Legal notice

All financial analyses (hereinafter the „Analyses”) available on this non-targeted website were drawn up by NORDDEUTSCHE LANDESBANK GIROZENTRALE („NORD/LB“). The supervisory authorities in charge of NORD/LB are the European Central Bank („ECB“), Sonnemannstraße 20, D-60314 Frankfurt am Main, and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - „BaFin“), Graurheindorfer Str. 108, D-53117 Bonn, and Marie-Curie-Str. 24-28, D-60439 Frankfurt am Main. Details about the extent of NORD/LB´s regulation by the respective authorities are available on request. Generally, all Analyses or the products or services described therein have not been reviewed or approved by the competent supervisory authority.

The Analyses may only be read by professional and institutional clients in Germany, Austria, Belgium, Italy, Spain, Denmark, Finland, Estonia, France, Greece, Ireland, Luxembourg, the Netherlands, Poland, Portugal, Sweden, the Czech Republic, Canada, Switzerland, Cyprus, Singapore, the Philippines, Taiwan, New Zealand and Korea (hereinafter the „Relevant Persons” or „Recipients”). The contents of the Analyses are disclosed to the Recipients on a strictly confidential basis and, by accepting the Analyses, the Recipients agree that they will not forward to third parties, copy and/or reproduce the Analyses without NORD/LB’s prior written consent. The figures discussed in the Analyses are only addressed to the Relevant Persons and any persons other than the Relevant Persons must not rely on the Analyses. In particular, neither the Analyses nor any copy thereof must be forwarded or transmitted to the United Kingdom and the United States of America or its territories or possessions or distributed to any employees or affiliates of Recipients resident in these jurisdictions.

The Analyses were drawn up in compliance with the applicable provisions of the German Securities Trading Act (Wertpapierhandelsgesetz) and the Regulation Governing the Analyses of Financial Instruments (Verordnung über die Analyse von Finanzinstrumenten). In organizational, hierarchical, functional and local terms, the Research Division of NORD/LB is independent of any divisions responsible for the issuance of securities and investment banking activities, for trading (including proprietary trading) in and sales of securities as well as for lending activities.

The Analyses and the information contained herein have been compiled and are provided exclusively for information purposes. The Analyses are not intended as an investment incentive. They are provided for the Recipient’s personal information, subject to the express understanding, which is acknowledged by the Recipient, that they do not constitute any direct or indirect offer, individual recommendation, solicitation to purchase, hold or sell or to subscribe for or acquire any securities or other financial instruments nor any measure by which financial instruments might be offered or sold.

All actual details, information and statements contained therein were derived from sources considered reliable by NORD/LB. However, since these sources are not verified independently, NORD/LB cannot give any assurance as to or assume responsibility for the accuracy and completeness of the information contained therein. The opinions and prognoses given therein on the basis of these sources constitute a non-binding evaluation by the analysts of NORD/LB. Any changes in the underlying premises may have a material impact on the developments described therein. Neither NORD/LB nor its governing bodies or employees can give any assurance as to or assume any responsibility or liability for the accuracy, adequacy and completeness of the Analyses or any loss of return, any indirect, consequential or other damage which may be suffered by persons relying on the information or any statements or opinions set forth in the Analyses (irrespective of whether such losses are incurred due to any negligence on the part of these persons or otherwise).

Past performances are not a reliable indicator of future performances. Exchange rates, price fluctuations of the financial instruments and similar factors may have a negative impact on the value and price of and return on the financial instruments referred to therein or any instruments linked thereto. An evaluation made on the basis of the historical performance of any security does not necessarily give an indication of its future performance.

The Analyses neither constitute any investment, legal, accounting or tax advice nor any representation that an investment or strategy is suitable or appropriate in the light a Recipient’s individual circumstances, and nothing in the Analyses constitute a personal recommendation to the Recipient thereof. The securities or other financial instruments referred to therein may not be suitable for the Recipient’s personal investment strategies and objectives, financial situation or individual needs.

