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 Limited (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.