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I AGREE
Rating Action:

Moody's takes rating actions on Brazilian financial institutions

 The document has been translated in other languages

03 Oct 2013

Sao Paulo, October 03, 2013 -- Moody's Investors Service has today changed to stable, from positive, the outlook on the standalone bank financial strength ratings of three Brazilian financial institutions. Moody's also changed to stable, from positive, the outlook on the long-term global local currency deposit, issuer, and debt ratings of eight financial institutions. In addition, Moody's changed to stable, from positive, the outlook on the long-term global foreign currency deposit, senior and subordinated debt ratings of 10 financial institutions and their respective foreign branches.

These rating actions follow the change in outlook to stable, from positive, on Brazil's government bond ratings. Please refer to the press release "Moody's changes the outlook on Brazil's Baa2 sovereign rating to stable from positive" dated 2 October 2013.

Concurrently, Moody's has downgraded the long-term global deposit, issuer, and debt ratings of six financial institutions. Moody's reassessment of the level of the Brazilian government's capacity to provide systemic support to these banks in case of need is the main driver of these rating downgrades. The likelihood of such support is an important part of Moody's credit analysis, and it provides uplift to the ratings above that which would be implied by the banks' own financial strength. For the Brazilian banks, the downgrades bring the ratings closer in line with that of the government's own rating of Baa2. Moody's assigns ratings to 34 other banks in Brazil; their ratings were unaffected by these actions because they are already positioned below the rating of the sovereign.

In addition, Moody's has revised to negative, from stable, the outlook on the standalone bank financial strength rating of Banco do Brasil and has placed on review for downgrade the standalone bank financial strength rating, the long and short-term deposits and debt ratings of Banco Votorantim.

The outlooks on all remaining ratings assigned to these issuers and not included in this action remain unchanged.

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_159027 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

For additional information on bank ratings, please refer to the webpage containing Moody's related announcements.

RATINGS RATIONALE

CHANGE IN RATINGS OUTLOOK TO STABLE, FROM POSITIVE

The change in outlook to stable, from positive, on Brazilian banks' standalone bank financial strength ratings, long-term global local and foreign currency deposit and issuer ratings, and long-term foreign currency debt ratings, follows the change in outlook on Brazil's Baa2 sovereign ratings; the sovereign ratings constrain these banks' ratings. The standalone credit assessments of these banks remain unchanged.

The outlooks on the following Brazilian banks' standalone financial strength ratings were changed to stable, from positive:

- Banco Bradesco S.A.

- Itaú Unibanco S.A.

- Banco Itau BBA S.A.

The outlooks on the following financial institutions' long-term global local currency deposits and issuer ratings were changed to stable, from positive:

- Banco Bradesco S.A.

- Itaú Unibanco S.A.

- Banco Itau BBA S.A.

- Itaú Unibanco Holding S.A.

- Banco do Brasil S.A.

- Caixa Economica Federal

- Banco Safra S.A.

- BNDES -- Banco Nac. Desenvolv. Economico e Social S.A.

The outlook on the following financial institutions' long-term global foreign currency deposits, senior and/or subordinated debt ratings were changed to stable, from positive:

- Banco Bradesco S.A.

- Banco Bradesco S.A. -- Cayman Branch

- Banco Bradesco S.A. -- New York Branch

- Itaú Unibanco S.A.

- Itaú Unibanco S.A. -- Cayman Branch

- Banco Itau BBA S.A.

- Banco Itau BBA S.A. -- Nassau Branch

- Itaú Unibanco Holding S.A.

- Itaú Unibanco Holding S.A. -- Cayman Branch

- Banco do Brasil S.A.

- Banco do Brasil S.A. -- Cayman Branch

- Banco Nacional de Desenvolvimento Econômico e Social -- BNDES

- Caixa Econômica Federal

- HSBC Bank Brasil -- Banco Multiplo S.A.

- Banco Santander (Brasil) S.A.

- Banco Safra S.A.

- Banco Safra S.A. -- Cayman Branch

DOWNGRADE OF DEPOSIT AND DEBT RATINGS

Moody's lowered the long-term global deposit and debt ratings of six financial institutions from one to two notches to reflect the reassessment of the level of capacity of the Brazilian government to provide systemic support in case of need. The rating agency considers the government's capacity to provide systemic support to large banks to have weakened relative to prior years. Two factors are driving our reassessment:

1- The government's fiscal position has weakened, as evident in the deterioration of government debt indicators. These have been adversely affected by Treasury borrowings to fund public-sector bank lending equivalent to some 9% of GDP. At the same time, the government has relied on sizable dividend payouts by public-sector banks to meet its fiscal targets.

2- The growing size of the banking system, at 138% of Brazil's GDP as of June 2013, and of the public-sector banks in particular, which accounted for 51% of the system's loans, has increased the risk of systemic banking losses being realized. The robust expansion and larger presence of the public-sector banks have increased the potential size of contingent liabilities from the banking sector relative to the government's balance sheet.

Moreover, the deposit and debt ratings assigned to Banco do Brasil are now aligned to those of the sovereign, to more appropriately capture the correlation between their creditworthiness and that of Brazil's government.

Despite our reassessment of lower support capacity, Moody's ratings continue to incorporate a view that the likelihood systemic support of large Brazilian banks is very high. This view is underpinned by the broad array of financial and non-financial tools available to the regulatory authorities to support Brazilian banks, as well as the intrinsic strength of the banking system. Nevertheless, Moody's views the capacity of the government to support the nation's banks to have become more closely aligned with its own creditworthiness.

The reassessment of systemic support has led to a one-notch downgrade of the following financial institutions' supported ratings:

Long-term global local currency deposit ratings:

Banco Bradesco S.A.: to Baa1, from A3; stable outlook

Itau Unibanco S.A.: to Baa1, from A3; stable outlook

Banco Itau BBA S.A.: to Baa1, from A3; stable outlook

Banco Santander (Brasil) S.A.: to Baa2, from Baa1; stable outlook

Banco do Nordeste do Brasil S.A.: to Baa3, from Baa2; stable Outlook

Short-term global local currency deposit rating:

Banco do Nordeste do Brasil S.A.: to Prime-3, from Prime-2

Long-term global local currency issuer rating:

Itau Unibanco Holding S.A.: to Baa2, from Baa1; stable outlook

Long-term global foreign currency senior debt / programme rating:

Itau Unibanco Holding S.A.: to (P)Baa2, from (P)Baa1; stable outlook

Itau Unibanco Holding S.A. -- Cayman Branch: to (P)Baa2, from (P)Baa1; stable outlook

Itau Unibanco Holding S.A. -- Cayman Branch: to Baa2, from Baa1; stable outlook

Banco do Brasil S.A. : to (P)Baa2, from (P)Baa1; stable outlook

Banco do Brasil S.A. Cayman Branch: to (P)Baa2, from (P)Baa1; stable outlook

Banco do Brasil S.A. Cayman Branch: to Baa2, from Baa1; stable outlook

Banco Santander (Brasil) S.A.: to (P)Baa2, from (P)Baa1; stable outlook

Banco Santander (Brasil) S.A. Cayman Branch: to (P)Baa2, from (P)Baa1; stable outlook

Banco Santander (Brasil) S.A.: to Baa2, from Baa1; stable outlook

Banco Santander (Brasil) S.A. Cayman Branch: to Baa2, from Baa1; stable outlook

Banco do Nordeste do Brasil S.A.: to Baa3, from Baa2; stable Outlook

The following financial institution's supported ratings were downgraded by two notches as a result of the systemic support reassessment and alignment to the sovereign:

Long-term global local currency deposit rating:

Banco do Brasil S.A.: to Baa2, from A3; stable outlook

Foreign currency subordinated debt rating

Banco do Brasil S.A. -- Cayman Branch: to Baa3, from Baa1; stable outlook

Foreign currency junior subordinated debt rating

Banco do Brasil S.A. -- Cayman Branch: to Ba1(hyb), from Baa2(hyb); stable outlook

