Caixa Geral de Depósitos, S.A.

Ratings

• CGD France Branch

  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
  16-Dec-14	Long-Term Instruments	BBB (low)	Stb	Trend Change	UK U
  16-Dec-14	Short-Term Instruments	R-2 (middle)	Stb	Trend Change	UK U
  16-Dec-14	Dated Subordinated Notes	BB (high)	Stb	Trend Change	UK U

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• CGD London Branch

  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
  16-Dec-14	Short-Term Instruments	R-2 (middle)	Stb	Trend Change	UK

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• Caixa Geral de Depósitos Finance

  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
  16-Dec-14	Guaranteed Dated Subordinated Notes	BB (high)	Stb	Trend Change	UK
  16-Dec-14	Guaranteed Long-Term Instruments	BBB (low)	Stb	Trend Change	UK
  16-Dec-14	Guaranteed Short-Term Instruments	R-2 (middle)	Stb	Trend Change	UK

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• Caixa Geral de Depósitos, S.A.

  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
  16-Dec-14	Senior Long-Term Debt & Deposit	BBB (low)	Stb	Trend Change	UK U
  16-Dec-14	Short-Term Debt & Deposit	R-2 (middle)	Stb	Trend Change	UK U
  16-Dec-14	Dated Subordinated Notes	BB (high)	Stb	Trend Change	UK U

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