Secondary Contact: Cihan Duran, Frankfurt (49) ; Related Criteria And Research

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1 Summary: DVB Bank SE Primary Credit Analyst: Bernd Ackermann, Frankfurt (49) ; Secondary Contact: Cihan Duran, Frankfurt (49) ; Table Of Contents Major Rating Factors Outlook CreditWatch Rationale Related Criteria And Research JANUARY 16, S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer on the

2 Summary: DVB Bank SE SACP bb- + Support +8 + Additional Factors 0 Anchor Business Position bbb+ Weak -2 ALAC Support 0 Issuer Credit Rating Capital and Earnings Weak -2 Risk Position Moderate -1 Funding Liquidity Average Adequate 0 GRE Support 0 Group Support +8 Sovereign Support 0 A+/Negative/A-1 Major Rating Factors Strengths: Weaknesses: Solid expertise and franchise in transport lending. Sound risk management and below-average risk appetite. Demonstrated ongoing support from 95% owner DZ BANK AG and, ultimately, from the German cooperative banking sector. Weaker strategic importance to and business integration with the German cooperative banking sector than core members. Rising credit losses from weak shipping markets, weakening capitalization for a concentrated risk profile. Significant cyclical credit risk from monoline business model as a pure transport-finance wholesale bank. JANUARY 16,

3 Summary: DVB Bank SE Outlook: Negative The negative outlook on DVB Bank SE reflects the potential that S&P Global Ratings might negatively reassess DVB Bank's strategic importance to the German cooperative banking sector and direct parent DZ BANK over the next months. We could lower our ratings on DVB Bank if we concluded that the attractiveness of its activities for DZ BANK were to erode sustainably. This might happen if DVB Bank went through a prolonged period of weak profitability due to high loan loss provisions on its shipping finance portfolio, or if future regulatory capital requirements were to structurally challenge DVB Bank's ability to earn its cost of capital. We would also monitor DZ BANK's preparedness to continue providing term funding to DVB Bank, and to maintain adequate regulatory capital levels at DVB Bank. A downward revision of DVB Bank's group status could prompt us to downgrade the bank by multiple notches considering the high level of support we currently factor into the ratings. However, we believe that the viability of DVB Bank's cyclical niche business model with dependence on wholesale funding relies on its firm integration within a large and financially sound banking group. We could revise our outlook on DVB Bank to stable if prospects for its operating profitability after loan loss provisions were to recover such that it would perform more in line with the DZ BANK group's return on equity. Alternatively, we might also take a positive rating action if DZ BANK were to more firmly integrate DVB Bank into its operations or provide capital support if needed. CreditWatch The following applies to senior unsecured debt ratings only. We placed our ratings on some of DVB Bank's senior unsecured debt instruments on CreditWatch negative pending our review of each instrument (see "Four German Banks On Watch Positive, Various Banks' Snr Unsecured Debt On Watch Developing Or Neg, Pending Notes Review," published Dec. 15, 2016, on RatingsDirect). We expect to resolve the CreditWatch placement within the first quarter of Upon resolution of the CreditWatch, we would likely lower, by one notch, our ratings on any instrument we reclassify as senior subordinated debt. We expect to affirm our ratings on any instrument that we continue to classify as senior unsecured debt. Rationale We base our ratings on DVB Bank on its membership in the German cooperative banking sector, including the sector's institutional protection scheme, and planned 100% full ownership and substantial funding support provided by its direct parent DZ BANK. Because we view DVB Bank as a highly strategic subsidiary, we derive our ratings on DVB Bank by deducting one notch from the 'aa-' group credit profile of the German cooperative banking sector. The resulting 'A+' long-term ratings is positioned eight notches above DVB Bank's stand-alone credit profile (SACP) of 'bb-'. The SACP reflects our view that the bank will remain a concentrated, purely wholesale bank in transport markets. We view DVB Bank's capital and earnings as weak despite adequate regulatory capital metrics because we expect that our JANUARY 16,

4 Summary: DVB Bank SE risk-adjusted capital (RAC) ratio (our measure of the bank's capital) will hover between 4.5% and 5.0% in the coming months. Our assessment of the bank's risk position as moderate is due to the prolonged weakness in global ship charter rates and ship prices, leading to rising defaults and lower recovery values in DVB Bank's biggest lending segment. Also, DVB Bank's loan portfolio is concentrated on the transportation market, even if the portfolio is well-diversified within this asset class. We consider the bank's funding to be average and liquidity adequate, mainly reflecting the ongoing support it receives from DZ BANK. Related Criteria And Research Related Criteria Group Rating Methodology - November 19, 2013 Banking Industry Country Risk Assessment Methodology And Assumptions - November 9, 2011 Banks: Rating Methodology And Assumptions - November 9, 2011 Quantitative Metrics For Rating Banks Globally: Methodology And Assumptions - July 17, 2013 Bank Capital Methodology And Assumptions - December 06, 2010 Revised Market Risk Charges For Banks In Our Risk-Adjusted Capital Framework - June 22, 2012 Commercial Paper I: Banks - March 23, 2004 Use Of CreditWatch And Outlooks - September 14, 2009 Banks: Methodology For Mapping Short- And Long-Term Issuer Credit Ratings For Banks - May 4, 2010 Bank Hybrid Capital And Nondeferrable Subordinated Debt Methodology And Assumptions - January 29, 2015 Bank Rating Methodology And Assumptions: Additional Loss-Absorbing Capacity -- April 27, 2015 Related Research Transport Finance Bank DVB Bank Outlook Revised To Negative On Potentially Lower Group Status; Affirmed At 'A+/A-1' - October 27, 2016 Banking Industry Country Risk Assessment: Germany September 7, 2016 DZ BANK AG Deutsche Zentral-Genossenschaftsbank - November 18, 2016 Four German Banks On Watch Positive, Various Banks' Snr Unsecured Debt On Watch Developing Or Neg, Pending Notes Review - December 15, 2016 Anchor Matrix Industry Risk Economic Risk a a a- bbb+ bbb+ bbb a a- a- bbb+ bbb bbb bbb a- a- bbb+ bbb+ bbb bbb- bbb- bb bbb+ bbb+ bbb+ bbb bbb bbb- bb+ bb bb - 5 bbb+ bbb bbb bbb bbb- bbb- bb+ bb bb- b+ 6 bbb bbb bbb- bbb- bbb- bb+ bb bb bb- b+ 7 - bbb- bbb- bb+ bb+ bb bb bb- b+ b bb+ bb bb bb bb- bb- b+ b bb bb- bb- b+ b+ b+ b b+ b+ b+ b b b- JANUARY 16,

5 Summary: DVB Bank SE Additional Contact: Financial Institutions Ratings Europe; JANUARY 16,

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