Raiffeisen Schweiz. Exhibit 1 Rating Scorecard - Key financial ratios 0.5% 0% CLIENT SERVICES. Capital: Tangible Common Equity/Risk-Weighted Assets

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1 CREDIT OPINION Raiffeisen Schweiz Update to credit analysis after rating downgrade Update Summary On 16 June 218, we downgraded Raiffeisen Schweiz's ratings, reflecting our evaluation of the credit implications of its significant corporate governance shortfalls. The bank's deposit ratings are now A negative/p and its senior unsecured ratings are now A3 negative. Furthermore, we assign a Baseline Credit Assessment (BCA) and Adjusted BCA of and Counterparty Risk Ratings (CRRs) of A3/P2. Raiffeisen Schweiz Domicile Switzerland Long Term CRR A3 Type LT Counterparty Risk Rating - Fgn Curr Outlook Not Assigned Long Term Debt A3 Type Senior Unsecured Dom Curr Outlook Negative Long Term Deposit A Type LT Bank Deposits - Fgn Curr Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Andrea Wehmeier VP-Senior Analyst andrea.wehmeier@moodys.com Carola Schuler Managing Director - Banking carola.schuler@moodys.com Raiffeisen Schweiz's BCA is positioned at the higher end of the scorecard range and reflects our evaluation of the credit impact of the bank's significant corporate governance shortfalls with potentially crystalizing higher asset risks. at Raiffeisen Schweiz. The BCA further reflects it's (1) adequate and improving capitalisation, (2) moderate and manageable asset risks, and (3) sound funding profile. Challenges include (1) above-average mortgage loan growth, leading to increased susceptibility to potential shocks; and (2) constrained profitability. While assessing Raiffeisen Schweiz's credit profile and because of its importance to the Raiffeisen Group, in combination with the group's strong cohesion with a statutory mutualist support framework, we consider the consolidated group numbers. Exhibit 1 Rating Scorecard - Key financial ratios Raiffeisen-Gruppe (BCA: a2) Median a2-rated banks 18% 35% 16% 3% 14% 25% 12% 1% 2% 8% 15% 6% 1% 4% 2%.5% 5% 16.5% % 14.5% 17.6% Capital: Tangible Common Equity/Risk-Weighted Assets Profitability: Net Income/ Tangible Assets Funding Structure: Market Funds/ Tangible Banking Assets Liquid Resources: Liquid Banking Assets/Tangible Banking Assets % CLIENT SERVICES Americas Asia Pacific Japan EMEA % Asset Risk: Problem Loans/ Gross Loans Solvency Factors (LHS) Source: Moody's Financial Metrics Liquidity Factors (RHS) Liquidity Factors Alexander Hendricks, CFA Associate Managing Director - Banking alexander.hendricks@moodys.com The ratings reflect (1) Raiffeisen Schweiz's BCA and Adjusted BCA of ; (2) the result of our Advanced Loss Given Failure (LGF) analysis, taking into account the severity of loss faced by different liability classes in resolution, resulting in two notches of uplift for the bank's deposits, while its senior unsecured debt is positioned one notch below the Adjusted BCA; and (3) the moderate likelihood of government support for the bank, resulting in one notch of uplift. Solvency Factors RATINGS

2 Credit strengths» Low dependence on market funding and adequate liquid resources» Solid asset-quality metrics» Improving capitalisation, which provide a better buffer against downside risks Credit challenges» Corporate governance challenges, as identified by the Swiss Financial Market Supervisory Authority (FINMA)» Risks from high exposures to the Swiss real estate market and above average mortgage loan growth» The low interest rate environment, which constrains the bank's profits and limits its ability to further generate capital, in light of ever tighter regulatory requirements Outlook Raiffeisen Schweiz's outlook is negative. The negative outlook reflects our assessment of remaining tail risks related to potential further investigations, and also our view about the bank's lending standards and general risk-management shortfalls at the Raiffeisen Schweiz level, given the significance of the regulator's findings. This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on for the most updated credit rating action information and rating history. 2

