abn amro credit spread movement

Credit Spread Movement EUR & GBP spread change on a weekly basis

Monday 28 February 2005

10

20

30

40

50

60

70

4-Jan-05 4-Feb-05

Autos ConsumersEnergy Financials - SeniorFinancials - Sub HiVolIndustrials Non-FinancialsTMT

25

30

35

40

45

50

55

60

04-Jan-05 04-Feb-05

5Yr Europe Corporate

Chart 1 : iTraxx Series II notes

Source : ABN AMRO Source : ABN AMRO

Chart 2 : iTraxx unfunded sector baskets

Credit ResearchABN AMRO Bank NV

Table 2 : Sector weighted average spreads (EURIBOR bid levels used)

Day Chg

Week Chg

Quarter Chg

Sprd LIBOR

Day Chg Week Chg

Quarter Chg

Sprd LIBOR

YTD Chg

YTD Chg

Corporate EUR GBPAutomobiles 112 2 7 1622 15-2 19

Oil And Gas 44 1 -16 31 -3 -14-10 -12

Telecommunications 42 -1 -12 54 -3-1 -18-13 -18

Media 31 -9 57 -4 -15-8 -12

Personal & Household Go 36 -19 49 -2 -20-16 -21

Retail 35 -34 46 -1 -31 -9-34 -13

Travel & Leisure 33 -16 68 -3 -17-12 -17

Utilities 25 -10 43 -1 -13-7 -13

Finance EUR GBPSenior 13 -1 -4 15 -1 -1 -4-4 -7

Lower Tier 2 24 -10 31 -1 -3 -15-8 -15

Upper Tier 2 38 -16 41 -1 -2 -17-15 -18

Tier 1 57 -1 -11 56 -2 -23-14 -23

Insurance 37 -15 47 -1 -3 -18-11 -20

Overall EUR GBPCorporate 36 -10 44 -1 -3 -16-9 -16

Non-Financial 44 -11 51 -2 -14-10 -14

Finance 27 -8 40 -2 -17-7 -16Source : IBOXX, ABN AMRO

Table 1 : Spread movements of the iTraxx Series 2 notes and unfunded sector baskets.

Current Spread (bp)

DayChg

Week Chg

Wides/Tights (bp)

Current Spread (bp)

DayChg

Week Chg

Wides/Tights (bp)

5 Year 10 Year

iTraxx notes *Corporate 43/ 45 56/ 42 N/A N/A

Europe 29½/ 30 -½ -½ 40¾/ 29½ 46½/ 47½ -½ 56¾/ 45½

Unfunded sector baskets *Autos 38/ 40 -1 50½/ 37 60/ 61½ -½ 68/ 56

Consumers 40/ 41½ ½ -2 60/ 39½ 60½/ 63½ -½ -1½ 75¼/ 59½

Crossover 171/ 175 -2 -9 292/ 171 219/ 229 -1 -3 319/ 219

Energy 22/ 23 29¼/ 22 37¾/ 39¼ 1 43½/ 33

Financials - Senior 15/ 16 21/ 14 23½/ 25 -½ 28/ 19

Financials - Sub 23½/ 24½ -1 36¼/ 23½ 39½/ 40½ -½ 54¼/ 37

HiVol 47/ 47½ -½ -2¼ 68¾/ 47 72½/ 74 -1½ -1½ 90½/ 72

Industrials 27½/ 28½ -½ -2 40¾/ 27½ 44/ 45½ -1 -1 56¾/ 44

Non-Financials 33/ 36 44½/ 33 51/ 54 61¾/ 49½

TMT 29½/ 30½ -1 41¾/ 29½ 50½/ 52 ½ 63½/ 50Source : ABN AMRO. * Traded from 20 September 2004

EUR Corporate: Automobiles

Ticker Sprd Bmk

Sprd EURIBOR Week Chg Qtr Chg YTD Chg10Yr CDS5Yr CDSCoupon Maturity Rating

EURIBOROutstand'g

1-3yGM 94 92 -8 -22 -3109/02/06 3603014.000 1000 Baa1/BBB-GM 97 93 -5 -24 -3614/02/06 3603015.750 4000 Baa1/BBB-DCX 22 17 -2 -21 -1710/03/06 86574.625 600 A3/BBBDCX 25 18 -1 -18 -1521/03/06 86576.125 2500 A3/BBBF 81 73 -2 -21 -3102/05/06 2902455.500 1500 A3/BBB-F 81 73 -2 -21 -3102/05/06 2902455.500 1500 A3/BBB-F 83 72 -25 -3206/06/06 2902455.625 1500 A3/BBB-VLOF 35 21 -1 -15 -813/07/06 71505.625 500 A3/RBOSCH 20 4 -12 -819/07/06 24155.250 1500 /AA-RENAUL 31 16 -1 -10 -721/07/06 53335.125 500 Baa1/BMW 17 5 -9 -701/09/06 35195.250 750 A1/GM 131 118 1 -1 -2526/09/06 3603014.375 1500 Baa1/BBB-DCX 33 21 -1 -21 -1802/10/06 86573.750 1000 A3/BBBGM 135 122 1 -12 -3116/10/06 3603016.000 1750 Baa1/BBB-TOYOTA 22 1 -1 -216/01/07 23154.125 750 Aaa/AAADCX 40 19 -20 -1916/01/07 86575.625 1500 A3/BBBPEUGOT 32 11 -8 -730/01/07 44244.875 600 A2/A-VW 33 11 -1 -27 -2607/02/07 74484.750 650 A3/A-GM 176 153 1 6 -1415/03/07 3603016.125 2000 Baa1/BBB-DCX 50 24 -15 -1327/03/07 86576.125 500 A3/BBBF 128 99 -3 -1617/05/07 2902454.875 1000 A3/BBB-F 104 105 -3 -15 -2318/06/07 2902456.250 750 A3/BBB-RENAUL 25 17 -8 -719/10/07 53336.375 500 Baa1/BBBF 150 141 4 6 -214/01/08 2902456.750 1500 A3/BBB-TOYOTA 14 2 -2 -215/01/08 23154.125 1000 Aaa/AAA

3-5yRENAUL 33 19 -7 -711/02/08 53334.250 500 A3/BBB+PEUGOT 30 16 1 -4 -520/02/08 44244.625 500 A2/A-VW 38 22 -21 -2310/03/08 74484.875 1500 A3/A-F 145 123 1 -10 -1516/06/08 2902455.250 1022 A3/BBB-GM 215 193 7 29 1003/07/08 3603016.000 1500 Baa1/BBB-CONTI 22 18 -17 -805/12/08 50326.875 500 Baa2/BBB+F 168 162 4 13 112/01/09 2902455.750 1500 A3/BBB-DCX 36 28 -1623/01/09 86574.125 1000 A3/BBBBMW 17 9 -10 -1028/01/09 35195.125 750 A1/MICH 34 24 -10 -816/04/09 51336.125 1000 Baa1/BBB+VW 36 23 -3 -23 -2422/05/09 74484.125 2000 A3/A-RENAUL 38 25 1 -10 -826/06/09 53336.125 1000 Baa1/BBBGM 211 195 814/09/09 3603014.750 1250 Baa1/BBB-F 197 17715/01/10 2902454.875 750 A3/BBB-VW 49 35 -2 -26 -2627/01/10 74484.500 1500 A3/A-

5-7yTOYOTA 18 3 -3 -212/02/10 23154.000 1000 Aaa/AAARENAUL 46 27 -11 -1228/05/10 53334.625 750 Baa1/BBBGM 237 232 8 46 2527/09/10 3603015.750 1000 Baa1/BBB-DCX 48 47 -12 -1221/03/11 86577.000 1000 A3/BBBBMW 24 17 -906/04/11 35193.875 750 A1/GM 250 232 8 3806/06/11 3603015.375 1500 Baa1/BBB-VW 52 42 -2 -2819/07/11 74484.750 1000 A3/A-PEUGOT 37 27 -13 -1227/09/11 44245.875 1500 A3/A-DCX 60 4704/10/11 86574.250 1250 A3/BBBVW 47 46 -3 -31 -2825/01/12 74485.375 1000 A3/A-

7-10yMICH 44 42 -13 -916/04/12 51336.500 500 Baa1/BBB+BMW 25 22 -8 -820/02/13 35194.625 750 A1/VW 57 51 -1 -29 -2722/05/13 74484.875 2000 A3/A-GM 323 314 5 102 7003/07/13 3603017.250 1000 Baa2/BBB-

10-15yVW 59 58 -2 -24 -2522/05/18 74485.375 500 A3/A-BMW 33 30 -1 -8 -1106/08/18 35195.000 750 A1/

15y+GM 419 400 6 75 4905/07/33 3603018.375 1500 Baa2/BBB-PEUGOT 78 76 1 -12 -1319/09/33 44246.000 600 A3/A-

82 71 0Unweighted Average for Automobiles : -7 -9Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Basic Resources

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yAL 30 21 -1 -14 -602/05/06 39235.500 600 Baa1/A-RIOLN 37 9 -1 -7 -810/05/075.125 850 Aa3/A+BHP 15 8 -1 -7 -710/10/07 27174.375 750 A1/A+

3-5yLORFP 38 21 1 -8 -810/04/08 59376.125 600 Baa2/BBBLORFP 38 21 1 -8 -810/04/08 59376.125 600 Baa2/BBBAALLN 35 14 1 -10 -1305/06/08 40243.625 1000 A3/A-

5-7yLORFP 32 34 -14 -824/09/10 59375.125 600 Baa2/BBBGLENCR 160 146 -530/09/115.375 600 Baa3/BBB-UPMKYM 39 39 -18 -1523/01/12 50316.125 600 Baa1/BBB

7-10ySTORA 52 47 1 -1323/06/14 49315.125 517 Baa1/BBB+LORFP 51 4607/11/14 59374.625 500 /

48 37 0Unweighted Average for Basic Resources : -9 -7Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Chemicals

Ticker Sprd Bmk


EURIBOROutstand'g

1-3ySOLVAY 19 6 1 -13 -904/07/06 31185.250 700 A2/ASYNNVX 22 8 -10 -710/07/06 29185.500 800 A3/A-DOW 28 14 -14 -618/10/06 44245.000 600 A3/A-BYIF 39 13 1 -8 -510/04/07 41235.375 3000 A3/ALINDE 12 12 -3 -114/06/07 38236.375 636 A3/BBB+DOW 16 9 -1 -17 -1417/10/07 44245.625 500 A3/A-

3-5yAKZO 30 18 1 -12 -907/05/09 40235.625 1000 A3/A-

5-7yAIFP 35 14 -1125/06/10 30194.125 500 /A+BASF 27 5 1 -208/07/10 26163.500 1000 Aa3/AA-DOW 37 29 -1527/05/11 44244.625 500 A3/A-AKZO 36 27 -12 -1214/06/11 40234.250 750 A3/A-

7-10yBYIF 37 34 1 -12 -1010/04/12 41236.000 2000 A3/ADEGUSS 49 40 1 -1910/12/13 49305.125 1250 Baa1/BBB+SOLVAY 25 23 1 -1410/01/14 31184.875 500 A2/AAIFP 26 21 -925/06/14 30194.750 500 /A+

10-15yCIBASC 39 36 -14 -1820/06/184.875 500 /A

30 19 0Unweighted Average for Chemicals : -11 -6Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Construction

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yBOUY 26 13 1 -7 -403/07/06 36214.875 500 /A-ASSAAB 30 12 -1 -204/12/06 40285.125 600 /A-LAFCP 16 13 -1 -6 -326/07/07 54366.375 587 Baa2/BBB

3-5yBOUY 28 17 -11 -1015/05/09 36215.875 1000 /A-STGOBN 35 20 -10 -1009/07/09 44264.750 1000 A2/A-STGOBN 35 20 -10 -1009/07/09 44264.750 1000 A2/A-VINCI 32 27 -9 -822/07/09 41285.875 1000 Baa1/BBB+

5-7ySTGOBN 40 23 -15 -1416/04/10 44265.000 1000 A2/A-STGOBN 40 23 -15 -1416/04/10 44265.000 1000 A2/A-HOLZSW 53 32 -8 -623/06/10 56364.375 750 /BBB+HOLZSW 53 32 -8 -623/06/10 56364.375 750 /BBB+BOUY 29 24 1 -13 -925/02/11 36214.625 750 /A-CIMPPL 56 48 -2 -1727/05/114.500 600 /BBB+

7-10yLAFCP 54 46 -1404/12/13 54365.448 500 Baa2/BBBSTGOBN 37 34 1 -1425/04/14 44265.000 500 A2/A-STGOBN 37 34 1 -1425/04/14 44265.000 500 A2/A-LAFCP 54 48 -1116/07/14 54365.000 611 Baa2/BBBBOUY 37 31 129/10/14 36214.375 1000 /A-HOLZSW 56 4809/12/14 56364.375 600 /BBB+

39 29 0Unweighted Average for Construction : -10 -5Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Food & Beverage

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yALYON 22 14 -2 -10 -718/04/06 59385.500 800 Baa1/BBB+ULVR 14 2 -12 -907/06/06 30195.125 1000 A1/A+FCGNZ 17 19 -2 -221/05/07 12125.250 500 /AA-SLE 19 16 -1 -6 -227/07/07 30206.125 600 A3/AULVR 11 5 -7 -526/09/07 30194.250 1000 A1/A+

3-5yNESTLE 5 -9 1 5 211/02/08 18103.500 500 Aaa/AAABSNSA 24 9 1 205/03/08 26163.375 750 A1/A+DIAG 21 15 -606/01/09 35233.875 500 A2/AALYON 47 35 -6 -512/06/09 59385.875 600 Baa1/BBB+CBRY 43 28 -1530/06/09 49314.250 600 Baa2/BBB

5-7yEEEKGA 42 32 -1 -1515/07/11 41254.375 500 A3/A

7-10ySUEDZU 35 34 1 -25 -1227/02/12 46315.750 500 A3/CARGIL 43 34 129/09/14 31164.500 500 A2/A+

27 18 0Unweighted Average for Food & Beverage : -7 -3Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Healthcare

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yBAX 32 26 -14 -506/03/06 36245.750 650 Baa1/A-AVEFP 14 7 -1 -218/04/06 36215.000 1250 A2/A+NOVART 18 2 -2 -106/11/06 20104.000 900 Aaa/AAANOVART 7 -3 1 5 306/12/07 20103.750 1000 Aaa/AAA

3-5yGSK 18 1 1 215/04/08 21143.375 1000 Aa2/AAGSK 11 -3 -103/06/09 21143.250 500 Aa2/AA

5-7yAVEFP 19 19 -7 -515/09/10 36214.250 1500 A2/A+

17 7 0Unweighted Average for Healthcare : -2 -2Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Industrial Goods & Services

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yHUWHY 37 31 -1 -44 -3116/03/06 71375.500 500 A3/A-TKAGR 24 18 -1 -30 -1805/04/06 73465.750 500 /SIEM 16 3 1 -9 -604/07/06 32195.000 1595 Aa3/BRISA 31 13 -13 -520/12/06 35254.875 600 A3/A+VLVY 34 11 -1 -8 -709/02/07 39236.000 600 A3/SIEM 30 5 -4 -512/03/07 32195.500 991 Aa3/AA-SCANIA 38 13 -1 -9 -427/03/07 31196.000 500 /A-REXAM 61 36 -1 -9 -527/03/076.625 550 Baa3/BBBTYC 55 29 -1604/04/07 54376.125 573 /RENTKL 26 27 -2 -29 -2121/05/07 81545.750 500 /BBB+ROLLS 15 14 1 -2 -114/06/07 47276.375 500 Baa1/BBBDPW 1 -604/10/07 35254.250 636 A1/ADPW 1 -604/10/07 35254.250 636 A1/A

