Banco Sabadell, S.A.

CREDIT OPINION 7 September 16 Update Banco Sabadell, S.A. Semiannual Update Summary Rating Rationale Banco Sabadell's Baa/Prime- deposit ratings and its Ba1/Not Prime senior debt ratings, with a stable outlook, reflect (1) the bank's baseline credit assessment (BCA); () the uplift from our Advanced loss-given failure (LGF) analysis; and () one notch of uplift from our assumptions of moderate government support. Banco Sabadell's Counterparty Risk Assessment (CR Assessment) is established at Baa(cr)/Prime- (cr). RATINGS Banco Sabadell, S.A. Domicile Spain Long Term Debt Ba1 Type Senior Unsecured Dom Curr Long Term Deposit Baa Type LT Bank Deposits - Fgn Curr 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. Banco Sabadell's standalone BCA reflects the group's (1) "Strong-" Macro Profile which considers Banco Sabadell's mostly Spanish assets base but also its achieved diversification through the acquisition of TSB Banking Group plc (TSB; Baa/Baa negative, baa); () resilient revenue generation capacity aided by its Spanish SME franchise and acquisitive strategy over the past years; and () sound liquidity profile. The bank's BCA is constrained by its overall weak, albeit improving, asset-quality metrics and high weight of deferred tax assets (DTAs) on its capital, which results in a modest tangible common equity (TCE) ratio. Under Moody's Advanced LGF analysis, Banco Sabadell's long-term deposit and senior unsecured debt ratings take into account their very low and low loss-given-failure because of the group's high volume of subordinated and senior unsecured debt outstanding, leading to two notches and one notch of uplift, respectively, from the bank's adjusted BCA. Exhibit 1 Rating Scorecard - Key Financial Ratios Source: Moody's Financial Metrics

Credit Strengths» Sound brand name recognition and market positioning» Profitability should improve as asset risk pressures continue to ease» Sound liquidity profile Credit Challenges» Improving, albeit still weak, asset risk» Capital assessment constrained by the high weight of DTAs Rating Banco Sabadell's ratings have a stable outlook, reflecting our expectations that Spain's improved economic conditions will support the gradual improvement of the bank's credit fundamentals. The stable outlook also reflects our view that any deterioration at the level of TSB following UK's Brexit vote will be mitigated by the expected gradual recovery of Banco Sabadell's domestic operations. Factors that Could Lead to an Upgrade Upward pressure on Banco Sabadell's standalone BCA could be driven by (1) a further and sustained reduction in the stock of problematic assets; () a sustained improvement in core profitability metrics and/or () stronger capital assessment with higher TCE levels. Factors that Could Lead to a Downgrade Downward pressure could be exerted on the bank's standalone BCA if (1) a broad deterioration of its financial fundamentals hinders the bank's ability to preserve its solvency levels; () operating conditions worsen beyond Moody's current expectations (i.e. we expect Spain's GDP growth at.9% in 16 and % in 17); and/or () the bank's liquidity profile deteriorates significantly. As the bank's debt and deposit ratings are linked to the standalone BCA, any change to the BCA would likely also affect these ratings. Banco Sabadell's senior unsecured debt and deposit ratings could also change due to changes in the loss-given failure faced by these securities. Key Indicators Exhibit Banco Sabadell, S.A. (Consolidated Financials) [1] Total Assets (EUR million) Total Assets (USD million) Tangible Common Equity (EUR million) Tangible Common Equity (USD million) 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 (%) 66 15 14 1 1 Avg. 6,91.5 9,179.7 7,91 8,787.6 7.1 8. 78.7.7. 5.8.5 6,55 4,58 7,77.8 8,14.5 8. 7.6 89. 1.8..4 47. 4.5 16,9.8 194,78.5 5,49.9 6,5.7 1. 6.5 11. 1.5.4. 4. 5. 16,5.5 5,4.6 1,74,97.6 15.9. 16. 1... 5.4 6.1 161,547.1 1,98. 1,75.,87.7 11.6.1 17. 1.4 1.8.1 55.5 5.6 6.4 1.84 46.14 44 11.5 7.56 115.75 1.65.16.5 49.85 75 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 www.moodys.com for the most updated credit rating action information and rating history. 7 September 16

