mmb scf covered bond programme

MMB SCF COVERED BOND PROGRAMME

September 2018

Investor Presentation

2

Disclaimer (1/3) IMPORTANT NOTICE – PLEASE READ

THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, TO US PERSONS, AS DEFINED IN

REGULATION S OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED, IN CANADA OR JAPAN, OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.

This document (the “Presentation”) has been prepared by My Money Bank (“MMB”) for information purposes as a basis for discussion only and is not an offer to buy or sell or a

solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. For the avoidance of doubt, it being specified that neither MMB, nor

MMB SCF SA in its capacity as issuer ("MMB SCF"), BNP PARIBAS S.A., acting through its London branch, in its capacity as arranger and lead manager (hereinafter “BNPP"), ABN

Amro ("ABN"), Crédit Agricole Corporate and Investment Bank ("CACIB") and Société Générale ("SG") each, in their capacity as lead manager shall incur any liability or

responsibility in connection with this Presentation.

This document has been prepared for the sole purpose of the use at meetings with prospective investors to be held in connection with the issue and offering of Notes by MMB

SCF. Investors' attention is drawn to the section "Risk factors" of the base prospectus (the "Base Prospectus") which has been submitted to the French Autorité des marchés

financiers (the "AMF"). Investment decisions should be made solely on the basis of the full prospectus comprised of the Base Prospectus that will be the subject of a visa by the

AMF and the final terms that will be filed with the AMF. The Base Prospectus, any supplements thereto (if any) and, so long as Notes are admitted to trading on any regulated

market and/or offered to the public in accordance with the Prospectus Directive, the final terms relating to such Notes will be published on the websites of My Money Bank

(www.mymoneybank.com) and of the AMF (www.amf-france.org).

This Presentation has been prepared on the basis of information believed by MMB to be reliable, which has not been independently verified and which has not been verified by

BNPP, ABN, CACIB and SG. MMB and MMB SCF make no guarantee, representation or warranty, express or implied, as to the accuracy, correctness or completeness of such

information. This Presentation is not intended to be comprehensive or definitive and is qualified by reference to the review and evaluation of the transaction that you make as

you deem necessary or appropriate prior to assigning a rating under the transaction, including without limitation the offering memorandum or similar Presentation, if any.

Without limiting the generality of the foregoing, this Presentation does not purport to describe all of the risks associated with the transaction. MMB, MMB SCF, BNPP, ABN,

CACIB, SG or any of their officers, employees or agents do not make any representation or warranty (express or implied) of any nature or accept any responsibility, liability or

obligation of any kind (whether in contract, tort or otherwise) for the accuracy, completeness or sufficiency of any information, statement, assumption or projection in this

Presentation or in any other written or oral information or any errors contained therein or omissions therefrom. The information presented herein is an advertisement and does

not comprise a prospectus for the purposes of EU Directive 2003/71/EC (as amended by the EU Directive 2010/73/EU). The information herein has not been reviewed or

approved by any rating agency, government entity, regulatory body or listing authority and does not constitute listing particulars in compliance with the regulations or rules of

any stock exchange. Any offering will be made only by means of the appropriate offering materials, which will contain material information not included in this Presentation. The

information herein is preliminary, limited in nature and subject to completion and amendment, and will in particular be superseded by any preliminary prospectus and

subsequently final prospectus relating to any potential transaction. The information contained in this Presentation speaks as of the date of this Presentation and is subject to

change without notice. MMB and MMB SCF are under no obligation to update the information contained in this Presentation, which is qualified in its entirety by the information

specified in the relevant final prospectus relating to any potential transaction.

Transactions relating to financial instruments involve risks of adverse or unanticipated market, economic, political or legal developments, risk of illiquidity and the financial

outcome of any particular transaction depends on this variety of factors including but in no way limited to, credit risk (including in relation to the counterparty, the underlying

debtor, the swap provider, the liquidity provider, the assignor), investor interest, grade of potential investor market, selling restrictions in target jurisdictions, rating of the bonds

or commercial paper issued, tax considerations, legal documentation, particular features of underlying assets, and availability of collateral. Past performance, simulated

performance or historical data are not reliable indicators of future yields or returns.

This Presentation should not be relied on as an undertaking, promise, warranty or representation as to the future provision of services or products, or as an offer, solicitation or

recommendation for the purchase or sale of securities or any other financial product described herein. It is not intended to create any rights of a legally binding or enforceable

nature between MMB, MMB SCF and the recipient, or between BNPP, ABN, CACIB or SG and the recipient in respect of the provision of services or products. It does not purport

to be a comprehensive review of any prospective investors’ investment objectives, financial situation or particular needs.

http://www.mymoneybank.com/





http://www.amf-france.org/







3


Neither MMB, MMB SCF nor BNPP, ABN, CACIB, SG acts as an advisor, nor owes any fiduciary duty and this Presentation and the information it contains shall not be construed as

financial, legal, regulatory, tax or accounting advice. You should also make your own evaluation of the Presentation, the information herein contained and the investment. You

should consult with your advisors concerning these matters before undertaking the proposed subscription and obtain independent professional advice from appropriate

professional advisors if you deem it appropriate before undertaking any action.

Under no circumstance shall MMB, MMB SCF, BNPP, ABN, CACIB or SG, or any of their respective directors, officers, employees, affiliates or agents be responsible or liable,

directly or indirectly, to any person or entity for any direct or consequential damage, loss, cost, charge, expense or other liability whatsoever, in whole or in part, resulting from,

caused or alleged to be caused by or in connection with the use of or reliance on the information and the contents in this Presentation and/or any omission, condition or other

circumstances within or outside the control of MMB, MMB SCF, BNPP, ABN, CACIB or SG, or any of their respective directors, officers, employees, affiliates or agents in

connection with the procurement, collection, compilation, analysis, interpretation, communication or delivery of the information and the contents of this Presentation.