3-5ySECURI 45 30 1 -10 -1114/03/08 46306.125 500 Baa2/BBB+SCHN 20 16 -4 -331/10/08 35223.875 750 /ATYC 37 34 -1319/11/08 54375.500 685 Baa3/BBBTPG 21 16 -4 -505/12/08 31195.125 1000 A1/ASCANIA 22 17 -11 -617/12/08 31196.000 550 /A-

5-7yFKI 131 121 -3 35 822/02/10 1531156.625 600 Baa3/BBB-AERO 34 19 -14 -803/03/10 41234.625 1000 A3/AISSDC 39 40 -18 -1318/09/10 62454.750 850 /BBB+ROLLS 38 33 -1116/03/11 47274.500 750 Baa1/BBBSIEM 26 18 -1 -4 -504/07/11 32195.750 2000 Aa3/HOFP 37 26 1 -922/07/11 38224.375 500 /

7-10yDPW 25 14 -6 104/10/12 35255.125 679 A1/AHUWHY 70 67 2 -41 -2508/07/13 71375.875 1000 /BRISA 36 28 -1 -10 -826/09/13 35254.797 500 A3/A+DPW 23 21 1 -6 -130/01/14 35254.875 925 A1/AAUTSTR 39 34 1 -1109/06/145.000 2750 A3/ABAA 37 2830/09/14 27164.500 750 A3/A+ISSDC 62 5508/12/14 62454.500 500 /BBB+

10-15yCOFIRT 30 29 -1 -5 -630/04/18 35205.250 600 /A+AERO 36 34 -17 -1625/09/18 41235.500 500 A3/AFINMEC 68 66 -3412/12/18 60355.750 500 Baa2/

15y+AUTSTR 34 38 3 -1609/06/245.875 1000 A3/A

37 28 0Unweighted Average for Industrial Goods & Services : -11 -6Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Media

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yPSON 37 14 -9 -701/02/07 42256.125 650 Baa1/BBB+VNU 16 17 -11 -1030/05/07 66426.625 500 Baa1/BBB

3-5yWPPLN 45 24 1 -17 -1518/06/08 54346.000 605 Baa2/BBB+REEDLN 39 16 1 -2 -231/07/08 42255.750 500 A3/A-SESGLX 37 32 1 -8 -619/11/084.500 500 Baa2/BBB+

5-7yBERTEL 57 38 1 -5 -503/06/10 54334.625 750 Baa1/BBB+TELEF 25 24 -1 -9 -812/11/10 36274.375 500 /ARTRGRP 26 25 -14 -1419/11/10 42254.625 500 A3/A

7-10yWOLKLU 48 46 -12 -1127/01/14 47275.125 700 Baa1/BBB+

37 26 0Unweighted Average for Media : -10 -9Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Oil And Gas

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yREP 30 12 -14 -1004/12/06 48305.750 750 Baa2/BBB+RDNA 23 3 -1 -115/01/07 21143.500 750 Aa1/AAPEMEX 38 36 1 -32 -2202/08/07 150947.750 500 Baa1/BBBTOTAL 18 4 -1 -3 -328/01/08 18103.500 750 Aa2/AA

3-5yFPFP 20 10 1 -2 -323/03/09 31184.500 1000 Aa2/NRPETROL 43 32 5 522/05/09 40256.375 750 /

5-7yTOTAL 22 7 1 -311/02/10 18103.750 500 Aa2/AAPEMEX 99 86 10 -23 -1504/04/10 150946.625 750 /REP 48 31 1 -9 -905/05/10 48306.000 1175 Baa2/BBB+ENI 30 11 -5 -409/06/10 20126.125 500 Aa3/AATECFP 40 32 -1626/05/11 50324.625 650 /BBB+STOIL 25 17 -8 -630/06/11 50405.125 500 A1/A

7-10yENI 20 15 1 -7 -530/04/13 20124.625 1500 Aa3/AAREP 49 43 1 -13 -1222/07/13 48305.000 1000 Baa2/BBB+PEMEX 107 105 -47 -3705/08/13 150946.250 500 /REPSM 52 48 308/10/144.625 1000 Baa2/BBB+

10-15yPEMEX 137 127 -105/08/16 150946.375 850 /

47 36 1Unweighted Average for Oil And Gas : -11 -7Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Personal & Household Goods

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yMO 49 44 -1 -41 -3806/04/06 109804.500 1000 Baa2/BBBMOET 27 12 -1 -10 -727/07/06 54375.000 800 /BBB+IMPTOB 29 16 1 -18 -1727/09/06 61366.375 1000 Baa3/BBBGLHLN 28 15 -12 -702/10/06 52325.750 750 Baa3/BBBBATSLN 33 17 -31 -2514/11/06 66415.125 500 Baa1/NRIMPTOB 19 20 -15 -1506/06/07 61366.250 1500 Baa3/BBBSCACAP 17 16 -1 -4 -325/06/07 39345.375 700 A3/A-

3-5yPHG 40 22 -1 -11 -916/05/08 55345.750 1500 Baa1/BBB+MO 77 56 -1 -65 -5824/06/08 109805.625 1022 Baa2/BBBMOET 37 16 1 -4 -125/06/08 54376.125 500 /BBB+ALTSM 22 20 -9 -1102/10/08 46294.250 600 Baa1/BBB+BATSLN 49 40 -25 -1825/02/09 66414.875 1700 Baa1/BBB+

5-7yMOET 48 30 -1 -10 -1029/04/10 54375.000 750 /BBB+PHG 39 34 -1 -15 -1316/05/11 55346.125 750 Baa1/BBB+GLHLN 44 35 -1910/06/11 52324.625 800 Baa3/BBBBATSLN 63 53 -2815/06/11 66414.375 1000 Baa1/BBB+MOET 43 33 -1401/07/11 54374.625 600 /BBB+

7-10yHENKEL 37 30 2 -1 -210/06/13 32194.250 1000 A2/A-BATSLN 67 61 -1 -29 -2709/07/13 66415.125 1000 Baa1/BBB+ALTSM 51 43 -12 -1302/10/13 46295.125 500 Baa1/BBB+

41 31 0Unweighted Average for Personal & Household Goods : -19 -14Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Retail

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yGROUPE 34 21 1 -8 -706/07/06 94634.750 500 /BBBCARR 24 7 -10 -802/08/06 39225.125 500 A1/A+MKS 52 37 -1 -24 -2407/11/06 123885.125 550 Baa2/BBBGUSLN 22 20 -1 -1712/07/07 59364.125 600 Baa1/BBB+GROUPE 38 29 -16 -1523/11/07 94635.875 500 /BBB

3-5yMETFNL 41 27 1 -9 -513/02/08 65455.125 1000 Baa1/BBBGROUPE 51 37 2 -16 -1706/03/08 94636.000 1100 /BBBTSCO 27 8 1 -6 -407/05/08 28175.250 500 A1/SBRY 99 78 -3 -41 -4811/07/08 1521045.625 800 Baa3/BBB-AUCHAN 34 10 2 -11 -822/07/08 34203.500 750 /ACARR 16 10 1 -917/12/08 39223.625 500 A1/A+PRTP 63 56 -1 -22 -1823/01/09 94655.000 750 /BBB-CARR 22 13 -6 -418/03/09 39224.500 1000 A1/A+

5-7yTSCO 32 15 -7 -313/04/10 28174.750 750 A1/A+GROUPE 74 57 -2 -20 -2528/04/10 94635.250 500 /BBBCARR 34 16 -1 -9 -926/05/10 39226.125 1000 A1/A+KINGFI 30 29 2 -8 -1321/10/10 50304.500 500 /BBB+PRTP 69 64 -2 -3529/03/11 94655.250 800 /BBB-METFNL 53 45 -1426/05/11 65454.625 750 Baa1/BBBCARR 30 21 -1 -8 -815/06/11 39224.375 1100 A1/A+

7-10yGROUPE 70 70 -1 -16 -2227/02/12 94636.000 700 /BBB

44 32 0Unweighted Average for Retail : -14 -12Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Technology

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yHPQ 24 11 -14 -805/07/06 50305.250 750 /A-

24 11 0Unweighted Average for Technology : -14 -8Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Telecommunications

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yBRITEL 14 8 -1 -12 -1015/02/06 71416.375 3000 Baa1/A-PORTEL 11 5 -1 -8 -621/02/06 34205.750 1000 A3/A-PORTEL 11 5 -1 -8 -621/02/06 34205.750 1000 A3/A-TPSA 26 20 -1 -5 -501/03/06 48356.625 500 Baa2/BBBKPN 23 14 -5 -312/04/06 55337.250 563 Baa1/A-TITIM 23 14 -1 -17 -920/04/06 68426.125 3000 Baa2/BBB+TDC 16 7 -1 -2 -424/04/06 57335.875 684 Baa1/BBB+NTT 13 4 -1 -7 -415/05/063.750 750 Aa2/AA-DT 31 17 -14 -911/07/06 54326.375 4500 Baa1/BBB+VOD 21 6 1 -8 -827/10/06 42235.750 1500 A2/ATELEFO 24 9 -5 -330/10/06 52295.125 1000 A3/ADT 40 19 -1 -9 -722/01/07 54325.250 500 Baa1/BBB+OOMLN 38 16 -5 -625/01/07 61366.375 1000 Baa2/BBBTITIM 38 16 -12 -1301/02/07 68425.625 1250 Baa2/BBB+OTE 42 18 -1 -16 -1707/02/07 68436.125 1100 Baa1/BBB+TELEFO 40 13 -4 -406/04/07 52295.625 500 A3/ATITIM 47 20 -11 -1424/04/07 68426.500 1750 Baa2/BBB+DT 16 17 -1 -12 -929/05/07 54327.500 2500 Baa1/BBB+FRTEL 18 12 -1 -7 -528/09/07 56326.000 1000 Baa1/A-DT 29 20 -9 -604/12/07 54326.125 500 /TITIM 39 26 -7 -1224/01/08 68425.875 1750 Baa2/BBB+

3-5yVOD 22 8 -7 -731/01/08 42234.625 750 A2/ADT 35 22 -8 -912/02/08 54325.750 1000 Baa1/BBB+FRTEL 41 50 1 -15 -1114/03/08 56327.500 3450 Baa1/A-DT 39 20 2 -9 -1020/05/08 54325.250 2000 Baa1/BBB+KPN 26 22 -1 -7 -805/11/08 55334.750 1500 Baa1/A-TITIM 38 30 -12 -1409/02/09 68425.150 1500 /BBB+TITIM 38 30 -12 -1409/02/09 68425.150 1500 /BBB+PORTEL 28 17 1 -5 -507/04/09 34204.625 879 A3/A-PORTEL 28 17 1 -5 -507/04/09 34204.625 879 A3/A-TELEFO 29 18 -3 -314/04/09 52294.500 500 A3/AVOD 26 13 -5 -727/05/09 42234.750 868 A2/AVOD 25 12 -5 -727/05/09 42234.250 1900 A2/ATITIM 53 49 1 -26 -1130/07/09 68426.575 2350 Baa2/BBB+TITIM 53 49 1 -26 -1130/07/09 68426.575 2350 Baa2/BBB+DT 35 26 -1 -12 -1207/10/09 54326.500 500 /FRTEL 37 26 1 -9 -1123/12/09 56327.000 2500 Baa1/A-DT 40 2419/01/10 54323.250 1250 Baa1/BBB+TKA 43 2727/01/10 49353.375 500 /TDC 44 30 -3 -16 -1728/01/10 57335.200 1000 Baa1/BBB+

5-7yDT 64 47 1 -7 -406/07/10 54327.125 750 Baa1/BBB+FRTEL 26 28 -13 -1110/11/10 56326.625 1400 Baa1/A-TITIM 49 44 1 -728/01/11 68424.500 750 Baa2/BBB+BRITEL 29 29 1 -18 -1715/02/11 71417.125 1125 Baa1/A-TITIM 61 61 -14 -1020/04/11 68427.000 2000 Baa2/BBB+NTT 25 16 -1 -209/06/114.125 500 Aa2/AA-TELECO 31 25 2 -6 -529/06/11 34206.375 1500 A1/A+DT 61 57 -7 -111/07/11 54327.125 3500 Baa1/BBB+KPN 45 34 -2 -1221/07/11 55334.500 1425 Baa1/A-STSP 47 35 1 -5 -621/11/11 28206.000 500 A1/A+TELDAN 54 3709/12/113.875 700 Baa1/BBB+FRTEL 32 29 -1 -1123/01/12 56324.625 750 Baa1/A-

7-10yTITIM 49 50 -9 -1501/02/12 68426.250 1250 Baa2/BBB+TDC 44 42 -3 -18 -1719/04/12 57336.500 750 Baa1/BBB+TITIM 49 50 -1 -9 -1724/04/12 68427.250 1000 Baa2/BBB+DT 40 41 -9 -929/05/12 54328.125 2000 Baa1/BBB+TELNOR 34 23 -6 -505/12/12 32195.875 500 A2/A-TITIM 50 54 -1 -9 -1724/01/13 68426.875 850 Baa2/BBB+FRTEL 36 40 -17 -1628/01/13 56327.250 3500 Baa1/A-TELEFO 31 29 1 -5 -314/02/13 52295.125 1500 A3/ATKA 46 39 1 -18 -1122/07/13 49355.000 750 Baa2/BBB

OTE 67 60 -4 -16 -2305/08/13 68435.000 1250 Baa1/BBB+TELECO 32 26 2 -715/07/14 34204.750 500 A1/A+DT 50 4119/01/15 54324.000 1750 Baa1/BBB+

10-15yVOD 28 21 -1 -5 -710/04/15 42235.125 500 A2/ATKA 74 5227/01/17 49354.250 500 /DT 46 51 -3 -13 -1829/03/18 54326.625 500 Baa1/BBB+VOD 32 29 -1 -3 -504/06/18 42235.000 750 A2/ATITIM 68 64 -2 -1529/01/19 68425.375 1250 Baa2/BBB+

15y+DT 70 81 -2 -17 -2124/01/33 54327.500 500 Baa1/BBB+TITIM 87 102 -1 -14 -2524/01/33 68427.750 800 Baa2/BBB+FRTEL 71 87 -5 -32 -3328/01/33 56328.125 1500 Baa1/A-TELEFO 60 58 -9 -914/02/33 52295.875 500 A3/A

39 31 0Unweighted Average for Telecommunications : -10 -9Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Travel & Leisure

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yACCOR 33 19 -14 -1205/07/06 75465.750 800 /BBB

3-5yEXHO 47 38 -1 -32 -2225/03/09 69435.875 1000 /BBB+CPGLN 43 31 -20 -1929/05/09 57366.000 750 Baa2/BBB+HGLN 39 35 3 -6 -317/07/09 57366.500 500 Baa2/BBB

40 31 0Unweighted Average for Travel & Leisure : -18 -14Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Corporate: Utilities

