COMPANY PROFILE

GLOBAL BANKING DECEMBER 7, 2010

Table of Contents:

COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED) 2 BUSINESS ACTIVITIES 3 DISTRIBUTION CAPACITY AND MARKET SHARE 5 OWNERSHIP AND STRUCTURE 6 COMPANY MANAGEMENT 8 COMPANY HISTORY 9 PEER GROUPS 11 RELATED WEBSITES AND INFORMATION SOURCES 11 MOODY’S RELATED RESEARCH 11

Analyst Contacts:

LONDON 44.20.7772.5454

Morten Damm 44.20.7772.1625 Vice President - Senior Analyst Morten.Damm@moodys.com

Janne Thomsen 44.20.7772.1659 Senior Vice President Janne.Thomsen@moodys.com

Simon Harris 44.20.7772.1576 Managing Director-Financial Institutions Simon.Harris@moodys.com

This report, exclusively provided to you by Moody’s, presents a convenient summary of as reported, publicly available information. The information is not adjusted for Moody’s analytic purposes. For Moody’s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody's Credit Opinion on this company, please [Click here].

SpareBank 1 Nord-Norge Tromsø, Norway

Company Overview

SpareBank 1 Nord-Norge is a leading regional savings bank in northern Norway and the ninth-largest bank in the country in terms of consolidated assets, as of 31 December 2009. Its consolidated assets totalled NOK65.9 billion (€8.3 billion) as of 30 June 2010.

SpareBank 1 Nord-Norge provides a range of banking products and services including finance, savings as well as insurance and payment transmission services to retail and corporate customers.

The bank is one of the founding members of the SpareBank 1 Alliance. The alliance is co-ordinated through SpareBank 1 Gruppen AS, a holding company owned collectively by Sparebank 1 Nord-Norge, SpareBank 1 SR-Bank, SpareBank 1 SMN, Sparebanken Hedmark, Samarbeidende Sparebanker (a group of 16 savings banks) and the Norwegian Confederation of Trade Unions and affiliated trade unions. SpareBank 1 Gruppen AS encompasses joint product companies (including fund management and life and non-life insurance businesses), joint marketing and the development of common IT and internet platforms.

The bank was established via a series of mergers between 1989 and 1992, starting with the merger of Sparebanken Nord and Tromsø Sparebank in 1989.

As of 30 June 2010, SpareBank 1 Nord-Norge’s ten largest equity certificate (EC) holders accounted for 20.6% of ECs issued by the bank. As of this date, Pareto Aksjer Norge was the largest holder, with a 5.78% stake. The bank’s ECs are listed on the Oslo Stock Exchange.

Note: Currency converted using exchange rate of NOK-€0.12616 as of 30 June 2010 Source: Company Reports (investor presentation June 10, financial statements June 10, annual report Dec 09 and Dec 07), www.oanda.com, Norwegian Financial Services Association, Moody’s research, www.oslobors.no

GLOBAL BANKING

2 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

Financial Highlights (as Reported)

Note: The financials presented below are those reported by the entity and are not adjusted for Moody’s analytic purposes. For Moody’s generated ratios on SpareBank 1 Nord-Norge, please see <SpareBank 1 Nord-Norge page on moodys.com>.

FIGURE 1

Latest Full-Year Results SpareBank 1 Nord-Norge

Nok Million 31-Dec-2009 31-Dec-2008 31-Dec-2007 % Change

09/08 % Change

08/07

NOK/€, Period end 0.12008 0.10087 0.12562

Total Assets 64,239 65,507 60,969 (1.94) 7.44

Total Shareholders' Equity 5,160 4,458 4,254 15.77 4.80

Shareholders' Equity excluding Minority Interest 5,157 4,452 4,245 15.84 4.88

Regulatory Capital 6,605 4,731 3,746 39.61 26.29

Tier 1 Ratio (%) 10.71 9.49 8.92 122 bps 57 bps

Net Income 859 350 707 145.43 (50.50)

Net Income Attributable to Equity Holders 858 348 703 146.55 (50.50)

Note: 1) Consolidated figures are considered

2) The bank reports “Regulatory Capital” as “Net Subordinated Capital”

Source: Company Report (annual report 09), www.oanda.com

FIGURE 2

Latest First-Half Results SpareBank 1 Nord-Norge

Nok Million 30-June-2010 30-June-2009 % Change 10/09

NOK/€, Period end 0.12616 0.11035

Total Assets 65,859 67,961 (3.09)

