Initial/Preliminary Rating Disclosure

Disclosure in accordance with the requirements of point 6 of Section D of Annex I of Regulation (EC) No 1060/2009: Initial reviews or preliminary ratings provided on entities or debt instruments by A.M. Best Europe Rating Services Ltd. (AMBERS).

For the purpose of the public disclosures that are provided in accordance with point 6 of Section D of Annex I of the CRA Regulation, a CRA is understood as providing an initial review or a preliminary rating of an entity or debt instrument where all of the following conditions are met:

• i. a CRA provides a creditworthiness assessment in respect of an existing or proposed issuer or debt instrument;
• ii. the creditworthiness assessment is communicated using the same established and defined rating symbology as it would for a public credit rating (although a CRA may use a prefix or suffix to denote that the assessment differs from a credit rating); and,
• iii. the result of the creditworthiness assessment is not a public credit rating but provides an indication of the public credit rating the CRA would assign to the issuer or debt instrument if the CRA were to receive a mandate.