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yELESM 14 9 -1 -8 -622/02/06 50305.250 750 A3/ANGGLN 19 8 -1 -9 -723/05/06 30205.250 530 A2/AKEL 26 11 -2 -14 -1126/07/06 36235.250 625 A3/A-NGGLN 19 8 -14 -1123/08/06 30205.250 1055 Baa1/A-FRTUM 31 14 -7 -1003/11/06 45276.475 500 Baa1/BBB+EDF 18 206/11/06 39213.250 750 Aa3/AA-ELESM 27 10 -7 -708/11/06 50305.750 500 A3/AENBW 31 7 -8 -728/02/07 35215.125 750 A3/A-NRUC 48 23 -6 -214/03/07 70476.500 500 A2/ATOKELP 30 5 -6 -427/03/07 24165.125 1000 Aa3/AA-UNFSM 19 18 -7 -726/06/07 48295.875 700 Baa2/BBB+EDNIM 46 70 -12 -1020/07/07 46297.625 600 Baa3/BBB+EDNIM 46 70 -12 -1020/07/07 46297.625 600 Baa3/BBB+EDNIM 46 70 -12 -1020/07/07 46297.625 600 Baa3/BBB+VATFAL 14 8 -9 -521/09/07 42266.125 500 A3/A-ITAENE 24 17 -10 -1211/10/070.000 1272 /RWE 12 4 -1 -7 -726/10/07 35205.500 1357 A1/A+LYOE 21 12 -7 -602/11/07 40246.250 500 NR/A-UU 21 12 -10 -608/11/07 36216.625 1000 A2/A-

3-5yFRTUM 35 21 -5 -619/02/08 45276.100 500 Baa1/BBB+ELEPOR 29 13 -6 -720/03/08 37225.000 500 A3/ARWE 25 7 1 -4 -418/04/08 35205.375 1282 A1/A+VIEFP 39 17 1 -7 -627/06/08 44265.875 1850 Baa1/BBBNGGLN 38 15 2 -10 -822/07/08 30203.750 500 Baa1/A-NGGLN 11 9 1 -9 -918/09/08 30204.125 600 A2/AEDF 19 1720/10/08 39216.250 1010 /EDF 17 928/01/09 39215.000 2000 Aa3/AA-LYOE 26 18 -9 -720/02/09 40245.500 1250 A2/A-ELESM 32 23 2 -7 -525/02/09 50304.200 500 A3/UU 24 14 -9 -618/03/09 36214.875 600 A2/A-UU 24 14 -9 -618/03/09 36214.875 600 A2/A-VATFAL 30 21 1 -4 -303/04/09 42266.000 650 A3/A-TOKELP 13 1 -8 -614/05/09 24164.375 1000 Aa3/AA-IBERDU 26 13 -7 -625/05/09 35204.500 600 A2/A+EOAGR 23 11 1 -2 -329/05/09 31175.750 4250 Aa3/AA-ELESM 31 17 3 -6 -418/06/09 50304.375 700 A3/ALYOE 27 17 -11 -1013/10/09 40245.875 1400 A2/A-ELEPOR 26 17 1 -11 -1129/10/09 37226.400 1000 A3/AAGBAR 29 18 -1 -8 -912/11/09 33226.000 500 A1/A+

5-7yGASNAT 37 23 -8 -610/02/106.125 525 A2/A+GASNAT 37 23 -8 -610/02/106.125 525 A2/A+VATFAL 36 20 -12 -1031/03/10 42266.000 500 A3/A-ENECO 42 22 -16 -1710/06/10 50334.125 700 /A+LYOE 41 20 1 -10 -824/06/10 40244.250 1250 A2/A-EDF 7 825/10/10 39215.750 1000 Aa3/AA-IBERDU 18 17 -8 -629/10/10 35204.375 750 A2/A+FRTUM 24 23 1 -12 -819/11/10 45274.625 500 Baa1/BBB+UNFSM 36 34 1 -409/12/10 48295.000 500 Baa2/BBB+EDNIM 34 32 1 -610/12/10 46295.125 700 Baa3/BBB+EDF 29 26 -10 -1015/12/10 39214.375 500 A3/A-ELEPOR 29 25 -7 -628/03/11 37225.875 1000 A3/AEDF 17 1008/04/11 39213.750 500 Aa3/AA-ENEL 23 15 1 -820/05/11 33204.125 750 A1/A+ELSAM 39 30 1 -621/06/114.625 500 /A-NGGLN 40 31 1 -11 -823/08/11 30206.125 750 Baa1/A-

7-10yVIEFP 29 28 -17 -901/02/12 44265.875 1000 Baa1/BBBENBW 25 23 1 -12 -828/02/12 35215.875 1000 A3/A-RWE 27 18 -1 -10 -1026/10/12 35206.125 2200 A1/A+IBERDU 27 24 1 -7 -418/02/13 35204.875 750 A2/A+GAZDF 17 1419/02/134.750 1250 Aa3/AAELESM 32 30 5 -6 -521/02/13 50305.375 700 A3/A

VIEFP 34 29 -1 -17 -1028/05/13 44264.875 1000 Baa1/BBBENEL 21 14 5 112/06/13 33204.250 750 A1/A+ESSENA 37 30 -12 -1425/06/13 56354.500 1000 A2/AREDELE 26 18 1 -7 -318/09/134.750 800 A2/AA-AWLN 37 28 -10 -407/10/13 41294.625 650 A3/A-AEMSPA 49 39 5 -1230/10/134.875 500 /AEDF 23 1306/11/13 39214.625 500 Aa3/AA-FRTUM 38 29 1 -14 -1119/11/13 45275.000 500 Baa1/BBB+TOKELP 21 17 -1 -1024/03/14 24164.500 1000 Aa3/AA-ELIASO 25 20 1 -1813/05/14 40304.750 500 /A-ASM 42 37 2 -1028/05/144.875 500 /A+RWE 28 21 1 -1023/07/14 35204.625 650 A1/A+EWE 32 27 114/10/144.375 1000 A2/ATRNIM 22 17 128/10/144.250 600 /NUONNV 42 3417/12/144.125 500 /

10-15yLYOE 39 31 1 -11 -724/06/15 40245.125 750 A2/A-RWE 31 20 -13 -2020/04/16 35206.250 850 A1/A+EDF 34 1825/10/16 39215.500 1100 Aa3/AA-EOAGR 9 15 -1 2 -329/05/17 31176.375 900 Aa3/AA-GAZDF 11 1119/02/185.125 750 Aa3/AAVIEFP 39 38 -1 -23 -1928/05/18 44265.375 750 Baa1/BBBENEL 28 25 -8 -1212/06/18 33204.750 750 A1/A+VATFAL 33 30 -15 -1718/06/18 42265.000 500 A3/A-NGGLN 43 40 -3 -18 -1802/07/18 30205.000 600 Baa1/A-RWE 26 24 2 -9 -1123/07/18 35205.125 1200 A1/A+ELIASO 32 26 -2413/05/19 40305.250 500 /A-EWE 46 38 214/10/194.875 500 A2/AUU 47 3524/01/20 36214.250 500 A2/A-

15y+LYOE 58 42 -1 -16 -1824/06/23 40245.750 1000 A2/A-VATFAL 42 43 -1229/04/24 42265.375 500 A3/A-ENEL 31 32 -720/05/24 33205.250 750 A1/A+TRNIM 26 2428/10/244.900 800 /ENBW 40 3816/01/25 35214.875 500 A3/A-RWE 49 46 -11 -1314/02/33 35205.750 750 A1/A+EDF 47 4321/02/33 39215.625 850 Aa3/AA-VIEFP 69 68 -1 -19 -1925/11/33 44266.125 700 Baa1/BBB

30 23 0Unweighted Average for Utilities : -8 -6Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Finance: Financial Services

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yGE 4 1 -1 -2 -227/02/06 35213.000 1500 Aaa/AAAMWD 13 7 -6 -216/03/06 41235.250 1250 Aa3/A+CFC 24 14 2 -11 -712/06/06 65432.750 500 A3/AGE 11 -4 -1 -325/07/06 35213.750 625 Aaa/AAAGE 19 1 -4 -218/12/06 35214.125 1000 Aaa/AAAKRB 48 23 1 -7 -327/03/07 53356.500 500 Baa1/BBB+KA 10 11 -11 -729/05/075.250 500 Aa3/GE 2 1 -7 -420/06/07 35215.125 2250 Aaa/AAALEH 49 47 1 -21 -331/07/07 44265.470 518 A1/AAIG 22 14 -16 -1424/10/07 43276.000 500 A1/AA-GE 12 0 -131/12/07 35213.250 500 Aaa/AAA

3-5yGS 21 7 -1 -8 -606/02/08 41234.125 700 Aa3/A+UNBP 36 22 1 -11 -928/02/084.750 500 /A-GE 20 3 1 -109/04/08 35213.750 1000 Aaa/AAACCCI 35 17 1 -225/04/085.250 1000 A1/A+ACHMEA 36 17 1 -11 -421/05/085.375 500 /A+DBFIN 26 6 2 4 -123/05/083.375 500 Aa1/AA+HAMRSN 48 28 -1 -1820/06/08 53356.250 500 /HAMRSN 48 28 -1 -1820/06/08 53356.250 500 /LIFP 47 26 -2 -10 -810/07/08 56456.125 600 /BBB+SLMA 38 14 -1 -13 -1225/07/083.250 500 A2/AAIG 24 21 -13 -1209/10/08 43274.125 500 A1/AA-GE 8 4 -5 -520/11/08 35215.750 500 Aaa/AAAKRB 36 29 2 -12 -723/01/09 53354.500 500 Baa1/BBB+GE 15 6 -8 -404/03/09 35215.125 1500 Aaa/AAAMWD 25 15 -2 -7 -501/04/09 41235.750 1500 Aa3/A+SPNTAB 30 19 -1 -220/04/094.375 500 Aa3/SHAMPO 58 47 -4 -2821/04/094.625 600 Baa2/GE 12 5 -1022/07/09 35213.750 1500 Aaa/AAAVW 61 4703/12/09 74483.875 750 A3/BBB+GE 20 6 -10 -520/01/10 35214.375 1750 Aaa/AAA

5-7yGFCFP 46 31 -4 -27 -2219/02/10 66514.875 600 /A-MWD 33 17 -1 -10 -701/03/10 41234.375 1150 Aa3/A+CCCI 41 24 -2 -226/04/106.250 500 A1/A+RCEANA 42 21 -15 -1001/07/103.750 500 /AGS 40 17 1 -11 -804/08/10 41234.250 1250 Aa3/A+INVSA 19 21 -1 -17 -1610/09/10 40244.750 600 A2/AA-MWD 22 18 -2 -12 -714/01/11 41234.375 700 Aa3/A+MWDP 57 53 -2 -2216/02/115.000 600 /BBB+ZNTL 21 14 -425/03/113.750 600 A2/ZNTL 21 14 -425/03/113.750 600 A2/CCCI 29 21 -4 -425/04/114.500 500 A1/A+AIG 36 27 -4 -1722/06/11 43274.625 500 A1/A+LIFP 43 33 -2 -1915/07/11 56454.625 600 /BBB+CIT 46 33 -122/09/11 39274.250 750 A2/AUNBP 47 3229/10/114.000 500 A3/A-GFCFP 37 34 -2 -1925/01/12 66514.875 500 /A-

7-10yINVSA 30 29 -16 -1505/03/12 40246.125 535 A2/AA-FIDINT 49 47 -17 -1021/03/126.250 500 A2/ACCCI 24 20 -4 -125/04/125.875 1000 A1/A+GS 32 29 -2 -18 -1224/04/13 41235.125 750 Aa3/A+EURHYP 81 82 -1 -27 -2323/05/136.445 600 Baa1/BBB+MER 36 27 1 -21 -1402/10/13 41234.625 1600 Aa3/A+GE 18 9 -9 -529/10/13 35214.625 750 Aaa/AAALEH 34 32 -1 -1916/01/14 44264.750 1000 A1/AGS 34 32 -2 -1828/01/14 41234.750 1500 Aa3/A+SLMA 38 34 -1 -1517/03/144.750 1250 A2/ACIT 45 41 -1 -2013/05/14 39275.000 500 A2/AGE 17 11 -904/07/14 35214.625 750 Aaa/AAANYKRE 49 42 -122/09/144.901 500 /RCEANA 43 3401/10/144.375 500 /A

32 22 0Unweighted Average for Financial Services : -11 -5Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Finance: Insurance

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yAIG 10 5 -1 -11 -621/02/06 43275.000 600 Aaa/AAAINTNED 16 7 -5 -503/05/06 18115.000 1000 Aa3/A+INTNED 86 72 -53 -3628/09/06 18116.500 600 /AIG 37 9 -3 -110/05/07 43275.125 500 Aaa/AAAALZ 2 -1 -7 -430/07/07 31215.750 1100 Aa3/AA-INTNED 9 5 -7 -501/08/07 18116.000 750 Aa3/A+ALZ 17 7 1 -229/11/07 31214.625 1100 Aa3/AA-

3-5yALZ 24 7 1 -2 -325/03/08 31215.000 1632 Aa3/AEGON 28 11 1 -11 -816/04/08 36244.625 1000 A2/A+ACHMEA 89 66 -1 -6 -530/07/085.750 500 /BBB+INTNED 19 11 -1 -1411/02/09 18113.750 500 Aa3/A+AIG 19 9 -711/03/09 43273.500 800 Aaa/AAAASSGEN 30 17 1 -4 -328/05/09 26164.500 750 /AA-ASSGEN 36 24 -12 -1228/05/09 26165.063 500 A2/A+ASSGEN 36 24 -12 -1228/05/09 26165.063 500 A2/A+INTNED 21 13 -11 -814/09/09 18115.500 1000 /A+

5-7yASSGEN 35 15 1 -7 -420/07/10 26166.150 1750 A1/AA-AXASA 35 36 -3 -13 -1315/12/10 39246.750 1100 A3/BBB+INTNED 16 15 -9 -604/01/11 18116.125 1000 Aa3/A+IPBS 28 26 -1 -12 -1115/02/11 31276.250 500 A2/AAIG 16 12 -8 -607/03/11 43275.500 800 Aaa/AAAINTNED 36 29 -3 -28 -1921/06/11 18116.250 1250 A1/A-AVLN 43 31 -5 -24 -2114/11/11 27185.750 800 A2/A-AVLN 43 31 -5 -24 -2114/11/11 27185.750 800 A2/A-PRUFIN 50 38 -3 -15 -1319/12/11 26185.750 500 A3/A

7-10yALZ 47 44 -2 -17 -1431/05/12 31216.125 2000 A2/AC 52 46 3 -2 -221/06/12 30155.650 500 /STALIF 69 65 -16 -1012/07/12 38276.375 750 A3/A-STALIF 69 65 -16 -1012/07/12 38276.375 750 A3/A-ASSGEN 33 28 -1 -13 -1420/07/12 26166.900 750 A2/A+ALZ 24 13 -6 -329/11/12 31215.625 900 Aa3/AA-AXASA 22 19 -11 -618/06/13 39246.000 1000 A2/AMUNRE 73 73 -25 -1721/06/13 32226.750 3000 A2/A-AIG 24 16 1 -7 -311/09/13 43274.750 1000 Aaa/AAAZURNVX 80 74 -23 -1502/10/13 44325.750 500 Baa2/A-AVLN 45 38 -4 -23 -1902/10/13 27185.250 650 A2/A-ALZ 68 68 -1 -1115/01/14 31215.500 1500 A2/A-HANRUE 72 72 2 -1726/02/14 34235.750 750 /AASSGEN 10 6 1 -12 -912/05/14 26164.750 1500 /AA-ZURNVX 50 4117/09/14 44324.500 1000 Baa1/AAVLN 66 6028/11/14 27184.729 700 A3/A-AVLN 66 6028/11/14 27184.729 700 A3/A-AEGON 30 2408/12/14 36244.125 500 A2/A+ALZ 49 49 -3 -17 -1513/01/15 31216.500 1000 A2/A

