NORD/LB Group Presentation - January 2020
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NORD/LB Group Presentation
January 2020
1
Agenda.
NORD/LB at a glance 3
Financials 9
Segments 16
Outlook 26
Appendix 33
2NORD/LB at a glance
Ownership structure and regional network.
Ownership Structure1,2 Headquarters and ownership region
FIDES Gamma3
13.35%
Hanover
Brunswick
FIDES Delta3 13.35% Magdeburg
52.98% State of
Lower Saxony
Lower Saxony
Savings Banks and Giro 9.98%
Association
Saxony-Anhalt Savings
Banks Holding 1.99% 6.98%
Association 1.38%
Special Purpose Holding State of
Association of the Saxony Anhalt
Mecklenburg-Western
Pomerania Savings Banks
1) Total differences are rounding differences
2) As at 23 December 2019
3) FIDES Gamma GmbH and FIDES Delta GmbH are two entities founded by Sparkassen Finanzgruppe for the capital increase.
FIDES Gamma represents the savings banks (Sparkassen). FIDES Delta represents the regional banks (Landesbanken)
3NORD/LB at a glance
Represented in important financial and trade centres worldwide.
Head offices
Hannover, Brunswick, Magdeburg
Branches worldwide
London, New York, Singapore,
New York
Shanghai
German branches
Bremen, Duesseldorf, Hamburg,
Munich, Oldenburg, Schwerin,
Stuttgart and approx. 100 branches and
self service center of
Braunschweigische
Landessparkasse
Hamburg Subsidiaries and bank holdings
London Schwerin
Oldenburg Deutsche Hypothekenbank,
Amsterdam Bremen
Hanover Brunswick NORD/LB Luxembourg Covered Bond
Magdeburg Warsaw
Bank
Düsseldorf
Luxembourg
Paris Frankfurt Nuernberg
Stuttgart
Munich Shanghai
Singapore
Addresses and more details: www.nordlb.com/nordlb/about-us/locations-worldwide
4NORD/LB at a glance
Our business segments1.
Private and Corporate Savings Bank Markets
Commercial Customers Network Customers
Customers
Private customer business Corporate customer Savings Bank Network/ Business with
Private Banking business extended network Institutional customers
Commercial customer Agricultural Banking Corporate customers/ Savings banks/financial
business Finance with public and syndication loans institutions
Insurance services for cooperative housing Municipal customers Public-sector customers
private customers in associations
cooperation with public Corporate Finance
insurances in Lower Saxony Leasing
Energy and Real Estate Banking Ship Customers Aircraft Customers
Infrastructure Customers
Customers Ship finance Aircraft finance
Renewable energy finance Commercial real estate Container vessels Narrow-/Wide-bodies
Infrastructure finance finance
Bulker Freighters
International social care
property finance Tanker Regional Jets
Multi purpose vessels Turboprops
Offshore Oil & Gas Helicopter
Cruise ships / Ferries Spare Engines
Finance / Operating Lease
1) As at 31 December 2018
5NORD/LB at a glance
Holding structure and brands1,2.
Private Banking
Private and Commercial Customers
Corporate Customers
Markets
Ship, Aircraft, Energy/Infrastructure, Real Estate Banking
Leasing
Savings Bank Network
4
100%3 100%3
Public and project finance
Commercial real estate finance Private and commercial customers Issuance of Lettres de Gage
1) As at 31 December 2018
2) For more information about subsidiaries and affiliated companies please consult https://www.nordlb.com/nordlb/about-us/investments/ or our Group Annual Reports 2018, note (80)
3) NORD/LB ensures that the companies mentioned in the Group Annual Report 2018, Note (73) are able to meet their obligations
4) Incorporated under public law with partial legal capacity
6NORD/LB at a glance
Our ratings.
NORD/LB Credit Ratings
Senior unsecured preferred debt A3 A- A
Deposits (long-term / short-term) A3/P-2 A-/F1 A /R-1 (low)
Counterparty Risk Assessment / Derivate counterparty rating
A3(cr)/P-2(cr) A-(dcr)/ - -
(long-term / short-term)
Senior unsecured non-preferred debt Baa2 A- A (low)
Subordinate / Tier 2 B2 BB BBB (high)
Intrinsic financial strength 1 ba1 bb+ BBB (low)
Subordinate / Tier 1 Caa3 (hyb) - -
Public-Sector / Mortgage Pfandbriefe Aa1 / Aa1 - -
2 3 3
NORD/LB Sustainability Ratings
Corporate Rating / Sustainability Rating C+ Prime 62 of 100 points Positive B
Public-Sector Pfandbriefe - - Positive BBB
Mortgage Pfandbriefe - - Positive BB
Ship Pfandbriefe - - Positive B
1) Adjusted Baseline Credit Assessment / Viability Rating / Intrinsic Assessment 3) November 2019
2) March 2019
7Agenda.
NORD/LB at a glance 3
Financials 9
Segments 16
Outlook 26
Appendix 33
8Financials
Earnings before interest, taxes and restructuring increased significantly.
1 Jan – 30 Sep 1 Jan – 30 Sep
in €m1
in €m
2019 20182 Change in % Explanation
Decrease due to reduced portfolios
Net interest income 750 921 -19
and continued low interest rates
Increase due to one-off interim-
Net commission income 57 49 +16 servicing fee for the sale of the
shipping portfolio
Strong positive valuation and
Profit/loss from financial
278 91 >100 realisation results from interest-rate
assets at fair value
derivatives and debt securities
Among others, net allocations to Corp.
Risk provisioning -4 -147 -97 Cust. (€-44m) and Energy/Infra (€-41m),
release mainly from shipping (€85m)
Personnel expenses (€-30m) and
Administrative expenses 718 762 -6 legal, consulting and building costs (€-
21m) dropped
Earnings before
355 195 +82
reorganisation and taxes
Mostly reorganisation expenses
Restructuring and
98 122 -20 (€97m) from consulting services and
reorganisation expenses
re-dimensioning of loan portfolio
Consolidated profit 215 64 >100
1) Extract from financial statements
2) Some previous year figures were adjusted
9Financials
Key financial figures.
30 Sep 2019 31 Dec 2018¹ Change in % Explanation
Focus on core business areas,
Group total assets €146.9bn €154.0bn -5 significant reduction of interbank
business
Reduction of assets with low RWA
RWA €44.8bn €44.9bn -0
load
Adjustment of pension obligations;
CET1 ratio 6.5 % 6.6 % -2 capital strengthening measures
initiated
Sale of shipping portfolio;
NPL ratio 2.4 % 4.0 % -40 Target is an NPL ratio below
2 per cent
Large buffer to the new regulatory
MREL 17.41 % 19.89 % -12
requirement of 8.0 per cent
Requirement of 100 per cent clearly
LCR 148 % 150 % -1
exceeded
Target is a leverage ratio of above
Leverage Ratio 2.1 % 2.0 % -
4 per cent
1) Some previous year figures were adjusted
10Financials
NORD/LB with positive result in the first nine months of 20191.
