BANKING

SEPTEMBER 8, 2016

COMPANY PROFILE BAWAG P.S.K.

Vienna, Austria

Table of Contents: Company Overview

COMPANY OVERVIEW 1
FINANCIAL HIGHLIGHTS Bank fr Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (BAWAG P.S.K.) operates
(AS REPORTED) 2
as a universal bank in Austria. As of 31 December 2015, it held a 4.2% share among Austrian
BUSINESS ACTIVITIES 3
DISTRIBUTION CAPACITY AND MARKET
banking institutions, based on its total consolidated assets of 35.7 billion (30 June 2016: 34.7
SHARE 4 billion).
OWNERSHIP AND STRUCTURE 5
Ownership Structure 6 BAWAG P.S.K. offers a range of retail and corporate banking products, including deposit-taking
Subsidiaries and Associates 7
facilities, loans and investment services. Moreover, it provides international business products,
COMPANY MANAGEMENT 8
COMPANY HISTORY 10
such as commercial real-estate financing, capital market solutions, and securities and asset
PEER GROUP 11 management services. While the bank operates primarily in Austria, it also has a presence in core
RELATED WEBSITES AND INFORMATION Western European markets.
SOURCES 11
MOODYS RELATED RESEARCH 12
The bank was established in 2005 as a result of the merger of two Austrian banks, the trade union
Bank fr Arbeit und Wirtschaft (BAWAG) and the postal savings bank Oesterreichische
Postsparkasse AG (P.S.K.). As of 31 December 2015, the banks largest shareholders were Cerberus
Analyst Contacts: Capital Management L.P. (Cerberus, 52.14% stake) and GoldenTree Asset Management L.P.
(GoldenTree, 39.77%).
FRANKFURT +49.69.70730.700
Source: Company Reports, Moodys Research, sterreichische Nationalbank (OeNB)
Torsten-Alexander +49.69.70730.796
Thebes
Associate Analyst
torsten.thebes@moodys.com
Bernhard Held, CFA +49.69.70730.973
Vice President - Senior Analyst
bernhard.held@moodys.com
Carola Schuler +49.69.70730.766
Managing Director - Banking
carola.schuler@moodys.com

This report, exclusively provided to you by

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The information is not adjusted for Moodys
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please [Click here]. To access the latest
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Financial Highlights (as Reported)

Note: The financials presented below are those reported by the entity and are not adjusted for Moodys analytic
purposes. For Moodys generated ratios on BAWAG P.S.K., please see the <issuer page on moodys.com.>

EXHIBIT 1
Latest Full-Year Results
% Change % Change
(in Million) 31-Dec-15 31-Dec-14 31-Dec-13 15/14 14/13
Total Assets 35,708 34,651 36,402 3.0 (4.8)
Total Shareholders Equity 2,957 2,405 2,798 22.9 (14.0)
Shareholders Equity excluding Minority Interest 2,956 2,405 2,403 22.9 0.1
Own Funds N/A 2,672 2,991 N/A (10.7)
Common Equity Tier 1 Ratio (%) 12.9 12.1 9.4 80 bps 270 bps
Net Income 418 334 231 25.2 44.8
Net Income Attributable to Equity Holders 418 333 229 25.5 45.4
Note: The financials for 2015, except for net income, reflect the consolidated results of BAWAG Holding GmbH, while those for 2014 and 2013 reflect
the consolidated results of BAWAG P.S.K. group (see also Exhibit 7). Net income in 2015 was reported at the level of BAWAG P.S.K. group.
Source: Company Reports

EXHIBIT 2
Latest First-Half Results
% Change
(in Million) 30-June-16 30-June-15 16/15
Total Assets 34,729 34,005 2.1
Total Shareholders Equity 3,226 2,791 15.6
Shareholders Equity excluding Minority Interest 3,224 2,791 15.5
Own Funds N/A N/A N/A
Common Equity Tier 1 Ratio (%) 15.1 14.3 80 bps
Net Income 284 209 36.0
Net Income Attributable to Equity Holders 284 209 35.9
Note: The financials reflect the consolidated results of BAWAG Holding GmbH, except for Net Income, which reflects the consolidated results of
BAWAG P.S.K. group.
Source: Company Report

This publication does not announce

a credit rating action. For any
credit ratings referenced in this
publication, please see the ratings
tab on the issuer/entity page on
www.moodys.com for the most
updated credit rating action
information and rating history.