Total Shareholders' Equity 5,302 4,601 15.24

Shareholders' Equity excluding Minority Interest 5,302 4,599 15.29

Regulatory Capital 5,322 4,540 17.22

Tier 1 Ratio (%) 9.86 10.01 -15 bps

Net Income 406 286 41.96

Net Income Attributable to Equity Holders 406 286 41.96

Note: 1) Consolidated financials are considered

2) “Shareholders’ Equity excluding Minority Interest” has been calculated by deducting “Minority Interest” from “Shareholders’ Equity”

3) The bank reports “Regulatory Capital” as “Equity and Related Capital Resources”

Source: Company Reports (financial statements June 10), www.oanda.com

GLOBAL BANKING

3 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

Business Activities

SpareBank 1 Nord-Norge is a regional savings bank offering a range of banking products and services to retail and corporate customers. In addition, it provides various products and services either through its subsidiaries or the product companies within the SpareBank 1 Gruppen AS. Services include trading and asset management services (SpareBank 1 Nord-Norge Forvaltning ASA), leasing and secured financing facilities (SpareBank 1 Finans Nord-Norge AS), factoring (SpareBank 1 Factoring AS) and real estate brokerage (EiendomsMegler 1 Nord-Norge AS).

The bank organises its business activities through the following divisions: Retail Market, Corporate Market and SB1 Finans AS.

Retail Market: This division provides financing, products and services including deposits, loans and credit card and payment transmission services to retail customers. In addition, it offers savings and insurance products (life and non-life). Given SpareBank 1 Nord-Norge’s origins as a savings bank, the retail market is a core business for the bank. As of 31 December 2009, 62.0% of the bank’s total loans were to retail customers (excluding loans transferred to SpareBank 1 Boligkreditt).

Corporate Market: This division mainly provides services to corporates, primarily small & medium sized enterprises (SMEs) and public sector clients. It provides a range of financial solutions such as deposits and finance activities. Other facilities offered include securities trading, asset management, property management, investment management, pensions, liquidity management, insurance products, capital market services, foreign exchange services and real estate brokerage services. As of 31 December 2009, 38.0% of the bank’s total loans were to corporates.

SB1 Finans AS: This division includes leasing operations.

The “Unallocated” segment comprises the bank’s own investment activities and other activities that cannot be allocated to either the retail or corporate segments.

For the financial year ended 31 December 2009 (FYE December 2009), retail banking customer segment was the largest contributor to the bank’s net interest income (48.4%).1

Source: Company Reports (annual report Dec 09 and Dec 07, investor presentation June 10), Moody’s research

1 “Unallocated” items have been excluded due to their negative contribution.

GLOBAL BANKING

4 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

FIGURE 3

Business Segment (% of Net Interest Income, consolidated, for FYE December 2009)

Retail banking customers48.4%

Business customers43.7%

SB1 Finans AS7.9%

Note: “Unallocated” items have been excluded due to their negative contribution Source: Company Report (annual report Dec 09, Pg 52)

FIGURE 4

Pre-tax Profit per Business Segment (consolidated, in NOK million)

422

243

26

202

450

116

24

(97)

305

135

80

482

(100)(50)

0 50

100 150 200 250 300 350 400 450 500

Retail banking customers Business customers SB1 Finans AS Unallocated

2007 2008 2009

Source: Company Report (annual report Dec 09, Pg 52 and 53)

The bank’s gross loan portfolio (excluding loans transferred to Sparebank 1 Boligkreditt) according to sectors is as follows:

GLOBAL BANKING

5 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

FIGURE 5

SpareBank 1 Nord-Norge

Gross Loans By Sector (%) 31-Dec-09 31-Dec-08

Financing, property management and business services 15.1 15.7

Agriculture, forestry, fisheries, hunting and fish farming 5.3 5.3

Building and construction, power- and water supply 5.0 3.1

Other transport and communications 3.7 3.4

Wholesale and retail trade; hotel- og restaurant industry 2.8 3.7

Industry and mining 2.6 2.7

International shipping and pipeline transport 0.9 0.2

County municipalities and municipalities 0.4 0.6

Insurance, securities funds and other financial enterprises 0.3 0.2

Extraction of crude oil and natural gas 0.3 0.3

Government and social security administration – 0.6

Other service industries 1.6 1.8

Total corporate sector 38.0 37.5

Retail sector (domestic and international) 62.0 62.5

Gross Loans 100.0 100.0

Distribution Capacity and Market Share

SpareBank 1 Nord-Norge is a leading regional saving bank that operates mainly in northern Norway, including the regions of Finnmark, Troms, Nordland, and Svalbard. As of 30 June 2010, SpareBank 1 Nord-Norge operated through a network of 75 local branches (June 2009: 81).

