Lithium Companies USD 2022

Transcription

1 Equity Investment Product 5 Year Note in U.S. dollar with Minimum Redemption Price of 75% Lithium Companies USD 2022 Last Subscription Date: 7 April 2017 Marketing material as of 27 March 2017* This note does not constitute a participation in a collective investment scheme within the meaning of the Swiss Federal Act on Collective Investment Schemes (CISA) and is therefore not subject to authorisation and supervision by the Swiss Financial Market Supervisory Authority (FINMA). Investors bear the credit risk of the issuer (issuer risk). This document may be obtained from the distributor in English only (see section entitled 'Legal Documentation' for contact details). * This marketing material does not constitute any investment research or advice

2 Lithium Companies USD Product description This note: provides exposure to an underlying basket consisting of Albemarle Corp, FMC Corp, Glencore PLC and Sociedad Quimica y Minera de Chile SA ADR offers indicatively 80% participation in the positive performance of the underlying basket offers a minimum redemption price of 75% at maturity meaning that investor will at least receive a redemption price of 75% at maturity. is denominated in U.S. dollar If, on the end date, the performance of the underlying basket is positive, the note will be redeemed at 100% plus the participation ratio of indicatively 80% times the performance of the underlying basket. For example, if the value of the underlying basket has risen by 25% the redemption price will be 120%. The note provides a minimum redemption price of 75% meaning that if the value of the underlying basket has fallen by 25% or more on the end date, the redemption price will be 75%. If the value of the underlying basket has fallen by less than 25%, the decrease in the value of the underlying basket will be accounted for as a loss in your investment, for example if the value of the underlying basket has fallen with 5% the redemption price will be 95%. For further illustrations please see Illustration of possible outcomes of the note together with the examples on page 3. The note is not a liquid instrument, which may have an adverse effect on the market value of the note in the secondary market. You can read more about the liquidity risk in section 3. Significant Risks for the Investors. Key product features Underlying basket Issue price An equally weighted basket consisting of: Albemarle Corp, FMC Corp, Glencore PLC and Sociedad Quimica y Minera de Chile SA ADR. 100% of the nominal amount invested in the note. Participation ratio Indicatively 80%, the minimum level of the participation ratio is 70%. Minimum redemption price 75%. Issuer Currency of denomination Denomination per note Nordea Bank AB (publ). U.S. dollar ( USD ). USD 5,000, minimum investment is one note. Note 5 Year Note in U.S. dollar with minimum redemption price of 75%. SVSP categorization Capital Protection Certificate with Participation (1100), see 2

3 Figure 1 Illustration of possible outcomes of the note 150% Indicative participation ratio of 80% Minimum participation ratio of 70% Redemption price (in per cent) 125% 100% 75% 50% 25% 0% -100% -80% -60% -40% -20% 0% 20% 40% 60% Performance of the underlying basket Performance of the underlying basket Redemption price Yield per annum 60.00% 148%* (142%**) 7.95%* (7.06%**) 40.00% 132%* (128%**) 5.51%* (4.86%**) 20.00% 116%* (114%**) 2.81%* (2.46%**) 0.00% 100%* (100%**) -0.20%* (-0.20%**) % 90%* (90%**) -2.28%* (-2.28%**) % 80%* (80%**) -4.56%* (-4.56%**) % 75%* (75%**) -5.79%* (-5.79%**) % 75%* (75%**) -5.79%* (-5.79%**) Example 1 Example 2 Example 3 The performance of the underlying basket is 20% on the end date. The note will be redeemed on the maturity date at a redemption price of 100% plus 20% times the participation ratio of indicatively 80%. Total amount paid out in per cent of the nominal amount invested: %* (114.00%**). Yield per annum including maximum brokerage fee: 2.81%* (2.46%**). The performance of the underlying basket is negative and the value of the underlying basket has fallen by 5% on the end date. The note will be redeemed on the maturity date at a redemption price of 100% plus -5%. This means that the investor has lost 5% of the nominal amount invested. Total amount paid out in per cent of the nominal amount invested: 95.00%* (95.00%**). Yield per annum including maximum brokerage fee: -1.22%* (-1.22%**). The performance of the underlying basket is negative and the value of the underlying basket has fallen by 40% on the end date. The note will be redeemed on the maturity date at the minimum redemption price of 75%. This means that the investor has lost 25% of the nominal amount invested. Total amount paid out in per cent of the nominal amount invested: 75.00%* (75.00%**). Yield per annum including maximum brokerage fee: -5.79%* (-5.79%**). *Calculations are based on the indicative participation ratio of 80%, including maximum brokerage fee. **Calculations are based on the minimum participation ratio of 70%, including maximum brokerage fee. 3

