NORD/LB Group Presentation - May 2019 - pfandbrief.market
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NORD/LB Group Presentation
May 2019
1
Agenda.
NORD/LB at a glance 3
Financials 9
Segments 18
Outlook 30
Appendix 38
2
NORD/LB at a glance
Ownership structure and regional network.
Ownership Structure1,2 Headquarters and ownership region
Special Purpose Holding
Association of the
Saxony-Anhalt Savings Mecklenburg-Western
Banks Holding Pomerania Savings Banks
Association
3,7%
5,3% Hanover
Brunswick
Magdeburg
Lower Saxony
Savings Banks and Giro 26,4%
Association
5,6% 59,1%
State of Saxony-Anhalt
State of Lower Saxony
1) Total differences are rounding differences
2) As at 31 December 2018
3
NORD/LB at a glance
Represented in important financial and trade centres worldwide.
Head offices
Hanover, Brunswick, Magdeburg
Branches worldwide
London, New York, Singapore,
New York
Shanghai
German branches
Bremen, Duesseldorf, Hamburg,
Munich, Oldenburg, Schwerin,
Stuttgart and approx. 100 branches of
Braunschweigische
Landessparkasse
Subsidiaries and bank holdings
London
Hamburg Deutsche Hypothekenbank, NORD/LB
Schwerin
Oldenburg Luxembourg Covered Bond Bank
Amsterdam Bremen
Hanover Brunswick
Magdeburg Warsaw
Düsseldorf
Luxembourg
Paris Frankfurt Nuernberg
Stuttgart
Munich Shanghai
Singapore
Addresses and more details: www.nordlb.com/nordlb/about-us/locations-worldwide
4
NORD/LB at a glance
Our business segments 2018.
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
5
NORD/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
Loans
Commercial real estate finance Private and commercial customers Financial Markets & Sales
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 Baa2 2 A- 4 A5
Deposits (long-term/short-term) Baa2 2/P-2 A-/F1 4 A5/R-1 (low) 5
Counterparty Risk Rating/Derivate counterparty rating
Baa2(cr) 2/P-2(cr) A-(dcr) 4 /- -
(long-term/short-term)
Senior unsecured non-preferred debt Ba1 2 A- 4 A (low) 5
Subordinate/Tier 2 B1 2 B+ 4 BBB (high)
Intrinsic financial strength 1 ba3 2 f BBB (low) 5
Tier 1 Caa1 (hyb) 3 - -
Public-Sector / Mortgage / Aircraft Pfandbriefe Aa1 2 / Aa1 2 / A3 2 - -
6 7 7
NORD/LB Nachhaltigkeits-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 4) Rating Watch Negative 7) March 2019
2) Review for Upgrade 5) Rating Under Review - Negative Implications
3) Review Direction Uncertain 6) April 2018
7Agenda.
NORD/LB at a glance 3
Financials 9
Segments 18
Outlook 30
Appendix 38
8Financials
Positive first quarter result 20191.
1 Jan – 31 Mar 1 Jan – 31 Mar
Explanation 2019 20182 Change in %
in €m
Loan and securities portfolios
Net interest income 258 353 - 27
decreased
Increase due to one-off interim-
Net commission income servicing fee for sale of Big Ben 34 17 +100
portfolio
Net reversals in Energy &
Risk provisioning Infrastructure, Ships, Private & Comm. 38 28 +36
Customers and Savings Banks Network
Personnel expenses (€-6m) and
Administrative expenses 265 291 -9
advisory expenses (€-15m) dropped
Earnings before
75 68 +10
reorganisation and taxes
Restructuring and
Only reorganisation expenses 10 - -
reorganisation expenses
Consolidated profit 54 43 +26
1) Extract from financial statements
2) Some previous year figures were adjusted
9Financials
Key financial figures.
Explanation 31 Mar 2019 31 Dec 2018¹ Change in %
Focus on core business areas,
Group total assets €148.2bn €154.0bn -4
reduction of interbank business
RWA Asset reduction with low RWA €45.3bn €45.5bn -0
Interest-driven adjustment of
CET1 ratio revaluation reserve; capital 6.7 % 6.8 % -1
strengthening measures initiated
Target is an NPL ratio below
NPL ratio 4.1 % 4.0 % +2
2 per cent2
Large buffer to regulatory requirement
MREL 20.37 % 19.89 % -
of 9.13 per cent
Requirement of 100 per cent clearly
LCR exceeded; 150 % 150 % -
distance to Illiquidity: 224 days
Target is a leverage ratio
Leverage Ratio 2.1 % 2.1 % -
of above 4 per cent
1) Some previous year figures were adjusted
2) NPL ratio after sale of Big Ben: approx. 2.6 percent (figures as at 31 March 2019 excluding Big Ben exposure (€2.55bn))
10Financials
Profitable 1Q 2019 for NORD/LB.