In September 2010, SpareBank 1 Nord-Norge commenced its branch banking operations in Russia through the acquisition of 75% of North-West 1 Alliance Bank (NW1AB) in partnership with Bank Tavrichesky, which holds the remaining 25% stake. Bank Tavrichesky is the 11th-largest regional bank in North-Western Russia, mainly servicing medium-sized corporate customers. It is headquartered in St. Petersburg and has an office in Murmansk.

SpareBank 1 Nord-Norge also benefits from SpareBank 1 Alliance’s nationwide distribution network, comprising around 350 branches located throughout Norway.

In addition, the bank distributes its offering through a number of alternative channels including ATMs as well as telephone and internet banking.

SpareBank 1 Nord-Norge holds market shares of around 30% in lending and 35% in deposits in the three most northern counties in Norway.

As of 31 December 2009, SpareBank 1 Nord-Norge was the ninth-largest bank in Norway in terms of total consolidated assets. Based on consolidated financials as of 31 December 2009, the bank’s comparative position among the top ten banks in Norway is as follows:

GLOBAL BANKING

6 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

FIGURE 6

Comparative Position of Largest Norwegian Banks, as of 31 December 2009

Assets (In Nok Million)

1. DnB NOR Bank 1,615,999

2. Nordea Bank Norge 534,028

3. Fokus Bank 210,950

4. Handelsbanken 160,168

5. SpareBank 1 SR-Bank 124,909

6. Skandinaviska Enskilda Banken 104,542

7. Sparebanken Vest 97,661

8. SpareBank 1 Midt-Norge 84,542

9. SpareBank 1 Nord-Norge 64,239

10 .BNbank 47,549 Source: Company Reports (investor presentation June 10, financial statements June 10, annual report Dec 09), Norwegian Financial Services Association, Company data, http://pressesenter.sparebank1.no, Moody’s research

Ownership and Structure

As a Norwegian savings bank, SpareBank 1 Nord-Norge has a specific ownership structure, being an independent foundation with EC holders rather than shareholders or traditional owners. The main difference between ECs and shares is that ECs give ownership rights to specific parts of a bank’s capital. In addition, the governing bodies of a savings bank have a broader representation than a commercial bank. However, the amendments to the legislation in July 2009 have reduced the differences between ECs and shares.

The bank’s ECs are traded on the Oslo Stock Exchange (Stock code: NONG), which is regulated by Finanstilsynet. As of 30 June 2010, SpareBank 1 Nord-Norge had 17,912,073 ECs in issue. No single entity held more than 6% of ECs, with Pareto Aksjer Norge the largest holder, holding a 5.78% stake. As of the same date, the ten largest EC holders jointly accounted for 20.6% of ECs issued by the bank and the top 20 accounted for 28.1%.

GLOBAL BANKING

7 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

Organisational Structure (as of 30 June 2010)

Ownership Structure

As of 30 June 2010, SpareBank 1 Nord-Norge’s top 10 EC holders were as follows:

FIGURE 7

SpareBank 1 Nord-Norge

Top 10 Ec Holders Number % Held

Pareto Aksjer Norge 1,035,691 5.78

Pareto Aktiv 494,660 2.76

MP Pensjon 418,279 2.34

Frank Mohn AS 381,362 2.13

Tonsenhagen Forretningssentrum A/S 319,126 1.78

Framo Development AS 238,798 1.33

Euroclear Bank S.A 229,476 1.28

Grunnfond Invest AS 207,000 1.16

Sparebanken Rogalands Pensjonskasse 195,406 1.09

Forsvarets Personellservice 174,334 0.97

Government Support Programme

In 2008, the Norwegian government established a swap arrangement to allow banks to swap covered bonds for government bonds in order to support their liquidity. The swap arrangement amounted to NOK350 billion and was for maturities up to five years. SpareBank 1 Nord-Norge participated in the