4 Underlying assets in the basket Name Type of asset Bloomberg ticker Currency ISIN Albemarle Corp Equity ALB UN Equity USD US FMC Corp Equity FMC UN Equity USD US Glencore PLC Equity GLEN LN Equity GBp JE00B4T3BW64 Sociedad Quimica y Minera de Chile SA ADR Equity SQM UN Equity USD US Albemarle Corporation produces specialty and fine chemicals. The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides. Albemarle produces the majority of its products in the United States. Relevant exchange: New York Stock Exchange FMC Corp operates as a diversified research company in the chemical industry. The Company offers technology solutions for agricultural, industrial, and consumer markets. FMC Corp offer an array of technologies in research and development to improve delivery of medications, enhance foods and beverages, power batteries, protect crop yields, and advance textile manufacturing. Relevant exchange: New York Stock Exchange Glencore plc is a diversified natural resources company. The Company operates in three groups, metals and minerals, energy products, and agricultural products. Glencore offers its products and services around the world. Relevant exchange: London Stock Exchange Sociedad Quimica y Minera de Chile SA produces and markets specialty fertilizers including potassium nitrate, sodium nitrate, and potassium sulfate for the agricultural industry. The Company also produces industrial chemicals, iodine and lithium. SQM markets its products in over 100 countries. Relevant exchange: New York Stock Exchange Source: Bloomberg Figure 2 Historical performance of the underlying basket /03/12 27/03/13 27/03/14 27/03/15 26/03/16 27/03/17 Albemarle Corp FMC Corp Glencore PLC Sociedad Quimica y Minera de Chile SA ADR The figure shows the historical performance of the underlying basket during the past five years, with values indexed to 100 in the beginning of the period. The historical performance is not to be regarded as an indication, guarantee or undertaking regarding future performance. Source: Bloomberg Please note that the underlying assets in the basket might not all have a positive recommendation from Nordea s equity research at the time of selling and/ or the time of issuance of the note. 4

5 Facts about the Note Issuer Information about the Issuer Head Office Distributors Arranger Offering method Listing Clearing ISIN Swiss security number/isin Currency of denomination Denomination per Note (Notional Amount) Trading Volume Aggregate Principal Amount Nordea Bank AB (publ) (Nordea). Nordea Bank AB (publ) is licensed to conduct banking operations, including capital markets transactions, and is under the prudential supervision of the Swedish Financial Supervisory Authority. Nordea Bank AB (publ) is rated Aa3 (stable outlook) by Moody s Investors Service, Inc., AA- (negative outlook) by Standard & Poor s Financial Services LLC and AA-(stable outlook) by Fitch. A credit rating does not constitute a recommendation to buy, sell or hold the investment and it may be changed or withdrawn at any time. The credit rating does not mirror the risk related to the Note. For more information about Nordea Bank AB (publ), please see the Legal Documentation and under Investor Relations. Smålandsgatan 17, SE Stockholm, Sweden. Nordea Bank S.A. and Nordea Bank S.A., Luxembourg, Zweigniederlassung Zürich. Nordea Bank AB (publ). Public offer in Luxembourg and Switzerland and private placement in Denmark, France, Spain Sweden and the UK. Application for listing will be made to the Irish Stock Exchange. Euroclear and Clearstream. XS CH U.S. dollar ( USD ). USD 5,000. Minimum trading volume is one Note. The Aggregate Principal Amount will be determined on or prior to the Issue Date and will be published in the final terms confirmation announcement on the website of the Irish Stock Exchange, divided into denominations of USD 5,000 per Note. Subscription Period 28 March 7 April Rights attached to the security Each Note entitles the holder to a Redemption Price in accordance with the provisions relating to Redemption Price below. The Notes constitute direct and unsecured obligations of the Issuer and will rank pari passu with the Issuer's unsecured and unsubordinated obligations. Underlying Basket The Underlying Basket consists of the following shares (each an Underlying Asset i ): Issue Date i Weight (w i ) Name Type of asset Bloomberg ticker Currency 1 1/ 4 Albemarle Corp Equity ALB UN Equity USD 2 1/ 4 FMC Corp Equity FMC UN Equity USD 3 1/ 4 Glencore PLC Equity GLEN LN Equity GBP 4 1/ 4 Sociedad Quimica y Minera de Chile SA ADR Equity SQM UN Equity USD 12 April 2017, where the Note is issued by the Issuer and purchased by the investor. Start Dates 12 April 2017, 13 April 2017, 18 April 2017, 19 April 2017 and 20 April End Dates 24 March 2021, 24 April 2021, 24 May 2021, 24 June 2021, 24 J uly 2021, 24 August 2021, 24 September 2021, 24 October 2021, 24 November 2021, 24 December 2021, 24 J anuary 2022, 24 February 2022 and 24 March Maturity Date 8 April Issue Price Start Value i End Value i Participation Ratio 100% of the Notional Amount. The average of the closing values of Underlying Asset i on the Start Dates. The average of the closing values of Underlying Asset i on the End Dates. Indicatively 80%. The final and applicable value of the Participation Ratio will be set after the Subscription Period according to prevailing market conditions. The indicative Participation Ratio is the expected Participation Ratio as of 27 March 2017 based on prevailing market conditions. If market conditions do not allow the Participation Ratio to be fixed at 70% or higher, the issue will be cancelled. 5