2 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

 BANKING

Business Activities

BAWAG P.S.K. offers a range of retail and corporate banking products and services.

It operates through the following six key segments: BAWAG P.S.K. Retail; easygroup; DACH 1 Corporates and
Public Sector; International Business; Treasury Services and Markets; and the Corporate Center. During the
first half-year ended 30 June 2016 (H1 2016), the largest contributor to the banks net interest income was
the BAWAG P.S.K. Retail segment.

BAWAG P.S.K. Retail: This segment, which in H1 2016 accounted for 45.7% of the banks net interest
income, provides private customers and small businesses with lending, investment, insurance, real estate
leasing and social housing-related services. As of 30 June 2016, it reported total business volume of 9.3
billion.

easygroup: This segment, which in H1 2016 accounted for 14.7% of the banks net interest income,
provides private and small business customers, both domestically and internationally, with savings accounts,
loans, bank and credit cards, payment processing, and automobile and mobile leasing services. As of 30 June
2016, this segment reported total consolidated assets of 3.2 billion.

DACH Corporates and Public Sector: This segment, which in H1 2016 accounted for 10.9% of the banks
net interest income, includes the banks corporate and public lending business, as well as other fee-driven
financial services for domestic customers (i.e. including, but not limited to, cross-border activities). As of 30
June 2016, it reported total consolidated assets of 7.4 billion.

International Business: This segment, which in H1 2016 accounted for 18.3% of the banks net interest
income, offers lending activities to international corporates as well as international real estate financing
activities outside the DACH region through transactions originated by the banks London office. As of 30
June 2016, this segment reported total consolidated assets of 5.0 billion.

Treasury Services and Markets: This segment, which in H1 2016 accounted for 7.6% of the banks net
interest income, conducts trading and investment activities for the banks customers, including asset-
liability management services. It also manages the banks liquidity, and the investment results of its
portfolio of financial securities. As of 30 June 2016, this segment reported total consolidated assets of 6.3
billion.

Corporate Center: This segment, which accounted for 2.8% of the banks net interest income in H1 2016,
performs central administrative functions, including providing legal services, and managing risks and group
asset-liabilities. It also comprises unallocated expenses related to group-wide support functions, such as risk
management, regulatory reporting and hedging activities. It includes results from the banks subsidiaries and
participatory holdings. As of 30 June 2016, this segment reported total consolidated assets of 3.4 billion.

Source: Company Report

1
The DACH region comprises Germany, Austria and Switzerland

3 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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EXHIBIT 3
Business Segment
(% of Net Interest Income, consolidated, for H1 2016)
Corporate Center
Treasury Services and 2.8%
Markets
7.6%

DACH Corporates and

Public Sector
10.9%
BAWAG P.S.K. Retail
45.7%
easygroup
14.7%

International Business
18.3%

Source: Company Report (interim report June 2016, Pg: 45)

EXHIBIT 4
Profit/Loss Before Tax by Business Segment
(consolidated, in Million)
H1 June 2015 H1 June 2016
100

82.9
80.1
80

54.9 55.8
60
44.6 44.6
40 36.0

16.8 21.2 20.9

20
6.8 7.0
0
BAWAG P.S.K. Retail easygroup DACH Corporates and International Business Treasury Services and Corporate Center
Public Sector Markets
Source: Company Report (interim report June 2016, Pg: 45 and 46)

Distribution Capacity and Market Share

As of 31 December 2015, BAWAG P.S.K. operated through a centrally managed distribution network in
Austria, comprising approximately 480 branches, which are operated in cooperation with sterreichische
Post AG (Austrian Post). In October 2014, it opened a branch office in London.

BAWAG P.S.K. also provides e-banking services and an online customer platform, as well as direct banking
operations carried out through its wholly owned subsidiary easybank AG, in addition to its nationwide self-
service terminal network.

4 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Geographically, the banks loan portfolio was distributed as follows:

EXHIBIT 5
BAWAG P.S.K.
Loans (%)
Geographical Segment 31-Dec-15 31-Dec-14

Western Europe 89 89
North America 8 6
Southern Europe 1 3
Central and Eastern Europe (CEE) 1 1
Others 1 1
Total 100 100
Source: Company Report

BAWAG P.S.K. operates a comprehensive retail banking franchise, with a market share of over 5.6% in terms
of key deposit products in Austria, as of 31 December 2015.