MiFID II PRODUCT GOVERNANCE / RETAIL INVESTORS, PROFESSIONAL INVESTORS AND ECPs TARGET MARKET – Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Notes taking into account the five categories referred to in item 18 of the Guidelines published by ESMA on 5 February 2018 has led to the conclusion that: (i) the type of clients to whom the Notes are targeted is eligible counterparties, professional clients and retail clients, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a "distributor") should take into consideration the manufacturer's type of clients assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturer's type of clients assessment) and determining appropriate distribution channels.

This Presentation is for distribution only under such circumstances as may be permitted by applicable law. Recipients of this material should inform themselves about and

observe any applicable legal or regulatory requirements in relation to the distribution or possession of this Presentation to or in that jurisdiction. In this respect, each of MMB,

MMB SCF, BNPP, ABN, CACIB and SG does not accept any liability to any person in relation to the distribution or possession of this Presentation to or in any jurisdiction. This

Presentation is not directed at, or intended for distribution or use by, any person or entity who is a citizen or resident of any jurisdiction where such distribution, publication,

availability or use would be contrary to applicable laws or regulations of such jurisdictions.

By your receipt of this Presentation, you are confirming to MMB, MMB SCF, BNPP, ABN, CACIB and SG that you are not such a person. If this is not the case, then you must return

this Presentation to MMB immediately.

This Presentation and its content are strictly confidential and may be price sensitive and you must not copy, publish, reproduce, redistribute, transmit, communicate or disclose,

directly or indirectly, in whole or in part, this Presentation to any third party other than your directors, employees and professional advisers, without MMB prior written consent.

Your receipt and use of this Presentation constitute notice and acceptance of the foregoing.

The distribution of this Presentation in other jurisdictions than France may be restricted by law. None of the information is directed at or intended for distribution to, or use by,

any person or entity in any such jurisdiction or country where such distribution, publication or use would be contrary to local law or regulation, and persons into whose

possession this Presentation comes should inform themselves about, and observe, any such restriction.

This Presentation is intended to be distributed only to, and is directed only at persons who are not a “U.S. person” and which are located outside the “United States” as defined

in Regulation S under the U. S. Securities Act 1933, as amended, and who are one of (i) persons who have professional experience in matters relating to investments, falling

within Article 19(5)(a) to (e) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”); (ii) persons who are high net worth companies,

unincorporated associations and other persons falling within Article 49(2)(a) to (d) of the FPO; and (iii) any other persons to whom the information may lawfully be

communicated.

4


MMB is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). MMB is a société anonyme à conseil d'administration, incorporated under the

laws of France, licensed as a credit institution (établissement de crédit), with a capital of € 276,154,299.74, whose registered office is located at Tour Europlaza – 20 Avenue

André Prothin – 92063 Paris-La-Défense Cedex, France, registered with the trade and companies registry (Registre du commerce et des sociétés) of Nanterre under number 784

393 340.

MMB SCF is a société anonyme incorporated under the laws of France, duly licensed as a French specialised credit institution (établissement de crédit spécialisé) by the French

Autorité de contrôle prudentiel et de résolution with the status of société de crédit foncier, with a capital of €10,000,000, the registered office of which is located at Tour Europlaza

– 20, avenue André Prothin – 92063 Paris La Défense Cedex - France, registered with the trade and companies registry (Registre du commerce et des sociétés) of Paris under

number 840 318 950.

Agenda

1. Executive Summary 6

2. My Money Bank: Company Overview 8

2.1 Business Overview 9 2.2 Financial Highlights 16 2.3 MMB Refinancing Mortgages Portfolio 21

3. MMB SCF Covered Bond Programme 26 3.1 Legislative Framework 27 3.2 MMB SCF Overview 30 3.3 Cover Pool 38

4. French Economy 42

5. Contacts 45

1 EXECUTIVE SUMMARY

7

1

2

3

4

My Money Bank (MMB): a fully independent bank established on solid GE foundations Continuity in management team, autonomous core banking systems and processes Strong governance structure and compliance culture inheritance

BESV upcoming acquisition, adding a new profitable secured professional mortgage business to existing franchises Investment-grade rating (BBB-) from Standard and Poor’s with Stable Outlook

Focused growth built on established franchise positions and expertise in attractive growing markets Longstanding recognised player in French refinancing mortgage and auto financing in DOMs (French Overseas Departments) Positive and resilient market dynamics supporting for stable market shares and steady income flows

20.4% CET1: very strong capital base for My Money Bank 2017 CET1 standing at 20.4%, well above regulatory requirements Robust capital base with 100% of core equity (EUR 0.6bn) and strong loss-absorption capacity

Strong liquidity position with a strategic drive to diversify and optimise its funding Strong liquidity with cash equivalents in excess of EUR 400m as of end 2017 100% self-funded with diversified funding sources

Strong deposit base (EUR 1.3bn) and growth capacity (+100% YoY in 2017) Significant track-record on capital markets with 4 ABS/RMBS public issuances closed over the last 2 years (SapphireOne

programmes) for an aggregate amount exceeding EUR 2.6bn

MMB SCF: an inaugural Société de Crédit Foncier soft bullet covered bond issuer SCF establishment supporting MMB’s development in its core refinancing mortgage franchise EUR 10bn issuance programme rated [AAA] by Standard and Poor’s

Société de Crédit Foncier issuing French law Obligations Foncières with soft bullet structures CRR and UCITS compliant and expected to be eligible for ECB and LCR Level 1 with an ECBC Covered Bond Label Level of over-collateralisation of [31.2]% expected at issuance, well in excess of the 5% legal requirement Expected recurring MMB SCF’s issuances to support business activities and growth

5

A stable independent bank with a 100 years legacy seeking to diversify funding sources via MMB SCF Executive Summary

2 MY MONEY BANK: COMPANY OVERVIEW

2.1 Business Overview

10

Promontoria MMB SAS

Somafi – Soguafi SA

Sorefi SA

Socalfi SAS

Promontoria 101 BV

My Money Bank SA BBB- by S&P

Investment Funds (Managed by Cerberus Capital

Management)

Company Structure Overview Consolidated regulatory supervision at French holding level