Consolidated Consolidated earnings before restructuring and taxes amounted to € 75 million as at 31 March 2019.
profit Consolidated profit after restructuring and taxes amounted to € 54 million as at 31 March 2019
Group NPL ratio almost unchanged at 4.1 per cent (31 March 2019); reduction of non-performing ship
De-risking of financing (NPL) continues: a portfolio of ship NPLs in the amount of € 2.6 billion was sold in the first quarter
loan portfolio of 2019, but booked at the beginning of April. Therefore, the results have not yet been included in the
figures as at 31 March 2019
Programme continued as planned; administrative expenses fell by 9 per cent; balance sheet total further
Transformation reduced to € 148.2 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
Common Equity Capital ratio of 6.7 per cent (CET1) as at 31 March 2019 significantly below regulatory requirements
Tier 1 ratio (SREP 10.57 per cent); countermeasures already initiated and discussed with supervisory authorities
1) Some previous year figures were adjusted
11Financials
NORD/LB starts the new year with a profit.
1 Jan - 1 Jan - Net interest income: Loan and securities portfolios decreased
Income statement (in €m) Change in %
31 Mar 2019 31 Mar 20181 Net commission income: Increase due to receipt of an interim
Net interest income 258 353 -27 servicing fee of for the Big Ben portfolio
Net commission income 34 17 +100 Fair-value result: Lower interest-rate levels and tighter credit
Profit/loss from financial assets spreads let profits rise
at fair value (incl. Hedge 43 3 >100
Risk provisioning: Net reversals in Energy & Infrastructure
Accounting)
Customers, Ship Customers, Private & Commercial Customers
Risk provisioning 38 28 +36
and Savings Banks Network
Disposal profit/loss from financial
-2 -6 -67 Disposal result includes net gains from the disposal of
assets not measured at fair value
Profit/loss from shares in securities and asset/liability loans
- -3 -100
companies Administrative expenses: Decline in personnel expenses (€ -6
Profit/loss from investments million) and consulting expenses (€ -15 million)
accounted for using the equity 10 5 +100
method Other operating result influenced in particular by the 2019
annual contribution to the bank levy of € 54 million
Administrative expenses (-) 265 291 -9
Other operating profit/loss -41 -38 +8 Restructuring result from the transformation programme due
Earnings before reorganisation, to restructuring provisions, not yet incurred in the first quarter
75 68 +10 of 2019
restructuring and taxes
Reorganisation expense is a one-time expense for future-
Restructuring result and oriented applications (consulting services)
10 - -
reorganisation expenses
Earnings before taxes 65 68 -4
Income taxes (-) 11 25 -56
Consolidated profit/loss 54 43 +26
1) Some previous year figures were adjusted
12Financials
Targeted reduction of total assets.
Balance sheet total further reduced, among other things due to
Change declining loans and advances to banks and liabilities to banks and
Balance sheet (in €m) 31 Mar 2019 31 Dec 20181
(in %) customers
Total assets 148,188 154,012 -4 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 liquidity management
through other comprehensive 20,185 20,548 -2
Financial assets at amortised cost include the 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
109,682 114,041 -4
cost (€-3.7bn)
of which: Loans and Financial liabilities at amortised cost include liabilities to banks
21,032 24,497 -14
advances to banks and customers, debt securities issued, covered bonds and money
of which: Loans and market papers; decline in deposits from banks (€ -3.2bn),
84,206 85,168 -1 deposits from customers (€ -2.5bn) and repayments/maturities
advances to customers
of own debt securities (€ -1.7bn)
Financial liabilities at amortised
126,078 133,433 -6
cost Balance-sheet equity hardly changed: Positive quarterly result
and opposing effects in the revaluation reserve almost offset
of which: Liabilities to banks 40,620 43,856 -7 each other
of which: Other liabilities 56,050 58,506 -4
of which: Securitised
28,666 30,328 -5
liabilities
Equity (balance sheet) 3,408 3,404 +0
1) Some previous year figures were adjusted
13Financials
Capital ratios fell temporarily due to annual loss 2018. Strategic reduction of total
assets in the long run.
Equity ratios (CET1)1,2,3 Total assets and RWA³
in per cent in €bn
CET11 Total capital ratio Total assets Risk-weighted assets
-26%
̴20% 200.8 197.6
16.7% 16.3% 18.1 181.0
14.3% 174.7
13.2% 163.8 154.0
12.4% 12.7%
11.3% ̴14% -34% 148.2
13.1% 12.7% 68.5 69.2 95
11.8% 63.7 59.9
10.7% 6.8%
46.8 45.5 45.3
6.7% 42
2013 2014 2015 2016 2017 2018 31 Mar 19 2019 2013 2014 2015 2016 2017 2018 31 Mar 19 2023
SREP minimum requirements (P2R) Ratios
CET11 since 1 Jan 2018 9.60 % LCR ratio 31 Mar 2019 150 %
since 1 Mar 2019 10.57 % 31 Dec 2018 150 %
Total capital ratio since 1 Jan 2018 13.10 % Leverage ratio 31 Mar 2019 2.1 %
since 1 Mar 2019 14.07 % 31 Dec 2018 2.1 %
1) CET1 (Common Equity Tier 1)
2) 2010 to 2013: SolVV/HGB, since 2014 CRR/Basel III (phase-in)
3) Due to the adjustment of regulatory data as at 31 December 2017, the prior-year figures were adjusted accordingly
14Financials
MREL figures of NORD/LB Group.
