DZ BANK And German Cooperative Banking Sector Upgraded To 'AA-/A-1+' On Bank Criteria Change; Outlook Stable

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1 December 5, 2011 DZ BANK And German Cooperative Banking Sector Upgraded To 'AA-/A-1+' On Bank Criteria Change; Outlook Primary Credit Analyst: Harm Semder, Frankfurt (49) ; Secondary Contact: Markus Schmaus, Frankfurt (49) ; Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And Research Ratings List 1

2 DZ BANK And German Cooperative Banking Sector Upgraded To 'AA-/A-1+' On Bank Criteria Change; Outlook Overview Following a review of Germany's cooperative banking sector under Standard & Poor's revised bank criteria (published on Nov. 9, 2011), we have raised our ratings on the sector's core members, including central bank DZ BANK, to 'AA-/A-1+' from 'A+/A-1'. Our ratings on the sector's core members reflect our view of the sector's strong aggregate business position, strong capital and earnings, adequate risk position, above-average funding, and strong liquidity. We regard the sector as a cohesive economic group and expect to see solidarity support among member banks in a crisis. We do not factor in additional uplift for potential extraordinary government support. The stable outlook reflects our view that the ratings on Germany's cooperative banking sector are unlikely to change over the next one to two years, assuming continually robust credit metrics. We also believe that the solidarity support within the sector will remain unchanged. Rating Action As previously announced, on Dec. 5, 2011, Standard & Poor's Ratings Services raised its long- and short-term counterparty credit ratings on core members of Germany's cooperative banking sector, including its main central bank DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK) to 'AA-/A-1+' from 'A+/A-1'. The outlook on all entities is stable. At the same time, we raised various issue ratings on the debt instruments of DZ BANK and its subsidiaries. Rationale Standard & Poor's bases its ratings on core group members of Germany's cooperative banking sector, which, on aggregate, show a "strong" business position, "strong" capital and earnings, an "adequate" risk position, "above-average" funding, and "strong" liquidity, as our criteria define these terms. We assess the group credit profile (GCP) at 'aa-'. Under our bank criteria, we use our Banking Industry Country Risk Assessment economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating (ICR). Our anchor for a commercial bank operating only in Germany is 'a-', based on an economic risk score of '1' and an industry risk score of '3'. Our economic risk assessment reflects Germany's highly diversified and competitive economy and a lack of major economic imbalances. An export-led nation, Germany remains vulnerable to swings in global economies, trade flows, and capital market trends, however. Economic risk for the cooperative banking sector is, in our view, in line Standard & Poors RatingsDirect on the Global Credit Portal December 5,

3 with that of the anchor because almost all lending is in Germany. Industry risk benefits from Germany's extensive funding market and banks' domestic funding surpluses from low domestic credit growth and high savings rates. However, the sector's competitive dynamics result in relatively low profitability, which is fueled by significant disparities in the commercial targets and business and risk profiles of market players. We expect the sector to maintain its "strong" business position as the second largest financial services group in Germany. This is because we view the sector as somewhat less vulnerable than the industry risk score of '3' indicates. The sector comprises more than 1,100 local cooperative banks that service more than 30 million domestic customers. These banks have impressive market shares in traditional retail banking, which provide, in our view, superior business stability. The banks also have strong market positions in nonbank financial services through specialized sector entities. DZ BANK, the sector's main central bank, consolidates the specialized product providers, allowing the sector to offer a complete range of financial services, such as insurance, building-savings contracts, mutual funds, and leasing. However, in our view, limited strategic leadership and execution is a relative weakness for the sector relative to some mutual banking groups. We believe this weakens the sector's financial performance and its ability to respond to challenges (such as intense margin pressure and banks' high cost bases) or to strengthen its below-average position in domestic corporate banking. Our assessment of the sector's capital and earnings as "strong" reflects our expectation that the aggregate risk-adjusted capital (RAC) ratio (before diversification adjustments) will continue to improve. We anticipate that the aggregate RAC ratio could increase to about 12.0% by 2013 from about 10.5% at year-end We base this on the cooperative banks' good quality earnings, moderate growth potential, and ownership structures that support high earnings retention into capital. Distributing capital resources across the sector to support growth remains a challenge, however. For example, although the cooperative banks enjoy particularly strong capitalization, the RAC ratio for DZ BANK will likely remain moderate at less than 6%. We assess the sector's risk position as "adequate". In our opinion, German cooperative banks benefit from a favorable economic environment, their highly granular portfolios of retail and small and midsize enterprise clients, and moderate growth potential. However, decentralization means that the group lacks a harmonized risk management system and increases the complexity of managing larger members' exposures. Nevertheless, on the positive side, we see that DZ BANK is making progress in reducing risk from its international operations and oversized structured credit investments. The cooperative banking sector will likely maintain its "above-average" funding position and "strong" liquidity. We base this assessment on the sizable surplus liquidity of the majority of local cooperative banks. These banks' funding stems chiefly from retail deposits and they typically display loan-to-deposit ratios of about 70%. The excess funding is mainly channeled to the sector's two central clearing institutions, DZ BANK and WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank, increasing the clearing banks' liquidity. DZ BANK and WGZ BANK reinvest the funds in other businesses. Our ICR on the sector is equal to our assessment of the GCP. This reflects our view of the sector's aggregate creditworthiness and solidarity support, including its comprehensive protection scheme for member banks in an emerging stress scenario. The protection scheme is administered by the National Association of German Cooperative 3

4 Banks (Bundesverband der Deutschen Volksbanken und Raiffeisenbanken e.v.). We do not add an uplift to the GCP for potential extraordinary government support because we consider the local cooperative banks to have low systemic importance in Germany's banking industry. In addition, unlike some mutual banking groups, the German cooperative banking sector does not need to comply with regulatory requirements on a consolidated basis, which hampers supervision as well as the fungibility of capital and liquidity within the group. Our criteria state that subsidiaries or member banks we consider to have moderate or high systemic importance--like DZ BANK--would receive the higher indicative ICR resulting from our assessment of group support or government support. We raised the issue ratings on DZ BANK's nondeferrable senior subordinated debt to 'A+' from 'A-'. The reason for this is our view of sector support to maintain payments on these instruments. Nonetheless, we believe that Germany's legal and regulatory framework allows the authorities to instigate restructuring of a failing bank to the detriment of nondeferrable subordinated debtholders. We raised our issue ratings to 'A' (two notches below the ICR) from 'BBB+' on several hybrid capital instruments issued by DZ BANK Capital Funding Trust I (nominal 300 million) and DZ BANK Perpetual Funding Private Issuer (Jersey) Ltd. (two issues: nominal 290 million and nominal 210 million). The issue ratings reflect our view that the instruments absorb losses only after a broad earnings test (including management's discretion to reverse capital reserves), measured on unconsolidated balance sheet profits according to German generally accepted accounting principles. Moreover, we raised our issue ratings on DZ BANK's other outstanding hybrid capital instruments to 'A-' (three notches below the ICR) from 'BBB'. This reflects our view that the instruments absorb losses only after a narrow earnings test (excluding management's discretion to reverse capital reserves), measured on the consolidated net loss/gain before minority interest according to International Financial Reporting Standards. Outlook The stable outlook reflects our expectation that the ratings on Germany's cooperative banking sector are unlikely to change over the next one to two years. It also reflects our opinion that the solidarity support within the sector will remain unchanged. Although we currently anticipate a weakening of economic and financial market conditions globally, we believe that the sector's key credit metrics should remain more resilient and superior than the average for the German banking industry. We consider positive or negative rating actions unlikely at present as these would require more fundamental changes to the sector's strengths or weaknesses or to the economic and industry risk in Germany. A heightening of economic risk in Germany, gradual erosion of the sector's market position, a deterioration of its RAC ratio to less than 10%, or strategic shifts into higher-risk areas could have negative rating implications. Conversely, the successful execution of a holistic strategy to address the sector's traditional weaknesses--such as cost efficiency and its below-average market position in corporate and private banking--could have positive rating implications. Standard & Poors RatingsDirect on the Global Credit Portal December 5,