Consolidated earnings before restructuring and taxes amounted to €355m as at 30 September 2019.
Consolidated Compared with the first nine months of 2018, the fair-value result increased considerably and the allowance
profit for losses on loans and advances decreased significantly. Consolidated profit after restructuring and taxes
amounted to €215m as at 30 September 2019
Total credit exposure decreased by €14bn since year-end 2018. The exposure reduction resulted primarily
De-risking of from a decrease of €9.8bn in the very good to good category (which still accounts for 81 per cent of the total
loan portfolio2 exposure) and €3.2bn in the NPL area. As part of the ship portfolio reduction, the NPL ratio decreased to 2.4
per cent (4.0 per cent at the end of 2018)
Programme continued as planned; administrative expenses decreased by 6 per cent; total assets further
Transformation reduced to € 146.9 billion (€ 154.0 billion as at 31 December 2018)
Programme New strategy programme (NORD/LB 2024) bundles efficiency enhancement and capital-strengthening
programmes and implements future business model adjustments
Capital ratio of 6.5 per cent (CET1) as at 30 September 2019 significantly below regulatory requirements
Common Equity
(SREP 10.57 per cent); countermeasures already initiated. The planned capital measures should be
Tier 1 ratio implemented by the end of 2019 at the latest and a capital ratio of around 14 per cent achieved
1) Some previous year figures were adjusted
2) See more details on page 34
11Financials
NORD/LB remains profitable.
1 Jan - 1 Jan - Net interest income: Loan and securities portfolios decreased.
Income statement (in €m) Change in % Interest margins still under pressure
30 Sep 2019 30 Sep 20181
Net interest income 750 921 -19 Net commission income: Increase due to an interim servicing
Net commission income 57 49 +16 fee for the Big Ben portfolio
Profit/loss from financial assets Fair-value result: Lower interest-rate levels led to positive
at fair value (incl. Hedge 292 95 >100 valuation and performance results from interest-rate
Accounting) derivatives and bonds
Risk provisioning -4 -147 -97
Risk provisioning includes €166m from the reversal of loan
Disposal profit/loss from financial loss provisions (mainly for ships) and €184m from direct write-
-21 32 >100
assets not measured at fair value downs
Profit/loss from shares in
13 11 +18 Disposal result was almost exclusively attributable to expenses
companies
Profit/loss from investments from the disposal of financial obligations measured at
accounted for using the equity 17 13 +31 amortised costs (deposits)
method Administrative expenses: Decrease in personnel expenses
Administrative expenses (-) 718 762 -6 (€-30m) and building, legal and consulting costs
Other operating profit/loss -31 -17 +82 (€-21m)
Earnings before reorganisation,
355 195 +82 Other operating result derives in particular from the 2019
restructuring and taxes annual contribution to the EU banking resolution funds, the
Restructuring result and bank levy and deposit guarantee schemes totalling €-79m
98 122 -20
reorganisation expenses Restructuring result from the transformation programme due
Earnings before taxes 257 73 >100 to restructuring provisions (€-1m)
Reorganisation expense is a one-time expense for future-
Income taxes (-) 42 9 >100
oriented applications (consulting services)
Consolidated profit/loss 215 64 >100
1) Some previous year figures were adjusted
12Financials
Targeted reduction of total assets.
Balance sheet total further reduced, primarily due to financial
Change assets and liabilities measured at amortised cost. In particular,
Balance sheet (in €m) 30 Sep 2019 31 Dec 20181
(in %) business with banks was further reduced
Total assets 146,903 154,012 -5 Financial assets at fair value through other comprehensive
income: decrease due to changes in assets and valuations as part
Financial assets at fair value of short- and medium-term liquidity management
through other comprehensive 18,879 20,548 -8
Financial assets at amortised cost include major parts of the
income
traditional lending and loan business as well as parts of the
Financial assets at amortised securities portfolio, in particular the decline in interbank business
109,611 114,041 -4
cost (€-2.6bn) and reduction of shipping portfolio
of which: Loans and Financial liabilities at amortised costs include liabilities to banks
21,935 24,498 -10
advances to banks and customers, bearer bonds, Pfandbriefs and money market
of which: Loans and instruments; decrease of liabilities to banks (€-5bn) and
83,166 85,168 -2 municipal bonds (€-2.3bn)
advances to customers
Financial liabilities at amortised Balance sheet equity decreased slightly: This was primarily due
122,283 133,483 -8
cost to the revaluation of net liabilities from pension plans (incl.
deferred taxes) in the amount of €558 million. The positive
of which: Liabilities to banks 38,862 43,856 -11 quarterly result had a contrary effect
of which: Liabilities to
54,736 58,506 -6
customers
of which: Securitised
27,936 30,379 -8
liabilities
Equity (balance sheet) 3,249 3,354 -3
1) Some previous year figures were adjusted
13Financials
Capital ratios fell temporarily due to annual loss 2018. Medium-term strategic
reduction of total assets.
Equity ratios (CET1)1,2,3 Total assets and RWA³
in per cent CET11 Total capital ratio in €bn Total assets Risk-weighted assets
̴20% 200.8 197.6
16.7% 18.1 -28%
16.3% 181.0
14.3% 174.7
13.2% 163.8 154.0
12.4% 12.7%
11.3% ̴14% -35% 145.3
13.1% 12.3% 68.5 69.2 95
11.8% 63.7 59.9
10.7% 6.6%
46.8 44.9 44.5
6.5% 43
2013 2014 2015 2016 2017 2018 30 Sep 19 2019 2013 2014 2015 2016 2017 2018 30 Sep 19 2023
SREP minimum requirements (P2R) Ratios
CET11 since 1 Jan 2018 9.60 % LCR ratio 30 Sep 2019 148 %
since 1 Mar 2019 10.57 % 31 Dec 2018 150 %
Total capital ratio since 1 Jan 2018 13.10 % Leverage ratio 30 Sep 2019 2.1 %
since 1 Mar 2019 14.07 % 31 Dec 2018 2.0 %
Decrease in CET1 due to increase in pension obligations; AT1 nearly unchanged
Decrease in Tier 2 due to maturity-related changes; subordinated liabilities with a remaining maturity of less than 5 years are no
longer fully eligible
1) CET1 (Common Equity Tier 1) 2) 2010 to 2013: SolVV/HGB, since 2014 CRR/Basel III (phase-in)
3) Some previous year figures were adjusted
14Agenda.
NORD/LB at a glance 3
Financials 9
Segments 16
Outlook 26
Appendix 33
15Segments
Strong operating performance in core segments.