Cerberus Capital Management, L.P. founded in 1992, is one of the world’s leading private investment firms

Cerberus and its affiliates manage over $30 billion for a diverse set of public and private investors

Cerberus is headquartered in New York City, and has offices in the United States, Europe, and Asia. It employs around 150 investment professionals

In Europe, Cerberus has participations in several regulated institutions, including BAWAG (Vienna IPO 2017), a retail Austrian bank

Streamlined and simplified MMB legal structure

100%

99.97% 99.99% 100%

99.99%

99.9%

MMB SCF SA [AAA] by S&P

99.99%

New entity

Regulatory Supervision

11

Company Business Overview Long standing specialist credit provider focusing on core products

Company history New originations (€ in bn)

1995: GE acquisition and organic growth 1995: SOVAC (founded in 1919), Crédit de l’Est 2002: New Caledonia 2004: Royal Saint Georges

2008: Financial crisis: decision to reduce origination 2009: tightened underwriting rules

2011: Keep strategic options open (GE strategy) Maintained all product lines with limited origination No restructuring plan

2013: Transformation and restructuring Nantes Operations Centre of Excellence Run-off House Purchase (HP) and Consumer mainland

loans portfolios Restructuring plans

2016: Focus and profitable growth Announcement of the Cerberus acquisition Sale of HP portfolio to BAWAG

2017-18: Business strategic refocus 2017: sale of Mainland Revolving to Advanzia 2018: sale of Auto Mainland to Financo June 2018: public announcement of Banque Espirito

Santo et de la Venetie (BESV) acquisition

1

2

3

4

Refinancing Auto and Consumer (DOM) Auto and Consumer (Mainland) House Purchase (HP)

5

Focusing on growth in core franchises: Refinancing mortgages and DOMs

Receivables volumes (€ in bn)

New originations (€ in bn)

2 3 4 5 1

12

My Money Bank Executive Committee A stable and experienced management team

Eric Shehadeh Chief Executive Officer

21

14

Experience in MMB/GE (years)

Experience in Financial services (years)

Dominique Quintard Internal Audit Director

12

17

Gilles de Launay Chief Operations Officer

30

30

Jacques Rouquette General Manager

DOM

6

28

Mathieu Becker General Counsel

1

24

Matthieu Flichy Business Development Director

1

9

Philippe Martinie Chief Risk and

Compliance Officer

28

32

Thomas Schneegans Chief Financial Officer

22

18

Fady Wakil Treasurer

14

11

Jean-Pierre Nelissen Chief Information Officer

1

26

Isabelle Meghnagi Human Resources Director

30

16

Jeremy Bracq Deputy Chief Financial Officer

11

9

13

Branches Locations

16 different time zones

Centre of excellence

Headquarters

Nantes

Paris/La défense

Headquarters in Paris

Operational centre in Nantes (2012)

Centralised and efficient organisation

Mainland branches DOM branches (Out of scope for MMB SCF)

Full coverage through 6 branches:

- Jarry (Guadeloupe)

- Le Lamentin (Martinique)

- Cayenne (Guyane)

- Sainte-Marie (La Réunion)

- Saint-Pierre (La Réunion)

- Nouméa (New Caledonia)

Simple refinancing mortgage infrastructure and strong DOM presence

Disaster Recovery Centres

Montpellier (IBM)

14

Refinancing

loans

Refinancing mortgage loans (RM): first lien mortgage loans with average portfolio LTVs of ~50%

Long-standing relationships with broker network (20 years+), 318 brokers

Unsecured Refinancing (UR): restricted to home owners

Insurance (a) Death or invalidity Involuntary Unemployment

Deposits Deposit activity limited to MMB

Auto

For retail customers - New/used car loans & leases

For SME customers - New/used car loans & leases - Auto fleets - Commercial equipment loan & lease

(trucks, construction, etc.)

Insurance (a) Death/invalidity, employment loss Guaranteed Asset Protection (GAP) Warranty extension / Assistance

Consumer Personal loans Unsecured Refinancing (UR) Revolving credit facilities

Platform And Products Overview € 3.9bn receivables distributed through 5 brands

Martinique/French Guyana

Guadeloupe

Reunion

New Caledonia

Mainland

DOMs

Product offering Brands

Mai

nla

nd

D

OM

(a) Optional insurance (borrower insurance and Auto damage) brokered by MMB on behalf of its insurance partners (b) Auto Mainland business sold to Financo in May 2018

Receivables by product

Mainland (75%) (b) DOMs (25%)

Total: € 3.9bn

Total: € 3bn Total: € 0.9bn

Refinancing loans Auto

Commercial Auto and Equipement

Consumer

Receivables breakdown (Dec. 2017)

59% 27%

14%

http://credit.gemoneybank.fr/fr/credit-consommation/credit-renouvelable.html

15

Solid and Stable Market Position Robust market share with conservative growth in core expertise in a well-known growing market

Mainland Refinancing loans (71% of business (a)) DOMs franchise (29% of business (a))

Longstanding presence in the

market

Strong market resilience

Solid and stable market position

Building future growth on core

expertise

€ 0.3 – 1.2bn annual origination volume in last 10 years

Future growth expected mainly from faster growth of

broker-originated banking business vs traditional retail

banking business

Broker-originated French refinancing loan market(b) in

steady growth since ’12 (€3.1bn in ’17, +9% p.a. av. growth)

Growing refinancing mortgages (RM) sub-market at € 1.1bn

in 2016 (+21% vs 2016)

6 major players

Stable MMB market share (30-35% in RM)

No incentive for brokers to change partners

Working with current top brokers since 1970

Stable relationship with top brokers throughout the years

Recognised servicer in the market

1

Predictable sources of

income

2

3

4

5

MMB maintained market position over the years under

adverse conditions

Low cost of risk (10 bps/year)

Highly profitable products

2020 new volume mostly expected from current

segments

Non-fragmented market with limited number of dealers

Resilient relationship with top dealers (> 10 years)

High entry barriers for new comers (brand, culture,

brokers)