5 Ratings Score Snapshot Issuer Credit Rating AA- GCP aa- Anchor a- Business Position Strong (+1) Capital and Earnings Strong (+1) Risk Position Adequate (0) Funding and Liquidity Above average and Strong (+1) Support 0 GRE Support 0 Group Support 0 Sovereign Support 0 Additional Factors 0 Related Criteria And Research All articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated. Related criteria Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 Group Rating Methodology And Assumptions, Nov. 9, 2011 Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011 Related research Ratings On German Banks' Lower Tier 2 Sub Debt Lowered Due To Bank Restructuring Act; Other Debt Ratings Not Affected, Feb. 28, 2011 S&P Comments On Decision To Lower Ratings On German Banks' Lower Tier 2 Sub Debt Due To Bank Restructuring Act, Feb. 28, 2011 Ratings List Upgraded; Ratings Affirmed To From DZ BANK AG Deutsche Zentral-Genossenschaftsbank Counterparty Credit Ratings AA-//A-1+ A+//A-1 Senior Unsecured AA- A+ Subordinated A+ A- Short-Term Debt A-1+ A-1 Commercial Paper A-1+ A-1 DZ Bank Capital Funding Trust I Junior Subordinated A BBB+ 5

6 DZ Bank Capital Funding Trust II DZ Bank Capital Funding Trust III Junior Subordinated A- BBB DZ BANK Perpetual Funding Issuer (Jersey) Ltd. Preferred Stock A- BBB DZ BANK Perpetual Funding Private Issuer (Jersey) Ltd. Preferred Stock A BBB+ "Core" group members Upgraded To From Aachener Bank eg Abtsgmuender Bank -Raiffeisen- eg AKTIVBANK AG Allgaeuer Volksbank eg Kempten-Sonthofen Augusta-Bank eg Raiffeisen-Volksbank Bad Waldseer Bank eg BAG Bankaktiengesellschaft Bank 1 Saar eg Bank fuer Kirche und Caritas eg Bank fuer Sozialwirtschaft AG BANK IM BISTUM ESSEN eg Bankverein Bebra eg Bausparkasse Schwaebisch Hall AG Bayerische BodenseeBank -Raiffeisen- eg BBBank eg Bensberger Bank eg Berkheimer Bank eg Berliner Volksbank eg Bernhauser Bank eg Bielefelder Volksbank eg Birsteiner Volksbank eg Bopfinger Bank Sechta-Ries eg Brandenburger Bank Volksbank-Raiffeisenbank eg Bremische Volksbank eg Bruehler Bank eg Budenheimer Volksbank eg CB Bank GmbH Crailsheimer Volksbank eg Credit- und Volksbank eg Creglinger Bank eg Darmsheimer Bank eg Dettinger Bank eg AA-//A-1+ A+//A-1 Standard & Poors RatingsDirect on the Global Credit Portal December 5,

7 Deutsche Apotheker- und Aerztebank eg Deutsche WertpapierService Bank AG Dithmarscher Volks- und Raiffeisenbank eg DKM Darlehnskasse Muenster eg Dortmunder Volksbank eg Dresdner Volksbank Raiffeisenbank eg DZ BANK AG Deutsche Zentral-Genossenschaftsbank DZ PRIVATBANK S.A. DZ Bank Ireland PLC DZB Bank GmbH Echterdinger Bank eg Eckernfoerder Bank eg Volksbank - Raiffeisenbank EDEKABANK AG Ehinger Volksbank eg Ehninger Bank eg Emslaendische Volksbank eg Enztalbank eg Erfurter Bank eg Evangelische Darlehnsgenossenschaft eg Evangelische Kreditgenossenschaft eg Evenord-Bank eg-kg Federseebank eg Fellbacher Bank eg Foehr-Amrumer Bank eg Frankenberger Bank, Raiffeisenbank eg Frankfurter Volksbank eg Freiberger Bank eg Volks- und Raiffeisenbank Freisinger Bank eg Volksbank-Raiffeisenbank GenoBank DonauWald eg Genobank Mainz eg Genobank Rhoen-Grabfeld eg Genossenschaftsbank eg Muenchen Genossenschaftsbank Meckenbeuren eg Genossenschaftsbank Unterallgaeu eg Genossenschaftsbank Weil im Schoenbuch eg Genossenschaftsbank Wolfschlugen eg Geraer Bank eg Gladbacher Bank AG von 1922 GLS Gemeinschaftsbank eg Grafschafter Volksbank eg Gross-Gerauer Volksbank eg Volksbank Kurpfalz H+G Bank eg Hagnauer Volksbank eg Hallertauer Volksbank eg 7

8 Hamburger Volksbank eg Handels- und Gewerbebank Augsburg eg Hannoversche Volksbank eg HAUSBANK MUENCHEN eg Bank fuer Haus- und Grundbesitz Hegnacher Bank eg Heidelberger Volksbank eg Heidenheimer Volksbank eg Heinsberger Volksbank AG Huemmlinger Volksbank eg Huettenberger Bank eg Kasseler Bank eg Volksbank Raiffeisenbank Kerner Volksbank eg Kieler Volksbank eg Koelner Bank eg Korber Bank eg Kulmbacher Bank eg Raiffeisen-Volksbank Kurhessische Landbank eg Landbank Horlofftal eg VR-Bank Landsberg-Ammersee eg Leutkircher Bank - Raiffeisen - und Volkesbank eg levo Bank Vereinte Volksbanken Lebach Eppelborn eg LIGA Bank eg Loechgauer Bank eg Maerkische Bank eg Mainzer Volksbank eg Mendener Bank eg Muenchner Bank eg Norderstedter Bank eg Nordthueringer Volksbank eg Nufringer Bank -Raiffeisen- eg Onstmettinger Bank eg Ostfriesische Volksbank eg Ostharzer Volksbank eg Pax-Bank eg Pommersche Volksbank eg PSD Bank Berlin-Brandenburg eg PSD Bank Braunschweig eg PSD Bank Hannover eg PSD Bank Hessen-Thueringen eg PSD Bank Karlsruhe Neustadt eg PSD Bank Kiel eg PSD Bank Koblenz eg PSD Bank Koeln eg PSD Bank Muenchen eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

9 PSD Bank Nord eg PSD Bank Nuernberg eg PSD Bank Regensburg eg PSD Bank RheinNeckarSaar eg PSD Bank Rhein-Ruhr eg PSD Bank Westfalen-Lippe eg Quoniam Asset Management GmbH Raiffeisen Spar + Kreditbank eg Raiffeisen- und Volksbank Dahn eg Raiffeisenbank - Volksbank Hermsdorfer Kreuz eg Raiffeisenbank "Nahe" eg Raiffeisenbank Adelzhausen-Sielenbach eg Raiffeisenbank Aichhalden-Hardt-Sulgen eg Raiffeisenbank Aidlingen eg Raiffeisenbank Aiglsbach eg Raiffeisenbank Aindling eg Raiffeisenbank Aitrang-Ruderatshofen eg Raiffeisenbank Alsheim-Gimbsheim eg Raiffeisenbank Altdorf-Ergolding eg Raiffeisenbank Altdorf-Feucht eg Raiffeisenbank Alteglofsheim-Hagelstadt eg Raiffeisenbank Altertheim eg Raiffeisenbank Altschweier eg Raiffeisenbank Alxing-Bruck eg Raiffeisenbank Alzey-Land eg Raiffeisenbank am Dreisessel eg Raiffeisenbank Am Goldenen Steig eg Raiffeisenbank am Kulm eg Raiffeisenbank am Rothsee eg Raiffeisenbank Anger eg Raiffeisenbank Aresing-Hoerzhausen-Schiltberg eg Raiffeisenbank Arnstorf eg Raiffeisenbank Aschaffenburg eg Raiffeisenbank Aschau-Samerberg eg Raiffeisenbank Aschberg eg Raiffeisenbank Auerbach-Freihung eg Raiffeisenbank Augsburger Land West eg Raiffeisenbank Aulendorf eg Raiffeisenbank Bachgau eg Raiffeisenbank Bad Abbach-Saal eg Raiffeisenbank Bad Goegging eg Raiffeisenbank Bad Koetzting eg Raiffeisenbank Bad Saulgau eg Raiffeisenbank Bad Schussenried eg 9