Operative earnings in the NORD/LB Group 1,2,3
1 Jan – 30 Sep 2019 in €m³
146
69 (p.y. 143)
92 (p.y. 69)
(p.y. 198)
144
41 (p.y. 181)
110 (p.y. 53) 1.048 4)
(p.y. 140) (p.y. 1.245)
285
(p.y.291)
162
(p.y. 170)
Private and Corporate Markets Savings Banks and Energy and Ship Customers/ Aircraft Cus- Real Estate Total
Commercial Customers Regional Infrastructure Maritime tomers Banking Cus-
Customers Customers Customers Industries tomers
Risk
12 -44 0 0 -41 85 -3 -4
provisioning3
(-2) (-35) (0) (0) (-5) (-176) (7) (15)
(30 Sep 2018)
Share of
15.2% 26.8% 10.3% 3.8% 13.6% 8.6% 6.5% 13.7% operating
income3
1) Net interest and commission income as well as trading, valuation and Other operating profit/loss 3) Without Group Management/Other and Reconciliations
2) Total differences are rounding differences 4) Income With Group Management/Other, Reconciliation:
30 Sep 9: €1,064m; 30 Sep 18: €1,079m
16Segments
Private and Commercial Customers. Deeply rooted in the home region.
1 Jan – 30 Sep 1 Jan – 30 Sep
Exposure by industry1 €m1,2
2019 2018
as at 30 Sep 2019 Exposure at default: €8.1bn Earnings 162 170
Expenses 126 126
Operative earnings 36 44
Loan loss provisions 12 -2
Other 15% Earnings before taxes 48 42
Private
households 41% Consulting and service in nearly 100 locations as well as online
Public and by phone via BLSK.direkt
administration,
defence, social We offer customer-oriented consulting and selected products
insurance and services for private and commercial customers within the
10% region of Braunschweigische Landessparkasse, in Hannover, in
Hamburg as well as in Bremen and Oldenburg
NORD/LB and Braunschweigische Landessparkasse offer
inheritance optimisation, trust management, portfolio
management and individual asset management for private
banking clients
Land, housing 22%
Successful performance with partners like Öffentliche
Other service Versicherung Braunschweig, LBS Nord (building society), Deka,
industry 11% Deutsche Leasing, S-Kreditpartner and the Versicherungsgruppe
Hannover (insurance companies)
1) Total differences are rounding differences
2) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
17Segments
Corporate Customers. Well diversified portfolio.
1 Jan – 30 Sep 1 Jan – 30 Sep
Exposure by industry1 €m1,2
2019 2018
as at 30 Sep 2019 Exposure at default: €24.6bn Earnings 285 291
Expenses 150 110
Operative earnings 135 181
Manufacturing
Loan loss provisions -44 -35
industry 17% Earnings before taxes 91 146
Service Stable business development with existing and new customers in
industries/other the corporate customer segment
34% Energy, water and Customised financial solutions for SMEs – partly in close
mining 11% cooperation with the Savings Banks
Strong position and high competence in acquisition finance
business confirmed
Construction 2%
Elevated market position as an important financer in the field of
agricultural banking
Financing Trade, maintenance Successful marketing of asset and structuring expertise in public
institutes/insurance and repairs 10% housing segment
companies
Successful strategic positioning with customers together with
11% Agriculture, forestry
corporate finance (e.g. asset-liability management, capital-
Transport/ and fishing 8%
communications 7% market financing, working-capital management and factoring)
For over 25 years we are one of the leading lenders for leasing
companies
Since the 1980’s we are one of the leading players in social
housing
1) Total differences are rounding differences
2) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
18Segments
Markets. Frequent issuer and arranger of successful benchmarks.
Own benchmark issues and 1 Jan – 30 Sep 1 Jan – 30 Sep
syndicated issues (selection) 2019 €m1,3
2019 2018
Saxony-Anhalt Earnings 110 140
Expenses 92 83
€ 500,000,000 € 100,000,000 € 750,000,000 € Operative earnings 18 58
0.250% 0.50% 0.625%
Covered Bond (Pfandbrief) Senior Bond Covered Bond (Pfandbrief) Loan loss provisions 0 0
Jan 2019 – Jan 2024 Jan 2019 – Jan 2029 Feb 2019 – Nov 2027
Joint Lead Joint Lead Joint Lead Earnings before taxes 18 58
Issuer of Pfandbriefe including Green Bonds (public-sector,
€ 625,000,000 € 500,000,000 € 750,000,000 mortgage, ship and aircraft), Lettres de Gage (covered bonds
0.750% 0.375% 0.500% according to Luxemburg law), bearer bonds, promissory notes,
Mortgage Covered Bond Lettres de Gage publiques Senior Unsecured Bond
(Hypothekenpfandbrief) March 2019 – March 2024 March 2019 – March 2026 money market securities
March 2019 – March 2029 Joint-Lead
Successfully positioned as lead manager/arranger of bond issues,
Lower Saxony particularly covered bonds
€ 750,000,000
Comprehensive, customised range of money and capital market
€ 1,250,000,000 € 1,000,000,000
0,050% 0.500% Covered Bonds 0.000% products in private placement segment
Covered Bond (Hypothekenpfandbrief) Senior Bond
May 2019 – June 2024 June 2018 – June 2026 July 2019 – July 2026 International funding programmes2:
Joint Lead (Increase May 2019) Joint Lead
Joint Lead-Manager €25bn EMTN Programme, €10bn CP Programme,
€4bn Negotiable European CP Programme,
$3bn CP Programme
€ 600,000,000 € 500,000,000
0.050%
€ 500,000,000
0,010%
As at 30 September 2019: €26.3bn ECB eligible securities relating
0.010%
Covered Bond Covered Bond Mortgage Covered Bonds to NORD/LB Group, thereof €19.2bn from NORD/LB AöR
Sep 2019 – Sep 2026 Sep 2019 – Sep 2029 (Hypothekenpfandbrief)
Joint Lead Joint Lead Sep 2019 – Sep 2022
1) Total differences are rounding differences 2) NORD/LB AöR (single entity)
3) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
19Segments
Savings Banks Network Customers. Increasing cooperation in strategic market
activities.
