Banks. Caja Rural de Navarra, Sociedad Cooperativa de Credito. Full Rating Report. Key Rating Drivers. Rating Sensitivities. S Spain.

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1 Full Rating Report S Spain Ratings Foreign Currency Long-Term IDR Short-Term IDR Viability Rating BBB+ F2 bbb+ Support Rating 5 Support Rating Floor NF Sovereign Risk Foreign-Currency Long-Term IDR Local-Currency Long-Term IDR Outlooks BBB+ BBB+ Foreign-Currency Long-Term IDR Stable Local-Currency Long-Term IDR Stable Sovereign Foreign-Currency Stable Long-Term IDR Sovereign Local-Currency Stable Long-Term IDR Financial Data Caja Rural de Navarra, Sociedad Cooperativa de Credito 3 Jun Dec 15 Total assets (USDm) 12,5.2 1,735. Total assets (EURm) 1, ,86.1 Total equity (EURm) 1, Pre-impairment operating profit (EURm) Operating profit (EURm) Net income (EURm) Pre-impairment operating ROAA (%) Operating ROAA (%) 1..9 Operating ROAE (%) Fitch Core Capital/ weighted risks Common equity Tier 1 ratio (%) Key Rating Drivers Solid Capital Buffers: s (CRN) ratings are driven by the bank s sound asset-quality metrics by Spanish standards and supported by its consistently low risk appetite, higher-than-domestic peers loss-absorption buffers in capital and loan-loss reserves, and adequate funding and liquidity. They also factor in the bank s modest underlying profitability and regional franchise concentration. Better-Than-Peers Asset Quality: Asset-quality indicators remain among the best in Spain, benefiting from CRN s prudent stance towards risk and conservative underwriting standards, which have been consistent throughout the economic cycle. The problem asset ratio, which includes non-performing loans (NPLs) and foreclosed assets, fell to 4% at end-june 216 and remained significantly below its peer average. NPLs are fully covered by reserves, providing cushions against potential stresses. Capital Commensurate with Risk: CRN s capital position is supported by its high earnings retention rate and is commensurate with its risk profile. Fitch Core Capital (FCC) and common equity Tier 1 (CET1) ratios were comfortably above regulatory requirements at end-june 216 at 16.6% and 14.8%, respectively. Capital at risk from unreserved problem assets was low and compared well with peers. Modest Underlying Profitability: The bank s revenue generation capacity is modest and remains under pressure from the low-interest-rate environment and the removal of interest-rate floors in its mortgage loan portfolio. This is partly offset by declining cost of deposits. The bank has maintained healthy cost-efficiency, and declining loan impairment charges should boost operating profitability. Adequate Funding and Liquidity: CRN has a large and granular deposit base. Wholesale funding reliance is low and mainly in the form of covered bonds and repos. Fitch Ratings believes liquidity is adequate given the bank s sizeable unencumbered ECB-eligible asset pool and fairly low forthcoming maturities. Strong Regional Cooperative: CRN is the third-largest credit cooperative in Spain and offers retail banking services to households and SMEs, primarily in its home region of Navarra, where it has market shares above 2% for both loans and deposits. The bank has also built up a respectable presence in neighbouring regions. However, its national market share remains small at below 2%. Related Research Caja Rural de Navarra, Sociedad Cooperativa de Credito Ratings Navigator (October 216) Analysts Roger Turro roger.turro@fitchratings.com Rating Sensitivities Strengthening of Franchise: A positive rating action would be supported by a strengthening of the bank s franchise, increasing its scale and business diversification. An upgrade of the ratings would also be contingent on improvements in earnings, while capitalisation and lossabsorption buffers remain sound. Downgrade Pressure not Expected: A sovereign downgrade, a negative asset-quality shock or a material weakening of profitability that puts pressure on capital could lead to a negative rating action, although this is not envisaged by Fitch. Fernando Sanchez fernando.sanchez@fitchratings.com 9