10-15yAVLN 56 48 -2 -23 -1629/09/15 27185.700 500 A2/A-INTNED 37 45 -2 -25 -1907/05/17 18116.375 1000 A1/A-

40 32 -1Unweighted Average for Insurance : -12 -9Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Finance: Lower Tier 2

Ticker Sprd Bmk


EURIBOROutstand'g

1-3ySVSKHB 15 10 -9 -507/03/065.500 750 Aa2/A+BBVSM 23 10 -13 -704/07/06 27165.500 500 Aa3/A+CAJAMM 25 9 -13 -731/07/06 34235.250 500 Aa3/ASANTAN 26 14 -9 -521/09/06 31205.250 500 A1/ADB 39 14 -4 -227/03/07 34225.375 750 A1/A+SANTAN 40 14 -5 -310/04/07 31205.750 650 A1/ASEB 12 12 -1 -8 -506/06/075.625 500 A1/A-CRLYON 18 9 1 -7 -715/11/07 23165.000 700 Aa3/A+

3-5yHBOS 17 13 -8 -705/12/08 27185.125 1000 Aa3/AA-DB 26 19 -816/01/09 34223.875 1000 A1/A+BNP 18 11 -8 -823/01/095.250 750 Aa3/AA-INTNED 26 18 2 -4 -323/02/09 26164.625 500 Aa3/A+HVB 48 39 1 -3 -325/02/09 62424.625 750 Baa1/BBB+HBOS 23 13 1 -8 -824/03/09 27184.750 650 Aa3/AA-NBHSS 28 19 1 -5 -526/03/095.750 600 A1/AMIZUHO 53 43 2 -1015/04/094.750 750 A2/BBB+CMZB 35 24 -14 -1421/04/09 44304.750 550 A3/BBB+STAN 34 22 1 -6 -506/05/09 31195.375 600 A3/A-BAVB 31 20 -10 -1008/05/09 33225.850 500 A2/A-AAB 25 12 -8 -812/05/09 27184.625 1150 A1/A+ACAFP 57 42 -5 -728/06/09 24165.400 599 /SANTAN 34 19 1 -6 -306/07/09 31205.125 500 A1/AHBOS 22 16 1 -7 -727/07/09 27185.500 500 Aa3/AA-HBOS 22 16 1 -7 -727/07/09 27185.500 500 Aa3/AA-CAIXAB 203 127 -3 -5604/10/094.890 600 /SUMIBK 56 44 2 -827/10/094.375 1250 A2/BBB+SOCGEN 25 13 -11 -1018/12/094.875 650 Aa3/A+RBS 31 18 -10 -921/01/10 28176.000 600 Aa2/AA-RBS 31 18 -10 -921/01/10 28176.000 600 Aa2/AA-

5-7yANZ 37 22 1 -10 -905/02/104.450 500 A1/A+BKIR 33 19 -12 -710/02/106.450 750 A1/ABBVSM 31 18 1 -9 -625/02/10 27166.375 500 Aa3/A+IBSANP 35 20 -1 -8 -806/04/106.375 500 A1/ASEB 38 18 -1 -13 -1128/05/104.125 500 A1/A-SEB 38 18 -1 -13 -1128/05/104.125 500 A1/A-NAB 43 23 -15 -1304/06/103.875 600 A1/A+INTNED 34 16 1 -10 -615/06/10 26166.500 750 Aa3/A+AAB 36 17 1 -11 -628/06/10 27186.250 800 A1/A+SANTAN 39 21 -12 -1005/07/10 31206.375 500 A1/ACMZB 50 31 -1 -16 -1112/07/10 44306.500 600 A3/BBB+MONTE 27 28 -1 -1224/09/10 36244.500 600 A2/A-CRDSUI 19 21 -11 -1005/10/10 37236.625 500 A1/A-HVB 42 46 -2 -11 -712/10/10 62426.625 500 Baa1/BBB+BBVSM 20 19 -12 -1112/11/10 27164.500 750 Aa3/A+RBS 24 20 -1128/01/11 28174.500 500 Aa2/AA-ABBEY 18 14 -11 -1211/02/11 29184.625 500 A1/AINTNED 22 19 1 -11 -723/02/11 26165.875 1250 Aa3/A+BACR 18 15 -9 -808/03/11 26165.750 1000 Aa2/AA-SANTAN 25 22 -9 -814/03/11 31206.000 500 A1/ACRDIT 26 22 -8 -716/03/11 31216.000 500 Aa3/A+LLOYDS 13 7 1 -4 -418/03/11 29184.750 850 Aa1/AA-HSBC 20 14 -16 -1118/03/11 29174.250 600 Aa3/A+BANEST 30 24 -1323/03/114.000 500 A1/ABCPN 31 28 1 -7 -529/03/11 38246.250 600 A2/BBB+CMZB 33 28 1 -22 -1902/05/11 44306.125 500 A3/BBB+NAB 34 24 -1523/06/114.500 500 A1/A+RBS 26 18 -8 -830/06/11 28175.125 500 Aa2/AA-RBS 26 18 -8 -830/06/11 28175.125 500 Aa2/AA-RBS 26 18 -8 -830/06/11 28175.125 500 Aa2/AA-NBHSS 34 2130/09/114.000 500 A1/AINTNED 22 21 1 -12 -904/01/12 26165.500 1750 Aa3/A+

7-10y

SOCGEN 18 16 -9 -613/02/125.625 600 Aa3/A+CAJAMM 19 16 1 -8 -910/04/12 34236.250 550 Aa3/AHBOS 27 17 -1 -16 -1429/10/12 27185.500 750 Aa3/AA-BNP 26 14 -5 -217/12/125.250 1500 Aa3/AA-BNP 26 14 -5 -217/12/125.250 1500 Aa3/AA-HSBC 31 19 -1 -11 -920/12/12 29175.375 1000 Aa3/AINTNED 22 22 -12 -904/01/13 26165.250 750 Aa3/A+DB 26 25 1 -9 -331/01/13 34225.125 1100 A1/A+BACA 24 24 -4 -6 -722/02/135.750 650 Aa3/AA+BACR 18 14 1 -11 -631/03/13 26164.875 750 Aa2/AA-RBS 19 17 -1 -11 -1310/05/13 28176.000 1500 Aa2/AA-RBS 19 17 -1 -11 -1310/05/13 28176.000 1500 Aa2/AA-CRDSUI 25 23 -14 -1107/06/13 37236.375 750 A1/BFCM 32 30 -7 -919/07/136.500 700 A1/AACAFP 49 39 1 110/12/13 24165.100 605 /HVB 54 55 -4 -12 -1005/02/14 62426.000 750 Baa1/BBB+C 28 26 -1310/02/144.750 1350 Aa2/A+BKIR 32 28 1 -1126/02/144.625 650 A1/ABACR 24 20 -1404/03/14 26164.500 1000 Aa2/AA-INTNED 31 27 1 -1115/03/14 26164.625 1000 Aa3/A+BAC 32 28 -1506/05/144.750 1000 Aa3/A+LLOYDS 15 11 -7 -708/07/14 29185.875 750 Aa2/AA-CDEE 84 78 4 12 1019/07/145.200 850 /UBS 29 20 116/09/144.500 1000 /CRDIT 36 27 222/09/14 31214.500 500 Aa3/A+SANTAN 39 3030/09/14 31204.500 500 A1/ABBVSM 34 2920/10/14 27164.375 1000 /HBOS 28 2330/10/14 27184.375 750 Aa3/A+JPM 37 3112/11/144.375 750 /

10-15yHBOS 28 21 -15 -1120/03/15 27184.875 1000 Aa3/A+RBS 18 10 -14 -1222/04/15 28174.875 750 Aa2/AA-RBS 18 10 -14 -1222/04/15 28174.875 750 Aa2/AA-SOCGEN 29 26 -2 -6 -1027/04/156.625 625 Aa3/A+BFCM 41 31 -7 -730/09/155.000 800 A1/ARBS 41 24 -222/09/16 28174.625 1000 Aa2/AA-

32 23 0Unweighted Average for Lower Tier 2 : -9 -6Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Finance: Senior

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yANZ 11 5 -3 -207/03/06 19115.125 750 Aa3/AA-HVB 20 9 -5 -423/05/06 37245.125 1500 A3/A-RABOBK 8 -4 -10 -805/06/06 1294.875 500 Aaa/AAABACR 15 2 1 -8 -226/06/06 16104.875 1000 Aa1/AABAC 19 6 -9 -627/06/06 29165.250 750 Aa2/AA-IKB 33 17 115/08/062.750 500 /HSBC 23 6 -10 -616/11/06 18115.000 600 A1/AHSBC 23 6 -10 -616/11/06 18115.000 600 A1/AIKB 18 115/12/062.750 500 /RABOBK 6 -12 1 -3 -129/12/06 1292.625 1300 /DRSDNR 24 4 1 119/01/07 24154.000 2000 A1/ARABOBK 20 -1 -1 -222/01/07 1294.500 900 Aaa/AAAAUSTVB 50 28 1 -4 -131/01/075.000 500 /BAWAG 33 12 -7 -601/02/07 19164.750 500 A2/HBOS 25 3 -3 -306/02/07 17114.750 1000 Aa2/AAANZ 27 5 -7 -507/02/07 19114.875 500 Aa3/AA-DEXGRP 32 8 120/02/07 19164.750 500 Aa2/AAJPM 5 5 -9 -619/06/07 39225.250 1000 Aa3/A+RABOBK -4 -11 -1 -109/10/07 1293.250 650 /SNSBNK 16 8 -6 -416/10/07 23166.000 1000 A2/AC 16 6 -1 -4 -414/11/07 30154.625 1750 Aa1/AA-RABOBK 11 -2 -2 -322/01/08 1293.625 2250 Aaa/AAAHBOS 17 4 -3 -423/01/08 17113.750 750 Aa2/AA

3-5yCDEE 26 13 1 -2 -231/01/08 22185.250 750 Aa2/AAFORTIS 19 5 1 -128/02/08 33255.375 1000 A1/A+BAC 21 6 2 -2 -103/03/08 29163.625 1000 Aa2/AA-NRBS 24 7 1 -428/03/083.875 750 A1/AHSBC 31 15 2 -4 -331/03/08 18115.875 1000 A1/AHSBC 31 15 2 -4 -331/03/08 18115.875 1000 A1/AEXPT 17 -1 1 1 -116/04/08 13103.500 1000 Aaa/AA+DEXGRP 21 3 1 -5 -625/04/08 19165.250 1514 Aa2/AAWSTP 24 2 1 -1 -125/06/082.875 500 Aa3/AA-ANGLIA 32 10 227/06/083.125 500 Aa3/A+HSBC 31 8 1 -3 -309/07/08 18113.375 650 A1/ABRADBI 34 11 1 -8 -709/07/083.250 500 A1/RY 17 -6 115/07/083.000 500 Aa2/AA-DRSDNR 28 4 121/07/08 24153.500 500 A1/AJPM 14 9 2 -503/12/08 39223.875 500 Aa3/A+HBOS 12 6 -3 -515/12/08 17113.750 500 Aa2/AADB 10 3 1 -4 -304/01/09 24155.000 1224 Aa3/RABOBK 7 0 -121/01/09 1293.625 1000 /INTNED 5 -2 -3 -429/01/09 18114.250 1400 Aa2/AA-DAA 25 16 1 -225/02/093.625 750 A2/A-ANZ 17 8 -225/02/09 19113.625 800 Aa3/AA-JPM 25 16 2 -4 -312/03/09 39224.375 500 Aa2/FORTIS 19 8 -5 -607/04/09 33254.625 1250 A1/A+HSBC 27 17 -5 -405/05/09 18116.500 1250 A1/AHSBC 27 17 -5 -405/05/09 18116.500 1250 A1/AMUNHYP 76 61 1 -1127/05/093.750 500 /BAWAG 30 18 -4 -305/06/09 19165.375 500 A2/HSBC 32 18 1 -7 -424/06/09 18115.125 750 A1/AAAB 20 5 -4 -424/06/09 18114.750 500 Aa3/AA-HSBC 32 18 1 -7 -424/06/09 18115.125 750 A1/ADB 3 -4 -8 -628/07/09 24154.250 2250 Aa3/AA-AAB 12 4 -4 -208/09/09 18115.375 1250 Aa3/AA-CMZB 15 4 -9 -725/10/09 29184.250 1500 A2/A-CBA 18 612/11/093.375 500 Aa3e/AA-HVB 27 14 -4 -215/01/10 37245.625 1250 A3/A-NWIDE 30 1426/01/103.125 1250 /

5-7yINTNED 20 5 -10 -601/03/10 18116.000 1000 Aa2/AA-BAVB 32 17 -1 -4 -501/03/10 23156.250 750 A1/ACDEE 34 19 -1 -106/03/10 22185.700 1114 /AASNSBNK 31 15 -5 -407/04/10 23166.125 1000 A2/A

C 29 9 -7 -421/05/10 30153.875 1500 Aa1/AA-HBOS 19 -2 -6 -523/06/10 17113.375 500 Aa2/AARABOBK 13 -8 125/06/10 1293.250 1000 /RABOBK 20 -219/07/10 1293.125 1250 /BACA 28 7 -2 -102/08/105.875 500 Aa2/AA+C 7 9 -5 -301/10/10 30156.125 1000 Aa1/AA-BAC 12 11 -1 -10 -721/10/10 29164.250 1500 Aa2/AA-CMZB 14 15 -5 -525/10/10 29186.125 1000 A2/A-ACAFP 10 -9104/11/10 15105.500 539 /HSBC 20 19 -11 -612/11/10 18114.500 1400 A1/ADB 20 13 -2 -218/05/11 24155.500 1500 Aa3/AA-JPM 26 17 1 -1109/06/11 39224.250 500 Aa3/A+CMZB 29 16 -4 -425/10/11 29185.500 1000 A2/A-CDEE 31 19 -3 -430/10/11 22185.500 576 Aa2/AACDEE 32 18 -4 -421/11/11 22184.750 850 Aa2/AAERSTBK 29 15 -4 -314/12/11 29245.250 1000 A1/ACAFP 70 57 -420/12/11 15105.600 550 /FORTIS 19 17 -6 -525/01/12 33255.375 1000 A1/A+

7-10ySNSBNK 27 22 -5 -414/06/12 23165.625 500 A2/ARABOBK 10 5 -1 -225/04/13 1294.250 1000 Aaa/AAABAWAG 24 18 -1 -6 -528/05/13 19164.350 750 A2/MONTE 31 23 -3 -230/07/13 25174.375 500 A1/AERSTBK 25 17 1 -1 -118/09/13 29244.750 1000 A1/HAA 25 16 -1 -129/10/134.625 1000 Aa2/AAC 24 14 -11 -512/11/13 30154.750 1000 Aa1/AA-AAB 13 11 1 -7 -304/01/14 18114.750 1000 Aa3/AA-CRDIT 19 16 -410/02/14 21134.375 1250 Aa2/AA-BAC 20 17 -1 -818/02/14 29164.625 1250 Aa2/AA-SNSBNK 29 26 -418/02/14 23164.625 900 A2/ARABOBK 12 7 -122/04/14 1294.250 1000 /FORTIS 22 16 -409/07/14 33254.625 1000 /