1 Jan – 30 Sep 1 Jan – 30 Sep
Exposure by industry1 €m1,2
2019 2018
as at 30 Sep 2019 Exposure at default €19.5bn Earnings 41 53
Expenses 53 32
Operative earnings -13 21
Loan loss provisions 0 0
Savings Banks Earnings before taxes -13 21
Network/
extended network
38% Since 2018 Savings Banks Network Customers business is shown
as a separate business segment. In this context, parts of the
Municipal Markets and Corporate Clients segments were transferred
customers 48%
Consultancy and support of savings banks in Lower Saxony,
Saxony-Anhalt and Mecklenburg-Western Pomerania as well as
savings banks in Schleswig-Holstein in its girocentre function
including private banking products
Expanding the syndication loan business with savings banks as
well as the corporate customer business in its network
Focus on municipalities in the network regions/owner states and
selective product-oriented supra-regional business
Corporate customers
Expanding the syndication activities with savings bank network
14%
and providing alternative financial products for the balance-sheet
management of savings banks
Transfer service for KfW loans in the Savings Bank Network and
further development of digitisation
1) Total differences are rounding differences
2) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
20Segments
Energy- and Infrastructure Customers. Strong expertise in project finance.
1 Jan – 30 Sep 1 Jan – 30 Sep
Exposure by industry1 €m1,2
2019 2018
as at 30 Sep 2019 Exposure at default: €16.5bn Earnings 144 181
Manufacturing Expenses 64 71
Supply and disposal industry Operative earnings 80 110
4% 1% Transportation
Loan loss provisions -41 -5
6%
Other energy Earnings before taxes 40 105
9%
Solar energy Expansion and strengthening of our market position through
9% long-term expertise and customised structuring in renewable
energy finance; our focus is on wind and solar energy, leading
Public Sector
3%
financer in European core markets Germany, France, Ireland and
Media and IT UK. Targeted expansion and maintenance of customer relations
2% in North America and Asia in the energy sector
Concentration on social infrastructure projects in the fields of
education, accommodation, blue light and transportation; use of
Trade and Services Wind onshore existing structuring expertise in the broadband segment. High
15% 46% expertise in Public Finance Initiative (PFI)/public-private-
partnership business
Gas / biogas
3% Financial services
2%
1) Total differences are rounding differences
2) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
21Segments
Ship Customers / Maritime Industries Customers.
1 Sep – 30 Jun 1 Sep – 30 Jun
Shipping Portfolio1,2 €m1
2019 2018
as at 30 Sep 2019 Exposure at default: €6.1bn Earnings 92 198
Expenses 52 59
Corporates Operative earnings 40 139
Crude oil
13% Loan loss provisions 85 -176
Product- tankers Container
tankers 2% Earnings before taxes 125 -36
ships
5% 24%
LNG-tankers The business segment Shipping/Maritime Industries is classified
2% into two groups:
LPG-tankers The business segment Maritime Industries is focused on ECA-
1% covered financing as well as short-term, mid-term and long-
Chemical-
term financing of maritime corporates (secured and
tankers
unsecured, but then only in case of a high credit rating) –
5%
conditional cash-flow- and asset-based shipping loans as well.
MPP General
Due to the current decisions on the new business case, there
Cargo
will be no new deals.
8% Bulk carrier
16% The business segment Shipping Portfolio Optimization (SPO)
centralizes the expertise and processes of management and
Other reduction of defaulted and potential problem shipping-loans
MPP Heavy Lift Offshore 2%
10% Cruise 5% In connection with the reduction of ship financing, existing risk
ships/ferries
7% provisions for some exposures were partially released through
profit or loss
1) Total differences are rounding differences 2) Further information on page 38
3) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
22Segments
Aircraft Customers. High-quality portfolio. Well diversified.
1 Jan – 30 Sep 1 Jan – 30 Sep
By type of aircraft and year of manufacture1 €m1
2019 2018
as at 30 Sep 2019 Exposure at default: €4.9bn Earnings 69 69
Expenses 28 24
Turboprop Other
1% Operative earnings 41 45
6%
Freighter Loan loss provisions -3 7
15% Earnings before taxes 39 51
Narrow Aircraft portfolio with 486 aircrafts (and other airplanes in
Regional Jets warehouse facilities), six helicopters and 29 (spare-) engine is
6% bodies
44% well diversified
Ultra Large Considering only long-standing and fungible assets (aircrafts ,
Aircraft helicopters and engines)
6%
Exposure has very high collateral coverage (approx. 95 per cent)
Widebodies
22% Average age of roughly six years
42%
Mostly warehouse and operating lease structures
36% For nearly 25 years established as a market leader in aircraft
finance: broad range of commercial and covered financing of
15% widebodies, narrowbodies, regional jets and helicopters
7% Conservative risk approach in line with our financing principles
and high risk awareness as well as ensuring appropriate
redemption payments/finance structures
Construction year Construction year Construction year New delivery since
2008 and earlier 2009 - 2013 2014 - 2018 2019 Focus on reliable and well-known partners
1) Total differences are rounding differences
2) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
23Segments
Real Estate Banking Customers. Focus on commercial real estate in Germany.
1 Jan – 30 Sep 1 Jan – 30 Sep
By country1 €m1
2019 2018
as at 30 Sep 2019 Exposure at default: €16.0bn Earnings 146 143
Expenses 46 49
Operative earnings 100 95
Benelux 18% Loan loss provisions -4 15
Earnings before taxes 96 110
Deutsche Hypothekenbank is the competence centre for
commercial real estate (CRE) within NORD/LB Group
Tailored financial solutions and individual, high quality customer
consultation
UK 11%
Emphasis is on financing of office buildings, shopping malls,
hotels, logistics facilities and multi-story residential properties in
preferred urban centres with good tenant structure and above
France 8% average cash flow
Activities are focussed on Europe especially on Germany and
financings of commercial real estate in UK, France, Benelux,
Spain 1%
Other 3% Germany 59% Spain and Poland
Successful strategic cooperation with pension funds as financing
partners for high-volume projects
1) Total differences are rounding differences
2) Expenses in 2018 and 2019 are not comparable due to a change in the allocation of overhead costs in 2019
24Agenda.
NORD/LB at a glance 3
Financials 9
Segments 16
Outlook 26
Appendix 33
25Outlook
Achieved success by transformation programme.
Within the One Bank programme (predecessor of the new NORD/LB 2024 programme) savings potential
of € 275 million p.a. was identified. The remaining staff reductions for One Bank were contractually
agreed; just under 40 per cent of the planned staff reductions has been completed as at 30 September
2019
1 NORD/LB 2024 All areas of the Bank have already developed a first draft for the 2024 target organisation, taking into
account the core tasks expected in the future and the number of future employees. Measures to achieve
the targets have been identified and are currently being further specified
Furthermore, the prerequisites have been met for adapting the programme organisation to the
requirements of the phase for the continued detailing and implementation of measures. This pursues
the goal of an "end-to-end" approach across the entire value chain
Since 2011, the ship loan portfolio has been massively reduced by a total of €13.4bn. This corresponds
to a reduction of more than 1,200 financed ships to now 616 ships. The portfolio totals €6.1bn, of which
€3.7bn is non-performing loans (NPLs)
2 Ship portfolio
At the end of 2019, we expect an NPL portfolio of approximately €2.5bn; by the end of 2021, it is
expected to be close to zero. The total portfolio is expected to be just under €4bn at the end of 2019
and €0.6bn at the end of 2021
With leaner lending processes in wholesale and retail business, we are creating the conditions to
Loans and operate our customer lending business efficiently and competitively in the future as well. Profitability
3
processes will be increased in the long term through process optimisation in staff and operating divisions
26Outlook
Our One Bank programme has been completed from the personnel management’s
perspective. The NORD/LB 2024 programme continues the reduction.