Also the Analyses as a whole or any part thereof are not a sales or other prospectus. Correspondingly, the information contained therein merely constitutes an overview and does not form the basis for an investor‘s potential decision to buy or sell. A full description of the details relating to the financial instruments or transactions which may relate to the subject matter of the Analyses is set forth in the relevant (financing) documentation. To the extent that the financial instruments described therein are NORD/LB’s own issues and subject to the requirement to publish a prospectus, the conditions of issue applicable to any individual financial instrument and the relevant prospectus published with respect thereto as well NORD/LB’s relevant registration form, all of which are available for downloading at and may be obtained, free of charge, from NORD/LB, Georgsplatz 1, 30159 Hanover, shall be solely binding. Any potential investment decision should at any rate be made exclusively on the basis of such (financing) documentation. The Analyses cannot replace personal advice. Before making an investment decision, each Recipient should consult an independent investment adviser for individual investment advice with respect to the appropriateness of an investment in financial instruments or investment strategies as contemplated therein as well as for other and more recent information on certain investment opportunities.

Each of the financial instruments referred to therein may involve substantial risks, including capital, interest, index, currency and credit risks, political, fair value, commodity and market risks. The financial instruments could experience a sudden substantial deterioration in value, including a total loss of the capital invested. Each transaction should only be entered into on the basis of the relevant investor’s assessment of its individual financial situation as well as of the suitability and risks of the investment.

NORD/LB and its affiliates may, for their own account or for the account of third parties, participate in transactions involving the financial instruments described therein or any underlying assets, issue further financial instruments having terms that are the same as or similar to those governing the financial instruments referred to therein as well as enter into transactions to hedge positions. Such actions may affect the price of the financial instruments described in the Analyses.

To the extent the financial instruments referred to therein are derivatives, they may involve an initial negative market value from the customer’s point of view, depending on the terms and conditions prevailing as of the transaction date. Furthermore, NORD/LB reserves the right to pass on its economic risk from any derivative transaction it has entered into to third parties in the market by way of a mirror image counter-transaction.

Further information on any fees which may be included in the sales price is set forth in the brochure „Customer Information Relating to Securities Transactions“ which is available at

The information set forth in the Analyses shall supersede all previous versions of any relevant Analyses and refer exclusively to the date as of which the respective Analysis has been drawn up. Any future versions of the Analyses shall supersede the present version. NORD/LB shall not be under any obligation to update and/or review the Analyses at regular intervals. Therefore, no assurance can be given as to its currentness and continued accuracy.

By making use of any of the Analyses, the Recipient shall accept the foregoing terms and conditions.

NORD/LB is a member of the protection scheme of Deutsche Sparkassen-Finanzgruppe. Further information for the Recipient is set forth in clause 28 of the General Terms and Conditions of NORD/LB or at

NORD/LB is partially regulated by the Autorité des Marchés Financiers for the conduct of French business. Details about the extent of our regulation by the respective authorities are available from us on request.

The Analyses does constitute investment research within the meaning of Article 24(1) Directive 2006/73/EC, Article L.544-1 and R.621-30-1 of the French Monetary and Financial Code and does qualify as research recommendation under Directive 2003/6/EC and Directive 2003/125/EC.

None of the information contained in the Analyses constitute a solicitation or offer by NORD/LB or its affiliates to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Only the published prospectus pursuant to the Austrian Capital Market Act should be the basis for any investment decision of the Recipient.

For regulatory reasons, products mentioned in the Analyses may not being offered into Austria and are not available to investors in Austria. Therefore, NORD/LB might not be able to sell or issue these products, nor shall it accept any request to sell or issues these products, to investors located in Austria or to intermediaries acting on behalf of any such investors.

Evaluations of individual financial instruments on the basis of past performance are not necessarily indicative of future results. It should be noted that the reported figures relate to past years.

The Analyses do constitute investment research within the meaning of the definition section of the Cyprus Directive D1444-2007-01(No 426/07). Furthermore, the Analyses are provided for informational and advertising purposes only and do not constitute an invitation or offer to sell or buy or subscribe any investment product.

The Analyses do not constitute a prospectus under Danish securities law and consequently are not required to be nor have been filed with or approved by the Danish Financial Supervisory Authority as the Analyses either (i) have not been prepared in the context of a public offering of securities in Denmark or the admission of securities to trading on a regulated market within the meaning of the Danish Securities Trading Act or any executive orders issued pursuant thereto, or (ii) have been prepared in the context of a public offering of securities in Denmark or the admission of securities to trading on a regulated market in reliance on one or more of the exemptions from the requirement to prepare and publish a prospectus in the Danish Securities Trading Act or any executive orders issued pursuant thereto.

