Valuation announcement: Moody’s: No negative impact on the rating of the outstanding tranches issued by Cartesio Srl – Series 2003-1 following changes for the transition from LIBOR to SONIAGlobal Credit Research – March 05, 2022Madrid, March 05, 2022 — Moody’s Investors Service (“Moody’s”) announced today that the proposed amendments to the initial pricing supplement and swap agreements for the transition from LIBOR to SONIA on the GBP-denominated tranche would not, in themselves or At this stage, a reduction, placement under review with a view to a possible downgrading or withdrawal of the current Moody’s ratings assigned to the bonds issued by Cartesio Srl – Series 2003-1 (the “Issuer”). The Tranche 4 Notes are denominated in GBP and initially paid variable interest linked to LIBOR. The terms and conditions of the trust deed have been amended to replace the original benchmark index with another risk-free rate, the SONIA, plus a predetermined adjustment spread. The swap agreements relating to the Tranche 4 Notes have been modified accordingly. =PBS_1230078. You can also visit the rating methodologies page on www.moodys.com for a copy of this methodology. Moody’s opinion addresses only the credit impact associated with the Proposed Amendments, and Moody’s expresses no opinion as to whether the Proposed Amendments have, or may have, other non-credit related effects that could have a detrimental impact on the interests of rated bondholders and/or counterparties. This publication does not announce any credit rating action. For all credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most up-to-date credit rating action information and rating history. Cristina Quintana Poves Assistant Vice President – Analyst Structured Finance Group Moody’s Investors Service Espana, SA Calle Principe de Vergara, 131, 6 Planta Madrid 28002 Spain JOURNALISTS: 44 20 7772 5456 Customer Service: 44 20 7772 5454 Javier Hevia Portocarrero VP – Senior Credit Officer Structured Finance Group JOURNALISTS: 44 20 7772 5456 Customer Service: 44 20 7772 5454 Release Office: Moody’s Investors Service Espana, SA Calle Principe de Vergara, 131, 6 Planta Madrid 28002 Spain JOURNALISTS: 44 20 7772 5456 Customer Service: 44 20 7772 5454 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS OR INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS” MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY FAILURE TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE THE APPLICABLE PUBLICATION OF MOODY’S RATINGS SYMBOLS AND DEFINITIONS FOR MORE INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISKS, INCLUDING INCLUDING, BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT RATINGS (“RATINGS”) AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE MODEL-BASED QUANTITATIVE ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE AND DO NOT PROVIDE ANY RECOMMENDATION TO BUY, SELL OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE CARE AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE, WITH ALL DUE CARE, HIS OWN RESEARCH AND EVALUATION OF EVERY SECURITY THAT IS CONSIDERED FOR PURCHASE, HOLDING OR SALE. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE UNKNOWN AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE CREDIT RATINGS, RATINGS, OTHER ADVICE OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT, YOU SHOULD CONTACT YOUR FINANCIAL ADVISOR OR OTHER PROFESSIONAL. DISTRIBUTED, REDISTRIBUTED OR RESOLD OR STORED FOR FUTURE USE FOR SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER, BY ANY PERSON WITHOUT THE PRIOR WRITTEN CONSENT OF MOODY’S. AND THE POSTINGS ARE NOT INTENDED FOR USE BY ANY PERSON AS A REFERENCE AS THIS TERM IS DEFINED FOR REGULATORY PURPOSES AND SHOULD NOT BE USED IN ANY WAY THAT MIGHT CONSIDER THEM AS A REFERENCE. All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. However, due to the possibility of human or mechanical error and other factors, all information contained herein is provided “AS IS” without warranty of any kind. MOODY’S takes all necessary measures to ensure that the information it uses to assign a credit rating is of sufficient quality and comes from sources that MOODY’S considers to be reliable including, where applicable, independent third-party sources. However, MOODY’S is not an auditor and cannot in any way independently verify or validate the information received as part of the rating process or the preparation of its Publications. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and Suppliers disclaim all liability to any person or entity for any indirect, special, consequential or incidental loss or damage, howsoever arising. either arising out of or in connection with the information contained herein or the use or inability to use such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers are notified in advance of the possibility of such loss or damage, including, but not limited to: (a) any loss of present or future profits or (b) any loss or damage occurring when the financial instrument concerned is not subject to a specific credit rating assigned by MOODY’S. To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim all liability for any direct or compensatory loss or damage caused to any person or entity, including, but not limited thereto, any negligence (but excluding fraud, willful misconduct or any other type of liability which, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency under or outside the control of MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising out of or in connection with the information contained herein or the use or inability to use this information. , OTHER OPINIONS OR INFORMATION ARE GIVEN OR PROVIDED BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER. Moody’s Investors Service, Inc., a credit rating agency wholly owned by Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to the assignment of any credit rating, agreed to pay Moody’s Investors Service, Inc. for the notices credit rating and the services rendered by it charges ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to ensure the independence of credit ratings and Moody’s Investors Service credit rating processes. Information regarding certain affiliations that may exist between MCO directors and rated entities, and between entities that hold Moody’s Investors Service credit ratings and that have also publicly disclosed to the SEC an ownership interest in MCO of more than 5% , are published annually on www .moodys.com under the heading “Investor Relations – Corporate Governance – Director and Shareholder Affiliation Policy.” Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended for supply only to “wholesale customers” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from Australia, you represent to MOODY’S that you are, or are accessing to the document as a representative of a “wholesale customer” and that neither you nor the entity you represent will directly or indirectly distribute this document or its contents to “retail customers” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion of the creditworthiness of a debt security of the issuer, and not of the equity securities of the issuer or any form of security available to investors in detail. Additional Terms for Japan Only: Moody’s Japan KK (“MJKK”) is a credit rating agency subsidiary of Moody’s Group Japan GK, which is wholly owned by Moody’s Overseas Holdings Inc., a wholly owned subsidiary of MCO. Moody’s SF Japan KK (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, the credit ratings assigned by MSFJ are non-NRSRO credit ratings. Non-NRSRO credit ratings are assigned by an entity that is not an NRSRO and therefore the rated obligation will not qualify for certain types of treatment under US law. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) disclose by that most issuers of debt securities (including municipal bonds, debentures, notes and commercial paper) and preferred stocks rated by MJKK or MSFJ (as applicable) have, prior to the assignment of any credit rating, agreed to pay MJKK or MSFJ (as applicable) for credit rating opinions and services rendered by its fees ranging from 100,000 JPY to approximately 550,000,000 JPY. MJKK and MSFJ also maintain policies and procedures to respond Japanese regulatory requirements.