NORD/LB 2024
in full-time equivalents
~5,670
785
1,250
~1,650-1,850
4651
~ 2,800-3,000
2018 One Bank NORD/LB 20242 Target 2024
2020
The remaining staff reduction for One Bank (785 full-time equivalents) has been contractually agreed
Measures and products for implementing the target values of NORD/LB 2024 in preparation
1) Already reduced, of which 230 MAK in 2018, which are already deducted in the initial value (as at 30 September 2019)
2) Including portfolio reduction and reduction of market units due to reduction of the asset class and redimensioning of the Bank and optimisation of processes in all units
27Outlook
Outlook for 2019/2020.
Challenges Markets and competition conditions remain challenging in 2020, especially in the field of interest-rate
levels. In addition, regulatory aspects are also demanding
After the EU Commission declared the planned measures to strengthen capital to be free of aid and the
Equity capital
previous owners of NORD/LB and the Sparkassen-Finanzgruppe approved the capital measures, these were
measures
implemented as planned in 2019
The realignment of NORD/LB will result in the bank downsizing significantly over the coming years. Total
assets should decrease to around € 95 billion by 2024. At the same time, the number of employees will also
Realignment
fall significantly. The workforce should drop to 2,800 full-time employees over the next few years. So far this
year, the number of employees has already decreased by around 400 to just under 5,450
The current figures only allow us to make limited conclusions about the year's overall result. As before, the
bank is planning high restructuring costs for 2019. Therefore, NORD/LB may well end the year with a net
Result 2019
loss. The expenditure associated with the realignment will also have noticeable effects on the bank's
profit/loss in the coming year
28Outlook
Covering the capital needs by owners and DSGV.
NORD/LB Group capital needs and coverage
in €m
Composition of capital needs (€3.5bn)
Reduction of NPL-Portfolio (Risk provisions + FV effects) (incl. Big-Ben- transaction) Restructuring Capital strengthening
~ 2,000 ~ 700 ~ 800
Measures to meet the capital needs(€3.64bn)
Cash injection Capital-relieving measures
2,835 800
Contributions from owners and DSGV
State of
State of Lower Saxony1 Saxony- Savings Banks Finance Group Capital-relieving measures
~ 1.500 Anhalt 1,135 800
~ 200
1) Participation via the state-owned holding companies NIG and HanBG as well as an own participation of the State of Lower Saxony
29Outlook
New Norddeutsche Landesbank: Targets for 2024.
NewNORD/LB
Private and
Commercial Real Estate
Corporate
Special Finance Customers/ Markets Banking
Customers
Savings Banks Customers
Network
̴95,4 ̴43 ~per46 . ̴625 ̴1.35 >7.8 ~per15.0 ̴2.800
€bn €bn cent €m €bn per cent cent Staff
menbers
Total assets Risk- Cost-income- Expenses Earnings Return-on- CET1 ratio Number
weighted ratio equity1 of staff
assets
1) RoE after tax (excl. Basel IV); RoE after tax (incl. Basel IV): 7.0%
30Outlook
Financial calendar.
Figures as at 30 September 2019 28 November 2019
Financial press conference 2020
24 March 2020
(figures as at 31 December 2019)
Annual Report 2019 April 2020
31Agenda.
NORD/LB at a glance 3
Financials 9
Segments 16
Outlook 26
Appendix 33
32Appendix
MREL figures of NORD/LB Group.
Minimum Requirement of Eligible Liabilities and Own Funds (MREL)
as at 30 Sep 2019
€25.5bn
MREL ratio: 17.41 per cent
TLOF (Total Liabilities & Own Funds): €146.3bn
Plain-vanilla senior
liabilities2
SRB MREL minimum ratio requirement: 8.00 per cent
€20.0bn
1
AT1 / T2
€2.6bn CET11
€2.9bn
MREL available
1) Regulatory capital (Own Funds) transitional; including issued AT1 and Tier 2 capital from subsidiaries
2) Subject to approval by the Single Resolution Board of a credit allocation of approximately €3.8bn in short-term deposits
33Appendix
Overall high portfolio quality: 81 percent in the highest category.
5.5%
4.7% 4.8%
NPL ratio 4.0%
2.4%
in %
212.7 9.1 211.0 10.7
3.7 181.4 8.8
4.1
Total exposure1 3.2 1.8 2.3
5.6
177.6 7.1
1.1
7.7 5.3 3.9
9.9 8.7 6.1 5.4 1.2 163.6 1.1
in €bn 5.8 4.0
16.6 14.4 1.6
13.9 15.8 6.2 4.1
13.8
default (=NPL) ³
very high risk
high risk
increased risk 146.3 147.6 143.9 142.6
132.8
reasonable/satisfactory
good/satisfactory
very good to good
2015 2016² 2017 2018 30 Sep 19
1) Total differences are rounding differences
2) Restatement of figures, see Interim Report as at 30 September 2017, page 32
3) Net amount after fair-value deduction
34Appendix
Digression: NORD/LB AöR (single entity) - earnings under German GAAP (HGB).
1 Jan – 1 Jan –
P/L figures (in €m) Balance Sheet (in €m) 30 Apr 2019 31 Dec 2018
31 Dec 20181 31 Dec 20171
Annual loss Subscribed capital 1,869 1,869
-2,436 85
(2017: Annual profit)
Earnings brought forward Capital reserves 974 3,324
85 0
from the previous year
Loss/Profit -2,351 85 Retained earnings 531 531
Loss compensation through Loss 0 2,351
release of capital reserves
2,351 -
(according to Owner's Equity 3,373 3,373
decision of 30 April 2019)
Loss 0 -
NORD/LB AöR closed 2018 with a net loss of € -2.4bn (in accordance with the German Commercial Code)
As a result
No profit sharing for 2018 to all silent participations at NORD/LB AöR
No payment for the coupon of the capital notes issued by the Fürstenberg Capital companies nor the AT1 capital instrument
issued by the former Bremer Landesbank for 2018
all liable capital shares of the bank were involved in the same proportion in the balance sheet loss. For this reason, the book
values of the silent participations were written down by around 43 per cent as at 31 December 2018. A corresponding deduction
was made for the capital notes issued by the Fürstenberg Capital companies
The balance sheet loss as at 31 December 2018 was neutralised by a partial release of the capital reserves in accordance with the
resolution of the Owners' Meeting of 30 April 2019; there will therefore be no loss carried forward from 2018 to the 2019 annual
results
1) Second last and last position as at 1 May 2019
35Appendix
Industry outlook ships: deliveries partly postponed; fewer demolitions than
expected.
