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Notional<br />
Portfolio of<br />
Reference<br />
Obligations<br />
originated by<br />
the Banks<br />
1. TRANSACTION DIAGRAM<br />
---------<br />
HVB<br />
1 Issue Proceeds<br />
2 Interest and Principal<br />
3 Credit Swap Counterparty Payments<br />
4 Issuer Payments<br />
5<br />
<strong>KfW</strong><br />
5 Sale of <strong>KfW</strong> Securities<br />
6 Purchase of <strong>KfW</strong> Securities (from proceeds of Class A-F Notes)<br />
7 Pledge of <strong>KfW</strong> Securities and Issuer Cash Account (proceeds of Class G Notes) for the benefit of<br />
<strong>KfW</strong><br />
8 Senior CDS Payments<br />
9 Party B Payments under Senior Credit Swap Agreement<br />
10 Party A Payments under Primary Credit Swap Agreements<br />
11 Party B Payments under Primary Credit Swap Agreements<br />
11<br />
10<br />
6<br />
1<br />
9<br />
8<br />
4<br />
3<br />
7<br />
Senior Credit Swap<br />
Counterparty<br />
Promise-A-<br />
<strong>2000</strong>-1 <strong>plc</strong><br />
1<br />
2<br />
Investors<br />
Class A Notes<br />
Class B Notes<br />
Class C Notes<br />
Class D Notes<br />
Class E Notes<br />
Class F Notes<br />
Class G Notes
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