10-15yC 27 20 -102/08/19 30155.000 2500 Aa1/AA-CRDIT 33 2229/01/20 21134.375 500 Aa2/AA-

15y+DB 64 23 -8 215/10/26 24150.000 2582 /UBS 69 25 -1 229/01/27 18110.000 1291 /DB 87 28 3 5 420/01/32 24150.000 1549 /

24 10 0Unweighted Average for Senior : -4 -3Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Finance: Tier 1

Ticker Sprd Bmk


EURIBOROutstand'g

3-5yHSHN 190 183 4 -88 -7430/06/097.500 500 /ACAFP 126 118 -3 -1530/07/09 15106.000 550 /RBS 134 12131/12/09 18115.500 1250 /DB 234 21828/01/10 24156.000 900 /

5-7ySOCGEN 49 38 -1 -11 -1222/02/10 70657.875 500 A1/ASTAN 56 45 -2 -24 -2423/03/10 18128.160 500 Baa2/BBBCRDIT 35 41 -1 -16 -1505/10/10 21138.048 540 A1/AIBSANP 37 42 -2 -15 -1410/11/10 18148.126 1000 A2/A-BACR 29 31 -2 -15 -1815/12/10 16107.500 850 Aa3/AIB 45 45 -16 -1528/02/117.500 500 A2/BBB+BKIR 43 43 -1 -10 -607/03/11 20177.400 600 A2/A-BAVB 55 50 -1 -16 -1212/07/11 23156.988 500 /BBB+FORTIS 48 39 1 -23 -2026/09/11 33256.500 1000 A2/ABNP 41 31 -18 -1724/10/11 17106.625 500 A1/A+BNP 36 37 -1 -12 -1324/01/12 17106.342 660 A1/A+

7-10yHVB 98 101 -10 -7 -528/03/12 37247.055 600 Baa3/CRLYON 40 40 -1 -19 -1626/04/12 15107.047 750 A1/ACRLYON 40 40 -1 -19 -1626/04/12 15107.047 750 A1/ARBS 44 40 -3 -16 -1430/06/12 18116.467 1250 A1/ARBS 44 40 -3 -16 -1430/06/12 18116.467 1250 A1/AHSBC 39 38 -2 -16 -1930/06/12 18118.030 600 A1/A-BNP 38 39 -1 -16 -1516/01/13 17105.868 700 A1/A+LLOYDS 37 38 -2 -17 -1625/02/13 16116.350 500 Aa2/A+DB 58 51 1 -19 -1519/09/13 24155.330 1000 A2/ASOCGEN 52 44 -1 -15 -1310/11/13 70655.419 650 A1/AHSBC 45 43 -1 -17 -1624/03/14 18115.369 1400 A1/A-BCPN 60 57 -1509/06/14 23155.543 500 A3/BBBHSHN 80 84 -2 -2530/06/147.407 500 A3/HSHN 80 84 -2 -2530/06/147.407 500 A3/ESPSAN 64 61 -1 -1602/07/145.580 600 A3/BBBCDEE 47 41 -4 -15 -1130/07/14 22185.250 800 A1/A+FORTIS 52 4727/10/14 33254.625 1000 /BACR 61 5615/12/14 16104.875 1000 Aa3/A+AIB 78 7117/12/144.781 1000 A2e/BBB+SOCGEN 52 4426/01/15 70654.196 1000 /

10-15yCDEE 55 44 -230/07/15 22184.625 700 A1/A+HSBC 57 44 -1529/03/16 18115.130 750 A1/A-

64 60 -1Unweighted Average for Tier 1 : -15 -11Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

EUR Finance: Upper Tier 2

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yAAB 71 65 1 -67 -4515/03/06 27186.500 2000 /FORTIS 101 90 9 -50 -2808/06/066.625 710 /

3-5yDANBNK 31 15 1 -9 -926/03/08 23185.750 700 Aa2/ALLOYDS 27 21 1 -19 -1915/07/09 29185.625 1250 Aa1/A+DANBNK 28 17 -15 -1512/11/09 23185.125 500 Aa2/A

5-7yHBOS 41 29 -20 -1623/11/11 27186.050 500 Aa3/A

7-10yCRDIT 29 28 -11 -1028/02/12 31216.100 500 Aa3/AESPSAN 56 54 -1 -20 -1808/05/126.625 500 A2/BBBDANBNK 36 29 -11 -1220/06/13 23184.250 500 Aa2/AHBOS 40 37 -1813/03/14 27184.875 750 Aa3/ARBS 42 38 -1803/07/14 28175.125 500 Aa2/A+CAVALE 49 4417/11/144.625 500 A2/SANTAN 47 4010/12/14 31204.375 750 /

10-15yESPSAN 66 5616/03/154.500 500 A2e/BBBHBOS 49 38 -1 -20 -1914/10/15 27185.125 750 Aa3/AHBOS 49 38 -1 -20 -1914/10/15 27185.125 750 Aa3/A

48 40 1Unweighted Average for Upper Tier 2 : -19 -13Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Automobiles

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yVW 52 1630/05/06 74485.125 100 A3/A-VW 52 14 -420/09/06 74485.500 100 /DCX 50 13 -4 -6 -107/12/06 86577.500 350 A3/BBBPEUGOT 46 11 -2 -5 -314/12/06 44245.250 150 A2/A-TOYOTA 22 -13 -215/12/06 23154.500 325 Aaa/AAAF 142 108 -9 1715/12/06 2902455.750 200 A3/BBB-BMW 34 0 -5 -129/12/06 35194.625 350 A1/F 171 140 -11 16 607/12/07 2902457.250 350 A3/BBB-TOYOTA 25 -11 -2 1 207/12/07 23156.250 250 Aaa/AAAGM 209 177 -3 45 1607/12/07 3603016.375 200 Baa1/BBB-TOYOTA 26 -8 -1 -421/12/07 23155.250 125 /

3-5yTOYOTA 24 -9 1 -2 111/12/08 23154.000 300 Aaa/AAAGM 232 198 215/12/08 3603016.250 200 Baa1/BBB-BMW 50 18 -4 -122/05/09 35196.375 100 A1/TOYOTA 31 -2 107/12/09 23155.250 200 Aaa/AAA

5-7yGM 276 241 6 5117/12/10 3603016.625 200 Baa1/BBB-TOMKIN 82 55 -4 -4 -120/12/118.000 150 Baa2/BBB

7-10yGKNLN 123 95 -7 -614/05/127.000 325 Baa3/BBB

10-15yTOMKIN 98 70 -5 -3 -416/09/156.125 250 Baa2/BBBGM 407 375 4 101 6707/12/15 3603018.375 350 Baa2/GKNLN 153 129 -1 -3 -628/10/196.750 350 Baa3/BBB

15y+GM 430 407 6 88 6110/07/23 3603018.875 250 Baa2/

124 92 -1Unweighted Average for Automobiles : 13 6Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Basic Resources

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yRIOLN 37 2 -2 -1 108/12/065.500 150 Aa3/A+

5-7yAALLN 60 28 2 -1 215/12/10 40245.125 300 A3/A-

10-15yUPMKYM 84 60 -2 -22 -2123/01/17 50316.625 250 Baa1/BBB

60 30 0Unweighted Average for Basic Resources : -8 -6Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Chemicals

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yICI 70 36 -4 -9 -821/08/07 69447.625 300 Baa3/BBB

3-5yBOC 52 20 -1 -9 -429/04/095.875 200 A2/A

7-10yCIBASC 65 35 -2 -13 -924/04/136.500 300 A2/A

10-15yBOC 63 36 -2 -17 -1529/01/166.500 200 A2/A

63 32 -2Unweighted Average for Chemicals : -12 -9Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Construction

Ticker Sprd Bmk


EURIBOROutstand'g

3-5ySTGOBN 58 24 -513/06/08 44266.250 150 A2/A-STGOBN 58 24 -513/06/08 44266.250 150 A2/A-AGGIND 60 27 -1 -19 -1308/07/096.250 200 /

7-10yLAFCP 78 49 -1 -14 -1206/11/12 54366.875 350 Baa2/BBBLAFCP 81 60 -6 -25 -1929/11/13 543610.750 150 Baa2/

10-15yAGGIND 73 48 -1 -26 -2431/05/167.250 200 /LAFCP 84 61 -1 -17 -1629/11/17 54366.625 200 Baa2/BBB

70 42 -1Unweighted Average for Construction : -16 -12Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Food & Beverage

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yCCE 32 -3 -4 222/05/064.125 175 A2/ACBRY 45 10 -3 -430/11/06 49315.750 250 Baa2/BBBSCOTNB 54 19 -2 104/12/06 57405.625 150 /BBBSCOTNB 65 31 -227/08/07 57405.625 100 /BBB

3-5yCCE 45 10 -2 -6 -212/03/086.750 150 A2/A

5-7yCBRY 65 33 -1 -14 -1320/12/10 49314.875 400 Baa2/BBBALYON 81 50 -2 -1 218/04/11 59386.625 450 Baa1/BBB+

7-10yTATELY 76 46 -2 -21 -1528/06/12 49306.500 200 Baa2/BBBALYON 93 66 -1 5 512/06/14 59386.625 250 Baa1/BBB+

10-15yCCE 68 42 -2 -13 -1107/12/166.500 175 A2/

15y+CCE 76 53 -3 -12 -1407/06/216.500 175 A2/HNZ 63 41 -2 -13 -1318/02/306.250 125 A3/A

64 33 -2Unweighted Average for Food & Beverage : -6 -5Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Healthcare

Ticker Sprd Bmk


EURIBOROutstand'g

3-5yGSK 21 -13 -302/10/08 21144.875 500 Aa2/AA

15y+GSK 52 29 -1 -15 -1819/12/33 21145.250 1000 Aa2/AA

37 8 0Unweighted Average for Healthcare : -9 -9Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Industrial Goods & Services

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yVLVY 46 1229/12/06 39235.250 150 /BAA 39 -4 -2 -4 -210/02/07 27167.875 200 A3/A

3-5yRENTKL 85 52 -1 -10 -1319/11/08 81546.125 250 /BBB+BAPLC 83 53 -2 -18 -1729/12/08 553411.875 150 Baa2/BBBREXAM 69 37 -11 -627/03/097.125 370 Baa3/BBB

5-7ySMINLN 61 31 -7 -612/07/107.875 150 A3/A-HSC 58 27 1 -9 -327/10/107.250 200 A3/A-TYC 77 47 -1 -621/11/11 54376.500 200 Baa3/BBB

7-10yFTT 95 64 -4 -14 -1330/05/135.625 200 /BBB+BAA 46 15 -2 -14 -1127/11/13 27165.750 400 A3/A+BAPLC 94 79 -2 -22 -1924/11/14 553410.750 100 Baa2/

10-15yHUTPOR 102 76 -6 -607/12/156.750 325 Baa1/A-BAA 55 33 -3 -17 -1331/03/16 271611.750 300 A3/A+ROLLS 83 60 -4 -17 -1714/06/16 47277.375 200 Baa1/BBBSMINLN 70 46 -2 -9 -1130/06/167.250 150 /A-SMINLN 70 46 -2 -9 -1130/06/167.250 150 /A-

15y+TXT 87 63 1 -10 -1207/04/206.625 150 A3/A-BIRMIN 95 71 -2 -11 -1222/02/216.250 105 /A-BAA 60 40 -3 -14 -1429/03/21 27168.500 250 A3/A+AUTSTR 65 43 -1 -1209/06/226.250 500 A3/ABAA 66 42 -1 -10 -1404/08/28 27166.375 200 A3/A+UPS 45 18 -5 -15 -1812/02/315.500 500 Aaa/AAATYC 99 79 -4 -2221/11/31 54376.500 285 Baa3/BBBBAA 72 48 -2 -13 -1610/12/31 27165.750 900 A3/A+

72 45 -2Unweighted Average for Industrial Goods & Services : -12 -10Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Media

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yITVLN 71 34 -7 -6 -306/06/077.625 200 Baa2/BBBITVLN 71 34 -7 -6 -306/06/077.625 200 Baa2/BBB

3-5yPSON 63 29 -3 -8 -213/06/08 422510.500 100 /BBB+ITVLN 77 45 -4 -4 -102/03/095.625 250 Baa2/BBBITVLN 77 45 -4 -4 -102/03/095.625 250 Baa2/BBBBSY 66 34 -1 -1609/07/09 59427.750 100 /

5-7yVNU 78 47 -2 -420/05/10 66425.625 250 Baa1/BBB

7-10yDMGOLN 74 46 -6 -23 -1929/03/137.500 300 /BBBEMAP 86 57 -4 -14 -1409/12/136.250 250 Baa1/BBBPSON 74 47 -3 -15 -1027/10/14 42257.000 250 Baa1/BBB+

10-15yDMGOLN 92 67 -4 -16 -1207/12/185.750 175 /BBB

15y+DMGOLN 100 94 -7 -25 -2309/04/2110.000 165 /BBB

77 48 -4Unweighted Average for Media : -12 -8Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Oil And Gas

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yBPLN 21 -15 -3 1 212/09/06 20114.250 450 Aa1/AA+BPLN 22 -13 -1 -318/12/06 20114.875 200 Aa1/AA+TOTAL 23 -11 -2 110/09/07 18105.000 350 Aa2/AABPLN 26 -8 -2 -427/12/07 20115.000 350 /ENI 39 527/12/07 20125.250 200 Aa3/AA

3-5yBGGRP 41 6 -1 120/06/086.375 200 A3/A-BPLN 27 -7 -207/12/08 20115.125 250 Aa1/AA+

5-7yENI 41 9 -8 -609/12/10 20124.875 200 Aa3/AATOTAL 29 -3 1 -723/12/10 18104.875 500 Aa2/AA

7-10yBGGRP 46 15 -9 -513/11/125.875 250 A3/A-PEMEX 146 122 -18 -60 -5118/12/13 150947.500 400 /

10-15yTLM 74 51 -2 -18 -1205/12/176.625 250 Baa1/BBB+ENI 51 21 -3 -12 -1127/01/19 20125.000 200 Aa3/AA

15y+STOIL 62 38 -1 -11 -1227/11/28 50406.125 225 A1/A

46 15 -2Unweighted Average for Oil And Gas : -10 -7Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Personal & Household Goods

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yGLHLN 51 18 -4 -1 330/03/06 52326.470 100 Baa3/BBB

3-5yBATSLN 62 29 -1 -31 -2613/11/08 66416.500 217 Baa1/NRGLHLN 57 25 -4 -18 -1321/05/09 52326.625 300 Baa3/BBB

7-10yTWOD 84 55 -3 -20 -1607/02/126.625 250 /IMPTOB 67 38 -1 -27 -2213/06/12 61366.875 350 Baa3/BBBGLHLN 68 37 -6 -24 -2206/02/13 52325.750 250 Baa3/BBBBATSLN 77 47 -4 -35 -2809/12/13 66415.750 350 Baa1/BBB+

10-15yIMPTOB 86 64 -1 -2904/12/18 61366.250 200 Baa3/BBBTWOD 108 82 -4 -2224/05/196.375 200 /BATSLN 104 79 -1 -3612/12/19 66416.375 500 Baa1/BBB+

15y+PG 55 32 -2 -12 -1331/01/30 13116.250 500 Aa3/AA-PG 55 31 -1 -12 -1519/01/33 13115.250 200 Aa3/AA-