Delivery schedule Demolitions1
1.400
500
450 432
411
1.200
400
der Schiffe
1.000 350 316
Schiffe
No. of vesels
300
800
of vessels
250 219
195
Anzahl
600 175
Anzahl
200 172
144
400 150
No.
93 95 101
100 66 56 73
200 50 57
40 32
50
0 0
2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 YTD
Container Bulker
Container Tanker Container
Bulker abgl. Tanker
Bulker abgl. Tanker abgl. Container Bulker Tanker
Container delivered Bulker delivered Tanker delivered
Deliveries indicate shifts ("slippage" effect). IMO 20202 Demolitions fell short of expectations due to imminent
influences the sector regulatory changes (IMO 20202)
1) As at September 2019
2) IMO - International Maritime Organization. "IMO 2020": generally the binding guideline which prescribes the reduction of the sulphur content in ship fuel to 0.5%. It will apply
from 1 January 2020
36Appendix
Industry outlook ships: Markets benefit from peak-season impulses.
Idle Fleet Harpex
800
700
450 1.800.000
Anzahl Schiffe ohne Beschäftigung
600
400 1.600.000
500
350 1.400.000
No. of vessels
400
300 1.200.000
300
250 1.000.000
TEU
200
200 800.000
150 600.000
Baltic Dry
100 400.000
3.000
50 200.000
2.500
0 0
2.000
1.500
500-999 TEU 1000-1999 TEU 2000-2999 TEU 1.000
3000-3999 TEU 5100-7499 TEU 7500+ TEU
500
total TEU (RHS)
0
Idle fleet with significant increase to 753,819 TEU (180
units) rsp. 3.3 per cent of fleet (as at end of Sept.), share Container charter market profits from retrofittings
of inactive ships strongly increased due to retrofitting Bulk goods sector with seasonal (catch-up) effect
(exhaust gas cleaning systems)
37Appendix
Markets stand economical headwind and implement IMO 2020.
Feeder Intermediate Neo-/Postpanamax Bulker Multi-Purpose
Containerships < 3K TEU Containerships 3-5,9K TEU Containerships Heavy Lift & General Cargo
>6-14,9/ >15K TEU
Current market level: Current market level: Current market level: Current market level: Current market level:
medium medium medium medium weak
Expected Expected Expected Expected Expected
market development: market development: market development: market development: market development:
up to 12 mths / 12-36 mths up to 12 mths / 12-36 mths up to 12 mths / 12-36 mths up to12 mths / 12-36 mths up to12 mths / 12-36 mths
unchanged / slight increase unchanged / slight increase unchanged / slight increase unchanged / decrease unchanged / slight increase
Crude oil Product Other Cruise ships Offshore
tankers tankers tankers and ferries
Current market level: Current market level: Current market level: Current market level: Current market level:
high high medium high low
Expected Expected Expected Expected Expected
market development: market development: market development: market development: market development:
up to 12 mths / 12-36 mths up to12 mths / 12-36 mths up to12 mths / 12-36 mths up to12 mths / 12-36 mths up to12 mths / 12-36 mths
unchanged /decrease unchanged /decrease unchanged /decrease unchanged / unchanged slight increase / slight increase
Source: NORD/LB sector research based on charter rates and market values (new constructions and second hand) as at October 2019
38Appendix
Ship Customers: Portfolio will be continuously run down.
Run down of shipping loan portfolio
Since 2011, the shipping loan portfolio has been
1,850 massively reduced by € 13.4 billion in total. This
30 1,768
1,698 1.800 corresponds to a reduction of more than 1,200
1,544
financed ships
1,481 1.600
25
1,363
The reduction of the remaining portfolio (€6.1bn) will
1.400 be consistently continued in fiscal 2019
19.5 19.01
20 1,115
18.0 1.200
17.7 1,047
16.6 16.91
1.000
15
12.1 800
10.3 616
10 600
6.1
400
5
200
0 0
2011 2012 2013 2014 2015 2016 2017 2018 30 Sep 19
Exposure (in €bn) Number of ships financed
1) The increased exposure values in 2015 and 2016 were attributable to exchange rate effects. The portfolio reduction was continued, as the ongoing decline in the number of financed
ships shows
39Appendix
Shipping portfolio.
Total shipping portfolio (performing and non-
performing) by rating1 NPL exposure1
as at 30 Sep 2019 €3.7bn
€19.0bn Corporates
Crude oil 10% Container
€16.9bn tankers
ships
Product 1%
29%
€7.3bn tankers
4%
€9.4bn €12.1bn Chemical
tankers
€10.3bn 6%
€4.5bn €8.2bn
MPP General
€6.1bn Cargo
€3.8bn €7.5bn
10%
€7.1bn €3.7bn
€1.7bn
€0.7bn
€0.7bn
€3.6bn MPP Heavy
€2.2bn €2.2bn €1.7bn
Lift Bulk carrier
16% 18%
31 Dec 15 31 Dec 16 31 Dec 17 31 Dec 18 30 Sep 19
Cruise
Offshore Other
ships/ferries 1%
Rating class 1-10 Rating class 11-15 Rating class 16-18 3%
2%
1) Total differences are rounding differences
40Appendix
Ship Customers. Core risk coverage remains high1.
NPL-Portfolio Loan loss provisions for shipping (balance sheet)
€bn in €m
4,857
4,471
30 123% 140% 151
117%
25 120% 3,307
100% 131
20 84% 88% 2,714 2,401
77%
80% 345
15 4,320
60%
10 9.4 8.2 3,176
7.3 7.5 40% 2,369
5 3.7 20%
0 0%
2015 2016 2017 2018 30 Sep 19 2015 2016 2017 2018 3 30 Sep 19 3
NPL-Exposure Core risk coverage 2 Portfolio loan loss provisions Single loan loss provisions
65 per cent of the total NPL exposure (€3.7bn) is covered by loan loss provisions (€2.4bn)
The market values may fall by around 35 per cent and there would still be a core risk coverage of 100 per cent
1) Total differences are rounding differences
2) Core Risk Coverage: (market values of ships (€2.0bn) + loan loss provisions (€2.4bn)) / NPL-EaD (€3.7bn)
3) Loan loss provisions and fair-value discount for defaulted loans only (IFRS 9)
41Appendix
NORD/LB exposure by segment and region.