Liquid Banking Assets / Tangible Banking Assets (%) Gross loans / Due to customers (%) 18.4 11.8 19.1 116.6 19. 11.7 18. 11 19.9 17 195 118.5 [1] All figures and ratios are adjusted using Moody's standard adjustments [] Basel III - fully-loaded or transitional phase-in; IFRS [] Basel II; IFRS [4] Compound Annual Growth Rate based on IFRS reporting periods [5] IFRS reporting periods have been used for average calculation [6] Basel III - fully-loaded or transitional phase-in & IFRS reporting periods have been used for average calculation Source: Moody's Financial Metrics Detailed Rating Considerations SOUND BRAND NAME RECOGNITION AND MARKET POSITIONING Banco Sabadell has a good franchise value, underpinned by its position as Spain's fourth-largest banking group with EUR8 billion of total assets as of end-june 16 following a multi-year acquisition trail whereby it primarily acted as a consolidator when the Spanish banking market was under distress. The latest acquisition of TSB confirms Banco Sabadell's ambitions of becoming a more diversified, pan-european banking group. Banco Sabadell's acquisitive strategy, has enabled the bank to consolidate its market position within the Spanish market by holding a nationwide franchise of 7.8% market share in loans and 6.9% in deposits at end-december 15. In addition, the expansionary strategy has not translated into a severe deterioration of the bank's efficiency indicators. The group has demonstrated a strong ability to achieve targeted revenue and cost synergies from its acquisitions, which has enabled it to maintain reasonably good efficiency ratios despite the ongoing pressures in operating revenues. The integration of TSB in June 15, has enabled the bank to have a broader geographical diversification, which gives an overall Macro Profile of Strong - based on its asset distribution on a weighted average basis. In particular, Spain, which we assess as a Moderate + accounted for 79% of total assets as at end-june 16 and UK (Very Strong -) for 1%. IMPROVING, ALBEIT STILL WEAK, ASSET RISK One of the main factors constraining Banco Sabadell's rating is the Asset Risk score of b. Banco Sabadell s asset risk assessment is largely driven by its domestic operations characterized by the large albeit improving-- stock of problematic assets (non performing loans + foreclosed real estate assets). At end-june 16, Banco Sabadell displayed a NPL ratio of 7.1% (from 9.5% at end-june 15) when excluding 8% of the portfolio under the Asset Protection Scheme1. Despite the persisting high level of NPLs, we note positively the continued decline in the stock of NPLs in the Spanish portfolio. The coverage ratio (i.e., loan loss reserves [LLR] as a proportion of NPLs) remained broadly stable at 5.% by the end of June 16 and slightly below the system's average of 56.6%. In addition to NPLs, Banco Sabadell has other problematic exposures related to real estate assets that the bank acquired over the past few years. If these exposures are included, the non-performing asset ratio rises to 1.8%, which is high in absolute terms despite comparing favorably to the system's average (around 16% as at end-december 15, latest data available). We note positively that this ratio is also showing an improving trend, even when excluding the impact of TSB. Some deterioration is likely to occur in TSB s asset risk metrics as a result of the weaker macro environment in the UK, although we note that the NPL ratio was only.6% at year-end 15 as its core franchise mortgage book is of a high quality. Further pressure on Banco Sabadell s asset risk from an increased level of TSB bad loans should be offset by the positive trends in the domestic portfolio. CAPITAL ASSESSMENT CONSTRAINED BY THE HIGH WEIGHT OF DTAs We have assessed Banco Sabadell's Capital score at, deriving from Moody's adjusted TCE-to-risk weighted assets (RWA) ratio of 8.5% at end-june 16. This level is modest compared to European peers, and reflects the burden of DTAs on the bank's capital that mainly stem from the large provisioning requirements faced by the bank in recent years. Our more conservative capital assessment relative to regulators' capital ratios is primarily explained by (1) the fact that regulators do not deduct convertible DTAs from the capital base while we give benefit, as a capital component, to only a share of them; and () a more conservative risk weighting that we apply to the sovereign exposures compared to regulators' risk weighting of % (see Moody's 7 September 16