2 Operating Environment Improving Economy but Risks Remain Fitch affirmed Spain s sovereign rating at BBB+ /Stable in January 217. Spain is benefiting from a strong recovery driven by domestic demand, supported by an improving labour market and consumer confidence, lower oil prices and an easing of credit conditions. Fitch forecasts GDP growth of 2.5% in 217 and 1.9% in 218, down from 3.2% in 216. However, risks for the banks remain, with unemployment stubbornly high and a dispersed recovery in the property market. CRN operates mainly in Navarra, with some presence in neighbouring areas. These regions weathered the country s deep economic, real-estate and financial crisis better than others in Spain. Lower unemployment rates and higher GDP per capita ratios than the national average, an export-oriented industrial sector and a smoother property price correction have indirectly supported CRN s above-sector-average asset quality. CRN is on the ECB s list of less significant entities and its supervision is therefore delegated to the Bank of Spain. CRN's Geographical Presence in Spain Company Profile Strong Regional Cooperative CRN is Spain s third-largest credit cooperative. It offers retail banking services to households and SMEs. It has benefited from the consolidation of the Spanish banking sector leading to a reduction in the number of competitors. CRN has also built a respectable presence in neighbouring regions, with market shares of about 5%. CRN is a member of the Grupo Caja Rural (GCR), the Spanish credit cooperative group. This is not a consolidated banking group but an association of rural credit cooperatives sharing common cooperative values and a limited-size solidarity fund. GCR also has affiliated subsidiaries through which it provides its members with central services, comprising IT support and advisory, bancassurance, and treasury and liability management (through Banco Cooperativo Español S.A.; BCE, BBB/Stable). Strong presence Mild presence Non-significant presence Source: CRN, Fitch Management and Strategy Effective Management CRN s senior management team has good depth and stability and comprises executives with ample experience in the cooperative sector and with deep knowledge of the regional economy. The team helped to establish GCR and its shared-service providers. Fitch believes CRN s corporate governance structure is effective. The board of directors comprises 14 non-executive members, some of whom are members or clients of CRN. Board remuneration is low, and lending to board members and related parties is immaterial. The management team has shown an ability to execute the strategy set by the board despite a sometimes challenging economic environment. CRN s strategic objectives for the next four years focus on expanding its business in neighbouring areas (especially the Basque Country), while maintaining consistent underwriting criteria and solvency at current levels, and improve profitability by enhancing fee income. Related Criteria Global Bank Rating Criteria (November 216) Risk Appetite Conservative Risk Appetite Credit risk arising from lending activity is the entity s main risk exposure. CRN is particularly exposed to retail mortgage loans, while real-estate development (RED) exposure is small and below the sector average. CRN s prudent stance towards risk-taking and growth has remained unchanged throughout the economic cycle and has supported better-than-sector-average asset-quality indicators. Credit risk policies are low risk and monitoring systems centralised. The loan approval process follows a limit-based system with different layers of control bodies, including capped loan/value ratios. The entity uses scoring and rating models that help assess 2

