Panorama Alpha B.V. : Rating Report - €750,000,000 Deferable Interest Floating-Rating Notes

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  31-Jan-11	EUR 555,000,000 Class A Senior Deferrable Interest Floating-Rate Notes due January 2091	A (sf)	Stb	New Rating	US

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