Minimum Requirement of Eligible Liabilities and Own Funds (MREL)
as at 31 March 2019
€29.9bn
MREL ratio: 20,37 per cent
TLOF (Total Liabilities & Own Funds): €146.7bn
Plain-vanilla senior
liabilities2 SRB MREL minimum quota requirement: 9.13 per cent
€24.1bn
1
AT1 / T2
€2.7bn CET11
€3.1bn
MREL available
1) Regulatory capital (Own Funds) transitional; including issued AT1 and Tier 2 capital from subsidiaries
2) Subject to approval of approx. €5n in promissory notes by the supervisory authority
15Financials
Overall high portfolio quality: 80 percent in the highest category.
5.5%
4.7% 4.8%
NPL ratio 4.0% 4.1%
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
1.1 170.2 6.9
7.7 5.3 5.4 1.2 1.3
9.9 8.7 6.1
in €bn 5.8 4.0 1.1
13.9 16.6 14.4 6.2 4.3
15.8
14.9
default (=NPL) ³
very high risk
high risk
increased risk 146.3 147.6 143.9 142.6 135.6
reasonable/satisfactory
good/satisfactory
very good to good
2015 2016² 2017 2018 31.3.2019
1) Total differences are rounding differences
2) Restatement of figures, see Interim Report as at 30 June 2015, page 28 and Interim Report as at 30 September 2017, page 32
3) Net amount after fair-value deduction
16Agenda.
NORD/LB at a glance 3
Financials 9
Segments 18
Outlook 30
Appendix 38
17Segments
All business segments are profitable.
Earnings before reorganisation and taxes1,2
1 Jan – 31 Mar 2019 €165m³
All business segments are profitable and
generate segment profits after administration
22% costs and risk provisions of €165m in total
20%
Incl. Group Management/Other and
17% reconciliation, earnings before reorganisation
16% and taxes amounted to €75 million
13% The cost-income ratio as at 31 March 2019 was
87.8 per cent, the RoRaC was 3.8 per cent
36
33
8% 29
26
21
3% 13
5 1%
2
Savings Bank
Network Customers
Private and
Customers
Commercial
Energy- and
Corporate
Customers
Infrastructure
Customers
Real Estate Banking
Customers
Markets
Aircraft
Customers
Ship Customers/
Maritime Industries
1) Total differences are rounding differences 3) Without Group Management/Other and Reconciliations
2) As a percentage of segment profit (€165m)
18Segments
Balanced earnings diversification.
Earnings1,2,3
1 Jan – 31 Mar 2019 €330m
Overall solid profitability in the core business
29%4 areas
Earnings from ship customers: Increase due to
receipt of an interim servicing fee for a sale of
part of the shipping NPL portfolio
17%4
15%4
95 13%4
11%4
56 7%4
49
44
36 4%4
4%4
23
14 13
Savings Bank
Network Customers
Private and
Customers
Commercial
Energy- and
Corporate
Customers
Infrastructure
Customers
Real Estate Banking
Customers
Markets
Aircraft
Ship Customers/
Maritime Industries
Customers
1) Net interest and commission income as well as trading and valuation results 3) Without reconciliations
2) Total differences are rounding differences 4) As a percentage of segment earnings(€330m)
19Segments
Risk provisioning inconspicuous.
Group risk provisions by segments1
Additions in € m +€38m
The Group provision for possible loan losses was
reversed and amounted to € 38 million as at 31
March 2019
The segments Private and Business Customers,
Savings Bank Network Customers, Energy and
36 Infrastructure, Ships and Other recorded reversals in
risk provisions in the first quarter
6 4 6 4
0
-1 -4
-13
Savings Bank
Network Customers
Private and
Customers
Commercial
Energy- and
Corporate
Customers
Infrastructure
Customers
Real Estate Banking
Customers
Group Management/
Others, Reconciliations
Markets
Aircraft
Ship Customers/
Maritime Industries
Customers
1) Total differences are rounding differences
20Segments
Private and Commercial Customers. Deeply rooted in the home region.
1 Jan – 31 Mar 1 Jan – 31 Mar
Exposure by industry1 €m1
2019 2018
as at 31 Mar 2019 Exposure at default: €7.9bn Earnings 56 58
Expenses 41 41
Operative earnings 15 17
Loan loss provisions 6 -1
Other 14% Earnings before taxes 21 16
Private
households 42% Advice and service in nearly 100 locations as well as online and
Public by phone via BLSK.direkt
administration, We offer customer-oriented consulting and selected products
defence, social and services for private and commercial customers within the
insurance 11%
region of Braunschweigische Landessparkasse, in Hanover, 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 21%
Successful performance with partners like Öffentliche
Other service Versicherung Braunschweig, LBS Nord (building society), Deka,
industry 12% Deutsche Leasing, S-Kreditpartner and the Versicherungsgruppe
Hannover (insurance companies)
1) Total differences are rounding differences . The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
21Segments
Corporate Customers. Profitable, stable and well diversified portfolio.
