This report does not constitute a rating action. Overview Key strengths Key risks Legally binding statutes imply almost certain likelihood of support by the German MACROBUTTON OrgId_112709 State of North Rhine-Westphalia (NRW). Business limits as a nonbank workout entity. Public policy role with a good track record in facilitating the workout of former WestLB AG and winding up transferred risk positions. Prospective increasing losses due to the shrinking asset base, leading to lower net interest income and higher capital depletion. Our ratings reflect our belief that EAA will be supported by its owners under any scenario, for instance if continuing losses were to exceed its capital base. However, we consider this scenario as unlikely. While NRW contributed less than 50%
