Rating

• Ratings for unguaranteed liabilities *
• Ratings for guaranteed liabilities issued on or before 18 July 2005
• Financial Power
• Ratings for the Free State of Bavaria
• Support Rating
• Sustainability

Ratings for unguaranteed liabilities *

	Fitch Ratings	Moody's
Long-term	A+	Baa1
Outlook	stable	stable
Short-term	F1+	P-2
Subordinated debt	BBB+	Ba2
Participation right (BLB37M)	-	Caa1
Hybrid Tier I	CCC	Caa2
Mortgage Pfandbriefe	AAA	Aaa**
Public Pfandbriefe	AAA	Aaa**

* after 18 July 2005
** on review for Downgrade

Ratings for guaranteed liabilities issued on or before 18 July 2005

	Fitch Ratings	Moody's
Long-term	AAA	Aaa
Outlook	stable	stable
Short-term	F1+	P-1
Subordinated debt	AAA	Aaa
Mortgage Pfandbriefe	AAA	Aaa
Public Pfandbriefe	AAA	Aaa

*for liabilities entered into before July 19, 2001; and for liabilities entered into between July 18, 2001 and July 18, 2005 which do not go beyond 31 December 2015.

Financial Power

	Fitch Ratings	Moody's
Financial Strength Rating		D-
Viability Rating	bb+

Ratings for the Free State of Bavaria

	Standard & Poor's	Moody's
Long-term	AAA	Aaa
Outlook	stable	stable

Support Rating

	Fitch Ratings
Support Rating	"1"
Support Rating Floor	A+

Sustainability

	Oekom Research	Sustainalytics	IMUG*
Investment Status	"Prime"	29 of 80 points	-
Rating	"C"	58 of 100 points	positiv
	Average C-	Average 54	-

* for public sector - and mortgage Pfandbriefe