1 Jan – 31 Mar 1 Jan – 31 Mar
Exposure by industry1 €m1
2019 2018
as at 31 Mar 2019 Exposure at default: €24.7bn Earnings 95 103
Expenses 47 35
Operative earnings 49 68
Manufacturing Loan loss provisions -13 2
industry 16% Earnings before taxes 36 70
Service Stable business development with existing and new customers in
industries/other the corporate customer segment
35% Energy, water and
mining 11% Tailor-made financial solutions for SMEs – partly in close
cooperation with the Savings Banks
Strong position and high competence in acquisition finance
Construction 2% business confirmed
Elevated market position as an important financer in the field of
agricultural banking
Trade, maintenance Successful marketing of asset and structuring expertise in public
Financing and repairs 10% housing segment
institutes/insurance
companies 12%
Successful strategic positioning with customers together with
Agriculture, forestry
and fishing 8% corporate finance (e.g. asset-liability management, capital-
Transport/
communications 6%
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 player in social
housing
1) Total differences are rounding differences. The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
22Segments
Markets. Frequent issuer and arranger of successful benchmarks.
Own benchmark issues and 1 Jan – 31 Mar 1 Jan – 31 Mar
syndicated issues 2019 €m1
2019 2018
Earnings 36 52
Expenses 30 27
EUR 500,000,000 EUR 750,000,000 EUR 625,000,000 Operative earnings 5 25
0.250% 0.875% 0.750%
Covered Bond Covered Bonds Mortgage Covered Bond Loan loss provisions 0 0
Jan 2019 – Jan 2024 Jan 2019 – Jan 2029 March 2019 – March 2029
Joint Lead-Manager Joint Lead-Manager Joint Lead-Manager
Earnings before taxes 5 25
Lower Saxony
Issuer of Pfandbriefe including Green Bonds (public-sector,
mortgage, ship and aircraft), Lettres de Gage (covered bonds
EUR 500,000,000 EUR 500.000.000 EUR 1,000,000,000
according to Luxemburg law), bearer bonds, promissory notes,
0.375% 0.625% 0.125% money market securities
Lettres de Gage publiques Covered Bonds March 2019 – March 2025
March 2019 – March 2024 March 2019 – March 2029 Joint Lead-Manager Successfully positioned as lead manager/arranger of bond issues,
Joint Lead-Manager Joint Lead Manager
particularly covered bonds
Comprehensive, customised range of money and capital market
products in private placement segment
Santander UK
EUR 750,000,000 EUR 750,000,000 EUR 1,000,000,000 International funding programmes2:
0.500% 0.500% 0.100% €25bn EMTN Programme, €10bn CP Programme,
Mortgage Covered Bonds Green Senior Preferred Covered Bond
June 2018 – June 2026 April 2019 – April 2026 May 2019 – May 2024 €4bn Negotiable European CP Programme,
(Increase May 2019)
Joint Lead-Manager
Joint Lead-Manager Joint Lead-Manager $3bn CP Programme
As at 31 March 2019: €25.5bn ECB eligible securities concerning
NORD/LB Group, thereof €19.4bn from NORD/LB AöR
1) Total differences are rounding differences. The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
2) NORD/LB AöR
23Segments
Savings Banks Network Customers. Increasing cooperation in strategic market
activities.
1 Jan – 31 Mar 1 Jan – 31 Mar
Exposure by industry1 €m1
2019 2018
as at 31 Mar 2019 Exposure at default €19.9bn Earnings 14 16
Expenses 16 11
Operative earnings -2 5
Loan loss provisions 4 0
Earnings before taxes 2 5
Savings Banks
Network/extended
network 39% 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 47%
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
syndication loans and providing of alternative financial products for the balance
14% sheet management of savings banks
Transfer service for KfW loans within Savings Bank Network and
developing of digitisation
1) Total differences are rounding differences. The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
24Segments
Energy- and Infrastructure Customers. Stability and expansion in growth industries.
1 Jan – 31 Mar 1 Jan – 31 Mar
Exposure by industry1 €m1
2019 2018
as at 31 Mar 2019 Exposure at default: €16.1.bn Earnings 44 61
Manufacturing Expenses 24 23
industry 1% Operative earnings 20 38
Supply and disposal Transportation 6% Loan loss provisions 6 2
4%
Earnings before taxes 26 40
Other energy 7%
Expansion and strengthening of our market position through
Solar energy 8%
long-term expertise and customised structuring in renewable
energy finance; our focus is on energy from wind and solar,
Public Sector 3% leading financer in European core markets Germany, France,
Ireland and UK. Targeted expansion and maintenance of
Media and IT 2% customer relations in North America and Asia in the energy
Wind (onshore) sector
49%
Concentration on social infrastructure projects in the fields of
Trade and Services education, accommodation, blue light and transportation; use of
14%
existing structuring expertise in the broadband segment. High
Gas / expertise in Public Finance Initiative (PFI)/public-private-
biogas 3% partnership business
Financial Wind
Services 2% offshore 1%
1) Total differences are rounding differences. The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
25Segments
Ship Customers / Maritime Industries Customers.