10 Raiffeisenbank Bad Windsheim eg Raiffeisenbank Baisweil-Eggenthal-Friesenried eg Raiffeisenbank Bauschlott eg Raiffeisenbank Bechhofen eg Raiffeisenbank Beilngries eg Raiffeisenbank Berching-Freystadt-Muehlhausen eg Raiffeisenbank Berg-Bad Steben eg Raiffeisenbank Berghuelen eg Raiffeisenbank Beuerberg-Eurasburg eg Raiffeisenbank Bibertal eg Raiffeisenbank Bidingen eg Raiffeisenbank Biebergrund-Petersberg eg Raiffeisenbank Birkenfeld eg Raiffeisenbank Bissingen eg Raiffeisenbank Bobingen eg Raiffeisenbank Boellingertal eg Raiffeisenbank Bretzfeld-Neuenstein eg Raiffeisenbank Bruck eg Raiffeisenbank Buch-Eching eg Raiffeisenbank Buetthard-Gaukoenigshofen eg Raiffeisenbank Burgau eg Raiffeisenbank Burgebrach-Stegaurach eg Raiffeisenbank Burghaun eg Raiffeisenbank Butjadingen-Abbehausen eg Raiffeisenbank Cham-Roding-Furth im Wald eg Raiffeisenbank Chiemgau - Nord - Obing eg Raiffeisenbank Deggendorf-Plattling eg Raiffeisenbank Dellmensingen eg Raiffeisenbank Denzlingen-Sexau eg Raiffeisenbank Dietenhofen eg Raiffeisenbank Dietersheim und Umgebung eg Raiffeisenbank Donau-Heuberg eg Raiffeisenbank Donau-Iller eg Raiffeisenbank Donaumooser Land eg Raiffeisenbank Oberpfalz Sued eg Raiffeisenbank Eberhardzell-Ummendorf eg Raiffeisenbank Ebrachgrund eg Raiffeisenbank eg Heide Raiffeisenbank eg, Herxheim Raiffeisenbank eg Offenbach/M.- Bieber Raiffeisenbank eg Scharrel Raiffeisenbank eg Unterwesterwald Raiffeisen Privatbank eg Raiffeisenbank eg, Bad Bramstedt Standard & Poors RatingsDirect on the Global Credit Portal December 5,

11 Raiffeisenbank eg, Bargteheide Raiffeisenbank eg, Baunatal Raiffeisenbank eg, Calden Raiffeisenbank eg, Ebsdorfergrund Raiffeisenbank eg, Flieden Raiffeisenbank eg, Grossenlueder Raiffeisenbank eg, Gundelfingen Raiffeisenbank eg, Hagenow Raiffeisenbank eg, Handewitt Raiffeisenbank eg, Heinsberg Kaltenkirchener Bank eg Raiffeisenbank eg, Lauenburg Raiffeisenbank eg, Leezen Raiffeisenbank eg, Malchin Raiffeisenbank eg, Moormerland Raiffeisenbank eg, Niederwallmenach Raiffeisenbank eg, Owschlag Raiffeisenbank eg, Ratzeburg Raiffeisenbank eg, Rodenbach Raiffeisenbank eg, Rosdorf Raiffeisenbank eg, Seestermuehe Raiffeisenbank eg, Simmerath Raiffeisenbank eg, Struvenhuetten Raiffeisenbank eg, Todenbuettel Raiffeisenbank eg, Wolfhagen Raiffeisenbank Ehekirchen-Oberhausen eg Raiffeisenbank Ehingen-Hochstraess eg Raiffeisenbank Eichenbuehl und Umgebung eg Raiffeisenbank Elbmarsch eg Raiffeisenbank Elsavatal eg Raiffeisenbank Elztal eg Raiffeisenbank Emsland-Mitte eg Raiffeisenbank Emtmannsberg eg Raiffeisenbank Erding eg Raiffeisenbank Erkelenz eg Raiffeisenbank Erlenbach eg Raiffeisenbank Erlenmoos eg Raiffeisenbank Ersingen eg Raiffeisenbank Eschlkam-Lam-Lohberg-Neukirchen b. Hl. Blut eg Raiffeisenbank Eschweiler eg Raiffeisenbank Essenbach eg Raiffeisenbank Estenfeld-Bergtheim eg Raiffeisenbank Falkenstein-Woerth eg Raiffeisenbank Fischenich-Kendenich eg 11

12 Raiffeisenbank Flachsmeer eg Raiffeisenbank Floss eg Raiffeisenbank Fraenkisches Weinland eg Eschendorf-Sommerach-Nordheim Raiffeisenbank Frankenhardt-Stimpfach eg Raiffeisenbank Frankenwald Ost-Oberkotzau eg Raiffeisenbank Frankenwinheim und Umgebung eg Raiffeisenbank Frechen-Huerth eg Raiffeisenbank Freinsheim eg Raiffeisenbank Friedelsheim-Roedersheim eg Raiffeisenbank Fuchstal-Denklingen eg Raiffeisenbank Fuessen-Pfronten-Nesselwang eg Raiffeisenbank Gaimersheim-Buxheim eg Raiffeisenbank Gammesfeld eg Raiffeisenbank Garrel eg Raiffeisenbank Gefrees eg Raiffeisenbank Geiselhoering-Pfaffenberg eg Raiffeisenbank Geisenhausen eg Raiffeisenbank Geislingen-Rosenfeld eg Raiffeisenbank Aresing-Gerolsbach eg Raiffeisenbank Gilching eg Raiffeisenbank Gmund am Tegernsee eg Raiffeisenbank Gotha eg Raiffeisenbank Graevenwiesbach eg Raiffeisenbank Grafenwoehr-Kirchenthumbach eg Raiffeisenbank Grafschaft-Wachtberg eg Raiffeisenbank Grainet eg Raiffeisenbank Greding-Thalmaessing eg Raiffeisenbank Grevenbroich eg Raiffeisenbank Griesstaett-Halfing eg Raiffeisenbank Grimma eg Raiffeisenbank Grosshabersdorf-Rosstal eg Raiffeisenbank Gruibingen eg Raiffeisenbank Gymnich eg Raiffeisenbank Haag-Gars-Maitenbeth eg Raiffeisenbank Haibach-Obernau eg Raiffeisenbank Haldenwang eg Raiffeisenbank Hallbergmoos-Neufahrn eg Raiffeisenbank Hallertau eg Raiffeisenbank Hammelburg eg Raiffeisenbank Hardt-Bruhrain eg Raiffeisenbank Haunetal eg Raiffeisenbank Heidenheimer Alb eg Raiffeisenbank Heiligenstadt i. OFr. eg Raiffeisenbank Heilsbronn-Windsbach eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

