EMTN Prosp. 170903 (clean)

Transcrição

(Incorporated as a credit institution under public law (Anstalt des Öffentlichen Rechts) in the
German Federal States of Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania)
as Issuer and, in respect of Instruments issued by NORD/LB Norddeutsche Securities PLC,
as Guarantor
NORD/LB Norddeutsche Securities PLC
(Incorporated in England with limited liability) as Issuer
USD 20,000,000,000
Programme for the Issuance of Debt Instruments
(the “Programme”)
Arranger for the Programme
NORDDEUTSCHE LANDESBANK GIROZENTRALE
Dealers
BARCLAYS CAPITAL
CITIGROUP
CREDIT SUISSE FIRST BOSTON
DEUTSCHE BANK
DRESDNER KLEINWORT WASSERSTEIN
HSBC
JPMORGAN
MERRILL LYNCH INTERNATIONAL
MORGAN STANLEY
NOMURA INTERNATIONAL
UBS INVESTMENT BANK
UNTERNEHMENSBERICHT
gem. § 69 (1) Börsenordnung der
Frankfurter Wertpapierbörse in Verbindung
mit § 44 Börsenzulassungs-Verordnung
INFORMATION MEMORANDUM
(Incorporated as a credit institution under public law (Anstalt des Öffentlichen Rechts) in the German
Federal States of Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania) as Issuer and,
in respect of Instruments issued by NORD/LB Norddeutsche Securities PLC, as Guarantor
(Incorporated in England with limited liability) as Issuer
USD 20,000,000,000
Under this USD 20,000,000,000 Programme for the Issuance of Debt Instruments (the “Programme”) each
of Norddeutsche Landesbank Girozentrale (“NORD/LB”) and NORD/LB Norddeutsche Securities PLC
(“NORD/LB Securities”) may from time to time issue debt instruments or enter into arrangements for
the creation of debt obligations in dematerialised form (together the “Instruments”) denominated in any
currency agreed with the relevant Dealer(s) (as defined in the Information Memorandum).
The payment of all amounts due in respect of Instruments issued by NORD/LB Securities will be
unconditionally and irrevocably guaranteed by NORD/LB in its capacity as guarantor, (the “Guarantor”).
Application has been made to list Instruments to be issued under the Programme during the period of
twelve months from the date of this Information Memorandum on the Frankfurt Stock Exchange (other
than Instruments with redemption in principal or shares/ principal or bonds and Index-Linked Instruments
with physical delivery) and on the Luxembourg Stock Exchange. Instruments issued under the
Programme may also be listed on an alternative stock exchange or may not be listed at all. Notice of the
aggregate nominal amount of Instruments, interest (if any) payable in respect of Instruments, the issue
price of Instruments and any other terms and conditions not contained herein which are applicable to
each issue of Instruments will be set forth in a pricing supplement (the “Pricing Supplement”) which,
with respect to Instruments to be admitted to the relevant Exchange will be delivered to the relevant
Exchange on the date of issue of such Instruments. The Terms and Conditions for each Series listed on
the Frankfurt Stock Exchange will be made available to investors at the offices of the relevant Issuer,
the Guarantor, the Frankfurt Stock Exchange and the relevant Paying Agent. Such availability will be
announced not later than two days after the settlement date for the issue of such Series in the German
Federal Gazette (Bundesanzeiger) and the Handelsblatt. This Information Memorandum supersedes the
information memorandum dated 5 July 2002 and all previous information memoranda relating to the
Programme.
Arranger for the Programme
Dealers
BARCLAYS CAPITAL
CREDIT SUISSE FIRST BOSTON
DRESDNER KLEINWORT WASSERSTEIN
JPMORGAN
MORGAN STANLEY
NORDDEUTSCHE LANDESBANK
GIROZENTRALE
Dated 17 September 2003
CITIGROUP
DEUTSCHE BANK
HSBC
MERRILL LYNCH INTERNATIONAL
NOMURA INTERNATIONAL
UBS INVESTMENT BANK
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In this Information Memorandum/Unternehmensbericht (together defined as “Information Memorandum”),
references to the “Issuer” mean any one of NORD/LB or NORD/LB Securities, as the case may be, as
issuer or creator of Instruments under the Programme and together such companies will be referred to
as the “Issuers”.
Each Issuer and the Guarantor accepts responsibility for the information contained in this document
except for the information referring to the description of the indices. To the best of the knowledge and
belief of each Issuer and the Guarantor (each of which have taken all reasonable care to ensure that such is
the case), the information contained in this document is in accordance with the facts and does not omit
anything likely to affect the import of such information. The information referring to the description of the
indices are included from publications of the Frankfurt Stock Exchange and of Stoxx Limited, respectively.
The Issuers and the Guarantor accept responsibility for the correct reproduction of such information.
The Issuers and the Guarantor do not accept responsibility for any financial information relating to any
public companies, as provided by the relevant company, which will be provided together with the relevant
Pricing Supplement in the case of the issue of Instruments with redemption in principal or shares, principal
or bonds or Index-Linked Instruments with physical delivery, which will be listed on the Luxembourg
Stock Exchange. The Issuers and the Guarantor only accept responsibility for the correct reproduction
of such information.
NORD/LB and NORD/LB Securities have confirmed to the dealers (the “Dealers”) named under “Subscription and Sale” that this Information Memorandum is true and accurate in all material respects and
not misleading; that there are no other facts in relation to the information contained herein the omission
of which would, in the context of the issue of the Instruments, make any statement herein misleading in
any material respect; and that all reasonable enquiries have been made to verify the foregoing. The Issuers
and the Guarantor have further confirmed to the Dealers that this Information Memorandum (subject to
being supplemented by Pricing Supplements) contains all such information as investors and their professional advisers would reasonably require, and reasonably expect to find, for the purpose of making
an informed assessment of the assets and liabilities, financial position, profits and losses, and prospects
of the Issuers and, where applicable, the Guarantor and their respective subsidiaries (if any) and of the
rights attaching to the relevant Instruments.
This document, as amended or supplemented, will be referred to herein as the “Information
Memorandum”. This Information Memorandum should be read and construed with any amendment or
supplement hereto and, in relation to any Series (as defined herein) of Instruments, should be read and
construed together with the relevant Pricing Supplement(s), (as defined herein). Financial information
relating to any public company, which will be provided together with the relevant Pricing Supplement
in the case of issues of Instruments with redemption in principal or shares, in principal or bonds or IndexLinked Instruments with physical delivery, will not be considered part of or incorporated by reference in
this Information Memorandum or the relevant Pricing Supplement.
Neither the Issuers nor the Guarantor have authorised the making or provision of any representation or
information regarding the Issuers or the Guarantor or the Instruments other than as contained or
incorporated by reference in this Information Memorandum, in the Dealership Agreement (as defined
herein), in any other document prepared by or on behalf of the Issuers or the Guarantor in connection
with the Programme or any Pricing Supplement, or as approved for such purpose by the Issuer or the
Guarantor. Any such representation or information including financial information relating to any public
company supplied in connection with any Instruments with redemption in principal or shares, principal
or bonds or Index-Linked Instruments with physical delivery should not be relied upon as having been
authorised by the Issuers, the Guarantor, the Dealers or any of them.
No representation or warranty is made or implied by the Dealers or any of their respective affiliates in
this Information Memorandum, and neither the Dealers nor any of their respective affiliates makes any
representation or warranty or accepts any responsibility as to the accuracy or completeness of the
information contained herein. Neither the delivery of this Information Memorandum or any Pricing
Supplement nor the offering, sale or delivery of any Instrument will in any circumstances create any
implication that there has been no adverse change in the financial situation of the relevant Issuer or the
Guarantor since the date hereof or, as the case may be, the date upon which this Information Memorandum
has been most recently amended or supplemented or the balance sheet date of the most recent financial
statements which are deemed to be incorporated into this Information Memorandum by reference.
None of the Issuers has authorised any offer to the public in the United Kingdom within the meaning
of the Public Offers of Securities Regulations 1995 (as amended) (the “Regulations”) of Instruments
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having a maturity of one year or more which have not been admitted to the Official List in accordance
with Part VI of the Financial Services and Markets Act 2000. Such Instruments may not lawfully be
offered or sold to persons in the United Kingdom except in circumstances which do not result in an offer
to the public in the United Kingdom within the meaning of the Regulations or otherwise in compliance
with all applicable provisions of the Regulations.
The distribution of this Information Memorandum or any Pricing Supplement and the offering, sale and
delivery of the Instruments in certain jurisdictions may be restricted by law. Persons into whose
possession this Information Memorandum comes are required by the Issuers, the Guarantor and the
Dealers to inform themselves about, and to observe, any such restrictions. For a description of certain
restrictions on offers, sales and deliveries of Instruments and on distribution of this Information
Memorandum and other offering material relating to the Instruments see “Subscription and Sale”. In
particular, Instruments have not been and will not be registered under the United States Securities Act
of 1933 (as amended) (the “Securities Act”) and are subject to U.S. tax law requirements. Unless they
are registered, the Instruments may be offered only in transactions that are exempt from registration
under the Securities Act. Neither the U.S. Securities and Exchange Commission nor any state securities
commission has approved or disapproved any of these securities or determined if this Information
Memorandum is truthful and complete. Any representation to the contrary is a criminal offence. Subject
to certain exceptions, instruments may not be offered, sold or delivered within the United States or to
U.S. persons. Neither this Information Memorandum nor any Pricing Supplement may be used for the
purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not
authorised or to any person to whom it is unlawful to make such offer or solicitation.
This Information Memorandum in connection with the relevant Pricing Supplement may be used for offers
to the public in Germany as an offer or an invitation to subscribe for or purchase Instruments. In all other
circumstances, neither this Information Memorandum nor the relevant Pricing Supplement shall constitute an offer or an invitation to subscribe for or purchase any Instruments. Offers to the public in other
jurisdictions, if any, will be done pursuant to applicable local law. In no event should this Information
Memorandum or any Pricing Supplement be considered as a recommendation by the Issuers, the
Guarantor, the Dealers or any of them that any recipient of this Information Memorandum or any Pricing
Supplement should subscribe for or purchase any Instruments. Each recipient of this Information
Memorandum or any Pricing Supplement will be taken to have made its own investigation and appraisal
of the condition (financial or otherwise) of the Issuers and the Guarantor.
Documents Incorporated by Reference with respect to the Luxembourg Stock Exchange
With respect to an issue of Instruments, each supplement to the Information Memorandum prepared by
the Issuers will be deemed to be incorporated in this Information Memorandum by reference.
Any statement contained herein or in a document attached hereto or incorporated herein by reference
in the case of Instruments to be listed on the Luxembourg Stock Exchange will be deemed to be
modified or superseded for the purposes of this Information Memorandum to the extent that a statement
contained in any subsequent document which is a supplemental hereto, modifies or supersedes such a
statement. Any statement so modified or superseded will not be deemed, except as so modified or
superseded, to constitute part of this Information Memorandum.
This Information Memorandum, together with each Pricing Supplement issued in respect of each issue of
Instruments, may only be used in connection with the offer, sale and listing of Instruments in an aggregate
principal amount of not more than USD 20,000,000,000 (or its equivalent in other currencies at the date
of issue) outstanding at any time. Reference herein to this “Information Memorandum” will include each
supplement to the Information Memorandum and any relevant Pricing Supplement.
The Issuers have each given an undertaking to the Dealers and to the Luxembourg Stock Exchange and
the Frankfurt Stock Exchange in connection with the listing of the Instruments on the Luxembourg Stock
Exchange and the Frankfurt Stock Exchange, respectively, that if any event occurs as a result of which
this Information Memorandum would include a statement of fact concerning an Issuer, the Guarantor
or the Programme which, in each case, is material in the context of the Programme or the omission of
which would make misleading in any material respect any statement herein whether of fact or opinion,
the relevant Issuer, failing whom the Guarantor, will notify the Dealers on or before the next following
issue of Instruments and prepare and deliver an amendment, supplement or replacement of this
Information Memorandum on or before the next issue of Instruments to the Dealers and the Luxembourg
and Frankfurt Stock Exchanges.
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TABLE OF CONTENTS
page
Summary of the Programme
7
Produktbeschreibungen und Risikohinweise / Description of Instruments and Risk Information
13 / 21
Indexbeschreibungen / Description of Indices
28 / 52
Anleihebedingungen / Terms and Conditions of the Instruments
Muster Konditionenblatt / Form of Pricing Supplement
Muster der Garantie / Form of Guarantee
87 / 105
122
133 / 134
Norddeutsche Landesbank Girozentrale
137
Financial Statements as at 31 December 2002
145
Unaudited Financial Information as at 30 June 2003 and Outlook
240
244
Financial Statements as at 31 December 2002
246
Taxation
261
Subscription and Sale
269
General Information
272
Names and Addresses
275
IN CONNECTION WITH THE ISSUE OF INSTRUMENTS UNDER THE PROGRAMME, THE
DEALER (IF ANY) SPECIFIED AS THE STABILISING MANAGER (OR ANY PERSON ACTING
FOR THE STABILISING MANAGER) IN THE PRICING SUPPLEMENT IN RELATION TO THE
RELEVANT SERIES OF INSTRUMENTS MAY OVER-ALLOT OR EFFECT TRANSACTIONS
WITH A VIEW TO SUPPORTING THE MARKET PRICE OF THE RELEVANT SERIES OF
INSTRUMENTS AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL
FOR A LIMITED PERIOD. HOWEVER, THERE MAY BE NO OBLIGATION ON THE
STABILISING MANAGER (OR ANY AGENT OF THE STABILISING MANAGER) TO DO THIS.
SUCH STABILISING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME AND MUST
BE BROUGHT TO AN END AFTER A LIMITED PERIOD. SUCH STABILISING WILL BE IN
COMPLIANCE WITH ALL APPLICABLE LAWS, REGULATIONS AND RULES.
7
SUMMARY OF THE PROGRAMME
The following is a brief summary only and should be read, in relation to any Series of Instruments, in
conjunction with the relevant Pricing Supplement and, to the extent applicable, the Terms and Conditions
of the Instruments set out herein.
