January 14, 2008

Credit News
Corporate Bonds

Spreads narrow despite negative

fundamentals

Lively Interest on primary market

Is Hypo Real Estate the next target for

nationalization after Commerzbank?

Spreads expected to stay high

 Credit News – Corporate Bonds

EUR Corporate Bond Market

Market commentary
Perform ance -2 Weeks -1 Month
Rating
AAA 0.6% 2.1%
AA 0.9% 2.5%
A 1.6% 3.7%
BBB 2.7% 4.9%
Invest. Grade 1.3% 3.2%
High Yield 8.9% 12.2%

Sectors

Basic Industry 3.7% 6.2%

Consumer Cyc 4.3% 6.8%
Consumer N-Cyc 1.7% 3.9%
Energy 2.9% 5.2%
Telecom 1.7% 3.8%
Prop & RealEst 3.1% 0.9%
Technology 1.9% 2.5%
Transport 1.4% 3.8%
Utilities 0.9% 3.5%
Financials 1.6% 3.3%

Supras & Sovs 0.80% 2.35%

Source: JPMorgan Credit Index, Erste Bank Research

Spreads narrow In the first two weeks of the new year, the development of the EUR credit market was positive,
despite negative even though business sentiment and fundamental company data remained weak. The reason
fundamentals for this in our view is to be found mainly in the search of investors for high returns an
assumption supported by the very high demand for the numerous new issues since mid-
December. Risk tolerance increased mainly because of the expected positive effects of the
fiscal and monetary policy measures announced (e.g. aggressive economic stimulation
programme by Obama and massive interest rate cuts by central banks). But it was also
positive news from the US automotive industry that helped to slightly calm the tense situation.
Thus, the greatest fear of a default was averted for the time being by the US government's
consent at the end of 2008 to grant an emergency loan of USD 13.4bn to General Motors and
Chrysler. Currently, the two companies are tapping the funds from the TARP programme. In
return, the two companies have to convince the government by mid-February of their capability
to survive.

In an environment of very low yields on government bonds and volatile stock markets, the
attractively priced corporate bonds from the investment-grade and high-yield segments are
drawing the attention of investors. Spread narrowing was recorded in all rating classes, with
the BBB bonds within the investment-grade segment being by far the biggest gainers. These
have clearly outperformed government bonds since the beginning of the year with an excess
return of 2.5%.
The current trend on the EUR corporate bond market is certainly positive, but still carries the
risk of a setback. In this context, mention must be made of the high risk regarding the survival
of GM and Chrysler and the economic slump.

Erste Group – Credit News January 15, 2009 Page 2

 Credit News – Corporate Bonds
Development: spreads to government
300 1400

1200
250

1000
200

800
150
600

100
400

50
200

0 0
Jan-99

Jan-00

Jan-01

Jan-02

Jan-03

Jan-04

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09
Jul-99

Jul-00

Jul-01

Jul-02

Jul-03

Jul-04

Jul-05

Jul-06

Jul-07

Jul-08
Investment Grade, Government Spread High Yield-Index, Government Spread (r.s.)

Source: Bloomberg, Erste Bank Research

Lively Interest on
primary market
On the primary market for EUR corporate bonds, companies are taking advantage of the
currently high demand from investors and have issued bonds with a volume of EUR 11.25bn
since the beginning of the year. New issues still carry very high risk premiums thus reflecting
the high level of defaults expected at simultaneously lower recovery rates. The spreads of the
new issues vary widely within the same credit rating category depending on the liquidity profile
of the company and industry, but are still at a slightly lower level compared to November. A
positive aspect is also that bonds with long maturities are again in demand. While bonds with
maturities of a maximum of five years have been issued in the past few months, it has become
possible to place bonds with longer maturities in the past few weeks.

The pipeline for new issues is filling up. Thus, France Telecom and E.ON plan to float five-year
bonds in EUR and GBP in the next few days.

New issues

Volume in Spread over

Company Date Maturity Coupon
EURm mid-swaps

22
National Grid 13 Jan. 2009 500 6.5% 365 bps
Apr.2014
30 Jan.
Sodexo 13 Jan. 2009 650 6.25%
2015
23 Jan.
Vivendi 13 Jan. 2009 1,000 7.75% 485 bps
2014
20 Jan.
Deutsche Telekom 13 Jan. 2009 2,000 6% 265 bps
2017
23 Jul.
BMW US Capital 12 Jan. 2009 1,500 6.375% 370 bps
2012
25 Nov.
Iberdrola 12 Jan. 2009 550 7.5% 280 bps
2015
25
Iberdrola 12 Jan. 2009 450 6.375% 180 bps
Nov.2011

Erste Group – Credit News January 15, 2009 Page 3

 Credit News – Corporate Bonds

Company Date Maturity Volume in Coupon Spread over

EURm mid-swaps
15 Jan.
Vodafone 08 Jan. 2009 1,250 6.25%
2016
16 Jan.
Daimler Int. Finance 08 Jan. 2009 2,000 7.875% 485 bps
2014
18 Jan.
GDF Suez 08 Jan. 2009 1,000 6.375% 255 bps
2021
19 Jan.
E.ON Int. Finance 07 Jan. 2009 1,500 5.5% 205 bps
2016
15 Jan.
Volkswagen Finance 07 Jan. 2009 1,500 6.875% 375 bps
2014
16 Jul.
Schneider Electric 07 Jan. 2009 750 6.75% 360 bps
2013
27 Jan.
Bayer AG 22 Dec. 2008 200 4%
2011
18 Dec.
Verizon 11 Dec. 2008 500 8.75% 510 bps
2015
19 Dec.
Verizon 11 Dec. 2008 650 7.625% 450 bps
2011
22 Jul.
Thales 11 Dec. 2008 275 4.375% 250 bps
2011
03 Oct.
Vivendi 11 Dec. 2008 200 4.5%
2013

Is Hypo Real Estate The takeover of Dresdner Bank by Commerzbank clearly illustrates the consolidation under
the next target for way in Germany in the banking sector. This takeover was in fact secured by the federal
nationalization government with a total of EUR 18bn from the government fund for banks, SoFFin, with the
after largest share of the aid being dormant deposits bearing an annual interest of nine percent. The
Commerzbank? government has two seats on the supervisory board and these will be filled "as soon as
possible" according to the Ministry of Finance.

Moody’s confirmed the long-term rating of Commerzbank, but lowered the outlook of the
financial strength rating from stable to negative due to the low prospects of making profits in
the coming years. According to the rating agency, Commerzbank is struggling with the high
costs of the integration of Dresdner Bank and with the general worsening of the operating
banking business.

After the partial nationalization of Commerzbank, the federal government is probably

investigating an entry into the ailing real estate bank Hypo Real Estate. The guarantees
confirmed until mid-January of EUR 30bn were prolonged by SoFFin until mid-April. According
to news reports, in the case of Hypo Real Estate there is even a possibility of an extensive
nationalization.

Outlook

Spreads expected The insecurity on the financial markets is still quite perceptible. The spreads on the EUR
to stay high corporate bond market, which have decreased since the start of the year, are seeing some light
at the end of the tunnel, but we do not expect any major narrowing of risk premiums. The
continued weak data from the corporate sector, the economic downturn and volatile stock
markets are likely to soon put a damper on the euphoria on the credits markets.

Erste Group – Credit News January 15, 2009 Page 4

Credit News – Corporate Bonds
Rating actions

Name Sector Date Moody‘s S&P Fitch Before

Honda Motor Auto 14 Jan A A+ *-

Nissan Motor Auto 14 Jan A3 *- A3

Peugeot SA Auto 13 Jan Baa2 *- Baa2

Renault SA Auto 13 Jan Baa2 *- Baa2

AA- *-/
EDF Utility 9 Jan A+ AA-
AA *-
Volvo AB Auto 9 Jan A3 *- A3

Volkswagen Auto 8 Jan BBB+ *- A- *-

Alcoa Inc Industry 7 Jan BBB+ *- BBB+

BBB/
Marks&Spencer Retail 7 Jan BBB- BBB
BBB+
"*-" … negative watchlist; "*+"… positive watchlist

Erste Group – Credit News January 15, 2009 Page 5

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Jul-01 Jul-01 Jul-01

Jan-02 Jan-02 Jan-02
Jul-02 Jul-02 Jul-02
Jan-03 Jan-03 Jan-03
Jul-03 Jul-03 Jul-03
Jan-04 Jan-04 Jan-04

Utilities

Erste Group – Credit News January 15, 2009

Jul-04 Jul-04 Jul-04

Non-Cyclicals
EUR Corporates
Jan-05 Jan-05 Jan-05
Jul-05
Jul-05 Jul-05
Credit News – Corporate Bonds

Jan-06
Jan-06 Jan-06

EUR JP Morgan Utilities

Jul-06
Jul-06 Jul-06
Jan-07

EUR JP Morgan Non-Cyclicals

Jan-07 Jan-07
EUR JP Morgan Corporates Index

Jul-07
Jul-07 Jul-07
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Jan-08 Jan-08
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Jul-08 Jul-08

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Jul-01 Jul-01
Jul-01
Jan-02 Jan-02
Jan-02
Jul-02 Jul-02
Jul-02
Jan-03 Jan-03
JP Morgan Sector Indices, Spread to Benchmark

Jul-03 Jan-03
Jul-03
Jan-04 Jul-03
Jan-04

Financials
Jul-04 Jan-04

Telecoms
Jul-04
Jan-05 Jan-05 Jul-04

Jul-05
JP Morgan Cyclicals

Jul-05 Jan-05
Jan-06
Jan-06 Jul-05
Jul-06
Jul-06 Jan-06
EUR JP Morgan Cyclicals

EUR JP Morgan Telecoms

EUR JP Morgan Financials

Jan-07
Jan-07 Jul-06
Jul-07
Jul-07
Jan-07
Jan-08
Jan-08
Jul-07
Jul-08
Jul-08
Jan-08

