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The audio files and presentations (hereinafter the „Material”) 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 Finanzdienstleitungsaufsicht - „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, this Material or the products or services described therein have not been reviewed or approved by the competent supervisory authority.

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This Material is not an investment recommendation/investment strategy recommendation, but promotional material solely intended for general information purposes. For this reason, this Material has not been drawn up in consideration of all statutory requirements with regard to the impartiality of investment recommendations/ investment strategy recommendations. Furthermore, this Material is not subject to the prohibition of trading before the publication of investment recommendations/ investment strategy recommendations.

This Material and the information contained herein have been compiled and are provided exclusively for information purposes. This Material is not intended as an investment incentive. It is provided for the Recipient’s personal information, subject to the express understanding, which is acknowledged by the Recipient, that it does not constitute any direct or indirect offer, 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 herein were derived from sources considered reliable by NORD/LB. For the preparation of this Material NORD/LB uses issuer-specific financial data providers, own estimates, company information and public media. 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 herein. The opinions and prognoses given herein on the basis of these sources constitute a non-binding evaluation of NORD/LB. Any changes in the underlying premises may have a material impact on the developments described herein. 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 this Material 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 this Material (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 herein or any instruments linked thereto. In connection with securities (purchase, sell, custody) fees and commissions apply, which reduce the return on investment. An evaluation made on the basis of the historical performance of any security does not necessarily give an indication of its future performance.

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

Also this Material as a whole or any part thereof is not a sales or other prospectus. Correspondingly, the information contained herein 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 this Material is set forth in the relevant (financing) documentation. To the extent that the financial instruments described herein 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 >www.nordlb.de 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. This Material 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 herein as well as for other and more recent information on certain investment opportunities.

Each of the financial instruments referred to herein 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 herein 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 herein as well as enter into transactions to hedge positions. Such actions may affect the price of the financial instruments described in this Material.

To the extent the financial instruments referred to herein 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 >www.nordlb.de.

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

By making use of this Material, 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 >www.dsgv.de/sicherungssystem.

NORD/LB IS NOT A BANK OR AN AUTHORISED DEPOSIT TAKING INSTITUTION AUTHORISED UNDER THE BANKING ACT 1959 OF AUSTRALIA. IT IS NOT REGULATED BY THE AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY.

NORD/LB is not providing personal advice with this Material, and has not considered one or more of the recipient’s objectives, financial situation and need (other than for anti-money laundering purposes).

None of the information contained in this Material constitutes 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 this Material 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.

This Material is a general discussion of the merits and risks of a security or securities only, and is not in any way meant to be tailored to the needs and circumstances of any Recipient.

This Material constitutes an analysis within the meaning of the definition section of the Cyprus Directive D1444-2007-01(No 426/07). Furthermore, this material is provided for informational and advertising purposes only and does not constitute an invitation or offer to sell or buy or subscribe any investment product.

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 this Material 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

This Material does not constitute a prospectus under Danish securities law and consequently is not required to be nor has been filed with or approved by the Danish Financial Supervisory Authority as this Material either (i) has 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) has 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.

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

The financial products described in this Material 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.

The information herein contained 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.

This Material has 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.

This Material is provided for information purposes only and it is not intended to solicit any orders for securities transactions or commodities futures contracts. While we believe that the data and information contained in this Material is obtained from reliable sources, we do not guarantee the accuracy or completeness of the data and information.

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

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

NORD/LB is not a registered Bank in New Zealand. This Material is general information only. It does not take into account your financial situation or goals and is not a personalized financial adviser service under the Financial Advisers Act 2008.

NORD/LB is not a registered Bank in New Zealand. This Material is general information only. It does not take into account your financial situation or goals and is not a personalized financial adviser service under the Financial Advisers Act 2008.

This Material does 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.

This Material is 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. This Material does 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. This Material is 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 herein contained are solely expression of our research and analysis and subject to change without notice.

This Analysis is intended only for Accredited Investors or Institutional Investors as defined under the Securities and Futures Act in Singapore.  If you have any queries, please contact Nord/LB’s Singapore Branch, Global Markets and Corporate Sales Department. Contact details are at >nordlb.com/apac.  

This Analysis is intended for general circulation only. It does not constitute investment recommendation and does not take into account the specific investment objectives, financial situation or particular needs of the Recipient. 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 the Recipient, before the Recipient makes a commitment to purchase the investment product.

This Material does 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 it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This Material has 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.

This Material has 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.

This Material does not constitute an issuing prospectus pursuant to article 652a or article 1156 of the Swiss Code of Obligations. This Material is published solely for the purpose of information on the products mentioned in this advertisement. 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).

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

NORD/LB has taken all reasonable care in producing this Material and trusts that the information is reliable and suitable for your situation 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 this Material. NORD/LB does not guarantee any investment results and does not guarantee that the strategies employed will improve investment performance or achieve your investment objectives.

NORD/LB is subject to limited regulation by the Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”). Details about the extent of our regulation by the FCA and PRA are available from NORD/LB on request.

This Material is a financial promotion. Relevant Persons in the UK should contact NORD/LB’s London Branch, Investment Banking Department, Telephone: 0044 / 2079725400 with any queries.

Investing in financial instruments referred to in this Material may expose an investor to a significant risk of losing all of the amount invested.

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