73 45 -3Unweighted Average for Personal & Household Goods : -22 -13Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Retail

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yTSCO 35 1 -5 -5 -531/07/06 28174.000 125 /TSCO 30 -5 -3 2 330/11/06 28176.000 150 A1/MKS 72 35 -8 -25 -2723/01/07 123886.250 150 Baa2/BBBSBRY 82 47 -5 -3217/05/07 1521045.250 314 Baa3/BBB-TSCO 39 2 -6 -6 -730/07/07 28177.500 325 A1/A+AYL 42 7 -2 -7 -707/08/07 36225.875 250 A3/NRAYL 42 7 -2 -7 -707/08/07 36225.875 250 A3/NR

3-5yTSCO 40 5 -1 -5 -213/06/08 28176.000 250 A1/A+BOOT 66 34 -2 -10 -726/05/09 80515.500 300 A3/A-GUSLN 68 36 -1 -1516/07/09 59366.375 350 Baa1/BBB+TSCO 31 -1 1 318/12/09 28175.125 350 A1/A+

5-7yKINGFI 62 31 -4 123/03/10 50306.875 150 Baa1/BBB+TSCO 37 4 1 -4 -212/10/10 28176.625 150 A1/MKS 135 105 -11 -36 -4707/11/11 123886.375 375 Baa2/BBB

7-10ySBRY 137 108 -8 -26 -4311/07/12 1521046.500 300 Baa3/BBB-DIX 104 75 -1 -1 -1015/11/12 92616.125 300 Baa1/CARR 53 22 -1 -9 -719/12/12 39225.375 500 A1/A+WMT 35 3 -1 -10 -729/01/134.750 498 Aa2/AANXT 79 48 -2 -10 -1030/09/135.250 300 Baa2/BBBGUSLN 82 51 -1 -2012/12/13 59365.625 350 Baa1/BBB+MKS 145 113 -10 -3424/03/14 123885.625 400 Baa2/BBBAYL 49 20 -1 -24 -2005/08/14 36226.500 150 A3/NRAYL 49 20 -1 -24 -2005/08/14 36226.500 150 A3/NRKINGFI 74 45 -8 -815/12/14 50305.625 250 Baa1/BBB+

10-15yAYL 57 31 -2 -22 -2110/01/17 36226.000 200 A3/NRAYL 57 31 -2 -22 -2110/01/17 36226.000 200 A3/NRSBRY 146 119 -7 -17 -3605/04/17 1521046.125 250 Baa3/BBB-AYL 58 34 -3 -21 -2017/12/18 36226.125 200 A3/NRAYL 58 34 -3 -21 -2017/12/18 36226.125 200 A3/NRTSCO 52 24 -1 -14 -1213/12/19 28175.500 350 A1/A+

15y+TSCO 56 32 -4 -20 -2014/12/29 28176.000 200 A1/WMT 52 29 -1 -10 -1219/12/305.750 500 Aa2/AASBRY 149 123 -7 -18 -3605/04/32 1521046.000 350 Baa3/BBB-TSCO 60 36 -2 -18 -1713/01/33 28175.500 200 A1/A+WMT 53 30 -128/09/355.250 1000 Aa2/AA

68 38 -3Unweighted Average for Retail : -13 -14Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Technology

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yIBM 34 -2 -4 2 428/06/066.125 200 A1/A+

34 -2 -4Unweighted Average for Technology : 2 4Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Telecommunications

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yTELENZ 39 6 -4 2 614/03/066.000 100 A2/ABRITEL 53 8 -6 -1 531/03/06 714112.250 229 /A-BRITEL 39 2 -2 -2 207/12/06 71417.375 400 Baa1/A-

3-5yKPN 53 19 -1 1 311/04/08 55338.250 175 Baa1/A-VOD 37 3 -4 -210/07/08 42236.250 400 A2/ATELENZ 45 12 -112/12/086.125 200 A2/A

5-7yDT 57 26 -17 -1409/12/10 54326.250 250 Baa1/BBB+FRTEL 69 38 -23 -46 -3814/03/11 56328.250 600 Baa1/A-FRTEL 69 38 -23 -46 -3814/03/11 56328.250 600 Baa1/A-OOMLN 70 42 -3 -16 -1025/01/12 61367.625 375 Baa2/BBB

7-10yDT 60 30 -1 -20 -1426/09/12 54327.125 500 Baa1/BBB+TELECO 54 25 -1 -13 -1006/08/14 34206.125 200 A1/A+

10-15yBRITEL 79 57 -5 -24 -2407/12/16 71417.750 700 Baa1/A-FRTEL 71 50 -1 -20 -1520/12/17 56328.000 500 Baa1/A-TELENZ 63 38 -3 -10 -614/05/185.625 125 A2/ATITIM 85 59 -2 -1324/06/19 68426.375 850 Baa2/BBB+DT 72 49 -4 -19 -1804/12/19 54327.375 250 Baa1/BBB+

15y+BRITEL 91 74 -6 -23 -2826/03/20 71418.625 300 Baa1/A-FRTEL 72 50 -2 -22 -2010/11/20 56327.250 450 Baa1/A-VOD 65 40 -1 -604/12/25 42235.625 250 A2/ABRITEL 104 78 -4 -16 -1907/12/28 71415.750 600 Baa1/A-DT 97 85 -4 -26 -2715/06/30 54327.625 300 Baa1/BBB+VOD 74 52 -1 -11 -1426/11/32 42235.900 450 A2/AFRTEL 84 62 -1 -2123/01/34 56325.625 500 Baa1/A-

67 39 -4Unweighted Average for Telecommunications : -16 -12Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Travel & Leisure

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yWTBLN 79 39 -2 -31 -2231/01/078.250 100 /

3-5yHGLN 67 33 -2 -10 -729/07/08 57367.250 175 Baa2/BBBTUBELN 176 150 -8 -15202/09/098.680 150 /CPGLN 76 44 -1 -5 -519/01/10 57367.125 200 Baa2/BBB+

5-7yWTBLN 103 82 -2 -22 -1131/01/1111.625 200 /

7-10yCPGLN 80 50 -1 -7 -629/05/12 57366.375 325 Baa2/BBB+CCLLN 73 44 -1 -13 -825/06/127.125 200 /A-HGLN 83 55 1 -8 -211/07/12 57367.125 250 Baa2/BBBFGPLN 83 55 -2 -15 -1515/04/13 65556.875 300 /BBBCPGLN 84 58 -1 -7 -708/12/14 57367.000 250 Baa2/BBB+

10-15yENTINN 99 76 -24 -1706/12/186.500 600 /BBBFGPLN 98 70 -2 -1018/01/19 65556.125 250 /BBB

15y+MCD 60 34 -8 -16 -1803/02/20 34176.375 200 A2/AENTINN 109 87 -2 -28 -2715/02/216.875 125 /BBBWTBLN 126 114 1 -8 -809/12/218.125 100 /WTBLN 126 114 1 -8 -809/12/218.125 100 /ENTINN 113 93 -4 -27 -2609/05/256.875 125 /BBBENTINN 113 91 -6 -35 -2726/09/316.375 275 Baa3/BBBMCD 71 48 -4 -19 -2123/04/32 34175.875 250 A2/A

96 70 -2Unweighted Average for Travel & Leisure : -24 -12Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Corporate: Utilities

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yNGGLN 41 5 -5 -2 329/03/06 30208.000 240 A2/ARWE 38 2 -3 4 520/04/06 35205.750 350 A1/A+NUW 59 2028/06/068.625 200 /BBB-RWE 53 12 -6 -5 102/08/06 35208.375 131 WR/A-CSWINV 56 16 -6 -11 -727/09/068.875 100 A3/A-NGGLN 40 4 -4 -4 -207/12/06 30206.125 250 A2/ASCOHYD 42 4 -6 -4 -326/03/077.875 150 Aa3/AA-EDF 42 807/12/07 39215.250 100 Aa3/AA-NGGLN 41 7 -3 -2 -407/12/07 30205.625 275 A2/A

3-5yNGGLN 43 8 -2 -5 -308/07/08 30208.875 250 A2/AWESWAT 30/03/095.875 100 /WESWAT 55 22 -1 -12 -630/03/095.875 200 A3/BBB+NGGLN 41 8 -407/12/09 30205.375 300 A2/ASCOTPO 47 14 -1 -7 -414/01/10 43266.625 200 A2/A-UU 43 11 -1 -12 -1022/01/10 36215.250 150 A2/A-

5-7yKEL 45 13 -1 -9 -723/04/10 36236.875 200 A2/ARWE 43 11 1 -8 -417/08/10 35204.625 500 A1/A+NGGLN 41 9 1 -110/12/10 30204.750 250 A2/A

7-10yEDF 47 17 -2 -15 -1030/03/12 39218.750 200 A2/AEOAGR 37 6 -1 -8 -229/05/12 31176.375 500 Aa3/AA-ELESM 57 26 -8 -505/07/12 50306.125 400 A3/ACENTRI 56 25 -9 -502/11/12 46285.875 400 A2/ARWE 45 15 -2 -12 -903/06/13 35206.375 750 A1/A+SEVTRE 56 26 -1 -7 -408/12/145.250 200 A2/A

10-15ySCOTPO 58 34 -1 -11 -920/02/17 43268.375 200 A2/A-NGGLN 57 31 -9 -607/06/17 30206.000 300 A2/AELEPOR 68 43 -1 -13 -909/08/17 37226.625 200 A3/ANUW 70 45 -14 -911/10/176.000 300 /BBB+UU 56 30 -16 -1414/05/18 36215.375 150 A2/A-ACQUED 150 128 -2129/06/186.920 165 Baa3/BBBYKE 87 72 -3 -34 -2917/01/209.250 200 Baa1/BBB+

15y+NTE 95 82 -1 -26 -2216/10/208.875 100 Baa1/BBB+HYRLN 109 99 -1 -11 -909/11/209.250 150 Baa1/BBB+RWE 63 40 -1 -6 -820/04/21 35206.500 650 A1/A+SCOHYD 56 33 -1 -9 -622/09/225.875 300 Aa3/AA-NUW 72 53 -2 -17 -1506/02/236.875 350 /BBB+KEL 59 36 -1 -6 -721/02/23 36235.375 200 A2/ASCOTPO 67 47 -10 -1029/05/23 43266.750 250 A2/A-RWE 65 43 -1 -6 -606/12/23 35205.625 600 A1/A+NGGLN 64 37 -3 -10 -1102/02/24 30205.875 450 A2/ASEVTRE 65 38 -2 -12 -1426/02/246.125 300 /AEDF 66 39 -6 -1708/03/24 39215.750 300 A2/ANGGLN 71 48 -3 -12 -1416/12/24 30207.000 503 A3/A-EDF 69 51 -2 -20 -2131/03/25 39218.500 200 A2/AEDF 69 51 -2 -20 -2131/03/25 39218.500 200 A2/ANGGLN 68 51 -3 -14 -1627/06/25 30208.750 275 A2/AUU 65 49 -1 -23 -2025/03/26 36218.875 450 A2/A-EDF 70 45 -1 -16 -1605/06/26 39215.500 300 A3/AVIEFP 80 57 -213/07/26 44265.875 200 A3/A-WESTP 87 60 -2 -23 -2525/03/275.875 250 Baa1/BBB+EDF 68 42 -2 -17 -1907/06/27 39216.125 300 A2/AEDF 68 42 -2 -17 -1907/06/27 39216.125 300 A2/AUU 67 40 -1 -15 -1420/12/27 36215.625 300 A2/A-NGGLN 68 44 -1 -17 -1727/07/28 30206.500 360 A2/ABRK 149 134 -8 -73 -5104/08/287.250 200 Baa3/BBB-BRK 149 134 -8 -73 -5104/08/287.250 200 Baa3/BBB-RWE 63 40 -2 -13 -1416/11/28 35206.750 330 A1/A+SEVTRE 70 47 -3 -14 -1707/06/296.250 425 A2/ARWE 71 50 -2 -12 -1403/06/30 35206.250 950 A1/A+

KEL 68 46 -1 -6 -917/04/31 36236.625 240 A2/AEDF 69 4518/07/31 39215.875 650 Aa3/AA-RWE 64 42 -1 -13 -1409/02/32 35206.500 200 A1/A+EOAGR 58 35 -1 -10 -1207/06/32 31176.375 975 Aa3/AA-SOUELE 61 37 -2 -12 -1307/06/325.500 350 Aa3/AA-NUW 81 58 -3 -14 -1429/04/335.625 180 NR/BBB+WESWAT 80 59 -1 -14 -1514/10/335.750 195 A3/BBB+

65 39 -2Unweighted Average for Utilities : -13 -11Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Finance: Financial Services

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yGE 27 -8 -507/12/06 35215.000 250 Aaa/AAAGE 20 -14 -215/12/06 35214.125 400 Aaa/AAAGE 32 -6 -4 -5 -306/08/07 35217.250 200 Aaa/AAAAXP 43 8 -324/09/07 39225.500 600 Aa3/A+GE 32 -2 -2 -307/12/07 35215.500 200 Aaa/AAACATTLE 77 43 -7 -41 -3407/12/078.625 125 /III 44 9 -3 -4 -310/12/076.875 200 Aa3/A+MER 46 10 -7 -5 -517/12/07 41237.375 200 Aa3/A+MWD 43 921/12/07 41235.000 175 /

3-5yGE 31 -416/06/08 35214.875 250 /GE 26 -7 -1 -4 -315/12/08 35214.500 500 Aaa/AAACFC 65 32 -1 -215/12/08 65435.875 275 A3/ACIT 62 28 -5 -115/12/08 39275.500 200 A2/AANGELT 46 13 -318/12/085.250 250 /AMPAU 100 69 -5 -21 -1206/08/097.125 103 Baa1/BBBCSTLLN 185 161 112/08/098.250 150 /AXP 45 13 -218/08/09 39225.625 650 Aa3/A+GE 34 1 -1 -9 -601/09/09 35216.250 150 Aaa/AAAGE 34 2 107/12/09 35215.500 400 Aaa/AAAAIG 56 24 -17 -1207/12/09 43276.625 300 A1/AA-BSC 57 2520/01/10 44265.125 400 A1/ALEH 57 2526/01/10 44265.000 250 A1/A

5-7ySLOU 85 53 -1 -8 -717/02/107.125 125 /AIG 56 2429/03/10 43275.625 350 A1/MER 50 18 -9 -424/09/10 41235.125 350 Aa3/A+KRB 73 42 -7 -412/11/10 53356.000 250 Baa1/BBB+GE 33 2 1 -10 -615/12/10 35214.750 525 Aaa/AAASLMA 62 30 -815/12/105.375 225 A2/ABXTN 73 41 -16 -1430/12/106.000 275 /MEL 46 14 -3 -7 -208/11/116.375 225 A1/A+

7-10yGE 35 4 -1 -13 -817/05/12 35216.125 500 Aaa/AAAGE 52 27 -2 -18 -1917/05/12 35216.440 293 /BXTN 89 66 -2 -13 -801/10/1210.625 107 /SLOU 98 81 -7 -25 -1630/12/1211.625 100 /MWD 58 26 -5 -12 -1014/11/13 41235.375 650 Aa3/A+HAMRSN 78 56 -3 -26 -2207/12/13 533510.750 200 Baa2/GE 37 6 -1 -13 -810/12/13 35215.250 600 Aaa/AAAGE 37 6 -1 -13 -810/12/13 35215.250 600 Aaa/AAACATTLE 109 82 -2 -3517/01/146.875 350 /EDINLN 129 120 -2 -13 -1130/06/1411.500 100 /CIT 72 4301/12/14 39275.500 500 A2e/AGE 37 8 -1412/12/14 35215.625 250 Aaa/AAAMER 58 29 -4 -1712/12/14 41235.750 350 Aa3/A+

