DZ BANK AG. Exhibit 1 Rating Scorecard - Key Financial Ratios 13.0% Capital: Tangible Common Equity/Risk-Weighted Assets

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1 CREDIT OPINION 2 February 218 DZ BANK AG Update to credit analysis - resilience to shocks remains high Update Summary We assign Aa1 Stable/P-1 deposit ratings and Aa3 Negative/P-1 senior unsecured debt ratings to DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK). We further assign a Baseline Credit Assessment (BCA), an a2 Adjusted BCA, and an Aa1(cr)/P-1(cr) Counterparty Risk Assessment (CR Assessment). DZ BANK AG Domicile Frankfurt am Main, Germany Long Term Debt Aa3 Type Senior Unsecured - Fgn Curr Outlook Negative Long Term Deposit Aa1 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. Analyst Contacts Katharina Barten Sr Vice President katharina.barten@moodys.com Alexander Hendricks, CFA Associate Managing Director - Banking alexander.hendricks@moodys.com DZ BANK's BCA is strongly positioned within the category, reflecting the group's welldiversified business mix which has proven to yield comparatively resilient revenues and profits through the cycle. The BCA is also underpinned by DZ BANK's satisfactory asset quality, sound regulatory capital ratios and solid funding structure. The group's funding structure strongly benefits from the considerable cash surplus in the cooperative sector which explains DZ BANK's limited needs to access debt capital markets for unsecured funding. At the same time, the BCA 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: ) 7% 13.% 12% 6% 58.6% 1% 52.4% 4% 6% 3% 4% 2% 3.2% 1%.2% % Americas Asia Pacific % Asset Risk: Problem Loans/ Gross Loans Capital: Tangible Common Equity/Risk-Weighted Assets Solvency Factors (LHS) Japan EMEA % 8% 2% CLIENT SERVICES Median -rated banks 14% 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 Carola Schuler Managing Director Banking carola.schuler@moodys.com DZ BANK's ratings reflect (1) its BCA; (2) the a2 Adjusted BCA, which includes three notches of affiliate support uplift, reflecting very high support available from the tested institutional protection scheme of the German cooperative sector; (3) the results of our Advanced LGF analysis, which provide one notch of rating uplift for the senior unsecured debt ratings and three notches of rating uplift for the deposit ratings from the a2 Adjusted BCA; and (4) a moderate probability of government support, yielding one notch of support uplift. Solvency Factors RATINGS

2 Credit strengths» The benign German credit environment supports solid asset quality; higher-risk assets and participation are manageable.» Capitalisation remains solid, and continued profit retention drives steady improvement.» Earnings are well diversified, and pre-provision income represents strong risk charge coverage.» DZ BANK's sound funding structure and liquidity resources 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 transportion finance, DVB BANK S.E. (DVB, Aa1 stable/aa3 negative, b31), adds concentrated sector exposures, in particular in the troubled ship and offshore finance sectors. Outlook» The outlook on the Aa1 deposit rating is stable, and the outlook on the Aa3 senior unsecured debt and issuer ratings is negative.» The negative outlook on the Aa3 senior unsecured debt rating reflects our expectation of weakening government support for respective debt instruments. On 12 December 217, we changed the outlook on DZ BANK's Aa3 senior unsecured debt rating to negative from positive, reflecting our view that once pending bank recovery and resolution directive amendments are transposed into German law, unsecured bonds that meet the definition of article 46f of the German banking act ( 46f KWG) could rank pari passu with future junior senior bonds. This may call into question the moderate probability of government support we consider warranted for senior unsecured debt instruments. For additional information, please refer to Moody's affirms 22 German banks' senior unsecured debt ratings; changes 16 outlooks to negative and FAQ on credit impact of changes to EU insolvency hierarchy on German bank debt. The change in outlook to negative additionally reflects that we no longer expect upward pressure on these ratings from a more favourable result of its Advanced LGF analysis. Factors that could lead to an upgrade» Upward pressure on DZ BANK s long-term ratings could be exerted by (1) an upgrade of BCA by two notches because a single-notch upgrade would be offset by lower affiliate support; (2) an improvement in the cooperative sector s financial strength, which could result in additional rating uplift for affiliate support; or (3) higher volume of senior unsecured debt or instruments subordinated to senior unsecured debt relative to total banking assets, which could lead to additional rating uplift from our Advanced LGF analysis for senior debt instruments. The potential for a higher LGF result does not apply to the bank's deposit and senior-senior unsecured debt ratings because, with three notches of rating uplift from the Adjusted BCA, the respective ratings already benefit from the highest possible LGF result.» 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 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. 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 2 February 218