6 Minimum Redemption Price 75%. Basket Performance Redemption Price The performance of the Underlying Basket on the End Date, calculated by Nordea as follows: i=1 EEE VVVVV i SSSSS VVVVV i 1 The Redemption Price, in per cent of the nominal invested amount, will be determined by Nordea as follows: (A) If the Basket Performance is positive: 100% + Participation Ratio x Basket Performance (B) If the Basket Performance is zero or negative: Max(75%, 100% + Participation Ratio x Basket Performance) Please note that in case of a negative Basket Performance the Redemption Price will be less than 100%, but at least the Minimum Redemption Price. Investment Advice Total costs in connection with the issue Breakdown of the Issue Price Alternative investment Where investment advice is provided by the Distributors, the Distributors will not make an additional charge for investment advice given to investors in relation to the purchase of the Notes. The Distributor s usual distribution Fee (which is included in the Issue Price as described in Breakdown of the Issue Price and transferred by the Issuer to the Distributors on the investor s behalf) and the Distributor s brokerage fee (which is not included in the Issue Price) will be payable in respect of the Note when advice has been provided to investors, and these fees will be the Distributor s adviser charge for the purposes of the UK s FCA rules. In connection with the issuance of this Note, the Issuer and the Distributors incur costs for, among other things, production, distribution, licenses, stock exchange listing and risk management. In order to cover these costs, the Issuer and the Distributors charge a brokerage fee and a distribution fee. The distribution fee amounts to a maximum of 3.00% of the amount invested and is included in the Issue Price. The Distributors will acquire the Note from the Issuer at the Issue Price, and the Issuer will pay to the Distributors the distribution fee. Such amounts received by the Distributors will be in addition to the brokerage fee applied by the Distributors. The investor acknowledges that such distribution fee may be retained by the Distributors. Further information is available from the Distributors on request. Further fees may be charged by the investor`s banks for the keeping/ and or sale of the Notes. Assuming that the Note is redeemed at maturity, the maximum annual cost in per cent excluding the brokerage fee (in Danish: årlige omkostninger i procent (ÅOP)) is therefore 0.60%. If the Note is redeemed early or sold during the term of the Note, the annual cost in per cent will be higher. Up to 1.00% in brokerage fee on the nominal amount invested may be charged by the Distributors in addition to the Issue Price. The brokerage fee is in addition to the distribution fee and is not included in the Issue Price. Maximum total cost calculated on a nominal amount invested of USD 5,000: Maximum brokerage fee (in addition to the Issue Price): 1.00% = USD 50 Maximum distribution fee (included in the Issue Price): 3.00% = USD 150 Maximum total cost: 4.00% = USD 200. The Note consists of three components: the zero coupon bond component, the derivative component and the distribution fee which may be broken down as follows (calculated on the basis of the maturity of the Note as of 27 March 2017): Zero coupon bond component: 88.21% Derivative component: 8.79% Distribution fee: 3.00% The zero coupon bond component ensures that the Note is redeemed at a price of 100% if the value of the derivative component is zero at maturity. The value of the zero coupon bond component depends among other things on the current interest rates and the credit rating of the Issuer. The derivative component expresses the exposure to the Underlying Basket. The derivative component ensures that the Note pays a Redemption Price at or above 100% if the Basket Performance is positive. If the Basket Performance is negative, the value of the derivative component will be negative and the Redemption Price will be less than 100% (but minimum 75%). The alternative rate of return is the return that an investor can achieve by investing the amount in another investment product than this Note. However, the complexity of the Note makes it difficult to compare it with other investment products. A possible alternative investment with a lower risk is a government bond with approximately the same maturity and the same currency denomination as this Note, for example the U.S. government bond 1.75 United States Treasury Note (ISIN US912828J769). The annual yield before tax on such an investment was 1.94% 27 March