Jul-08

Page 6
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Jul-03

Jan-04 Jan-04 Jan-04

A-Index
Jul-04 Jul-04

AAA-Index
Jul-04

High Yield-Index
Jan-05

Erste Group – Credit News January 15, 2009

Jan-05 Jan-05

Jul-05 Jul-05 Jul-05

Jan-06 Jan-06 Jan-06

Jul-06 Jul-06 Jul-06

Credit News – Corporate Bonds

EUR JP Morgan A Index

Jan-07 Jan-07 Jan-07

EUR JP Morgan HY Index

EUR JP Morgan AAA Index

Jul-07 Jul-07 Jul-07

Jan-08 Jan-08 Jan-08

Jul-08 Jul-08 Jul-08

Jan-09 Jan-09 Jan-09

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Jan-02
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JP Morgan Rating Indices, Spread to Benchmark

Jan-04
Jan-04 Jul-04
Jul-04
AA-Index

Jul-04
Jan-05
Jan-05

Investment Grade
Jan-05
Jul-05
Jul-05

BBB Spread to Government, in bps

Jul-05
Jan-06
Jan-06
Jan-06
Jul-06
Jul-06 Jul-06
Jan-07
EUR JP Morgan AA Index

EUR JP Morgan BBB Index

Jan-07 Jan-07
Jul-07
Jul-07 Jul-07
Jan-08
Jan-08 Jan-08
Jul-08
EUR JP Morgan Investment Grade Index
Jul-08 Jul-08
Jan-09
Jan-09 Jan-09

Page 7
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135
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500
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29-Sep-08
29-Sep-08

06-Oct-08
06-Oct-08

13-Oct-08
13-Oct-08

20-Oct-08
20-Oct-08

27-Oct-08
27-Oct-08
03-Nov-08
03-Nov-08
10-Nov-08
10-Nov-08
17-Nov-08
17-Nov-08
24-Nov-08
24-Nov-08

Erste Group – Credit News January 15, 2009

01-Dec-08
01-Dec-08

iTraxx Europe, Series10

iTraxx Europe

08-Dec-08
08-Dec-08

iTraxx Europe Crossover, Series10

15-Dec-08
Credit News – Corporate Bonds

15-Dec-08

iTraxx Europe Crossover

22-Dec-08
22-Dec-08
29-Dec-08
29-Dec-08
05-Jan-09
05-Jan-09
12-Jan-09
12-Jan-09

80
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115
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29-Sep-08 29-Sep-08 29-Sep-08

06-Oct-08 06-Oct-08 06-Oct-08

13-Oct-08 13-Oct-08 13-Oct-08

20-Oct-08 20-Oct-08 20-Oct-08

27-Oct-08 27-Oct-08 27-Oct-08

03-Nov-08 03-Nov-08 03-Nov-08

10-Nov-08 10-Nov-08 10-Nov-08

17-Nov-08 17-Nov-08 17-Nov-08

24-Nov-08 24-Nov-08 24-Nov-08

01-Dec-08 01-Dec-08 01-Dec-08

iTraxx Europe HiVol,Series10

08-Dec-08 08-Dec-08 08-Dec-08

iTraxx Financials Sub, Series10

iTraxx Financials Senior, Series10
iTraxx Financials
iTraxx Europe HiVol

15-Dec-08

iTraxx Financials Sub

15-Dec-08 15-Dec-08

22-Dec-08 22-Dec-08 22-Dec-08

29-Dec-08 29-Dec-08 29-Dec-08

05-Jan-09 05-Jan-09 05-Jan-09

12-Jan-09 12-Jan-09 12-Jan-09

Page 8
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Jul-05 Jul-05 Jul-05
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Erste Group – Credit News January 15, 2009

Jan-07
Mar-07 Mar-07
Autos, 5Y

Mar-07

Energy, 5Y

Industry, 5Y
May-07 May-07
May-07
Jul-07 Jul-07
Jul-07
Sep-07 Sep-07
Sep-07
Credit News – Corporate Bonds

Nov-07 Nov-07
Nov-07
Jan-08 Jan-08
Jan-08
Mar-08 Mar-08
Mar-08
May-08 May-08
May-08
Jul-08 Jul-08
Jul-08
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Sep-08
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Nov-08
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Jan-09

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Jul-05 Jul-05
Sep-05 Sep-05
Nov-05 Nov-05
Jan-06
iTraxx Sectors: Generic time series

Jan-06
Mar-06 Mar-06
May-06 May-06
Jul-06 Jul-06
Sep-06 Sep-06
Nov-06 Nov-06
Jan-07 Jan-07
Mar-07 Mar-07
Telecom, 5Y

May-07 May-07
Consumer, 5Y

Jul-07 Jul-07
Sep-07 Sep-07
Nov-07 Nov-07
Jan-08 Jan-08
Mar-08 Mar-08
May-08 May-08
Jul-08 Jul-08
Sep-08 Sep-08
Nov-08 Nov-08
Jan-09 Jan-09

Page 9
Credit News – Corporate Bonds
Euro Benchmark Bonds (IBOXX Non-financial Corporates)

Spread Change month -1

Spread Change week -1
Bloomberg Composite

Spread to Benchmark
Volume, in € millions

Asset Swap Spread

Corporate Bonds

Price (indicative)

