Page 1 Key changes relating to Credit Rating Agencies Changes to the ECAI status by January 2014 Key changes due to CRA III from issuer perspective 31 December 2013

Page 2 Changes in ECAI status CRD IV Package (Capital Requirements Directive and Regulation applicable to financial institutions in the EEA) was adopted in June 2013 and shall enter into force in January 2014 Key changes relating to External Credit Assessments Institutions (“ECAI”) are introduced: – all registered or certified CRAs to be automatically recognized ECAIs. The list of registered CRAs is available at ESMA’s website. – The ECAI status will be an EU wide one – Mapping of ratings to the 6 ECAI credit quality steps and to the 7 Solvency II steps should be available by July 2014

Page 3 PT 8 Number of ECAIs per country until December 2013 Source: European Banking Authority AT 4 BE 6 BG 3 CY 3 CZ 2 DE 7 DK 4 EE 3 EL 4 ES 4 FI 4 FR 7 HU 6 IE 5 IT 4 IT 4 LT 3 LU 5 LV 3 MT 3 NL 4 PL 3 RO 3 SE 4 SI 3 SK 3 UK 3 IC 3 NO 3 Number of ECAIs recognised across the whole European Economic Area from January 2014 onwards:

Page 4 CRA III: key points The latest amendment of the EU Regulation on Credit Rating Agencies (“CRA III”) entered into force on June 20 th, Key changes from an issuer perspective (for all market segments) are: – in case the issuer wants to mandate 2 CRAs, the issuer should consider engaging one small CRA (defined as having less than 10% market share). ESMA published on December 16 th, 2013 the corresponding list. Except Fitch, Moody’s and S&P, all other CRAs qualify as “small CRAs” – CRAs shall disclose on their website information about all entities or financial instruments submitted to it for their initial review of for preliminary rating ("Rating-shopping clause") – Civil liability (Article 35a)

Page 5 CRA III: Key changes for Structured finance issuers only – Minimum of 2 ratings (otherwise considered unrated) For Resecuritisation only: Rotation of CRAs every 4 years, but several exemptions Sovereign ratings – Calendar of unsolicited ratings, publication of ratings on Fridays – Review every 6 months Other provisions of CRA III shall enter into force only in 2015 (e.g. European Rating Platform; Structured Finance website)

Page 6 Appendix: EACRA Members Registered under the EU Regulation on CRAs (ECAIs from January 2014 onwards): Registered outside of the European Union Recognised as ECAI for their credit scoring until December 2013: Other Members: