Obligation Aareal 4.25% ( DE000A1TNC94 ) en EUR

Aareal

100 % ▼

Allemagne

DE000A1TNC94 ( en EUR )

4.25% par an ( paiement annuel )

17/03/2026

Prospectus brochure de l'obligation Aareal DE000A1TNC94 en EUR 4.25%, échéance 17/03/2026

1 000 EUR

300 000 000 EUR

18/03/2025 ( Dans 157 jours )

L'Obligation émise par Aareal ( Allemagne ) , en EUR, avec le code ISIN DE000A1TNC94, paye un coupon de 4.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/03/2026

Prospectus
Aareal Bank AG
Federal Republic of Germany, Wiesbaden
as Issuer
Euro 300,000,000
Subordinated Callable Fixed Rate Reset Notes with
scheduled maturity in March 2026
Aareal Bank AG (the "Issuer") will issue on 18 March 2014 (the "Issue Date") EUR 300,000,000 subordinated
cal able fixed rate reset notes with scheduled maturity in March 2026 (the "Notes"). The Notes wil bear interest
from and including 18 March 2014 (the "Issue Date") to, but excluding, 18 March 2026 (the "Maturity Date").
From and including the Issue Date to but excluding 18 March 2021 (the "Call Redemption Date"), the Notes wil
bear interest at a rate of 4.25 per cent. per annum. Unless previously redeemed in accordance with § 5 of the
Conditions of Issue, from and including the Cal Redemption Date the Notes will bear interest, at a rate equal to
Five Year Euro Mid Swap Rate plus a margin of 2.90 per cent. per annum. Interest is payable annual y in arrear on
18 March of each year commencing on 18 March 2015.
This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of the Directive
2003/71/EC of the European Parliament and of the Council of 4 November 2003 as amended from time to time
(the "Prospectus Directive"). This Prospectus wil be published in electronic form together with al documents
incorporated by reference on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Prospectus
has been approved by the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg
(the "CSSF") in its capacity as competent authority under the Luxembourg law of 10 July 2005 relating to
prospectuses for securities, as amended (Loi du 10 juil et 2005 relative aux prospectus pour valeurs mobilières
the "Luxembourg Prospectus Law"), which implements the Prospectus Directive into Luxembourg law.
Application has been made for the Notes to be listed on the official list of the Luxembourg Stock Exchange and to
be admitted to trading on the regulated market of the Luxembourg Stock Exchange, which is a regulated market
for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on
Markets in Financial Instruments, as amended. The Issuer has requested the CSSF to provide the competent
authority in the Federal Republic of Germany and the Republic of Austria with a certificate of approval attesting
that the Prospectus has been drawn up in accordance with the Luxembourg Prospectus Law ("Notification").
Fitch Deutschland GmbH has assigned to the Issuer a long-term rating of A- and is expected to assign a rating of
BBB- to the Notes. A rating is not a recommendation to buy, sel or hold securities and may be subject to revision,
suspension or withdrawal at any time by the assigning rating organisation.
The Notes are issued in bearer form with a denomination of EUR 1,000 each.
The Notes have been assigned the fol owing securities codes: ISIN DE000A1TNC94,
Common Code 104637981, WKN A1TNC9.
Joint Lead Managers:
Deutsche Bank · DZ BANK AG · HSBC
The date of this Prospectus is 14 March 2014.