Issuers:
Norddeutsche Landesbank Girozentrale and NORD/LB Norddeutsche Securities PLC
(each an “Issuer” and together the “Issuers”).
Guarantor:
Arranger:
Dealers:
Barclays Bank PLC, Citigroup Global Markets Limited, Credit Suisse First Boston
(Europe) Limited, Deutsche Bank Aktiengesellschaft, Dresdner Bank Aktiengesellschaft, HSBC Bank plc, J.P. Morgan Securities Ltd., Merrill Lynch International,
Morgan Stanley & Co. International Limited, Nomura International plc, Norddeutsche Landesbank Girozentrale, UBS Limited and any other dealer appointed
from time to time by the relevant Issuer either generally in respect of the Programme
or in relation to a particular Series of Instruments.
Fiscal Agent:
Deutsche Bank AG London.
Paying Agent:
Deutsche Bank AG London, Deutsche Bank Luxembourg S.A., Norddeutsche
Landesbank Girozentrale and Deutsche Bank AG Paris Branch, and other institutions,
all as indicated in the applicable Pricing Supplement.
Listing Agent:
Kredietbank S.A. Luxembourgeoise as to the listing on the Luxembourg Stock Exchange
Norddeutsche Landesbank Girozentrale as to the listing on the Frankfurt Stock
Exchange
Programme
Amount:
Form of
Instruments:
USD 20,000,000,000 (or its appropriate equivalent in other currencies). The Issuers
may increase the amount of the Programme in accordance with the terms of the Dealer
Agreement from time to time.
Instruments governed by German law may be issued in bearer form.
In respect of Instruments issued in bearer form, the Issuer will deliver a temporary
global Instrument, or (if so specified in the relevant Pricing Supplement in respect
of Instruments governed by German law to which U.S. Treasury Regulation Section
1.163-5(c)(2)(i)(C) applies (as so specified in such Pricing Supplement)) a permanent
global Instrument. Such global Instrument will be deposited on or before the
relevant issue date therefor with a depositary or a common depositary for Euroclear
Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”) and/or Clearstream
Banking, société anonyme, Luxembourg (“Clearstream, Luxembourg”) and/or
Clearstream Banking AG, Frankfurt am Main (“Clearstream, Frankfurt”) or any other
relevant clearing system.
Such temporary global Instrument will be exchangeable for a permanent global
Instrument or, if so specified in the relevant Pricing Supplement, for Instruments in
definitive bearer form on or after the date (the “Exchange Date”) which is forty days
after the completion of the distribution of the Instruments of the relevant Series and
provided certification as to the beneficial ownership thereof as required by U.S.
Treasury regulations (substantially in the form set out in the temporary
global Instrument or in such form as is customarily issued in accordance with the
regulations of the relevant clearing systems) has been received.
Instruments in definitive bearer form will, if interest-bearing, have interest coupons
attached.
8
Pricing
Supplement:
The Pricing Supplement as set out under “Form of Pricing Supplement” completes,
supplements or replaces the Terms and Conditions for each Series. The Pricing
Supplement read together with the Terms and Conditions constitutes the long form
of Terms and Conditions, which will be attached to the relevant Note. In case of
public offerings each Investor can request an integrated form of Terms and Conditions
from the Issuer, the Guarantor, the Frankfurt Stock Exchange or the relevant Paying
Agent.
Status and
Ranking of
the Instruments: Instruments may be issued on a subordinated or an unsubordinated basis.
Instruments issued on an unsubordinated and unsecured basis will rank pari passu
without any preference among themselves and at least pari passu with all other
unsubordinated and unsecured obligations of the relevant Issuer, present and future.
Instruments issued on a subordinated basis will rank pari passu without any
preference among themselves and otherwise as specified in the Terms and
Conditions.
Guarantee:
Subject to the provisions below, repayment of the principal and payment of any interest
or premium in connection with any such relevant Instruments issued by NORD/LB
Securities will be guaranteed by NORD/LB as Guarantor, by a guarantee substantially
in the form as set out under “Form of Guarantee”.
The obligations of the Guarantor in respect of unsubordinated Instruments will rank
pari passu with all other outstanding, unsecured and unsubordinated obligations of
the Guarantor.
The obligations of the Guarantor in respect of subordinated Instruments will be
subordinated, in the event of the winding-up of the Guarantor, to the claims of its
unsubordinated creditors as specified in the Terms and Conditions.
In respect of Dematerialised Instruments issued by NORD/LB Securities, such
Dematerialised Instruments will be guaranteed by the Guarantor pursuant to a
guarantee in such form as the regulations and practices of the electronic or other
clearing system and Applicable Law requires.
Distribution:
Instruments may be distributed by way of private or public offerings and, in each
case, on a syndicated or non-syndicated basis.
Public offerings will be made pursuant to applicable local laws. In Germany,
Instruments will be offered publicly only to the extent they are covered by the listing
prospectus of the Frankfurt Stock Exchange, namely:
–
–
–
–
Fixed Rate Instruments
Floating Rate Instruments
Zero Coupon Instruments
Step-up/ Step-down/ Fixed Rate Instruments with call option(s) of the relevant
Issuer
– Instruments with participation in a Underlying Value without physical delivery
With respect to public offerings in Instruments with redemption in principal or shares,
principal or bonds or Index-Linked Instruments with physical delivery the Investors
will be informed about the relevant public company. Financial information provided
by such public company will be attached to the applicable Pricing Supplement.
Public offerings in Index-Linked Instruments will only be made with regard to
Instruments linked to the indices described in the subparagraph “Indices” in this
9
Information Memorandum, if these Instruments will be listed on the Frankfurt Stock
Exchange.
The method of distribution of each Instruments will be stated in the relevant Pricing
Supplement.
Method of Issue: Instruments will be issued on a continuous basis in Tranches (each a “Tranche”),
each Tranche consisting of Instruments which are identical in all respects. One or
more Tranches, which are expressed to be consolidated and forming a single series
and identical in all respects, but having different issue dates, interest commencement
dates, issue prices and dates for first interest payments may form a Series (the
“Series”) of Instruments. Further Instruments may be issued as part of existing Series.
The specific terms of each Tranche (which will be supplemented, where necessary,
with supplemental terms and conditions) will be set forth in the applicable Pricing
Supplement.
Currencies:
Instruments may be denominated in any currency or currencies subject to compliance
with all applicable legal or regulatory requirements and as further specified in the
relevant Pricing Supplement. Payments in respect of Instruments may, subject to
compliance as aforesaid, be made in, and/or linked to, any currency or currencies
other than the currency in which such Instruments are denominated.
Issue Price:
Instruments may be issued at par or at a discount or premium to par as stated in the
relevant Pricing Supplement.
Maturities:
There is no minimum nor maximum maturity and Instruments may be issued with no
specified maturity dates provided, however, that Instruments will only be issued in
compliance with all applicable legal and/or regulatory requirements.
Redemption:
Instruments may be redeemable at par or at such other redemption amount (detailed
in a formula or otherwise) as may be specified in the relevant Pricing Supplement.
Early
Redemption:
Interest:
Fixed Rate
Instruments:
Floating Rate
Instruments:
Early redemption will be permitted for taxation reasons as mentioned in the “Terms
and Conditions of the Instruments – Early Redemption for Taxation Reasons”, but
will otherwise be permitted only to the extent specified in the relevant Pricing
Supplement and in compliance with all applicable legal and/or regulatory
requirements.
Instruments may be either interest bearing at fixed or variable rates or non-interest
bearing, with principal repayable at a fixed amount or by reference to a formula as
may be agreed between the relevant Issuer and the relevant Dealer(s) as specified in
the applicable Pricing Supplement. In the case of step-down/step-up/Fixed Rate
Instruments with call option(s) of the relevant Issuer the rate of interest may be
adjusted at each agreed Call-Date, if the Issuer will not call Instruments as set out in
the relevant Pricing Supplement.
Instruments for which the interest rate is fixed will be payable on such basis as may
be agreed between the relevant Issuer and the relevant Dealer(s), as specified in the
applicable Pricing Supplement.
Instruments for which the interest rate is variable will bear interest on such basis as
may be agreed between the relevant Issuer and the relevant Dealer(s), as specified
in the applicable Pricing Supplement. The margin, if any, relating to such variable
rate will be agreed between the relevant Issuer and the relevant Dealer(s) for each
Series of Floating Rate Instruments.
10
Interest periods for Floating Rate Instruments will be one, two, three, six or twelve
months or such other period(s) as may be agreed between the relevant Issuer and the
relevant Dealer(s), as specified in the applicable Pricing Supplement.
Zero Coupon
Instruments:
Zero Coupon Instruments will be offered and sold either at a discount to their
principal amount or on an accumulated basis, in each case without periodic
payments of interest.
Step-up/
Step-down/
Fixed/ Floating
Rate Instruments
with call option(s)
of the Issuer:
The interest rate may be adjusted at each agreed Call-Date, if the relevant Issuer will
not call the Instruments, on such basis as may be agreed between the relevant Issuer
and the relevant Dealer(s), as specified in the applicable Pricing Supplement.
Instruments with
redemption
in principal
or shares or
in principal
or bonds:
The redemption of the Instruments will be either in principal or shares or in principal
or bonds at the option of the relevant Issuer on such basis as may be agreed between
the relevant Issuer and the relevant Dealer(s), as specified in the applicable Pricing
Supplement. These Instruments will only be listed on the Luxembourg Stock
Exchange.
Index-Linked
Instruments:
Equity-Linked
Instruments:
Bond-Linked
Instruments:
Payments of principal in respect of Index-Linked Redemption Amount Instruments
or of interest in respect of Index-Linked Interest Instruments (together “IndexLinked Instruments”) will be calculated by reference to such index and/or formula
as may be agreed between the relevant Issuer and the relevant Dealer(s), as
specified in the applicable Pricing Supplement. If redemption with physical delivery
of the index (“Index-Linked Instrument with physical delivery”) is agreed, the
Instruments will only be listed on the Luxembourg Stock Exchange. Each issue of
Index-Linked Instruments will be launched in compliance with all applicable legal
and/or regulatory requirements.
Payments of principal in respect of Equity-Linked Redemption Amount Instruments
will be calculated by reference to such share/or formula as may be agreed between
Supplement. Each issue of Equity-Linked Instruments will be launched in compliance
with all applicable legal and/or regulatory requirements.
Payments of principal in respect of Bond-Linked Redemption Amount Instruments
will be calculated by reference to such bond/or formula as may be agreed between
Supplement. Each issue of Bond-Linked Instruments will be launched in compliance
with all applicable legal and/or regulatory requirements.
Index-Linked Instruments, Equity-Linked Instruments and Bond-Linked
Instruments together will be outlined as “Instruments with participation in a
Underlying Value”.
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Other provisions
for Floating Rate
Instruments and
Index-Linked
Instruments:
Interest on Floating Rate Instruments and Index-Linked Instruments in respect of each
Interest Period, as selected prior to issue by the relevant Issuer and the relevant Dealer(s),
will be payable on such Interest Payment Dates specified in, or determined pursuant to,
the applicable Pricing Supplement and will be calculated as specified in the applicable
Pricing Supplement. These Instruments may also have a maximum interest rate, a
minimum interest rate or both.
Dual Currency
Instruments:
Payments (whether in respect of principal or interest and whether at maturity or
otherwise) in respect of Dual Currency Instruments will be made in such currencies,
and based on such rates of exchange, as the relevant Issuer and the relevant Dealer(s)
may agree, as specified in the applicable Pricing Supplement.
Denominations: Instruments will be issued in such denominations as may be specified in the
relevant Pricing Supplement, subject to compliance with all applicable legal or
regulatory requirements.
Instruments denominated in sterling, where the Issuer is NORD/LB, need not have
a minimum denomination.
Negative Pledge: None
Cross Default:
Events of
Default:
Taxation:
None
The Instruments will provide for events of default entitling Holders to demand
immediate redemption of the Instruments, see Section 8 of the Terms and Conditions
– “Events of Default”.
Payments in respect of Instruments will be made without withholding in respect of
taxes imposed by or on behalf of the jurisdiction of incorporation of the relevant
Issuer or, if such taxes are required to be withheld, will (subject to customary
exceptions) be increased as mentioned in “Terms and Conditions of the
Instruments – Taxation”.
Governing Law: German Law
Listing:
Application has been made to list Instruments to be issued under the Programme on
the Frankfurt Stock Exchange, other than Instruments with redemption in principal
or shares, principal or bonds and Index-Linked Instruments with physical delivery,
and on the Luxembourg Stock Exchange.
The Instruments may also be listed on such other or further stock exchanges as may
be agreed between the relevant Issuer and the relevant Dealer(s) in relation to each
issue. The Instruments may also be unlisted.
Terms and
Conditions:
The terms and conditions applicable to each Series will be as agreed between
the Issuer and the relevant Dealer at or prior to the time of issuance of such Series,
and specified in the relevant Pricing Supplement. The terms and conditions are
governed by German law. The terms and conditions applicable to each Series will
be those set out herein in the section entitled “Terms and Conditions” as supplemented,
modified or replaced by the relevant Pricing Supplement. The terms and conditions
applying to any issue of Dematerialised Instruments will be those specified as applying
in the Pricing Supplement relating thereto.
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Enforcement of
Instruments:
Puts/Calls:
In the case of Dematerialised Instruments investors’ rights will be governed by
the documents creating the same and the rules and practices applying thereto as
described in the relevant Pricing Supplement.
In the event that put and/or call options are applicable to any Instruments (as agreed
between the relevant Issuer and the relevant Dealer), the details thereof (including
notice periods) will be inserted in the relevant Pricing Supplement. Puts/ calls will
in all cases be subject to any legal and/or regulatory requirement providing for
minimum maturities for an issue denominated in a specific currency.
Use of proceeds: The net proceeds of the issue of each Series of Instruments will be used by the
relevant Issuer for the general financing of its activities.
