DZ BANK AG. Update to credit analysis. Exhibit 1 Rating Scorecard - Key financial ratios. Capital: Tangible Common Equity/Risk-Weighted Assets

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1 CREDIT OPINION DZ BANK AG Update to credit analysis Update Summary We assign (Stable) senior unsecured debt and deposit ratings to DZ BANK AG (DZ BANK) as well as A1 junior senior unsecured debt ratings. We further assign a b Baseline Credit Assessment (BCA), an a2 Adjusted BCA and /P-1 Counterparty Risk Ratings. RATINGS DZ BANK AG Domicile Frankfurt am Main, Germany Long Term CRR Type LT Counterparty Risk Rating - Fgn Curr Outlook Not Assigned Long Term Debt Type Senior Unsecured - Fgn Curr Outlook Stable Long Term Deposit Type LT Bank Deposits - Fgn Curr Outlook Stable 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. DZ BANK's ratings reflect (1) its b BCA; (2) a2 Adjusted BCA, which includes three notches of affiliate support uplift, reflecting the very high support available from the institutional protection scheme of the cooperative sector; (3) the results of our Advanced LGF analysis, which provide three notches of uplift for the senior unsecured debt and deposit ratings from the a2 Adjusted BCA; and (4) its moderate probability of receiving government support, yielding one notch of support uplift. DZ BANK's BCA is strongly positioned within the b category, reflecting the group's welldiversified business mix, which has proven to yield comparatively resilient revenue and profits through the cycle. The b BCA is also underpinned by DZ BANK's satisfactory asset quality, solid regulatory capital ratios and solid funding structure. The BCA also takes into account DZ BANK's relatively high leverage which, however, is partly the result of its role as the cooperative sector's central treasury function. Exhibit 1 Rating Scorecard - Key financial ratios DZ BANK AG (BCA: b) Median b-rated banks 2% 8% Mark C Jenkinson Associate Analyst mark.jenkinson@moodys.com Alexander Hendricks, CFA Associate Managing Director alexander.hendricks@moodys.com 6% 57.6% 13.8% 53.3% 1% 4% 5% 2% 3.2%.3% % % Asset Risk: Problem Loans/ Gross Loans Capital: Tangible Common Equity/Risk-Weighted Assets Solvency Factors (LHS) Source: Moody's Investors Service Profitability: Net Income/ Tangible Assets Funding Structure: Market Funds/ Tangible Banking Assets Liquid Resources: Liquid Banking Assets/Tangible Banking Assets Liquidity Factors (RHS) Liquidity Factors Bernhard Held, CFA VP-Sr Credit Officer bernhard.held@moodys.com Solvency Factors 15% Analyst Contacts