2 main players on Auto

Auto market share stable around 50% among specialised

finance companies (no captives in DOM)

No incentive for dealers to change partners

In the DOM since 1965 through acquisitions

Long-term established relationships with key car dealers

Top-of-mind brand (1 out of 4 cars is financed by SOFI)

40+ years consumer data: strong internal screening ability

Stable Auto market with € 0.8bn to €1.2bn volumes

originated each year (loans + leases)

Ability to weather significant stresses in usury rates

Diversified and stable portfolio

(a) Following sale of Auto and Consumer Mainland portfolios in 1st half 2018. (b) This includes both unsecured refinancing loans and secured refinancing loans (refinancing mortgages)

2.2 Financial Highlights

17

MMB Group 2017 Key Figures

Performance

Capital and Liquidity

€601m(a) €142m

Consolidated Net Income Net Banking Income

20.4%

CET1 Ratio

€569m

CET1

€2.8bn

RWA

116%

LCR

0.22%

Cost of Risk

€2.7bn

+4% annual origination growth

Outstanding Mortgage Refinancing Loans

(a) 2017 profit driven by acquisition purchase accounting Source: My Money Bank 2017 annual report

18

MMB Group 2017 Year-End Balance Sheet Solid balance sheet position - highly capitalised with strong liquidity position

Cash balance 476 Financial liabilities 3 706

Deposits 1 016

Loans and receivables 3 944 Debt securities issued 2 690

- Refinancing Mortgages 2 389 - o/w RMBS (SapphireOne Mortgages) 1 596

- Unsecured Refinancing 192 - o/w ABS Auto (SapphireOne Auto) 390

- Auto Mainland (a) 394

- Consumer Mainland 13

- DOM 957

Provisions 74

Other Assets 141

Other Liabilities 172

Equity 608

Total Assets 4 560 Total Liabilities 4 560

(a) Auto Mainland business sold to Financo on May 2018. It represented around 10% of receivables as ok end 2017.

Assets Liabilities and Equity Highlights

2

3

4

5

1

(€ in millions) as of December 2017

Strong cash and liquidity position

Receivables focused on 2 products: refinancing

loans (secured and unsecured), DOM Auto and

Consumer (loans & leases)

Portfolio mix made of :

o 61% mainland refinancing mortgage

o 34% secured Auto mainland (a) and DOM

o 5% unsecured refinancing

Focused on building deposit base:

o +117% vs. 2016

o €1.3bn milestone (April 2018)

Wholesale funding through RMBS, ABS and

private warehouse facilities

Highly capitalised with 20.4% CET1

1

2

3

4

5

Source: IFRS Promontoria MMB Group financials, as of 31 December 2017

19

330 507

671 742 897

1016

2015 2016 Q1 '17 Q2 '17 Q3 '17 Q4 '17

Current Funding Mix Strategic objective to diversify funding sources and grow deposit

MMB’s Covered Bond Programme enriches the bank’s long-term funding toolbox

Deposits growth

€ in millions

Funding strategy

100% independently funded:

- No parent funding - Repeat securitisation issuer (Public & private): 4 public transactions - 1st Auto Public ABS as long term refinancing tool - Complete renegotiation of all legacy funding with significant CoF

reduction

Business funding imperatives

1. Management committed to expand deposit base and reduce encumbrance ratio

2. Diversifying investors base and private funding counterparties 3. Introduce Covered Bonds programme to raise longer term and

cost attractive funding

27%

54%

19%

December '17

Deposit Public securitisation

Private facilities

Funding mix

€ m Type Assets Investors WAL (Years) Balance YE 2017

Deposit Deposit - Retail / Corp. 2 1 016

Public

RMBS (SapphireOne Mortgages) RM Public 3-5 1 596

Covered Bonds RM Public 5-15 -

ABS (SapphireOne Auto) Auto Doms Public 1-2 390

Private Secured Funding facilities RM, Auto, Consumer

Private - 704

Total - 3 706

20

Investment-Grade Rating for My Money Bank

Strong capitalisation Very strong S&P risk-adjusted capital (RAC) ratio at 20.5% as of 31 Dec 2017

RAC ratio is projected to stand above 15% in 2018-2019

BBB- / A-3 rating with Stable outlook received from Standard & Poor’s

BBB- / A-3

Rating rationale

Experienced management team

Good expertise in niche segments

Concentrated business operations

Adequate liquidity position

Source: S&P research update “French Consumer Finance Bank My Money Bank Assigned ‘BBB- / A-3’ Ratings; Outlook Stable”, 23 July 2018

Positive view of the continuity and experience of the management team, largely inherited from GE Capital

Good business and risk expertise of the management team

Lack of business diversification; however

Ambitious growth strategy, sound underwriting standards and limited earnings volatility in the past

High reliance on wholesale funding; however

Sufficient liquidity buffer with a large share of undrawn credit lines

Good franchise and high market shares in refinancing mortgages in mainland France and auto financing in French overseas departments

Stable outlook reflects S&P’s view over a two-year horizon of a successful integration of BESV and execution of MMB’s strategic plan, notably achieving cost efficiencies, reducing asset encumbrance, and gradually converging toward a 9% RoE and 50% CIR by end 2021

Stable outlook

2.3 MMB Refinancing Mortgages Portfolio

22

1,000 €

Consolidation enabling to increase customer monthly disposable income and reduce DTI from 47% to 16%

Auto loan - 4%

Refinancing Mortgage Product Features

Mortgage loan – 3%

10 yrs 20 yrs

Consumer loan – 10%

3 loans Balance: 100k€

1,600€/mth ~ 6 yrs

1 loan Balance: 100k€

555€/mth 20 yrs

2,000 €

1,000 €

Monthly payment

Loan maturity

Before MMB solution

After MMB solution: reduced rate and monthly payment

Mortgage loan – 3%

10 yrs 20 yrs

2,000 € Monthly payment

Loan maturity

5 yrs

Illustrative Refinancing Mortgage solution for typical client

23

300

519 585

73 88 110

310 84 42

409 580

40

RM

UR

+24% +5% +56% +11% 0% Growth +16%

627 482 668 150 610 603

Bank 1 Bank 2 Bank 3 My Money Bank

Bank 4 Bank 5

Refinancing loans (mEUR) estimated

Market Share: Refi. mortgages Unsecured Refi.