3 Factors that could lead to a downgrade» A downgrade of DZ BANK s debt and deposit ratings could arise (1) from a downgrade of BCA; (2) in the unlikely event that the cooperative sector s financial strength deteriorates, or that 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. The latter could result in removing the one notch of rating uplift for unsecured debt resulting from our Advanced LGF analysis.» DZ BANK's BCA is strongly positioned in the category, implying considerable tolerance against intermittent weak performance. We would consider downgrading the BCA only if substantial unexpected risks were to emerge from the bank's commercial banking activities or if the group's loss absorption capacity were to materially decrease.» As indicated by the negative rating outlook, we may lower DZ BANK's Aa3 long-term senior debt rating by one notch if German legislative changes rank outstanding senior unsecured debt instruments pari passu with future issuance of junior senior debt. In that case, we will consider removing the government support for outstanding plain-vanilla debt instruments. For additional information, please refer to Moody's affirms 22 German banks' senior unsecured debt ratings; changes 16 outlooks to negative and FAQ on credit impact of changes to EU insolvency hierarchy on German bank debt. 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] Basel II; IFRS [4] May include rounding differences due to scale of reported amounts. [5] Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [6] Simple average of periods presented for the latest accounting regime. [7] Simple average of Basel III periods presented. Source: Moody's Financial Metrics Profile DZ BANK acts as a central bank, corporate bank and parent holding company to the German cooperative sector. Since the merger with the former WGZ BANK on 1 August 216, it has been the sole cooperative central institution for Germany's cooperative sector. DZ BANK was Germany's second-largest banking group by total assets, based on data as of 3 June 217. 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, Union Investment Management AG, Bausparkasse Schwäbisch Hall, 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-and-loss transfer agreements in place for some of these institutions. Our credit assessment is based on consolidated financials. 3 2 February 218

4 Detailed credit considerations DZ BANK's strong capitalisation is illustrated by comfortable buffers over new minimum requirements Following several years of gradually strengthening capital ratios, DZ BANK reported a 13.% Common Equity Tier 1 (CET1) capital ratio as of the end of June 217, down from the 14.5% ratio reported as of year-end 216, based on the full application of Basel III rules. The decrease in the CET1 ratio by 1.5 percentage points was owing to a regulatory change related to DZ BANK's (previously more accommodating) risk weighting of various ownership stakes, in particular the one of its insurance subsidiary R+V Versicherungen. The ownership stake was previously risk weighted at 1%, which, under the new rules, has been adjusted upwards to 37%. However, even the reduced CET1 ratio implies a comfortable buffer in the context of the regulatory Pillar 2 Requirement of 7.85% for Our tangible common equity (TCE) ratio also reduced to 13.% as of June 217 (216: 14.5%, 215: 12.7%). The TCE ratio excludes a portion of intangible assets but does not include the various regulatory deductions. DZ BANK's fully phased-in 4.1% regulatory leverage ratio as of June 217 was unchanged from that as of year-end 216. While the leverage ratio was below the average of the bank's peer group in the same rating category, we take into account the diluting effect on this ratio of large pass-through interbank lending positions that result from DZ BANK's function as the central clearing institution for the whole cooperative sector. The bank's TCE relative to total assets remained stable at 3.9% during the six months ended June 217. While we have a moderately positive outlook on DZ BANK's leverage ratio, we expect its CET1 ratio to decline in the next 12 months, although purely owing to further regulatory changes. The European Central Bank's aim to harmonise risk weightings under the standardised approach and the internal ratings-based approach may result in higher capital requirements, in particular for collateralised lending. In this context, 96% of DZ BANK's 54 billion real estate lending volume was risk weighted based on the internal ratingsbased approach as of year-end 216. Although the impact on DZ BANK's risk weightings and regulatory ratios cannot be forecast at this stage, the combination of the bank's comfortable capital buffers to the minimum SREP ratio and its good capital retention capacity implies that the group is well positioned to absorb this impact. DZ BANK's capital retention capacity, which is helped by very modest dividend payouts, strongly supports the bank's BCA and ratings. We assign a baa1 Capital score, which includes a mild downward adjustment to account for the group's relatively high leverage. Benign German credit environment supports sound asset quality; DVB's high-risk shipping assets remain manageable DZ BANK's asset risk is sound, except for the 13.9 billion ship and offshore finance exposure, which is mostly housed at DVB. DVB's ship and offshore lending book recorded a fast quality erosion and rising provisioning needs during the three quarters ended June 217 as stress mounted in the global maritime transportation and offshore 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. The group's ship and offshore finance exposure accounted for 3.6% of its 381 billion total lending volume as of June 217 and was equivalent to roughly 75% of DZ BANK's 17.5 billion CET1 capital. Despite the sharp deterioration in the ship and offshore finance sectors, DZ BANK recorded a mild improvement in its asset-quality metrics as of June 217. In H1 217, the reported volume of nonperforming loans reduced to 5.6 billion from 5.8 billion as of December 216. That said, this reduction was predominantly owing to favourable currency effects, further aided by foreclosures and principal repayments on nonperforming loans at DVB. Based on a total loan book of 176 billion and our measure of problem loans of 4.5 billion, DZ BANK's problem loan ratio decreased to 2.5% as of the end of June 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, following the merger with WGZ BANK in 216, more than doubled to 47 billion as of year-end 216. This portfolio performs well, benefitting from the benign credit conditions in Germany. The former WGZ BANK's very low level of impaired loans had resulted in a dilution of the group's problem loan ratio in 216. While we expect the benign credit environment for most segments in corporate banking to last throughout 217, DZ BANK's ship and offshore finance exposures will likely cause elevated provisioning and write-downs in H2 217 and beyond. The high risk for this portfolio is illustrated by the group's 466 million net risk charge at DVB for H1 217, which, on an annualised basis, implies a steep 4.4% write-down on DVB's 21 billion loan book. 4 2 February 218