The information contained in the Analyses describes the view of the author at the time of its publication and it must not be used by its Recipient unless having first confirmed that it remains accurate and up to date at the time of its use.

Past performance, simulations or forecasts are therefore not a reliable indicator of future results. Mutual funds have no guaranteed performance and past returns do not guarantee future performance.

The Analyses have not been prepared in accordance with Directive 2003/71/EC, as amended, on prospectuses (the “Prospectus Directive”) or any measures made under the Prospectus Directive or the laws of any Member State or EEA treaty adherent state that implement the Prospectus Directive or those measures and therefore may not contain all the information required where a document is prepared pursuant to the Prospectus Directive or those laws.

Under no circumstances shall the Analyses constitute an offer to sell, or issue or the solicitation of an offer to buy or subscribe for Products or Services in Luxembourg.

The value of your investments may fluctuate. Results achieved in the past do not offer any guarantee for the future (De waarde van uw belegging kan fluctueren. In het verleden behaalde resultaten bieden geen garantie voor de toekomst).

The Analyses do not constitute a recommendation within the meaning of the Regulation of the Polish Minister of Finance Regarding Information Constituting Recommendations Concerning Financial Instruments or Issuers thereof dated 19 October 2005.

The Analyses are intended only for institutional clients and may not be (i) used by, (ii) copied by any means or (iii) distributed to any other kind of investor, in particular not to retail clients. The Analyses do not constitute or form part of an offer to buy or sell any of the securities covered by the report nor can be understood as a request to buy or sell securities where that practice may be deemed unlawful. The Analyses are based on information obtained from sources which we believe to be reliable, but is not guaranteed as to accuracy or completeness. Unless otherwise stated, all views therein contained are solely expression of our research and Analyses and subject to change without notice.

The Analyses do not constitute or form part of, and should not be construed as a prospectus or offering memorandum or an offer or invitation to acquire, sell, subscribe for or otherwise trade in shares, subscription rights or other securities nor shall they or any part of them form the basis of or be relied on in connection with any contract or commitment whatsoever. The Analyses have not been approved by any regulatory authority. Any offer of securities will only be made pursuant to an applicable prospectus exemption under EC Prospectus Directive, and no offer of securities is being directed to any person or investor in any jurisdiction where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, other offer documentation, registrations or other actions.

The Analyses have not been approved by the Federal Banking Commission (merged into the Swiss Financial Market Supervisory Authority “FINMA” on 1 January 2009).

NORD/LB will comply with the Directives of the Swiss Bankers Association on the Independence of Financial Research, as amended.

The Analyses do not constitute an issuing prospectus pursuant to article 652a or article 1156 of the Swiss Code of Obligations. The Analyses are published solely for the purpose of information on the products mentioned in them. The products do not qualify as units of a collective investment scheme pursuant to the Federal Act on Collective Investment Schemes (CISA) and are therefore not subject to the supervision by the Swiss Financial Market Supervisory Authority (FINMA).

The Analyses have been prepared for informational purposes only in relation to the products contained in the respective Analysis and are not, under any circumstances to be construed as an offering memorandum or as an offering of any securities for sale directly or indirectly in any province or territory of Canada.

No securities commission or similar regulatory authority in Canada has passed on the merits of these securities nor has it reviewed the Analyses and any representation to the contrary is an offence.

Relevant selling restrictions, if any, are contained in the prospectus or other documentation for the respective product.

It is advisable to examine all the terms and conditions of the services provided by NORD/LB. If necessary, Recipient of the Analyses should consult with an expert.

The financial products described in the Analyses may not be offered or sold, directly or indirectly, to any resident of the Republic of Finland or in the Republic of Finland, except pursuant to applicable Finnish laws and regulations. Specifically, in the case of shares, those shares may not be offered or sold, directly or indirectly, to the public in the Republic of Finland as defined in the Finnish Securities Market Act (746/2012, as amended).

The value of investments may go up or down. There is no guarantee to get back the invested amount. Past performance is no guarantee of future results.