3 Note on Charts Black dashed lines in the Asset Quality chart and further in the report represent indicative quantitative ranges and corresponding implied scores for Fitch s core financial metrics for banks operating in the environments that Fitch scores in the bbb category. Asset Quality Foreclosed assets (LHS) NPLs (LHS) Problem assetª ratio (RHS) Problem asset ratio - peer avg (RHS) (EURm) (%) End-213 End-214 End-215 End-1H16 ª Problem assets for domestic banks include NPLs and foreclosed assets Peers include: Caja Laboral Popular Coop de Credito (bbb+); Caja Rural del Sur, SCC (bbb); Caja Rural de Castilla La Mancha, SCC (bbb); Credit du Nord (bbb+); Credito Emiliano S.p.A (bbb+); Banco di Desio e della Brianza (bbb-) Operating Profit/RWAs (%) CRN H16 Peer average bb bbb bbb bb the borrower s repayment capacity, and internal and external alarm systems to evaluate a client s inherent risk. CRN analyses individual business plans for RED and corporate loans, and it requires guarantees on the economic viability of the financed projects. CRN s market risk exposure is average, mostly arising from the interest-rate risk on its large securities portfolio, which is largely made up by Spanish sovereign issues and has a duration of 3.5 years. CRN s exposure to interest-rate risk is measured through gap, duration and simulation analysis. In addition, BCE supports CRN by preparing regular reports on its exposure to market risk. CRN calculated that a 2bp decrease in interest rates would result in a 2.3% decrease in net interest income (NII) in 1H16. The bank s equity and trading portfolios are small, accounting for less than 1% of equity. Financial Profile Asset Quality Better-than-Peers Metrics CRN s asset-quality metrics are among the best in Spain and continued to improve in 1H16. The loan book grew by 4% in 1H16, highlighting an improvement in credit demand, which Fitch expects to continue in 217. The loan portfolio remains dominated by loans to individuals (accounting for about 55% of total lending), mainly residential mortgage lending, and SMEs lending (3%). Lending to real-estate developers (5%) is significantly lower than the sector average. This loan mix, together with the bank s conservative underwriting standards throughout the cycle, has resulted in healthy asset-quality metrics relative to domestic and international peers, which is supported by collateral and high impairment reserves. The stock of problem assets (which includes NPLs and foreclosed assets) continued to decline year-on-year, helped by lower NPL entries amid improved economic prospects, enhanced recoveries and increased foreclosed asset sales. At end-june 216, the problem asset ratio had declined to a good 4% (from 4.8% at end-215), which compares well with peers. Fitch expects further asset-quality improvements in 217 based on Spain s economic recovery and solid business growth prospects. Relatively Large Public Debt Exposure Risk concentration in private-sector single names is moderate. The 2 largest non-financial risk exposures (including committed credit lines) accounted for less than 4% of FCC at end-june 216. However, the bank has a meaningful exposure to Spanish public-sector debt through its securities portfolio, which accounted for about 2x FCC at end-june 216 and had a duration of 3.5 years. Earnings and Profitability Modest Underlying Profitability Given its large exposure to low-risk/low-margin residential mortgage lending, CRN s underlying profitability is modest as reflected in its lower than peers operating profit/rwa ratio. Its revenue generation capacity remains under pressure from low interest rates and the removal of interest-rate floors in its loan portfolio, for which the bank has booked sufficient provisions to cover potential legal costs, in our opinion. This is partly