3% 28% 40% 3% 21% 6% 35% 4% 5% 7% 18% 31%

Refinancing Mortgage Market – Overview 30%+ MMB’s stable market share on growing market of refinancing mortgage through brokers

Current MMB positioning (estimated volumes) Market and MMB dynamics

Refinancing loans through brokers growing by c. 15% in 2017 (+26% for Refinancing Mortgages)

Broker’s share increased by c. 30% in last two years following IOBSP ORIAS certification (perceived as level-field with banks)

MMB’s market share on Refinancing Mortgages stable at ~30% in last 10 years, with a proven ability to reach 44% in 2008

MMB business growth in line with market dynamic

MMB is ranked #2 on Refinancing Mortgages in 2017 with an estimated market share of 28% (see below)

2017 Through brokers

2017 France Refinancing loans (Refinancing Mortgages &

Unsecured Refinancing)

c. € 18bn

€3.1bn

+15% growth vs. 2016

Estimated Competitive environment (‘17 new volume through brokers) MMB estimated market share evolution

44%

31% 31%

28%

33% 31% 31%

31% 32%

28%

5%

1% 1% 0% 0% 1% 1%

5% 6%

4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

SRM

UR

Refinancing mortgages

Unsecured refinancing

24

Average customer stats: Home ownership: 100%

Age: 52 years

Household type: 1.7 co-borrowers

Profession: 67% salaried / 20% retired

Urban: 51% in urban areas (cities > 50.000 inhabitants)

Monthly revenues: € 3.4k

MMB Refinancing Mortgage Portfolio Overview

EUR 2.4bn Refinancing Mortgage portfolio:

100% 1st Lien

Average re-indexed LTV of 49%

Average DTI of 28.9%

Delinquent 4+ months: 5.9%

0% FICP-FCC (*) customers during last 12 months

Highest ticket € 1.4m / Top 10 at 0.25% of total portfolio

Paris-Ile de France 13.4%

PACA 8.7%

Nord Pas de Calais 8.5%

Rhône-Alpes 8.3%

All other regions < 7%

All financed collateral located in Metropolitan France

8.5%

Low LTV refinancing mortgage with a low credit loss track-record

Portfolio summary (as of March 2018)

Assets by customer profile

Asset concentration

13.4%

8.3%

8.7%

Key underwriting approach

Typical customer profile: couples in their 50’s with enough home equity to remortgage past unsecured short term debt which was subscribed to improve and equip their property purchased in their 40’s.

Rigorous risk culture and underwriting inherited from GE

Underwriting Rules defined and written by Risk Team

Customer Credit Profile assessed on basis of customer's past

banking behaviour and considering Borrower's DTI before RM

Loan and number of loans to be consolidated into RM Loan

Policy of cross-checking full set of documentation, including

analysis of current Bank Account Statements

All existing Customer loans repaid to Banks through Notaries

100% Direct Debit payment at origination

(*) National Database on Household Credit Repayment Incidents

25

Refinancing Mortgage Historical Risk Performance Loss To Sale below 10 bps p.a. since 2011 and lower than 15 bps p.a. throughout the crisis

RM assets and Delinquencies RM origination

€ bn

Receiv. (€ bn)

2+ (%)

Since 2011 vintage, run rate cost of risk is below 10 bps p.a. (vs. max 15 bps during the 2008-10 crisis)

5.3 8.3 11.2 10.9 6.6 3.4 3.0 3.0 2.9 2.8 2.7 3.0 3.0 3.1 0.8

1.1 2.0 3.2 3.8 2.7 1.5 1.6 1.7 1.8 1.9 2.0 2.5 2.8 3.0 0.8

66 63 65 66 64 57 60 60 60 60 62 62 61 62 65

New contracts (k#)

Remaining con. (k#)

Avg LTV @ orig

0

200

400

600

800

1000

1200

1400

'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18

€ m

New Volume & remaining balance Amortized

FOT

Delinquent

Current

€ bn

(a) Forfeiture of the Term

(a)

3 MMB SCF COVERED BOND PROGRAMME

3.1 Legislative Framework

28

Legislative Framework (1/2) Société de Crédit Foncier

Type of covered bond issuer: Société de Crédit Foncier (SCF)

A specialised credit institution licensed and supervised by the French Banking and Resolution Authority (ACPR - Autorité

de Contrôle Prudentiel et de Résolution)

Category of French legislative covered bonds: Obligations Foncières (OF)

Fully compliant with the UCITS-directive

Allows certain regulated investors to invest in each single SCF issuer (up to 25% limit for UCITS)

Investors in OF and swap counterparties will benefit from the statutory priority in right of payment (privilège légal)

over all eligible assets of the SCF and will rank senior to all other creditors of the SCF (including the French tax

authority)

Main features of the French SCF law:

Requirement to cover all liquidity needs for next 180-days period on an ongoing basis

Minimum 5% level of over-collateralisation

Loans in the cover pool can be financed by the privileged debt up to the lower of (i) the remaining principal balance of the

loan or (ii) the value of the real estate financed or given as collateral multiplied by the financing coefficient. For refinancing

mortgage loans, the financing coefficient is 60%.