7 Tradability / liquidity Legal documentation Notices Paying Agent Applicable law / jurisdiction Calculation Agent The Notes will not be registered under the United States Securities Act or any other securities laws. The Notes are therefore subject to certain restrictions on resale and other transfer thereof (see section entitled 'Selling restrictions' below for further information). Accordingly, the Note is not a liquid instrument. The Arranger endeavors under normal market conditions to maintain a secondary market in the Note, but does not commit to do so (see section entitled 'Liquidity risk' below for further information). A full description of the terms and conditions of the Note is given in the Issuer s structured note programme dated 19 December 2016 as supplemented from time to time (Base Prospectus) and the applicable final terms (Final Terms) of the Note (together the Legal Documentation). Prospective investors in Switzerland should carefully consider all the information given in this document which contains the information required for a simplified prospectus pursuant to Art. 5 of the Swiss Federal Act on Collective Investment Schemes (CISA) and carefully consider the information given in the Final Terms and the Base Prospectus. These may be obtained free of charge in English from: Nordea Bank S.A. Luxembourg, Zweigniederlassung Zürich, Mainaustrasse 21-23, CH-8008 Zürich, Tel +41 (0) The Base Prospectus is also available for viewing on under Investor Relations ( SNP-Base-Prospectus/ ). This document contains indicative values. The definite version of this document will be available after determination of the final values no later than on the Issue Date. In case of differing provisions between this document on the one hand and the terms of the Base Prospectus together with the Final Terms on the other hand, the provisions of the latter will prevail. Investors are urged to read the Legal Documentation before investing in the Note. If investors have any additional questions to the Legal Documentation, Nordea recommends that investors seek advice from relevant advisers. Notices regarding the Note, including Notices relating to unforeseen changes to the terms and conditions of the Note which were not agreed contractually but which arise during the term of the Note will be published by the Issuer (or on its behalf) on the website of the Irish Stock Exchange. Information about the Aggregate Principal Amount and the Participation Ratio will be published in a final terms confirmation announcement on the website of the Irish Stock Exchange. Citibank, N.A., London Branch, 13 th Floor, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. Danish law / Danish courts (the City Court of Copenhagen (Københavns Byret) shall be court of first instance). Nordea Bank AB (publ). 2. Prospects for Profits and Losses Suitability This product may be suitable for investors seeking an alternative to direct equity investments. An investor will have taken the view that the Underlying Basket will not fall in value during the investment period and will plan to hold the Note until maturity. Persons investing in these Notes should be experienced investors and familiar with both structured products and the stock market. Any prospective gain under these Notes results from a positive difference between the sales/ Redemption Price and the purchase/ Issue Price of the Notes. 25% of the amount invested is at risk and the repayment of the invested amount is subject to the performance of the Underlying Basket. Therefore an investor risks losing part of the invested amount. If the Underlying Basket has fallen by less than 25% on the End Date, the Redemption Price will be 100% minus the decrease in the Underlying Basket, and if the Underlying Basket has fallen by 25% or more on the End Date, the Redemption Price will be 75%. This means that a decrease of up to 25% in the Underlying Basket will be accounted for as a loss in your investment. The investor may lose up to 25% of the amount invested. Furthermore, investors are exposed to the credit risk of the Issuer, i.e. receipt of payment is contingent on the Issuer s ability to fulfil its payment obligation (which depends on the Issuer s business and financial performance). 7

