This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Diversified pan-European banking group with leading market shares in Central and Eastern Europe (CEE), and Southeastern Europe (SEE). Operations in higher-risk countries that are more sensitive to economic fluctuations compared to larger Western European banks. Strong capitalization with benefits from Raiffeisen?s institutional protection scheme, and sound profitability across member banks in core markets. Member of a relatively complex and decentralized banking group, Raiffeisen Banking Group Austria. High additional loss-absorbing capacity (ALAC) buffers provide protection for senior debt obligations. Reputational, political, and legal risks from legacy business through its subsidiary in Russia. We expect