NORD/LB assets by segment NORD/LB exposure by region
as at 30 Jun 2019 €145.3bn as at 30 Jun 2019 €162.4bn
Private and Middle and Asia /
Commercial South Australia
North America 1%
Customers 3%
America
5% 5%
Corporate
Others
Customers
26% Other Europe
17%
9%
Euro
countries
(without
Markets
Real Estate Germany)
11%
Banking Cus- 15%
tomers
9%
Aircraft Cus-
tomers Savings Banks Germany
Ship Cus-
4% and Regional 67%
tomers/
Energy and Customers
Maritime
Infrastructure 13%
Industries
5% Customers
10%
42Appendix
Break down of securitised liabilities.
in €m1 30 Sep 2019 31 Dec 20182 31 Dec 20172
Securitised liabilities (at amortised cost) 27,936 30,379 36,058
Pfandbriefs (covered bonds) 11,528 10,573 11,429
Municipal bonds 4,678 6,947 8,434
Other securitised liabilities 8,467 9,558 13,278
Money market liabilities 487 587 541
Sub-ordinated securitised liabilities 2,776 2,714 2,376
Securitised liabilities (at fair value ) 3,273 3,438 2,883
Securitised liabilities 31,209 33,817 38,941
1) Total differences are rounding differences
2) Some previous year figures were adjusted
43Appendix
NORD/LB Group’s Pfandbriefe (covered bonds) at a glance (1/2).
Public Sector Pfandbriefe Mortgage Pfandbriefe
as at 30 Sep 2019 Total cover pool: €19.9bn as at 30 Sep 2019 Total cover pool: €15.2bn
16,139
12,521
9,699
8,940
5,548
3,750
3,354 3,167
NORD/LB Dt. Hypo NORD/LB Dt. Hypo
Total outstanding Total cover pool Total outstanding Total cover pool
44Appendix
NORD/LB Group’s Pfandbriefe (covered bonds) at a glance (2/2).
Other Pfandbriefe/Covered Bonds
as at 30 Sep 2019 Total cover pool: €6.2bn The cover pools of NORD/LB and BLB were merged as part of
the merger on 1 September 2017 and published together on
30 September 2017 for the first time in the Transparency
Guidelines
5,551
4,434
528
43 94 5
NORD/LB NORD/LB NORD/LB CBB
Ship Pfandbriefe Aircraft Pfandbriefe Lettres de Gage
Total outstanding Total cover pool
45Appendix
NORD/LB’s Pfandbriefe (covered bonds): cover pool – safe and sound (1/2).
Mortgage Pfandbrief (by building type) Public-Sector Pfandbrief (by debtor)2, 3
as at 30 Sep 2019 Loans acc. to Office €5.5bn1 as at 30 Sep 2019 €16.1bn1
buildings Commercial Loans acc. to § 20, Countries
§19 para.
8% para 2 no 2 3% 8%
2+3 7% Buildings
6% Industrial
buildings
2%
Other Regional
Other 25% authorities
commerial 23%
Apartment buildings
buidings 13%
45% Condomi-
niums
One and two 4%
family Local authorities
houses 41%
15%
Outstandings €3,166.7m Outstandings €12,521.1m
Cover pool total €5,547.5m Cover pool total €16,139.1m
Over-collateralisation €2,380.8m / 75.2 % Over-collateralisation €3,618.0m / 28.9 %
Weighted average life of outstanding Weighted average life of outstanding
4.6 years 7.3 years
Pfandbriefe4 Pfandbriefe4
Weighted average life of the cover
Weighted average life of the cover pool4 3.1 years 6.2 years
pool4
1) Nominal value, NORD/LB AöR (NORD/LB single entity) 2) Debtor incl. overcollateralisation 3) 93 per cent Germany 4) Moody‘s Performance Overview as at 30 June 2019
46Appendix
NORD/LB’s Pfandbriefe (covered bonds): cover pool – safe and sound (2/2).
Ship Pfandbrief (by type) Aircraft Pfandbrief (by type)
as at 30 Sep 2019 Loans acc. to €94.2m1 as at 30 Sep 2019 Widebody €527.8m1
§26 para. 1 3%
Others no. 4 3% Bulker Ultralarge
7% 14% 7%
Freighter
Containers 34%
3% Turboprop
22%
MPP
11%
Narrowbody
Tankers Regional Jet 25%
62% 9%
Outstandings €43.1m Outstandings €5.0m
Cover pool total €94.2m Cover pool total €527.8m
Over-collateralisation €51.1m / 118.6 % Over-collateralisation €522.8m / 10,456.0 %
1) Nominal value, NORD/LB AöR (NORD/LB single entity)
47Appendix
NORD/LB Group - Pfandbriefe at a glance.
Over- Change of
Nominal values as at Cover pool Over-
Outstandings collateralisation outstandings in
30 Sep 2019 (in €m) total collateralisation
in % 20191
NORD/LB AöR
12,521.1 16,139.1 3,618.0 28.9 -3,400.2
Public-Sector Pfandbrief
NORD/LB AöR
3,166.7 5,547.5 2,380.8 75.2 -887.5
Mortgage Pfandbrief
NORD/LB AöR
43.1 94.2 51.1 118.6 0.0
Ship Pfandbrief
NORD/LB AöR
5.0 527.8 522.8 10,456.0 -500.0
Aircraft Pfandbrief
Deutsche Hypo
3,354.4 3,750.2 395.8 11.8 -420.7
Public-Sector Pfandbrief
Deutsche Hypo
8,939.9 9,698.6 758.7 8.5 655.0
Mortgage Pfandbrief
NORD/LB Luxembourg
4,433.7 5,551.2 1,117.5 25.2 32.2
Lettres de Gage Publique
Total 32,463.9 41,308.6 8,844.7 -4,521.2
1) Outstandings 30 September 2019 versus 30 September 2018
48Appendix
Institutional protection and deposit guarantee schemes of NORD/LB.
Legal responsibility
Basic protective measures to avoid bankruptcy
Capital requirements The Capital Requirements Regulation (CRR ) is a EU regulation in banking containing
requirements for capital adequacy under Basel III
Institutional Protection Scheme of the Savings Banks Finance Group was founded
in the 1970s
Institutional Protection Scheme Since July 2015 the Institutional Protection Scheme is recognised as a deposit
of the Savings Banks Finance Group guarantee scheme under Germany’s Deposit Guarantee Act (EinSiG)
13 guarantee funds: of the Landesbanken (1), of the regional savings banks (11) and of
the building associations (1)
Bail-in of shareholders and creditors
German Act on the Recovery and Equity: Tier 1, AT 1, Tier 2, subordinated capital
Resolution of Credit Institutions Liabilities: Senior unsecured and other (structured) liabilities
Excluded: i.a. deposits (under Deposit Guarantee Act: up to 100,000€/person), covered
bonds as well as money market instruments
The Single Resolution Mechanism (SRM) is augmented by the Single Resolution Fund
(SRF), which can provide the financial resources needed for resolution.