5 We do not consider DZ BANK's problem loan ratio to adequately capture the various risks emanating from risk concentrations, the bank's material investments and participation, as well as related credit and market risks. To fully reflect these risks, we have adjusted the Asset Risk score down to. DZ BANK's earnings are sound and well diversified; pre-provision income allows for satisfactory loss absorption With annual reported pre-tax profits between 2.2 billion and 2.9 billion during the three years ended 216, DZ BANK's results were strong and allowed for satisfactory profit retention. We consider the bank's quality of earnings to be high, given the benefits of (1) its revenue streams from broadly diversified, partially uncorrelated, businesses; and (2) strong contributions from relatively stable, fee-generating businesses, specifically from asset management and insurance. 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. Based on these strengths, we assign a baa3 Profitability score for the bank, which is above average in the context of our rated German banks' portfolio. DZ BANK estimates its sustainable pre-tax profits level at 1.5 billion- 2. billion, which we consider somewhat ambitious for 217, given (1) the exceptionally high taxes of 451 million paid in H1 217, which led to the comparatively modest 488 million net profit for the period; and (2) our expectation of persistently high credit losses at transportation lender DVB. For 218 and beyond, however, we consider this a realistic range, which, although lower than the levels during recent years, still allows for satisfactory loss absorption by the income statement. The group will gradually benefit from leveraging synergy potential from centralising and streamlining back office functions, and from savings on infrastructure investments, although it may take up to two years until it can fully realise these synergies. The group expects to save 1 million- 15 million in costs per annum from strategic, commercial and regulatory synergies once the merger with WGZ is operationally fully implemented. In the near term, however, profits will remain constrained by (1) adverse cost effects, (2) persistent revenue pressures in a low interest rate environment, and (3) gradually normalising risk charges after several years of very low loan-loss provisions. DZ BANK reported a 939 million pre-tax profit for H1 217, which was 4% below the 1.57 billion reported for the same period in 216, even though only the H1 217 result includes the (profitable) operations of the former WGZ. The decline was mostly driven by the 532 million pre-tax loss contributed by DVB, after a 15 million positive contribution in H Notwithstanding this impact, DZ BANK's pre-provision income (before a 58 million one-off charge) in H1 217 remained robust at 1.4 billion, benefitting from higher core revenue, that is, net interest income (4.7%) and fee income (18.9%). DZ BANK's larger subsidiaries mostly contributed very healthy results. Sound funding structure and liquidity DZ BANK strongly benefits from its position within the cash-rich cooperative sector, and its low-risk funding structure strongly underpins the group's BCA. The bank has an effective centralised treasury function, which ensures access to funds and adequate structural funding of all subsidiaries. The group's funding structure improved somewhat in 216, as illustrated by its mildly higher level of customer deposits relative to its total assets and the bank's higher long-term ratio of 94% (215: 89%). DZ BANK's long-term ratio describes the degree of matched funding for assets with maturities above one year. Importantly, for its funding, DZ Group can rely on its continued access to the cooperative member banks' excess liquidity, which strongly mitigates the group's partial dependence on market funds. Of the 132 billion due to banks as of half-year 217, 52 billion, or 4%, was from fellow members in the cooperative sector. The bank's capital market instruments of 71 billion include 2 billion of covered bonds. The bank reported a large 54 billion pool of liquid securities as of June 217, of which 47 billion was unencumbered collateral eligible for the European Central Bank funding. The liquidity coverage ratio was strong at 135%. 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. The baa1 Liquid Resources score includes a downward adjustment for the encumbered portion of liquid assets. 5 2 February 218