Rating
Name

(ASS)
(ASS)
Yield
ID
TELECOM
DT 6 1/2 10/07/09 DEUTSCHE TELEKOM INT FIN 957015 500 102.0 3.6 BBB+ 229 107 -25 -8
FRTEL 7 12/23/09 FRANCE TELECOM 393668 2500 103.5 3.1 A- 171 45 3 -39
DT 3 1/4 01/19/10 DEUTSCHE TELEKOM INT FIN A0DW8C 1250 100.2 3.1 BBB+ 173 45 -5 -22
TKA 3 3/8 01/27/10 TELEKOM FINANZMANAGEMENT A0DXAM 500 100.0 3.3 BBB+ 234 106 0 -35
VIVFP 3 5/8 04/10 VIVENDI A0D0PM 630 98.8 4.6 BBB 327 215 -11 -42
VOD 5 7/8 06/18/10 VODAFONE GROUP PLC A0TWZL 1250 103.0 3.6 BBB+ 226 142 -17 -56
TELECO 3 06/28/10 TELSTRA CORP LTD A0E6P4 500 98.2 4.3 A 298 209 8 -40
DT 6 5/8 07/06/10 DEUTSCHE TELEKOM INT FIN 614681 750 104.7 3.7 BBB+ 230 153 -12 -15
FRTEL 3 10/14/10 FRANCE TELECOM A0GGU7 1000 100.2 2.9 A- 148 66 -32 -63
FRTEL 6 5/8 11/10 FRANCE TELECOM 571412 1400 106.0 3.2 A- 181 101 -11 -34
TITIM 4 1/2 01/11 TELECOM ITALIA SPA A0ACAF 750 96.8 6.2 BBB 481 379 -36 -80
TELEFO 3 3/4 02/11 TELEFONICA EMISIONES SAU A0GMJC 2250 99.9 3.8 BBB+ 244 156 -2 -46
OTE 5 3/8 02/14/11 OTE PLC A0TQ6U 1500 99.2 5.8 BBB 439 345 7 -15
BRITEL 6 7/8 02/11 BRITISH TELECOM PLC 609813 1125 105.1 4.7 BBB+ 332 251 3 -44
DT 4 04/13/11 DEUTSCHE TELEKOM INT FIN A0GQZ7 750 101.0 3.5 BBB+ 213 125 -23 -21
TITIM 7 04/20/11 TELECOM ITALIA FIN SA 648822 2000 101.9 6.5 BBB 508 420 -8 -77
NTT 4 1/8 06/09/11 NIPPON TELEGR & TELEPH A0BC02 500 102.3 3.1 AA- 162 73 -12 -39
TELECO 6 3/8 06/11 TELSTRA CORP LTD 687890 1500 103.6 4.8 A 331 244 27 -3
DT 6 5/8 07/11/11 DEUTSCHE TELEKOM INT FIN 695451 3500 105.9 4.5 BBB+ 301 217 9 -30
KPN 4 1/2 07/21/11 KONINKLIJKE KPN NV A0DAHK 1425 100.9 4.1 BBB 258 167 6 -38
OTE 3 3/4 11/11/11 OTE PLC A0GJCY 650 94.8 5.8 BBB 418 310 9 -23
SINTEL 6 11/21/11 SING TELECOMMUNICATIONS 779027 500 102.3 5.1 A+ 357 266 n.a. -8
BELGBB 4 1/8 11/11 BELGACOM S.A. DROIT PUB A0G2GT 775 99.9 4.1 A+ 260 166 -10 -15
FRTEL 4 5/8 01/12 FRANCE TELECOM A0ABV6 750 102.8 3.6 A- 197 109 11 -9
TITIM 6 1/4 02/12 TELECOM ITALIA SPA 841186 1250 98.5 6.8 BBB 512 412 49 -69
VIVFP 3 7/8 02/12 VIVENDI A0DXQK 600 95.6 5.5 BBB 382 280 37 16
FRTEL 4 3/8 02/12 FRANCE TELECOM A0LMX9 1225 101.5 3.9 A- 220 132 20 -11
PORTEL 3 3/4 03/12 PORTUGAL TELECOM INT FIN A0D0PN 1000 92.1 6.6 BBB- 489 374 1 -33
TELEFO 4.393 04/12 TELEFONICA EMISIONES SAU A0GY9L 500 99.7 4.5 BBB+ 276 188 4 -53
TITIM 7 1/4 04/12 TELECOM ITALIA FIN SA 854784 1000 101.5 6.7 BBB 499 411 -49 -91
TLIASS 3 5/8 05/12 TELIASONERA AB A0D2QR 500 96.8 4.7 A- 294 202 18 -3
DT 8 1/8 05/29/12 DEUTSCHE TELEKOM INT FIN 858191 2000 109.6 4.9 BBB+ 310 239 23 -15
SFRSA 3 3/8 07/12 SFR SA A0E6W7 800 94.7 5.1 NR 316 224 n.a. n.a.
KPN 5 11/13/12 KONINKLIJKE KPN NV A0TL95 1250 99.6 5.1 BBB 315 234 -6 -57
VOD 3 5/8 11/29/12 VODAFONE GROUP PLC A0GJ7J 1000 97.5 4.3 BBB+ 239 156 18 -34
TELNO 5 7/8 12/12 TELENOR ASA 250024 500 101.6 5.4 BBB+ 347 267 5 -16
BRITEL 5 1/4 01/13 BRITISH TELECOM PLC A0TMMW 1000 96.0 6.4 BBB+ 440 345 -4 -62
TITIM 6 7/8 01/13 TELECOM ITALIA FIN SA 724182 850 99.7 7.0 BBB 501 413 -37 -82
FRTEL 7 1/4 01/13 FRANCE TELECOM 727318 3500 109.3 4.7 A- 268 199 20 -23
TELEFO 5 1/8 02/13 TELEFONICA EUROPE BV 753896 1500 102.5 4.4 BBB+ 246 168 5 -46
T 4 3/8 03/15/13 AT&T INC A0LPUW 1250 94.3 6.0 A 395 298 -9 -56
KPN 4 1/2 03/18/13 KONINKLIJKE KPN NV A0GPSR 850 96.2 5.6 BBB 353 263 9 -30
TELECO 6 04/08/13 TELSTRA CORP LTD. A0TTQV 500 102.4 5.3 A 334 255 6 -19
TELEFO 5.58 06/13 TELEFONICA EMISIONES SAU A0TWB8 1250 102.9 4.8 BBB+ 275 198 13 -32
TKA 5 07/22/13 TELEKOM FINANZMANAGEMENT 904073 750 100.4 4.9 BBB+ 303 220 -13 -62
OTE 5 08/05/13 OTE PLC 970681 1250 94.5 6.4 BBB 432 335 7 -13
VIVFP 4 1/2 10/13 VIVENDI A0GYX8 500 94.4 5.9 BBB 382 286 -4 -86
DT 4 1/2 10/25/13 DEUTSCHE TELEKOM INT FIN A0G0PD 1500 101.3 4.2 BBB+ 208 129 22 -15
DT 5 3/4 01/10/14 DEUTSCHE TELEKOM INT FIN A0TWHZ 500 103.2 5.0 BBB+ 284 206 31 4
TELEFO 4.674 02/14 TELEFONICA EMISIONES SAU A0LL22 1500 99.1 4.9 BBB+ 271 188 -1 -60
TELNO 4 1/2 03/14 TELENOR ASA A0GYYM 500 92.3 6.3 BBB+ 406 306 11 7
TITIM 4 3/4 05/14 TELECOM ITALIA SPA A0GSK4 750 90.1 7.0 BBB 479 369 -31 -60
FRTEL 5 1/4 05/14 FRANCE TELECOM A0TVLK 750 104.3 4.3 A- 208 135 7 -24
KPN 4 3/4 05/29/14 KONINKLIJKE KPN NV A0NWTQ 650 95.4 5.8 BBB 350 262 1 -33
BRITEL 5 1/4 06/14 BRITISH TELECOM PLC A0NX2B 750 92.8 6.9 BBB+ 460 360 13 -35
TELECO 4 3/4 07/14 TELSTRA CORP LTD A0DAB3 500 95.4 5.7 A 346 259 5 -18
DT 4 01/19/15 DEUTSCHE TELEKOM INT FIN A0DW8D 1750 97.4 4.5 BBB+ 207 133 27 -11
OTE 6 02/12/15 OTE PLC A0TQ6V 600 96.3 6.8 BBB 434 350 3 -14
T 6 1/8 04/02/15 AT&T INC A0TTHZ 1250 98.8 6.4 A 389 313 -8 -38

Erste Group – Credit News January 15, 2009 Page 10

Credit News – Corporate Bonds

Spread Change month -1

Spread Change week -1
Bloomberg Composite

Spread to Benchmark
Volume, in € millions

Asset Swap Spread

Corporate Bonds

Price (indicative)

Rating
Name

(ASS)
(ASS)
Yield
ID
TELECOM
VOD 5 1/8 04/10/15 VODAFONE GROUP PLC 842913 500 100.3 5.1 BBB+ 261 191 20 -31
DT 5 3/4 04/14/15 DEUTSCHE TELEKOM INT FIN A0TT2M 1500 101.7 5.4 BBB+ 296 228 39 16
TLIASS 4 1/8 05/15 TELIASONERA AB A0D2QS 750 91.4 5.8 A- 332 246 12 1
KPN 4 06/22/15 KONINKLIJKE KPN NV A0E6GZ 1000 91.5 5.6 BBB 310 226 2 -30
BRITEL 6 1/2 07/15 BRITISH TELECOM PLC A0TW7P 1000 96.7 7.1 BBB+ 462 382 9 -32
TELECO 3 7/8 07/15 TELSTRA CORP LTD A0E6P5 500 88.8 6.0 A 350 258 12 -9
FRTEL 3 5/8 10/15 FRANCE TELECOM A0GGU8 1150 96.0 4.3 A- 175 108 15 -14
KPN 6 1/2 01/15/16 KONINKLIJKE KPN NV A0TTGS 925 101.7 6.2 BBB 357 294 0 -25
TELEFO 4 3/8 02/16 TELEFONICA EMISIONES SAU A0GMJD 1750 94.2 5.4 BBB+ 274 201 -3 -20
OTE 4 5/8 05/20/16 OTE PLC A0G179 900 86.5 7.0 BBB 433 333 8 -8
DT 4 3/4 05/31/16 DEUTSCHE TELEKOM INT FIN A0GTCB 500 97.1 5.2 BBB+ 256 189 36 31
VOD 4 3/4 06/14/16 VODAFONE GROUP PLC A0GTNN 500 94.8 5.6 BBB+ 292 220 16 -10
BELGBB 4 3/8 11/16 BELGACOM S.A. DROIT PUB A0G2GL 950 95.4 5.1 A+ 236 168 -9 -43
KPN 4 3/4 01/17/17 KONINKLIJKE KPN NV A0G1UC 1000 90.7 6.3 BBB 352 268 -1 -23
TKA 4 1/4 01/27/17 TELEKOM FINANZMANAGEMENT A0DXAN 500 92.0 5.5 BBB+ 294 215 -2 -21
FRTEL 4 3/4 02/17 FRANCE TELECOM A0LMX4 1900 95.4 5.5 A- 271 201 11 -13
TLIASS 4 3/4 03/17 TELIASONERA AB A0LN2J 600 90.0 6.4 A- 361 275 -10 -17
TELECO 4 3/4 03/17 TELSTRA CORP LTD. A0LP00 1000 89.7 6.4 A 366 278 4 -2
PORTEL 4 3/8 03/17 PORTUGAL TELECOM INT FIN A0D0PP 500 82.3 7.3 BBB- 458 342 -8 -55
TELNO 4 7/8 05/17 TELENOR ASA A0NWAL 1000 86.7 7.0 BBB+ 428 326 12 4
DT 6 5/8 03/29/18 DEUTSCHE TELEKOM INT FIN 842464 500 108.1 5.5 BBB+ 267 209 58 24
FRTEL 5 5/8 05/18 FRANCE TELECOM A0TVLL 1550 98.7 5.8 A- 299 227 27 11
VOD 5 06/04/18 VODAFONE GROUP PLC 848762 750 100.4 4.9 BBB+ 210 143 -6 -53
TITIM 5 3/8 01/19 TELECOM ITALIA SPA A0ACAG 1250 96.9 5.8 BBB 289 216 -22 -51
VOD 5 3/8 06/06/22 VODAFONE GROUP PLC A0NW92 500 95.5 5.9 BBB+ 230 196 14 -22
PORTEL 4 1/2 06/25 PORTUGAL TELECOM INT FIN A0E52Z 500 68.7 8.0 BBB- 414 309 -1 -12
DT 7 1/2 01/24/33 DEUTSCHE TELEKOM INT FIN 728317 500 109.3 6.7 BBB+ 285 298 3 -7
TITIM 7 3/4 01/33 TELECOM ITALIA FIN SA 724183 1050 87.8 9.0 BBB 514 456 -14 -20
FRTEL 8 1/8 01/33 FRANCE TELECOM 727319 1500 120.5 6.4 A- 256 288 6 -1
TELEFO 5 7/8 02/33 TELEFONICA EUROPE BV 753897 500 96.2 6.2 BBB+ 233 221 7 13
TITIM 5 1/4 03/55 TELECOM ITALIA SPA A0DZ5M 680 63.2 8.4 BBB 463 334 -14 -20