offset by good cost-efficiency, which remains one of the bank s main features, with a better-than-peers cost/income ratio of about 5% in the past few years. Operating profitability improved slightly in 1H16 aided by an increase in NII due to a reduction in retail deposit costs and operating expenses. Commissions and fee-based income from product cross-selling and asset management remained broadly stable. Loan impairment charges are falling towards normalisation, benefiting from the better economic environment. Fitch expects CRN s revenue generation to remain under pressure in 217, because of low interest rates and limited scope for further downward repricing of deposits. However, higher 3

4 lending volumes from the positive business growth trend, low provisioning needs, increased fee-based income and some additional cost-control measures should support operating profitability. Fitch Core Capital Ratio (%) CRN End-213 End-214 End-215 End-1H16 Net Problem Assets/ Fitch Core Capital (%) CRN Peer average bbb bb End-213 End-214 End-215 End-1H16 Loans/Deposits Ratio (%) CRN Peer average End-213 End-214 End-215 End-1H16 Peer average bbb a Capitalisation and Leverage Satisfactory Loss-Absorption Buffers CRN s capital position is commensurate with its risk profile and remains supported by its high earnings retention rate. The bank maintains capitalisation and leverage with satisfactory buffers over regulatory minimums. At end-june 216, CRN s FCC ratio accounted for 16.6%. The regulatory CET1 ratio was a lower 14.8% at end-june 216 as it does not include the interim results and unrealised capital gains from the securities portfolio in its calculation. However, it was comfortably above the bank s Supervisory Review and Evaluation Process requirements for 217 of 6.63% for the CET1 ratio and 1.13% for the total capital ratio. CRN s unreserved problem assets/fcc ratio was below 1% at end-june 216 as it benefits from healthy asset-quality metrics and strong reserve coverage. The bank s tangible leverage remained healthy at about 9%, while its regulatory Basel III leverage ratio was also sound at 7.9%. Funding and Liquidity Adequate Funding and Liquidity CRN s loan book is primarily funded by its large and granular customer deposit base, which accounted for three-quarters of total funding at end-june 216. The loans/deposits ratio has been progressively reduced over recent years to about 1% and remains in line with peers. Wholesale funding amounted to EUR2.6 billion at end-june 216 and was mainly in the form of covered bonds and repos. Wholesale funding is primarily used to finance the group s sizeable securities portfolio, although part of the covered bonds are used to finance long-term loans denominated at fixed rates, thus hedging the bank s exposure to changes in interest rates. In Fitch s view, CRN has a comfortable liquidity position as wholesale debt maturities are manageable and refer largely to secured debt issues which free up collateral upon maturity. At end-june 216 CRN held an unencumbered ECB-eligible asset pool of EUR2 billion, which represented 19% of total assets and mostly comprised Spanish public debt, and retained covered bonds of EUR.6 billion. The entity also had capacity to issue an additional EUR.3 billion of covered bonds, which could be retained and discounted at the ECB. At end-june 216, the regulatory liquidity ratio was 269%. Support Sovereign Support not Reliable The EU s Bank Recovery and Resolution Directive, and the Single Resolution Mechanism for eurozone banks provide a framework for resolving banks that is likely to require senior creditors participating in losses, if necessary, instead of or ahead of a bank receiving sovereign support. The Support Rating of 5 and Support Rating Floor of No Floor reflect Fitch s view that senior creditors cannot rely on receiving full extraordinary support from the sovereign in the event that CRN becomes non-viable. 4