3 Factors that could lead to an upgrade» An upgrade of Raiffeisen Schweiz's ratings is currently unlikely, as reflected in the negative outlook. However, the bank's ratings could be upgraded if its corporate governance practices or stronger credit fundamentals, or both, justify an upgrade of its BCA. The ratings could also be upgraded because of a higher rating uplift resulting from our LGF analysis, provided that government support assumptions remain unchanged.» Upward pressure on the bank's BCA could develop following a significant strengthening of its corporate governance, including the full implementation of FINMA measures and higher comfort with regard to potential tail risks. Furthermore, a combination of a slowdown in the group's mortgage loan book growth to below the market average over the coming years in line with cautious risk management, a sustainable improvement in the bank's risk-adjusted levels of recurring profitability and efficiency, significantly higher capital at the consolidated group level and increased liquid asset volumes could result in upward pressure.» Our Advanced LGF analysis could result in higher notches of rating uplift if Raiffeisen Schweiz issues significant volumes of senior or subordinated debt instruments, which increase the respective instrument tranches, resulting in a reduced expected loss. Factors that could lead to a downgrade» A downgrade of Raiffeisen Schweiz's ratings could be triggered following a downgrade of the bank's BCA, or a decline in the group's cohesion, which, however, is considered highly unlikely. The bank's deposit ratings could be strained further if its deposit volume declines substantially, resulting in fewer notches of rating uplift.» Challenges for the bank's BCA could arise from a significant deterioration in its asset quality, especially if linked to risk-management shortfalls; a higher risk appetite, in particular if accompanied by a reduction in the bank's capital ratios; a sustained weakening of the group's liquid resources; or a substantial increase in the bank's or the group's market funding ratio. 3

4 Key indicators Exhibit 2 Raiffeisen Schweiz (Consolidated Financials) [1] Total Assets (CHF billion) Total Assets (EUR billion) Total Assets (USD billion) Tangible Common Equity (CHF billion) Tangible Common Equity (EUR billion) Tangible Common Equity (USD billion) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross Loans / Due to Customers (%) CAGR/Avg [1] All figures and ratios are adjusted using Moody's standard adjustments. [2] Basel III - fully-loaded or transitional phase-in; LOCAL GAAP. [3] May include rounding differences due to scale of reported amounts. [4] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [5] Simple average of periods presented for the latest accounting regime. [6] Simple average of Basel III periods presented. Source: Moody's Financial Metrics Exhibit 3 Raiffeisen-Gruppe (Consolidated Financials) [1] Total Assets (CHF billion) Total Assets (EUR billion) Total Assets (USD billion) Tangible Common Equity (CHF billion) Tangible Common Equity (EUR billion) Tangible Common Equity (USD billion) Problem Loans / Gross Loans (%) Tangible Common Equity / Risk Weighted Assets (%) Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) Net Interest Margin (%) PPI / Average RWA (%) Net Income / Tangible Assets (%) Cost / Income Ratio (%) Market Funds / Tangible Banking Assets (%) Liquid Banking Assets / Tangible Banking Assets (%) Gross Loans / Due to Customers (%) CAGR/Avg [1] All figures and ratios are adjusted using Moody's standard adjustments. [2] Basel III - fully-loaded or transitional phase-in; LOCAL GAAP. [3] May include rounding differences due to scale of reported amounts. [4] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [5] Simple average of periods presented for the latest accounting regime. [6] Simple average of Basel III periods presented. Source: Moody's Financial Metrics 4