2 Credit strengths» The benign German credit environment, which supports its solid asset quality, and its manageable higher-risk assets and participation» Capitalisation, which remains solid, and its continued profit retention, which drives a steady improvement in its capitalisation» Well-diversified earnings and pre-provision income, which reflect its strong risk charge coverage» Sound funding structure and liquidity resources, which benefit from access to sector funds Credit challenges» DZ BANK's balance-sheet leverage will remain high and prospective regulatory changes could further reduce its regulatory capital ratios following a reduction in the first half of 217.» The group's specialist in transportation finance, DVB BANK S.E. (DVB, stable, b31), adds concentrated sector exposures, in particular, to the troubled ship finance sectors. Outlook» The outlook on DZ BANK's ratings is stable and reflects that we expect the bank and its sector's solvency and liquidity metrics to remain broadly stable over the 12 to 18-month outlook horizon. Factors that could lead to an upgrade» Upward pressure on DZ BANK s long-term ratings could be exerted by (1) an upgrade of its BCA by two notches because a singlenotch upgrade would be offset by lower affiliate support; or by (2) an improvement in the cooperative sector s financial strength, which could result in additional rating uplift for affiliate support. Under our Advanced LGF analysis, the bank's deposit and senior unsecured debt ratings already benefit from the highest possible LGF result, with three notches of rating uplift from the Adjusted BCA.» An upgrade of DZ BANK s BCA could be prompted by a reduction in concentrations on higher-risk assets relative to capital or a further improvement in its absolute and risk-weighted capital levels. In addition, the realisation of targeted cost synergies could support a higher BCA. Also, an improved Liquidity Profile could trigger a BCA upgrade. Factors that could lead to a downgrade» A downgrade of DZ BANK s debt and deposit ratings could arise (1) from a downgrade of its BCA; (2) in the unlikely event that the cooperative sector s financial strength deteriorates, or the commitment of the sector to support its members shows signs of deterioration; or (3) if the bank displays a liability structure with a materially lower volume of senior debt relative to its total banking assets.» DZ BANK's BCA is strongly positioned in the b category, implying considerable tolerance against intermittent weak performance. We would consider downgrading the bank's BCA if substantial unexpected risks were to emerge from its commercial banking activities or if the group's loss absorption capacity were to materially decrease. 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 Key indicators Exhibit 2 DZ BANK AG (Consolidated Financials) [1] Total Assets (EUR billion) Total Assets (USD 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; IFRS. [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 Profile DZ BANK AG acts as central bank, corporate bank and parent holding company of DZ BANK Group, the second-largest banking group in Germany in terms of total assets as of 3 June 218. As of that date, the bank held a 6.9% share of the total assets of the German banking system, based on its consolidated asset base of billion. Since its merger with the former WGZ BANK on 1 August 216, the bank has been the sole cooperative central institution for Germany's cooperative sector. DZ BANK's credit profile benefits from its diversified bancassurance franchise because the bank owns and consolidates several of the sector's key financial service providers. These include R+V Versicherungen (R+V), Union Investment Management AG (UMH), Bausparkasse Schwäbisch Hall (BSH), DZ HYP AG (since 218 following the merger of Deutsche Genossenschafts-Hypothekenbank and WL BANK AG Westfälische Landschaft Bodenkreditbank), which are domestic market-leading franchises in insurance, fund management, residential mortgage lending, commercial real estate and public-sector finance, respectively. DZ BANK has profit-andloss transfer agreements in place for some of these institutions. Our credit assessment is based on the bank's consolidated financials. For more information, please refer to the bank's Issuer Profile and to our German Banking System Profile. Weighted Macro Profile of Strong + Although DZ BANK is focused on the German market, the bank's assigned Strong (+) Weighted Macro Profile is set one notch below the Very Strong (-) Macro Profile of Germany, reflecting the issuer's international activities in countries with a less benign operating environment. Detailed credit considerations DZ BANK's solid capitalisation is illustrated by its comfortable buffers over minimum requirements We reflect the bank's capitalisation in our assigned baa1 Capital score, which includes a mild downward adjustment to account for the group's relatively high leverage. DZ BANK has been well capitalised as of 3 September 218 with a transitional Common Equity Tier 1 (CET1) ratio of 13.3% (before profit appropriation). DZ BANK's capital retention capacity, which is helped by its very modest dividend payouts, strongly supports its b BCA as well as its ratings. We expect DZ BANK is required to maintain in 219 a 9.75% CET1 ratio, including a regulatory Pillar 2 add-on requirement of 1.75%, a systemic risk buffer of 1% and a capital conservation buffer of 2.5%. 3