AUTOS
DAIGR 4 1/8 09/09 DAIMLER NORTH AMER CORP A0GXWM 1500 99.5 4.9 A- 358 234 -45 -125
DAIGR 4 1/8 11/09 DAIMLER NORTH AMER CORP A0GSCK 750 99.2 5.1 A- 375 245 -6 -37
VW 4 1/2 01/27/10 VOLKSWAGEN FIN SERV AG 586339 1500 100.6 3.9 BBB+ 247 121 4 11
TOYOTA 4 02/12/10 TOYOTA MOTOR CREDIT CORP 678455 1425 100.9 3.1 AA+ 179 58 -35 -47
FIAT6 1/4 02/24/10 FIAT FINANCE & TRADE 452075 1000 101.4 4.9 BBB- 359 241 -117 -134
DAIGR 4 3/8 03/10 DAIMLER NORTH AMER CORP A0LPMY 2000 98.9 5.4 A- 406 286 15 -136
RENAUL 4 5/8 05/10 RENAULT S.A. 892181 750 98.7 5.6 BBB 426 326 -67 -65
DAIGR 5 3/4 06/10 DAIMLER NORTH AMER CORP A0TWV4 1250 100.4 5.4 A- 409 320 13 -136
BMW 2 3/4 09/23/10 BMW US CAPITAL LLC A0GFP9 1000 97.8 4.1 A 275 188 19 -20
DAIGR 3 5/8 11/10 DAIMLER CANADA FINANCE A0GHZX 1000 98.8 4.3 A- 295 207 22 -77
HNDA3 3/4 03/16/11 AMERICAN HONDA FINANCE A0GPP2 500 95.7 6.0 A+ 453 349 18 -25
DAIGR 7 03/21/11 DAIMLER INTL FIN BV 611868 1000 102.6 5.7 A- 420 335 53 -11
BMW 3 7/8 04/06/11 BMW FINANCE NV A0AXMU 750 99.6 4.1 A 265 174 -19 -35
VW 5 1/8 05/19/11 VW CREDIT INC A0TVAE 1250 99.8 5.2 A- 372 280 13 8
FIAT6 3/4 05/25/11 FIAT FINANCE & TRADE 650002 1300 102.4 5.6 BBB- 418 330 -109 -159
RENAUL 5 1/4 05/11 RCI BANQUE SA A0TVL3 700 93.9 8.2 BBB+ 677 553 18 0
VW 4 1/8 05/31/11 VOLKSWAGEN LEASING GmbH A0AMFX 1000 99.4 4.4 A- 290 198 21 27
VW 4 3/4 07/19/11 VOLKSWAGEN FIN SERV AG 780427 1000 100.6 4.5 BBB+ 299 207 13 35
TOYOTA 5 3/8 07/11 TOYOTA MOTOR CREDIT CORP A0TZG2 1000 102.8 4.2 AA+ 267 178 6 -10
PEUGOT 5 7/8 09/11 GIE PSA TRESORERIE 720650 1500 98.4 6.5 BBB 502 399 -48 -61
DAIGR 4 1/4 10/11 DAIMLER NORTH AMER CORP A0DDFR 1250 99.2 4.6 A- 302 205 51 -65
FIAT5 5/8 11/15/11 FIAT FINANCE & TRADE A0GR9M 1000 80.6 14.2 BBB- 1322 1023 -15 -208
BMW 4 1/8 01/24/12 BMW FINANCE NV A0GVWJ 1000 98.3 4.8 A 312 217 93 -20
VW 5 3/8 01/25/12 VOLKSWAGEN FIN SERV AG 533248 1000 102.1 4.6 BBB+ 296 207 -3 12
RENAUL 4 1/2 04/12 RENAULT S.A. A0NRW1 500 91.3 7.6 BBB 594 469 59 -29
MICH6 1/2 04/16/12 MICHELIN FINANCE LUX SA 852987 500 101.2 6.1 BBB 437 349 -12 -32

Erste Group – Credit News January 15, 2009 Page 11

Credit News – Corporate Bonds

Spread Change month -1

Spread Change week -1
Bloomberg Composite

Spread to Benchmark
Volume, in € millions

Asset Swap Spread

Corporate Bonds

Price (indicative)

Rating
Name

(ASS)
(ASS)
Yield
ID
AUTOS
TOYOTA 4 1/4 05/12 TOYOTA MOTOR CREDIT CORP A0NTU3 850 101.6 3.7 AA+ 197 113 8 -32
DAIGR 5 05/23/12 DAIMLER NORTH AMER CORP A0TVPP 750 96.6 6.1 A- 438 341 34 -68
HNDA5 1/8 10/03/12 AMERICAN HONDA FINANCE A0TKPC 750 95.7 6.5 A+ 454 360 13 6
BMW 4 7/8 10/18/12 BMW FINANCE NV A0TK8U 1000 100.0 4.9 A 295 215 55 9
VW 4 7/8 10/18/12 VOLKSWAGEN LEASING GmbH A0JCCL 1250 97.4 5.7 A- 370 284 15 -27
FIAT6 5/8 02/15/13 FIAT FINANCE & TRADE A0GNCU 1000 73.2 15.8 BBB- 1450 1072 4 -84
BMW 4 5/8 02/20/13 BMW US CAPITAL LLC 748052 750 97.8 5.2 A 325 238 81 -5
DAIGR 4 3/8 03/13 DAIMLER NORTH AMER CORP A0GPSA 1250 91.6 6.8 A- 472 365 55 -19
VW 4 7/8 05/22/13 VOLKSWAGEN INTL FIN NV 525872 1000 98.8 5.2 BBB+ 316 232 12 18
RENAUL 4 3/8 05/13 RENAULT S.A. A0GSH6 800 85.9 8.4 BBB 635 494 8 -1
VLOF3 3/4 06/24/13 VALEO A0E6AF 600 72.2 12.2 NR 1023 751 36 37
HNDA6 1/4 07/16/13 AMERICAN HONDA FINANCE A0TX6A 600 99.3 6.4 A+ 438 351 9 -10
BMW 4 1/4 01/22/14 BMW FINANCE NV A0G4YV 1400 95.5 5.3 A 317 226 67 -12
BMW 5 05/28/15 BMW US CAPITAL LLC A0TVE8 1750 91.7 6.6 A 417 325 42 -23
RBOSCH 4 3/8 05/16 ROBERT BOSCH GMBH A0JQYP 750 96.4 5.0 NR 229 162 169 153
FIAT5 5/8 06/12/17 FIAT FINANCE NORTH AMERI A0NXA9 1000 57.2 14.8 BBB- 1209 791 21 -40
VW 5 3/8 05/22/18 VOLKSWAGEN INTL FIN NV 525873 500 101.1 5.2 BBB+ 239 173 -38 -23
BMW 5 08/06/18 BMW FINANCE NV 970661 750 91.7 6.2 A 333 247 12 -12
PEUGOT 6 09/19/33 GIE PSA TRESORERIE 905497 600 64.4 9.9 BBB 606 430 0 -25

CONSUMER GOODS
TSCOLN 4 3/4 04/10 TESCO PLC 348684 750 102.0 3.1 A- 170 66 -19 -68
COFP5 1/4 04/28/10 CASINO GUICHARD PERRACH 843498 500 99.9 5.3 BBB- 396 292 2 -17
MOET 5 04/29/10 LVMH MOET-HENNESSY 843715 750 101.5 3.8 BBB+ 235 136 11 -31
CAFP6 1/8 05/26/10 CARREFOUR SA 116945 1000 103.7 3.2 A 188 97 -39 -49
AUCHAN 3 06/28/10 GROUPE AUCHAN SA A0E6FX 600 99.8 3.1 NR 175 91 -13 -67
KINGFI 4 1/2 10/10 KINGFISHER PLC 916773 500 91.0 10.3 BBB- 897 745 n.a. -112
SCACAP 3 7/8 03/11 SCA FINANS AB A0GN59 700 95.3 6.3 BBB+ 491 384 -91 -60
TSCOLN 3 7/8 03/11 TESCO PLC A0GP1M 500 100.3 3.7 A- 230 141 10 -51
PRTP5 1/4 03/29/11 PPR SA A0AXHY 800 97.3 6.6 NR 510 408 -46 -101
BNFP5 1/4 05/06/11 GROUPE DANONE A0TUNP 1250 104.2 3.3 A- 187 101 23 2
PHG 6 1/8 05/16/11 KONINKLIJKE PHILIPS ELEC 649901 750 105.3 3.7 A- 227 142 -40 -57
METFNL 4 5/8 05/11 METRO FINANCE BV A0BCGN 750 100.7 4.3 BBB 284 194 25 -24
JAPTOB 4 5/8 06/11 JTI UK FINANCE PLC A0BC8R 800 100.9 4.2 A+ 278 188 8 -31
BATSLN 4 3/8 06/11 BAT HOLDINGS BV A0AXSG 1000 100.1 4.3 BBB+ 281 190 3 -36
CAFP4 3/8 06/15/11 CARREFOUR SA 844146 1100 102.2 3.4 A 194 106 16 2
MOET4 5/8 07/01/11 LVMH MOET-HENNESSY A0BDS0 600 101.5 4.0 BBB+ 246 156 10 -16
EEEKGA 4 3/8 07/11 COCA-COLA HBC FINANCE BV A0DACZ 500 102.9 3.2 A- 170 81 6 -59
PG 4 7/8 10/24/11 PROCTER & GAMBLE CO A0TLHV 1000 104.6 3.1 AA- 155 65 12 -7
COFP 6 02/27/12 CASINO GUICHARD PERRACH 846438 700 99.3 6.3 BBB- 456 361 -18 -57
SUEDZU 5 3/4 02/12 SUEDZUCKER INT FINANCE 846102 500 102.9 4.7 BBB 301 215 -31 -56
KFT 5 3/4 03/20/12 KRAFT FOODS INC A0TSXM 2000 103.0 4.7 BBB 302 217 -6 -30
METFNL 4 3/4 05/12 METRO FINANCE BV A0NV97 500 98.8 5.1 BBB 338 249 -15 -69
MOET3 3/8 06/22/12 LVMH MOET-HENNESSY A0E556 760 97.2 4.3 BBB+ 246 159 -4 -21
BATSLN 3 5/8 06/12 BAT INTL FINANCE PLC A0E6SB 750 96.9 4.6 BBB+ 283 194 -6 -50
UNANA 4 5/8 11/12 UNILEVER NV A0TMCQ 750 104.1 3.5 A+ 152 77 7 -12
KINGFI 4 1/8 11/12 KINGFISHER PLC A0GJU5 550 74.5 12.9 BBB- 1104 830 17 88
PG 3 3/8 12/07/12 PROCTER & GAMBLE CO A0GKLD 1400 99.5 3.5 AA- 156 78 17 -8
PRTP 4 01/29/13 PPR SA A0E6KU 600 89.3 7.1 NR 512 395 10 -68
FO 4 01/30/13 FORTUNE BRANDS INC A0GM1S 500 81.3 9.8 BBB 790 608 100 103
COFP6 3/8 04/04/13 CASINO GUICHARD PERRACH A0TTHB 950 95.8 7.6 BBB- 557 456 -14 -88
AUCHAN 5 04/29/13 GROUPE AUCHAN SA A0TUJE 800 101.2 4.7 NR 263 184 21 -7
CARGIL 4 3/8 04/13 CARGILL INC A0GRQ6 750 92.3 6.5 A 450 345 -42 -37
CAFP3 5/8 05/06/13 CARREFOUR SA A0GJ86 750 98.5 4.0 A 198 117 2 -31
UNANA 4 7/8 05/13 UNILEVER NV A0TVK9 750 104.7 3.7 A+ 164 88 11 -19
HENKEL 4 1/4 06/13 HENKEL AG & CO KGAA 664196 1000 102.8 3.5 A- 149 72 -24 -63
DIAG5 1/2 07/01/13 DIAGEO CAPITAL BV A0TTHY 1150 102.7 4.8 A- 272 195 9 -33