5 Profile Raiffeisen Schweiz is a Switzerland-based cooperative corporation. The bank is wholly owned by 246 local Raiffeisen cooperative banks, which in turn were owned by nearly 1.9 million cooperative members as of half-year 218. Along with certain other specialised companies, these entities constitute the Raiffeisen Group, the third-largest banking group in Switzerland in terms of on-balance-sheet assets (CHF229.5 billion). The group serves around 3.8 million customers through a nationwide network of around 896 branches. As of 31 December 217, Raiffeisen Schweiz reported total assets of CHF53.6 billion ( 45.8 billion). While assessing Raiffeisen Schweiz's credit profile and because of its importance to the Raiffeisen Group, in combination with the group's strong cohesion with a statutory mutualist support framework, we consider the consolidated group numbers for Raiffeisen Schweiz. Member banks are contractually obliged to support each other as long as they have sufficient equity, according to the 217 annual report, resources available add up to CHF17.8bn1. Raiffeisen is regulated at the group level, with Raiffeisen Schweiz ensuring compliance with regulatory requirement for capitalisation, liquidity and risk management. Further, the entity coordinates cental guidance and risk mangement principles for the whole group, having discretionary authority to ask the primary member banks for compliance with those. Macro Profile Raiffeisen Schweiz is predominantly active in Switzerland, which aligns its Macro Profile with that of its home country. The very high degree of economic, institutional and government financial strength, and very low susceptibility to event risk thus benefit the bank's BCA. Owing to (1) the relatively high and rising private-sector debt, which is well covered by private-sector assets; (2) funding conditions benefiting from a strong domestic deposit base; and (3) liquid covered bonds and interbank markets, Raiffeisen Schweiz's Macro Profile stands at Very Strong-. A change in the Swiss Macro Profile to Strong+ could exert pressure on the bank's ratings, provided all other factors remain unchanged. Recent developments On 24 May 218, Raiffeisen Schweiz announced the sale of its private banking subsidiary Notenstein La Roche to Vontobel Holding AG (Vontobel, A3 stable)2. The impact on Raiffeisen Schweiz's credit profile is likely to be limited, given the small size of the subsidiary (CHF4.3 billion in total assets as of year-end 217) compared with the group's total assets of almost CHF23 billion. Based on the announced price of around CHF7 million, we expect a positive impact on Raiffeisen Schweiz's capital levels, combined with a slight negative impact on its fee and commission income, given Notenstein La Roche's business profile. Detailed credit considerations Generally solid capitalisation levels but under regulatory pressure We assign an a Capital score to Raiffeisen Schweiz, one notch below the Macro-Adjusted historical score. The adjustment reflects our central scenario for a possible downturn of Swiss real estate markets. The Raiffeisen Group would be able to cover its expected losses from earnings and loan-loss reserves without a significant impact on its capital ratios but also the still limited, but improving, distance to regulatory capital requirements. The Raiffeisen Group reported improved Common Equity Tier 1 capital of CHF15.3 billion, which translated into an improved Common Equity Tier 1 ratio of 15.9% and a total capital ratio of 17.4% as of year-end 217 (216: 15.2% and 16.9%, respectively). The increase was driven by both retained earnings and the placement of new capital with cooperative members of the Raiffeisen Group. Furthermore, the group replaced a lowtrigger Additional Tier 1 (AT1) instrument with a high-trigger AT1 in May 218. Depending on future balance-sheet growth, a positive effect of 3-4 basis points on the group's total capital ratios is expected. The bank already meets the fully loaded 219 total capital requirements owing to its status as a domestic systemically important financial institution/category 2 bank, with a total capital ratio requirement of 15.6%, including 1.2 percentage points resulting from the countercyclical capital buffer for domestic residential mortgage exposures. However, according to the plans of the Swiss Federal Council to introduce a new gone-concern capital requirement, Raiffeisen Schweiz would have to hold total capital of 18.5% of its riskweighted assets as a gone-concern capital requirement, owing to its status as a domestic systemically important bank (for further details see our publication Switzerland's Proposed Gone Concern Capital Rules for D-SIBs Are Credit Positive). We expect the new 5

