Metlife Funding Agreement

Ratings for the funding agreement`s ratings programs reflect the credit quality of the underlying funding agreements and include a review of the legal structure of the programs involved, applicable government insurance rules and related legal advice. On the basis of this review, Fitch concluded that the legal structure allowed Fitch to „review” the ratings of insurance companies that issue program financing agreements and the obligations issued there. MetLife Short Term Funding LLC (MSTF) is a limited liability company operated in the State of Delaware to issue non-recourse commercial securities guaranteed by financing agreements granted by MSTF by MLIC, MICC and other associated insurance companies. The repayment of the principal and the payment of interest under the trade document come from the cash flows generated by the financing agreements. MetLife Global Funding I (MGF) is a Delaware non-profit trust fund, organized exclusively for the issuance of unregistered notes guaranteed by financing agreements issued by the Metropolitan Life Insurance Company (MLIC), a New York-based life insurance company. The repayment of the principal and the payment of interest on the debt securities come from the cash flows generated by the financing agreements. Under New York insurance law, pari passu financing agreements are consistent with the rights of policyholders. CHICAGO-(BUSINESS WIRE)-Fitch Ratings awarded MetLife, Inc. (MetLife) new ratings: –`Insurance Rating Methodology` from September 22, 2011. At the same time, Fitch confirmed all existing ratings assigned to MetLife and its subsidiaries, including the ratings of insurer „AA-” Financial Strength (IFS) assigned to certain national life insurance companies and „A” Issuer Default Rating (IDR) assigned to MetLife. The valuation outlook is stable.

A full list of rating actions follows at the end of this publication. . – –Floating-Rate Action based preferably, Series A to `BBB`; For more information, see „www.fitchratings.com.” The above ratings were requested by the issuer or on behalf of the issuer and Fitch was therefore compensated for providing the credit ratings. Among the major rating triggers that could lead to an appreciation of MetLife ratings are a NAIC RBC COVERAGE rate consistently above 450%, the leverage ratio below 25%, the GAAP interest rate hedging rate at 8x-10x, and the successful integration of ALICO. MetLife`s earnings and interest rate coverage rates have steadily improved over the past year, but remain slightly below rating expectations. Fitch expects THE 11-12% LIVE to improve in 2012, driven by higher international yields and modest growth in the U.S., notes Fitch, which notes that the low-interest environment represents a significant headwind for MetLife and the industry, while acknowledging that the company has an extensive interest rate hedging program to mitigate the medium-term effects. –10.75% of subordinated bonds due in August 2039 from `BBB`; —Senior Notes (FDIC guarantee according to TLGP) in 2012 for `AAA`; . . The confirmation of MetLife`s ratings reflects Fitch`s view that the company`s latest financial and balance sheet data is in line with the company`s rating expectations. Last year, according to Fitch, MetLife made good progress in integrating the American Life Insurance Company (ALICO) that was acquired at the end of 2010. The company`s financial leverage was 28% at the end of 2011, down 30% at the end of the year, while remaining slightly above Fitch`s rating expectations and at the target range of 20 to 25%.