Adjustment to Increase the Risk Weightings of Sovereign Debt Securities in the Analysis of Banks: Frequently Asked Questions, published 18 September 1). As at end-june 16, Banco Sabadell reported a phased-in CET1 ratio of 11.9% and a fully loaded CET 1 ratio of 11.8%, which stands above the 9.5% prudential requirement prescribed by the European Central Bank. PROFITABILITY SHOULD IMPROVE AS ASSET RISK PRESSURES CONTINUE TO EASE We assess Banco Sabadell's Profitability score at a ba, one notch above the macro adjusted score of. This upward adjustment reflects our expectations that the bank will improve its profitability ratios underpinned by the sound growth of the Spanish economy and focus on the more profitable SME segment as well as by the improving asset risk trends. The integration of TSB took place on June 15, and therefore financial results as of end-june 16 are not fully comparable. TSB represented 4% of Banco Sabadell's net profit as of end-june 16. Despite this considerable contribution we do not expect a major impact on the group's profitability metrics following UK's Brexit vote. At end-june 16, Banco Sabadell reported a pre-provision profit of EUR1.5 billion, which excluding the impact of TSB reached EUR1. billion or the equivalent to a 4% decline year-on-year. This weaker performance of the domestic operations is explained by the lower trading gains, that at end-june 15 accounted for a high 8% of operating revenues, while this contribution declined to 17% at endjune 16. Despite the low interest rate environment and persisting subdued business volumes in Spain, Banco Sabadell displayed a 7.% increase of the net interest margin (49.5% increase including TSB) and a 1.9% growth in fee and commission income (15.% including TSB). The positive trend in recurring revenues was not sufficient to offset for the lower trading gains during the fist half of 16, but we already anticipated a decline in this revenue source given the high levels attained in 15. Loan loss provisions declined by 46.5% as a result of the decline in NPLs, which overall lead to a consolidated net profit of EUR47 million at end-june 16 (EUR81.7 million excluding TSB). Net profit (on annualized terms) represented.% of tangible assets a level that we expect should continue to improve on the back of sustainable pre-provision profit and lower provisioning costs. SOUND LIQUIDITY PROFILE We assess Banco Sabadell's liquidity as, based on is wholesale funding structure and stock of liquid assets. These ratios are calculated for Banco Sabadell excluding TSB based on our assessment that liquidity between the group and its subsidiary is not fungible and that the group intends to keep TSB's funding totally independent of its parent. According to our liquidity stress test, Banco Sabadell displays a net positive funding gap (as of end-june 16) with excess liquidity of around EUR1.8 billion (accounting for 6% of total assets) in the event that capital markets remain closed for a period of one year. The entity has EUR18. billion of liquid assets (equivalent to 8.8% of total assets as of end-june 16) that could be pledged with the ECB in case of need. Banco Sabadell reported a loan to deposit ratio of 1.% at end-june 16 (14.5% excluding TSB) and broadly stable relative to recent years. Wholesale debt (i.e. excluding ECB, REPOs and interbank funds), which represented 14.% of total funding at end-june 16, is mainly composed of mortgage covered bonds (48.% of the total), and to a lesser extent securitizations (.8%), commercial paper (1.%), subordinated debt (6.4%), senior debt (5.5%) and GGB (4.1%). The bank has tapped the wholesale funding markets during the first half of 16 by issuing covered bonds, securitizations, subordinated debt and senior debt. ECB funding stood at EUR1.7 billion at end-june 16, representing 5% of the bank's total assets and broadly in line with the Spanish system average. The bank reported a Liquidity Coverage Ratio (LCR) above 1% at end-june 16. Notching Considerations LOSS GIVEN FAILURE Banco Sabadell is subject to the EU Bank Resolution and Recovery Directive, which we consider to be an Operational Resolution Regime. We assume a residual TCE ratio of % and losses post-failure of 8% of tangible banking assets, a 5% run-off in junior wholesale deposits, a 5% run-off in preferred deposits, assign a 5% probability to deposits being preferred to senior unsecured debt and a 6% proportion of junior deposits. These metrics are in line with our standard assumptions. 4 7 September 16

For Banco Sabadell's deposits and senior unsecured debt, our Loss-Given Failure (LGF) analysis indicates a very low and low loss-givenfailure respectively for deposits and senior unsecured debt, which leads us to position Banco Sabadell's Preliminary Rating Assessment (PRA) two notches above the Adjusted BCA for deposits and one notch above the adjusted BCA for senior debt. Please refer to the Loss Given Failure and Government Support table at the bottom of the scorecard. GOVERNMENT SUPPORT We assign a moderate probability of government support for the fourth-largest bank in Spain, resulting in one notch of uplift for the deposit and senior debt ratings. 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 suffered in the event of default and () 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 (e.g., swaps), letters of credit, guarantees and liquidity facilities. The CR Assessment is positioned at Baa(cr). The CR Assessment, prior to government support,is positioned three notches above the Adjusted BCA of, based on the cushion against default provided to the senior obligations represented by the CR Assessment by subordinated instruments amounting to 1% of Tangible Banking Assets. The main difference with our Advanced LGF approach used to determine instrument ratings is that the CR Assessment captures the probability of default on certain senior obligations, rather than expected loss, therefore we focus purely on subordination and take 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 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. 5 7 September 16