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. Its 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 BCA, benefitting the bank's debt, deposit and subordinated instrument ratings. Loss Given Failure analysis In our Advanced LGF analysis, we consider the risks faced by the different debt and deposit classes across the liability structure in resolution. We assume residual TCE of 3% and post-failure losses of 8% of tangible banking assets, a 25% run-off in junior wholesale deposits and a 5% run-off in preferred deposits. These ratios are in line with our standard assumptions. We base our calculation on the assumption that deposits and complex structured notes are preferred to most senior unsecured debt instruments, in line with the German insolvency legislation that effectively subordinated senior bonds and notes to deposits in resolution as of January 217. Our LGF analysis is based on DZ BANK's balance sheet at the bank group level.» For DZ BANK's deposits and senior-senior unsecured debt, rated Aa1 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 senior unsecured debt issued by DZ BANK, rated Aa3 negative, our LGF analysis indicates a low loss given failure, leading to a one-notch uplift from the bank's a2 Adjusted BCA. We changed our positive outlook considerations because we no longer expect upward pressure on these ratings from a more favourable result of its Advanced Loss Given Failure.» For senior 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 Baa2(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 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 Although German banks operate in an environment of materially weakened prospects for financial assistance from the government, we maintain 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 modest 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 association, Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, in the unlikely event that the association cannot stem (or cannot provide quickly enough) the required support based on the sector's combined financial strengths. Counterparty Risk 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 6 2 February 218

7 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 Assessment is positioned at Aa1(cr)/P-1(cr) The bank's Aa1(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. 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. Rating methodology and scorecard factors Exhibit 3 DZ BANK AG Macro Factors Weighted Macro Profile Strong + Factor 1% Historic Macro Ratio Adjusted Score Credit Trend Assigned Score Key driver #1 Key driver #2 Solvency Asset Risk Problem Loans / Gross Loans 3.2% a3 Sector concentration Single name concentration Capital TCE / RWA 12.9% a3 baa1 Nominal leverage Capital retention Profitability Net Income / Tangible Assets.2% b1 baa3 Return on assets Expected trend Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets 58.6% b3 baa1 Market funding quality Extent of market funding reliance Liquid Resources Liquid Banking Assets / Tangible Banking Assets 52.4% aa2 baa1 Asset encumbrance Expected trend 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 baa3 baa1 Aaa baa1-baa3 -a2 Balance Sheet is not applicable. 7 2 February 218

8 Debt class Counterparty Risk Assessment Senior senior unsecured bank debt Deposits Senior unsecured bank debt Dated subordinated bank debt Instrument class Counterparty Risk Assessment Senior senior unsecured bank debt Deposits 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 aa2 (cr) aa aa a a3 Loss Given Failure notching Additional Preliminary Rating Assessment Notching aa2 (cr) aa2 aa2 a1 a3 Government Support notching Local Currency Rating Aa1 (cr) Aa1 Aa1 Aa3 A3 Foreign Currency Rating --Aa1 Aa3 A3 Source: Moody's Financial Metrics Ratings Exhibit 4 Category DZ BANK AG Outlook Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Issuer Rating Senior Unsecured Subordinate Commercial Paper -Dom Curr Other Short Term -Dom Curr Moody's Rating Stable(m) Aa1/P-1 a2 Aa1(cr)/P-1(cr) Aa3 Aa3 A3 P-1 (P)P-1 DZ BANK AG, NEW YORK BRANCH Commercial Paper P-1 Source: Moody's Investors Service 8 2 February 218

9 Endnotes 1 The ratings shown in this report are the bank's long-term deposit rating and outlook, the long-term senior unsecured debt rating and outlook, and the BCA. 2 The ratio refers to the Supervisory Review and Evaluation (SREP) Process, an annual exercise undertaken by the European Central Bank that results in a bank's SREP minimum capital requirements, or SREP ratio. 9 2 February 218

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It would be reckless and inappropriate for retail investors to use MOODY S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser. 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 appraisal and rating services rendered by it fees ranging from JPY2, to approximately JPY35,,. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. REPORT NUMBER 1 2 February

11 Contributors Katharina Barten Sr Vice President 11 2 February 218 CLIENT SERVICES Mark C Jenkinson Associate Analyst Americas Asia Pacific Japan EMEA