SpareBank 1 Nord-Norge

SpareBank 1 Nord-Norge Invest ASA

100%

SpareBank 1 Finans 100%

EiendomsMegler 1 Nord-Norge AS

100%

Eiendomsdrift AS 100%

Nord-Norge Securities ASA

100%

Investment company

Leasing Factoring

Real estate brokerage

Commercial bank located in Oslo

Real estate management

Securities firm

SpareBank 1 Gruppen AS

19.5%

Product Companies

Systems Developments

Bank 1 Oslo AS 19.5%

Covered bond company (residential mortgages)

SpareBank 1 Næringskreditt AS

23.5%

Covered bond company (commercial real estate)

SpareBank 1 Boligkreditt AS

14.63%

BNbank ASA 23.5%

Commercial bank located in Oslo and Trondheim

SpareBank 1 Utvikling DA

17.74%

GLOBAL BANKING

8 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

government swap scheme through the alliance’s covered bond company, SpareBank 1 Bank Boligkreditt AS. Due to improved market conditions, this arrangement has now been phased out.

In February 2009, the government announced a crisis relief package whereby two new funds were established – one to provide core capital to Norwegian banks and another to invest in fixed-income securities issued by Norwegian banks and other corporates. The banks had until the end of September 2009 to apply for capital from the former: SpareBank 1 Nord-Norge has not applied for any capital.

Source: Company Reports (annual report Dec 09, financial statements June 10 and investor presentation June 10), Moody’s research, www.finanstilsynet.no, www.oslobors.no

Company Management

Company Directors Current Title Age Tenure

Hans Olav Karde Chief Executive Officer N/A 20

Oddmund Åsen Deputy Chief Executive Officer N/A 13

Rolf Eigil Bygdnes Senior Group General Manager, Chief Financial Officer N/A 5

Geir Andreassen Senior Group General Manager, Risk Management N/A 5

Board Of Directors Affiliation Age Tenure

Kjell Olav Pettersen Chairman of the Board of Directors; COOP Nord BA: Chief Executive Officer

N/A 4

Erik Sture Larre jr. Vice Chairman of the Board of Directors 48 N/A

Roar Dons Director N/A 2.5

Elisabeth Johansen Director N/A N/A

Ann-Christine Nybacka Director N/A 2.5

Pål Andreas Pedersen Director N/A 2.5

Anita Persen Director N/A N/A

Vivi Ann Pedersen Director (elected from the employees) N/A N/A

Gunnar Kristiansen Director (elected from the employees, deputy) N/A N/A

Note: Tenure represents years in current position

As a savings bank, SpareBank 1 Nord-Norge is required to have a supervisory board, an audit committee and a board of directors. Its statutory supervisory board comprises 40 members, who represent EC holders (16 members), county councils (4 members), depositors (12 members) and employees (8 members).

GLOBAL BANKING

9 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

Corporate Governance Structure

Source: Company Reports (annual report Dec 09 and Dec 07, financial statements June 10), Moody’s research, Company data

Company History

SpareBank 1 Nord-Norge (“Sparebanken Nord-Norge” before May 2008) was created via a series of mergers between 1989 and 1992, starting with the merger of Sparebanken Nord and Tromsø Sparebank in 1989 and the absorption of Nordkapp Sparebank and Sparebanken Nordland in 1991 and 1992, respectively. However, the bank’s roots can be traced back to 1836, with the establishment of Tromsø Sparebank.

In 1996 SpareBank 1 Nord-Norge co-founded the SpareBank 1 Alliance with three other Norwegian savings banks in response to increasing competitive pressures within the Norwegian banking sector. The alliance was later extended to include other members. The alliance is co-ordinated through SpareBank 1 Gruppen AS, which is collectively owned by SpareBank 1 SR-Bank, SpareBank 1 SMN, Sparebanken Nord-Norge, Samarbeidende Sparebanker AS, Sparebanken Hedmark and the Norwegian Confederation of Trade Unions (LO) and affiliated trade unions.

While there are no legally binding joint or several liability guarantees amongst members of the alliance, they have both commercial and moral obligations if another member is in distress. However, these are complex, with any member able to veto any decision concerning SpareBank 1 Gruppen AS, a jointly owned financial company of SpareBank 1 members. Members preferred an alliance to a merger in deference to each member savings bank’s strong local ties. In January 2004, a founding member, Sparebanken Vest, left the alliance.