6 requirement to be implemented in 219-2, with the bank able to grow its capital buffers not only through retained earnings, but also via the placement of new capital with its members over time, thereby supporting its high Capital score. Risks from high and rapidly rising exposures to the Swiss real estate market persist We assign an Asset Risk score to the group, five notches below the Macro-Adjusted historical score of aa1. Our assessment incorporates our view potential risk from corp governance issues, that may crystallize in the future. Further we take into account, normalized non performing loan ratios throughout the current benign economic cycle in Switzlerland. Our assessment is further based on the inherent risk in market share gains, though growth has eased and the portfolio is better seasoned than in the past. The Raiffeisen Group's mortgage loan book grew at a compound annual rate of 4.9% between 212 and year-end 217 to CHF172.6 billion, boosting the group's national market share to 17.5% from 16.1%. In 216 and 217, the growth rate of the bank's mortgage portfolio declined to below 5%, but remained above the market average. As of half-year 218, the mortgage portfolio stood at CHF176.3bn, growing 2.1% vs year-end 217. Exhibit 4 The Raiffeisen Group's mortgage book growth has outpaced the Swiss average Switzerland mortgage loan growth - LHS Raiffeisen mortgage loan growth - LHS Raiffeisen market share - RHS 11% 17.8% 9% 17.3% 7% 16.8% 5% 16.3% 3% 15.8% 1% % 15.3% Sources: Swiss National Bank, Moody's Financial Metrics The Raiffeisen Group's problem loan ratio was a very low % as of year-end 217 (CHF.8 billion), a value that is likely to increase through the economic cycle. While our central scenario does not assume a sharp decline in residential real estate prices, the risk of a price decline and a subsequent negative rating migration (which would have a significant negative impact on the group's asset quality and, potentially, its capitalisation) is nevertheless possible, despite the group's very granular loan book. Low market funding dependence and adequate liquid resources We assign an a1 Funding Structure score to Raiffeisen Schweiz, in line with the Macro-Adjusted historical score. The predominantly stable sources of funding and the resulting low dependence on confidence-sensitive market funding sources are the basis for our assessment, which we expect to remain stable over the next 128 months. The Raiffeisen Group's funding profile benefits from its substantial volume of stable deposits (CHF164.1 billion, constituting around 72% of the group's liabilities), to which Raiffeisen Schweiz and the local Raiffeisen banks have strong nationwide access. Raiffeisen Schweiz's market funding increasingly consists of covered bonds (Pfandbriefe of CHF21 billion as of year-end 217, up from CHF2. billion as of year-end 216), limiting potential interest rate risks for the bank, given its better-matched asset-liability profile. We also assign a Liquid Resources score of baa2, also in line with the Macro-Adjusted historical score. The score reflects the group's liquid assets of around CHF4 billion as of year-end 217 (consisting of CHF2 billion in cash, CHF9 billion in due from banks and CHF11 billion in repo-eligible securities or trading assets), mitigating its exposure to fluctuations in market sentiment. These exposures arise from the bank's (1) slightly elevated loan-to-deposit ratio of 11% as of year-end 217; and (2) stable liquidity buffer, given that gross loans represented 79% of the group's balance sheet as of year-end

7 Group-wide profitability metrics under persistent strain, owing to the low interest rate environment and competition for market share The assigned ba2 Profitability score of the Raiffeisen Group, which is in line with the Macro-Adjusted score, reflects the group's current profitability level. Pressures from the low rates environment, as visible in the falling interest margin have been balanced by portfolio growth, a stabilizing factor. As of half-year 218, Raiffeisen Group's net profit fell by 4.1% to CHF416 million, mainly driven by write-offs on participations and goodwill (CHF112 million vs CHF93 in H1 217). Net interest income increased by 2.7% or CHF3 million to CHF1.1 billion, with Fee and Comission Income also up by 3.9% to CHF256 million. Administrative and personnel costs stabilized at CHF1 billion, supporting the operating profit. For 217, Raiffeisen Group reported a net profit of CHF917 million in 217, up 21.6% from a year earlier. The overall improved result was supported by extraordinary revenue from the sale of participations, but also by the group's slightly improved net interest income of CHF2.3 billion in 217, up.9% from a year earlier. However, the group's key revenue driver, its net interest income, failed to keep up with its reported balance-sheet growth of. The group's reported interest margins have declined in recent years (to 12 basis points in 217, down from 17 basis points in 216 and 112 basis points in 215), illustrating the bank's growth strategy, in combination with the general market environment. The bank's margins have been constrained by the low-yield environment. The bank's net commission income was CHF494 million (up 5.9% from a year earlier), while its trading income was CHF23 million (up 1.1% from a year earlier). The cost base increased to CHF2. billion, reflecting IT investments (up 1.3% from a year earlier), as well as risk charges, which remained low. In the coming years, we expect the Raiffeisen Group to face the challenge of persistently strong competition in the Swiss banking system as well as continued low interest rates, both of which will strain its net interest income over time. The ongoing competition for market share may strain the group's margins further, while rising loan-loss charges could constrain its profitability prospects. Efficiency gains, however, could result from the revived cooperation with Vontobel as of June 216, which many restore its asset management franchise. This restoration should help Raiffeisen Schweiz achieve a more dynamic approach to selling wealth management products to the group's large retail clientele. Qualitative adjustment of the BCA reflects our evaluation of the credit impact of significant corporate governance shortfalls We adjust Raiffeisen Schweiz's Financial Profile score down by one notch. This adjustment reflects our evaluation of the credit implications of significant corporate governance shortfalls by Raiffeisen Schweiz, Raiffeisen Group Switzerland's central institution, as identified by FINMA. We have taken into account broader medium to longer-term implications such as crystallising higher asset risks from previous underwritings at Raiffeisen Schweiz, given the significant corporate governance shortcomings. As a result of its investigation, FINMA identified various control issues and problems, including significant shortfalls in the group's overall corporate governance practices related to the management of shareholdings and related persons. Raiffeisen Schweiz failed to effectively oversee and control its own management, and mitigate potential conflicts of interest arising from management's and the supervisory board's involvement in day-to-day decision making. This led to breaches of several supervisory laws and best practices, mainly during Further shortfalls included inadequate risk management around lending standards related to individuals closely associated with the bank or involving significant shareholdings and participation, or both, which in one case led to a miscalculation of regulatory capital. In our assessment of the various supervisory findings, we acknowledge that weaknesses around corporate governance are at least partially balanced by the bank's and the group's solid fundamentals, as reflected in their generally sound asset quality, adequate capital levels and a good liquidity profile. Furthermore, the bank has taken action to address the shortfalls. Measures include a complete new supervisory board - to also comply with FINMA targets - which we expect to be implemented within the outlook period and an overhaul of internal guidances, best practices and controls. 7