Clearance and
Settlement:
Ratings:
Selling
Restrictions:
Jurisdiction:
Instruments will be accepted for clearing through Clearing Systems as specified in
the applicable Pricing Supplement, which will include those operated by Clearstream
Banking AG, Frankfurt, Clearstrem Banking, société anonyme, Luxembourg, and
Euroclear Bank S.A./N.V. as operator of the Euroclear system.
NORD/LB’s unsubordinated and subordinated long-term debt has been rated Aa1 by
Moody’s Investors Ltd. and AAA by Fitch Ratings Limited. NORD/LB Securities’
unsubordinated and subordinated long-term debt is rated Aa1 by Moody’s Investors
Ltd. Instruments issued under the Programme may be rated or unrated. Where
Instruments are rated, such rating will not necessarily be the same as the ratings
as described above. A security rating is not a recommendation to buy, sell or hold
securities and may be subject to suspension, reduction, or withdrawal at any time by
the assigning rating agency.
For a description of certain restrictions on offers, sales and deliveries of Instruments
and on the distribution of offering material in the United States of America, the United
Kingdom, Japan, Germany, see “Subscription and Sale”. Further restrictions may be
required in connection with any particular Series of Instruments and will be
specified in the documentation relating to such Series.
Hannover is the place of performance in connection with the Instruments. For all
merchants within the meaning of the German Commercial Code, legal persons under
public law, special government funds and persons without a general place of jurisdiction in the Federal Republic of Germany Hannover is the non-exclusive place
of jurisdiction for all disputes arising under the matters regulated in the terms and
conditions.
13
PRODUKTBESCHREIBUNGEN UND RISIKOHINWEISE
Die nachfolgend aufgeführten Risikohinweise gelten für Schuldverschreibungen, die unter dem
Programm Retail-Kunden angeboten und verkauft werden. Die allgemeinen Risikohinweise sowie
die nachfolgend aufgeführten produktspezifischen Risikohinweise ersetzen nicht die in jedem Fall
unerlässliche individuelle anleger- und anlagegerechte Beratung vor Ihrer Kaufentscheidung durch
Ihr Kredit- oder Finanzdienstleistungsinstitut. Eine Anlage in die unter dem Programm angebotenen Schuldverschreibungen sollte darüber hinaus erst dann erfolgen, nachdem alle für die jeweiligen Schuldverschreibungen relevanten Faktoren, insbesondere auch die nachfolgend aufgeführten
allgemeinen und produktspezifischen Risikohinweise, zur Kenntnis genommen und sorgfältig geprüft
wurden.
ALLGEMEINE RISIKOHINWEISE FÜR INHABERSCHULDVERSCHREIBUNGEN MIT
ODER OHNE ZUGRUNDE LIEGENDEM BASISWERT
1) Hinsichtlich jeglicher Inhaberschuldverschreibungen:
Die nachfolgenden „Allgemeinen Risikohinweise“ gelten nicht, wenn Sie das Anlageprodukt bis zu
seiner Endfälligkeit halten, da die Rückzahlung dann zum in den Anleihebedingungen festgelegten Wert
erfolgt.
●
Mit dem Erwerb einer Inhaberschuldverschreibung (das „Anlageprodukt“) erwerben sie ein börsennotiertes Wertpapier:
❍
Die Kursentwicklung eines börsennotierten Anlageproduktes hängt von unterschiedlichsten
Faktoren ab. Dies können beispielsweise die Entwicklung des allgemeinen Marktzinsniveaus, die
gesamtwirtschaftliche Entwicklung oder die Nachfragesituation sein.
Es besteht daher die Möglichkeit, dass sich der Börsenkurs des Anlageproduktes während
dessen Laufzeit bezogen auf den Ausgabe- bzw. Kaufkurs auch negativ entwickelt. Bei einem
Verkauf des Anlageproduktes vor dessen Laufzeitende würden Sie dann einen Verlust im
Vergleich zum anfänglich eingesetzten Kapital erleiden.
❍
Die Entwicklung an einer Börse kann aufgrund unterschiedlichster Faktoren, beispielsweise der
gesamtwirtschaftlichen Entwicklung, der Bewertung des konkreten Anlageproduktes durch die
Marktteilnehmer und /oder einer damit verbundenen mangelnden oder überschießenden
Nachfragesituation auch starken Kursschwankungen unterworfen sein. Daher kann der an der relevanten Wertpapierbörse für ein Anlageprodukt festgestellte Kurs ebenfalls auch starken
Kursschwankungen unterworfen sein.
Es ist daher nicht sicher, zu welchem Börsenkurs ein Anlageprodukt bezogen auf dessen
Ausgabe- bzw. Kaufkurs zu einem bestimmten Zeitpunkt verkauft werden kann. Bei einem
Verkauf des Anlageproduktes vor dessen Laufzeitende besteht daher das Risiko, einen Verlust
im Vergleich zum anfänglich eingesetzten Kapital zu erleiden.
❍
Trotz der Börsennotierung des Anlageproduktes ist es nicht sicher, dass sich beispielsweise aufgrund einer mangelnden Nachfrage durch Dritte und /oder anderen Faktoren ein jederzeit liquider Sekundärmarkt entwickelt, in dem ein Handel mit dem Anlageprodukt ohne weiteres und jederzeit möglich ist.
Es ist daher nicht sicher, dass das Anlageprodukt vor dessen Laufzeitende über die entsprechende Börse wieder verkauft werden kann. Die Emittentin ist nicht, außer es ist ausdrücklich vereinbart, verpflichtet, das Anlageprodukt vor dessen Laufzeitende zurückzukaufen.
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2.) Zusätzlich hinsichtlich Inhaberschuldverschreibungen mit zugrunde liegendem Basiswert:
●
Das Anlageprodukt kann auf einen Basiswert bezogen sein. Der Basiswert kann in Abhängigkeit
von unterschiedlichsten Faktoren einer eigenständigen Bewertung, eigenständigen Risiken und einer
eigenständigen Kursentwicklung unterliegen oder auf eine andere Währung als den Euro lauten.
Diese Bewertungen und Risiken sind, abhängig vom konkreten Anlageprodukt, auch in diesem mit
enthalten und können sich negativ auf dieses auswirken. Eine negative Kursentwicklung des
zugrunde liegenden Basiswertes kann sich auch negativ auf die Kursentwicklung des Anlageproduktes auswirken. Lautet der Basiswert auf eine andere Währung als den Euro ergibt sich
ein Währungsrisiko, das sich negativ auf das Anlageprodukt auswirken kann.
●
Die Norddeutsche Landesbank Girozentrale hat neben dem Emissionsgeschäft weitere Unternehmenssparten, die eigenständig ihren Kunden ihre Dienstleistungen anbieten. Die Entscheidungen anderer
Unternehmenssparten können im Falle einer Schuldverschreibung mit Basiswert positive aber auch
negative Auswirkungen auf den Basiswert und damit auch auf die betreffende Schuldverschreibung
haben.
15
Die nachfolgend aufgeführten ausschließlich produktspezifischen Risikohinweise gelten für
Schuldverschreibungen, die unter dem Programm Retail-Kunden angeboten und verkauft werden.
Eine Anlage in die unter dem Programm angebotenen Schuldverschreibungen sollte erst erfolgen,
nachdem alle für die jeweiligen Schuldverschreibungen relevanten Faktoren, insbesondere auch die
nachfolgend aufgeführten Risikohinweise, zur Kenntnis genommen und sorgfältig geprüft wurden.
RISIKOHINWEISE FÜR INHABERSCHULDVERSCHREIBUNGEN MIT PARTIZIPATION
AN EINEM STEIGENDEN BASISWERT
Produktbeschreibung
Inhaberschuldverschreibungen mit Partizipation an einem steigenden Basiswert (hier: die „Schuldverschreibungen“) werden am Fälligkeitstag mindestens zu einem im Vorfeld festgesetzten Prozentsatz
ihres Nennbetrags zurückgezahlt (der „garantierte Rückzahlungsbetrag“). Zusätzlich hat der Inhaber der
Schuldverschreibungen die Möglichkeit, an einem steigenden Basiswert zu partizipieren: Wird der
Basiswert am Feststellungstag oberhalb oder mindestens zu einem bei Begebung der Schuldverschreibungen festgelegten Schwellwerts (der „Schwellwert“) festgestellt (der „Basiswert-Stand“ oder
der „Kurs“), erfolgt die Rückzahlung der Schuldverschreibungen bei Fälligkeit zum garantierten Rückzahlungsbetrag zuzüglich einer bei Begebung festgelegten Partizipation an dieser positiven relativen
Wertentwicklung des Basiswerts. Die Partizipation kann auf einen bestimmten Basiswert-Stand begrenzt
werden (der „Cap“). Liegt der Basiswert-Stand am Feststellungstag unterhalb des Schwellwerts, erfolgt
die Rückzahlung der Schuldverschreibungen zum garantierten Rückzahlungsbetrag. Der Feststellungstag liegt eine im Vorfeld bestimmte Anzahl von Bankgeschäftstagen vor dem Fälligkeitstag.
Risikobeschreibung
Die Rückzahlung des eingesetzten Kapitals ist bei einem garantierten Rückzahlungsbetrag, der zu unter
100% des Nennbetrages festgesetzt ist, nicht garantiert. Außerdem erhalten Sie aufgrund einer möglichen positiven Partizipation an einem Basiswert eine unter dem Markt liegende Rendite, im Vergleich
zu Schuldverschreibungen mit gleicher Laufzeit ohne Partizipationsmöglichkeit und mit einer
Rückzahlung zum Nennbetrag. Das Risiko besteht also in einem Verlust Ihres eingesetzten Kapitals in
Höhe der Differenz zum garantierten Rückzahlungsbetrag, wenn dieser auf unter 100% festgesetzt
wurde, und in einer niedrigeren Rendite des eingesetzten Kapitals während der Laufzeit der
Schuldverschreibungen, wenn die Schuldverschreibungen zum garantierten Rückzahlungsbetrag
zurückgezahlt werden.
Da die zu erzielende Rendite Ihres eingesetzten Kapitals geringer als eine marktübliche Rendite
bei einer Anlage in gewöhnlich festverzinslichen Schuldverschreibungen der Emittentin bei gleicher Laufzeit sein kann und die Rendite bei einem sinkenden Basiswert nicht durch eine
Partizipation ausgeglichen werden kann, empfehlen wir eine spezielle produktund anlegergerechte Risikoaufklärung durch Ihr Kredit- oder Finanzdienstleistungsinstitut.
Die Risikohinweise in diesem Unternehmensbericht ersetzen nicht die in jedem Fall unerlässliche
individuelle anleger- und anlagegerechte Beratung hinsichtlich Ihrer finanziellen und wirtschaftlichen Verhältnisse vor Ihrer Kaufentscheidung durch Ihr Kredit- oder Finanzdienstleistungsinstitut.
AN EINEM SINKENDEN BASISWERT
Produktbeschreibung
Die Rückzahlung der Inhaberschuldverschreibungen mit Partizipation an einem sinkenden Basiswert
(hier: die „Schuldverschreibungen“) erfolgt bei Endfälligkeit höchstens zu einem im Vorfeld festgesetzten Prozentsatz ihres Nennbetrags (der „Rückzahlungsbetrag“), da der Inhaber der Schuldverschreibungen an einem sinkenden Basiswert partizipiert. Die Partizipation errechnet sich wie folgt: Wird der
Wert des Basiswerts am Feststellungstag oberhalb oder mindestens zu einem bei Begebung der
Schuldverschreibungen festgelegten Schwellwert (der „Schwellwert“) festgestellt (der „Basiswert-
16
Stand“ oder der „Kurs“), erfolgt die Rückzahlung der Schuldverschreibungen bei Fälligkeit zum
Rückzahlungsbetrag. Liegt der Basiswert-Stand am Feststellungstag unterhalb des Schwellwerts, erfolgt
die Rückzahlung der Schuldverschreibungen zum Rückzahlungsbetrag abzüglich einer bei Begebung
festgelegten Partizipation an dieser negativen relativen Wertentwicklung des Basiswerts. Die
Partizipation kann auf einen bestimmten Basiswert-Stand begrenzt werden (der „Floor“). Der Feststellungstag liegt eine im Vorfeld bestimmte Anzahl von Bankgeschäftstagen vor dem Fälligkeitstag.
Risikobeschreibung
Die Rückzahlung der Schuldverschreibungen zum Nennbetrag ist nicht garantiert. Zu beachten ist, dass
eine Veränderung des Wertes der den Schuldverschreibungen zugrunde liegenden Basiswert dazu führen
kann, dass der Wert der Schuldverschreibungen entsprechend der Entwicklung des Basiswert-Stands
erheblich unter den für die Schuldverschreibungen gezahlten Einstandspreis sinkt und dadurch für den
Inhaber der Schuldverschreibungen ein erheblicher Verlust in Bezug auf den für die Schuldverschreibungen gezahlten Kaufpreis entstehen kann. Das Risiko besteht in einem sinkenden Basiswert während
der Laufzeit der Schuldverschreibungen, an dessen negativen relativen Wertentwicklung Sie zum
Feststellungstag in Höhe der Partizipationsrate partizipieren. Diese negative Partizipation führt zu einem
Verlust Ihres eingesetzten Kapitals in Höhe der Differenz zum Rückzahlungsbetrag bei Fälligkeit.
bei einer Anlage in gewöhnlich festverzinslichen Schuldverschreibungen der Emittentin bei gleicher Laufzeit sein kann, und die Rendite bei einem sinkenden Index nicht durch eine erhöhte
Verzinsung ausgeglichen werden kann, empfehlen wir eine spezielle produktund anlegergerechte
Risikoaufklärung durch Ihr Kredit- oder Finanzdienstleistungsinstitut.