In 2000, SpareBank 1 Gruppen acquired Vår Bank. Each member bank integrated operations with Vår Bank units within its own region, while Vår Bank’s operations in Oslo were maintained as a group branch, currently known as Bank 1 Oslo. In January 2010, Bank 1 Oslo was separated from

Supervising, Management and

Other Bodies

Supervisory Board

Independent Control Bodies

Control Committee

External Auditor

Internal Auditor

Main Board of Directors

Election Committee

Chief Executive Officer

Risk Management

GLOBAL BANKING

10 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

SpareBank 1 Gruppen AS and is now directly owned by the SpareBank 1 banks and the Norwegian Confederation of Trade Unions. SpareBank 1 Nord-Norge acquired 19.5% of the shares in Bank 1 Oslo.

In May 2008, SpareBank 1 Nord-Norge acquired 10% of Russia-based Bank Tavrichesky OJSC (Bank Tavrichesky).

In October 2008, SpareBank 1 Nord-Norge and other banks in the SpareBank 1 Alliance acquired Glitnir Bank ASA (renamed BNbank ASA in January 2009), one of the leading mortgage lenders in Norway, together with its subsidiary Glitnir Factoring (now part of SpareBank 1 Factoring AS) for a total of NOK300 million (€34.9 million). SpareBank 1 Nord-Norge acquired a 20% stake in Glitnir Bank ASA. The acquisition was approved by the authorities in December 2008. The ownership interest was further increased by 3.5% in September 2009.

In the fourth quarter of 2008, the bank entered into an agreement to sell its factoring business to SpareBank 1 Gruppen AS for up to NOK40 million (€4.0 million). The transaction was completed in March 2009 and its factoring subsidiary, SpareBank 1 Nord-Norge Factoring AS, was merged into Sparebank 1 Factoring AS.

In February 2009, SpareBank 1 Nord-Norge increased its stake in Hurtigruten ASA, a Norwegian travel industry company, to 15.3% from 8.7% by subscribing for 50.0 million shares in a share issue. Following Hurtigruten ASA’s subsequent share issue in March 2009 – in which SpareBank 1 Nord-Norge did not participate – the bank’s stake was reduced to 12.5%. In November 2009, the bank’s stake in Hurtigruten ASA was further reduced to 7.5% and, in the first quarter of 2010, the remaining shares were sold.

In continuation to the agreement signed with Bank Tavrichesky in May 2008, SpareBank 1 Nord-Norge completed the acquisition of a 75% stake in North-West 1 Alliance Bank (NW1AB) in September 2010.

Note: Currency converted using exchange rate of NOK-€ as of date of the event Source: Company Reports (annual report Dec 09 and 07, investor presentation Dec 08) Moody’s research, www.oanda.com, www.bnbank.no, www.hurtigruten.com, Company data

GLOBAL BANKING

11 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

Peer Groups

» Aktia Bank p.l.c.

» Länsförsäkringar Bank AB (publ)

» Ringkjøbing Landbobank A/s

» SpareBank 1 SMN

» SpareBank 1 SR-Bank

» Sparebanken Møre

» Sparebanken Øst

» Sparebanken Sør

» Sparebanken Vest

» Spar Nord Bank A/S

» Storebrand Bank

» Sydbank A/S

Related Websites and Information Sources

For additional information, please see:

» the company's website: www.snn.no

» the regulator’s website: www.finanstilsynet.no

» the central bank’s website: www.norges-bank.no

MOODY’S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s Related Research

Credit Opinion:

» SpareBank 1 Nord-Norge

Banking System Outlook:

» Norway, December 2009 (121542)

Research Guide:

» Norway, June 2009 (117781)

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available. All research may not be available to all clients.

GLOBAL BANKING

12 DECEMBER 7, 2010

COMPANY PROFILE: SPAREBANK 1 NORD-NORGE

Report Number: 129370

Author Soline Poulain

Production Associate Amanda Ealla

© 2010 Moody’s Investors Service, Inc. and/or its licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (“MIS”) CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody’s considers to be reliable, including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY’S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY’S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY’S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

MIS, 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 MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 “Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Any publication into Australia of this document is by MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. 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.