Erste Group – Credit News January 15, 2009 Page 12

Credit News – Corporate Bonds

Spread Change month -1

Spread Change week -1
Bloomberg Composite

Spread to Benchmark
Volume, in € millions

Asset Swap Spread

Corporate Bonds

Price (indicative)

Rating
Name

(ASS)
(ASS)
Yield
ID
CONSUMER GOODS
BATSLN 5 1/8 07/13 BAT INTL FINANCE PLC 890743 1000 98.9 5.4 BBB+ 336 251 -3 -43
IMTLN 5 1/8 10/13 ALTADIS FINANCE BV 906726 500 93.6 6.8 BBB- 469 366 20 8
IMTLN 4 3/8 11/13 IMPERIAL TOBACCO FINANCE A0G1XY 1200 85.6 8.1 BBB- 599 460 -18 -38
JAPTOB 4 1/2 04/14 JTI UK FINANCE PLC A0GYUU 500 96.0 5.4 A+ 320 233 12 10
COFP4 7/8 04/10/14 CASINO GUICHARD PERRACH A0NQ9S 850 87.3 7.9 BBB- 574 446 -29 -68
PG 4 1/2 05/12/14 PROCTER & GAMBLE CO A0NUN5 1500 102.1 4.0 AA- 182 107 7 -7
DELH5 5/8 06/27/14 DELHAIZE GROUP A0NYJN 500 81.4 10.2 BBB- 794 619 11 n.a.
AUCHAN 5 1/8 07/14 GROUPE AUCHAN SA A0NZR3 650 103.2 4.4 NR 215 143 9 -38
BATSLN 4 3/8 09/14 BAT HOLDINGS BV A0GPP0 600 93.1 5.8 BBB+ 350 260 -4 -27
CARGIL 4 1/2 09/14 CARGILL INC A0DDDL 500 89.5 6.8 A 447 342 14 -52
CAFP5 1/8 10/10/14 CARREFOUR SA A0TKSC 1250 103.7 4.4 A 205 135 7 -33
BATSLN 5 7/8 03/15 BAT INTL FINANCE PLC A0TSJQ 1250 96.8 6.5 BBB+ 409 327 -8 -34
KFT 6 1/4 03/20/15 KRAFT FOODS INC A0TSY0 850 102.9 5.7 BBB 324 257 -4 -30
BNFP5 1/2 05/06/15 GROUPE DANONE A0TUNQ 1000 106.1 4.4 A- 187 125 24 -22
CAFP5 3/8 06/12/15 CARREFOUR SA A0TWMC 1000 102.4 4.9 A 244 179 7 -25
CARGIL 6 1/4 07/15 CARGILL INC A0TUJD 500 95.1 7.2 A 470 385 5 -6
UNANA 3 3/8 09/15 UNILEVER NV A0GFY7 750 96.4 4.0 A+ 144 78 -2 8
IMTLN 4 12/11/15 ALTADIS EMISIONES FINANC A0GKA3 500 83.8 7.0 BBB- 445 335 10 -14
CAFP4 3/8 11/02/16 CARREFOUR SA A0G0XP 600 94.6 5.2 A 250 180 10 4
CARGIL 4 7/8 05/17 CARGILL INC A0NWR2 500 82.4 7.8 A 507 384 15 32
BATSLN 5 3/8 06/17 BAT INTL FINANCE PLC A0NYWS 1250 90.8 6.8 BBB+ 409 318 -16 -38
PG 5 1/8 10/24/17 PROCTER & GAMBLE CO A0TLHW 1100 103.5 4.6 AA- 186 123 9 5
PG 4 1/8 12/07/20 PROCTER & GAMBLE CO A0GKLE 600 94.4 4.8 AA- 148 98 16 -3
PG 4 7/8 05/11/27 PROCTER & GAMBLE CO A0NULV 1000 87.1 6.1 AA- 217 189 4 3
TSCOLN 5 1/8 04/47 TESCO PLC A0NRKE 600 82.7 6.3 A- 253 232 n.a. n.a.
HENKEL 5 3/8 11/04 HENKEL AG & CO KGAA A0JBUR 1300 81.8 9.0 BBB 646 503 -36 -126

UTILITIES
SZEFP 5 7/8 10/09 BELGELEC FINANCE SA 352737 1221 101.2 4.1 A+ 273 150 17 24
ELEPOR6.4 10/29/09 ENERGIAS DE PORTUGAL 353311 1000 101.9 3.8 A- 247 124 9 11
AGBAR 6 11/12/09 AGBAR INTERNATIONAL BV 353670 500 102.2 3.2 A 184 60 -1 23
GASSM 6 1/8 02/10 GAS NATURAL FINANCE BV 451755 525 102.4 3.8 A 241 121 1 -8
VATFAL 6 03/31/10 VATTENFALL TREASURY AB 108464 500 103.0 3.4 A 205 99 3 10
SZEFP 4 1/4 06/10 BELGELEC FINANCE SA 876057 650 100.9 3.6 A+ 221 136 6 -8
EDF 5 3/4 10/25/10 ELECTRICITE DE FRANCE 614276 1000 105.9 2.3 AA- 86 4 6 -17
IBESM 4 3/8 10/10 IBERDROLA INTL BV 920696 750 101.0 3.7 A- 232 149 -3 -17
FRTUM 4 5/8 11/10 FORTUM OYJ 814865 500 101.5 3.7 A 231 147 -1 -15
UNFSM 5 12/09/10 UNION FENOSA FINANCE A0AAG0 500 101.7 4.0 A- 267 182 23 -6
EDNIM 5 1/8 12/10 EDISON SPA A0AAGE 700 102.3 3.9 BBB 243 159 -4 -29
EDF 4 3/8 12/15/10 EDF ENERGY PLC 896751 500 101.5 3.6 A- 217 132 4 -12
ELEPOR 5 7/8 03/11 ENERGIAS DE PORTUGAL 612320 747 103.8 4.0 A- 261 176 1 -7
EDF 3 3/4 04/08/11 ELECTRICITE DE FRANCE A0AXU3 500 102.7 2.5 AA- 104 18 11 18
ENEL4 1/8 05/20/11 ENEL-SOCIETA PER AZIONI A0BB6L 750 101.5 3.5 A- 197 109 8 -8
DANGAS 4 5/8 06/11 DONG ENERGY A/S A0GSWM 500 99.8 4.7 BBB+ 322 229 -10 -2
NGGLN 6 1/8 08/11 NGG FINANCE PLC 702605 750 102.7 5.0 BBB+ 342 253 6 -5
VIEFP 5 7/8 02/12 VEOLIA ENVIRONNEMENT 830982 1000 103.5 4.6 BBB+ 293 207 -8 -40
ENBW5 7/8 02/28/12 ENBW INTL FINANCE BV 846098 1000 105.6 3.9 A- 225 142 6 -16
ELEPOR 4 1/4 06/12 EDP FINANCE BV A0GTET 500 99.9 4.3 A- 246 161 -14 -49
DANGAS 3 1/2 06/12 DONG ENERGY A/S A0E6QY 500 94.7 5.2 BBB+ 341 246 -4 -28
EOANGR 5 1/8 10/12 E.ON INTL FINANCE BV A0TKE9 1750 104.5 3.8 A 185 111 17 22
CEZCO 5 1/8 10/12 CEZ AS A0TKXB 500 97.5 5.9 A- 411 322 8 -15
RWE 6 1/8 10/26/12 RWE FINANCE BV 855327 1808 107.9 3.8 A+ 189 118 14 -5
IBESM 4 7/8 02/13 IBERDROLA INTL BV 755451 750 99.7 5.0 A- 294 211 47 -14
GSZFP 4 3/4 02/13 GDF SUEZ 734082 1250 102.9 4.0 AA- 195 117 4 20
ELESM 5 3/8 02/13 INTERNATIONAL ENDESA BV 752673 700 102.4 4.7 A- 270 192 -3 -18
NGGLN 4 1/8 03/13 NATL GRID PLC A0GPP4 1000 92.8 6.1 BBB+ 409 309 26 -11
EOANGR 5 1/8 05/13 E.ON INTL FINANCE BV A0TURL 1500 104.6 3.9 A 192 116 7 7
IBESM 5 1/8 05/13 IBERDROLA FINANZAS SAU A0TUZV 1000 101.6 4.7 A- 265 186 3 -25
NGGLN 5 1/8 05/13 NATL GRID GAS PLC A0TVAX 800 98.1 5.6 A- 358 271 -3 -19
VIEFP 4 7/8 05/13 VEOLIA ENVIRONNEMENT 542648 1000 100.7 4.7 BBB+ 261 181 -16 -55
ENEL4 1/4 06/12/13 ENEL-SOCIETA PER AZIONI 875248 750 102.9 3.5 A- 145 68 21 -42
SSELN 6 1/8 07/13 SCOTTISH & SOUTHERN ENER A0TYU3 600 103.2 5.3 A 321 244 8 -2

