The underlying portfolio of secured and unsecured NPL loans was sold by BPER Banca S.p.A. and Intesa Sanpaolo S.p.A., and is serviced by Intrum Italy S.p.A. and Prelios Credit Solutions S.p.A.

The fixed rate rated notes have been fully redeemed.

This publication does not constitute a rating action.

The EUR 14bn underlying portfolio of SME loan receivables was originated to individual entrepreneurs and private companies by BNP Paribas S.A.

The rating on Danske Bank A/S’s Danish mortgage-covered bonds (særligt dækkede obligationer – SDO) reflects the issuer's A+ rating enhanced by four notches from governance support. Five notches provide a buffer against an issuer downgrade.

The rating on Danske Bank A/S’s Danish mortgage-covered bonds (særligt dækkede obligationer – SDO) reflects the issuer's A+ rating enhanced by four notches from governance support. Five notches provide a buffer against an issuer downgrade.

The periodic review has resulted in no rating action.

This publication does not constitute a rating action.

This publication does not constitute a rating action.

This publication does not constitute a rating action.