10-15ySLOU 94 67 -2 -14 -1430/09/156.250 150 /HOUSFN 84 72 -1 -3727/11/1611.500 231 /GS 65 39 -3 -19 -1614/02/17 41236.125 300 Aa3/A+SLOU 100 89 -4 -20 -1703/05/1710.000 100 /GE 41 15 -1 -12 -815/12/17 35216.250 500 Aaa/AAALMSO 111 101 -6 -903/04/1810.000 100 /BXTN 98 70 -1 -10 -1330/09/196.000 150 /

15y+HAMRSN 97 74 -2 -11 -1531/03/20 53356.875 250 Baa2/MQB 95 69 -415/04/206.177 350 Baa1/BBBGE 42 15 -1 -16 -1729/09/20 35216.250 200 Aaa/AAAGE 41 15 -1 -15 -1607/06/21 35215.500 360 Aaa/AAASLOU 107 88 -3 -13 -1414/03/227.000 150 /EDINLN 116 103 -1 -6 -730/09/227.750 100 /III 61 42 -2 -13 -1209/03/236.875 200 Aa3/A+HOUSFN 130 126 213/11/238.625 218 /SLOU 115 92 -2 -10 -1323/02/246.750 225 /

WTAN 94 70 -1 -36 -3615/12/256.125 100 /HAMRSN 104 81 -3 -1523/02/26 53356.000 300 /LMSO 92 71 -2 -32 -3216/03/266.500 175 /BRITLD 129 129 -1 -19 -2731/03/289.375 200 /HAMRSN 121 105 -4 -21 -2421/04/28 53357.250 200 Baa2/GE 43 17 -16 -1707/12/28 35215.250 425 Aaa/AAAFMNLN 107 85 -3 -8 -725/02/306.125 175 /GE 44 18 -1 -18 -1916/09/31 35215.625 178 Aaa/AAAIII 70 47 -2 -15 -1603/12/325.750 400 Aa3/A+BRITLD 147 160 -6 -18 -1424/09/358.875 250 /GE 43 25 -1 -1918/12/40 35215.375 450 Aaa/AAA

70 44 -2Unweighted Average for Financial Services : -12 -8Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Finance: Insurance

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yPACLIF 37 1 -3 -1 429/06/066.125 150 Aa3/AAFRIPRO 81 42 -6 -10 -425/11/069.125 215 Baa1/A-SLAC 159 127 -10 -51 -4928/11/069.000 125 /MGFUND 39 3 -4 -8 -420/03/075.750 150 Aa3/AAABBEY 105 70 -5 -117 -10913/05/07 17118.750 125 /PRUFIN 42 3 -5 104/06/07 26189.375 150 /AA-

3-5yALL 41 7 -1 -618/07/086.300 150 Aa2/AANYL 36 2 -1 -11 -120/10/085.000 300 Aa1/AA+MET 39 5 -2 -719/12/085.250 350 Aa2/AAAIG 35 1 -10 -830/12/08 43274.375 750 Aaa/AAAPRUFIN 47 15 -1 -611/05/09 26185.500 250 /PRIFIN 44 11 -4 -15 -908/06/095.875 125 /AAPRIFIN 44 11 -4 -15 -908/06/095.875 125 /AAAIG 36 3 -1515/06/09 43275.625 300 Aaa/AAAMET 40 7 -1 -1117/06/095.875 350 Aa2/AANYL 37 4 -1130/06/095.750 250 Aa1/AA+QBE 75 4228/09/095.625 175 /A-AIG 36 3 -2 -15 -1007/12/09 43275.375 680 Aaa/AAAJHF 46 14 -3 -10 -607/12/096.625 175 Aa3/AA+JHF 46 14 -3 -10 -607/12/096.625 175 Aa3/AA+JHF 46 14 -3 -10 -607/12/096.625 175 Aa3/AA+

5-7yALL 41 8 -3 -20 -817/01/116.375 300 Aa2/AAPACLIF 46 13 -4 -18 -908/02/116.250 200 Aa3/AAC 44 11 -2 -14 -723/02/11 30156.125 150 Aa2/AANATLGF 51 19 -3 -14 -628/06/116.250 150 Aa3/AA-JHF 47 16 -4 -18 -912/07/116.000 150 Aa3/AA+SLC 43 11 -3 -15 -612/07/115.750 200 Aa2/AA+JHF 47 16 -4 -18 -912/07/116.000 150 Aa3/AA+C 43 12 -2 -12 -506/12/11 30155.750 150 Aa2/AA

7-10yAIG 39 7 -14 -601/02/12 43275.625 500 Aaa/AAAAIG 39 7 -1 -16 -1028/01/13 43275.125 250 Aaa/AAAMASSMU 35 4 -6 -20 -1214/05/136.125 200 /AAAPACLIF 44 13 -4 -19 -1316/08/136.000 200 Aa3/AAPFG 42 12 -924/09/135.625 250 Aa2/AAPFG 24/09/135.625 100 /PRIFIN 47 16 -7 -16 -1323/01/146.000 150 Aa2/AAPRIFIN 47 16 -7 -16 -1323/01/146.000 150 Aa2/AAMGFUND 49 19 -3 -15 -1130/01/146.000 150 /AAPACLIF 47 1620/01/155.125 200 /

10-15yLLYDIN 143 11817/11/156.875 300 /BBB+AVLN 52 27 -3 -9 -620/06/16 27189.500 200 Aa3/AVLN 52 27 -3 -9 -620/06/16 27189.500 200 Aa3/AIG 41 13 -2 -1614/10/16 43275.375 350 Aaa/AAAMUNRE 95 77 -2 -36 -2721/06/18 32227.625 300 A2/A-PRUFIN 77 59 -7 -21 -1830/06/18 26188.500 100 Aa3/AIG 42 16 -2 -13 -918/12/18 43275.000 250 Aaa/AAALGEN 74 46 -2 -2901/04/19 23185.875 400 A2/ACLMD 76 53 -4 -32 -3105/11/197.375 200 A1/A+FRIPRO 108 84 -5 -39 -3621/11/196.875 300 Baa2/A-STALIF 119 9506/01/20 38276.546 300 Baa1/A-

15y+AVLN 91 6527/07/20 27185.902 500 A3/A-BUPA 118 9316/09/206.125 330 /AIG 42 15 -3 -16 -1405/10/20 43276.375 200 Aaa/AAAAXASA 78 56 -6 -29 -2715/12/20 39247.125 325 A3/BBB+ABBEY 160 143 -14 -925/03/21 17117.250 200 Baa1/BBB-AVLN 82 60 -2 -24 -2329/09/22 27186.125 800 A2/A-ZURNVX 98 79 -4 -39 -3502/10/22 44326.625 450 Baa2/A-PRUFIN 56 35 -5 -25 -2620/01/23 26186.875 300 A2/AXASA 68 49 -6 -23 -2121/08/23 39246.625 150 A2/

MET 76 4909/12/245.375 350 A2/AAVLN 75 54 -4 -24 -2414/11/26 27186.125 700 A2/A-AVLN 75 54 -4 -24 -2414/11/26 27186.125 700 A2/A-STALIF 110 88 -6 -33 -3212/07/27 38276.750 500 A3/A-STALIF 110 88 -6 -33 -3212/07/27 38276.750 500 A3/A-PRUFIN 60 36 -3 -23 -2411/05/29 26185.875 250 /LGEN 56 31 -3 -25 -2611/12/31 23185.875 350 A1/AA-AEGON 73 50 -2 -15 -1515/12/31 36246.125 250 A2/A+PRUFIN 85 63 -4 -22 -2419/12/31 26186.125 435 A3/ALGEN 58 36 -3 -23 -2405/04/33 23185.875 200 A1/AA-

63 35 -3Unweighted Average for Insurance : -17 -13Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Finance: Insurance Wrapped

Ticker Sprd Bmk


EURIBOROutstand'g

10-15yRMC 44 24 -1 -24 -1320/02/159.180 165 /GESB 46 23 1 -11 -615/11/188.350 104 /

15y+BRK 63 44 -7 -14 -1115/12/227.250 200 /METRON 41 18 2 -5 -526/03/235.309 350 /METRON 39 13 -2 -9 -825/06/255.305 350 /CONGSO 46 22 -4 -510/07/265.404 152 /EXCHEQ 40 18 -2 -11 -321/01/275.396 165 /RMPA 42 19 -1 -630/09/385.337 679 /

45 23 -1Unweighted Average for Insurance Wrapped : -11 -6Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Finance: Lower Tier 2

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yLLOYDS 36 -1 -7 -1 829/03/06 29188.500 250 Aa2/HBOS 43 2 -6 -2 110/07/06 27188.750 400 Aa3/AA-BRITNA 51 10 -6 -602/10/068.875 100 A3/A-COOPWH 84 47 -13 -16 -616/11/067.375 100 /ABBEY 48 8 -5 -2 101/12/06 291810.750 100 WR/AALLNCE 47 8 -5 107/12/068.750 200 A1/BRADBI 53 15 -4 -4 -327/12/068.375 125 A2/RBS 42 4 -3 -2 129/12/06 28178.125 300 /UBS 37 -4 -3 -3 -208/01/078.000 450 Aa3/RBS 39 -2 -3 -3 -129/01/07 28178.375 150 Aa2/AA-RBS 39 -2 -3 -3 -129/01/07 28178.375 150 Aa2/AA-RBS 39 -2 -3 -3 -129/01/07 28178.375 150 Aa2/AA-LLOYDS 31 -7 -5 -8 -718/06/07 29187.750 300 Aa1/AA-DRSDNR 61 26 -4 -12 -607/12/07 34237.750 150 A2/A-CMZB 58 23 -3 -107/12/07 44307.875 200 A3/

3-5ySTAN 46 13 -1 -10 -427/04/09 31196.750 300 A3/A-LLOYDS 48 15 -2 -8 -501/06/09 29189.500 100 Aa1/AA-NRBS 56 24 -12 -1013/01/105.625 300 A2/A-

5-7yBRADBI 58 26 -3 -19 -1416/02/107.625 125 A2/DNBNOR 53 21 -14 -1003/06/105.125 200 A1/A-DNBNOR 53 21 -14 -1003/06/105.125 200 A1/A-INTNED 48 16 1 -7 -305/10/10 26167.000 350 Aa3/A+NAB 53 21 1 -15 -1228/10/105.375 200 A1/A+NAB 53 21 1 -15 -1228/10/105.375 200 A1/A+ANZ 53 22 1 -11 -926/11/105.625 200 A1/A+SANTAN 48 16 1 -9 -529/11/10 31206.800 200 A1/ADB 49 17 1 -1415/12/10 34225.250 225 A1/A+DERBS 98 66 2 -917/12/105.875 100 /LLOYDS 54 23 -2 -9 -302/01/11 291812.000 100 /INVES 142 117 -8 -8101/03/117.750 200 Baa3/LLOYDS 51 21 -4 -10 -617/10/11 29189.125 150 Aa2/BACA 56 25 -2 -6 -604/11/118.375 100 Aa3/

7-10yNRBS 59 28 -1 -14 -1028/02/125.750 250 A2/A-HSBC 50 19 -1 -10 -527/06/12 29175.750 350 Aa3/A+CHELS 85 55 -2 -16 -1318/12/126.250 100 Baa1/BACR 53 25 -2 -11 -621/12/12 261610.125 100 Aa2/ANGLIA 57 25 -2 -17 -1412/02/135.250 200 A1/ARBS 55 27 -3 -12 -801/03/13 281710.500 150 Aa2/RBS 55 27 -3 -12 -801/03/13 281710.500 150 Aa2/RBS 55 27 -3 -12 -801/03/13 281710.500 150 Aa2/HSBC 52 24 -4 -16 -1308/04/13 29179.875 250 Aa3/AWSTP 54 23 -3 -12 -829/04/135.875 200 A1/AA-ANZ 55 24 -2 -14 -1307/12/134.750 400 A1/A+HBOS 51 24 -3 -16 -1317/01/14 271811.000 250 Aa3/AA-COOPWH 90 61 -2 -702/04/145.875 150 Baa1/LLOYDS 48 18 -2 -12 -920/06/14 29185.875 150 Aa1/AA-

10-15yLLOYDS 48 19 -4 -15 -1330/03/15 29186.625 350 Aa1/AA-RBS 49 22 -5 -17 -1622/06/15 28179.625 250 Aa2/AA-RBS 49 22 -5 -17 -1622/06/15 28179.625 250 Aa2/AA-RBS 49 22 -5 -17 -1622/06/15 28179.625 250 Aa2/AA-RBS 49 21 -3 -15 -1409/09/15 28177.875 300 Aa2/RBS 49 21 -3 -15 -1409/09/15 28177.875 300 Aa2/RBS 49 21 -3 -15 -1409/09/15 28177.875 300 Aa2/PRUFIN 119 96 1 -22 -1429/12/16 40276.875 200 Baa1/ABBEY 58 39 -3 -18 -1604/01/17 291811.500 150 A1/ABRADBI 70 45 -4 -22 -2012/12/175.750 200 A2/ABBEY 58 39 -3 -17 -1504/01/18 291810.125 150 A1/SOCGEN 50 23 -3 -14 -1230/01/185.400 600 Aa3/A+HBOS 56 37 -4 -16 -1216/02/18 271810.500 150 Aa3/AA-ALLNCE 58 31 -1 -15 -1306/03/185.250 150 A1/

HSBC 53 26 -1 -14 -1120/03/18 29175.000 350 Aa3/A+ANGLIA 64 44 -2 -18 -1529/03/188.625 125 A1/C 53 27 -14 -1212/12/185.125 800 Aa1/A+C 53 27 -14 -1212/12/185.125 800 Aa1/A+CBA 58 32 -1 -12 -919/12/184.875 150 A1/A+IBSANP 62 34 -2 -1518/03/195.625 165 A1/AHBOS 50 22 -5 -16 -1816/08/19 27186.375 250 Aa3/AA-CMZB 78 52 -5 -24 -2530/08/19 44306.625 150 A3/BBB+BRITNA 67 39 -1 -1302/12/195.750 200 A3/A-

15y+LLOYDS 51 24 -2 -1609/07/20 29185.750 350 Aa1/AA-CRDSUI 64 41 -3 -23 -2305/10/20 37237.000 250 A1/A-HBOS 51 30 -3 -18 -2015/05/21 27189.375 500 Aa3/AA-BACR 51 30 -3 -17 -1807/08/21 26169.500 200 Aa2/RBS 49 24 -5 -14 -1407/09/21 28176.500 300 Aa2/AA-RBS 49 24 -5 -14 -1407/09/21 28176.500 300 Aa2/AA-RBS 49 24 -5 -14 -1407/09/21 28176.500 300 Aa2/AA-NRBS 65 49 -2 -20 -2117/10/219.375 150 A2/A-BNP 49 24 -1 -13 -1424/01/225.750 350 Aa3/AA-LLOYDS 52 35 -2 -17 -2006/04/23 29189.625 300 Aa1/AA-BRADBI 74 55 -3 -22 -2316/06/236.625 125 A2/HSBC 53 32 -2 -13 -1407/07/23 29176.500 300 Aa3/A+C 57 30 -2 -1601/07/245.875 400 Aa2/A+HSBC 57 3204/11/25 29175.375 350 Aa3/A+AIB 63 39 -2 -17 -1726/11/255.625 350 A1/A-AIB 63 39 -2 -17 -1726/11/255.625 350 A1/A-UBS 52 32 -2 -3 -618/12/258.750 150 Aa3/BACR 49 26 -1 -15 -1714/09/26 26165.750 600 Aa2/AA-HSBC 60 33 -3 -18 -2020/12/27 29175.750 650 Aa3/AABBEY 63 43 -3 -22 -2221/10/30 29186.500 150 A1/AALLNCE 64 40 -4 -17 -1814/08/315.875 150 A1/ABRITNA 71 49 -1 -19 -1928/03/335.875 150 A3/A-HSBC 61 38 -2 -18 -1922/08/33 29175.375 500 Aa3/A+HSBC 56 39 -1 -7 -730/01/41 29176.250 225 Aa3/A+