Erste Group – Credit News January 15, 2009 Page 13

Credit News – Corporate Bonds

Spread Change month -1

Spread Change week -1
Bloomberg Composite

Spread to Benchmark
Volume, in € millions

Asset Swap Spread

Corporate Bonds

Price (indicative)

Rating
Name

(ASS)
(ASS)
Yield
ID
UTILITIES
REDELE 4 3/4 09/13 RED ELECTRICA FINANCE BV 905766 800 101.0 4.5 A+ 242 162 -3 -4
AWLN4 5/8 10/07/13 ANGLIAN WATER SERV FIN 883075 650 96.7 5.4 A- 334 245 13 -6
CEZCO 4 1/8 10/13 CEZ AS A0GZSD 500 93.1 5.8 A- 406 303 12 -2
TAQAUH 4 3/8 10/13 TAQA ABU DHABI NATIONAL A0G0VA 750 87.4 7.6 AA- 554 426 n.a. -61
AEMSPA 4 7/8 10/13 A2M SPA 800633 500 102.8 4.2 NR 208 130 -1 -32
EDF 4 5/8 11/06/13 ELECTRICITE DE FRANCE 802640 500 105.3 3.4 AA- 130 54 -70 -2
FRTUM 5 11/19/13 FORTUM OYJ 814868 500 102.3 4.4 A 231 152 9 -2
TOKELP 4 1/2 03/14 TOKYO ELECTRIC POWER CO A0AWL0 1000 103.2 3.8 AA 163 87 5 -14
ELIASO 4 3/4 05/14 ELIA SYSTEM OP SA/NV A0BBRA 500 101.5 4.4 NR 217 141 -1 -12
AEMSPA 4 7/8 05/14 ASM A0BCXC 500 98.7 5.1 NR 289 209 10 -2
EDF 5 05/30/14 ELECTRICITE DE FRANCE A0TV22 600 103.5 4.2 AA- 200 126 11 -2
EOANGR 5 1/4 06/14 E.ON INTL FINANCE BV A0TV7M 1000 104.5 4.3 A 203 131 10 3
VERBND 5 06/25/14 VERBUND INTERNATIONAL FI A0V0W5 500 103.6 4.2 A 213 140 -8 -20
CEZCO 6 07/18/14 CEZ AS A0TX6B 600 99.7 6.1 A- 395 314 21 2
RWE 4 5/8 07/23/14 RWE FINANCE BV A0DAN1 530 102.3 4.1 A+ 187 114 17 -12
EWE 4 3/8 10/14/14 EWE AG A0DLU5 1000 99.3 4.5 A- 217 142 -21 -23
TRNIM 4 1/4 10/14 TERNA SPA A0DEEK 600 102.2 3.8 A+ 145 75 0 -10
NUONNV 4 1/8 12/14 NUON FINANCE BV A0DH5F 500 100.4 4.1 A 166 96 -55 -86
ENEL5 1/4 01/14/15 ENEL-SOCIETA PER AZIONI A0TN3J 1000 103.3 4.6 A- 216 149 n.a. n.a.
SZEFP 4 3/4 04/15 ELECTRABEL SA A0TTZA 600 98.8 5.0 A+ 249 177 n.a. n.a.
EDF 4 7/8 05/06/15 RTE EDF TRANSPORT S.A A0TUNK 1250 102.3 4.4 NR 197 131 14 5
ELEPOR 3 3/4 06/15 EDP FINANCE BV A0E6JQ 500 92.4 5.2 A- 268 189 7 5
IBESM 3 1/2 06/15 IBERDROLA FINANZAS SAU A0E59M 750 90.1 5.4 A- 287 203 5 -9
SZEFP 5 1/8 06/15 BELGELEC FINANCE SA 876058 750 103.6 4.5 A+ 195 131 14 -5
VIEFP 4 02/12/16 VEOLIA ENVIRONNEMENT A0GKLS 900 89.2 5.9 BBB+ 328 244 11 -27
HERIM 4 1/8 02/16 HERA SPA A0GNAJ 500 88.6 6.2 A 351 263 n.a. 46
SEVTRE 5 1/4 03/16 SEVERN TRENT WATER UTIL A0TSJE 700 97.0 5.8 A 311 241 7 8
RWE 6 1/4 04/20/16 RWE FINANCE BV 648661 850 111.4 4.4 A+ 172 120 55 -5
ELEPOR 4 5/8 06/16 EDP FINANCE BV A0GTEU 500 95.1 5.4 A- 277 206 10 15
FRTUM 4 1/2 06/16 FORTUM OYJ A0GTTX 750 95.1 5.3 A 262 192 7 10
NEDG4 1/4 06/20/16 NV NEDERLANDSE GASUNIE A0GTPP 700 98.6 4.5 AA- 180 117 13 12
AWLN6 1/4 06/27/16 ANGLIAN WATER SERV FIN A0TW2W 500 101.6 6.0 A- 329 267 48 3
EDF 4 1/8 09/27/16 RTE EDF TRANSPORT S.A A0GYJA 1000 95.7 4.8 NR 209 143 15 11
ENBW4 1/4 10/19/16 ENBW INTL FINANCE BV A0GZ4C 500 95.9 4.9 A- 217 151 -12 -28
EDF 5 1/2 10/25/16 ELECTRICITE DE FRANCE 748603 1100 106.4 4.5 AA- 177 122 -11 -13
VIEFP 4 3/8 01/17 VEOLIA ENVIRONNEMENT A0G1XP 1140 88.2 6.3 BBB+ 355 266 4 -13
EOANGR 6 3/8 05/17 E.ON INTL FINANCE BV 857741 900 113.5 4.4 A 163 111 9 -19
ENEL5 1/4 06/20/17 ENEL-SOCIETA PER AZIONI A0NXZ0 1500 99.1 5.4 A- 260 193 0 -69
STATK 4 5/8 09/17 STATKRAFT AS A0LP4U 600 92.4 5.8 BBB+ 299 218 14 5
EOANGR 5 1/2 10/17 E.ON INTL FINANCE BV A0TKED 2375 103.8 4.9 A 217 155 3 0
EDF 5 02/05/18 ELECTRICITE DE FRANCE A0TQBL 1500 99.4 5.1 AA- 229 160 14 14
GSZFP 5 1/8 02/18 GDF SUEZ 734083 750 105.5 4.4 AA- 159 96 17 -37
IBESM 5 5/8 05/18 IBERDROLA FINANZAS SAU A0TUZW 750 98.7 5.8 A- 298 227 -3 -24
VIEFP 5 3/8 05/18 VEOLIA ENVIRONNEMENT 542649 750 95.0 6.1 BBB+ 325 246 0 -23
ENEL4 3/4 06/12/18 ENEL-SOCIETA PER AZIONI 875877 750 100.0 4.7 A- 190 123 26 1
VATFAL 5 06/18/18 VATTENFALL TREASURY AB 874323 500 101.8 4.8 A 190 125 12 -17
NGGLN 5 07/02/18 NATIONAL GRID PLC 878823 600 92.9 6.0 BBB+ 317 235 4 -13
RWE 5 1/8 07/23/18 RWE FINANCE BV 957955 980 104.8 4.5 A+ 164 102 11 -8
ELIASO 5 1/4 05/19 ELIA SYSTEM OP SA/NV A0BBRB 500 104.6 4.7 NR 171 113 5 -13
EWE 4 7/8 10/14/19 EWE AG A0DLU6 500 96.8 5.3 A- 221 158 13 -9
UU 4 1/4 01/24/20 UNITED UTILIT WATER PLC A0DW6P 500 90.8 5.4 A- 225 157 11 0
NGGLN 4 3/8 03/20 NATIONAL GRID PLC A0DZLC 500 84.1 6.4 BBB+ 330 241 18 -20
EOANGR 5 3/4 05/20 E.ON INTL FINANCE BV A0TURM 1400 102.7 5.4 A 226 176 4 12
EDF 5 3/8 05/29/20 ELECTRICITE DE FRANCE A0TV23 1200 102.7 5.1 AA- 187 138 8 1
VIEFP 4 3/8 12/20 VEOLIA ENVIRONNEMENT A0GKLR 600 80.9 6.8 BBB+ 349 258 -8 8
SZEFP 5 3/4 06/23 GIE SUEZ ALLIANCE 876224 1000 108.2 4.9 A+ 117 114 24 -25
VATFAL 5 3/8 04/24 VATTENFALL TREASURY AB A0BA7Q 500 106.7 4.7 A 90 91 8 -16
ENEL5 1/4 05/20/24 ENEL-SOCIETA PER AZIONI A0BB6P 750 103.0 5.0 A- 111 108 0 -23
TRNIM 4.9 10/28/24 TERNA SPA A0DEEL 800 105.7 4.4 A+ 52 51 n.a. -33