13 Raiffeisenbank Hemau-Kallmuenz eg Raiffeisenbank Hengersberg-Schoellnach eg Raiffeisenbank Heroldsbach eg Raiffeisenbank Heroldstatt eg Raiffeisenbank Hersbruck eg Raiffeisenbank Herzogenaurach eg Raiffeisenbank Hiltenfingen eg Raiffeisenbank Hirschau eg Raiffeisenbank Hoechberg eg Raiffeisenbank Hoehenkirchen und Umgebung eg Raiffeisenbank Hofkirchen-Bayerbach eg Raiffeisenbank Hohenau-Mauth eg Raiffeisenbank Hollfeld-Waischenfeld-Aufsess eg Raiffeisenbank Holzheim eg Raiffeisenbank Holzkirchen-Otterfing eg Raiffeisenbank Horb eg Raiffeisenbank Ichenhausen eg Raiffeisenbank Iller-Roth-Guenz eg Raiffeisenbank Illertal eg Raiffeisenbank im Allgaeuer Land eg Raiffeisenbank im Kreis Calw eg Raiffeisenbank im Kreis Ploen eg Raiffeisenbank im Landkreis Passau-Nord eg Raiffeisenbank im Naabtal eg Raiffeisenbank im Oberland eg Raiffeisenbank im Stiftland eg Raiffeisenbank Ingersheim eg Raiffeisenbank Ingoldingen eg Volksbank Raiffeisenbank Bayern Mitte eg Raiffeisenbank Inkofen-Eggmuehl eg Raiffeisenbank Irrel eg Raiffeisenbank Isar-Loisachtal eg Raiffeisenbank Jettingen-Scheppach eg Raiffeisenbank Junkersdorf eg Raiffeisenbank Kaarst eg Raiffeisenbank Kaisersesch-Kaifenheim eg Raiffeisenbank Kaiserstuhl eg Raiffeisenbank Kalbe-Bismark eg Raiffeisenbank Kastellaun eg Raiffeisenbank Kehrig eg Raiffeisenbank Kemnather Land - Steinwald eg Raiffeisenbank Kempten eg Raiffeisenbank Kieselbronn eg Raiffeisenbank Ortenburg-Kirchberg v.w. eg 13

14 Raiffeisenbank Kirchheim-Walheim eg Raiffeisenbank Kirchweihtal eg Raiffeisenbank Kirtorf eg Raiffeisenbank Kissing-Mering eg Raiffeisenbank Kitzinger Land eg Raiffeisenbank Knoblauchsland eg Raiffeisenbank Kocher-Jagst eg Raiffeisenbank Koetz eg Raiffeisenbank Kraichgau eg Raiffeisenbank Krumbach/Schwaben eg Raiffeisenbank Kueps-Mitwitz-Stockheim eg Raiffeisenbank Kuerten-Odenthal eg Raiffeisenbank Langenschwarz eg Raiffeisenbank Lech-Ammersee eg Raiffeisenbank Lorup eg Raiffeisenbank Lutzerather Hoehe eg Raiffeisenbank Maitis eg Raiffeisenbank Marktheidenfeld eg Raiffeisenbank Massbach eg Raiffeisenbank Mecklenburger Seenplatte eg Raiffeisenbank Mehring-Leiwen eg Raiffeisenbank Mehrstetten eg Raiffeisenbank Mengkofen-Loiching eg Raiffeisenbank Mittelrhein eg Raiffeisenbank Mittenwald eg Raiffeisenbank Moetzingen eg Raiffeisenbank Moselkrampen eg Raiffeisenbank Much-Ruppichteroth eg Raiffeisenbank Muenchen-Nord eg Raiffeisenbank Muenchen-Sued eg Raiffeisenbank Mutlangen eg Raiffeisenbank Nattheim eg Raiffeisenbank Neudenau-Stein-Herbolzheim eg Raiffeisenbank Neumarkt i.d.opf. eg Raiffeisenbank Neumarkt-St. Veit - Niederbergkirchen eg Raiffeisenbank Neunkirchen am Brand eg Raiffeisenbank Neustadt (Sachs.) eg Raiffeisenbank Neustadt eg Raiffeisenbank Neustadt-Vohenstrauss eg Raiffeisenbank Niedere Alb eg Raiffeisenbank Noerdliche Bergstrasse eg Raiffeisenbank Nordkreis Landsberg eg Raiffeisenbank Nuedlingen eg Raiffeisenbank Oberallgaeu-Sued eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

15 Raiffeisenbank Oberaudorf eg Raiffeisenbank Oberer Wald eg Raiffeisenbank Oberes Buehlertal eg Raiffeisenbank Oberes Gaeu eg Raiffeisenbank Oberessendorf eg Raiffeisenbank Oberessfeld-Roemhild eg Raiffeisenbank Oberferrieden-Burgthann eg Raiffeisenbank Obergermaringen eg Raiffeisenbank Oberland eg Raiffeisenbank Obermain Nord eg Raiffeisenbank Grossostheim-Obernburg eg Raiffeisenbank Oberpfalz Sued eg Raiffeisenbank Oberschleissheim eg Raiffeisenbank Oberstenfeld eg Raiffeisenbank Oberteuringen eg Raiffeisenbank Oberursel eg Raiffeisenbank Ochsenfurt eg Raiffeisenbank Offingen eg Raiffeisenbank Oldenburg eg Raiffeisenbank Ortenburg eg Raiffeisenbank Ostprignitz-Ruppin eg Raiffeisenbank Ottenbach eg Raiffeisenbank Parkstetten eg Raiffeisenbank Parsberg-Velburg eg Raiffeisenbank Pasewalk-Strasburg eg Raiffeisenbank Pfaffenhausen eg Raiffeisenbank Pfaffenhofen a.d. Glonn eg Raiffeisenbank Pfaffenwinkel eg Raiffeisenbank Pfeffenhausen-Rottenburg eg Raiffeisenbank Plankstetten eg Raiffeisenbank Rain am Lech eg Raiffeisenbank Raisting eg Raiffeisenbank Rastede eg Raiffeisenbank Rattiszell-Konzell eg Raiffeisenbank Ravensburg eg Raiffeisenbank Regensburg-Wenzenbach eg Raiffeisenbank Regenstauf eg Raiffeisenbank Rehling eg Raiffeisenbank Reischach-Wurmannsquick-Zeilarn eg Raiffeisenbank Reute-Gaisbeuren eg Raiffeisenbank Rheinbach Voreifel eg Raiffeisenbank Rhein-Berg eg Raiffeisenbank Ried eg Raiffeisenbank Riedenburg-Lobsing eg 15

16 Raiffeisenbank Risstal eg Raiffeisenbank Roggenburg-Breithenthal eg Raiffeisenbank Ronshausen-Marksuhl eg Raiffeisenbank Rosenstein eg Raiffeisenbank Roth-Schwabach eg Raiffeisenbank RSA eg Raiffeisenbank Rupertiwinkel eg Raiffeisenbank Salzweg-Thyrnau eg Raiffeisenbank Sankt Augustin eg Raiffeisenbank Schaafheim eg Raiffeisenbank Schifferstadt eg Raiffeisenbank Schleusingen eg Raiffeisenbank Schoellkrippen und Umgebung eg Raiffeisenbank Schrobenhausen eg Raiffeisenbank Schrobenhausener Land eg Raiffeisenbank Schrozberg-Rot am See eg Raiffeisenbank Schwabmuenchen eg Raiffeisenbank Schwandorf-Nittenau eg VR-Bank Schweinfurt eg Raiffeisenbank Seebachgrund eg Raiffeisenbank Singoldtal eg Raiffeisenbank Sinzing eg Raiffeisenbank Sondelfingen eg Raiffeisenbank Sonnenwald eg Raiffeisenbank Sparneck-Stammbach-Zell eg Raiffeisenbank St. Wolfgang-Schwindkirchen eg Raiffeisenbank Stauden eg Raiffeisenbank Stegaurach eg Raiffeisenbank Steingaden eg Raiffeisenbank Steinheim eg Raiffeisenbank Straubing eg Raiffeisenbank Struecklingen-Idafehn eg Raiffeisenbank Suedhardt eg Raiffeisenbank Suedliches Ostallgaeu eg Raiffeisenbank suedoestl. Starnberger See eg Raiffeisenbank Suedstormarn eg Raiffeisenbank Sulzbach-Rosenberg eg Raiffeisenbank Tattenhausen-Grosskarolinenfeld eg Raiffeisenbank Taufkirchen-Oberneukirchen eg Raiffeisenbank Teck eg Raiffeisenbank Thalheim eg Raiffeisenbank Thannhausen eg Raiffeisenbank Thuengersheim eg Raiffeisenbank Thurnauer Land eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