4 The bank's leverage ratio is relatively low owing to its strong regulatory capitalisation. The bank's leverage ratio stood at 4.22% (yearend 217: 4.4%) on a fully-phased basis as of 3 September 218. This figure can be explained both by the bank's application of internal models for calculating its risk-weighted assets (these would be higher under the standardised approach applied by most smaller German banks, including the primary banks of the cooperative sector) and by the full inclusion of pass-through promotional loans and intra-sector exposures into the leverage ratio denominator. DZ BANK estimates its leverage ratio would be above 5% if both factors were excluded in the same way as they are excluded from risk-weighted assets. The benign German credit environment supports the bank's sound asset quality, while DVB's high-risk shipping assets remain manageable DZ BANK's asset risk is sound, as reflected by the assigned b Asset Risk score. While we expect the benign credit environment for most segments in corporate banking to last through 218, DZ BANK's ship finance exposures remain a potential source of weaker asset performance. The bank's material investments and participations, as well its weakly performing shipping exposures, are the main drivers for our downward adjustment from the a3 Macro-Adjusted score. The negative outliers in terms of asset performance are DZ BANK's 11.2 billion ship finance exposures as of 3 June 218 (December 217: 11.9 billion) almost exclusively held by DVB. DVB's ship lending book recorded fast quality erosion and rising provisioning needs during 217 as stress mounted in the global maritime transportation sectors. That said, DVB's higher-risk exposures remain manageable in a group context, in particular, based on the substantial loss absorption capacity of DZ BANK's pre-provision income. As of 3 June 218, the group's ship finance exposures accounted for roughly 6% of DZ BANK's 18.6 billion of CET1 capital, down from 65% as of year-end 217. In the first nine months of 218, DVB was not forced to further materially raise its loan-loss reserve levels, which covered a moderate 4% of the bank's problem loans as of year-end 217. DZ BANK has been evaluating strategic options for DVB, which we expect to result in selective asset portfolio sales rather than a transfer of the entire bank to a buyer, as evident by the announced sale2 of the land transportation finance division. Based on a total loan book of 174 billion and our measure of problem loans of 5.5 billion, DZ BANK's problem loan ratio rose to 3.1% as of year-end 217 from 2.9% as of year-end 216. For the calculation of the problem loan ratio, we use the amount of impaired assets relating to customer loans plus unimpaired customer loans more than 9 days past due. DZ BANK's largest sector concentration relates to mortgage lending, which, in addition to 41. billion (December 216: 37.3 billion) of residential mortgage loans handed out by DZ BANK's building and loan association, included 44.9 billion (year-end 216: 46.8 billion) of foremost commercial mortgage loans. As of 3 June 218, DZ BANK's commercial mortgage finance specialist DZ HYP reported a moderate increase in its commercial mortgage loan book to 43.3 billion from 42.5 billion as of 1 January 218. DZ BANK's earnings are sound and well diversified, while its pre-provision income allows for satisfactory loss absorption We believe the required DVB clean-up continues to represent the main downside risk to this target, however, we expect DZ BANK to be able to improve its annual results going forward from 217 levels, which would lead to around 3 basis points of net income over tangible assets, as reflected in our assigned baa3 Profitability score. This score, which is adjusted upward by two notches from DZ BANK's Macro-Adjusted ba2 Profitability score, also takes into account the high quality of DZ BANK's earnings, given the benefits of its (1) revenue streams from broadly diversified, partially uncorrelated, businesses; and (2) strong contributions from relatively stable, feegenerating businesses, specifically from asset management and insurance businesses. For full-year 218, DZ BANK expects to achieve a net income that remains at the lower end of the targeted pre-tax income range between 1.5 billion and 2. billion. The diverse revenue streams buffer the swings from valuation gains and losses on the bank's sizeable fixed-income holdings and generally absorb the occasional loss contribution from one or, sometimes, several of its subsidiaries. In addition, modest dividend payouts allow for satisfactory profit retention. In terms of first half 218 pre-tax segment results before consolidation, DZ BANK itself contributed 437 million (+8%, y-o-y) as reduced administrative expenses compensated for lower trading revenues. Second strongest segment was the insurance business which was down 3% due to a decline in revenues on investments held by the insurance company and increase claims expenses for natural disasters in direct insurance. The asset management subsidiary contributed 25% lower pre-tax profit as an increase in volume-related 4

5 income did not make up for the decrease in performance related fees. New business margin pressures remained visible in residential real estate finance at BSH, down 15%, and real estate finance at DZ HYP, down 51%. The latter also being impacted by high volatility in its fair value wind-down portfolio which had seen positive valuation effects in the prior-year period. After a reported pre-tax profit of 1.8 billion for 217, we anticipate that DZ BANK will be only be able to achieve the lower end of its targeted pre-tax income range for 218 amid headwinds from interest margins and heightened market volatily. In addition, a low triple digit million goodwill writedown on the stake of DZ Privatbank, DZ BANK's Luxembourg-based private banking subsidiary, will burden second half 218 results. However, increased lending volumes and significantly lower risk charges at DVB will support the annual result. Results of R+V will in our view have been burdened by increased non-life claims expenses, and a weaker financial investments result for the full year 218. Sound funding structure To reflect DZ BANK's sound funding structure and strong liquidity, we assign a baa1 Funding Structure score, which includes positive adjustments for market funds that are regularly available from the cooperative sector, the sector's retail clientele and development banks. DZ BANK strongly benefits from its position within the cash-rich cooperative sector, and its low-risk funding structure strongly underpins the group's b BCA. The bank has an effective centralised treasury function, which ensures access to funds and adequate structural funding of all subsidiaries. Following the merger with WGZ Bank, the group's overall mix of capital and money market funding has shifted mildly toward a higher degree of longer-term secured funding, which accounted for 15.5% of DZ BANK's 319 billion of total funding as of 3 June 218 (year-end 215: 13% of 222 billion). In the first half of 218, DZ BANK sources 45% of its short- and medium-term unsecured funding from and through the primary banks of the cooperative sector. These banks pass on their deposit overhang as unsecured short-term funding and acquire medium-term unsecured bonds for their own security portfolios and on behalf of retail clients, who are also active off-takers of DZ BANK's structured notes. Sound liquidity The baa1 Liquid Resources score includes a downward adjustment for the encumbered portion of liquid assets. The assigned score reflects DZ BANK's large liquid resources and its Liquidity Coverage Ratio (LCR) significantly above 1%. The bank's LCR is represented by the last twelve month-end average liquidity buffers divided by average net liquidity outflows. As of 3 September 218, it stood at 149% (December 217: 146%). Liquidity reserves remained high in 217, with unencumbered securities available as collateral for central bank borrowings at 4.3 billion (216: 55.7 billion) and cash holdings of 12.8 billion (216: 8.5 billion). Additionally DZ BANK held 12.5 billion claims on banks (216: 17.2 billion), of which 48.2 billion (216: 38.1 billion) were outside the cooperative sector. 5