Erste Group – Credit News January 15, 2009 Page 14

Credit News – Corporate Bonds

Spread Change month -1

Spread Change week -1
Bloomberg Composite

Spread to Benchmark
Volume, in € millions

Asset Swap Spread

Corporate Bonds

Price (indicative)

Rating
Name

(ASS)
(ASS)
Yield
ID
UTILITIES
ENBW4 7/8 01/16/25 ENBW INTL FINANCE BV A0DG9U 500 96.8 5.2 A- 132 122 0 -9
ENEL5 5/8 06/21/27 ENEL-SOCIETA PER AZIONI A0NX02 850 84.5 7.2 A- 326 280 20 21
RWE 5 3/4 02/14/33 RWE AG 748537 600 105.0 5.4 A+ 151 153 -8 8
EDF 5 5/8 02/21/33 ELECTRICITE DE FRANCE 755460 850 105.9 5.2 AA- 133 136 -3 2
VIEFP 6 1/8 11/33 VEOLIA ENVIRONNEMENT 816814 700 87.4 7.2 BBB+ 337 299 -7 -8
VATFAL 5 1/4 06/49 VATTENFALL TREASURY AB A0E6PM 1000 87.4 6.4 BBB+ 528 416 n.a. n.a.
DANGAS 5 1/2 06/05 DONG ENERGY A/S A0E6QZ 1100 85.3 8.5 BBB- 603 476 -28 -72

OIL & GAS

TOTAL 3 3/4 02/10 TOTAL CAPITAL SA A0ACPT 700 101.9 1.9 AA 55 -66 -8 -121
PEMEX 6 5/8 04/10 PEMEX PROJ FDG MASTER TR 842462 750 101.1 5.6 BBB+ 423 316 -11 -170
REPSM 6 05/05/10 REPSOL INTL FINANCE 108935 1175 102.2 4.2 BBB 284 188 -93 -79
ENIIM 6 1/8 06/10 ENI SPA 178148 500 104.6 2.7 AA- 127 40 -29 -45
GAZPRU7.8 09/27/10 GAZ CAPITAL SA 907343 1000 99.8 7.9 BBB 774 673 -16 -108
TECFP 4 5/8 05/11 TECHNIP SA A0BCSR 650 98.7 5.2 NR 374 279 9 -11
STOIL 5 1/8 06/11 STATOILHYDRO ASA 313379 500 105.2 2.9 AA- 144 57 9 5
TOTAL 3 7/8 09/11 TOTAL CAPITAL SA A0GXYY 1400 102.5 2.9 AA 133 43 2 -7
TOTAL 3 1/4 01/12 TOTAL CAPITAL SA A0DXAH 650 101.8 2.6 AA 98 11 6 -19
TNEFT 5.381 06/12 TRANSCAPIT (TRANSNEFT) A0NYKK 700 80.1 12.9 BBB+ 1268 975 -167 -177
BPLN4 1/2 11/08/12 BP CAPITAL MARKETS PLC A0TL3K 1000 104.3 3.3 AA 133 58 9 -14
GAZPRU 4.56 12/12 GAZ CAPITAL SA A0GKQQ 1000 83.7 9.8 BBB 871 679 -138 -129
TOTAL 4 1/8 01/13 TOTAL CAPITAL SA A0G4ZL 600 102.2 3.5 AA 155 78 12 6
ENIIM 4 5/8 04/13 ENI SPA 843677 1500 103.8 3.6 AA- 159 83 0 -21
REPSM 5 07/22/13 REPSOL INTL FINANCE 903857 1000 99.4 5.2 BBB 307 224 -55 -103
PEMEX 6 1/4 08/13 PEMEX PROJ FDG MASTER TR 970791 500 97.8 6.8 BBB 477 385 8 -89
GAZPRU 5.03 02/14 GAZ CAPITAL SA A0G0RY 780 68.7 14.0 BBB 1275 904 -8 -82
REPSM 4 5/8 10/14 REPSOL INTL FINANCE A0DDW6 1000 93.8 5.9 BBB 358 269 -25 -66
GAZPRU 5.364 10/14 GAZ CAPITAL SA A0NWZ6 700 68.2 13.7 BBB 1195 851 -10 -71
GAZPRU 5 7/8 06/15 GAZ CAPITAL SA A0E5EK 1000 68.7 13.5 BBB 1192 849 45 -83
MOLHB 3 7/8 10/15 MOL HUNGARIAN OIL & GAS A0GGDD 750 61.5 12.7 NR 1094 731 -27 -89
PEMEX 6 3/8 08/16 PEMEX PROJ FDG MASTER TR A0DAXC 850 87.4 8.7 BBB 600 485 21 -60
REPSM 4 3/4 02/17 REPSOL INTL FINANCE A0LM7P 500 87.1 6.9 BBB 413 316 -17 -26
GAZPRU 5.136 03/17 GAZ CAPITAL SA A0G2KT 500 61.7 13.0 BBB 1094 730 14 -60
RDSALN 4 5/8 05/17 SHELL INTERNATIONAL FIN A0NWAW 1500 103.3 4.1 AA+ 138 78 3 12
GAZPRU 5.44 11/17 GAZ CAPITAL SA A0LPB6 500 62.8 12.7 BBB 1057 706 1 -74
ENIIM 4 3/4 11/17 ENI SPA A0TMCU 1250 100.5 4.7 AA- 188 122 7 11
GAZPRU 6.605 02/18 GAZ CAPITAL SA A0TLKL 1200 63.2 14.0 BBB 1189 799 16 -64
PEMEX 5 1/2 02/25 PEMEX PROJ FDG MASTER TR A0DY6J 1000 68.3 9.4 BBB+ 553 413 14 -51

INDUSTRIALS
EADFP 4 5/8 03/10 EADS FINANCE B.V. 775935 1000 100.4 4.2 A- 287 169 0 -25
SGOFP 5 04/16/10 SAINT-GOBAIN NEDER B.V. 842823 1000 100.4 4.7 BBB+ 333 228 -94 -128
HOLZSW 4 3/8 06/10 HOLCIM FINANCE LUX SA 873940 750 99.4 4.8 BBB+ 348 259 -62 -125
SUFP3 1/8 08/11/10 SCHNEIDER ELECTRIC SA A0GDKR 900 98.1 4.4 A- 294 210 -28 -32
SCANIA 3 5/8 02/11 SCANIA CV AB A0GNSF 600 93.0 7.4 NR 597 475 7 10
BOUY4 5/8 02/25/11 BOUYGUES SA 815185 750 100.5 4.4 BBB+ 294 205 -13 -45
ROLLS 4 1/2 03/11 ROLLS-ROYCE PLC A0AWKS 750 100.1 4.4 A- 303 214 3 -30
TKAGR 5 03/29/11 THYSSENKRUPP AG A0A3K7 750 101.0 4.5 BBB 302 214 9 11
CAT 5 1/4 05/09/11 CATERPILLAR INTL FIN LTD A0TUUE 600 101.6 4.5 A 308 219 45 4
CIMPPL 4 1/2 05/11 CIMPOR FINANCIAL OPERTNS A0BB3W 600 92.2 8.3 NR 681 550 -1 16
LGFP5 3/4 05/27/11 LAFARGE SA A0TVV6 750 98.9 6.3 BBB 478 380 -19 -164
SGOFP 4 1/4 05/11 COMPAGNIE DE ST GOBAIN A0GSUW 1100 97.9 5.2 BBB+ 379 281 -45 -147
DE 6 06/23/11 JOHN DEERE BANK SA A0TW4D 600 100.3 5.9 NR 442 348 14 -4
SIEGR 5 3/4 07/11 SIEMENS FINANCIERINGSMAT 687191 2000 105.3 3.5 A+ 197 110 3 -27
HOFP4 3/8 07/22/11 THALES SA A0BEXJ 500 102.2 3.4 A- 196 107 -73 -88
ABB 6 1/2 11/30/11 ABB INTL FINANCE LTD A0AA6M 650 105.3 4.5 BBB+ 298 209 -60 -95
SIEGR 5 1/4 12/11 SIEMENS FINANCIERINGSMAT A0TWJ0 1550 104.8 3.5 A+ 189 101 13 -15
HEIGR 6 3/8 01/12 HEIDELBERGCEMENT FIN BV A0TP7J 1000 67.3 24.0 B+ 2244 1613 -63 -669
OBRAS 5 05/18/12 OBRASCON HUARTE LAIN SA A0NUBG 600 64.9 20.5 BBB- 1881 1326 -3 -32

Erste Group – Credit News January 15, 2009 Page 15

Credit News – Corporate Bonds

Spread Change month -1

Spread Change week -1
Bloomberg Composite

Spread to Benchmark
Volume, in € millions

Asset Swap Spread

Corporate Bonds

Price (indicative)