17 Raiffeisenbank Toelzer Land eg Raiffeisenbank Torgau eg Raiffeisenbank Travemuende eg Raiffeisenbank Trendelburg eg Raiffeisenbank Trostberg-Traunreut eg Raiffeisenbank Tuengental eg Raiffeisenbank Tuerkheim eg Raiffeisenbank Uehlfeld-Dachsbach eg Raiffeisenbank Unteres Inntal eg Raiffeisenbank Unteres Vilstal eg Raiffeisenbank Unteres Zusamtal eg Raiffeisenbank Urbach eg Raiffeisenbank Vellberg-Grossaltdorf eg Raiffeisenbank Vilshofener Land eg Raiffeisenbank Vogelsberg eg Raiffeisenbank Volkach-Wiesentheid eg Raiffeisenbank Volkmarsen eg Raiffeisenbank von 1895 eg Raiffeisenbank Vorallgaeu eg Raiffeisenbank Vordere Alb eg Raiffeisenbank Vordersteinenberg eg Raiffeisenbank Waldaschaff-Heigenbruecken eg Raiffeisenbank Wald-Goerisried eg Raiffeisenbank Wallgau-Kruen eg Raiffeisenbank Wangen eg Raiffeisenbank Wegscheid eg Raiffeisenbank Weiden eg Raiffeisenbank Weil und Umgebung eg Raiffeisenbank Weilheim eg Raiffeisenbank Weissach eg Raiffeisenbank Weissacher Tal eg Raiffeisenbank Weissenburg-Gunzenhausen eg Raiffeisenbank Welling eg Raiffeisenbank Werratal-Landeck eg Raiffeisenbank Wesermarsch-Sued eg Raiffeisenbank Westallgaeu eg Raiffeisenbank Westeifel eg Raiffeisenbank Westhausen eg Raiffeisenbank Westkreis Fuerstenfeldbruck eg Raiffeisenbank Wiesbach eg Raiffeisenbank Wiesedermeer-Wiesede-Marcardsmoor eg Raiffeisenbank Wildenberg eg Raiffeisenbank Wimsheim-Moensheim eg Raiffeisenbank Wittislingen eg 17

18 Raiffeisenbank Wuestenselbitz eg Raiffeisenbank Wyhl eg Raiffeisenbank Zeller Land eg Raiffeisenbank Zirndorf eg Raiffeisenbank Zorneding eg Raiffeisenkasse Erbes-Buedesheim und Umgebung eg Raiffeisen-Volksbank Bad Staffelstein eg Raiffeisen-Volksbank Delmenhorst-Schierbrok eg Raiffeisen-Volksbank Dillingen eg Raiffeisen-Volksbank Donauwoerth eg Raiffeisen-Volksbank Ebern eg Raiffeisen-Volksbank Ebersberg eg RaiffeisenVolksbank eg Gewerbebank Raiffeisen-Volksbank eg, Aurich Raiffeisen-Volksbank eg, Schwabenheim VR-Bank Erlangen-Hoechstadt-Herzogenaurach eg Raiffeisen-Volksbank Fresena eg Raiffeisen-Volksbank Fuerth eg Raiffeisen-Volksbank Hassberge eg VR-meine Raiffeisenbank eg Raiffeisen-Volksbank Isen-Sempt eg Raiffeisen-Volksbank Kronach-Ludwigsstadt eg Raiffeisen-Volksbank Lichtenfels-Itzgrund eg Raiffeisen-Volksbank Miltenberg eg Raiffeisen-Volksbank Neuburg/Donau eg Raiffeisen-Volksbank Neustadt eg Raiffeisen-Volksbank Oder-Spree eg Raiffeisen-Volksbank Ries eg Raiffeisen-Volksbank Saale-Orla eg Raiffeisen-Volksbank Tuessling-Unterneukirchen eg Raiffeisen-Volksbank Varel-Nordenham eg Raiffeisen-Volksbank Wemding eg Rheingauer Volksbank eg Rosbacher Raiffeisenbank eg Rostocker Volks- und Raiffeisenbank eg Rottaler Raiffeisenbank eg Rottaler Volksbank-Raiffeisenbank eg Ruesselsheimer Volksbank eg RV - Bank eg RV Bank Rhein-Haardt eg Scharnhauser Bank eg Schleswiger Volksbank eg Volksbank Raiffeisenbank Spar- und Darlehnskasse Aegidienberg eg Spar- und Darlehnskasse Bockum-Hoevel eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

19 Spar- und Darlehnskasse Boerde Lamstedt-Hechthausen eg Spar- und Darlehnskasse Brachelen eg Spar- und Darlehnskasse eg, Friesoythe Spar- und Darlehnskasse Hoengen eg Spar- und Darlehnskasse Oeventrop eg Spar- und Darlehnskasse Reken eg Spar- und Darlehnskasse Schloss Holte-Stukenbrock eg Spar- und Darlehnskasse Stockhausen eg Spar- und Kreditbank des Bundes Freier evangelischer Gemeinden eg Spar- und Kreditbank eg, Hammah Spar- und Kreditbank eg, Karlsruhe Spar- und Kreditbank Evangelisch-Freikirchlicher Gemeinden eg Spar- und Kreditbank Hardt eg Spar- und Kreditbank Rheinstetten eg Sparda-Bank Augsburg eg Sparda-Bank Baden-Wuerttemberg eg Sparda-Bank Berlin eg Sparda-Bank Hamburg eg Sparda-Bank Hannover eg Sparda-Bank Hessen eg Sparda-Bank Muenchen eg Sparda-Bank Muenster eg Sparda-Bank Nuernberg eg Sparda-Bank Ostbayern eg Sparda-Bank Suedwest eg Sparda-Bank West eg Spar-u.Kredit-Bank eg, Gemuenden Spar-und Kreditbank Buehlertal eg Spar-und Kreditbank Dauchingen eg Spreewaldbank eg St. Wendeler Volksbank eg Stuttgarter Volksbank AG Sylter Bank eg TeamBank AG Nuernberg TEBA Kreditbank-GmbH & Co.KG Uhlbacher Bank eg Union Investment Institutional GmbH Union Investment Privatfonds GmbH Union Investment Service Bank AG Untertuerkheimer Volksbank eg VBU Volksbank im Unterland eg Vereinigte Genossenschafts- und Raiffeisenbank Westpfalz eg VR-Bank Westpfalz Vereinigte Raiffeisenbank Burgstaedt eg Vereinigte Raiffeisenbanken Graefenberg-Forchheim-Eschenau-Heroldsberg eg 19