RESPONSIBILITY STATEMENT
Aareal Bank AG ("Aareal Bank", "Bank" or the "Issuer" and together with al of its affiliated companies within the
meaning of the German Stock Corporation Act (Aktiengesetz), the "Aareal Bank Group" or the "Group") with its
registered office in Wiesbaden, Germany, accepts responsibility for the information contained in and incorporated
by reference into this Prospectus including the English language translations of the Conditions of Issue and
hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained
in this Prospectus is, to the best of its knowledge, in accordance with the facts and does not omit anything likely
to affect its import.
The Issuer further confirms that (i) this Prospectus contains all information with respect to the Issuer and its
respective subsidiaries and affiliates and to the Notes which is material in the context of the issue and offering of
the Notes, including all information which, according to the particular nature of the Issuer and the Notes is
necessary to enable investors and their investment advisers to make an informed assessment of the assets and
liabilities, financial position, profits and losses, and prospects of the Issuer and of the rights attached to the
Notes; (i ) the statements contained in this Prospectus relating to the Issuer and the Notes are in every material
particular true and accurate and not misleading; (i i) there are no other facts in relation to the Issuer or the Notes
the omission of which would, in the context of the issue and offering of the Notes, make any statement in the
Prospectus misleading in any material respect; and (iv) reasonable enquiries have been made by the Issuer to
ascertain such facts and to verify the accuracy of al such information and statements.
As per Article 7(7) of the Luxembourg Prospectus Law, the CSSF gives no undertaking as to the economic or
financial soundness of the issue of the Notes or the quality and solvency of the Issuer.
NOTICE
No person is authorised to give any information or to make any representations other than those contained in this
Prospectus and, if given or made, such information or representations must not be relied upon as having been
authorised by or on behalf of the Issuer or the Joint Lead Managers (as defined in "SUBSCRIPTION AND SALE
OF THE NOTES"). Neither the delivery of this Prospectus nor any offering or sale of any Notes made hereunder
shal , under any circumstances, create any implication that there has been no change in the affairs of the Issuer
or any of its affiliates since the date of this Prospectus, or that the information herein is correct at any time since
its date.
This Prospectus contains certain forward-looking statements, in particular statements using the words "believes",
"anticipates", "intends", "expects" or other similar terms. This applies in particular to statements under the caption
"AAREAL BANK AG" and statements elsewhere in this Prospectus relating to, among other things, the future
financial performance, plans and expectations regarding developments in the business of the Issuer. These
forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that
may cause the actual results, including the financial position and profitability of the Issuer to be materially
different from or worse than those expressed or implied by these forward-looking statements. The Issuer does
not assume any obligation to update such forward-looking statements and to adapt them to future events or
developments.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any other
documents incorporated herein by reference.
To the fullest extent permitted by law, neither the Joint Lead Managers nor any other person mentioned in this
Prospectus, except for the Issuer, is responsible for the information contained in this Prospectus or any other
document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of any
relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and completeness of the
information contained in any of these documents. The Joint Lead Managers have not independently verified any
such information and accept no responsibility for the accuracy thereof.
Each investor contemplating purchasing any Notes should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer. This Prospectus does
not constitute an offer of Notes or an invitation by or on behalf of the Issuer or the Joint Lead Managers to
purchase any Notes. Neither this Prospectus nor any other information supplied in connection with the Notes
should be considered as a recommendation by the Issuer or the Joint Lead Managers to a recipient hereof and
thereof that such recipient should purchase any Notes.

- ii -

This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by anyone
in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to
make such offer or solicitation.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions are
restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer and the Joint
Lead Managers to inform themselves about and to observe any such restrictions. In particular, the Notes have
not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities
Act") and are subject to U.S. tax law requirements. Subject to certain limited exceptions, the Notes may not be
offered, sold or delivered within the United States of America ("United States") or to U.S. persons. For a further
description of certain restrictions on offerings and sales of the Notes and distribution of this Prospectus (or of any
part thereof) see "SUBSCRIPTION AND SALE OF THE NOTES".
IN CONNECTION WITH THE ISSUE OF THE NOTES, HSBC Bank plc (OR PERSONS ACTING ON ITS
BEHALF) MAY OVER-ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE
PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL.
HOWEVER, THERE IS NO ASSURANCE THAT HSBC Bank plc (OR PERSONS ACTING ON ITS BEHALF)
WILL UNDERTAKE STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN AT ANY TIME
AFTER THE ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES AND, IF
BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER OF 30
CALENDAR DAYS AFTER THE DATE OF THE RECEIPT OF THE PROCEEDS OF THE ISSUE BY THE
ISSUER AND 60 CALENDAR DAYS AFTER THE DATE OF THE ALLOTMENT OF THE NOTES. SUCH
STABILISING SHALL BE IN COMPLIANCE WITH ALL LAWS, DIRECTIVES, REGULATIONS AND RULES
OF ANY RELEVANT JURISDICTION.
In this Prospectus al references to "", "EUR" or "Euro" are to the currency introduced at the start of the third
stage of the European economic and monetary union, and as defined in Article 2 of Council Regulation (EC) No
974/98 of 3 May 1998 on the introduction of the Euro, as amended.