There is no guarantee to get back the invested amount. Past performance is no guarantee of future results. The value of investments could go up and down.

The information contained in the Analyses is provided on a non-reliance basis and its author does not accept any responsibility for its content in terms of correctness, accuracy or otherwise.

The Analyses are intended for general circulation only and do not take into account the specific investment objectives, financial situation or particular needs of any particular person. Advice should be sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the Analyses, before the person makes a commitment to purchase an investment product.

The information within the Analyses is provided for general information only and does not take into account any investor’s particular needs, financial status, or investment objectives. Nothing in the Analyses should be construed as a recommendation or advice for you to subscribe to a particular product. You should not rely solely on the Analyses provided when making your investment decisions. When considering any investment, you should endeavour to make your own independent assessment and determination on whether any product mentioned in the Analyses is suitable for your needs and seek your own professional financial and legal advice.

NORD/LB has taken all reasonable care in producing the Analyses and trust that the information therein is reliable at the date of publication or delivery, but no representation or warranty of accuracy or completeness is given. To the extent that NORD/LB has exercised the due care of a good administrator, we accept no responsibility for any errors, omissions, or misstatements in the Analyses. We do not guarantee any investment results and do not guarantee that the strategies employed will improve investment performance or achieve your investment objectives.

The Analyses on this site do not constitute an individual offer of financial products or a solicitation of an individual offer to any persons in New Zealand who:

(a) are not “habitual investors” for the purposes of section 3(2)(a)(ii) of the Securities Act 1978; or

(b) are not “eligible persons” within the meaning of section 5(2CC) of the Securities Act (N.Z.); or

(c) do not otherwise fall within an exception to the definition of “the public” for the purposes of section 3(2)(a) of the Securities Act 1978.

The content available through the Analyses on this site is restricted in New Zealand to those persons whose principal business is the investment of money or who, in the course of and for the purposes of their business, habitually invest money (in terms of section 3(2)(a)(ii) of the Securities Act 1978) and must not be acted on or relied upon by any person who is a member of “the public” (in terms of the Securities Act 1978) or a “retail client” (as defined in section 5B of the Financial Advisers Act 2008).

The Analyses are general information and do not take into account your financial situation or goals and is not a personalised financial adviser service under the Financial Advisers Act 2008.

The Analyses have been provided to you without charge for your convenience only. All information contained in the Analyses is factual information and does not reflect any opinion or judgment of NORD/LB. The information contained in the Analyses should not be construed as offer, marketing, solicitation or investment advice with respect to financial investment products in the Analyses.

NORD/LB has separated its business divisions that may have access to sensitive customer and business data (confidential areas) from its other divisions (e.g. NORD/LB Research) in terms of functions and locations and/or via relevant data processing arrangements.

The disclosure of confidential information that may have an impact on the prices of securities is monitored by NORD/LB’s Compliance Unit which is independent of its trading, operational and settlement divisions. This independent unit controls the transactions undertaken by NORD/LB and its employees on a daily basis to ensure that they are in line with market conditions. The Compliance Unit may impose such trading bans and restrictions as may be necessary to ensure that information, which may affect the prices of securities, is not misused and to prevent confidential information from being disclosed to divisions that are only allowed to use information available to the general public. To avoid conflicts of interest in connection with the preparation of financial analyses, the analysts of NORD/LB are obliged to inform the Compliance Unit of any studies being drawn up and must not invest in the financial instruments handled by them. They are obliged to notify the Compliance Unit of all transactions (including external transactions) undertaken by them for their own account or for the account or on behalf of third parties. Thus the Compliance Unit is in a position to identify all unauthorized transactions undertaken by the analysts, such as insider trading and front and parallel running. When a financial Analyses involving conflicts of interest to be disclosed within the NORD/LB Group is drawn up, any information on such conflicts of interest will only be made available by the Compliance Unit upon completion of the financial Analyses. Any subsequent amendment of the relevant financial Analyses may only be made upon consultation with the Compliance Unit and when it has been ensured that the results of the study are not affected by the knowledge of such conflicts of interest. Further information on these matters is set forth in our Financial Analyses or Conflict of Interest Policy which is available from the Compliance Unit of NORD/LB upon request.

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