In order to enhance Pfandbrief appeal to national and international investors and to secure its benchmark status the following rules have been established between vdp members in October 2002:

1. New issues and re-openings should be announced with an adequate run-up period so that there be enough time to allow for the bookbuilding process. A pre-marketing phase of at least 24 hours should be maintained before issuance.
2. New issuers and re-opening pricing should be in line with general market terms. The issuing spread should be determined such that it also represents good value in the secondary market.
3. Re-openings - alike new issues - must generally be carried out with the required minimum number of market makers.
4. The issuer should publish the information necessary for the investor to assess his Pfandbrief investment. The relevant data should be updated quarterly.