57 28 -3Unweighted Average for Lower Tier 2 : -13 -10Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Finance: Senior

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yRBS 34 -5 -3 2 407/12/06 18117.875 200 Aa1/AABACR 20 -15 -2 207/12/06 16104.875 250 Aa1/AARBS 34 -5 -3 2 407/12/06 18117.875 200 Aa1/AARBS 34 -5 -3 2 407/12/06 18117.875 200 Aa1/AAHBOS 36 1 -207/12/06 17115.125 300 Aa2/AANAB 33 -2 -2 -307/12/065.500 150 Aa3/AA-RABOBK 18 -17 -2 -4 207/12/06 1294.500 500 Aaa/AAAHSBC 35 1 -1 -2 128/12/06 18114.625 200 A1/AALLNCE 39 4 -2 -3 -228/12/064.625 250 /WSTP 30 -5 -1 -3 -228/12/064.875 200 Aa3/AA-BRADBI 48 1403/12/075.000 250 /ANGLIA 43 9 -2 -307/12/075.625 300 Aa3/A+ANGIRI 45 1112/12/075.000 200 A2/ALLNCE 43 9 -217/12/075.500 250 Aa3/A+RBS 20/12/07 18115.000 100 /RBS 34 020/12/07 18115.000 350 Aa1/AAPRUFIN 65 3221/12/07 26185.125 275 /HBOS 37 3 -2 -1 -121/12/07 17114.875 300 Aa2/AAUBS 44 1121/12/07 18114.875 100 /

3-5yHBOS 35 0 -1 -403/04/08 17116.375 450 Aa2/AAFORTIS 49 15 -317/11/08 33255.500 200 A1/A+AAB 36 2 1 -707/12/08 18114.875 200 Aa3/AA-BRADBI 49 15 -1 -6 -310/12/085.125 250 A1/IRNWID 51 18 -2 -1015/12/085.875 350 A3/HBOS 34 1 1 -1 217/12/08 17114.500 300 Aa2/AAANZ 36 3 1 -422/12/08 19114.875 200 Aa3/AA-NAB 38 4 1 -2 130/12/084.250 400 Aa3/AA-ALLNCE 42 9 -2 -4 -330/12/084.250 250 Aa3/A+HBOS 34 130/12/08 17114.625 150 Aa2/AAHBOS 41 8 -903/03/09 17115.076 250 /RABOBK 30 -4 -1 320/03/09 1296.375 150 Aaa/AAARABOBK 30 -3 1 330/09/09 1294.750 550 Aaa/AAAEXPT 32 -1 223/11/09 13106.000 100 Aaa/AA+JPM 45 13 -2 -10 -307/12/09 39226.000 200 Aa3/A+ABBEY 37 4 -530/12/09 17115.375 385 Aa3/A+AAB 39 720/01/10 18114.875 200 Aa3e/AA-HSBC 48 16 -1 -9 -422/01/10 18116.125 500 A1/AHSBC 48 16 -1 -9 -422/01/10 18116.125 500 A1/A

5-7yBAC 38 5 -11 -407/06/10 29166.875 200 Aa2/AA-DB 39 7 -504/10/10 24156.625 250 Aa3/AA-BAC 39 7 1 -9 -416/12/10 29166.125 250 Aa2/AA-HBOS 38 6 -1 122/12/10 17114.375 250 Aa2/AAHBOS 22/12/10 17114.375 100 /BACA 42 10 -1 -8 -212/07/115.625 150 Aa2/AA+

7-10yHSBC 51 21 -2 -13 -527/03/12 18117.000 500 A1/AHSBC 51 21 -2 -13 -527/03/12 18117.000 500 A1/A

10-15yHSBC 54 26 -2 -15 -1205/10/15 18117.000 125 A1/AHSBC 54 26 -2 -15 -1205/10/15 18117.000 125 A1/AC 46 17 -2 -12 -1018/11/15 30155.500 250 Aa1/AA-HSBC 57 29 -1 -15 -1419/08/19 18116.250 125 A1/AHSBC 57 29 -1 -15 -1419/08/19 18116.250 125 A1/AC 48 20 -2 -11 -1202/09/19 30156.250 225 Aa1/AA-NRBS 56 29 -3 -16 -1702/12/196.375 200 A1/ABAC 47 19 -3 -1204/12/19 29165.500 500 Aa2/AA-

15y+C 47 22 -2 -15 -1621/05/26 30155.150 600 Aa1/AA-AAB 52 28 -1 -11 -1107/12/28 18116.375 125 Aa3/AA-BACR 94 30 1 -115/03/30 16100.000 135 /ABBEY 88 28 -2 -515/06/30 17110.000 166 /C 49 27 -3 -19 -1916/08/30 30156.500 400 Aa1/AA-

43 10 -1Unweighted Average for Senior : -5 -3Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Finance: Tier 1

Ticker Sprd Bmk


EURIBOROutstand'g

3-5yBAVB 73 40 -2 -43 -3815/07/08 23158.250 120 A3/BBB+

5-7yHBOS 60 29 -9 -731/05/10 17118.117 250 A1/ARBS 59 27 -10 -831/12/10 18117.387 200 A1/A+RBS 59 27 -10 -831/12/10 18117.387 200 A1/A+RBS 59 27 -10 -831/12/10 18117.387 200 A1/A+ANGIRI 70 40 -2 -14 -928/06/118.533 200 Baa1/ANGIRI 70 40 -2 -14 -928/06/118.533 200 Baa1/

10-15yLLOYDS 71 45 -4 -20 -1807/02/15 16117.834 250 Aa2/ACRDSUI 82 59 -4 -34 -3115/06/15 23158.514 150 A2/BBB+HSBC 71 46 -5 -21 -1930/06/15 18118.208 500 A2/A-NRBS 74 50 -4 -33 -3121/09/158.399 300 A3/BBB+FSPAA 75 46 -2 -2217/03/165.750 200 A2/BBB+FSPAA 75 46 -2 -2217/03/165.750 200 A2/BBB+ALLNCE 73 45 -1 -2422/03/165.827 300 A2/A-STAN 77 54 -3 -30 -2511/05/16 18128.103 300 Baa1/BBB+HBOS 75 49 -2 -18 -1731/05/16 17117.286 150 Aa3/A+ABBEY 71 48 -2 -29 -2709/02/18 17116.984 175 A2/A-HBOS 74 51 -2 -21 -1930/11/18 17116.461 600 /ANAB 77 52 -1 -22 -2117/12/185.620 400 A2/A-KBC 77 51 -2 -2219/12/196.202 375 A2/A-RABOBK 53 25 -131/12/19 1295.556 350 /

15y+HSBC 74 47 -4 -2007/04/20 18115.862 300 A1/AHBOS 79 60 -2 -21 -2231/05/21 17117.754 150 A1/ABKIR 75 54 -2 -27 -2607/03/23 20176.250 350 A2/A-ABBEY 74 55 -2 -35 -3414/02/26 17117.037 300 A2/A-HBOS 80 61 -2 -25 -2531/05/26 17117.281 150 Aa3/A+ANGIRI 90 71 -3 -30 -3323/07/277.625 250 Baa1/NRBS 88 67 -5 -35 -3421/09/277.053 200 A2/BBB+HSBC 81 58 -1 -21 -2305/11/31 18115.844 700 /AHBOS 82 68 -2 -24 -2709/12/31 17117.881 245 A1/ABRADBI 115 96 -2 -29 -2502/06/326.462 150 A3/BACR 77 54 -1 -20 -2115/06/32 16106.000 400 Aa3/A+HVB 172 171 -3 -4 -1013/10/34 37247.760 100 /

77 53 -2Unweighted Average for Tier 1 : -22 -17Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

GBP Finance: Upper Tier 2

Ticker Sprd Bmk


EURIBOROutstand'g

1-3yRBS 51 11 -6 1 503/04/06 28179.250 125 Aa2/AA-RBS 51 11 -6 1 503/04/06 28179.250 125 Aa2/AA-HBOS 48 8 -6 -230/10/06 27188.375 150 Aa3/A+HSBC 49 10 -6 -307/12/06 29179.250 150 Aa3/ASOCGEN 73 36 -4 -12 -207/12/069.125 100 /SEB 92 56 -4 -3 -111/12/069.040 100 /HSBC 49 13 -3 2 107/12/07 29178.625 150 Aa3/A

3-5yBACR 47 12 -1 -6 112/05/08 26169.875 300 Aa2/A+SVSKHB 48 15 -1 -13 -604/03/096.125 275 Aa2/ACRDSUI 66 35 -2 -18 -1110/07/09 37238.250 150 A1/A-RBS 50 17 -3 -11 -921/01/10 28177.625 325 Aa2/A+RBS 50 17 -3 -11 -921/01/10 28177.625 325 Aa2/A+RBS 50 17 -3 -11 -921/01/10 28177.625 325 Aa2/A+

5-7yLLOYDS 49 17 -11 -915/07/10 29186.625 410 Aa1/A+RBS 50 18 -3 -11 -931/08/10 28177.375 175 Aa2/A+RBS 50 18 -3 -11 -931/08/10 28177.375 175 Aa2/A+RBS 50 18 -3 -11 -931/08/10 28177.375 175 Aa2/A+ABBEY 55 23 -14 -1028/09/10 29187.500 325 A1/A-SANTAN 56 26 -3 -17 -807/12/11 31207.250 200 A1/

7-10yRBS 53 22 -1 -17 -1317/12/12 28176.250 350 Aa2/A+RBS 53 22 -1 -17 -1317/12/12 28176.250 350 Aa2/A+RBS 53 22 -1 -17 -1317/12/12 28176.250 350 Aa2/A+HBOS 61 34 -3 -17 -1204/11/13 27188.625 200 Aa3/PRUFIN 128 104 -6 -32 -2909/12/13 40277.500 250 Baa1/BRADBI 75 44 -2 -23 -2120/12/135.625 250 A2/NBHSS 62 33 -2 -17 -1518/07/146.250 300 A1/A-RBS 58 29 -2 -1608/09/14 28176.000 500 Aa2/A+

10-15yHBOS 65 43 -4 -23 -2010/08/15 271810.250 100 Aa3/CRDSUI 74 55 -5 -39 -3417/08/15 372310.250 100 A1/A-ABBEY 64 37 -4 -24 -2328/09/15 29187.500 425 A1/A-BACR 57 29 -3 -17 -1527/11/15 26166.875 650 Aa2/A+RBS 62 33 -3 -15 -1414/03/16 28175.125 500 Aa2/A+RBS 62 33 -3 -15 -1414/03/16 28175.125 500 Aa2/A+HBOS 63 38 -4 -20 -1826/05/16 27187.500 300 Aa3/ALLOYDS 63 35 -2 -13 -1109/12/16 29185.125 500 Aa1/A+BACR 58 32 -2 -15 -1419/04/17 26166.375 465 Aa2/A+CRDSUI 72 48 -2 -27 -2407/06/17 37236.875 500 A1/BBB+ACAFP 61 34 -1 -12 -1020/06/18 24165.000 1050 Aa3/A+RBS 65 48 -4 -19 -1712/08/18 28179.500 200 Aa2/RBS 65 48 -4 -19 -1712/08/18 28179.500 200 Aa2/RBS 65 48 -4 -19 -1712/08/18 28179.500 200 Aa2/DANBNK 59 34 -2 -6 -529/09/18 23185.375 350 Aa2/ALLOYDS 65 39 -2 -17 -1915/07/19 29186.500 270 Aa1/A+HBOS 66 3815/11/19 27185.625 500 Aa3/ARBS 64 3603/12/19 28175.500 600 Aa2/A+BRADBI 85 59 -3 -2410/12/196.000 200 A2/

15y+ABBEY 68 46 -3 -24 -2528/09/20 29187.375 175 A1/A-BACR 61 37 -3 -16 -1724/10/20 26167.125 525 Aa2/A+BACR 64 47 -3 -22 -2327/11/21 26169.250 150 Aa2/STAN 77 58 -4 -23 -2431/01/22 31197.750 200 A3/BBB+RBS 67 44 -1 -16 -1722/03/22 28176.200 500 Aa2/A+RBS 67 44 -1 -16 -1722/03/22 28176.200 500 Aa2/A+RBS 67 44 -1 -16 -1722/03/22 28176.200 500 Aa2/A+HBOS 68 44 -2 -19 -2014/04/22 27185.750 600 Aa3/ARBS 68 49 -1 -16 -1605/10/22 28177.125 200 Aa2/A+RBS 68 49 -1 -16 -1605/10/22 28177.125 200 Aa2/A+RBS 68 49 -1 -16 -1605/10/22 28177.125 200 Aa2/A+HBOS 67 49 -3 -20 -2010/02/23 27187.375 150 Aa3/AA-LLOYDS 67 52 -2 -19 -1929/09/23 29188.000 200 Aa1/A+

NRBS 78 55 -3 -22 -2417/06/246.750 200 A2/BBB+HBOS 69 45 -2 -17 -2028/11/25 27185.750 500 Aa3/ARBS 69 46 -1 -17 -1916/09/26 28175.625 900 Aa2/A+RBS 69 46 -1 -17 -1916/09/26 28175.625 900 Aa2/A+RBS 69 46 -1 -17 -1916/09/26 28175.625 900 Aa2/A+BACR 65 38 -3 -17 -1919/04/27 26166.125 550 Aa2/A+LLOYDS 70 48 -1 -18 -2015/07/29 29186.500 450 Aa1/A+ABBEY 74 57 -2 -28 -2830/09/30 29187.125 275 A1/A-LLOYDS 72 50 -1 -18 -2007/06/32 29186.000 500 Aa1/A+RBS 72 48 -1 -18 -2007/06/32 28175.625 500 Aa2/A+RBS 72 48 -1 -18 -2007/06/32 28175.625 500 Aa2/A+RBS 72 48 -1 -18 -2007/06/32 28175.625 500 Aa2/A+

64 37 -2Unweighted Average for Upper Tier 2 : -16 -14Source: ABN AMRO, iBoxx, Moody's, S&P. Spreads based on iBoxx pricing.

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The research analyst or analysts responsible for the content of this research report certify that: (1) the views expressed and attributed to the research analyst oranalysts in the research report accurately reflect their personal opinion(s) about the subject securities and issuers and/or other subject matter as appropriate;and, (2) no part of his or her compensation was, is or will be directly or indirectly related to the specific recommendations or views contained in this researchreport. On a general basis, the efficacy of recommendations is a factor in the performance appraisals of analysts.

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