20 Vereinigte Raiffeisenkassen eg, Weinsheim Vereinigte Volksbank AG, Sindelfingen Vereinigte Volksbank eg Limburg Vereinigte Volksbank eg, Telgte Vereinigte Volksbank eg, Wernigerode Vereinigte Volksbank Griesheim-Weiterstadt eg Vereinigte Volksbank Maingau eg Vereinigte Volksbank Raiffeisenbank eg, Wittlich Vierlaender Volksbank eg Volks- und Raiffeisenbank eg Leinebergland Volks- und Raiffeisenbank eg, Guestrow Raiffeisenbank Suedstormarn Moelln eg Volks- und Raiffeisenbank eg, Wismar Volks- und Raiffeisenbank Eisleben eg Volks- und Raiffeisenbank Fuerstenwalde Seelow Wriezen eg Volks- und Raiffeisenbank Muldental eg Volks- und Raiffeisenbank Prignitz eg Volks- und Raiffeisenbank Saale-Unstrut eg Volks- und Raiffeisenbank Zeitz eg Volksbank Achern eg Volksbank Aerzen eg Volksbank Ahlen-Sassenberg-Warendorf eg Volksbank Allgaeu-West eg Volksbank Altshausen eg Volksbank Alzey eg Volksbank am Ith eg Volksbank Amelsbueren eg Volksbank Ammerbuch eg Volksbank an der Niers eg Volksbank Anroechte eg Volksbank Arnsberg-Sundern eg Volksbank Aschaffenburg eg Volksbank Ascheberg-Herbern eg Volksbank Backnang eg Vereinigte Volksbank eg, Brakel Volksbank Bad Mergentheim eg Volksbank Bad Muender eg Volksbank Bad Salzuflen eg Volksbank Bad Saulgau eg Volksbank Baden-Baden*Rastatt eg Volksbank Bad-Oeynhausen-Herford eg Volksbank Baiersbronn eg Volksbank Bakum eg Volksbank Balingen eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

21 Volksbank Baumberge eg Volksbank Bautzen eg Volksbank Beckum eg Volksbank Beilstein-Ilsfeld-Abstatt eg Volksbank Benninghausen eg Volksbank Bergstrasse eg Volksbank Bigge-Lenne eg Volksbank Bitburg eg Volksbank Blaubeuren eg Volksbank Bocholt eg Volksbank Bochum Witten eg Volksbank Boenen eg Volksbank Boerde-Bernburg eg Volksbank Boerssum-Hornburg eg Volksbank Boesel eg Volksbank Bonn Rhein-Sieg eg Volksbank Bookholzberg-Lemwerder eg Volksbank Boppard eg Volksbank Brackenheim-Gueglingen eg Volksbank Bramgau-Wittlage eg Volksbank Brandoberndorf eg Volksbank Braunlage eg Volksbank Breisgau-Nord eg Volksbank Breisgau-Sued eg Volksbank Bremen-Nord eg Volksbank Brenztal eg Volksbank Brilon eg Volksbank Bruchsal-Bretten eg Volksbank Brueggen-Nettetal eg Volksbank Bruhrain-Kraich-Hardt eg Volksbank Buehl eg Volksbank Bueren und Salzkotten eg Volksbank Butzbach eg Volksbank Chemnitz eg Volksbank Clarholz-Lette-Beelen eg Volksbank Clenze-Hitzacker eg Volksbank Cloppenburg eg Volksbank Daaden eg Volksbank Dammer Berge eg Volksbank Darmstadt eg Volksbank Deisslingen eg Volksbank Delbrueck-Hoevelhof eg Volksbank Delitzsch eg Volksbank Demmin eg 21

22 Volksbank Dessau-Anhalt eg Volksbank Dettenhausen eg Volksbank Diepholz-Barnstorf eg Volksbank Dill eg Volksbank Dillingen eg Volksbank Dinslaken eg Volksbank Donau-Neckar eg Volksbank Dornstetten eg Volksbank Dorsten eg Volksbank Dortmund-Nordwest eg Volksbank Dreieich eg Volksbank Dreilaendereck eg Vereinigte Volksbank eg im Regionalverband Saarbruecken Volksbank Duennwald-Holweide eg Volksbank Dueren eg Volksbank Duesseldorf Neuss eg Volksbank Ebingen eg Volksbank eg Bad Laer-Borgloh-Hilter-Melle Volksbank eg Braunschweig Wolfsburg Volksbank eg Bremerhaven-Cuxland Volksbank eg Dransfeld Gross Schneen Hann. Muenden Staufenberg Volksbank eg Horb-Freudenstadt Volksbank Mindener Land eg Volksbank eg Mosbach Volksbank eg Westrhauderfehn Volksbank eg, Adelebsen Volksbank eg, Ahlerstedt Volksbank eg, Bassum Volksbank eg, Bechtheim Volksbank eg, Buedingen Volksbank eg, Dassel Volksbank eg, Elmshorn Volksbank eg, Eppertshausen Volksbank eg Fredenbeck-Oldendorf Volksbank eg, Gardelegen Volksbank eg, Grebenhain Volksbank eg, Koethen Volksbank eg, Konstanz Volksbank eg, Limbach Volksbank eg, Loeningen Volksbank eg, Nienburg Volksbank eg, Oldendorf Volksbank eg, Osterholz-Scharmbeck Volksbank eg, Pattensen Standard & Poors RatingsDirect on the Global Credit Portal December 5,

23 Volksbank eg, Sangerhausen Volksbank eg, Seesen Volksbank eg, Sottrum Volksbank eg, Steyerberg Volksbank eg, Sulingen Volksbank eg, Ueberlingen Volksbank eg, Verden (Aller) Volksbank eg, Villingen-Schwenningen Volksbank Mitte eg Volksbank Eifel Mitte eg Volksbank Einbeck eg Volksbank Eisbergen eg Volksbank Elsen-Wewer-Borchen eg Volksbank Elsterland eg Volksbank Eltville eg Volksbank Emmerich-Rees eg Volksbank Emstal eg Volksbank Emstek eg Volksbank Enger-Spenge eg Volksbank Enniger-Ostenfelde-Westkirchen eg Volksbank Erft eg Volksbank Erkelenz eg Volksbank Erle eg Volksbank Erzgebirge eg Volksbank Esens eg Volksbank Essen-Cappeln eg Volksbank Esslingen eg Volksbank Ettlingen eg Volksbank Euskirchen eg Volksbank Eutin Raiffeisenbank eg Volksbank Feldatal eg Volksbank Filder eg Volksbank Flein-Talheim eg Volksbank Forchheim eg Volksbank Franken eg Volksbank Freiberg und Umgebung eg Volksbank Freiburg eg Volksbank Friedrichshafen eg Volksbank Ganderkesee-Hude eg Volksbank Gebhardshain eg Volksbank Geest eg Volksbank Geeste-Nord eg Volksbank Gemen eg Volksbank Gescher eg 23

24 Volksbank Glan-Muenchweiler eg Volksbank Glatten-Wittendorf eg Volksbank GMHuette-Hagen-Bissendorf eg (GHB) Volksbank Goeppingen eg Volksbank Goettingen eg Volksbank Grafschaft Hoya eg Volksbank Greven eg Volksbank Grevenbrueck eg Volksbank Griesheim eg Volksbank Gronau-Ahaus eg Volksbank Guenzburg eg Volksbank Guetersloh eg Volksbank Haaren eg Volksbank Halle (Saale) eg Volksbank Halle/Westf. eg Volksbank Haltern eg Volksbank Hameln-Stadthagen eg Volksbank Hamm eg Volksbank Hamm/Sieg eg Volksbank Hankensbuettel-Wahrenholz eg Volksbank Harsewinkel eg Volksbank Haseluenne eg Volksbank Hegau eg Volksbank Heiden eg Volksbank Heilbronn eg Volksbank Heiligenstadt eg Volksbank Heimbach eg Volksbank Hellweg eg Volksbank Helmstedt eg Volksbank Herborn-Eschenburg eg Volksbank Herrenberg-Rottenburg eg Volksbank Heuberg eg Volksbank Heuchelheim eg Volksbank Hildesheim eg Volksbank Hildesheimer Boerde eg Volksbank Hochrhein eg Volksbank Hochwald-Saarburg eg Volksbank Hoechst a. M. eg Volksbank Hoerste eg Volksbank Hoerstel eg Volksbank Hohenlimburg eg Volksbank Hohenlohe eg Volksbank Hohenneuffen eg Volksbank Hohenzollern eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