AN EINEM STEIGENDEM UND EINEM SINKENDEN BASISWERT
Produktbeschreibung
Die Rückzahlung der Inhaberschuldverschreibungen mit Partizipation an einem steigendem und einem
sinkenden Basiswert (hier: die „Schuldverschreibungen“) ist abhängig von der Entwicklung des zugrunde
liegenden Basiswertes, da der Inhaber der Schuldverschreibungen sowohl an einem steigenden als
auch an einem sinkenden Basiswert partizipiert. Wird der Basiswert am Feststellungstag oberhalb oder
mindestens zu einem bei Begebung der Schuldverschreibungen festgelegten Schwellwerts (der
„Schwellwert“) festgestellt (der „Basiswert-Stand“ oder der „Kurs“), erfolgt die Rückzahlung der
Schuldverschreibungen bei Fälligkeit zu einem im Vorfeld festgesetzten garantierten Rückzahlungsbetrag (der „Rückzahlungsbetrag“) zuzüglich einer bei Begebung festgelegten Partizipation an dieser
positiven relativen Wertentwicklung des Basiswerts. Liegt der Basiswert-Stand am Feststellungstag
unterhalb des Schwellwerts, kann die Rückzahlung der Schuldverschreibungen zum Rückzahlungsbetrag abzüglich einer bei Begebung festgelegten Partizipation an dieser negativen relativen Wertentwicklung des Basiswerts erfolgen. Die Partizipation an einem sinkenden Basiswert kann auch, je nach
Ausstattung der Schuldverschreibungen, eingegrenzt sein, indem ein Abzug auf den Rückzahlungsbetrag
erst dann berechnet wird, wenn der Basiswert-Stand am Feststellungstag unter oder zu einem im Vorfeld
festgesetzten Prozentsatz (der „Minderungswert“) des Schwellwerts (der „geminderte Schwellwert“)
ermittelt wird. Liegt der Basiswert-Stand am Feststellungstag also zwischen dem geminderten
Schwellwert und dem Schwellwert erhalten Sie den Rückzahlungsbetrag bei Fälligkeit der
Schuldverschreibungen ohne Abzug einer Partizipation. Erst bei einer Feststellung des Basiswert-Stands
unter dem geminderten Schwellwert partizipieren Sie an der negativen relativen Wertentwicklung des
Basiswerts, wobei sich die Wertentwicklung auf den geminderten Schwellwert und dem festgestellten
Basiswert-Stand am Feststellungstag bezieht.
17
Die Partizipation an einem steigenden Basiswert kann auf einen bestimmten Basiswert-Stand begrenzt
werden (der „Cap“). Gleichfalls kann die Partizipation an einem sinkenden Basiswert auf einen bestimmten Basiswert-Stand begrenzt werden (der „Floor“). Der „Feststellungstag“ liegt eine im Vorfeld
bestimmte Anzahl von Bankgeschäftstagen vor dem Fälligkeitstag.
Risikobeschreibung
Die Rückzahlung der Schuldverschreibungen zum Nennbetrag ist nicht garantiert. Zu beachten ist, dass
eine Veränderung des Wertes der den Inhaberschuldverschreibungen zugrunde liegenden Basiswerte
dazu führen kann, dass der Wert der Schuldverschreibungen entsprechend der Entwicklung des Basiswert-Standes erheblich unter den für die Schuldverschreibungen gezahlten Einstandspreis sinkt und
dadurch für den Inhaber der Schuldverschreibungen ein erheblicher Verlust in Bezug auf den für die
Schuldverschreibungen gezahlten Kaufpreis entstehen kann. Das Risiko besteht in einem sinkenden Basiswert, während der Laufzeit der Schuldverschreibungen, an dessen negativen relativen Wertentwicklung
Sie zum Feststellungstag in Höhe der Partizipationsrate partizipieren. Diese negative Partizipation führt zu
einem Verlust Ihres eingesetzten Kapitals in Höhe der Differenz zum Rückzahlungsbetrag bei Fälligkeit.
bei einer Anlage in gewöhnlich festverzinslichen Schuldverschreibungen der Emittentin bei gleicher Laufzeit sein kann und die Rendite bei einem sinkenden Index nicht durch eine Partizipation
ausgeglichen werden kann, empfehlen wir eine spezielle produktund anlagegerechte Risikoaufklärung durch Ihr Kredit- oder Finanzdienstleistungsinstitut.
RISIKOHINWEISE FÜR INHABERSCHULDVERSCHREIBUNGEN MIT EINEM TILGUNGSWAHLRECHT DER EMITTENTIN ZUM NENNBETRAG ODER DURCH LIEFERUNG VON
AKTIEN
Produktbeschreibung
Schuldverschreibungen mit einem Tilgungswahlrecht der Emittentin zum Nennbetrag oder durch
Lieferung von Aktien (hier: die „Aktienanleihe“ oder die „Schuldverschreibungen“) werden nach Wahl
der Emittentin entweder in Höhe des Nennbetrages oder durch Lieferung von Aktien einer bestimmten
Aktiengesellschaft (die „Gesellschaft“) bei Fälligkeit zurückgezahlt. Die Entscheidung über die Art der
Tilgung wird die Emittentin nach freiem Ermessen eine im Vorfeld bestimmte Anzahl von
Bankgeschäftstagen vor dem jeweiligen Fälligkeitstag (der „Feststellungstag“) treffen.
Die Rückzahlung der Aktienanleihe ist an die Kursentwicklung der Aktie einer Gesellschaft gekoppelt.
Notiert der Aktienkurs am Feststellungstag über einem bestimmten Wert, dann erhalten Sie voraussichtlich die Tilgung der Aktienanleihe zum Nennbetrag zurück. Notiert der Aktienkurs am
Feststellungstag unter oder zu dem bestimmten Wert, dann erhalten Sie voraussichtlich die bestimmte
Anzahl von Aktien der Gesellschaft je Schuldverschreibung der Aktienanleihe.
Wir möchten explizit darauf hinweisen, dass die Emittentin ihr Tilgungswahlrecht unabhängig von der
Börsennotierung der Aktie trifft, d. h. auch bei einem Kurs, der über dem bestimmten Wert liegt, behält
sich die Emittentin das Recht vor, die Aktienanleihe durch eine Lieferung von Aktien zu tilgen. In diesem Fall entstünde für Sie neben der höheren Verzinsung durch die Rückzahlung der
Schuldverschreibungen in Aktien ein weiterer wirtschaftlicher Vorteil.
Risikobeschreibung
Mit dem Kauf von Schuldverschreibungen mit Tilgungswahlrecht der Emittentin zum Nennbetrag oder
durch Lieferung von Aktien einer Gesellschaft erwerben Sie den Anspruch auf die Einlösung der
Schuldverschreibungen bei Endfälligkeit. Die Einlösung erfolgt nach Wahl der Emittentin entweder in
Höhe des Nennbetrages Ihrer Schuldverschreibung oder durch Lieferung von einer im Vorfeld festge-
18
legten Anzahl von Aktien der Gesellschaft je Schuldverschreibung. Eine Rückzahlung in Aktien erfolgt
voraussichtlich dann, wenn die Summe des Wertes der zu liefernden Aktien am Feststellungstag je
Schuldverschreibung kleiner ist als der Nennbetrag der Schuldverschreibung. Eine Rückzahlung der
Schuldverschreibungen in Höhe des Nennbetrages ist folglich nicht garantiert. Im Szenario einer Tilgung
in Aktien entsteht ein Verlust in Höhe der Differenz zwischen dem Nennbetrag der Schuldverschreibung
und dem Marktwert der am Fälligkeitstag gelieferten Aktien je Schuldverschreibung.
Ihr Risiko liegt also im fallenden Aktienkurs der Aktie der Gesellschaft, denn mit fallendem Kurs erhöht
sich die Wahrscheinlichkeit einer Tilgung in Aktien.
Aus den vorausgegangenen Erläuterungen folgt, dass eine Rückzahlung der Schuldverschreibungen zum
Nennbetrag aufgrund der optionalen Komponente der Aktienanleihe nicht garantiert ist.
Die Rückzahlung der Schuldverschreibungen zum Nennwert ist nicht garantiert. Tilgt die
Emittentin die Schuldverschreibungen durch Lieferung von Aktien, kann der Wert der Aktien am
Rückzahlungstag weit unter dem Wert Ihres eingesetzten Kapitals liegen. Eine zukünftige
Kurserholung der gelieferten Aktien ist ungewiss und nicht garantiert. Ihr Verlustrisiko liegt in
der Differenz Ihres eingesetzten Kapitals und dem Wert der Aktien am Rückzahlungstag. Wir
empfehlen Ihnen eine spezielle produktund anlegergerechte Risikoaufklärung durch Ihr Kreditoder Finanzdienstleistungsinstitut.
RISIKOHINWEISE FÜR INHABERSCHULDVERSCHREIBUNGEN MIT KÜNDIGUNGSRECHT(EN) DER EMITTENTIN
Produktbeschreibung
Schuldverschreibungen mit Kündigungsrechten der Emittentin können zu einem oder mehreren im
Vorfeld festgelegten Terminen von der Emittentin zu im Vorfeld festgelegt Kursen (der
„Rückzahlungsbetrag“) gekündigt werden. Bei Nichtkündigung der Schuldverschreibungen durch die
Emittentin zu diesen Terminen werden die Schuldverschreibungen zur Fälligkeit zum
Rückzahlungsbetrag zurückgezahlt. Die Verzinsung kann während der Laufzeit fest bleiben oder, bei
Nichtkündigung, zu den möglichen Kündigungsterminen bis zur Restlaufzeit bzw. bis zum jeweiligen
nächsten Kündigungstermin höher (step-up) bzw. niedriger (step-down) festgelegt werden. Ebenso sind
variable bzw. Nullkupons für bestimmte Zinsperioden möglich. Für die Ungewissheit, ob die
Schuldverschreibungen zu den Kündigungsterminen oder zur Endfälligkeit zurückgezahlt werden, erhalten Sie eine höhere Rendite des Nennbetrages als bei Schuldverschreibungen mit gleicher Laufzeit ohne
Kündigungsrechte. Die Entscheidung über die Ausübung ihres jeweiligen Kündigungsrechtes wird die
Emittentin nach freiem Ermessen eine im Vorfeld bestimmte Anzahl von Bankgeschäftstagen vor dem
jeweiligen Kündigungstermin (der „Feststellungstag“) treffen.
Liegt aus Sicht der Emittentin am Feststellungstag ein niedriges Zinsniveau vor, das unter dem vereinbarten Zinssatz für die Restlaufzeit der Schuldverschreibungen liegt, werden die Schuldverschreibungen
voraussichtlich gekündigt. Liegt aus Sicht der Emittentin am Feststellungstag ein allgemein hohes
Zinsniveau vor, das über dem vereinbarten Zinssatz für die Restlaufzeit der Schuldverschreibungen liegt,
werden die Schuldverschreibungen voraussichtlich nicht gekündigt. Wir möchten explizit darauf hinweisen, dass die Emittentin von Ihrem Kündigungsrecht unabhängig vom allgemeinen Zinsniveau am
Feststellungstag Gebrauch machen kann.
Risikobeschreibung
Mit dem Kauf von Schuldverschreibungen mit Kündigungsrechten der Emittentin erwerben Sie ein
Produkt, das aus einer optionalen Komponente (Kündigungsrecht der Emittentin zu(m) festgelegten
Termin(en)) besteht. Bezogen auf die optionale Komponente verkaufen Sie daher an die Emittentin eine
Kaufoption auf Ihre Schuldverschreibungen.
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Die Wertentwicklung von Schuldverschreibungen mit Kündigungsrechten ist jeweils abhängig von der
Wertentwicklung der festverzinslichen und der optionalen Komponenten. Grundsätzliche Aussagen hinsichtlich der Wertentwicklung sind jedoch auf Grund der Wechselwirkungen einzelner
Preisbildungsfaktoren, die jeweils Veränderungen unterliegen können, sowohl auf die optionalen
Komponenten als auch auf die festverzinsliche Komponente nur tendenziell möglich.
Im Fall einer Kündigung der Schuldverschreibungen besteht ein Wiederanlagerisiko hinsichtlich des dem
bei Kündigung aktuellen, ggf. niedrigeren, Marktzinsniveaus. Im Fall einer Nichtkündigung der Schuldverschreibungen besteht ein Risiko hinsichtlich des Verzichts auf eine ggf. attraktivere Wiederanlagemöglichkeit.
Da der Rückzahlungszeitpunkt der Schuldverschreibungen abhängig von der Optionsausübung
der Emittentin ist, und dadurch bei Kündigung der Schuldverschreibungen durch die Emittentin
ein Wiederanlagerisiko des eingesetzten Kapitals besteht, empfehlen wir eine spezielle produktund anlegergerechte Risikoaufklärung durch Ihr Kredit- oder Finanzdienstleistungsinstitut.
RISIKOHINWEISE FÜR FLOATING RATE NOTES MIT EINEM CAP UND/ ODER FLOOR
Produktbeschreibung
Floating Rate Notes mit einem Cap und/ oder einem Floor (die „Schuldverschreibungen“) sind mit einem
variablen Zins, der sich an einem im Vorfeld festgesetzten Referenzzinssatz orientiert, ausgestattet. Die
Höhe des variablen Zinssatz, den Sie für Ihre Schuldverschreibungen erhalten können, ist nach oben
begrenzt (der „Cap“) und bzw. oder nach unten begrenzt (der „Floor“).
Risikobeschreibung
Das Risiko bei diesen Schuldverschreibungen liegt darin, dass Sie nicht eine bei Begebung der
Schuldverschreibungen für deren Laufzeit feststehende Verzinsung erzielen, sondern die Verzinsung
entsprechend der Veränderung des Referenzzinssatzes schwanken kann, die Verzinsung nach der anfänglichen Zinsperiode also auch Absinken kann. Darüber hinaus können Sie nicht an einem Anstieg des
Referenzzinssatz über den Cap hinaus profitieren.
Da die Rendite für diese Schuldverschreibungen bei einem Anstieg des Referenzzinssatz über den
Cap im Vergleich zu gewöhnlich variabel verzinslichen Schuldverschreibungen der Emittentin
gleicher Laufzeit gemindert werden kann, empfehlen wir eine spezielle produktund anlegergerechte Risikoaufklärung durch Ihr Kredit- oder Finanzdienstleistungsinstitut.