STANDALONE RATINGS

Moody's has revised its outlook on Banco do Brasil's standalone C- BFSR to negative from stable, to reflect the decline in the bank's tangible common equity capital ratio over the past year, as well as the potential for further reduction as risk-weighted assets continue to grow. Our assessment incorporates Banco do Brasil's credit growth expectations, at the mid-teen range or higher. In addition, Moody's has incorporated the risks associated to the high loan growth pace of last years, particularly as loans season in an environment of lower-than-expected domestic economic activity. Moody's noted that BB's adjusted non-performing loan formation remained somewhat stable over the last three quarters, whereas private bank competitors recorded an improvement. However, Moody's also acknowledges that most of the robust loan growth in the last years focused on lower risk credit segments.

In placing Banco Votorantim's ratings on review for downgrade, Moody's noted ongoing pressures on its capital base exerted by the continued losses reported by the bank on a quarterly basis as a result of higher provisioning expenses and narrowing margins. The recovery of profitability levels largely depends on a significant reduction of credit costs, which however, could be more difficult to achieve under a slower growth economy over the next few quarters. The bank's consolidated asset quality indicators have been steadily improving over the last two quarters, with the corporate segment remaining the main source of upward pressure. However, Moody's noted that the increase in non-performing loan formation in the last two quarters raises early signs of asset quality pressure, as it may delay the bank's reduction in loan loss provisions. In this sense, the maintenance of adequate capitalization is largely connected to the development of risk-weighted assets, which in turn will dictate the degree of profitability recovery necessary going forward.

Moody's recognizes Banco Votorantim's ability to enhance its liquidity by lengthening its funding base through the issuance of long-term banknotes. In addition, Moody's acknowledges that Banco do Brasil's ownership provides direct and indirect benefits to Banco Votorantim's asset and liability management.

The outlook on Banco do Brasil's standalone financial strength was changed to negative, from stable:

Bank financial strength rating of C-

The following ratings assigned to Banco Votorantim S.A. were placed on review for possible downgrade:

Bank financial strength rating: D+

Long and short-term global local currency deposit ratings: Baa2 and Pime-2

Long and short-term foreign currency deposit ratings: Baa2 and Prime-2

Long and short-term foreign currency senior unsecured debt ratings assigned to programme: (P)Baa2 and (P)Prime-2

Long-term foreign currency senior unsecured debt rating: Baa2

Long-term foreign currency subordinated debt rating: Baa3

The following ratings assigned to Banco Votorantim S.A. Nassau Branch were placed on review for possible downgrade:

Long and short-term foreign currency senior unsecured debt ratings assigned to programme: (P)Baa2 and (P)Prime-2

Long-term foreign currency senior unsecured debt rating: Baa2

INSURANCE SUBSIDIARIES RATINGS AFFIRMED; OUTLOOK ON GLOBAL RATINGS CHANGED TO STABLE FROM POSITIVE

Moody's affirmed Itaú Seguros' and Itaú Vida e Previdência's global local currency (GLC) insurance financial strength (IFS) ratings at Baa1 but changed the outlook for the Baa1 GLC ratings to stable from positive. The rating agency has also affirmed the companies' Aaa.br IFS ratings on the Brazilian national scale with a stable outlook. The rating actions of the insurance subsidiaries follow the rating downgrades of Itaú Unibanco S.A. and Itaú Holding S.A. (the insurers' ultimate parent companies) and the change in their outlooks to stable.

According to Moody's, Itaú Seguros' stand-alone credit profile continues to stand at Baa1. Conversely Itaú Vida e Previdência's stand-alone credit profile continues to stand at Baa2, considering the assessment of the insurer's very high investment exposure to Brazil sovereign bonds relative to its capital base. Because of Itaú Vida e Previdência's significant product and distribution integration with its banking affiliates, as well as its brand-sharing with the parent bank, Moody's insurance financial strength rating for the company reflects one notch of uplift from its stand-alone credit profile due to the parental ownership and support from Itaú Unibanco. The shift to a stable outlook - from positive - for both insurers primarily reflects the shift to a stable outlook at the parent companies.