European Scheme European deposit guarantee scheme: There is a compromise proposal from the EU
parliament, however it is still quite uncertain, whether this proposal will come into
effect
49Appendix
Important links.
Declaration of Norddeutsche Landesbank Girozentrale on the German Corporate Governance Codex:
www.nordlb.com/legal-information/legal-notices/corporate-governance/
NORD/LB protection scheme
www.nordlb.com/legal-information/legal-notices/security-mechanisms/
Sustainability (report, ratings)
www.nordlb.com/nordlb/sustainability/
NORD/LB supervisory board
www.nordlb.com/nordlb/investor-relations/committees-and-executive-bodies/
NORD/LB Annual, Interim Reports and Disclosure Reports
www.nordlb.com/reports
50Contact.
NORD/LB Thomas Breit
Norddeutsche Landesbank Girozentrale thomas.breit@nordlb.de
Corporate Communications/Investor Relations Tel.: ++49 511 361-5382
Friedrichswall 10
30159 Hanover, Germany Marcel Mock, CIIA, CEFA
marcel.mock@nordlb.de
ir@nordlb.de Tel.: ++49 511 361-8914
www.nordlb.de/www.nordlb.com
Svenja Pohlmann
svenja.pohlmann@nordlb.de
Tel.: ++49 511 361-4683
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51Disclaimer.
This presentation and the information contained herein, as well as any The foregoing factors should not be construed as exhaustive. Due to such
additional documents and explanations (together the “material“), are issued by uncertainties and risks, readers are cautioned not to place undue reliance on
NORDDEUTSCHE LANDESBANK GIROZENTRALE (“NORD/LB”). such forward-looking statements as a prediction of actual results. All forward-
looking statements included herein are based on information available to
NORD/LB as of the date hereof. NORD/LB undertakes no obligation to update
This presentation contains certain forward-looking statements and forecasts publicly or revise any forward-looking statement, whether as a result of new
reflecting NORD/LB management’s current views with respect to certain future information, future events or otherwise, except as may be required by
events. These forward-looking statements include, but are not limited to, all applicable law. All subsequent written and oral forward-looking statements
statements other than statements of historical facts, including, without, attributable to NORD/LB or persons acting on our behalf are expressly qualified
limitation, those regarding NORD/LB’s future financial position and results of in their entirety by these cautionary statements.
operations, strategy, plans, objectives, goals and targets and future
developments in the markets where NORD/LB participates or is seeking to
participate. The NORD/LB Group’s ability to achieve its projected results is The material is provided to you for informational purposes only, and NORD/LB is
dependent on many factors which are outside management’s control. Actual not soliciting any action based upon it. The material is not intended as, shall not
results may differ materially from (and be more negative than) those projected be construed as and does not constitute, an offer or solicitation for the
or implied in the forward-looking statements. Such forward-looking information purchase or sale of any security or other financial instrument or financial service
involves risks and uncertainties that could significantly affect expected results of NORD/LB or of any other entity. Any offer of securities, other financial
and is based on certain key assumptions. The following important factors could instruments or financial services would be made pursuant to offering materials
cause the Group’s actual results to differ materially from those projected or to which prospective investors would be referred. Any information contained in
implied in any forward-looking statements: the material does not purport to be complete and is subject to the same
– the impact of regulatory decisions and changes in the regulatory qualifications and assumptions, and should be considered by investors only in
environment; light of the same warnings, lack of assurances and representations and other
precautionary matters, as disclosed in the definitive offering materials. The
– the impact of political and economic developments in Germany information herein supersedes any prior versions hereof and will be deemed to
and other countries in which the Group operates; be superseded by any subsequent versions, including any offering materials.
– the impact of fluctuations in currency exchange and interest NORD/LB is not obliged to update or periodically review the material. All
rates; and information in the material is expressed as at the date indicated in the material
and is subject to changes at any time without the necessity of prior notice or
– the Group’s ability to achieve the expected return on the other publication of such changes to be given. The material is intended for the
investments and capital expenditures it has made in Germany information of NORD/LB´s institutional clients only. The information contained
and in foreign countries. in the material should not be relied on by any person.
52Disclaimer.
In the United Kingdom this communication is being issued only to, and is Neither the material nor any part thereof may be reproduced, distributed,
directed only at, intermediate customers and market counterparties for the passed on, or otherwise divulged directly or indirectly by the party that receives
purposes of the Financial Conduct Authority’s Handbook ("relevant persons"). it, to any other person without the prior written consent of NORD/LB.
This communication must not be acted on or relied on by persons who are not
relevant persons. To the extent that this communication can be interpreted as
relating to any investment or investment activity then such investment or The distribution of the material in certain jurisdictions may be restricted by law
activity is available only to relevant persons and will be engaged in only with and persons into whose possession the material comes are required by
relevant persons. NORD/LB to inform themselves about, and to observe, any such restrictions.
Viewing the following material involves no obligation or commitment of any
kind by any person. Viewers of he following material are not to construe This presentation does not constitute an offer to sell or the solicitation of an
information contained in it as a recommendation that an investment is a offer to purchase or subscribe for any securities of NORD/LB in the United
suitable investment or that any recipient should take any action, such as making States. No part of this presentation should form the basis of or be relied upon in
or selling an investment, or that any recipient should refrain from taking any connection with any investment decision or any contract or commitment to
action. Prior to making an investment decision, investors should conduct such purchase or subscribe for any securities of NORD/LB. Any offering of securities
investigations as they consider necessary to verify information contained in the to be made in the United States will be made by means of a prospectus that
relevant offering materials and to determine whether the relevant investment may be obtained from NORD/LB and will contain detailed information about
is appropriate and suitable for them. In addition, investors should consult their NORD/LB, its management and its financial statements. None of NORD/LB’s
own legal, accounting and tax advisers in order to determine the consequences securities may be offered or sold in the United States, without registration
of such investment and to make an independent evaluation of such investment. under the U.S. Securities Act of 1993, as amended, or pursuant to an exemption
Opinions expressed in the material are NORD/LB´s present opinions only. The from registration therefrom.
material is based upon information that NORD/LB considers reliable, but
NORD/LB does not represent, guarantee, or warrant, expressly or implicitly,
that the material or any part of it is valid, accurate or complete (or that any By viewing the following material, the recipient acknowledges, and agrees to
assumptions, data or projections underlying any estimates or projections abide by, the aforementioned.
contained in the material are valid, accurate or complete), or suitable for any
particular purpose, and it should not be relied upon as such. NORD/LB accepts
no liability or responsibility to any person with respect to, or arising directly or
indirectly out of the contents of or any omissions from the material or any other
written or oral communication transmitted to the recipient by NORD/LB.
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