5 Income Statement 3 Jun Dec Dec Dec Months - Interim 6 Months - Interim As % of Year End As % of Year End As % of Year End As % of USDm EURm Earning Assets EURm Earning Assets EURm Earning Assets EURm Earning Assets _AuditOpinion _AuditOpinion Audited - Unqualified Audited - Unqualified Audited - Unqualified 1. Interest Income on Loans n.a. n.a Other Interest Income Dividend Income Gross Interest and Dividend Income Interest Expense on Customer Deposits n.a. n.a Other Interest Expense Total Interest Expense Net Interest Income Net Gains (Losses) on Trading and Derivatives Net Gains (Losses) on Other Securities Net Gains (Losses) on Assets at FV through Income Statement n.a. n.a. - n.a. - n.a Net Insurance Income n.a. n.a. - n.a. - n.a. - n.a Net Fees and Commissions Other Operating Income Total Non-Interest Operating Income Personnel Expenses Other Operating Expenses Total Non-Interest Expenses Equity-accounted Profit/ Loss - Operating n.a. n.a n.a Pre-Impairment Operating Profit Loan Impairment Charge Securities and Other Credit Impairment Charges Operating Profit Equity-accounted Profit/ Loss - Non-operating (.2) (.2) (.) n.a. - n.a. - n.a Non-recurring Income n.a. n.a. - n.a Non-recurring Expense n.a. n.a Change in Fair Value of Own Debt n.a. n.a. - n.a. - n.a. - n.a Other Non-operating Income and Expenses (9.1) (8.2) (.16) (6.8) (.7) (6.7) (.7) (16.3) (.18) 29. Pre-tax Profit Tax expense (.8) (.1) 31. Profit/Loss from Discontinued Operations n.a. n.a. - n.a. - n.a. - n.a Net Income Change in Value of AFS Investments n.a. n.a n.a Revaluation of Fixed Assets n.a. n.a n.a. - n.a Currency Translation Differences n.a. n.a. - n.a. - n.a. - n.a Remaining OCI Gains/(losses) n.a. n.a. - n.a. - n.a. - n.a Fitch Comprehensive Income Memo: Profit Allocation to Non-controlling Interests n.a. n.a. -.. n.a. - n.a Memo: Net Income after Allocation to Non-controlling Interests Memo: Common Dividends Relating to the Period n.a. n.a Memo: Preferred Dividends Related to the Period n.a. n.a. - n.a. - n.a. - n.a. - Exchange rate USD1 = EUR.97 USD1 = EUR.9185 USD1 = EUR.8237 USD1 = EUR

6 Balance Sheet 3 Jun Dec Dec Dec Months - Interim 6 Months - Interim As % of Year End As % of Year End As % of Year End As % of USDm EURm Assets EURm Assets EURm Assets EURm Assets Assets A. Loans 1. Residential Mortgage Loans n.a. n.a. - n.a. - n.a. - n.a Other Mortgage Loans n.a. n.a. - n.a. - n.a. - n.a Other Consumer/ Retail Loans n.a. n.a. - n.a. - n.a. - n.a Corporate & Commercial Loans n.a. n.a. - n.a. - n.a. - n.a Other Loans 7, , , , , Less: Reserves for Impaired Loans Net Loans 7, , , , , Gross Loans 7, , , , , Memo: Impaired Loans included above Memo: Loans at Fair Value included above n.a. n.a. - n.a. - n.a. - n.a. - B. Other Earning Assets 1. Loans and Advances to Banks Reverse Repos and Cash Collateral n.a. n.a. - n.a. - n.a. - n.a Trading Securities and at FV through Income Derivatives Available for Sale Securities 2, , , , , Held to Maturity Securities Equity Investments in Associates Other Securities Total Securities 3,19.2 2, , , , Memo: Government Securities included Above 2, , , , , Memo: Total Securities Pledged Investments in Property Insurance Assets n.a. n.a. - n.a. - n.a. - n.a Other Earning Assets n.a. n.a. - n.a. - n.a. - n.a Total Earning Assets 11,16.1 1, , , , C. Non-Earning Assets 1. Cash and Due From Banks Memo: Mandatory Reserves included above n.a. n.a. - n.a. - n.a. - n.a Foreclosed Real Estate Fixed Assets Goodwill Other Intangibles Current Tax Assets Deferred Tax Assets Discontinued Operations n.a. n.a. - n.a. - n.a. - n.a Other Assets Total Assets 12,5.2 1, , , , Liabilities and Equity D. Interest-Bearing Liabilities 1. Customer Deposits - Current 3, , , , , Customer Deposits - Savings n.a. n.a. - n.a. - n.a. - n.a Customer Deposits - Term 3,728. 