The affirmation of the insurers' Aaa.br national scale IFS ratings, with a stable outlook, reflects the fact that their Baa1 GLC IFS ratings continue to map exclusively to the Aaa.br rating on the national scale.

METHODOLOGY USED & LAST RATING ACTIONS

The principal methodology used in rating Banco Bradesco, Banco do Brasil, Itau Unibanco, Banco Itau BBA, Banco Safra, Caixa Economica Federal, HSBC Bank Brasil Banco Multiplo, Banco Santander (Brasil), Banco Votorantim and Banco do Nordeste do Brasil was Moody's Global Banks methodology published on 31 May 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The principal methodology used in rating BNDES was Government-Related Issuers: Methodology Update published in July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The principal methodologies used in rating the insurance companies -- Itau Seguros and Itaú Vida e Previdência -are Moody's Global Methodology for Property and Casualty Insurers and Moody's Global Methodology for Life Insurers, both published in May 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Moody's National Scale Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".mx" for Mexico. For further information on Moody's approach to national scale ratings, please refer to Moody's Rating Methodology published in October 2012 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

The last rating action on Banco Bradesco S.A. was on 26 February 2013, when Moody's downgraded the foreign currency subordinated debt rating to Baa2, from Baa1, assigned to subordinated notes issued by Banco Bradesco S.A. acting through its Cayman Branch. All other ratings remained unchanged at that moment.

The last rating action on Itau Unibanco Holding S.A. was on 26 February 2013, when Moody's downgraded the foreign currency subordinated debt rating to (P)Baa3, from (P)Baa2, assigned to subordinated notes issued by Itaú Unibanco Holding S.A. acting through its Cayman Branch. All other ratings remained unchanged at that moment.

The last rating action on BFB Leasing S.A. Arrendamento Mercantil was on 26 February 2013, when Moody's downgraded the local currency subordinated debt rating to Baa2, from Baa1, assigned to existing subordinated debentures. Other ratings remained unchanged at that moment.

The last rating action on Dibens Leasing S.A. Arrendamento Mercantil was on 26 February 2013, when Moody's downgraded the local currency subordinated debt rating to Baa2, from Baa1, assigned to existing subordinated debentures. Other ratings remained unchanged at that moment.

The last rating action on Itaubank Leasing S.A. Arrendamento Mercantil was on 26 February 2013, when Moody's downgraded the local currency subordinated debt rating to Baa2, from Baa1, assigned to existing subordinated debentures. Other ratings remained unchanged at that moment.

The last rating action on Itau Unibanco S.A. was on 27 June 2012 when Moody's downgraded the bank's standalone bank financial strength (BFSR) and lowered the standalone baseline credit assessment (BCA) to C- and baa1, from B- and a1, and also downgraded the long-term global local currency (GLC) deposit rating to A3 from A1. This rating was placed on positive outlook. Other ratings remained unchanged.

The last rating action on Banco Itaú BBA S.A. was on 27 June 2012 when Moody's downgraded the bank's standalone bank financial strength (BFSR) and lowered the standalone baseline credit assessment (BCA) to C- and baa1, from B- and a1, and also downgraded the long-term global local currency (GLC) deposit rating to A3 from A1. This rating was placed on positive outlook. Other ratings remained unchanged.

The last rating action on Itaú Investimentos S.A. was on 27 June 2012 when Moody's downgraded the long-term local currency issuer rating to Baa2 from A3; as well as the issuer's local currency senior unsecured debt rating to Baa2 from A3. These ratings were placed on positive outlook.

The last rating action on Banco do Brasil S.A. was on 18 July 2013 when Moody's assigned a Baa1 foreign currency debt rating to the Euro-denominated 2018 senior unsecured notes issued by Banco do Brasil S.A. through its Grand Cayman Branch (BB Grand Cayman), under the existing US$5 billion Global Medium Term Note Program, rated (P)Baa1. Other ratings remained unchanged at that moment.