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TABLE OF CONTENTS

SUMMARY OF THE PROSPECTUS ............................................................................................................................. 1
GERMAN TRANSLATION OF THE SUMMARY ......................................................................................................... 17
RISK FACTORS .......................................................................................................................................................... 35
Risk Factors Relating to the Notes ................................................................................................................. 35
Risk Factors relating to Aareal Bank AG ....................................................................................................... 41
Risks relating to the Financial Crisis and the European Sovereign Debt Crisis ........................................ 43
RESPONSIBILITY STATEMENT ................................................................................................................................ 45
CONSENT TO USE THE PROSPECTUS ................................................................................................................... 46
USE OF PROCEEDS ................................................................................................................................................... 47
CONDITIONS OF ISSUE - GERMAN LANGUAGE VERSION ................................................................................... 48
CONDITIONS OF ISSUE - ENGLISH LANGUAGE VERSION ................................................................................... 56
AAREAL BANK AG .................................................................................................................................................... 63
Statutory Auditors ........................................................................................................................................... 63
Information about Aareal Bank AG ................................................................................................................ 63
General Information ........................................................................................................................................ 63
History and Development of Aareal Bank AG .............................................................................................. 63
Trend Information ........................................................................................................................................... 64
Recent Material Events ................................................................................................................................... 65
Business Overview .......................................................................................................................................... 71
Principal Activities .......................................................................................................................................... 71
Structured Property Financing ...................................................................................................................... 72
Consulting/Services ....................................................................................................................................... 72
Principal Markets ............................................................................................................................................. 72
Organisational Structure ................................................................................................................................. 73
Structured Property Financing Segment ...................................................................................................... 73
Consulting/Services Segment ....................................................................................................................... 74
Administrative, Management and Supervisory Bodies ................................................................................ 74
Overview .......................................................................................................................................................... 74
Management Board ......................................................................................................................................... 74
Supervisory Board .......................................................................................................................................... 75
Conflict of interests ........................................................................................................................................ 77
General Meeting .............................................................................................................................................. 77
Supervisory Authorities ................................................................................................................................. 78
Major Shareholders ......................................................................................................................................... 78
Share Capital .................................................................................................................................................... 78
Financial Information concerning Aareal Bank Group's Assets and Liabilities, Financial Liabilities,
Financial Position and Profits and Losses ................................................................................................... 78
Rating of the Issuer ........................................................................................................................................ 80

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No Legal or Arbitration Proceedings ............................................................................................................ 80
Significant Change in the Financial or Trading Position ............................................................................. 80
Material Contracts ........................................................................................................................................... 80
TAXATION ................................................................................................................................................................... 81
Taxation in Germany ....................................................................................................................................... 81
Taxation in Luxembourg ................................................................................................................................. 83
Taxation in the Republic of Austria ................................................................................................................ 85
EU Savings Directive ....................................................................................................................................... 87
SUBSCRIPTION AND SALE OF THE NOTES ........................................................................................................... 89
General.............................................................................................................................................................. 89
Total number of Notes ..................................................................................................................................... 89
Charges and costs relating to the purchase of Notes and the admission to trading ................................ 89
Selling Restrictions ......................................................................................................................................... 90
Public Offer Selling Restrictions under the Prospectus Directive, in the European Economic Area ..... 90
United States of America ............................................................................................................................... 90
Selling Restrictions Addressing Additional Luxembourg Securities Laws ............................................... 90
Selling Restrictions Addressing Additional United Kingdom Securities Laws ......................................... 91
GENERAL INFORMATION ......................................................................................................................................... 92
Authorisation and Issue Date ......................................................................................................................... 92
Clearing and Settlement .................................................................................................................................. 92
Ratings .............................................................................................................................................................. 92
Third party information.................................................................................................................................... 92
Interest of Natural and Legal Persons involved in the Issue ....................................................................... 92
Documents Incorporated by Reference ......................................................................................................... 92
Documents on Display .................................................................................................................................... 93
NAMES AND ADDRESSES ........................................................................................................................................ 94