Rating Methodology and Scorecard Factors Exhibit Banco Sabadell, S.A. Macro Factors Weighted Macro Profile Strong - Financial Profile Factor 6 1% Historic Macro Ratio Adjusted Score Credit Trend Assigned Score Key driver #1 Solvency Asset Risk Problem Loans / Gross Loans 11.1% b b Non lending credit risk Capital TCE / RWA 8.% Expected trend Profitability Net Income / Tangible Assets.% ba Expected trend Combined Solvency Score Liquidity Funding Structure Market Funds / Tangible Banking Assets b1 4.5% Liquid Resources Liquid Banking Assets / Tangible Banking Assets 19.1% Key driver # b1 baa Market funding quality Stock of liquid assets 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 baa Balance Sheet Other liabilities Deposits Preferred deposits Junior Deposits Senior unsecured bank debt Dated subordinated bank debt Junior subordinated bank debt Preference shares (bank) Senior unsecured holding company debt Dated subordinated holding company debt Junior subordinated holding company debt Preference shares (holding company) Equity Total Tangible Banking Assets in-scope (EUR) 5,14 11,19 8,761 9,49 5,9 1,6 % in-scope.% 7.6% 5.% 18.4%.6% at-failure (EUR) 46,759 11,645 79,57,7 5,9 1,6 % at-failure 9.% 6.4% 49.6% 1.8%.6% 96.1% 96.1% 4,88 16,74.% 1% 4,88 16,74.% 1% 7 September 16 Baa ba-b1

Debt class De jure waterfall De facto waterfall Notching LGF Assigned Additional Preliminary LGF notching Rating Instrument Sub- Instrument SubDe jure De facto notching guidance notching Assessment volume + ordination volume + ordination versus subordination subordination BCA Counterparty Risk Assessment 1.% 1.% 1.% 1.% baa (cr) Deposits 1.% 1.% 7.4% Senior unsecured bank debt 1.% 7.4% 1 1 ba Dated subordinated bank debt.1%.1% b1 Non-cumulative bank preference shares.1%.%.1%.% - caa1 (hyb) Instrument Class Counterparty Risk Assessment Deposits Senior unsecured bank debt Dated subordinated bank debt Non-cumulative bank preference shares Loss Given Failure notching 1 Additional Preliminary Rating notching Assessment - baa (cr) ba b1 caa1 (hyb) Government Local Currency rating Foreign Support notching Currency rating Baa (cr) Baa Baa 1 Ba1 - B1 - Caa1 (hyb) -- Source: Moody's Financial Metrics Ratings Exhibit 4 Category BANCO SABADELL, S.A. Bank Deposits Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Senior Unsecured -Dom Curr Senior Subordinate -Dom Curr Pref. Stock Non-cumulative -Dom Curr Moody's Rating Baa/P- Baa(cr)/P-(cr) Ba1 B1 Caa1 (hyb) TSB BANK PLC Bank Deposits -Dom Curr Baseline Credit Assessment Adjusted Baseline Credit Assessment Counterparty Risk Assessment Issuer Rating -Dom Curr Negative Baa/P- baa baa A(cr)/P(cr) Baa BANCO CAM Bkd Senior Unsecured -Dom Curr Baa CAM INTERNATIONAL ISSUES, SA SOCIEDAD UNIPERS Bkd Subordinate -Dom Curr B1 TSB BANKING GROUP PLC Issuer Rating -Dom Curr Subordinate -Dom Curr Negative Baa Baa CAM GLOBAL FINANCE, S.A. SOCIEDAD UNIPERSONAL Bkd Senior Unsecured -Dom Curr Ba1 BANCO SABADELL S.A., LONDON BRANCH Bank Deposits -Dom Curr Counterparty Risk Assessment 7 7 September 16 Baa/P- Baa(cr)/P-(cr)

Commercial Paper NP CAM GLOBAL FINANCE Bkd Senior Unsecured Ba1 Source: Moody's Investors Service 8 7 September 16

Endnotes 1 Excluding 8% of the portfolio covered by the Asset Protection Scheme (APS). At the time of the acquisition of Banco CAM by Banco Sabadell, an APS funded by the Deposit Guarantee Fund (FGD) was set up to cover 8% of the bank's exposure to toxic assets (a EUR 4.6 billion portfolio predominantly of real-estate) 9 7 September 16

16 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY, INC. AND ITS RATINGS AFFILIATES ("MIS") ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody's Publications. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody's Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,5 to approximately $,5,. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations Corporate Governance Director and Shareholder Affiliation Policy." Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 99 657AFSL 6969 and/or Moody's Analytics Australia Pty Ltd ABN 94 15 16 97 AFSL 8569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 1. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 1. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. 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. and 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 JPY, to approximately JPY5,,. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. REPORT NUMBER 14188 1 7 September 16