6 Support and structural considerations Affiliate support DZ BANK's a2 Adjusted BCA benefits from the strong fundamentals of, and our assessment of a very high probability of support from, the German cooperative banking association, Genossenschaftliche FinanzGruppe Volksbanken und Raiffeisenbanken. DZ Bank's central organisation, Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, provides support to all members through its institutional protection scheme. As a member of the cooperative group of banks, DZ BANK is highly likely to receive affiliate support in case of need. This support materially reduces the probability of default because the cooperative group's cross-sector support mechanism aims to stabilise its members by avoiding any form of loss participation by creditors or bail-in. Our affiliate support assumptions result in three notches of rating uplift from the b BCA, benefitting the bank's debt, deposit and subordinated instrument ratings. Loss Given Failure analysis DZ BANK is subject to the Bank Recovery and Resolution Directive (BRRD), which we consider an operational resolution regime. We, therefore, apply our Advanced LGF analysis, where we consider the risks faced by the different debt and deposit classes across the liability structure should the bank enter resolution. Our Advanced LGF analysis follows the revised insolvency legislation in Germany that became effective on 21 July 218. Following the change in law, the legal hierarchy of bank claims in Germany is now consistent with most other European Union (EU) countries, where statutes do not provide full preference to deposits over senior unsecured debt; the amended application of our Advanced LGF analysis reflects the revised hierarchy of claims. Our LGF analysis therefore now considers the results of both the formal legal position (pari passu, or 'de jure' scenario), with a 75% probability, and an alternative liability ranking reflecting resolution authority discretion (full depositor preference, or 'de facto' scenario), to which we assign a 25% probability. In line with our standard assumptions, we further assume residual tangible common equity of 3% and losses post failure of 8% of tangible banking assets, a 25% run-off in junior wholesale deposits and a 5% run-off in preferred deposits.» For DZ BANK's deposits and senior unsecured debt ( stable), our LGF analysis indicates an extremely low loss given failure, leading to a three-notch uplift from the bank's a2 Adjusted BCA.» For junior senior unsecured debt issued by DZ BANK (A1 stable), our LGF analysis indicates a low loss given failure, leading to a onenotch uplift from the bank's a2 Adjusted BCA.» For subordinated debt issued by DZ BANK, rated A3, our LGF analysis indicates a high loss given failure, positioning this rating one notch below the a2 Adjusted BCA.» The non-cumulative trust preferred securities issued by DZ BANK Capital Funding Trust I (ISIN: DE978337) are rated B(hyb), that is, three notches below the Adjusted BCA, which reflects their non-cumulative coupon skip mechanism linked to a balance-sheet trigger.» The non-cumulative trust preferred securities issued by DZ BANK Capital Funding Trust II, DZ BANK Capital Funding Trust III and DZ BANK Perpetual Funding Issuer (Jersey) are rated Baa3(hyb), four notches below the Adjusted BCA. This assessment reflects (1) the risks inherent in discretionary interest payments and mandatory non-payment triggers; and (2) the deeply subordinated nature of the securities: in bankruptcy or resolution, they would rank junior to profit participation rights (Genussscheine) and silent participations (Stille Beteiligungen). A loss at DZ BANK group would be among the key triggers for the omission of interest payments. Government support considerations We assume one notch of rating uplift in our senior unsecured debt and deposit ratings for members of the cooperative banking group, reflecting our assumptions of a moderate support probability. Our government support assumptions, included in DZ BANK's ratings, reflect the size and high systemic relevance, at the domestic level, of the group of cooperative banks. Such support would probably not be provided to the bank directly, but to its central 6