Possibility for issuers to use up to 10% of OF issued for ECB repo operations to manage liquidity proactively if needed

Substitution assets limited to 15% of the privileged debt

Exposure on any credit institution is limited to 15% of the privileged debt

Maturity mismatch requirement between eligible pledged assets transferred by way of security and liabilities benefiting

from the statutory privilege (maximum 18 months allowed)

Two external statutory auditors like all French credit institutions

Monitoring of the cover pool and certification of the legal ratios by an independent and regulated cover pool monitor

(contrôleur spécifique)

A bankruptcy of the parent bank, MMB, may not be legally extended to include the SCF

29

Legislative Framework (2/2) Covered bond investors in MMB SCF will benefit from the regulatory features provided by the legislative framework in addition to all existing investor protections

Liquidity

Asset Eligibility

Criteria

Credit

Enhancement

Residential home loans and/or commercial real

estate loans secured by first ranking mortgage, or

insurance companies' or credit institutions'

guarantees

European Union / EEA / other AAA rated country

Controls and

Reporting

Additional protections

in MMB SCF Regulatory features

Initially portfolio of refinancing loans to

French obligors and secured by a first

ranking mortgage on real estate properties

Initially real estate properties only located in

mainland France

Minimum legal over-collateralisation level is 5%

Loans in cover pool financed up to the lower of (i)

the remaining principal balance of the loan or (ii) the

value of the collateral multiplied by the financing

coefficient

Current over-collateralisation level required

by the rating agency for [AAA] rating is

[11.3-19.5]% (*)

Potential commingling risk covered by

additional loans and/or cash collateral

Financing coefficient of 60% for refinancing

mortgage loans

Specific Controller (Cailliau Dedouit & Associés)

will monitor on a quarterly basis the compliance

with the legal cover ratio

180-days liquidity coverage

Access to ECB repo facility permitted for up to

10% of covered bonds issued to generate liquidity

for cash-flow management

Mismatch monitoring between pledged assets and

liabilities benefiting from the statutory privilege

Statutory Auditors (KPMG SA, RSM Paris)

Rating Agency (S&P)

Specific Controller (Cailliau Dedouit &

Associés) performs on an annual basis

paper audits

Soft bullet maturity with nondiscretionary 12-

month extension in case of Event of Default

(*) Actual required over-collateralisation level depends on maturity of the soft bullet covered bonds . Range shown for 7 to 10yrs maturities.

3.2 MMB SCF Overview

31

MMB SCF Covered Bond Programme Inaugural French covered bond issuance with strong structural features and collateral

(*): In the future, depending on MMB’s future business developments and acquisitions, the collateral pool may include other types of financings complying with the provisions of Article L.513-3 of the French Monetary and Financial Code and with Article 129 of the Capital Requirements Regulation (“CRR”), in particular (but not limited to) home loans guaranteed by a credit institution, a financing company or an insurance company (“Crédits cautionnés”).

MMB SCF Key Terms

Issuer MMB SCF

Collateral Portfolio of refinancing mortgage loans to French obligors secured by a first ranking

mortgage on real estate properties located in Mainland France (*)

Governing Law French law

Programme Size EUR 10bn

Dual recourse Dual recourse to i) MMB, and ii) the collateral assets

External Ratings [AAA] (S&P)

Maturity Type Soft Bullet with a maximum 12-month extension

Listing EuroNext Paris

Currency EUR

Over-collateralisation (OC) [31.2]% expected at issuance

Compliance with European Legislation UCITS and CRR/CRD IV compliant

Expected to be ECB and LCR Level 1 Eligible

ECBC Label Yes

32

Covered Bond Regulatory Treatment

CRR / CRD IV

LCR

UCITS

Compliance with Art 129.1 CRR:

Residential mortgage loans with maximum LTV of 80% (as part of the Contractual Cover Test) (*)

Reporting in line with Art 129.7 CRR

10% risk weight

High Quality Liquid Assets Level 1 classification expected: Compliance with Art 129 CRR

Rating: [AAA] by Standard & Poor’s (credit quality step 1)

Minimum issue size of EUR 500m

Asset coverage over-collateralisation requirement of at least 2% met at all time

Covered Bond Directive

Alignment with recent regulations and directives, with preferential treatment for bank investors

Fully compliant with the UCITS-directive

Allows certain regulated investors to invest in each single SCF issuer (up to 25% limit for UCITS)

Fully compliant with the project of Directive and CRR amendment as published by the EU Commission:

Extension of maturity for Soft Bullet Notes under specified and non-discretionary triggers

Minimum level of 5% over-collateralisation

(*): For refinancing mortgage loans, the amount financed is limited to 60% LTV.

33

MMB SCF Structure Chart A robust legal structure using a tested transfer mechanism

Portfolio of refinancing

mortgage loans

Other assets

Capital

Other debts

Cash or cash equivalent

Secured loan

Capital (incl. sub. debt)

Obligations Foncières

MMB SCF

Secured loan

Secured loan

Transfer in full ownership by way of security (Art. L-211.38 of the French Monetary and Financial Code)

Principal and interests

Investors

Covered Bonds

‘Obligations foncières’

Issuance proceeds

MMB SCF has dedicated governance and control framework:

Supervisory Board Executive Board

ALCO, Finance Committee, Risk Committee, Compliance Committee, Permanent Control Committee

The SCF will be managed operationally by MMB’s Treasury department (issuance strategy, ALM management, reporting, interactions with rating agency and cover pool monitor, ACPR and AMF, etc.)

34

MMB SCF Risk Factors and Mitigants (1/2)

Mitigants to Credit Risk

Dual recourse to i) MMB, and ii) Collateral Security Assets

Over-collateralisation in line with legal requirements and S&P requirements for current rating on the covered bonds

At issuance, expected over-collateralisation of [31.2]%

Contractual Cover Test ensures that collateral represented by loans, cash and other collateral are sufficient to meet future interest and principal payments on the covered bonds (monthly test by Issuer Calculation Agent)

Minimum rating requirements on MMB:

Collection Loss Trigger Event: reserve funded upon loss of A-2 short-term rating

Servicing Rating Trigger Event: loss of BB long-term rating

Mitigants to Timely Payment Risk

Strong liquidity support complying with upcoming European Directive

Soft Bullet mechanism, with nondiscretionary extension trigger events in accordance with EBA guidelines:

If, following the occurrence of an Extension Trigger Event, MMB SCF is not able to repay a covered bond on the Final Maturity Date, then payment of the unpaid amount shall be automatically deferred and shall become due and payable twelve (12) months later on the Extended Final Maturity Date