The banks market shares among Austrian banking institutions were as follows:

EXHIBIT 6
Market Shares of BAWAG P.S.K.
(% Share) 31-Mar-16 31-Dec-15 31-Dec-14
Total Loans 6.2 6.4 6.0
Total Assets 4.1 4.2 3.9
Note: Total Loans for the Austrian banking sector is calculated by adding Loans to domestic non-banks and Loans to foreign non-banks
Source: Company Reports, Moodys Research, OeNB

Ownership and Structure

As of 31 December 2015, BAWAG P.S.K. had 250 million shares outstanding.

The share capital of BAWAG P.S.K. was primarily owned by Cerberus (52.14% stake) and GoldenTree
(39.77%) through BAWAG Holding Gmbh, which is wholly owned by the Dutch financial holding company
Promontoria Sacher Holding NV. The remaining shares were held by a variety of Austrian and non-Austrian
minorities.

Source: Company Report

5 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Ownership Structure
EXHIBIT 7
Ownership Structure as of 31 December 2015

Source: Company Reports

6 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Subsidiaries and Associates

As of 31 December 2015, the banks consolidated subsidiaries were as follows:

EXHIBIT 8
BAWAG P.S.K.
Subsidiary Location % Held
Banks
BAWAG Malta Bank Limited 2 Sliema 100.00
BAWAG P.S.K. Wohnbaubank Aktiengesellschaft Vienna 100.00
easybank AG Vienna 100.00
Real Estate
BAWAG P.S.K. IMMOBILIEN GmbH Vienna 100.00
BPI Holding GmbH & Co KG. Vienna 100.00
R & B Leasinggesellschaft m.b.H. Vienna 100.00
RVG Realittenverwertungsgesellschaft m.b.H. Vienna 100.00
Leasing
ACP IT-Finanzierungs GmbH Vienna 75.00
BAWAG P.S.K. IMMOBILIENLEASING GmbH Vienna 100.00
BAWAG P.S.K. Kommerzleasing GmbH Vienna 100.00
BAWAG P.S.K. LEASING GmbH & Co. MOBILIENLEASING KG. Vienna 100.00
BAWAG P.S.K. LEASING GmbH Vienna 100.00
BAWAG P.S.K. LEASING Holding GmbH Vienna 100.00
BAWAG P.S.K. MOBILIENLEASING GmbH Vienna 100.00
CVG Immobilien GmbH Vienna 100.00
HBV Holding und Beteiligungsverwaltung GmbH Vienna 100.00
KLB Baulandentwicklung GmbH Vienna 100.00
Leasing-west GmbH Kiefersfelden 100.00
M. Sittikus Str. 10 Errichtungs GmbH Vienna 100.00
P.S.K. IMMOBILIENLEASING GmbH Vienna 100.00
RF 17 BAWAG Immobilienleasing GmbH Vienna 100.00
RF fnfzehn BAWAG Mobilien-Leasing Gesellschaft m.b.H. Vienna 100.00
RF zwlf BAWAG Leasing Gesellschaft m.b.H. Vienna 100.00
START Immobilienleasing GmbH Vienna 100.00
VB Leasing Finanzierungsgesellschaft m.b.H. Vienna 100.00
VB Technologie Finanzierungs GmbH Vienna 100.00

2
Entity was sold and deconsolidated in January 2016.

7 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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EXHIBIT 8
BAWAG P.S.K.
Subsidiary Location % Held
Other Non-Credit Institutions
BAWAG P.S.K. Versicherung Aktiengesellschaft Vienna 25.00
E2E Kreditmanagement GmbH Vienna 100.00
E2E Service Center Holding GmbH Vienna 100.00
E2E Transaktionsmanagement GmbH Vienna 100.00
PSA Payment Services Austria GmbH Vienna 20.82
P.S.K. Beteiligungsverwaltung GmbH Vienna 100.00
Source: Company Report

