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It is the intention that WestLB Pfandbriefe (the “Securities”) fulfil the rating criteria and Covered Bond Monitor Eligibility Tests  of Standard & Poor´s (“S&P”)  AAA-Rating approach.
S&P´s Covered Bond Monitor is a desktop-based modeling tool that helps to assess whether the reported cash flows of a given covered bond pool could, from a quantitative standpoint, qualify for a target rating level, in accordance with Standard & Poor's criteria. S&P's European Covered Bond Monitor brings important transparency to the widely varying degrees and types of risks related to individual issuers and countries, including liquidity, credit, interest, and currency risks. For the purpose of the above, the term S&P's European Covered Bond Monitor shall refer at all times to the then most recently available version as notified to WestLB by S&P (the current version being v.3.1).  

For the avoidance of doubt, WestLB does not commit to ensure that any specific rating of the Securities will be upheld, and the satisfaction of S&P´s Covered Bond Monitor does not mean in any way that S&P will necessarily uphold any such rating.