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SUMMARY OF THE PROSPECTUS
Summaries are made up of disclosure requirements known as 'Elements'. These Elements are numbered in
Sections A E (A.1 E.7).
This Summary contains all the Elements required to be included in a summary for this type of securities and
Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short
description of the Element is included in the summary with the mention of 'not applicable'.
Section A Introduction and warnings
Element

A.1
Warnings
Warning that:
·
this Summary should be read as an introduction to the Prospectus;
·
any decision to invest in the Notes should be based on
consideration of the Prospectus as a whole by the investor;
·
where a claim relating to the information contained in the
Prospectus is brought before a court, the plaintiff investor might,
under the national legislation of the Member States, have to bear
the costs of translating the Prospectus, before the legal
proceedings are initiated; and
·
civil liability attaches only to the Issuer who has tabled the
Summary including any translation thereof, but only if the Summary
is misleading, inaccurate or inconsistent when read together with
the other parts of the Prospectus or it does not provide, when read
together with the other parts of the Prospectus, key information in
order to aid investors when considering whether to invest in the
Notes.
A.2
Consent to use the
Each Joint Lead Manager and/or each further financial intermediary
Prospectus
subsequently reselling or final y placing the Notes is entitled to use the
Prospectus for the subsequent resale or final placement of the Notes
until 18 March 2014 for the subsequent resale or final placement of the
Notes, provided however, that the Prospectus is still valid in accordance
with Article 11 of the Luxembourg law of 10 July 2005 relating to
prospectuses for securities, as amended (Loi relative aux prospectus
pour valeurs mobilières) which implements Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003 (as
amended by Directive 2010/73/EU of the European Parliament and of
the Council of 24 November 2010).
The Prospectus may only be delivered to potential investors together
with all supplements published before such delivery. Any supplement to
the Prospectus is available for viewing in electronic form on the website
of the Luxembourg Stock Exchange (www.bourse.lu).
When using the Prospectus, each Joint Lead Manager and/or each
relevant financial intermediary must make certain that it complies with all
applicable laws and regulations in force in the respective jurisdictions.

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Section B Aareal Bank as Issuer
Element