3, , , , Total Customer Deposits 7, , , , , Deposits from Banks 1, , , , Repos and Cash Collateral n.a. n.a Commercial Paper and Short-term Borrowings Total Money Market and Short-term Funding 9, , , , , Senior Unsecured Debt (original maturity > 1 year) n.a. n.a. - n.a. - n.a Subordinated Borrowing n.a. n.a. - n.a. - n.a. - n.a Covered Bonds 1, , , n.a Other Long-term Funding n.a. n.a n.a Total LT Funding (original maturity > 1 year) 1, , , Derivatives Trading Liabilities n.a. n.a. - n.a. - n.a. - n.a Total Funding 1, , , , , E. Non-Interest Bearing Liabilities 1. Fair Value Portion of Debt n.a. n.a. - n.a. - n.a. - n.a Credit impairment reserves Reserves for Pensions and Other n.a. - n.a Current Tax Liabilities Deferred Tax Liabilities Other Deferred Liabilities n.a. n.a. - n.a. - n.a. - n.a Discontinued Operations n.a. n.a. - n.a. - n.a. - n.a Insurance Liabilities n.a. n.a. - n.a. - n.a. - n.a Other Liabilities Total Liabilities 1, , , , , F. Hybrid Capital 1. Pref. Shares and Hybrid Capital accounted for as Debt n.a. n.a. - n.a. - n.a Pref. Shares and Hybrid Capital accounted for as Equity n.a. n.a. - n.a. - n.a. -.. G. Equity 1. Common Equity 1, Non-controlling Interest Securities Revaluation Reserves Foreign Exchange Revaluation Reserves n.a. n.a. - n.a. - n.a. - n.a Fixed Asset Revaluations and Other Accumulated OCI n.a. n.a. - n.a. - n.a. - n.a Total Equity 1, , Total Liabilities and Equity 12,5.2 1, , , , Memo: Fitch Core Capital 1, Exchange rate USD1 = EUR.97 USD1 = EUR.9185 USD1 = EUR.8237 USD1 = EUR

7 Summary Analytics 3 Jun Dec Dec Dec Months - Interim Year End Year End Year End A. Interest Ratios 1. Interest Income on Loans/ Average Gross Loans n.a Interest Expense on Customer Deposits/ Average Customer Deposits n.a Interest Income/ Average Earning Assets Interest Expense/ Average Interest-bearing Liabilities Net Interest Income/ Average Earning Assets Net Int. Inc Less Loan Impairment Charges/ Av. Earning Assets Net Interest Inc Less Preferred Stock Dividend/ Average Earning Assets B. Other Operating Profitability Ratios 1. Non-Interest Income/ Gross Revenues Non-Interest Expense/ Gross Revenues Non-Interest Expense/ Average Assets Pre-impairment Op. Profit/ Average Equity Pre-impairment Op. Profit/ Average Total Assets Loans and securities impairment charges/ Pre-impairment Op. Profit Operating Profit/ Average Equity Operating Profit/ Average Total Assets Operating Profit / Risk Weighted Assets C. Other Profitability Ratios 1. Net Income/ Average Total Equity Net Income/ Average Total Assets Fitch Comprehensive Income/ Average Total Equity Fitch Comprehensive Income/ Average Total Assets Taxes/ Pre-tax Profit (2.16) 6. Net Income/ Risk Weighted Assets D. Capitalization 1. FCC/FCC-Adjusted Risk Weighted Assets Tangible Common Equity/ Tangible Assets Tier 1 Regulatory Capital Ratio Total Regulatory Capital Ratio Common Equity Tier 1 Capital Ratio Equity/ Total Assets Cash Dividends Paid & Declared/ Net Income n.a Internal Capital Generation E. Loan Quality 1. Growth of Total Assets (.5) Growth of Gross Loans (.51) (3.6) 3. Impaired Loans/ Gross Loans Reserves for Impaired Loans/ Gross Loans Reserves for Impaired Loans/ Impaired Loans Impaired loans less Reserves for Impaired Loans/ Fitch Core Capital (1.18) (3.37) Impaired Loans less Reserves for Impaired Loans/ Equity (1.13) (3.19) Loan Impairment Charges/ Average Gross Loans Net Charge-offs/ Average Gross Loans n.a n.a. 1. Impaired Loans + Foreclosed Assets/ Gross Loans + Foreclosed Assets F. Funding and Liquidity 1. Loans/ Customer Deposits Interbank Assets/ Interbank Liabilities Customer Deposits/ Total Funding (excluding derivatives) Liquidity Coverage Ratio 269 n.a. n.a. n.a. 7