Extension Trigger Event means: i) a failure to pay by MMB under advances made available to it by the SCF and funded by the Programme, ii) a failure by MMB to confirm 10 business days before the Final Maturity Date to the SCF that it will be able to repay all sums due on such Final Maturity Date, or iii) a public statement from MMB relating to its default

Weighted Average Life (WAL) mismatch regulatory test (French regulatory obligation): difference between WAL of cover assets and WAL of covered bonds must be less than eighteen (18) months (exemption for new issuers)

Cash collateral mechanism: Cash deposit granted by MMB to the SCF by way of security (gage-espèces) in order to ensure the SCF covers its liquidity shortfall for the next 180 days

Yield of underlying assets offering a coverage of covered bonds coupon payment obligations (preliminary cover pool WA Yield of 2.96%)

35

MMB SCF Risk Factors and Mitigants (2/2)

Mitigants to Commingling Risk

Upon occurrence of an Event of Default, MMB, or any substitute Servicer, will transfer to MMB SCF any amount due and received from the Debtors with respect to the Collateral Security Assets on a daily basis. This cash transfers should include sums received as from the last day of the calendar month immediately preceding the date of the Enforcement Notice

An Event of Default will also trigger the notification of Debtors so that payments are re-directed directly to MMB SCF by a substitute Servicer

Collection Loss Reserve funded upon Collection Loss Trigger Event: posting into a dedicated account of the SCF of an amount equal to the greater of i) the aggregate collections on the Collateral Security Assets received during the last calendar month, and ii) the interests, fees, costs, expenses, taxes and other ancillary sums (excluding principal amounts) due in relation to the outstanding covered bonds in the two following calendar months

The Collection Loss Reserve will be funded at time of issuance (MMB’s current short-term rating at A-3, below the Collection Loss Trigger Event level)

In addition, Potential Commingling Amount in line with rating agency methodology (initially equal to 2.5 months of aggregate collections on the Collateral Security Assets) to be carried either as additional Collateral Security Assets in the Contractual Cover Test or as additional cash amount in the Collection Loss Reserve

Mitigants to Other Risks

Market Risks

Very limited interest rate risk expected: no floating rate assets in the initial cover pool

No currency risk: all Collateral Security Assets denominated in Euro

Operational Risks

Proper identification by flagging in MMB’s sub-ledger system of all receivables transferred in full ownership by way of security to MMB SCF to prevent their improper use as collateral for other MMB’s financings

36

Contractual Cover Test (CCT)

Adjusted Aggregate Asset Amount

Aggregate Note Outstanding Principal Amount

Contractual Cover Ratio =

+ -

1 ≥

Adjusted Aggregate Asset

Amount

Potential Commingling Amount

-

Cash +

Aggregate Substitution Assets Amount

+ Aggregate Value of

Permitted Investments

Lower of:

Adjusted Loan Outstanding Principal Amount or

Unadjusted Loan Outstanding Principal Amount X Asset Percentage

Applicable Deemed Reductions =

where

Adjusted Loan Outstanding Principal Amount reflects indexed valuation up to applicable LTV financing coefficient as per SCF legislative framework

Asset Percentage covers the higher of the legal and rating agency over-collateralisation requirements

Potential Commingling Amount in line with rating agency methodology (initially equal to 2.5 months of aggregate collections on the Collateral

Security Assets) so long as MMB short-term rating is below A-2 (as reduced by any equivalent additional cash amount posted to the Collection

Loss Reserve instead)

CCT ensures that collateral represented by loans, cash and other collateral are sufficient to meet future interest and principal payments on the covered bonds (monthly test by Issuer Calculation Agent)

37

MMB SCF BNP Paribas

Home Loan SFH Crédit Agricole Home Loan SFH

Société Générale SFH

Cover Pool Composition [96.3]% Mortgages

[3.7]% Substitute assets 98.3% Mortgages

1.7% Substitute assets 98.3% Mortgages

1.7% Substitute assets 94.8% Mortgages

5.2% Substitute assets

WA Current Unindexed LTV [57.9]% 61.9% 61.3% 66.0%

Average Loan Size (EUR) [124,013] 101,187 58,036 96,747

Loan Security [100]% First lien mortgage 100.0% Guaranteed 67.0% First lien mortgage

33.0% Guaranteed 100.0% Guaranteed

Occupancy Type

[97.2]% Owner occupied [1.3]% Second homes

[1.5]% Buy to Let

80.5% Owner occupied 5.2% Second homes

14.3% Buy to Let


15.7% Buy to Let


16.2% Buy to Let

Interest Rate Breakdown [100.0]% Fixed rate 92.3% Fixed rate

0.3% Floating rate 7.4% Other

91.5% Fixed rate 8.5% Floating rate

97.0% Fixed rate 3.0% Floating rate

Arrears [100]% Current 100% Current 100% Current 100% Current

Cover Pool WAL [10.2] yrs 7.1 yrs 6.9 yrs 7.1 yrs

Covered Bonds WAL [7-10] yrs 4.5 yrs 6.7 yrs 6.0 yrs

OC in line with AAA rating [11.3-19.5]%(*) (S&P) 17.9% (S&P) / 5.0% (Fitch) 13.3% (S&P) / 5.0% (Fitch) 5.0% (Fitch)

French Covered Bond Comparables

Sources: MMB SCF: Preliminary Cover Pool as of 31 July 2018 Other programmes: ECBC Label reporting templates available on respective issuer websites as of 6 September2018, S&P Global Covered Bond Insights surveillance report as of Q2 2018, Fitch Covered Bonds Surveillance Snapshot report as of July 2018

(*) Actual required over-collateralisation level depends on maturity of the soft bullet covered bonds . Range shown for 7 to 10yrs maturities.