1 Jan – 31 Mar 1 Jan – 31 Mar
Shipping Portfolio1,2 €m1
2019 2018
as at 31 Mar 2019 Exposure at default: €10.1bn Earnings 13 54
Expenses 15 20
Crude oil Corporates; 6%
Operative earnings -3 34
tankers; 1% Loan loss provisions 36 8
Product- Earnings before taxes 33 42
tankers; 11%
Container
LNG-tankers; The business segment Shipping/Maritime Industries is classified
ships; 27%
1% into two groups:
LPG-tankers;
3% The business segment Maritime Industries is focused on ECA-
Chemical- covered financing as well as short-term, mid-term and long-
tankers; 3% term financing of maritime corporates (secured and
unsecured, but then only in case of a high creditworthiness) –
MPP General conditionally cash-flow- and asset-based shipping loans as
Cargo; 8% well. As a result of the current decisions about the new
business case, there won’t be any new deal
MPP Heavy The business segment Shipping Portfolio Optimization (SPO)
Bulk carrier;
Lift; 9%
17% centralizes the expertise and processes of restructuring and
Other; management of defaulted and potential problem shipping-
Cruise ships/
ferries; 5% Offshore; 4% 5% loans
1) Total differences are rounding differences. The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
2) Further information on page 37
26Segments
Aircraft Customers. High-quality portfolio. Well diversified.
1 Jan – 31 Mar 1 Jan – 31 Mar
By type of aircraft and year of manufacture1 €m1
2019 2018
as at 31 Mar 2019 Exposure at default: €5.1bn Earnings 23 26
Expenses 9 8
Turboprop
6%
Operative earnings 14 18
Freighter Loan loss provisions -1 4
16% Earnings before taxes 13 22
Aircraft portfolio with 513 aircrafts (and other airplanes in
Regional Jets Narrowbodies warehouse facilities), six helicopters and 29 (spare-) engine is
7% 41% 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
Average age of roughly six years
24%
46% Mostly warehouse and operating lease structures
33% For nearly 25 years established as a market leader in aircraft
finance: broad range of commercial and covered financing of
18% widebodies, narrowbodies, regional jets and helicopters
Conservative risk approach in line with our financing principles
3%
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. The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
27Segments
Real Estate Banking Customers. Focus on commercial real estate in Germany.
1 Jan – 31 Mar 1 Jan – 31 Mar
By country1 €m1
2019 2018
as at 31 Mar 2019 Exposure at default: €15.6bn Earnings 49 47
Expenses 16 15
Operative earnings 32 32
Benelux 17%
Loan loss provisions -4 7
Earnings before taxes 29 39
Deutsche Hypothekenbank is the competence centre for
commercial real estate (CRE) within NORD/LB Group
Tailored financial solutions and individual, high quality customer
UK 11%
consultation
Emphasis is on financing of office buildings, shopping malls,
USA 1% hotels, logistics facilities and multi-story residential properties in
preferred urban centres with good tenant structure and above
France 7% average cash flow
Spain 1% Germany 60% Activities are focussed on Europe especially on Germany and
financings of commercial real estate in UK, France, Benelux,
Other 3% Spain and Poland
Successful strategic cooperation with pension funds as financing
partners for high-volume projects
1) Total differences are rounding differences. The figures as at 31 March 2018 and 31 March 2019 are not comparable due to different overhead cost allocations
28Agenda.
NORD/LB at a glance 3
Financials 9
Segments 18
Outlook 30
Appendix 38
29Outlook
Achieved success by transformation programme One Bank.
The results of One Bank are an important and valuable basis for the realignment of NORD/LB. Savings
potentials of €275m were achieved. One Bank has identified 1,250 full-time equivalents for the
necessary staff reductions, of which 230 have already been reduced (until year-end 2018)
Since 2011, the shipping loan portfolio has been massively reduced by a total of over €9bn. This
corresponds to a reduction of 860 financed ships. The Big Ben transaction also created the basis for
the reduction of a further €2.6bn, which was carried out at the beginning of the second quarter of
2019
The former Bremer Landesbank is fully integrated. Customers and employees settled well at NORD/LB
and most of the data has already been transferred
With leaner loan processes in wholesale and retail business, we are creating the conditions for being
able to operate our customer lending business efficiently and competitively tomorrow as well.
Supplemented by process optimisations in staff and operating areas, profitability is increased in the
long term.
The new NORD/LB 2024 programme will bundle all this preparatory work and coordinate and
advance the construction of the new NORD/LB
30Outlook
Administrative expenses.
Cost savings One Bank Target administrative expenses NORD/LB 2024
in €m in €m
275
+37.5%
-38%
179 -179
1.011
-207
200 625
Savings already
96 realized from
One Bank
Target 2020 End of 2020; 2018 One Bank NORD/LB 2024 Target 2024
through identified measures
(already (still to be backed
supported by by measures)
measures)
The new NORD/LB 2024 transformation programme continues One Bank's successful course
31Outlook
Staff reduction.
NORD/LB 2024
in full-time equivalents
~5,670 1,020
1.250 ~1,650-1,850
230²
2,800-3,000
2018 One Bank NORD/LB 2024¹ Target 2024
2020
A further reduction beyond One Bank is necessary for the NORD/LB 2024 target
1) 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
2) Already reduced before 31 Dec 2018
32Outlook
Outlook for 2019 and 2020.
Markets and competition conditions remain challenging in 2019, especially in the field of interest-rate
levels. In addition, regulatory aspects are demanding: Capital requirements for system-relevant banks
will increase further
The downsizing as well as the profound restructuring will tie up resources and cause high expenses.
