Overview Key strengths Key risks The structure's soft-bullet extendible maturities mitigate liquidity risk. The structure does not benefit from an interest rate swap. We considered this risk in our cash flow analysis. The committed credit enhancement exceeds the credit enhancement required for a 'AAA' rating level. Most of the mortgage loans in the cover pool are backed by properties subject to jumbo valuation adjustments, which we considered in our loss severity assessment. The cover pool comprises highly seasoned residential mortgage loans. The program needs to cover ?AAA? credit risk only compared to ?AAA? credit risk plus 50% refinancing costs previously (see ? Methodology For Rating Covered Bonds ,? July 25, 2025.) . Under our new criteria, we apply a forward-looking