RISIKOHINWEISE FÜR DOPPELWÄHRUNGSSCHULDVERSCHREIBUNGEN
Produktbeschreibung
Doppelwährungsschuldverschreibungen werden in der Währung, in der sie begeben werden, bei Endfälligkeit zum Nennbetrag getilgt. Die Besonderheit dieser Anlageform besteht darin, dass zu den Zinsterminen
die Zinserträge in der Fremdwährung zum dann jeweils gültigen Devisenkurs in die Heimatwährung
umgerechnet werden.
Risikobeschreibung
Das Risiko bei Doppelwährungsschuldverschreibungen liegt im Wechselkursrisiko des in ausländischer
Währung erhaltenen Zinsbetrages. Wechselkurse zwischen Währungen werden durch verschiedene
20
Faktoren von Angebot und Nachfrage an den internationalen Devisenmärkten bestimmt, die durch volkswirtschaftliche Faktoren, Spekulationen und Eingriffe durch Zentralbanken und Regierungsstellen
(einschließlich Devisenkontrollen und -beschränkungen) beeinflusst werden. Schwankende
Wechselkurse können den Wert der Doppelwährungsschuldverschreibungen beeinflussen.
Da sich ein Wechselkursrisiko der Zinserträge ergeben kann, empfehlen wir eine spezielle produktund anlegergerechte Risikoaufklärung durch Ihr Kredit- oder Finanzdienstleistungsinstitut.
21
DESCRIPTION OF INSTRUMENTS AND RISK INFORMATION
The English language version of the printed Risk Information is for information only and is nonbinding. Only the German language version of the printed Risk Informations is legally binding.
The following risk information applies to Instruments offered and sold under the Retail Clients
Programme. The general risk information and the following product-specific risk information does
not replace the essential individual financial and investment advice from your bank or financial
services provider prior to any decision to buy. An investment in the Instruments offered under the
programme should only take place after all the relevant facts pertaining to the Instruments in
question, in particular the following general and product-specific risk information, has been noted
and carefully examined.
GENERAL RISK INFORMATION FOR INSTRUMENTS WITH OR WITHOUT AN
UNDERLYING VALUE
1) For all types of Instruments:
The following “General Risk Information” does not apply if you hold the Investment Product until final
maturity as the redemption then takes place at the values specified in the terms and conditions of the
Instrument.
●
By acquiring an Instrument (the “Investment Product”), you are acquiring a listed security:
❍
The movement in the price of a listed Investment Product depends on a wide variety of factors.
These may include the movement in the general market interest rate, macro-economic developments
or demand in the market.
It is therefore possible that the stock market price of the Investment Product may also move
negatively in relation to its issue or purchase price over the life of the Investment Product.
In the event of a sale of the Investment Product prior to maturity, you would then incur a
loss compared to the capital invested.
❍
As a result of a wide variety of factors including macro-economic developments, the valuation of
the actual Investment Product by market players and /or associated lack of or excess demand, the
price trend on a stock exchange can be subject to strong fluctuations. The price specified for an
Investment Product on the relevant stock exchange can also be subject to strong fluctuations.
It is therefore not certain at what price an Investment Product can be sold on the stock
exchange in relation to its issue or purchase price. In the event of a sale of the Investment
Product prior to maturity, you would then incur a loss compared to the capital invested.
❍
Despite the stock exchange listing of the Investment Product, it is not certain that a constantly
liquid secondary market where the Investment Product can easily be traded at any time will
develop due to a lack of demand by third parties for example and/or other factors.
It is therefore not certain that the Investment Product can be sold again via the
corresponding stock exchange prior to maturity. Unless expressly agreed, the Issuer is not
obliged to redeem the Investment Product prior to maturity.
22
2.) Additional information for Instruments with an Underlying Value:
●
The Investment Product may be related to an Underlying Value. Depending on a wide variety of
factors relating to valuation of the Underlying Value itself, the Underlying Value can be subject to
its own risks and price development or be denominated in a currency other than the euro.
Depending on the actual Investment Product, these valuations and risks are also included in the
Investment Product and can have a negative effect on the Investment Product. A fall in the value of
the Underlying Value may also impact adversely on the movement in price of the Investment Product.
If the Underlying Value is in a currency other than the euro, there is an exchange risk which may
impact adversely on the Investment Product.
●
In addition to its issuance business, Norddeutsche Landesbank Girozentrale also has other business
divisions which offer clients their services independently. In the case of Instruments with an
Underlying Value, decisions by other business divisions may impact positively but also negatively
on the Underlying Value and therefore on the Instrument in question.
23
The following product-specific risk information applies to Instruments offered and sold to Retail
Clients under the Programme. An investment in the Instruments offered under the Programme should
only take place after all the relevant facts pertaining to the Instruments in question, in particular the
following risk information, has been noted and carefully examined.
RISK INFORMATION FOR INSTRUMENTS WITH PARTICIPATION IN A RISING
UNDERLYING VALUE
Product description
Bearer Instruments with participation in a rising underlying value (the “Instruments”) are redeemed at
maturity at least at a pre-determined percentage of their par value (the “guaranteed redemption
amount”). In addition, the Holder of the Instruments has the option to participate in a rising underlying
value: if on the determination date the underlying value is determined to be above or at least at a
threshold value (the “threshold value”) set at the time the Instruments are issued (the “underlying value
level” or “price”), the Instruments shall be redeemed at maturity at the guaranteed redemption amount
plus aparticipation in this positive, relative performance of the underlying value as set at the time of
issue. The participation can be limited to a specific underlying value level (the “Cap”). If the underlying value level is below the threshold value on the determination date, the Instruments are redeemed at
theguaranteed redemption amount. The determination date is a number of banking days before the
maturity date as specified beforehand.
Description of risk
Repayment of the invested capital is not guaranteed in the case of a guaranteed redemption amount
which is fixed at less than 100% of the par value. Furthermore, as a result of a possible positive
participation in an underlying value, you will receive a yield below the market compared with Instruments
with the same maturity without a participation option and with redemption at par. The risk is therefore
a loss of your invested capital amounting to the difference in relation to the guaranteed redemption
amount if the latter was fixed at less than 100% and a lower yield on the invested capital during the life
of the Instruments if the Instruments are redeemed at the guaranteed redemption amount.
Since the yield on your invested capital can be lower than the usual market yield for an
investment in ordinary fixed rate Instruments by the Issuer with the same maturity, and the yield
cannot be offset by a participation in the case of a falling underlying value, we recommend that
you seek product and investment-specific clarification of the risks from your bank or financial
services provider.
The risk information in this Information Memorandum is not intended to replace the indispensable
individual financial and investment advice tailored to your financial and economic circumstances
obtained prior to a purchasing decision from your bank or financial services provider.
RISK INFORMATION FOR INSTRUMENTS WITH PARTICIPATION IN A FALLING
UNDERLYING VALUE
Product description
Redemption of Bearer Instruments with participation in a falling underlying value (the “Instruments”)
is made at final maturity at most at a pre-determined percentage of their par value (the “redemption
amount”) because the Holder of the Instruments is participating in a falling underlying value. The participation is calculated as follows: if on the determination date the underlying value is determined to be
above or at least at a threshold value (the “threshold value”) set at the time the Instruments are issued
(the “underlying value level” or “price”), the Instruments shall be redeemed at maturity at the redemption
amount. If the underlying value level is below the threshold value on the determination date, the
Instruments are redeemed at the redemption amount less a participation in this negative, relative performance of the underlying value as set at the time of issue. The participation can be limited to a specific
underlying value level (the “Floor”). The determination date is a number of banking days before the
maturity date as specified beforehand.
24
Description of risk
Redemption of the Instruments at par is not guaranteed. It should be noted that a change in the value of
the underlying value on which the Instruments are based can result in the value of the Instruments
falling considerably below the cost price paid for the Instruments in line with the performance of the
underlying value level, which in turn can result in the Holder of the Instruments incurring a considerable
loss with regard to the purchase price paid for the Instruments. The risk consists of a falling underlying
value during the life of the Instruments in whose negative, relative performance you are participating
at the determination date in the amount of the participation rate. This negative participation results in a
loss of your invested capital amounting to the difference in relation to the redemption amount at maturity.
Since the yield on your invested capital can be lower than the usual market yield for an investment
in ordinary fixed rate Instruments by the Issuer with the same maturity, and the return cannot be
offset by a higher interest rate in the case of a falling index, we recommend that you seek product
and investment-specific clarification of the risks from your bank or financial services provider.
RISK INFORMATION FOR INSTRUMENTS WITH PARTICIPATION IN A FALLING AND
RISING UNDERLYING VALUE
Product description
Redemption of Bearer Instruments with participation in a falling and rising underlying value (the
“Instruments”) is dependent on the performance of the basic underlying value because the Holder of the
Instruments is participating in both a falling and rising underlying value. If on the determination date
the underlying value is determined to be above or at least at a threshold value (the “threshold value”)
set at the time the Instruments are issued (the “underlying value level”), the Instruments shall be redeemed
at maturity at the guaranteed redemption amount (the “redemption amount”) as determined beforehand
plus a participation in this positive, relative performance of the underlying value as set at the time of
issue. If the underlying value level is below the threshold value on the determination date, redemption
of the Instruments at the redemption amount can be made less a participation in this negative, relative
performance of the underlying value as determined at the time of issue. The participation in a falling
underlying value can also be limited, depending on the terms of the Instruments, whereby a deduction
to the redemption amount is only made if the underlying value level on the determination date is
calculated to be below or at a pre-determined percentage (the “reduction value”) of the threshold value
(the “reduced threshold value”). Therefore, if the underlying value level on the determination date is
between the reduced threshold value and the threshold value, you receive the redemption amount upon
maturity of the Instruments without deduction of a participation. Only where the underlying value level
is determined to be below the reduced threshold value will you participate in the negative, relative
performance of the underlying value, whereby the performance is related to the reduced threshold value
and the established underlying value level on the determination date.
The participation in a rising underlying value can be limited to a specific underlying value level (the
“Cap”). Similarly, the participation in a falling underlying value can be limited to a specific underlying
value level (the “Floor”). The “determination date” is a number of banking days before the maturity
date as specified beforehand.
Description of risk
Redemption of the Instruments at par is not guaranteed. It should be noted that a change in the value of
the underlying value on which the Instruments are based can result in the value of the Instruments
falling considerably below the cost price paid for the Instruments in line with the performance of the
underlying value level, which in turn can result in the Holder of the Instruments incurring a considerable
loss with regard to the purchase price paid for the Instruments. The risk consists of a falling underlying
value during the life of the Instruments in whose negative, relative performance you are participating
on the determination date in the amount of the participation rate. This negative participation results in a
loss of your invested capital amounting to the difference in relation to the redemption amount at maturity.
25
Since the yield on your invested capital can be lower than the usual market yield for an investment
in ordinary fixed rate Instruments by the Issuer with the same maturity and the yield cannot be
offset by a participation in the case of a falling index, we recommend that you seek product and
investment-specific clarification of the risks from your bank or financial services provider.
RISK INFORMATION FOR INSTRUMENTS WITH REDEMPTION IN PRINCIPAL OR
SHARES AT THE OPTION OF THE ISSUER
Product description
Instruments with equity-linked redemption in principal or shares at the option of the Issuer (the “equitylinked bond” or “Instruments” here) will be redeemed at maturity, at the option of the Issuer, either in
the amount of their principal or by delivery of shares in a given joint stock corporation (the “company”).
The Issuer will make the decision as to the type of redemption, at their own discretion, a number of
banking days before the maturity date in question (the “determination date”) as specified beforehand.
Redemption of the equity-linked bond is linked to the performance of a company’s shares. If the share
price on the determination date is quoted above a certain value, you can expect to redeem the equitylinked bond in principal. If the share price on the determination date is quoted below or at the determined
value, you can expect to receive the given number of company shares per Instrument of the equitylinked bond.
We would explicitly point out that the Issuer exercises its right of redemption independently of the share’s
stock exchange listing, i.e. even where the price is above the determined value the Issuer reserves the
right to redeem the equity-linked bond by delivery of shares. If this were the case, in addition to the higher
rate of interest, you would gain a further economic advantage owing to the Instruments being redeemed
in shares.
Description of risk
By purchasing Instruments where the Issuer has a right of redemption in principal or by delivery of shares
of a company, you acquire the right to redeem the Instruments at final maturity. The Issuer has the option
to make the redemption either in the amount of the principal of your Instrument or by delivery of a number
of company shares per Instrument determined beforehand. Redemption in shares is expected to be made if
the sum of the value of the shares to be delivered per Instrument at the determination date is less than
the par value of the Instrument. Redemption of the Instruments in the amount of the principal is therefore
not guaranteed. In the case of redemption in shares, a loss occurs amounting to the difference between
the par value of the Instrument and the market value of the shares per Instrument delivered at maturity.
Your risk is therefore that the price of the company’s shares falls, because a falling price increases the
likelihood of a redemption in shares.
It follows from the above explanations that a redemption of the Instruments in principal is not
guaranteed as a result of the optional component of the equity-linked bond.
Redemption of the Instruments in principal is not guaranteed. If the Issuer redeems the
Instruments by delivery of shares, the value of the shares on the day of redemption can be far
below the value of your invested capital. Any future recovery in the price of the delivered shares
is uncertain and not guaranteed. Your loss exposure is the difference between your invested
capital and the value of the shares on the day of redemption. We recommend that you seek product
26
RISK INFORMATION FOR INSTRUMENTS WITH A CALL RIGHT FOR THE ISSUER
Product description
Instruments with a call right for the Issuer can be called in on one or several dates fixed beforehand by the
Issuer at rates fixed beforehand (the “redemption amount”). If the Issuer does not call in the Instruments on
these dates, the Instruments shall be redeemed at maturity at the redemption amount. The rate of interest
can remain fixed during the life of the Instruments or, in the case of the Instruments not being called in, can
be set higher (step-up) or lower (step-down) on the possible call dates for the remainder of the life of the
Instruments or the next call date. Variable and/or zero coupons for specific interest periods are also possible.
