DBRS Upgrades Guaranteed Debt of National Asset Management Limited to ‘A’; Trend Stable

DBRS Ratings Limited (DBRS) today has upgraded National Asset Management Limited’s (NAML or the Group) Guaranteed Senior Unsecured Debt rating to ‘A’ from A (low) and confirmed the R-1 (low) Short-Term Guaranteed Senior Unsecured Debt rating. The trend on both ratings is Stable. This rating action follows DBRS’s upgrade of the Republic of Ireland to ‘A’ with a Stable trend on March 13, 2015.

National Asset Management Limited is a special purpose vehicle set up by Ireland’s National Asset Management Agency (NAMA) and is responsible for issuing government guaranteed debt instruments for the purposes of acquiring eligible bank assets. National Asset Management Limited is a wholly-owned subsidiary of National Asset Management Agency Investment Limited, which is 51% owned by private investors and 49% owned by NAMA. For the nine months to end-September 2014, NAMA reported a net profit after tax of EUR 134 million.

Following the redemption of EUR 9.1 billion of senior notes in 2014, and EUR 1 billion in March 2015, NAMA has now redeemed EUR 17.6 billion of senior notes, equivalent to 58% of the EUR 30.2 billion debt originally issued to acquire the bank assets.

As a result of the guarantee the ratings will move in line with the rating of the Republic of Ireland.

Notes:
All figures are in Euros (EUR) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking
Organisations (June 2014). Other methodologies used include the DBRS Criteria: Support
Assessment for Banks and Banking Organisations (January 2014) and DBRS Criteria: Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (February 2015). The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.

The sources of information used for this rating include DBRS ratings of the Republic of Ireland.

DBRS considers the information available to it for the purposes of providing this rating was of
satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Ross Abercromby
Rating Committee Chair: William Schwartz
Initial Rating Date: April 21, 2011
Most Recent Rating Update: September 30, 2014

DBRS Ratings Limited
1 Minster Court, 10th Floor
Mincing Lane
London
EC3R 7AA
United Kingdom
Registered in England and Wales: No. 7139960

For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

Information regarding DBRS ratings, including definitions, policies and methodologies are available on www.dbrs.com.