25 Volksbank Holzheim eg Volksbank Hunsruck-Nahe eg Volksbank im Harz eg Volksbank im Maerkischen Kreis eg Volksbank Immenstadt eg Volksbank in Schaumburg eg Volksbank Jerichower Land eg Volksbank Jestetten eg Volksbank Jever eg Volksbank Kaiserslautern- Nordwestpfalz eg Volksbank Kamen-Werne eg Volksbank Karlsruhe eg Volksbank Kaunitz eg Volksbank Kehdingen eg Volksbank Kempen-Grefrath eg Volksbank Kierspe eg Volksbank Kinzigtal eg Volksbank Kirchheim-Nuertingen eg Volksbank Kirchhellen eg Volksbank Kirnau eg Volksbank Klettgau-Wutoeschingen eg Volksbank Kleverland eg Volksbank Koblenz Mittelrhein eg Volksbank Kraichgau eg Volksbank Krautheim e.g. Volksbank Krefeld eg Volksbank eg Darmstadt Kreis Bergstasse Volksbank Kur- und Rheinpfalz eg Volksbank Laer-Horstmar-Leer eg Volksbank Lahr eg Volksbank Laichinger Alb eg Volksbank Langendernbach eg Volksbank Langen-Gersten eg Volksbank Lastrup eg Volksbank Laupheim eg Volksbank Lauterbach-Schlitz eg Volksbank Lauterecken eg Volksbank Leipzig eg Volksbank Lembeck-Rhade eg Volksbank Lette-Darup-Rorup eg Volksbank Lindenberg eg Volksbank Lingen eg Volksbank Lippstadt eg Volksbank Loebau-Zittau eg 25

26 Volksbank Lohne-Muehlen eg Volksbank Ludwigsburg eg Volksbank Luebbecker Land eg Volksbank Luebeck eg Volksbank Luedenscheid eg Volksbank Luedinghausen-Olfen eg Volksbank Lueneburger Heide eg Volksbank Magdeburg eg Volksbank Magstadt eg Volksbank Mainspitze eg Volksbank Main-Tauber eg Volksbank Main-Taunus eg Volksbank Marl-Recklinghausen eg Volksbank Marsberg eg Volksbank Meerbusch eg Volksbank Meinerzhagen eg Volksbank Messkirch eg Raiffeisenbank Volksbank Metzingen-Bad Urach eg Volksbank Minden eg Volksbank Mitte eg Volksbank Mittelhessen eg Volksbank Mittleres Erzgebirge eg Volksbank Mittweida eg Volksbank Modau eg Volksbank Moeckmuehl-Neuenstadt eg Volksbank Moenchengladbach eg Volksbank Moessingen eg Volksbank Montabaur - Hoehr-Grenzhausen eg Volksbank Muelheim-Kaerlich eg Volksbank Muellheim eg Volksbank Muensingen Raiffeisen- und Volksbank eg Volksbank Muenster eg Volksbank Murgtal eg Volksbank Nagoldtal eg Volksbank Nahe-Schaumberg eg Volksbank Rhein-Nahe-Hunsruck eg Volksbank Neckar-Bergstrasse eg Volksbank Neckartal eg Volksbank Neuenkirchen-Voerden eg Volksbank Neu-Ulm eg Volksbank Niedergrafschaft eg Volksbank Niederrhein eg Volksbank Nordharz eg Volksbank Nordheide eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

27 Volksbank Nordhuemmling eg Volksbank Nordmuensterland eg Volksbank Nordoberpfalz eg Volksbank Nordschwarzwald eg Volksbank Nottuln eg Volksbank Oberberg eg Volksbank Oberharz eg Volksbank Ober-Moerlen eg Volksbank Ochtrup eg Volksbank Odenwald eg Volksbank Oelde-Ennigerloh-Neubeckum eg Volksbank Offenburg eg Volksbank Oldenburg eg Volksbank Olpe eg Volksbank Osnabrueck eg Volksbank Osnabruecker Nordland eg Volksbank Osterburg-Luechow-Dannenberg eg VR Bank Ostholstein Nord - Plon eg Volksbank Ostlippe eg Volksbank Oyten eg Volksbank Paderborn-Hoexter-Detmold eg Volksbank Peine eg Volksbank Petershagen eg Volksbank Pforzheim eg Volksbank Pfullendorf eg Volksbank Pirna eg Volksbank Plochingen eg Volksbank Raesfeld eg Volksbank Raiffeisenbank Bad Kissingen-Bad Brueckenau eg Volksbank Raiffeisenbank Dachau eg Volksbank Raiffeisenbank eg, Greifswald Volksbank Raiffeisenbank eg, Itzehoe Volksbank Raiffeisenbank eg, Neumuenster Volksbank Raiffeisenbank Eichstaett eg Volksbank Raiffeisenbank Fuerstenfeldbruck eg Volksbank Raiffeisenbank Ismaning eg Volksbank Raiffeisenbank Mangfalltal-Rosenheim eg Volksbank Raiffeisenbank Meissen Grossenhain eg Volksbank Raiffeisenbank Niederschlesien eg Volksbank Raiffeisenbank Nuernberg eg Volksbank Raiffeisenbank Oberbayern Suedost eg Volksbank Raiffeisenbank Schluechtern eg Volksbank Raiffeisenbank Starnberg-Herrsching-Landsberg eg Volksbank Raiffeisenbank Wuerzburg eg 27

28 Volksbank Randerath-Immendorf eg Volksbank Rathenow eg Volksbank Regensburg eg Volksbank Region Leonberg eg Volksbank Reiste-Eslohe eg Volksbank Stuttgart eg Volksbank Remscheid-Solingen eg Volksbank Remseck eg Volksbank Reutlingen eg Volksbank Rhede eg Volksbank RheinAhrEifel eg Volksbank Rheinboellen eg Volksbank Rheinduerkheim eg Volksbank Rhein-Lahn eg Volksbank Rhein-Lippe eg Volksbank Rhein-Ruhr eg Volksbank Rhein-Wehra eg Volksbank Rhein-Wupper eg Volksbank Riesa eg Volksbank Rietberg eg Volksbank Rot eg Volksbank Rottweil eg Volksbank Ruhr Mitte eg Volksbank Saaletal eg Volksbank Saarburg eg Volksbank Saarlouis eg Volksbank Saarpfalz eg Volksbank Saar-West eg Volksbank Saerbeck eg Volksbank Sandhofen eg Volksbank Sauerland eg Volksbank Schermbeck eg Volksbank Schlangen eg Volksbank Schmallenberg eg Volksbank Schnathorst eg Volksbank Schrobenhausen eg Volksbank Schupbach eg Volksbank Schwaebisch Gmuend eg Volksbank Schwanewede eg Volksbank Schwarzbachtal eg Volksbank Schwarzwald-Neckar eg Volksbank Seeheim-Jugenheim eg Volksbank Seligenstadt eg Volksbank Selm-Bork eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

