Very strong operating performance providing extremely strong interest coverage Very strong competitive position in Spain and Latin America Diversified income streams from subsidiaries in Spain and 39 other countries offering insurance, reinsurance, financial services, real estate, and related services Strong capitalization, reflected in very strong capital adequacy and low levels of group debt relative to that of peers Possible regulatory restrictions on capital flows from group operating subsidiaries to holding company The 'A+' long-term counterparty credit rating on Spain-based Mapfre S.A. (formerly Corporación Mapfre) reflects its status as the holding company for the Mapfre insurance group (Mapfre), of which core operating entities include Mapfre Re, Compañía de Reaseguros, S.A. (Mapfre Re; AA/Stable/--) and Mapfre Empresas, Compañía de Seguros y Reaseguros,
