DEPFA BANK

DEPFA Bank's main strategy and business model is to manage and rundown its public sector finance asset base, which primarily consists of the cover pools of its subsidiaries DEPFA ACS Bank and DEPFA Pfandbrief Bank International S.A. On 19th December 2014, DEPFA BANK plc became a wholly owned subsidiary of the German state agency FMS Wertmanagement AöR (FMS-WM) which was established in 2010 as the Federal Republic of Germany's winding up institution for the nationalised HRE Group. FMS-WM is under the direct ownership of the German Financial Markets Stabilisation Fund ("SoFFin"), which is managed by the Federal Agency for Financial Market Stabilisation ("FMSA"). DEPFA does not undertake new business commitments as part of the conditions agreed during the state aid approval process between the European Commission and the Federal Republic of Germany. DEPFA continues to preserve capital and wind down its portfolio in a manner designed to maintain value and is regulated by the Central Bank of Ireland.