29 Volksbank Senden eg Volksbank Seppenrade eg Volksbank Siegerland eg Volksbank Solling eg Volksbank Sprakel eg Volksbank Spree-Neisse eg Volksbank Sprockhoevel eg Volksbank Stade-Cuxhaven eg Volksbank Staufen eg Volksbank Stein Eisingen eg Volksbank Stendal eg Volksbank Stoermede eg Volksbank Stormarn eg Volksbank Straubing eg Volksbank Strohgaeu eg Volksbank Stutensee Hardt eg Volksbank Sued-Emsland eg Volksbank Suedheide eg Volksbank Suedkirchen-Capelle-Nordkirchen eg Volksbank Sulmtal eg Volksbank Tailfingen eg Volksbank Tecklenburger Land eg Volksbank Tettnang eg Volksbank Thuelen eg Volksbank Triberg eg Volksbank Trier eg Volksbank Trossingen eg Volksbank Tuebingen eg VR Bank Uckermark-Randow eg Volksbank Ueberherrn eg Volksbank Ueberwald- Gorxheimertal eg Volksbank Uelzen-Salzwedel eg Volksbank Ulm-Biberach eg Volksbank Ulrichstein eg Volksbank und Raiffeisenbank Eisenach eg Volksbank Untere Saar eg Volksbank Vallendar-Niederwerth eg Volksbank Vechelde-Wendeburg eg Volksbank Vechta eg Volksbank Versmold eg Volksbank Viersen eg Volksbank Vilshofen eg Volksbank Visbek eg Volksbank Vogtland eg 29

30 Volksbank Vorbach-Tauber eg Volksbank Wachtberg eg Volksbank Warburger Land eg Volksbank Weingarten eg Volksbank Stutensee-Weingarten eg Volksbank Weinheim eg Volksbank Welzheim eg Volksbank Olpe-Wenden-Drolshagen eg Volksbank Weschnitztal eg Volksbank Weserbergland eg Volksbank Westenholz eg Volksbank Westerkappeln-Wersen eg Volksbank Westerloh-Westerwiehe eg Volksbank Westerstede eg Volksbank Wetzlar-Weilburg eg Volksbank Wewelsburg-Ahden eg Volksbank Wickede (Ruhr) eg Volksbank Kraichgau Wiesloch-Sinsheim eg Volksbank Wildeshauser Geest eg Volksbank Wilferdingen-Keltern eg Volksbank Wilhelmshaven eg Volksbank Winsener Marsch eg Volksbank Wipperfuerth-Lindlar eg Volksbank Wissmar eg Volksbank Wittenberg eg Volksbank Wittgenstein eg Volksbank Wittingen-Kloetze eg Volksbank Wittlage eg Volksbank Wolfenbuettel-Salzgitter eg Volksbank Wolgast eg Volksbank Worms-Wonnegau eg Volksbank Worpswede eg Volksbank Wulfsen eg Volksbank Zuffenhausen eg Volksbank Zwickau eg Volksbank-Raiffeisenbank Amberg eg Volksbank-Raiffeisenbank Bayreuth eg Volksbank-Raiffeisenbank Deggingen eg Volksbank-Raiffeisenbank Dingolfing eg Husumer Volksbank eg Volksbank-Raiffeisenbank Glauchau eg Volksbank-Raiffeisenbank im Kreis Rendsburg eg Volksbank-Raiffeisenbank Naheland eg Volksbank-Raiffeisenbank Penzberg eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

31 Volksbank-Raiffeisenbank Riedlingen eg Volks-und Raiffeisenbank Neuwied-Linz eg VR Bank Bad Orb-Gelnhausen eg VR- Bank Bad Salzungen Schmalkalden eg VR Bank Bamberg eg Raiffeisen-Volksbank VR Bank Biedenkopf-Gladenbach eg VR Bank Burglengenfeld eg VR Bank Dinkelsbuehl eg VR Bank Dinklage-Steinfeld eg VR Bank eg Bergisch Gladbach VR Bank eg, Dormagen VR Bank eg, Niebuell VR Bank Flensburg-Schleswig eg VR Bank HessenLand eg VR Bank Hof eg VR Bank im Enzkreis eg VR Bank Kaufbeuren-Ostallgaeu eg VR Bank Kitzingen eg VR Bank Lausitz eg VR Bank Leipziger Land eg VR Bank Main-Kinzig-Budingen eg VR Bank Mittelhaardt eg VR Bank Muenchen Land eg VR Bank Oldenburg Land West eg VR Bank Pinneberg eg VR Bank Rhein-Mosel eg VR Bank Rhein-Neckar eg VR Bank Rosenheim-Chiemsee eg VR Bank Saarpfalz eg VR Bank Schwabisch Hall-Crailsheim eg VR Bank Steinlach-Wiesaz-Haerten eg VR Bank Suedliche Weinstrasse eg VR Bank Suedpfalz eg vr bank Suedthueringen eg VR Bank Untertaunus eg VR Bank Weimar eg VR Bank Westthueringen eg VR DISKONTBANK GmbH VR Genossenschaftsbank Fulda eg Volksbank Raiffeisenbank seit 1862 VR-Bank Aalen eg Volksbank Raiffeisenbank VR-Bank Alb eg VR-Bank Altenburger Land eg VR-Bank Asperg-Markgroeningen eg VR-Bank Bad Hersfeld-Rotenburg eg 31

32 VR-Bank Bonn eg VR-Bank Burghausen-Muehldorf eg VR-Bank Chattengau eg VR-Bank Coburg eg VR-Bank eg im Altkreis Bersenbrueck VR-Bank eg Schweinfurt Land VR-Bank eg, Regen VR-Bank eg, Schopfheim VR-Bank eg, Schwerin VR-Bank eg, Wuerselen VR-Bank Ellwangen eg VR-Bank Erding eg VR-Bank Feuchtwangen-Limes eg VR-Bank Fichtelgebirge eg VR-Bank Flaeming eg VR-Bank Freudenberg-Niederfischbach eg VR-Bank Gerolzhofen eg VR-Bank Hunsrueck-Mosel eg VR-Bank in Mittelbaden eg VR-Bank Landau eg VR-Bank Landshut eg VR-Bank Langenau-Ulmer Alb eg VR-Bank Lech-Zusam eg VR-Bank Mainz eg VR-Bank Memmingen eg VR-Bank Mittelsachsen eg VR-Bank Neu-Ulm/Weissenhorn eg VR-Bank Nordeifel eg VR-Bank NordRhoen eg VR-Bank Passau eg VR-Bank Pirmasens eg VR-Bank Rhein-Erft eg VR-Bank Rhein-Sieg eg VR-Bank Rhoen-Grabfeld eg VR-Bank Rothenburg o.d.tbr. eg VR-Bank Rottal-Inn eg VR-Bank Schwalm-Eder Volksbank Raiffeisenbank eg VR-Bank Spangenberg-Morschen eg VR-Bank Stromberg-Neckar eg VR-Bank Suedwestpfalz eg VR-Bank Taufkirchen-Dorfen eg VR-Bank Uffenheim-Neustadt eg Raiffeisen-Volksbank VR-Bank Vilsbiburg eg VR-Bank Weinstadt eg Standard & Poors RatingsDirect on the Global Credit Portal December 5,

33 VR-Bank Werra-Meissner eg VR-Bank Westmuensterland eg VR-Bank, Volks- und Raiffeisenbank im Landkreis Garmisch-Partenkirchen eg VR-meine Raiffeisenbank eg Waldecker Bank eg Weiseler Volksbank eg Westerwald Bank eg Volks- und Raiffeisenbank Wiesbadener Volksbank eg Winterbacher Bank eg Winterlinger Bank eg WL BANK AG Westfaelische Landschaft Bodenkreditbank Zevener Volksbank eg "Highly strategic" group members Upgraded To From Deutsche Genossenschafts-Hypothekenbank AG A+//A-1 A//A-1 DVB Bank SE A+//A-1 A//A-1 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) ; London Press Office (44) ; Paris (33) ; Frankfurt (49) ; Stockholm (46) ; or Moscow 7 (495) Additional Contact: Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com 33

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