8 Support and structural considerations Loss Given Failure (LGF) analysis Raiffeisen Schweiz is subject to Swiss banking regulations, which we consider an operational resolution regime. We, therefore, apply our Advanced LGF analysis, considering the risks faced by the different debt and deposit classes across the liability structure at failure. We assume residual tangible common equity of 3%, post-failure losses of 8% of tangible banking assets, a 25% runoff in junior wholesale deposits and a 5% runoff in preferred deposits, and assign a 1% probability to deposits being preferred to senior unsecured debt (as reflected in the de facto case in the waterfall below), thereby reflecting depositor preference by law in Switzerland. We base our LGF analysis on the consolidated group's liabilities at failure because of our assumption that the resolution would, upon exhaustion of all statutory and joint support, be based on a full resolution of the entire group, including Raiffeisen Schweiz. Raiffeisen Schweiz's A long-term deposit ratings, therefore, reflect the very low loss given failure for the group's junior deposits, leading to a two-notch uplift from the bank's Adjusted BCA. Conversely, the bank's A3 senior unsecured ratings take into account their high loss given failure, leading to a one-notch reduction from the bank's BCA. Our LGF analysis further indicates a high loss given failure for subordinated debt classes, leading us to position the ratings one notch below the bank's Adjusted BCA. In the absence of the government support uplift assigned to this particular debt class, Raiffeisen Schweiz's subordinated bonds are rated Baa1. High-trigger AT1 securities The Ba(hyb) rating assigned to the high-trigger undated deeply subordinated AT1 notes issued by Raiffeisen Schweiz reflects our approach to the rating of these securities, which we rate to the lower of a model-based outcome and a non-viability security rating. This method captures the credit risk associated with the distance to trigger breach and the credit risk of these securities' non-viability component, which also captures the risk of coupon suspension on a non-cumulative basis. Government support considerations Raiffeisen Schweiz's long-term senior debt and deposit ratings benefit from one additional notch of government support uplift, taking into account (1) the Raiffeisen Group's status as a domestic systemically important financial institution; (2) the bank's large nationwide network, which serves around 3.8 million customers; (3) the bank's position as the second-largest clearer of payments, behind PostFinance; and (4) the group's domestic market shares of 17.5% in mortgages and 13.1% in savings as of year-end 217. Counterparty Risk Ratings (CRRs) CRRs are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event such liabilities are not honoured. CRRs are distinct from ratings assigned to senior unsecured debt instruments and from issuer ratings because they reflect that in a resolution, CRR liabilities might benefit from preferential treatment compared with senior unsecured debt. Examples of CRR liabilities include the uncollateralised portion of payables arising from derivatives transactions and the uncollateralised portion of liabilities under sale and repurchase agreements. Raiffeisen Schweiz's CRRs are positioned at A3/P-2 The CRRs are positioned in line with the bank's ba Adjusted BCA, reflecting the high loss given failure from the low volume of instruments that are subordinated to CRR liabilities. Counterparty Risk (CR) Assessments The CR Assessment is an opinion of how counterparty obligations are likely to be treated if a bank fails, and are distinct from debt and deposit ratings in that they (1) consider only the risk of default rather than both the likelihood of default and the expected financial loss, and (2) apply to counterparty obligations and contractual commitments rather than debt or deposit instruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performance obligations (servicing), derivatives (for example, swaps), letters of credit, guarantees and liquidity facilities. Raiffeisen Schweiz's CR Assessment is positioned at A2(cr)/P(cr) The bank's CR Assessment is positioned one notch above the bank's Adjusted BCA. This positioning reflects the depositor preference in Switzerland, the resulting rank ordering of CR exposures below deposits and the moderate volume of instruments ranking below CR exposures, such as senior debt and equity, which is insufficient to reduce the expected loss to a level that would warrant uplift from the Adjusted BCA. The CR Assessment, however, benefits from one notch of government support uplift. 8