For the uncertainty as to whether the Instruments will be redeemed on the call dates or at final maturity,
you receive a higher return on the par value than for Instruments with the same maturity without call rights.
The decision on whether to exercise its call right will in each case be made by the Issuer at their own
discretion a number of banking days before each call date (the “determination date”) as specified beforehand.
If, from the Issuer’s standpoint, there is a low interest rate level on the determination date which is below
the agreed interest rate for the remaining life of the Instruments, the Instruments are expected to be called
in. If, from the Issuer’s standpoint there is a generally high interest rate level on the determination date
which is above the agreed interest rate for the remaining life of the Instruments, the Instruments are not
expected to be called in. We would explicitly point out that the Issuer can use the call right irrespective
of the general interest rate on the determination date.
Description of risk
By purchasing Instruments with a call right for the Issuer you are acquiring a product comprising an
optional component (Issuer’s call right on the fixed date/s). With regard to the optional component, you
are therefore selling to the Issuer a call option on your Instruments.
The performance of Instruments with call rights is dependent on the performance of the fixed rate and
optional components. However, fundamental statements about performance can only reflect trends for
both the optional components and the fixed interest components owing to the interaction of individual
price determinants which can each be subject to change.
Where the Instruments are called in there is a reinvestment risk relating to the current or possibly lower
market interest rate level at the time of calling. Where the Instruments are not called in, there is a risk
relating to foregoing a possibly more attractive reinvestment opportunity.
Since the redemption date for the Instruments is dependent on the Issuer exercising an option and
there is a reinvestment risk relating to the invested capital if the Issuer calls in the Instruments,
we recommend that you seek product and investment-specific clarification of the risks from your
bank or financial services provider.
RISK INFORMATION FOR FLOATING RATE NOTES WITH A CAP AND/OR FLOOR
Product description
Floating Rate Notes with a Cap and/or a Floor (the “Instruments”) have a variable rate based on a
reference interest rate set beforehand. The level of variable rate you can receive for your Instruments
has a higher limit (the “Cap”) and/or a lower limit (the “Floor”).
Description of risk
The risk for this type of Instrument is that you do not receive interest on the Instrument which is fixed at
the time of issue for the life of the Instrument, and as the interest rate can change in line with changes
in the reference interest rate, the interest rate can also fall after the first interest period. Furthermore,
you do not benefit from the reference rate rising above and beyond the Cap.
27
Since the yield on these Instruments can be reduced where the reference interest rate rises above
the Cap compared with ordinary variable rate Instruments of the Issuer with the same maturity,
we recommend that you seek product and investment-specific clarification of the risks from your
bank or financial services provider.
RISK NOTES FOR DUAL CURRENCY INSTRUMENTS
Product description
Dual Currency Instruments are redeemed at final maturity in principal in the currency in which they
were issued. A special feature of this type of investment is that on the interest payment dates the interest
earned in the foreign currency is converted into the domestic currency at the exchange rate applicable
at the time.
Description of risk
The risk for Dual Currency Instruments is associated with the exchange rate risk for the interest amount
received in the foreign currency. Exchange rates between currencies are determined by various factors
relating to the supply and demand in the international currency markets, which are influenced by macroeconomic factors, speculative transactions and intervention by central banks and government authorities
(including currency controls and restrictions). Fluctuating exchange rates can affect the value of Dual
Currency Instruments.
Since there can be an exchange rate risk for the interest earned, we recommend that you seek product
28
INDEXBESCHREIBUNGEN
DAX®-Index
Konzept
Performance-Index im Abstand von 15 Sekunden aktualisiert. Zusätzlich tägliche
Berechnung eines DAX®-Kursindex.
Anzahl der Werte
30 deutsche Werte aus den Technologie- und klassischen Branchen, die im Prime
Standard-Segment zugelassen sind.
Auswahlkriterien
Börsenumsatz (Orderbuchumsatz)
Börsenkapitalisierung (Freefloat)
Einführungsdatum 01.07.1988
Basis
Ultimo 1987 = 1.000
Historie
Der DAX®-Index führt den Index der Börsen-Zeitung fort, dessen historische
Zeitreihe (wiederum durch Anknüpfung an den noch älteren Hardy-Index
(28. September 1959 = 100) in 1981) bis 1959 zurückreicht.
Die Zusammensetzung des Börsen-Zeitungs-Index war wie folgt:
AEG, Allianz, BASF, Bayer, BBC, BMW, Bay. Vereinsbank, Commerzbank,
Daimler, Degussa, Deutsche Babcock, Deutsche Bank, Dresdner Bank, Hoechst,
Kali Salz, Karstadt, Kaufhof, KHD, Linde, Lufthansa, MAN, Mannesmann,
Preussag, PWA, RWE, Schering, Siemens, Thyssen, Veba und VW (gewichtet
mit jeweils 1/30).
Gewichtung
Anzahl der frei verfügbaren Aktien.
Bereinigung
Bereinigung um Kapitalveränderungen, Bezugsrechte und Dividenden (Bardividende ohne Körperschaftssteuerguthaben).
letzter Kurs cum
ci =
letzter Kurs cum - rechnerischer Abschlag
Änderung der
Zusammensetzung
Bei Austausch von Gesellschaften ändert sich der Verkettungsfaktor Kt, um einen
Indexsprung zu vermeiden.
®
Kt = Kt – 1 · DAX® (alte Zusammensetzung)
DAX (neue Zusammensetzung)
Verkettung
Vierteljährlich werden die cit auf 1 gestellt.
Die Anzahl der Aktien und der Streubesitz-Faktor werden ebenfalls vierteljährlich
aktualisiert.
Ein Indexsprung wird durch die Berechnung eines neuen Verkettungsfaktors vermieden.
Berechnungszeiten
9.00 – 20.00 Uhr aus Xetra®-Preisen; zusätzlich einmal täglich Berechnung eines
Index aus Daily-Settlement-Preisen
Kürzel
DAX
DAXK
WKN: 846900 ISIN: DE0008469008
WKN: 846744 ISIN: DE0008467440
Entwicklung
DAX® und XETRA® sind eingetragene Marken der Deutsche Börse AG.
DAX®-Performance-Index
DAX®-Kursindex
29
Berechnung des
DAX®-Index
DAXt = K tl ·
∑ (pit · ffit1 · qit1 · cit)
∑ (pi0 · qi0)
· 1.000
mit t0
=
30.12.1987
t1
=
Verkettungstag
pit
=
Aktueller Kurs der Aktie i
ffitl =
Streubesitz-Faktor (free float) der Gattung i am Verkettungstag
qit1 =
Anzahl der Aktien der Gattung i am Verkettungstag
pi0 =
Kurs der Gesellschaft i am 30.12.1987
qi0 =
Anzahl der Aktien der Gattung i am 30.12.1987
cit
Aktueller Bereinigungsfaktor der Aktie i
=
K t1 =
Verkettungsfaktor
Durch Erweiterung der Grundformel mit 100/∑ qi0 und gleichzeitiges Umstellen
ergibt sich für die Indexberechnung:
100 ])
∑ (pit · [ffit1 · qit1 · cit · K t1 · ∑q
i0 · 1.000
DAXt =
100 )
∑ (pi0 · qi0 ·
∑q i0
=
∑ (pit · Fit)
A
· 1.000
Gewicht im Sinne der Formel ist die Anzahl der frei verfügbaren Aktien ffit1* qit
Der Ausdruck A ist eine Konstante. Er ändert sich nur, wenn die Zusammensetzung des Index aktualisiert wird.
Eine Nachberechnung des Index ist somit in drei Schritten möglich:
a) Die aktuellen Kurse werden mit Fit multipliziert.
b) Die so ermittelten Produkte werden summiert und durch A dividiert.
c) Das Ergebnis wird mit der Basis 1.000 multipliziert.
Der aktuelle prozentuale Anteil Git eines Titels an DAX® entspricht dem Anteil
des aktuellen Marktwerts einer Aktie an der Summe aller aktuellen Marktwerte.
Git bringt den „Einfluss" eines Instruments auf den Index zum Ausdruck und
lässt sich wie folgt ermitteln:
pit · Fit
qit1 · ffit1 · pit · cit
· 100
Git =
· 100 =
∑ (pit · Fit )
∑ (qit1 · ffit1 · pit · cit )
30
DAX® Gewichtung 25.08.03
Aktie
ISIN
ADIDAS-SALOMON AG O.N.
ALLIANZ AG VNA O.N.
ALTANA AG O.N.
BASF AG O.N.
BAY.HYPO-VEREINSBK.O.N.
BAY.MOTOREN WERKE AG ST
BAYER AG O.N.
COMMERZBANK AG O.N.
DAIMLERCHRYSLER AG NA O.N.
DEUTSCHE BANK AG NA O.N.
DEUTSCHE BOERSE NA O.N.
DEUTSCHE POST AG NA O.N.
DT.TELEKOM AG NA
E.ON AG O.N.
FRESEN.MED.CARE AG O.N.
HENKEL KGAA VZO O.N.
INFINEON TECH.AG NA O.N.
LINDE AG O.N.
LUFTHANSA AG VNA O.N.
MAN AG ST O.N.
METRO AG ST O.N.
MLP AG
MUENCH.RUECKVERS.VNA O.N.
RWE AG ST O.N.
SAP AG ST O.N.
SCHERING AG O.N.
SIEMENS AG NA
THYSSENKRUPP AG O.N.
TUI AG O.N.
VOLKSWAGEN AG ST O.N.
DE0005003404
DE0008404005
DE0007600801
DE0005151005
DE0008022005
DE0005190003
DE0005752000
DE0008032004
DE0007100000
DE0005140008
DE0005810055
DE0005552004
DE0005557508
DE0007614406
DE0005785802
DE0006048432
DE0006231004
DE0006483001
DE0008232125
DE0005937007
DE0007257503
DE0006569908
DE0008430026
DE0007037129
DE0007164600
DE0007172009
DE0007236101
DE0007500001
DE0006952005
DE0007664005
Quelle: Deutsche Börse AG
Sektor
Konsumgüter
Versicherung
Pharma + Gesundheit
Chemie
Banken
Automobile
Chemie
Banken
Automobile
Banken
Finanzdienstleistungen
Transport + Logistik
Telekommunikation
Versorger
Pharma + Gesundheit
Konsumgüter
Technologie
Industrie
Industrie
Einzelhandel
Versicherung
Versorger
Software
Pharma + Gesundheit
Technologie
Industrie
Automobile
Streubesitz Gewichtung
1,00
0,85
0,50
0,94
0,69
0,48
0,94
0,74
0,81
1,00
0,95
0,32
0,57
0,88
0,49
1,00
0,60
0,68
0,90
0,72
0,44
0,52
0,67
0,77
0,65
0,87
0,94
0,80
0,69
0,69
0,92%
7,65%
0,91%
6,29%
1,52%
3,09%
3,76%
1,49%
7,80%
8,55%
1,31%
1,43%
9,04%
7,93%
0,43%
0,96%
1,55%
0,86%
1,19%
0,56%
1,30%
0,21%
3,42%
2,74%
5,98%
1,73%
12,82%
1,40%
0,47%
2,69%
31
TecDAX®-Index
Konzept
Performance-Index im Abstand von 15 Sekunden aktualisiert. Zusätzlich tägliche
Berechnung eines TecDAX®-Kursindex.
Anzahl der Werte
Die 30 größten deutschen und ausländischen Unternehmen (unterhalb von DAX®)
der Technologie-Branchen im Prime Standard-Segment.
Auswahlkriterien
Börsenkapitalisierung (nach Streubesitz)
Gewichtung
Bereinigung
letzter Kurs cum
ci =
Änderung der
Zusammensetzung
Bei Neuaufnahme oder Löschung von Aktien ändert sich der Verkettungsfaktor
Kt, um einen Indexsprung zu vermeiden.
®
Kt = Kt – 1 · TecDAX® (alte Zusammensetzung)
TecDAX (neue Zusammensetzung)
Verkettung
Vierteljährlich werden die cit auf 1 gestellt. Die Anzahl der Aktien und der
Streubesitz-Faktor werden ebenfalls vierteljährlich aktualisiert. Ein Indexsprung
wird durch die Berechnung eines neuen Verkettungsfaktors vermieden. Die regelmäßige Überprüfung der Zusammensetzung erfolgt halbjährlich; kommt es zu
Änderungen, wird die Kapitalisierung einer Gesellschaft auf max. 10% der
Gesamtkapitalisierung des Index begrenzt.
Basis
Ultimo 1997 = 1.000
Berechnungszeiten
9.00 – 20.00 Uhr alle 15 Sekunden aus Xetra®-Preisen; zusätzlich einmal
täglich Berechnung eines Index aus Daily-Settlement-Preisen.
Kürzel
TDPX WKN: 720327 ISIN: DE0007203275 TecDAX®-Performance-Index
TDXK WKN: 720328 ISIN: DE0007203283 TecDAX®-Kursindex
Entwicklung
TecDAX®, DAX® und XETRA® sind eingetragene Marken der Deutsche Börse AG.
32
Berechnung des
TecDAX®-Index
TecDAXt = K tl ·
∑ (pi0 · qi0)
· 1.000
mit t0
=
30.12.1997
t1
=
letzter Verkettungstag
pit
=
aktueller Kurs der Gesellschaft i
ffitl =
qit1 =
pi0 =
Kurs der Gesellschaft i am 30.12.1997
qi0 =
Anzahl der Aktien der Gesellschaft i am 30.12.1997
cit
aktueller Bereinigungsfaktor der Gesellschaft i
=
K t1 =
Verkettungsfaktor
TecDAXt =
=
100 ])
i0
· 1.000
100 )
∑ (pi0 · qi0 ·
∑q i0
∑ (pit · Fit)
A
· 1.000
Gewicht im Sinne der Index-Formel ist die Anzahl der frei verfügbaren Aktien
ffit1* qit .
