Transaction Update: Van Lanschot Kempen N.V. Soft Bullet Mortgage Covered Bond Program

Overview Key strengths Key risks The covered bonds soft-bullet extendible maturities mitigate liquidity risk. 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 short weighted-average life of the outstanding bonds increases the program's vulnerability to interest rate increases, necessitating higher levels of credit enhancement. The application of our covered bonds criteria allows the covered bonds to achieve ? AAA ? ratings for the coverage of ?AAA? credit risk . The program needs to cover the second notch of collateral uplift which is consistent with ?AAA? credit risk only (see ? Methodology For Rating

...The application of our covered bonds criteria allows the covered bonds to achieve `###' ratings for the coverage of `###' credit risk. The program needs to cover the second notch of collateral uplift which is consistent with `###' credit risk only (see "Methodology For Rating Covered Bonds," July 25, 2025). `###' credit risk increases while the target credit enhancement (TCE) decreases. As of June 2026, the cover pool's credit quality has remained broadly stable. To assess future credit...

Transaction Update Report