8 3. Significant Risks for the Investors All investments are associated with a number of risks. Below some of the most significant risks associated with investing in the note are described. However, there may be other risks associated with investing in the note, and neither the issuer, the arranger nor the distributors claim or warrant that the below points constitute a complete and exhaustive description of all such possible risks. You are therefore urged to take note of the risk factors, as described in the legal documentation. Pricing Risk The final and applicable participation ratio will be set after the subscription period, according to prevailing market conditions, and could turn out to be higher or lower than the indicative participation ratio. Credit Risk You assume a credit risk on the issuer. This means that the possibility of receiving payment under the note depends on the issuer s ability to fulfil its obligations to repay the redemption price, which in turn depends on the issuer s business and financial performance. You are therefore urged to take note of the risk factors, as described in the legal documentation, which may affect the issuer s ability to fulfil its repayment obligation under the note. There is no absolute certainty of repayment of the redemption price. Please note that the note is not covered by any deposit guarantee scheme and that in case the issuer becomes subject to restructuring proceedings or bankruptcy no deposit guarantee scheme will cover your loss. Currency risk Where the note is denominated in a currency other than your reference currency, or where shares, shares comprising an index, or instruments invested into by an underlying fund are denominated in a different currency than such index or fund, you may incur an additional currency risk. Changes in exchange rates may have an adverse effect on the value of the investment. Market risk The price of the note can fluctuate above or below the issue price during its lifetime. Assets such as the underlying assets of the note can be very volatile, and such volatility may be expected in the future. Adverse movements in the value of the underlying assets may result in a decline in the mark-to-market value of the note and will negatively impact the redemption price. Liquidity risk The note is not a liquid instrument. The arranger of the note endeavors under normal market conditions to maintain a secondary market in the note, but does not commit to do so. If such market is established no assurance can be given that any trading market for the note will be liquid. There may be periods when there is a lack of liquidity, or low trading volume, in the market for the note, which may have a severely adverse effect on the market value of the note. Therefore, investors may not be able to sell their note easily or at all or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. The investor should be prepared to hold the note until maturity. If the investor wishes to sell the note before maturity, you may not receive the entire amount invested. If the market value at the time of selling is less than the issue price, a sale will result in a price loss. If, on the other hand, the market value at the time of selling is higher than the issue price a sale will result in a price gain. Bid/offer spread During the term of the note, the quoted bid and offer prices may possibly differ to a greater or lesser extent (bid/ offer spread). Minimum redemption price The note offers a minimum redemption price of 75% and the repayment of the invested amount depends on the performance of the underlying basket. If the underlying basket has fallen to a value of zero, the redemption price repaid at maturity will be 75%. The notes may be redeemed prior to maturity The notes may be redeemed prior to their scheduled maturity date for taxation reasons. Early redemption may result in noteholders receiving a lower return on investment and in some circumstances may result in a loss of part or all of their investment. Prospective investors should consider reinvestment risk in light of other investments available at that time. Risk labelling According to the Danish Executive Order on Risk-Labelling of Investment Products this investment product is labelled: Red. For further information see risikomærkning. Market disruption and extraordinary events In case a market disruption or an extraordinary event occurs, Nordea may determine the value to be applied for any calculation, make certain adjustments to the calculation, replace the underlying asset with another underlying asset, or, under certain circumstances, even make an early calculation of the redemption price and the yield. Nordea may make such amendments to the terms and conditions of the note as it deems necessary in connection with any market disruption or extraordinary events. The same applies if a change in law occurs, the issuer s hedging of its liabilities under the note is disrupted, or the issuer s costs in connection with any such hedging increase. The note is exposed to the following additional risks Equity markets may be affected negatively by certain factors such as: i) a slowdown in economic activity which decreases the earnings potential of companies ii) larger geopolitical uncertainty which may have a negative impact on equity prices and/ or iii) the leading central banks perform less accommodative monetary policies which may have a negative effect on economic growth and/ or the risk appetite of investors. Factors which are seen to have a positive influence on the equity markets are: i) the leading central banks continue to support economic growth through accommodative monetary policy, ii) the economic upswing of the leading economies continues, which increases the earnings potential of companies and/ or iii) higher growth expectations in emerging markets reduce the uncertainty in the global financial markets. 8