Der aktuelle prozentuale Anteil Git eines Titels in TecDAX® entspricht dem Anteil
des aktuellen Marktwerts einer Gesellschaft an der Summe aller aktuellen
Marktwerte. Git bringt den „Einfluss" einer Gesellschaft auf den Index zum
Ausdruck und lässt sich wie folgt ermitteln:
qit · ffit1 · pit · cit
pit · Fit
Git =
· 100 =
· 100
∑ (qit1 · pit · cit )
∑ (pit · Fit )
33
TecDAX® Gewichtung 25.08.03
Aktie
ISIN
AIXTRON AG O.N.
AT+S AUSTR.T.+SYSTEMT.
BB BIOTECH INH. SF 1
DRAEGERWERK VORZ.A.O.N.
ELMOS SEMICONDUCTOR AG
EPCOS AG NA O.N.
EVOTEC OAI AG O.N.
FJH AG O.N.
GPC BIOTECH AG
IDS SCHEER AG O.N.
IXOS SOFTWARE AG O.N.
JENOPTIK AG O.N.
KONTRON AG O.N.
LION BIOSCIENCE AG O.N.
MEDIGENE NA O.N.
MICRONAS SEM.HLDG NA SF 1
MOBILCOM AG O.N.
NORDEX O.N.
PFEIFFER VACUUM TECH.O.N.
PLAMBECK N.ENERG.AG NA
QIAGEN NV EO -,01
REPOWER SYSTEMS AG
SAP SYSTEMS INTEGR.O.N.
SCM MICROSYSTEMS DL-,001
SINGULUS TECHNOL.
SOFTWARE AG NA O.N.
T-ONLINE INTERN. NA O.N.
UTD.INTERNET AG NA
WEB.DE AG
WEDECO AG O.N.
DE0005066203
AT0000969985
CH0001441580
DE0005550636
DE0005677108
DE0005128003
DE0005664809
DE0005130108
DE0005851505
DE0006257009
DE0005061501
DE0006229107
DE0006053952
DE0005043509
DE0005020903
CH0012337421
DE0006622400
DE0005873574
DE0006916604
DE0006910326
NL0000240000
DE0006177033
DE0005011118
US7840181033
DE0007238909
DE0003304002
DE0005557706
DE0005089031
DE0005296503
DE0005141808
Sektor
Technologie
Technologie
Pharma + Gesundheit
Pharma + Gesundheit
Technologie
Technologie
Pharma + Gesundheit
Software
Pharma + Gesundheit
Software
Software
Industrie
Technologie
Pharma + Gesundheit
Pharma + Gesundheit
Technologie
Telekommunikation
Industrie
Industrie
Industrie
Pharma + Gesundheit
Industrie
Software
Technologie
Industrie
Software
Software
Software
Software
Industrie
0,77
0,52
0,92
1,00
0,42
0,75
0,95
0,49
0,92
0,42
0,75
0,81
0,87
0,75
1,00
1,00
0,29
0,63
1,00
0,69
0,95
0,50
0,30
1,00
1,00
0,68
0,22
0,43
0,38
0,75
3,05%
1,50%
8,85%
3,06%
0,93%
8,31%
2,00%
1,16%
1,31%
1,92%
1,08%
4,27%
2,23%
0,79%
0,50%
7,79%
2,20%
0,37%
2,91%
0,36%
11,98%
0,61%
1,67%
1,05%
8,48%
3,72%
10,14%
4,99%
1,55%
1,23%
34
Midcap Index – MDAX®
Konzept
Minütlich aktualisierter Performance-Index. Zusätzlich tägliche Berechnung eines
MDAX®-Kursindex
Anzahl der Werte
Die 50 größten deutschen und ausländischen Unternehmen der klassischen
Sektoren (unterhalb von DAX®) im Prime Standard-Segment.
Auswahlkriterien
Basis
Ultimo 1987 = 1.000
Gewichtung
Bereinigung
letzter Kurs cum
ci =
Änderung der
Zusammensetzung
Kt, um einen Indexsprung zu vermeiden.
®
Kt = Kt – 1 · MDAX® (alte Zusammensetzung)
MDAX (neue Zusammensetzung)
Verkettung
Vierteljährlich werden die cit auf 1 gestellt. Die Anzahl der Aktien und der
Streubesitz-Faktor werden ebenfalls vierteljährlich aktualisiert. Ein Indexsprung
wird durch die Berechnung eines neuen Verkettungsfaktors vermieden. Die
regelmäßige Überprüfung der Zusammensetzung erfolgt halbjährlich; kommt es
zu Änderungen, wird die Kapitalisierung einer Gesellschaft auf max. 10% der
Gesamtkapitalisierung des Index begrenzt.
Berechnungszeiten
9.00 – 20.00 Uhr aus Xetra®-Preisen; zusätzlich wird ein Daily-Settlement-Index
berechnet.
Kürzel
MDAX WKN: 846741 ISIN: DE0008467416 Mid Cap-DAX® (Perf.-Index)
MKDX WKN: 846753 ISIN: DE0008467531 Mid Cap-DAX® (Kursindex)
Entwicklung
MDAX®, DAX® und Xetra® sind eingetragene Marken der Deutsche Börse AG.
35
Berechnung von
MDAX®
MDAXt = K tl ·
∑ (pi0 · qi0)
· 1.000
mit t0
=
30.12.1987
t1
=
letzter Verkettungstermin
pit
=
ffitl =
qit1 =
pi0 =
Schlusskurs der Gesellschaft i am 30.12.1987
qi0 =
cit
=
K t1 =
Verkettungsfaktor
100 ])
i0
MDAXt =
· 1.000
100 )
∑ (pi0 · qi0 · ∑q
i0
=
∑ (pit · Fit)
A
· 1.000
Gewicht im Sinne der Formel ist die Anzahl der frei verfügbaren Aktien ffit1* qit .
Der aktuelle prozentuale Anteil Git eines Titels an MDAX® entspricht dem Anteil
Marktwerte. Git bringt den „Einfluss" eines Instruments auf den Index zum
pit · Fit
Git =
· 100 =
· 100
∑ (pit · Fit )
36
MDAX® Gewichtung 25.08.03
Aktie
ISIN
AAREAL BANK AG
AMB GENERALI HOLDING AG
AWD HOLDING AG O.N.
BEIERSDORF AG O.N.
BERU AG O.N.
BILFINGER BERGER AG
CELANESE AG O.N.
CELESIO AG O.N.
CONTINENTAL AG O.N.
DEGUSSA AG O.N.
DEPFA BANK PLC EO 3
DOUGLAS HOLDING O.N.
DYCKERHOFF VZO O.N.
EUROP.AERON.DEF.+SP. EADS
FIELMANN AG O.N.
FRAPORT AG FFM.AIRPORT
FRESENIUS AG VZ O.ST O.N.
HANN.RUECKVER.AG NA O.N.
HEIDELBERG.DRUCKMA.O.N.
HEIDELBERGCEMENT ST O.N.
HOCHTIEF AG
HUGO BOSS AG VZO O.N.
IKB DT.INDUSTRIEBANK O.N.
IVG IMMOBILIEN AG O.N.
IWKA AG O.N.
K+S AG O.N.
KARSTADT QUELLE AG O.N.
KOENIG + BAUER AG ST O.N.
KRONES AG VZO O.N.
LEONI AG NA O.N.
MEDION AG O.N.
MERCK KGAA O.N.
MG TECHNOLOGIES AG
NORDDT.AFFINERIE O.N.
PROSIEBENSAT1 O.N.VZO
PUMA AG
RHEINMETALL AG VZ.
RHOEN-KLINIKUM VZO O.N.
SALZGITTER AG O.N.
SCHWARZ PHARMA AG O.N.
SGL CARBON AG O.N.
STADA ARZNEIMITT.VNA O.N.
SUEDZUCKER MA./OCHS. O.N.
TECHEM O.N.
TELEPLAN INT. NV EO-25
THIEL LOGISTIK AG
VOSSLOH AG O.N.
WCM BET.-U.G. O.N.
WELLA AG VORZ.
ZAPF CREATION AG O.N.
DE0005408116
DE0008400029
DE0005085906
DE0005200000
DE0005072102
DE0005909006
DE0005753008
DE0005858005
DE0005439004
DE0005421903
IE0072559994
DE0006099005
DE0005591036
NL0000235190
DE0005772206
DE0005773303
DE0005785638
DE0008402215
DE0007314007
DE0006047004
DE0006070006
DE0005245534
DE0008063306
DE0006205701
DE0006204407
DE0007162000
DE0006275001
DE0007193500
DE0006335037
DE0005408884
DE0006605009
DE0006599905
DE0006602006
DE0006766504
DE0007771172
DE0006969603
DE0007030033
DE0007042335
DE0006202005
DE0007221905
DE0007235301
DE0007251803
DE0007297004
DE0005471601
NL0000229458
LU0106198319
DE0007667107
DE0007801003
DE0007765638
DE0007806002
Sektor
Banken
Versicherung
Konsumgüter
Automobile
Bau
Chemie
Einzelhandel
Automobile
Chemie
Banken
Einzelhandel
Bau
Industrie
Einzelhandel
Pharma + Gesundheit
Versicherung
Industrie
Bau
Bau
Konsumgüter
Banken
Industrie
Chemie
Einzelhandel
Industrie
Industrie
Automobile
Industrie
Pharma + Gesundheit
Industrie
Rohstoffe
Medien
Konsumgüter
Industrie
Pharma + Gesundheit
Rohstoffe
Pharma + Gesundheit
Chemie
Pharma + Gesundheit
Lebensmittel + Getränke
Industrie
Industrie
Industrie
Industrie
Konsumgüter
Konsumgüter
0,59
0,25
0,45
0,26
0,42
0,75
0,64
0,33
1,00
0,07
0,59
0,75
1,00
0,31
0,29
0,29
1,00
0,25
0,22
0,40
0,27
0,78
0,55
0,46
1,00
0,76
0,29
0,83
1,00
0,80
0,44
1,00
0,59
0,72
0,72
1,00
0,90
1,00
0,54
0,33
0,95
1,00
0,33
0,74
0,80
0,50
0,49
0,55
0,83
1,00
1,21%
1,90%
0,98%
6,83%
0,59%
1,89%
2,62%
2,83%
8,37%
1,02%
4,77%
1,87%
0,68%
9,98%
0,57%
1,71%
2,43%
1,57%
1,23%
3,42%
0,86%
1,16%
2,17%
1,26%
0,95%
1,66%
2,17%
0,52%
0,57%
0,67%
2,18%
3,17%
2,70%
0,62%
1,60%
4,40%
0,91%
0,86%
0,73%
0,88%
1,02%
2,80%
2,32%
0,73%
0,22%
0,57%
0,73%
0,96%
3,51%
0,68%
37
Smallcap Index – SDAX®
Konzept
Minütlich aktualisierter Performance-Index. Zusätzlich tägliche Berechnung eines
SDAX®-Kursindex.
Anzahl der Werte
Die 50 größten deutschen und internationalen Werte (unterhalb von DAX® und
MDAX®) der klassischen Branchen im Prime Standard.
Auswahlkriterien
Gewichtung
Bereinigung
letzter Kurs cum
ci =
Änderung der
Zusammensetzung
K t, um einen Indexsprung zu vermeiden.
®
Kt = Kt – 1 · SDAX® (alte Zusammensetzung)
SDAX (neue Zusammensetzung)
Verkettung
Vierteljährlich werden die cit auf 1 gestellt und die Anzahl der Aktien sowie der
Streubesitz-Faktor aktualisiert; dabei wird die Kapitalisierung einer Gesellschaft
auf 10% der Gesamtkapitalisierung des Index begrenzt. Ein Indexsprung wird
durch die Berechnung eines neuen Verkettungsfaktors vermieden.
Basis
Ultimo 1987 = 1.000
Berechnungszeiten
9.00 – 20.00 Uhr aus Xetra®-Preisen; zusätzlich wird ein Daily-Settlement-Index
berechnet.
Kürzel
SDXP
SDXK
WKN: 965338 ISIN: DE0009653386
WKN: 965339 ISIN: DE0009653394
Small Cap-DAX® (Perf.-Index)
Small Cap-DAX® (Kursindex)
Entwicklung
SDAX®, DAX®, MDAX® und Xetra® sind eingetragene Marken der Deutsche Börse AG.
38
Berechnung von
SDAX®
SDAXt = K tl ·
∑ (pi0 · qi0)
· 1.000
mit t0
=
30.12.1987
t1
=
letzter Verkettungstermin
pit
=
ffitl =
qit1 =
Anzahl der Aktien der Gesellschaft i am Verkettungstag
pi0 =
Schlusskurs der Gesellschaft i am 30.12.1987
qi0 =
cit
=
K t1 =
Verkettungsfaktor
100 ])
i0
SDAXt =
· 1.000
100 )
∑ (pi0 · qi0 · ∑q
i0
=
∑ (pit · Fit)
A
· 1.000
Gewicht im Sinne der Index-Formel ist die Anzahl der frei verfügbaren Aktien
ffit1* qit .
Der aktuelle prozentuale Anteil Git eines Titels an SDAX® entspricht dem Anteil
Marktwerte. Git bringt den „Einfluss" eines Instruments auf den Index zum
pit · Fit
· 100
Git =
· 100 =
∑ (pit · Fit )
39
SDAX® Gewichtung 25.08.03
Aktie
ISIN
Sektor
ACG ADV.COMP.GRP
AGIV REAL ESTATE O.N.
AIG INTERNAT. REAL NA
AVA AG O.N.
BALDA AG O.N.
BEATE UHSE AG
BHW HOLDING AG O.N.
BOEWE SYSTEC AG O.N.
CE CONSUMER ELECTR.O.N
CEWE COLOR HOLDING O.N.
COMDIRECT BANK AG
D. LOGISTICS AG O.N.
DAB BANK AG
DEUTSCHE EUROSHOP AG O.N.