8 Reference Data 3 Jun Dec Dec Dec Months - Interim 6 Months - Interim As % of Year End As % of Year End As % of Year End As % of USDm EURm Assets EURm Assets EURm Assets EURm Assets A. Off-Balance Sheet Items 1. Managed Securitized Assets Reported Off-Balance Sheet n.a. n.a. - n.a. - n.a. - n.a Other off-balance sheet exposure to securitizations n.a. n.a. - n.a. - n.a. - n.a Guarantees Acceptances and documentary credits reported off-balance sheet Committed Credit Lines 1, Other Off-Balance Sheet items Total Assets under Management n.a. n.a. - n.a. - n.a. -.. B. Average Balance Sheet Average Loans 7,55.1 6, , , , Average Earning Assets 1, , , , , Average Assets 11, , , , , Average Managed Securitized Assets (OBS) n.a. n.a. - n.a. - n.a. - n.a. - Average Interest-Bearing Liabilities 1,88. 9, , , , Average Common equity 1, Average Equity 1, Average Customer Deposits 7, , , , , C. Maturities Asset Maturities: Loans & Advances < 3 months n.a. n.a Loans & Advances 3-12 Months n.a. n.a Loans and Advances 1-5 Years n.a. n.a. - 1, , , Loans & Advances > 5 years n.a. n.a. - 3, , , Debt Securities < 3 Months n.a. n.a Debt Securities 3-12 Months n.a. n.a Debt Securities 1-5 Years n.a. n.a. - 1, , Debt Securities > 5 Years n.a. n.a Loans & Advances to Banks < 3 Months n.a. n.a Loans & Advances to Banks 3-12 Months n.a. n.a Loans & Advances to Banks 1-5 Years n.a. n.a n.a. - Loans & Advances to Banks > 5 Years n.a. n.a n.a. - Liability Maturities: Retail Deposits < 3 months n.a. n.a. - 1, , , Retail Deposits 3-12 Months n.a. n.a. - 2, , , Retail Deposits 1-5 Years n.a. n.a. - 2, , , Retail Deposits > 5 Years n.a. n.a Other Deposits < 3 Months n.a. n.a. - n.a. - n.a. - n.a. - Other Deposits 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Other Deposits 1-5 Years n.a. n.a. - n.a. - n.a. - n.a. - Other Deposits > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Deposits from Banks < 3 Months n.a. n.a , Deposits from Banks 3-12 Months n.a. n.a Deposits from Banks 1-5 Years n.a. n.a , Deposits from Banks > 5 Years n.a. n.a Senior Debt Maturing < 3 months n.a. n.a Senior Debt Maturing 3-12 Months n.a. n.a Senior Debt Maturing 1-5 Years n.a. n.a Senior Debt Maturing > 5 Years n.a. n.a Total Senior Debt on Balance Sheet n.a. n.a. - 1, Fair Value Portion of Senior Debt n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing < 3 months n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing 3-12 Months n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing 1-5 Year n.a. n.a. - n.a. - n.a. - n.a. - Subordinated Debt Maturing > 5 Years n.a. n.a. - n.a. - n.a. - n.a. - Total Subordinated Debt on Balance Sheet n.a. n.a. - n.a. - n.a. - n.a. - Fair Value Portion of Subordinated Debt n.a. n.a. - n.a. - n.a. - n.a. - D. Risk Weighted Assets 1. Risk Weighted Assets 6, , , , , Fitch Core Capital Adjustments for Insurance and Securitisation Risk Weighted Asse n.a. n.a. - n.a. - n.a. - n.a Fitch Core Capital Adjusted Risk Weighted Assets 6, , , , , Other Fitch Adjustments to Risk Weighted Assets n.a. n.a. - n.a. - n.a. - n.a Fitch Adjusted Risk Weighted Assets 6, , , , , E. Equity Reconciliation 1. Equity 1, , Add: Pref. Shares and Hybrid Capital accounted for as Equity n.a. n.a. - n.a. - n.a Add: Other Adjustments n.a. n.a. - n.a. - n.a. - n.a Published Equity n.a. n.a F. Fitch Core Capital Reconciliation 1. Total Equity as reported (including non-controlling interests) 1, , Fair value effect incl in own debt/borrowings at fv on the B/S- CC only Non-loss-absorbing non-controlling interests Goodwill Other intangibles Deferred tax assets deduction Net asset value of insurance subsidiaries First loss tranches of off-balance sheet securitizations Fitch Core Capital 1, Exchange Rate USD1 = EUR.97 USD1 = EUR.9185 USD1 = EUR.8237 USD1 = EUR

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The manner of Fitch s factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. 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As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided as is without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no ) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 21. 9