The last rating action on Banco Votorantim S.A. was on June 27, 2012, when the foreign currency deposit and baseline credit assessment ratings were downgraded to Baa2 from A3, and to baa3 from baa2, respectively.

The last rating action on BNDES was on 19 September 2013 when Moody's assigned a Baa2 foreign currency debt rating to 2016 and 2023 senior unsecured notes issued by BNDES. Other ratings remained unchanged at that moment.

The last rating action on BNDESPAR was on 20 March 2013 when Moody's downgraded the long-term global local currency issuer rating to Baa2, from A3, and its long-term global local currency senior unsecured debt rating to Baa2, from A3. The outlook on these ratings was positive, in line with the positive outlook on BNDES, which, in turn, was in line with the positive outlook on Brazil's government bond rating.

The last rating action on Banco Santander (Brasil) S.A. was on 4 June 2013 when Moody's assigned a Baa1 foreign currency senior unsecured debt rating to the 1.125% CHF 125,000,000 senior unsecured notes issued by Banco Santander (Brasil) S.A., acting through its Grand Cayman Branch. The notes are due June 2015 and were issued under the existing US$10 billion Global Medium Term Program rated (P)Baa1. The rating had a stable outlook.

The last rating action on Banco Safra S.A. was on 27 June 2012 when Moody's confirmed the bank's standalone bank financial strength (BFSR) of C- and lowered the standalone baseline credit assessment (BCA) to baa2, baa1. At the same time, Moody's downgraded the bank's long-term global local and foreign currency (GLC) deposit rating to Baa2 from Baa1. The foreign currency senior unsecured and subordinated debt ratings assigned to Banco Safra S.A. and to Banco Safra S.A. Cayman Branch were also downgrade to Baa2 and Baa3, respectively, from Baa1 and Baa2, respectively. These ratings were placed on positive outlook. Other foreign currency and national scale deposit ratings remained unchanged.

The last rating action on HSBC Bank Brasil Banco Multiplo S.A. was on 27 June 2012 when Moody's downgraded the bank's standalone bank financial strength (BFSR) and lowered the standalone baseline credit assessment (BCA) to C- and baa2, from C and a3. This rating was placed on stable outlook. Other ratings remained unchanged.

The last rating action on Caixa Economica Federal was on20 March 2013 when Moody's downgrade the bank's standalone bank financial strength (BFSR) to D, from D+, mapping to a lower baseline credit assessment (BCA) of ba2, from baa3. Moody's also downgrade the bank's local currency deposit rating to Baa2 from A3, and its foreign currency senior unsecured debt rating to Baa2 from Baa1. These ratings were placed on positive outlook in line with the outlook of Brazil's debt rating. Other ratings remained unchanged.

The last rating action on Banco do Nordeste do Brasil S.A. (BNB) was on 2 July 2012, when Moody's affirmed the all ratings assigned to BNB, including its unsupported bank financial strength (BFSR) of D, the long and short-term global local and foreign currency deposit and debt ratings of Baa2 and Prime-2, and the long-term and short-term Brazilian national scale deposit ratings of Aaa.br and BR-1, respectively. All ratings had a stable outlook.

The last rating action on Itaú Seguros and Itaú Vida e Previdência was on June 27, 2012, when Moody's downgraded Itaú Seguros´ and Itau Vida e Previdência´s global local currency (GLC) insurance financial strength (IFS) ratings to Baa1 (positive outlook) from A2 (review down) and affirmed the companies' Aaa.br/Stable rating on the Brazilian national scale.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Ceres Lisboa
VP - Senior Credit Officer
Financial Institutions Group
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Maria Celina Vansetti-Hutchins
MD - Banking
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's America Latina Ltda.
Avenida Nacoes Unidas, 12.551
16th Floor, Room 1601
Sao Paulo, SP 04578-903
Brazil
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Moody's takes rating actions on Brazilian financial institutions
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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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