9 Methodology and scorecard The principal methodology we use in rating Raiffeisen Schweiz was Banks, published in August 218. About Moody's Bank Scorecard Our scorecard is designed to capture, express and explain in summary form our Rating Committee's judgement. When read in conjunction with our research, a fulsome presentation of our judgement is expressed. As a result, the output of our scorecard may materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strong divergence). The scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down to reflect conditions specific to each rated entity. 9

10 Rating methodology and scorecard factors Exhibit 5 Raiffeisen-Gruppe Macro Factors Weighted Macro Profile Very Strong - Factor Historic Macro Ratio Adjusted Score Credit Trend Assigned Score Key driver #1 Key driver #2 Solvency Asset Risk Problem Loans / Gross Loans.5% aa1 Loan growth Quality of assets Capital TCE / RWA 16.5% aa2 a Risk-weighted capitalisation Stress capital resilience Profitability Net Income / Tangible Assets % ba2 ba2 Earnings quality Expected trend Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets 14.5% a1 a1 Market funding quality Expected trend Liquid Resources Liquid Banking Assets / Tangible Banking Assets 17.6% baa2 baa2 Quality of liquid assets Expected trend a1 at-failure (CHF million) 67,229 15, ,997 32,73 2, , ,558 % at-failure Combined Liquidity Score Financial Profile Business Diversification Opacity and Complexity Corporate Behavior Total Qualitative Adjustments Sovereign or Affiliate constraint: Scorecard Calculated BCA range Assigned BCA Affiliate Support notching Adjusted BCA Balance Sheet in-scope (CHF million) 5,18 167, ,28 43,641 2, , ,558 Other liabilities Deposits Preferred deposits Junior Deposits Senior unsecured bank debt Dated subordinated bank debt Equity Total Tangible Banking Assets 1 1% Aaa -baa2 - % in-scope 22.% 73.8% 54.6% 19.2% 1.%.2% 3.% 1% 29.5% 66.2% 51.9% 14.4% 1.%.2% 3.% 1%

11 Debt class De Jure waterfall De Facto waterfall Notching LGF Assigned Additional Preliminary LGF notching Rating Instrument Sub- Instrument SubDe Jure De Facto Notching Guidance notching Assessment volume + ordination volume + ordination vs. subordination subordination Adjusted BCA Counterparty Risk Rating baa1 Counterparty Risk Assessment (cr) Deposits 18.6% 18.6% a1 Senior unsecured bank debt 3.2% 3.2% baa1 Dated subordinated bank debt 3.2% 3.% 3.2% 3.% baa1 Non-cumulative bank preference shares 3.% 3.% 3.% 3.% -2 ba (hyb) Instrument class Loss Given Failure notching Counterparty Risk Rating Counterparty Risk Assessment Deposits Senior unsecured bank debt Dated subordinated bank debt Non-cumulative bank preference shares 2 Additional Preliminary Rating Notching Assessment -2 baa1 (cr) a1 baa1 baa1 ba (hyb) Government Support notching Local Currency Rating A3 A2 (cr) A A3 Baa1 Ba (hyb) Foreign Currency Rating A3 -A ---- No data found for selected issuer ;. [1] Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information. Source: Moody's Financial Metrics Ratings Exhibit 6 Category RAIFFEISEN SCHWEIZ Outlook Counterparty Risk Rating -Fgn Curr Counterparty Risk Rating -Dom Curr Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Senior Unsecured -Dom Curr Subordinate -Dom Curr Pref. Stock Non-cumulative -Dom Curr Moody's Rating Negative A3/P-2 A3/-A/P A2(cr)/P(cr) A3 Baa1 Ba (hyb) Source: Moody's Investors Service Endnotes 1 Source: Annual report, including solidarity fund, reserves at Raiffeisen Schweiz and excess capital at the level of member banks 2 Vontobel Holding's rating shown is its long-term issuer rating and outlook. 11

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13 13 Contacts CLIENT SERVICES Maryna Harbal Associate Analyst Americas Asia Pacific Japan EMEA