Therefore, NORD/LB expects high restructuring expenses for full year 2019. This is an investment in a
new sustainable business model of the bank
Regarding its positive operating business NORD/LB plans a profit before restructuring and taxes for
full year 2019, however, we anticipate that the annual result after restructuring and taxes will be
negative again
The goal of the comprehensive new start is to return to profitability and generate profits again by
2020 at the latest
33Outlook
Covering the capital needs by owners and DSGV1.
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 Lower Saxony State SA Savings Banks Finance Group Capital-relieving measures
~ 1.500 ~ 200 1,135 800
1) NORD/LB has agreed a capital boost and the Bank's new business model with the former owners and the Savings Bank Finance Group and submitted a corresponding capital plan to
the supervisory authority. The plan is is subject to an EU resolution
34Outlook
New Norddeutsche Landesbank: Targets for 20241.
NewNORD/LB
Private and
Commercial Real Estate
Corporate
Special Finance Customers/ Markets Banking
Customers
Savings Banks Customers
Network
2,800-
̴95 ̴42 ~50. ̴625 ̴1.25 >8 >14 3,000
€bn €bn per cent €m €bn per cent per cent Staff
members
Total assets Risk- Cost-income- Costs Earnings Return-on- CET1 ratio Number
weighted ratio equity of staff
assets
1) NORD/LB has agreed a capital boost and the Bank's new business model with the former owners and the Savings Bank Finance Group and submitted a corresponding capital plan to
the supervisory authority. The plan is is subject to an EU resolution
35Outlook
Financial calendar.
Figures as at 31 March 2019 28 May 2019
Interim Report as at 30 June 2019 End of August 2019
Figures as at 30 September 2019 End of November 2019
36Agenda.
NORD/LB at a glance 3
Financials 9
Segments 18
Outlook 30
Appendix 38
37Appendix
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 participation for 2018 is attributable to all silent participations at NORD/LB AöR
− neither the coupon of the capital notes issued by the Fürstenberg Capital companies nor the AT1 capital instrument issued by the
former Bremer Landesbank will be paid for 2018
− all liable capital shares of the bank participated in the balance sheet loss in the same proportion. 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
38Appendix
Industry outlook ships: Deliveries on schedule, but increased demolitions.
Delivery schedule Demolitions1
1.400 500
450 432
1.200 409
400
1.000
der Schiffe
350 316
Schiffe
No. of vessels
800 300
of vessels
250 219
Anzahl
600 194
175
Anzahl
200 171
142
400 150
No.
93 95 100
100 67 57
200 50 40
50 15 23 24
0 0
2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 YTD
Container Bulker Tanker Container abgl. Bulker abgl. Tanker abgl. Container Bulker Tanker
Deliveries by bulkers and tankers ordered in
Increased demolitions due to changed
2017 and 2018. Replacement effects from IMO
regulatory conditions
20202 are expected from 2020 onwards
1) As at May 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.
39Appendix
Industry outlook ships: traditional dip in demand in the first quarter of 2019 due to
Chinese New Year.
Idle Fleet Harpex
800
450 1.800.000 700
Beschäftigung
400 1.600.000 600
500
350 1.400.000
of vessels
400
300 1.200.000
300
No.ohne
250 1.000.000 200
TEU
Anzahl Schiffe
200 800.000
150 600.000
Baltic Dry
100 400.000
50 200.000 2.500
0 0 2.000
1.500
1.000
500-999 TEU 1000-1999 TEU 2000-2999 TEU 500
3000-3999 TEU 5100-7499 TEU 7500+ TEU
total TEU (RHS) 0
Charter market with recovery in the
Number of ships reduced again to 2.1 per cent
container sector
of total fleet rsp. 461,475 TEU at the end of
Bulker sector still volatile, characterized by
first quarter 2019
seasonal effects volatile
40Appendix
Beginning of the year influenced by Chinese New Year.
Feeder Intermediate Neo-/Postpanamax Bulker Multi-Purpose
Containerships < 3K TEU Containerships 3-5,9K TEU Containerships >(6-14,9/ Heavy Lift & General Cargo
>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 / slight increase unchanged / slight increase
Crude oil Product Other Cruise ships Off shore
tankers tankers tankers and ferries
Current market level: Current market level: Current market level: Current market level: Current market level:
low low weak 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
increase / slight increase unchanged / increase unchanged / slight increase 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 March 2019
41Appendix
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 more than € 9 billion in total.
30 1,768
1,698 1.800 This corresponds to a reduction of 860 financed ships
1,544
1,481 1.600 The Big Ben transaction also created the basis for a
25
1,363
further €2.6 billion reduction, which was carried out at
1.400 the beginning of the second quarter of 2019
19.5 19.01
20
18.0 17.7
1,115
1,047
1.200 The reduction of the remaining portfolio (€7.5bn) will
16.91
16.6 990 be consistently continued in fiscal 2019
1.000
15
12.1 800
10.3 10.1
10 600
2.6 Big Ben
(2Q19)
400
5
7.5 200
0 0
2011 2012 2013 2014 2015 2016 2017 2018 31 Mar 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
42Appendix
Transformation and reduction of ship financings in 1Q 2019.
