579301671890416765119167558761516753822255164158FFA49E

La Coruñala_coruna060%60%02%167579301674868716735336167332821616752795255160155FFA09B

Cuencacuenca071%71%-11%167579301675279516731228167630651716751768255156152FF9C98

Geronagerona2.693%93%-05%167610111676717316716850167476601816750741255152149FF9895

Granadagranada062%62%-07%167579301674971416734309167558761916749714255148146FF9492

Guadalajaraguadalajara015%15%-06%167579301672917416754849167507412016748687255144143FF908F

Guipúzcoaguipuzcoa006%06%-01%167579301672301216761011167373902116747660255140140FF8C8C

Huelvahuelva023%23%-14%167579301673328216750741167640922216746633255136137FF8889

Huescahuesca090%90%09%167579301676306516720958167199312316745606255132134FF8486

Islas Balearesbaleares4.290%90%07%167661461676511916718904167240392416744579255128131FF8083

Jaénjaen004%04%-10%167579301671993116764092167620382516743552255124128FF7C80

Leónleon086%86%05%167579301676101116723012167271202616742525255120125FF787D

Léridalerida018%18%-05%167579301673020116753822167466332716741498255116122FF747A

Lugolugo073%73%12%167579301675382216730201167178772816740471255112119FF7077

Dato 1Madridmadrid26.434%34%00%167671731673739016746633167353362916739444255108116FF6C74

1Dato 2Málagamalaga440%40%-10%167640921674252516741498167620383016738417255104113FF6871

Dato 3Murciamurcia068%68%-05%167579301675074116733282167486873116737390255100110FF646E

Dato 4Navarranavarra077%77%10%16757930167569031672712016718904321673636325596107FF606B

Orenseorense026%26%02%16757930167353361674868716731228331673533625592104FF5C68

Palenciapalencia004%04%08%16757930167209581676306516723012341673430925588101FF5865

Las Palmaslas_palmas040%40%-04%1675793016741498167425251674355235167332822558498FF5462

Pontevedrapontevedra021%21%09%1675793016732255167517681672198536167322552558095FF505F

La Riojala_rioja055%55%07%1675793016744579167394441672506637167312282557692FF4C5C

Salamancasalamanca058%58%-04%1675793016746633167373901674252538167302012557289FF4859

Segoviasegovia015%15%-02%1675793016728147167558761673841739167291742556886FF4456

Sevillasevilla3.919%19%-10%1676306516731228167527951675998440167281472556483FF4053

Soriasoria015%15%-05%1675793016727120167569031674457941167271202556080FF3C50

Tarragonatarragona2.440%40%-02%1675998416740471167435521673944442167260932555677FF384D

Santa Cruz de Tenerifetenerife003%03%-09%1675793016717877167661461675793043167250662555274FF344A

Teruelteruel043%43%-05%1675793016743552167404711674971444167240392554871FF3047

Toledotoledo006%06%-09%1675793016724039167599841675690345167230122554468FF2C44

Valenciavalencia3.774%74%-07%1676203816754849167291741675176846167219852554065FF2841

Valladolidvalladolid092%92%03%1675793016766146167178771673020147167209582553662FF243E

Vizcayavizcaya095%95%16%1675793016768200167158231671582348167199312553259FF203B

Zamorazamora028%28%04%1675793016736363167476601672814749167189042552856FF1C38

Zaragozazaragoza075%75%14%1675793016755876167281471671685050167178772552453FF1835

Ceutaceuta059%59%-27%1675793016747660167363631676717351167168502552050FF1432

Melillamelilla082%82%-27%1675793016758957167250661676717352167158232551647FF102F

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Sheet1

Cédulas Hipotecarias Investor UpdateQ1 2020

Deutsche Bank SAE 8

Cautionary statements

By viewing this presentation you agree to be bound by the foregoing limitations:

Figures under this presentation are prepared in accordance with local GAAP and are therefore non-IFRS financial measures. Figures have not beenreviewed by our external auditor. This report is presented in euros (EUR), which is DB SAE presentation currency. Certain financial statistical informationin this presentation has been subject to rounding and currency conversion adjustments. Accordingly, the sum of certain data may not conform to theexpressed total.

The report may contain estimates and forecasts with respect to the future development of the business and to the financial results of DB SAE, which stem from the expectations of DB SAE and which, by their very nature, are exposed to factors, risks and circumstances that could affect the financial results in such a way that they might not coincide with such estimates and forecasts.

This presentation is directed only at “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 of the European Parliament andof the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market,and repealing Directive 2003/71/EC. Other persons should not rely or act upon these materials or any of their contents.

This document is being shown to you solely for your information. It may not be reproduced or redistributed to any other person, and it may not bepublished, in whole or in part, for any purpose. It is expressly forbidden to disclose to any third party the information in this document or the fact that ithas been delivered to you. By viewing this presentation, you agree to be bound by the above-referred confidentiality obligation and as further outlinedbelow.

The distribution of this document in other jurisdictions may be forbidden. Accordingly, holders of this document should be aware of such restrictions andcomply with them. In particular, neither this presentation nor any part or copy of it may be taken, transmitted into, disclosed or distributed in the UnitedStates or any other jurisdiction or to any other person. Persons into whose possession this presentation comes should inform themselves about andobserve such restrictions. Any failure to comply with such restrictions may constitute a violation of the laws of the United States, United Kingdom, Spainor any other such jurisdiction.

This document is only provided for information purposes and does not constitute, nor must it be interpreted as, an offer to sell or exchange or acquire, oran invitation for offers to buy any securities nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with,any contract or investment decision. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on thebasis of the information set out in the Folleto Informativo and Condiciones Finales prepared by DB SAE in relation to such specific issue, which are, in anycase, published in CNMV website. Nobody who becomes aware of the information contained in this presentation must regard it as definitive, because it issubject to changes and modifications.

The information contained in this report meets the requirements of paragraph 7 article 129 of CRD IV- Capital Requirements Regulation (CRR)-575/2013. Valuation of the real estate assets is performed in line with Article 208.3 CRR.

Slide Number 1Slide Number 2Slide Number 3Cover Pool Details(1) – Mortgage quality �(1/3)Cover Pool Details(1) – Mortgage quality �(2/3)Cover Pool Details(1) – Mortgage quality �(3/3)Slide Number 7Cautionary statements