3.3 Cover Pool

39

Cover Pool Characteristics (1/3)

59.30%

19.82%

13.31%

6.61%0.95% 0.03% Employed

Pensioner

Civil servant

Self-employed

Unemployed

Other

97.17%

1.27% 1.24% 0.31%

Owner-Occupied

Second Home

BTL

Other

Employment Distribution

Occupancy Type

Preliminary Cover Pool as of 31 July 2018

Aggregate Principal Balance (€) 632,216,102

Aggregate Principal Balance (after 60% LTV) (€) 583,647,272

Number of Loans 5,098

Number of Obligors 5,085

Average Original Principal Balance (€) 129,718

Average Current Principal Balance (€) 124,013

Maximum Loan Balance (€) 911,228

% Number of loans > 500K€ 0.35%

Top 10 Obligors 1.13%

Weighted Average Original Loan-To-Value 61.23%

Weighted Average Current Loan-To-Value 57.95%

Weighted Average Debt-To-Income before Debt Consolidation 45.94%

Weighted Average Debt-To-Income after Debt Consolidation 29.81%

Weighted Average Remaining Term (Years) 18.51

Maximum Remaining Term (Years) 24.93

Weighted Average Seasoning (Years) 1.04

Weighted Average Interest Rate 2.96%

Aggregate Principal Balance (Fixed) 632,216,102

Aggregate Principal Balance (Float) 0

% Variable Rate Loans (Balance) 0.00%

Source: Preliminary Cover Pool as of 31 July 2018

40


Interest Rate Type Geographic Distribution

Current LTV Current Interest Rate

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

0%

5%

10%

15%

20%

25%

30%

35%

40%

14.67%

12.30%

11.14%

10.86%10.73%

10.45%

6.69%

6.44%

5.47%

4.55%

3.50% 3.19%Ile-de-France

Aquitaine-Limousin-Poitou-Charentes

Provence-Alpes-Côte d'Azur

Auvergne-Rhône-Alpes

Languedoc-Roussillon-Midi-Pyrénées

Nord-Pas-de-Calais-Picardie

Alsace-Champagne-Ardenne-Lorraine

Pays de la Loire

Bretagne

Normandie

Bourgogne-Franche-Comté

Centre-Val de Loire

100.00%

Fixed Life


41

0%

5%

10%

15%

20%

25%


Current Balance Loan Term

Seasoning Remaining Term

0%

10%

20%

30%

40%

50%

60%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0%

5%

10%

15%

20%

25%


4 FRENCH ECONOMY

43

French Economy – Macroeconomic Indicators

GDP Growth Rate Unemployment Rate Inflation Rate

Banque de France forecasts that the French GDP growth should be stronger than predicted to stand at 1.8% at end 2018. It is expected to then

remain above its current potential rate, at 1.7% in 2019 and 1.6% in 2020, supported by:

Growth in domestic demand that should only slow slightly between 2018 and 2020

External trade should no longer contribute negatively to growth owing to the sharp export rebound projected for 2018

Inflation is expected to strengthen temporarily to an annual average of 2.0% in 2018 after 1.2% in 2017, fuelled in particular by higher energy prices

and hikes in tobacco taxes. It should then fluctuate to an extent, falling to 1.5% in 2019 before rising again in 2020 to 1.8%

The unemployment rate is projected to fall steadily over the period reaching 8.2% at end-2020, the lowest level observed since the end of 2008. This

trend should continue over the projection horizon, with 180,000 jobs expected to be added each year, despite the 2018 cut in subsidised contracts

Key Trends

Sources: Banque de France, INSEE, Eurostat, Destatis

2.1

2.1

2.6

2.2

1.9

1.7

GDP at market prices - Growth rate, over 1 year (%) HICP, Annual rate (%) As of % of civilian workforce

8.3

3.4

9.2

44

French Economy – Housing Market

Loan to Households & Non Fin. Corps Monthly Flows of Housing Loans New & Second-Hand HPIs

Key Trends

Sources: Banque de France, INSEE, Eurostat, Destatis

Annual rate (%) Changes in stocks in EURbn, adjusted for sales and

securitisation and write-offs/write-downs Average annual base 100 on 2015

80

85

90

95

100

105

110

New housing price index

Price index of second-hand dwellings (new and second-hand)

In July 2018, the annual growth rate of loans to individuals stood at + 6.1%, down from + 6.2% in July 2017. This decline was mainly driven by housing loans (+ 5.8% in July 2018, down from + 6.0% y-o-y) as well as credit for consumption (+ 6.9%, up from + 6.2% one year before)

In Q1 2018, house prices are slightly higher than in the previous quarter (+0.7%, not seasonally adjusted data). Second-hand dwelling prices increased by 0.7% and those of new dwellings by 0.4%. Year on year, house prices kept increasing (+3.4% after +3.3% in Q4 2017). Second-hand dwelling prices grew faster (+3.5% y-o-y) than new dwelling prices (+2.6%). This can be explained by the high demand for housing in France due to:

Growing population and increasing number of people living alone (break-up, aging, etc.)

Real-estate seen as a safe haven

Limited housing supply

Monthly housing loans production decreased by € 1.4bn y-o-y (€ 17.5bn in July 2018, down from € 18.9bn in July 2017) while the average interest rate on new housing loans (long-term and fixed-rates) continues to decrease from 1.62% in July 17, down to 1.53% in July 2018

3.0

3.0

5.5

5.3

106

107

5 CONTACTS

46

MMB SCF – Contacts and Investor Information

Thomas Schneegans CEO, MMB SCF CFO, My Money Bank SA +33 1 58 13 29 09 [email protected]

Fady Wakil Deputy CEO, MMB SCF Treasurer, My Money Bank SA +33 1 58 13 28 61 [email protected]

Bertrand Robequain Head of Capital Markets My Money Bank SA +33 1 58 13 30 25 [email protected]

Kawtar Adlani Head of Funding Operations My Money Bank SA +33 1 58 13 20 95 [email protected]

Detailed investor reporting on MMB SCF covered bond programme will be available on a regular basis

on our investor relations website: https://www.mymoneybank.com

MMB SCF will be registered with the Covered Bond Label: https://www.coveredbondlabel.com

https://www.mymoneybank.com/

https://www.coveredbondlabel.com/

mmb scf covered bond programme

Documents