NORD/LB Group – exposure reduction in the first quarter1
in €bn
19.0
10.3 -0.2 10.1
17.3
2.6 2.7
7.7 7.4
1.7
EaD EaD Reductions2 EaD
shipping loans shipping loans shipping loans
Dec 2015 Dec 2018 Mar 2019
Already negotiated reductions of loans
Incl. €2.6bn Big Ben
Reduction by €353m in the first quarter 2018
Portfolio reduction is mainly driven by extraordinary repayments, sales and placements
Transaction Big Ben is going to reduce the portfolio by €2.6bn at the beginning of April
As at 31 March 2019 the NPL portfolio at €7.3bn. We plan to reduce the NPL portfolio to below €3bn by the end of 2019 and to
almost zero by the end of 2021
1) Total differences are rounding differences
2) USD development (approx. €192m)
43Appendix
Shipping portfolio.
Total shipping portfolio (performing and non-
performing) by rating1 NPL exposure1
as at 31 Mar 2019 €7.3bn
Crude oil Corporates;
€19.0bn tankers; 0% 5%
Product
€16.9bn tankers; 10%
Container
€7.3bn
LPG tankers; ships; 31%
2%
€9.4bn €12.1bn
Chemical
€10.3bn €10.1bn tankers; 4%
€4.5bn €8.2bn
MPP General
€3.8bn €7.5bn €7.3bn Cargo; 10%
€7.1bn
€1.7bn
€0.7bn €0.7bn
€3.6bn MPP Heavy
€2.2bn €2.2bn €2.2bn
Lift; 13%
Cruise Bulk carrier;
31 Dec 15 31 Dec 16 31 Dec 17 31 Dec 18 31 Mar 19 ships/ferries; 19%
1% Other; 2%
Offshore; 3%
Rating class 1-10 Rating class 11-15 Rating class 16-18
1) Total differences are rounding differences
44Appendix
Ship Customers. Core risk coverage remain high1.
NPL-Portfolio Loan loss provisions for shipping (balance sheet)
€bn in €m
4,857 4,811
4,471
30 123% 140% 151
124%
25 120% 3,307
100% 131
20 84% 88% 2,714
77%
80% 345
15 4,320
60%
10 9.4 8.2 3,176
7.0 7.5 7.3 40% 2,369
2.6 Big Ben
5 20%
4.7
0 0% 3 4.7 3
2015 2016 2017 2018 31 Mar 19 2015 2016 2017 2018 31 Mar 19
NPL-Exposure Core risk coverage 2 Portfolio loan loss provisions
66 per cent of the total NPL exposure (€7.3bn) is covered by loan loss provisions (€4.8bn); even after the disposal of the Big Ben portfolio,
the coverage ratio remains at 66 per cent
The market values may fall by around 37 per cent and there would still be a core risk coverage of 100 per cent
Core risk coverage after the disposal of the Big Ben portfolio: 120 per cent
1) Total differences are rounding differences
2) Core Risk Coverage: (market values of ships (€4.2bn) + loan loss provisions (€4.8bn)) / NPL-EaD (€7.3bn)
3) Loan loss provisions and fair-value discount for defaulted loans only (IFRS 9)
45Appendix
NORD/LB exposure by sector and region.
NORD/LB assets by segments NORD/LB exposure by region
as at 31 Dec 2018 €154.0bn as at 31 Dec 2018 €177.6bn
Private and Middle and Middle East/
Commercial South Africa 0% Asia/
Customers North America 1% Australia 3%
4% America 5%
Corporate
Others Customers Other Europe
27% 15% 9%
Euro
Markets countries
12% (without
Germany)
Real Estate 15%
Banking Cus-
tomers 9%
Aircraft Cus- Savings Banks Germany
tomers 3% and Regional 67%
Ship Cus- Energy and Customers
tomers/ Infrastructure 13%
Maritime Customers
Industries 7% 10%
46Appendix
Break down of securitised liabilities.
in €m1 31 Mar 2019 31 Dec 20182 31 Dec 20172
Securitised liabilities (at amortised cost) 28,666 30,328 36,058
Pfandbriefs (covered bonds) 11,263 10,573 11,429
Municipal bonds 4,819 6,947 8,434
Other securitised liabilities 9,253 9,558 13,819
Sub-ordinated securitised liabilities 2,708 2,664 2,376
Securitised liabilities (at fair value ) 3,393 3,476 2,883
Securitised liabilities 32,058 33,766 38,941
1) Total differences are rounding differences
2) Some previous year figures were adjusted
47Appendix
NORD/LB Group’s Pfandbriefe (covered bonds) at a glance (1/2).
Public Sector Pfandbriefe Mortgage Pfandbriefe
as at 31 Mar 2019 Total cover pool: €20.6bn as at 31 Mar 2019 Total cover pool: €15.4bn
16,836
12,916
9,629
8,728
5,795
3,636 3,754 3,615
NORD/LB Dt. Hypo NORD/LB Dt. Hypo
Total outstanding Total cover pool Total outstanding Total cover pool
48Appendix
NORD/LB Group’s Pfandbriefe (covered bonds) at a glance (2/2).