Rating
Name

(ASS)
(ASS)
Yield
ID
INDUSTRIALS
DPW 5 1/8 10/04/12 DEUTSCHE POST FINANCE 927904 679 104.2 3.9 BBB+ 198 123 8 -4
REXLN 4 3/8 03/13 REXAM PLC A0GPTM 700 82.8 9.6 BBB- 760 590 -54 n.a.
ADENVX 4 1/2 04/13 ADECCO INT FINANCIAL SVS A0GQ1R 500 95.0 5.8 BBB 384 290 19 -11
BOUY4 1/2 05/24/13 BOUYGUES A0GSKF 1150 95.9 5.6 BBB+ 353 263 -19 -56
ABB 4 5/8 06/06/13 ABB INTL FINANCE LTD A0GTCP 700 97.7 5.2 BBB+ 320 234 -4 -56
HUWHY 5 7/8 07/13 HUTCHISON WHAM FIN 03/13 896914 1000 95.4 7.1 A- 501 403 -7 n.a.
DHR 4 1/2 07/22/13 DANAHER EURO FIN CO EHF A0GVUS 500 88.4 7.6 A 551 428 n.a. n.a.
BRIPL 4.797 09/13 BRISA FINANCE BV 908282 500 94.2 6.2 BBB+ 417 319 11 4
LGFP5.448 12/04/13 LAFARGE SA A0AA90 500 99.2 5.6 BBB 352 267 -84 -260
SKF 4 1/4 12/13/13 SKF AB A0G3MY 500 94.4 5.6 A- 342 249 n.a. -77
SUFP4 1/2 01/17/14 SCHNEIDER ELECTRIC SA A0GVKZ 500 95.9 5.5 A- 329 239 -25 -34
DPW 4 7/8 01/30/14 DEUTSCHE POST FINANCE 801650 926 101.4 4.6 BBB+ 242 162 10 -13
CEMEX 4 3/4 03/14 CEMEX FINANCE EUROPE BV A0LN0J 900 50.4 21.7 BB+ 1961 1206 -25 -146
RENTKL 4 5/8 03/14 RENTOKIL INITIAL PLC A0LQMQ 500 69.4 13.1 NR 1096 792 21 n.a.
SGOFP 5 04/25/14 SAINT-GOBAIN NEDER B.V. A0BDPN 501 94.1 6.3 BBB+ 415 319 23 -30
ATCOA 4 3/4 06/14 ATLAS COPCO AB A0NWVE 600 94.4 6.0 A- 376 284 9 -27
AUTSTR 5 06/09/14 ATLANTIA SPA A0BDA9 2750 100.3 4.9 A- 267 190 -29 -62
SIEGR 5 3/8 06/14 SIEMENS FINANCIERINGSMAT A0TWJ1 1000 105.6 4.2 A+ 195 124 -9 -33
MMM 5 07/14/14 3M COMPANY A0NZYC 1025 104.0 4.2 AA 191 119 1 -7
LGFP 5 07/16/14 LAFARGE SA A0DAD2 612 89.2 7.4 BBB 519 405 18 -72
ITW 5 1/4 10/01/14 ITW FINANCE EUROPE SA A0TKHU 750 99.2 5.4 AA- 305 228 n.a. n.a.
BOUY4 3/8 10/29/14 BOUYGUES SA A0DEGT 1000 93.0 5.8 BBB+ 346 257 -21 -41
HOLZSW 4 3/8 12/14 HOLCIM FINANCE LUX SA A0DG4M 600 88.7 6.8 BBB+ 440 335 -93 -133
SUFP5 3/8 01/08/15 SCHNEIDER ELECTRIC SA A0TKP0 600 96.7 6.0 A- 366 284 -9 1
TKAGR 4 3/8 03/15 THYSSENKRUPP AG A0EC91 750 95.7 5.2 BBB 273 196 -34 -177
URENCO 5 3/8 05/15 URENCO FINANCE NV A0TVRR 500 100.0 5.4 A 290 220 13 -8
LGFP6 1/8 05/28/15 LAFARGE SA A0TVV7 750 84.5 9.5 BBB 700 557 -32 -56
HUWHY 4 1/8 06/15 HUTCHISON WHAMPOA 05 A0E6U6 1000 82.6 7.6 A- 514 389 -2 -91
BOUY6 1/8 07/03/15 BOUYGUES A0TW6W 1000 98.1 6.5 NR 398 323 8 -26
LGFP4 1/4 03/23/16 LAFARGE SA A0GJM9 500 72.1 9.9 BBB 723 527 1 -43
BOUY4 3/4 05/24/16 BOUYGUES A0GSKG 600 89.4 6.6 BBB+ 393 304 2 -12
SGOFP 4 7/8 05/16 COMPAGNIE DE ST GOBAIN A0GSUV 700 83.6 7.9 BBB+ 523 404 9 -42
HUWHY 4 5/8 09/16 HUTCH WHAMPOA FINANCE 06 A0GYKR 1000 79.7 8.3 A- 554 419 n.a. n.a.
VINCI 5 7/8 10/16 COMPAGNIE FIN ET INDUS 721504 500 94.2 6.9 NR 410 331 n.a. n.a.
BRIPL 4 1/2 12/16 BRISA A0G2RN 600 84.3 7.2 BBB+ 445 338 11 n.a.
CMFP4 3/4 04/04/17 CIMENTS FRANCAIS A0NQ2M 500 74.4 9.3 BBB 661 486 n.a. n.a.
SGOFP 4 3/4 04/17 COMPAGNIE DE ST GOBAIN A0NRBY 1250 78.1 8.6 BBB+ 582 435 2 -24
NK 5 04/18/17 IMERYS SA A0NRDX 500 81.4 8.2 NR 538 409 n.a. n.a.
VLVY 5 05/31/17 VOLVO TREASURY AB A0NWVP 1000 68.7 10.9 A- 813 579 18 47
ABESM 5 1/8 06/17 ABERTIS INFRAESTRUCTURAS A0NW77 1000 86.4 7.3 A- 458 353 11 31
LGFP5 3/8 06/26/17 LAFARGE SA A0NX3L 500 73.4 10.2 BBB 745 549 3 -13
SUFP 4 08/11/17 SCHNEIDER ELECTRIC SA A0GDLT 600 85.7 6.2 A- 344 248 11 15
TNTNA 5 3/8 11/17 TNT NV A0TMGV 650 90.7 6.8 BBB+ 403 310 5 -16
VINCI 5 1/4 04/18 COMPAGNIE FIN ET INDUS 843195 600 89.8 6.8 NR 395 300 13 -6
SIEGR 5 5/8 06/18 SIEMENS FINANCIERINGSMAT A0TWJ2 1600 104.6 5.0 A+ 215 153 6 -7
DAAFIN6.5872 07/18 DAA FINANCE PLC A0TXXH 600 101.5 6.4 NR 349 282 n.a. n.a.
EADFP 5 1/2 09/18 EADS FINANCE B.V. 907315 500 95.6 6.1 A- 325 248 1 -88
FNCIM 5 3/4 12/18 FINMECCANICA FINANCE SA A0AAWX 500 102.6 5.4 BBB+ 252 187 -55 -97
LGFP4 3/4 03/23/20 LAFARGE SA A0DZ77 500 66.2 9.9 BBB 674 465 -8 6
ABESM 4 3/8 03/20 ABERTIS INFRAESTRUCTURAS A0D0JW 540 75.0 7.8 A- 469 336 36 36
BOUY4 1/4 07/22/20 BOUYGUES SA A0E63Y 1000 81.1 6.6 BBB+ 344 251 9 -19
VINCI 5 05/24/21 COMPAGNIE FIN ET INDUS A0GSJF 1100 80.2 7.5 NR 413 316 n.a. n.a.
ABESM 4 7/8 10/21 HIT FINANCE BV A0GZ4E 1500 71.9 8.6 NR 514 378 19 12
VINCI 5 5/8 07/22 ASF A0NYXH 1575 80.4 8.1 BBB+ 449 359 5 n.a.
AUTSTR 5 7/8 06/24 ATLANTIA SPA A0BDA7 1000 107.8 5.1 A- 127 129 -18 -39
FNCIM 4 7/8 03/25 FINMECCANICA SPA A0DZ7P 500 76.0 7.5 BBB 361 289 3 -23
VINCI 6 1/4 02/49 VINCI SA A0GNCV 500 67.6 9.6 BBB- 1135 820 n.a. n.a.
SIEGR 5 1/4 09/66 SIEMENS FINANCIERINGSMAT A0GXZH 900 81.3 6.3 A- 596 460 n.a. n.a.

Source: Bloomberg 14.1.2009

Erste Group – Credit News January 15, 2009 Page 16

Credit News – Corporate Bonds

Head of Research Friedrich Mostböck +43 (0)5 0100 - 11902

Bond Research Gudrun Egger Euroland +43 (0)5 0100 - 11909
Mildred Hager SW, Japan +43 (0)5 0100 - 17331
Rainer Singer USA +43 (0)5 0100 - 11185
Alihan Karadagoglu Corporate Bonds +43 (0)5 0100 - 19633
Elena Statelov Corporate Bonds +43 (0)5 0100 - 19641

Sales Fixed Income Domestic Sales +43 (0)5 0100 - 83200

Treasury Domestic Sales +43 (0)5 0100 - 84130
Institiutional Sales +43 (0)5 0100 - 84300
Corporate Sales +43 (0)5 0100 - 84100

Published by Erste Group Bank AG, Neutorgasse 17, 1010 Vienna, Austria.
Phone +43 (0)5 0100 - ext.
Erste Group Homepage: www.erstegroup.com On Bloomberg please type: ERBK <GO>.

This research report was prepared by Erste Group Bank AG (”Erste Group”) or its affiliate named herein. The information herein has been obtained from, and any
opinions herein are based upon, sources believed reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. All
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Erste Group – Credit News January 15, 2009 Page 17