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All financial analyses (hereinafter the „Analysis”) 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 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 Analysis or the products or services described therein have not been reviewed or approved by the competent supervisory authority.

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This Analysis was drawn up in compliance with the applicable provisions of the German Securities Trading Act (Wertpapierhandelsgesetz), the Market Abuse Regulation (EU) No 596/2014, the Commission Delegated Regulation (EU) 2016/958 and the Commission Delegated Regulation (EU) 2017/565.

This Analysis and the information contained herein have been compiled and are provided exclusively for information purposes. This Analysis 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, 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 herein 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 herein. The opinions and prognoses given herein 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 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 Analysis 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 Analysis (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. An evaluation made on the basis of the historical performance of any security does not necessarily give an indication of its future performance.

This Analysis neither constitutes 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 this Analysis 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 Analysis 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 Analysis 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 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 Analysis 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 Analysis.

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.

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

By making use of this Analysis, 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 >

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The Compliance Unit of NORD/LB has classified business divisions that may have access to sensitive information as confidential areas. This confidential areas are separated from other divisions in terms of functions, spatial arrangement and/or data processing arrangements.The Research Division of NORD/LB is classified as a confidential area and is independent of other divisions, which provide investment services and noncore investment services.

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. 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. 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.
To avoid conflicts of interest, the payment of our financial analysts is not directly associated to the success of other business divisions with potentially conflicting interests.

Further information on these matters is set forth in Conflict of Interest Policy which is available from the Compliance Unit of NORD/LB upon request.


NORD/LB is not providing personal advice with this Analysis, 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 Analysis 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 Analysis 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 Analysis 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 Analysis 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 Analysis 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 Analysis 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 Analysis 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 Analysis should consult with an expert.

The financial products described in this Analysis 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.

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.
This Analysis constitutes an analysis 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 recommendation under Directive 2003/6/EC and Directive 2003/125/EC.

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 Analysis contains generic information and has not been tailored to certain Recipient’s specific circumstances. This Analysis is part of NORD/LB’s marketing materials.

This Analysis 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 Analysis 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 Analysis is obtained from reliable sources, we do not guarantee the accuracy or completeness of the data and information.

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

Under no circumstances shall this Analysis 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).

NORD/LB is not a registered Bank in New Zealand. This Analysis 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 Analysis 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 Analysis 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 Analysis 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 Analysis 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 >   

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 Analysis 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 Analysis 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 Analysis 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 Analysis does not constitute an issuing prospectus pursuant to article 652a or article 1156 of the Swiss Code of Obligations. This Analysis 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 Analysis 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 Analysis should be construed as a recommendation or advice for you to subscribe to a particular investment product. You should not rely solely on the Analysis 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 Analysis 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 Analysis. 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 Analysis 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 Analysis may expose an investor to a significant risk of losing all of the amount invested.

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