7 association, Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, in the unlikely event that the association cannot provide (or cannot provide quickly enough) the required support, based on the sector's combined financial strengths. For junior senior unsecured debt, subordinated debt and hybrid instruments, we believe that the potential for government support is low and these ratings, therefore, do not benefit from any government support uplift. In particular, for junior senior unsecured debt, the legal change to the German banks insolvency rank order has lowered the likelihood of government support being available for these instruments, because legally they rank pari passu with the majority of outstanding (statutorily subordinated) senior unsecured instruments issued up until 2 July 218. This pari passu ranking of new junior senior unsecured debt with legacy (statutorily subordinated) senior unsecured instruments makes it less likely that German authorities would selectively support the legacy instruments (which we reclassified into junior senior unsecured debt), following clarification that the German authorities expect these liabilities to bear losses in a resolution. As a result, we have reduced our government support assumption for these instruments to Low from Moderate. 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. DZ BANK's CRRs are positioned at /P-1 The CRRs are positioned four notches above the bank's a2 Adjusted BCA, based on (1) the extremely low loss-given-failure from the high volume of instruments that are subordinated to CRR liabilities, reflected in three notches of uplift and 2) one notch of rating uplift based on government support, in line with our support assumptions on deposits and senior unsecured debt. Counterparty Risk (CR) Assessment CR Assessments are opinions 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 suffered in the event of default, 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. DZ BANK's CR Assessments are positioned at (cr)/p-1(cr) The bank's (cr) CR Assessment is positioned four notches above the a2 Adjusted BCA, three notches of which are based on the buffer against default provided to the senior obligations represented by the CR Assessment, by more subordinated instruments, primarily senior unsecured debt. To determine the CR Assessment, we focus purely on subordination, taking no account of the volume of the instrument class. Methodology and scorecard Methodology The principal methodology we used in rating DZ BANK 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 judgment. When read in conjunction with our research, a fulsome presentation of our judgment 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. 7

8 Rating methodology and scorecard factors Exhibit 3 DZ BANK AG Macro Factors Weighted Macro Profile Strong + Factor 1% Historic Ratio Initial Score Expected Trend Assigned Score Key driver #1 Key driver #2 Solvency Asset Risk Problem Loans / Gross Loans 3.2% a3 b Sector concentration Single name concentration Capital TCE / RWA 13.8% a2 baa1 Nominal leverage Capital retention Profitability Net Income / Tangible Assets.3% ba2 baa3 Return on assets Expected trend Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets 57.6% Liquid Resources Liquid Banking Assets / Tangible Banking Assets 53.3% 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 b baa1 b3 baa1 Market funding quality Extent of market funding reliance baa1 Asset encumbrance Expected trend baa3 baa1 b Aaa baa1-baa3 b -a2 Balance Sheet is not applicable. 8

9 Debt class Counterparty Risk Rating Counterparty Risk Assessment Deposits Senior unsecured bank debt Junior senior unsecured bank debt Dated subordinated bank debt 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 (cr) a a3 Instrument class Counterparty Risk Rating Counterparty Risk Assessment Deposits Senior unsecured bank debt Junior senior unsecured bank debt Dated subordinated bank debt Loss Given Failure notching Additional Preliminary Rating Notching Assessment (cr) a1 a3 Government Support notching Local Currency Rating (cr) A1 A3 Foreign Currency Rating - A1 A3 [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 4 Category DZ BANK AG Outlook Counterparty Risk Rating Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Issuer Rating Senior Unsecured Junior Senior Unsecured Junior Senior Unsecured MTN -Dom Curr Subordinate Commercial Paper -Dom Curr Other Short Term -Dom Curr Moody's Rating Stable /P-1 /P-1 b a2 (cr)/p-1(cr) A1 (P)A1 A3 P-1 (P)P-1 DZ BANK AG, NEW YORK BRANCH Commercial Paper P-1 Source: Moody's Investors Service Endnotes 1 The ratings shown in this report are the bank's long-term deposit rating and outlook, and BCA. 2 DVB Ad-hoc disclosure: DVB Bank SE and Landesbank Hessen-Thüringen sign purchase agreement for the Land Transport Finance division 9

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Additional terms for Japan only: Moody's Japan K.K. ( MJKK ) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody s SF Japan K.K. ( MSFJ ) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ( NRSRO ). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125, to approximately JPY25,,. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. REPORT NUMBER

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