Other Pfandbriefe/Covered Bonds
as at 31 Mar 2019 Total cover pool: €6.4bn The cover pools of NORD/LB and BLB were merged in the
course of the merger on 1 September 2017 and were
published jointly in the transparency guidelines for the first
time on 30 Sep 2017
5,639
4,489
613
43 115 5
NORD/LB NORD/LB NORD/LB CBB
Ship Pfandbriefe Aircraft Pfandbriefe Lettres de Gage
Total outstanding Total cover pool
49Appendix
NORD/LB’s Pfandbriefe (covered bonds): first class and secure collateral (1/2).
Mortgage Pfandbrief (by building type) Public-Sector Pfandbrief (by debtor)2, 3
as at 31 Mar 2019 Office €5.8bn1 as at 31 Mar 2019 €16.8bn1
buildings Commercial Loans acc. to § 20,
8% Buildings para 2 no 2 4% Countries
Loans acc. to
6% Industrial 8%
§19 para. 1
14% buildings
1%
Other Other Regional
commerial 25% authorities
buildings 22%
12%
Apartment Condomi-
buidings niums
40% 4%
One and two
family
houses Local authorities
15% 41%
Outstandings €3,614.8m Outstandings €12,916.3m
Cover pool total €5,795.2m Cover pool total €16,836.1m
Over-collateralisation €2,180.4m / 60.3 % Over-collateralisation €3,919.8m / 30.3 %
Weighted average life of outstanding Weighted average life of outstanding
4.4 years 6.5 years
Pfandbriefe4 Pfandbriefe4
Weighted average life of the cover
Weighted average life of the cover pool4 5.1 years 6.7 years
pool4
1) Nominal value, NORD/LB AöR (NORD/LB single entity) 2) Debtor incl. overcollateralization 3) 93 per cent Germany 4) Moody‘s Performance Overview as at 31 December 2018
50Appendix
NORD/LB’s Pfandbriefe (covered bonds): first class and secure collateral (2/2).
Ship Pfandbrief (by type) Aircraft Pfandbrief (by type)
Loans acc. to Loans acc. to
as at 31 Mar 2019 €115.3m1 as at 31 Mar 2019 €613m1
§26 para. 1 §26 para. 1
Others Widebody no 3 1%
7% no 4 3% Bulker
20% 8%
Ultralarge Freighter
7% 30%
Containers
6% Turboprop
21%
MPP
Narrowbody
Tankers 10%
25%
54% Regional Jet
8%
Outstandings €43.1m Outstandings €5.0m
Cover pool total €115.3m Cover pool total €613.1m
Over-collateralisation €72.2m / 167.5 % Over-collateralisation €608.1m / 12,162.0 %
Weighted average life of outstanding
0.4 years
Pfandbriefe²
Weighted average life of the cover pool² 5.2 years
1) Nominal value, NORD/LB AöR (NORD/LB single entity) 2) Moody‘s Performance Overview as at 30 September 2018
51Appendix
NORD/LB Group - Pfandbriefe at a glance.
Over- Change of
Nominal values as at Cover pool Over-
Outstandings collateralisation outstandings in
31 Mar 2019 (in €m) total collateralisation
in % 20191
NORD/LB AöR
12,916.3 16,836.1 3,919.8 30.3 -3,549.9
Public-Sector Pfandbrief
NORD/LB AöR
3,614.8 5,795.2 2,180.4 60.3 -469.2
Mortgage Pfandbrief
NORD/LB AöR
43.1 115.3 72.2 167.5 -33.0
Ship Pfandbrief
NORD/LB AöR
5.0 613.1 608.1 12,162.0 -500.0
Aircraft Pfandbrief
Deutsche Hypo
3,636.1 3,754.4 118.3 3.3 -407.7
Public-Sector Pfandbrief
Deutsche Hypo
8,727.7 9,628.7 901.0 10.3 470.5
Mortgage Pfandbrief
NORD/LB Luxembourg
4,489.4 5,638.7 1,149.2 25.6 150.5
Lettres de Gage Publique
Total 33,432.4 42,381.5 8,949.0 -4,338.8
1) Outstandings 31 March 2019 versus 31 March 2018
52Appendix
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: The German banking industry defeats the
proposed regulations of the EU commission. There is a compromise proposal from the
EU parliament. But it is still quite uncertain, whether this proposal will come into effect
53Appendix
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
54Contact.
NORD/LB Gabriele Bödeker (Head of Investor Relations)
Norddeutsche Landesbank Girozentrale gabriele.boedeker@nordlb.de
Investor Relations Tel.: ++49 511 361-4338
Georgsplatz 1
30159 Hanover, Germany Thomas Breit
thomas.breit@nordlb.de
ir@nordlb.de Tel.: ++49 511 361-5382
www.nordlb.de/www.nordlb.com
Marcel Mock, CIIA, CEFA
marcel.mock@nordlb.de
Tel.: ++49 511 361-8914
Svenja Pohlmann
svenja.pohlmann@nordlb.de
Tel.: ++49 511 361-4683
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55Disclaimer.
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.
56Disclaimer.
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 Services Authority’s Rules ("relevant persons"). This it, to any other person without the prior written consent of NORD/LB.
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
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