Company Management

Managing Board Current Title Responsibilities

Byron Haynes Chairman of the Managing Board and Chief Executive
Officer, Retail Banking and Small Business;
Wiener Brse AG, Bausparkasse Wstenrot AG, BAWAG
P.S.K. Versicherung AG and CEESEG Aktiengesellschaft:
Member of the Supervisory Board
Corey Pinkston Member of the Managing Board and Head of Corporate
Lending and Investments, and Treasury Services and
Markets
Anas Abuzaakouk Member of the Managing Board and Chief Financial
Officer
Stefan Barth Member of the Managing Board and Chief Risk Officer
Sat Shah Member of the Managing Board and Chief Operating
Officer
Corporate Office, Human Resources, Legal,
Retail Sales, Marketing and Products, Digital
Banking
Austrian Corporate Business, International
Business, Treasury Services and Markets,
Operations Capital Markets
Integration Management, Controlling and
ALM, Accounting and Participations,
Procurement, Real Estate and Facility
Management
Strategic Risk, Corporate and Institutional
Risk, Retail Risk and Administration
Strategy and Communications, Operations,
Quality Management, Information
Technology

Supervisory Board Affiliation Committees

Franklin W. Hobbs Chairman of the Supervisory Board; Nomination Committee (C), Remuneration
Ally Financial, Inc.: Chairperson and Member of the Committee (C), Committee for Management
Supervisory Board; Board Matters (C), Related Parties Special Audit
Committee (C)
Molson Coors Brewing Company: Member of the
Supervisory Board
Keith Tietjen Deputy Chairman of the Supervisory Board Audit and Compliance Committee (C),
Remuneration Committee, Committee for
Management Board Matters, Related Parties
Special Audit Committee
Cees Maas Deputy Chairman of the Supervisory Board Audit and Compliance Committee, Risk and
Credit Committee, Nomination Committee,
Remuneration Committee, Committee for
Management Board Matters, Related Parties
Special Audit Committee
Pieter Korteweg Deputy Chairman of the Supervisory Board; Nomination Committee, Committee for
AirCap Holdings NV: Non-Executive Director and Management Board Matters
Chairperson

8 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Supervisory Board Affiliation Committees

Frederick S. Haddad Member of the Supervisory Board Audit and Compliance Committee, Risk and
Credit Committee, Nomination Committee,
Remuneration Committee, Committee for
Management Board Matters, Related Parties
Special Audit Committee
Chad A. Leat Member of the Supervisory Board; Risk and Credit Committee (C)
Paceline Holdings and Norwegian Cruise Line
Holdings Ltd.: Member of the Supervisory Board
Walter Oblin Member of the Supervisory Board Audit and Compliance Committee, Risk and
Credit Committee
Andr Weiss Member of the Supervisory Board N/A
Ingrid Streibel-Zarfl Member of the Supervisory Board, Works Council Audit and Compliance Committee, Risk and
delegate Credit Committee, Nomination Committee,
Remuneration Committee, Related Parties
Special Audit Committee
Beatrix Prll Member of the Supervisory Board, Works Council Risk and Credit Committee, Nomination
delegate Committee, Remuneration Committee, Related
Parties Special Audit Committee
Konstantin Latsunas Member of the Supervisory Board, Works Council Audit and Compliance Committee
delegate
Verena Spitz Member of the Supervisory Board, Works Council N/A
delegate
Beate Schaffer State Commissioner N/A
Markus Chmelik Deputy State Commissioner N/A
Note: As of March 2016; (C) = Committee Chairman
Source: Company Reports

EXHIBIT 9
Corporate Governance Structure as of March 2016

Source: Company Report

9 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Company History

BAWAG P.S.K. originated as BAWAG, which had been established in 1922 as a trade union bank, and P.S.K.,
which had been founded in 1883 as a government-owned postal savings bank.

In 1995, Bayerische Landesbank acquired a 46.43% stake in BAWAG, which was sold in 2004 to the
Association of Austrian Trade Unions (OeGB). In 2000, BAWAG (along with an investor consortium)
acquired full ownership of P.S.K., which it merged and fully integrated into the new BAWAG P.S.K. in 2005.

In 2006, the Republic of Austria granted a guarantee to restabilise the bank following a class action suit
against it in the US. Later that year, the OeGB decided to sell its shares in BAWAG P.S.K. to a consortium
managed by Cerberus, comprising Austrian Post, Generali Holding AG and Wuestenrot Verwaltungs- und
Dienstleistungen GmbH, as well as a sub-consortium of several Austrian industrialists. In May 2007, the
consortium completed its acquisition of BAWAG P.S.K. The injection of capital by the new owner replaced
the guarantee granted in favour of the bank by the Republic of Austria.

Over 200708, as part of a new strategy to streamline its operations, the bank sold some of its noncore
businesses, including its subsidiaries in Slovakia and the Czech Republic, and several real estate assets.
Furthermore, Sparda Bank AG was merged into the bank.

