BayernLB ratings

Fitch Ratings Moody's
Grandfathered liabilities* AAA Aaa
Public Pfandbriefs AAA Aaa
Mortgage Pfandbriefs - Aaa
Long-term, unsecured A- (outlook stable) A1 (outlook negative)
Short-term, unsecured F1 P-1
Long-term, Derivative Counterparty / Counterparty Risk Assessment A- (dcr) Aa3 (cr)
Short-term, Counterparty Risk Assessment - P-1 (cr)
Long-term, Deposits A- Aa3 (outlook stable)
Short-term, Deposits F1 P-1
Profit participation rights - Baa3
Subordinated bonds BBB Baa2
Viability Rating/ BCA bbb+ baa3

* For liabilities incurred before 18 July 2001, guarantee obligation continues until maturity

Ratings for the Free State of Bavaria
Standard & Poor's Moody's
Long-term rating AAA Aaa