9 4. Additional Information The terms and conditions stated in this marketing material are indicative only and subject to immediate change at any time until the issue date. The arranger reserves the right to cancel the issue if: incidents of an economic, financial or political nature occur that, in the arranger s judgment, could jeopardize the launch of the note; and/ or the subscribed amount is less than an amount equivalent to EUR 1,500,000 or above an amount equivalent to EUR 5,000,000. If a participation ratio of 70% cannot be achieved, the issue will be cancelled. The Financial Ombudsman Service and Financial Services Compensation Scheme will not be available for eligible UK investors investing in the Note. This marketing material has been prepared by the arranger of the note. The information contained herein is subject to, and qualified by, the legal documentation as defined above. In case of any discrepancies the legal documentation prevails. Tax treatment in Switzerland The following is a summary only of the issuer's understanding of current law and practice in Switzerland relating to the taxation of the note as per the date of this document. As such, the issuer expressly excludes all liability in respect of any tax implications for investors in the note, whether a Swiss resident or a non-swiss resident. The issuer has not sought, and will not be seeking, any indication, written or oral, from any taxation authority in Switzerland as to the law and practice in Switzerland relating to the taxation of the note. Investors are liable for all current and future taxes and duties resulting from an investment in the note. Swiss income tax For private investors with tax domicile in Switzerland and holding the note as private assets, the increase of the value of the bond component when sold before maturity, called by the issuer before maturity or redeemed at maturity (calculated according to the so-called "Modifizierte Differenzbesteuerung") is subject to Swiss income tax (Einkommenssteuer). The net present value of the bond component is calculated by the Issuer on the issue date (bond floor, indicative per cent.). For such persons, a profit or loss resulting from the premium payment qualifies as a tax-free capital gain or as a non-deductible capital loss. Swiss securities transfer tax Secondary market transactions in the note are subject to Swiss securities transfer tax (Umsatzabgabe), provided a Swiss securities dealer is involved in the transaction and no exemption applies. Swiss withholding tax Income derived from the note is not subject to Swiss withholding tax (Verrechnungssteuer). EU tax classification code 2 = out of scope (TK 7) Bilateral agreements on final withholding Tax For investors resident in a state with which Switzerland has concluded an agreement on final withholding tax (Abgeltungssteuerabkommen; currently in place with Austria and the United Kingdom) and provided the note is held in a custody account with a qualifying Swiss paying agent, any investment income or realised capital gains might be subject to the final withholding tax as laid out in the respective bilateral agreement. Tax disclaimer Regarding the investor s individual tax situation, it is recommended that the investor obtains advice about potential taxation in Luxembourg/ Switzerland/ Denmark/ France/ Spain/ Sweden/ the UK and in his/ her country of residence, from external sources. The information in this marketing material is intended to give general guidelines only and the issuer, arranger and distributors cannot accept responsibility for any tax consequences resulting from actions taken on the basis of the information in this publication, or from any errors or omissions contained herein. Selling restrictions The note has not been and will not be registered under the U.S. Securities Act of 1933 as amended (the Securities Act ) and, subject to certain exceptions, the note may not be offered, sold or delivered within the United States or to U.S. persons. Further selling restrictions are set forth in the Base Prospectus and the Final Terms, in particular on pages 634 et seq. of the Base Prospectus and section C.5 of the annex to the Final Terms. Persons in possession of the Base Prospectus, the Final Terms or this document are required to comply with all applicable laws, regulations and rules in each country or jurisdiction in or from which they purchase, offer, sell or deliver the notes or have in their possession or distribute such offering material, in all cases at their own expense. 9

10 French Disclaimer (i) This offer does not require a prospectus to be submitted to the Autorité des marchés financiers or approval; (ii) investors must participate in the offering on their own account; and (iii) the direct or indirect offer or sale, to the public in France, of the notes can only be made in accordance with articles L.411-1, L.411-2, L and L to L of the French Code monétaire et financier. Disclaimer The information provided herein is intended for background information only and for the sole use of the intended recipient. The views and other information provided herein are the current views of the arranger as of the date of this marketing material and are subject to change without notice. This marketing material is not an exhaustive description of the described product or the risks related to it, and it should not be relied on as such, nor is it a substitute for the judgment of the recipient. The information provided herein is not intended to constitute and does not constitute investment advice nor is the information intended as an offer or solicitation for the purchase or sale of any financial instrument. The information contained herein has no regard to the specific investment objectives, the financial situation or particular needs of any particular recipient. Relevant and specific professional advice should always be obtained before making any investment or credit decision. It is important to note that past performance is not indicative of future results. The distributors are not and do not purport to be an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction. This document may not be reproduced, distributed or published for any purpose without the prior written consent from the arranger. Contact details of the distributors: Nordea Bank S.A. 562 rue de Neudorf L-2220 Luxembourg Luxembourg Tel Fax Nordea Bank S.A., R.C.S. Luxembourg No. B14157, is subject to the supervision of the CSSF ( Commission de Surveillance du Secteur Financier ). Nordea Bank S.A., Luxembourg Zweigniederlassung Zürich Mainaustrasse CH-8008 Zürich Switzerland Tel Fax Nordea Bank S.A., Luxembourg, Zweigniederlassung Zürich, reg.no. CHE , is subject to the supervision of the Swiss Financial Market Supervisory Authority FINMA. 10