Transaction Update: Van Lanschot Kempen N.V. Conditional Pass-Through Mortgage Covered Bond Program

Potential mismatches between the assets and liabilities are structurally mitigated, allowing us to delink the covered bond ratings from the long-term issuer credit rating (ICR). Contractual credit enhancement provides a substantial buffer over the credit enhancement level commensurate with the 'AAA' rating. Cover pool credit quality has remained stable over time. The structure does not benefit from an interest rate swap. Cash belonging to the special-purpose entity (SPE) is mixed with cash belonging to the issuer and could be lost if Van Lanschot Kempen becomes insolvent. This transaction update follows our periodic review of Van Lanschot Kempen N.V.'s (Van Lanschot Kempen) conditional pass-through covered bond program and related issuances. Our covered bond ratings process follows the methodology and assumptions outlined

...+ Potential mismatches between the assets and liabilities are structurally mitigated, allowing us to delink the covered bond ratings from the long-term issuer credit rating (ICR). + Contractual credit enhancement provides a substantial buffer over the credit enhancement level commensurate with the '###' rating. + Cover pool credit quality has remained stable over time....

Transaction Update Report