B.1
Legal and commercial
Aareal Bank AG is the legal name. Aareal Bank is the commercial name.
name of the Issuer
B.2
Domicile, legal form,
Aareal Bank AG is a German stock corporation (Aktiengesellschaft)
legislation, country of
incorporated and operated under the laws of and domiciled in the
incorporation
Federal Republic of Germany.
B.4b
Description of any
For the year 2014 a slight improvement of the global economic
known trends affecting
development is indicated. The future economic development is, however,
the Issuer and the
subject to significant uncertainties, e.g. in the case of a renewed
industries in which it
escalation of the European sovereign debt crisis. It can still not be ruled
operates
out that the financial and capital markets remain susceptible to shocks,
should the sovereign debt crisis escalate again. The trend towards a
tighter regulatory framework in the banking business is set to persist.
The development on the commercial property markets is influenced on
the one hand by the expected slight economic recovery and on the other
hand by high liquidity of investors. The burdens and uncertainties in the
economic environment have relevance for the commercial property
markets and lead in these markets to risks and uncertainties which could
have a negative impact on the development of property values and rents.
With a view to the financing markets for commercial properties Aareal
Bank estimates that the competition in Europe, North America and Asia
will remain intensive. The extension of the financing activities of non-
banks (e.g. of insurance companies) could increase the competition. In
general, the willingness of lenders to commercial real estate to accept
lower margins and higher LTVs (loan-to-value) is likely to grow.
Aareal Bank expects developments within the institutional housing
industry in Germany to remain stable for the remainder of the year.
Looking at the volume of deposits taken, Aareal Bank expects the
positive trend to continue. The Bank expects margins in the deposit-
taking business will continue to remain under pressure in 2014.
B.5
Description of the Group Aareal Bank AG is the parent company of Aareal Bank Group, which has
and the Issuer's position directly or indirectly equity interests in various companies. Aareal Bank
within the Group
Group's organisational structure follows its business structure. The Bank
is active in both business segments of Aareal Bank Group, Structured
Property Financing and Consulting/Services. In addition to its operative
business, Aareal Bank fulfills central group management functions for the
Aareal Bank Group.
In respect of the Structured Property Financing business segment the
key subsidiaries of Aareal Bank are Aareal Capital Corporation and
Aareal Bank Asia Limited as well as Aareal Estate AG and Aareal
Valuation GmbH.
In respect of the Consulting/Services segment business the key
subsidiaries of Aareal Bank are the Aareon Group, consisting of Aareon
AG as holding company of Aareon Group and its subsidiaries as well as
Aareal First Financial Solutions AG and Deutsche Bau- und
Grundstücks-AG.
B.9
Profit forecast or
Not applicable; no profit forecast or estimate is made.
estimate

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B.10
Qualifications in the
Not
applicable;
PricewaterhouseCoopers
Aktiengesellschaft
audit report on the
Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, issued unqualified
historical financial
auditor's reports on the consolidated financial statements of Aareal Bank
information
for the fiscal years ended on 31 December 2011 and 31 December 2012.
B.12
Selected historical key
The fol owing table shows an overview of selected historical key financial
financial information
information of Aareal Bank Group which has been extracted from the
respective audited consolidated financial statements prepared in
accordance with IFRS and from the respective audited group
management reports as of 31 December 2012 and 2011 as well as from
the unaudited condensed consolidated interim financial statement and
from the unaudited interim group management report as of
30 September 2013 of Aareal Bank:

1 Jan-
1 Jan-
1 Jan-
1 Jan-
30 Sep
30 Sep
31 Dec
31 Dec
2013
2012
2012
2011

mn
mn
mn
mn
Income

statement
Operating profit
140
130
176
185
Net income after
81
82
105
114
non-control ing
interests

Indicators

Cost/income ratio
39.6
43.2
40.9
43.9
(%)1)
Earnings per
1.35
1.38
1.75
2.11
share ()
RoE before taxes
7.4
7.1
7.2
8.3
(%)2)
RoE after taxes
4.8
5.1
4.8
5.7
(%)2)

30 Sep 2013
31 Dec 2012
31 Dec 2011

mn
mn
mn
Portfolio data

Property finance
23,775
23,304
23,986
of which: international
20,272
19,991
20,425
Equity
2,420
2,352
2,169
Total assets
43,352
45,734
41,814

Regulatory

indicators
Tier 1 ratio pursuant
18.2
16.7
16.3
to AIRBA3)
Total capital ratio
22.3
20.6
19.5
pursuant to AIRBA3)

1)
Structured Property Financing Segment only
2)
On an annualised basis
3)
Advanced International Ratings-Based Approach (AIRBA)

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A description of any
There has been no material adverse change in the prospects of Aareal
material adverse change Bank since 31 December 2012.
in the prospects of the
Issuer since the date of
its last published audited
financial statements