In 2010, BAWAG P.S.K. started to put its subsidiaries in Ireland into liquidation. Consequently, it liquidated
BAWAG International Finance Ltd. (Ireland) in 2010, Datchet Limited in April 2011, and Polestar Limited and
Shrivenham Limited in 2012. Moreover, the bank has reduced the number of companies active in
Liechtenstein (through mergers) and Jersey (through closings), and has terminated its operations in the UK.
In 2010, it liquidated BAWAG P.S.K. Jersey Auto Finance Ltd., Auto Finance Jersey I Ltd. and Auto Finance
Jersey II Ltd.

During the fourth quarter of 2013, BAWAG P.S.K. merged with sterreichische Verkehrskreditbank AG
(VKB). Consequently, BAWAG P.S.K. took over the rail cargo operations and payment services of Austrian
Railways, which had previously been handled by VKB.

In October 2014, BAWAG P.S.K. signed a definitive agreement to sell its asset management subsidiary,
BAWAG P.S.K. INVEST, to the asset management company Amundi. As part of the agreement, the bank will
continue to distribute its former subsidiarys products. As of February 2015, BAWAG P.S.K. INVEST was a
wholly owned subsidiary of Amundi. Since November 2014, BAWAG P.S.K., through its ultimate parent
entity Promontoria Sacher Holding N.V., is listed as a significant supervised entity in the newly established
single supervisory mechanism and is therefore primarily supervised by the European Central Bank (ECB).

In August 2015, the bank signed the purchase for the domestic leasing operations of the Austrian co-
operative Volksbanken sector (VB-Leasing), thereby turning BAWAG P.S.K. into the third-largest automotive
lessor in Austria. In December 2015, BAWAG P.S.K. purchased a UK retail mortgage portfolio in the amount
of GBP 1.8 billion.

In January 2016, BAWAG P.S.K. sold its operations in Malta and in June 2016, the bank announced the
acquisition of start:bausparkasse, an Austrian savings and loan association, as well as IMMO-Bank, an
Austrian financing provider for real estate companies and social housing associations, both formerly
institutions of the Austrian Volksbanken sector.

Source: Company Reports, Moodys Research

10 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Peer Group

Erste Bank
Raiffeisen Bank International
UniCredit Bank Austria
DNB Bank ASA
Danske Bank A/S
Swedbank AB
Commerzbank AG
Norddeutsche Landesbank GZ
Landesbank Hessen-Thringen GZ

Related Websites and Information Sources

For additional information, please see:

the companys website: www.bawagpsk.com

the central banks website: www.oenb.at
the national regulators website: www.fma.gv.at
the ECBs regulatory website: www.bankingsupervision.europa.eu
MOODYS has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your
convenience in locating related information and services. The websites reached through these Links or References have not
necessarily been reviewed by MOODYS, and are maintained by a third party over which MOODYS exercises no control.
Accordingly, MOODYS expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or
quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover,
a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any
third party.

11 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Moodys Related Research

Credit Opinion:
BAWAG P.S.K: Update Following Lowering of Macro Profile
Issuer-specific Research:
BAWAG P.S.K.: Strong, Sustainable Profits Buck Trends in the Austrian Banking Sector, June 2016
(1028610)
BAWAG P.S.K.s Improving Profitability and Capital Ratios Are Credit Positive, August 2015 (183600)
Banking System Research:
Banking System Outlook: Austria, August 2016 (1035959)
Banking System Profile: Austria, August 2016 (191493)
Austrian banks will benefit from government plan to reduce bank levy, July 2016 (191008)
Austrian application of BRRD to wind down entity Heta sets precedent, March 2015 (1003540)
To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of
this report and that more recent reports may be available. All research may not be available to all clients.

12 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.

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Report Number: 191971

Author Editor
Torsten-Alexander Thebes Kamin Au

Production Associate
Prabhakaran Ganesan

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when making an investment decision. If in doubt you should contact your financial or other professional adviser.
Additional terms for Japan only: Moody's Japan K.K. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas
Holdings Inc., a wholly-owned subsidiary of MCO. Moodys SF Japan K.K. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical
Rating Organization (NRSRO). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and,
consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. 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) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated
by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from
JPY200,000 to approximately JPY350,000,000.

13 SEPTEMBER 8, 2016 COMPANY PROFILE: BAWAG P.S.K.