A description of
Save as disclosed in Section B.13 below, there has been no significant
significant changes in
change in the financial or trading position of Aareal Bank since
the financial or trading
31 December 2013.
position subsequent to
the period covered by
the historical financial
information
B.13
Recent Events
There are no recent material events in respect of the evaluation of the
solvency of Aareal Bank, except for the following:
In December 2013, Aareal Bank Group did acquire all of the shares of
Corealcredit Bank AG. A corresponding sale and purchase agreement
was signed on 22 December 2013, with the previous owner, a company
of US financial investor Lone Star. The purchase price amounts to EUR
342 million, subject to contractually agreed adjustments until the closing
date. According to planning, the transaction - which is subject to the
approval of the respective authorities and certain other conditions is
expected to be completed during the first half of 2014 but not before
31 March 2014.
On 19 February 2014, the Bank announced that the Management Board
and the Supervisory Board will propose to the Annual General Meeting of
Aareal Bank AG on 21 May 2014 to distribute a dividend of 0.75 per
share for the 2013 financial year.
On 20 February 2014, Aareal Bank announced unaudited figures for the
fourth quarter 2013 and for the ful year 2013 of the Aareal Bank Group.
The consolidated financial statements of Aareal Bank for the fiscal year
ended 31 December 2013 have not been approved yet by the
Supervisory Board of Aareal Bank and are planned to be published on
27 March 2014.
The consolidated operating profit of Aareal Bank Group increased in the
full year 2013 to 198 mil ion (2012: 176 mil ion). Consolidated
operating profit before taxes of 58 mil ion was achieved in the fourth
quarter of 2013. Consolidated net income climbed to 93 million for the
year as a whole (2012: 85 million), of which 27 mil ion was attributable
to the fourth quarter. The net interest income amounted to 527 million in
the full year 2013 (previous year: 486 million) and to 147 mil ion in the
fourth quarter (Q4/2012: 116 million). Allowance for credit losses was
recognised at 113 million (2012: 106 mil ion). New business reached
10.5 bil ion (2012: 6.3 bil ion).
The return on equity (RoE) of Aareal Bank before taxes rose to 8.0 per
cent in the 2013 financial year (2012: 7.2 per cent). Aareal Bank's Tier 1
ratio in accordance with the German Commercial Code (HGB) amounted
to 18.5 per cent as at 31 December 2013 (up from 16.7 per cent as at
year-end 2012). The core tier 1 ratio was 12.9 per cent (2012: 11.6 per
cent).

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B.14
Please read Element B.5 together with the information below

Dependence upon other
Not applicable; Aareal Bank is the parent company of the Aareal Bank
entities within the group Group.
B.15
A description of the
Aareal Bank is an international property bank that is listed in the Prime
Issuer's principal
Standard segment of the regulated market at the Frankfurt Stock
activities
Exchange. Aareal Bank AG is the parent company of Aareal Bank
Group, which concentrates on providing financing and consultancy
services, as well as other services to the property sector.
B.16
Controlling Persons
Not applicable; Aareal Bank is to its knowledge neither directly nor
indirectly owned in a manner that would al ow such owner to exercise a
controlling influence over Aareal Bank.
B.17
Credit ratings assigned
Fitch Deutschland GmbH ("Fitch")(1)(2), has assigned a long-term rating
to the Issuer and the
of A- to Aareal Bank and is expected to assign a rating of BBB- to the
Notes
Notes.(3)

(1) The European Securities and Markets Authority publishes on its website (www.esma.europa.eu/page/List-registered-and-
certified-CRAs) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated within
five working days fol owing the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European
Commission shal publish that updated list in the Official Journal of the European Union within 30 days fol owing such
update.
(2) Fitch is established in the European Community and is registered under Regulation (EC) No 1060/2009 of the European
Parliament and of the Council of 16 September 2009 on credit rating agencies, amended by Regulation (EC) No 513/2011
of the European Parliament and of the Council of 11 March 2011 (the "CRA Regulation").
(3) A credit rating assesses the creditworthiness of an entitiy and informs an investor therefore about the probability of the
entity being able to redeem invested capital. It is not a recommendation to buy, sel or hold securities and may be revised
or withdrawn by the rating agency at any time.

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