DEUTZ AG O.N.
DIS DEUT.IND.SERV.O.N.
DT.BETEILIG.AG O.N.
DUERR AG O.N.
EM.TV+MERCHANDI.O.N.
ESCADA AG O.N.
FUCHS PETROL.AG VZO O.N.
GERICOM AG
GERRY WEBER INTERNAT.O.N.
GFK AG O.N.
GILDEMEISTER AG O.N.
GRENKELEASING AG O.N.
HAWESKO HOLDING AG SVG
HIGHLIGHT CMNCTS DZ 1/10
HOLSTEN-BRAUEREI AG O.N.
HORNBACH-BAUMARKT O.N.
HORNBACH HOLD.VZO O.N.
INDUS HOLDING AG
JUNGHEINRICH AG O.N.VZO
KLOECKNER-WERKE O.N.
KOLBENSCHMIDT PIERB.O.N.
LOEWE AG O.N.
MANNHEIMER AG HOL.O.N.VNA
MEDICLIN AG
MPC MUENCH.PET.CAP.O.N.
MVV ENERGIE AG O.N.
PFLEIDERER AG
DE0005007702
Industrie
DE0006911324 Finanzdienstleistungen
DE0005088504
Einzelhandel
DE0005215107
Industrie
DE0007551400
Einzelhandel
DE0005239701
Industrie
DE0005082226
Industrie
DE0005403901
Konsumgüter
DE0005101505 Transport + Logistik
DE0006305006
Industrie
DE0005016901
Industrie
DE0005508105
Industrie
DE0005565204
Industrie
DE0005684807
Medien
DE0005692107
Konsumgüter
DE0005790430
Chemie
AT0000729108
Industrie
DE0003304101
Konsumgüter
DE0005875306
Industrie
DE0005878003
Industrie
DE0006042708
Einzelhandel
CH0006539198
Medien
DE0006081003 Lebensmittel + Getränke
DE0006084403
Einzelhandel
DE0006083439
Einzelhandel
DE0006200108
Industrie
DE0006219934
Industrie
DE0006780000
Industrie
DE0007037905
Automobile
DE0006494107
Konsumgüter
DE0008428004
Versicherung
DE0006595101 Pharma + Gesundheit
DE0007255903
Versorger
DE0006764749
Industrie
0,94
0,40
0,81
0,28
0,40
0,34
0,07
0,46
0,85
0,54
0,16
0,60
0,24
0,56
0,64
0,50
0,42
0,27
0,51
0,69
1,00
0,34
0,54
0,36
0,93
0,39
0,60
0,83
0,40
0,15
0,83
0,45
1,00
0,17
0,14
0,65
0,77
0,36
0,31
0,12
0,30
0,88%
0,62%
1,25%
5,12%
1,28%
3,41%
2,07%
1,75%
1,22%
1,19%
3,42%
0,86%
2,33%
5,51%
2,47%
2,29%
1,17%
1,36%
2,18%
1,08%
2,91%
0,73%
1,49%
3,68%
3,64%
1,78%
1,03%
2,27%
5,18%
1,27%
3,67%
3,58%
4,09%
1,33%
1,61%
0,94%
0,71%
0,45%
1,12%
1,96%
0,84%
40
Aktie
ISIN
PHOENIX AG O.N.
RATIONAL AG
SAUER-DANFOSS INC. DL-,01
SIXT AG ST O.N.
TAG TEGERNSEE IMMOB.
TAKKT AG O.N.
VILLEROY + BOCH AG VZ
VIVA MEDIA NA O.N.
W.E.T.AUTOM.S.AG O.N.
DE0006031008
Automobile
DE0007010803
Industrie
US8041371076
Industrie
DE0007231326 Transport + Logistik
DE0007446007
Einzelhandel
DE0007657231
Konsumgüter
DE0006171069
Medien
DE0005081608
Industrie
Sektor
0,60
0,26
0,23
0,32
0,82
0,21
0,93
0,29
0,34
1,73%
2,48%
2,66%
1,08%
0,67%
1,39%
1,92%
1,06%
1,26%
41
DOW JONES EURO STOXX 50 SM
Index-Universum Das Index-Universum wird definiert als alle Werte in den 18 Dow Jones EURO
STOXX Markt Sektoren Indizes.
Die Dow Jones EURO STOXX-Indizes stellen den Euroraum-Anteil des Dow Jones
STOXX-Gesamtmarktindex (TMI) dar, der wiederum 95% der gesamten Marktkapitalisierung der an den Hauptbörsen von 17 europäischen Ländern gehandelten
Aktienwerte darstellt.
Auswahlliste
In jedem der 18 Dow Jones EURO STOXX Markt Sektoren Indizes werden die Werte
nach Marktkapitalisierung im Streubesitz eingestuft. Die größten Titel werden der
Auswahlliste hinzugefügt, bis die Deckung etwas weniger als 60% der im Streubesitz
befindlichen Marktkapitalisierung des entsprechenden Dow Jones EURO STOXX
TMI-Index beträgt. Falls der nächste Titel die Deckung absolut gesehen näher an
60% heranbringt, wird er der Auswahlliste hinzugefügt.
Die verbleibenden Titel, die aktuell Bestandteil des Dow Jones EURO STOXX 50SM
sind, kommen ebenfalls auf die Auswahlliste.
Die Titel in der Auswahlliste werden nach Marktkapitalisierung im Streubesitz eingestuft. In Ausnahmefällen kann der Aufsichtsrat von STOXX Limited Titel in die
Auswahlliste aufnehmen bzw. aus der Liste streichen.
Titelauswahl
Die 40 größten Titel auf der Auswahlliste werden als Indexwerte bestimmt.
Alle übrigen aktuellen Werte im Dow Jones EURO STOXX 50SM von 41 bis 60 werden als Indexwerte hinzugefügt.
Beträgt die Anzahl der Indexwerte dann immer noch weniger als 50, werden die
größten Titel auf der Auswahlliste ergänzt, bis der Index 50 Werte aufweist.
Überprüfungshäufigkeit
Die Indexzusammensetzung wird jedes Jahr im September überprüft.
Gewichtung
Der Index wird auf Grundlage der Marktkapitalisierung im Streubesitz gewichtet.
Die Obergrenze des Gewichts jedes Indexwerts liegt bei 10% der gesamten, im Streubesitz befindlichen Index-Marktkapitalisierung. Die Gewichtung wird vierteljährlich überprüft.
Erklärtes Ziel
Die Blue-Chip-Darstellung der Marktsektorführer innerhalb der Eurozone. Umfasst
Belgien, Deutschland, Finnland, Frankreich, Griechenland, Irland, Italien, Luxemburg, die Niederlande, Österreich, Portugal und Spanien.
Besondere
Aspekte
Erfasst ungefähr 60% der im Streubesitz befindlichen Marktkapitalisierung des Dow
Jones EURO STOXX-Gesamtmarktindex, der wiederum ungefähr 95% der im
Streubesitz befindlichen Marktkapitalisierung der vertretenen Länder umfasst.
Faktenübersicht Gewichtung
Anzahl der
Titel
Marktkapitalisierung im Streubesitz mit 10% Gewichtungs-Obergrenze
50
jährlich im September
Berechnung/
Verteilung
Kursrendite (EUR/USD): alle 15 Sekunden während lokaler
Handelszeiten
Gesamtrendite (EUR/USD): Sitzungsende
Dow Jones EURO STOXX 50SM ist eine eingetragene Marke der Stoxx Limited.
42
Basiswert /
Basisdatum
1000 mit Stand 31. Dezember 1991
Archiv
auf Tagesbasis bis 31. Dezember 1986 abrufbar
Einführungsdatum
Februar 1998
Abrechnungsvorgang
Der Abrechnungs-Indexwert wird täglich als Durchschnitt der 41
Indexwerte berechnet, die zwischen 5:50:00 Uhr EST und 6:00:00
Uhr EST (11:50:00 Uhr MEZ und 12:00:00 Uhr MEZ) weitergegeben werden.*
Entwicklung
Kürzel
EURO STOXX50SM EURO STOXX50SM EURO STOXX50SM EURO STOXX50SM
Kurs EUR
Rendite EUR
Kurs USD
Rendite USD
ISIN
BB Ticker
Global Topic
ILX
Reuters
S&P ComStock
EU0009658145
SX5E Index
=SX5E.STX
SX5E-STX
.STOXX50E
FESX-STX
Branchengewichtung
EU0009658152
SX5T Index
=SX5T.STX
SX5T-STX
.STOXX50ER
SX5T-STX
(%)
Die Branchengewichtung entnehmen Sie bitte
der englischen Version der Beschreibung des
Dow Jones EURO STOXX 50SM.
EU0009658988
SX5K Index
=SX5K.STX
SX5K-STX
.STOXX50ED
SX5K-STX
EU0009658996
SX5U Index
=SX5U.STX
SX5U-STX
.STOXX50EDR
SX5U-STX
Ländergewichtung
(%)
Finnland
Frankreich
Deutschland
Italien
Niederlande
Spanien
5,5
32,5
20,5
11,0
18,5
12,0
43
Zusammensetzung
Gesellschaft
ISIN
Markt Sektor
Float
Factor
Adjusted
Weight (%)
Die Zusammensetzung entnehmen Sie bitte der englischen Version der Beschreibung des Dow Jones
EURO STOXX 50SM.
44
DOW JONES STOXX 50 SM
Index-Universum Das Index-Universum wird definiert als alle Werte in den 18 Dow Jones STOXX
600 SM Markt Sektoren Indizes.
In den Dow Jones STOXX 600 SM Indizes sind die 600 größten, an den Hauptbörsen
von 17 europäischen Ländern gehandelten Aktienwerte enthalten.
Auswahlliste
In jedem der 18 Dow Jones EURO STOXX 600 SM Markt Sektoren Indizes werden
die Werte nach Marktkapitalisierung im Streubesitz eingestuft. Die größten Titel
werden der Auswahlliste hinzugefügt, bis die Deckung etwas weniger als 60% der
im Streubesitz befindlichen Marktkapitalisierung des entsprechenden Dow Jones
EURO STOXX TMI Index beträgt. Falls der nächste Titel die Deckung absolut
gesehen näher an 60% heranbringt, wird er der Auswahlliste hinzugefügt.
Die verbleibenden Titel, die aktuell Bestandteil des Dow Jones EURO STOXX 50SM
sind, kommen ebenfalls auf die Auswahlliste.
Die Titel in der Auswahlliste werden nach Marktkapitalisierung im Streubesitz eingestuft. In Ausnahmefällen kann der Aufsichtsrat von STOXX Limited Titel in die
Auswahlliste aufnehmen bzw. aus der Liste streichen.
Titelauswahl
Alle übrigen aktuellen Werte im Dow Jones EURO STOXX 50SM von 41 bis 60
werden als Indexwerte hinzugefügt.
größten Titel auf der Auswahlliste ergänzt, bis der Index 50 Werte aufweist.
Die Indexzusammensetzung wird jedes Jahr im September überprüft.
Gewichtung
Der Index wird auf Grundlage der Marktkapitalisierung im Streubesitz gewichtet.
Die Obergrenze des Gewichts jedes Indexwerts liegt bei 10% der gesamten, im
Streubesitz befindlichen Index-Marktkapitalisierung. Die Gewichtung wird vierteljährlich überprüft.
Erklärtes Ziel
Die Blue-Chip-Darstellung der Marktsektorführer innerhalb der Eurozone. Umfasst
Belgien, Deutschland, Finnland, Frankreich, Griechenland, Irland, Italien, Luxemburg, die Niederlande, Österreich, Portugal und Spanien.
Besondere
Aspekte
Erfasst ungefähr 60% der im Streubesitz befindlichen Marktkapitalisierung des Dow
Jones EURO STOXX-Gesamtmarktindex, der wiederum ungefähr 95% der im
Streubesitz befindlichen Marktkapitalisierung der vertretenen Länder umfasst.
Anzahl der
Titel
Marktkapitalisierung im Streubesitz mit 10% Gewichtungs-Obergrenze
50
jährlich im September
Berechnung/
Verteilung
Kursrendite (EUR/USD): alle 15 Sekunden während lokaler
Handelszeiten
Gesamtrendite (EUR/USD): Sitzungsende
Dow Jones STOXX 50SM und Dow Jones STOXX 600SM sind eingetragene Marken der Stoxx Limited.
45
Basiswert /
Basisdatum
Archiv
Einführungsdatum
Februar 1998
Abrechnungsvorgang
Der Abrechnungs-Indexwert wird täglich als Durchschnitt der 41
Indexwerte berechnet, die zwischen 5:50:00 Uhr EST und 6:00:00
Uhr EST (11:50:00 Uhr MEZ und 12:00:00 Uhr MEZ) weitergegeben werden.*
Entwicklung
Kürzel
STOXX50SM
Kurs EUR
STOXX50SM
Rendite EUR
STOXX50SM
Kurs USD
STOXX50SM
Rendite USD
ISIN
BB Ticker
Global Topic
ILX
Reuters
S&P ComStock
EU0009658160
SX5P Index
=SX5P.STX
SX5P-STX
.STOXX50
FSTX-STX
EU0009658178
SX5R Index
=SX5R.STX
SX5R-STX
.STOXX50R
SX5R-STX
EU0009659002
SX5L Index
=SX5L.STX
SX5L-STX
.STOXX50D
SX5L-STX
EU0009659010
SX5V Index
=SX5V.STX
SX5V-STX
.STOXX50DR
SX5V-STX
Branchengewichtung
(%)
Die Branchengewichtung entnehmen Sie bitte der
englischen Version der Beschreibung des Dow
Jones STOXX 50SM.
Ländergewichtung
(%)
Finnland
Frankreich
Deutschland
Großbritanien
Italien
Niederlande
Spanien
Schweiz
3,3
9,8
10,6
42,0
3,6
10,4
5,5
14,8
* Abrechnungswerte werden für alle Dow Jones STOXX-Indizes in Echtzeit berechnet.
Gilt nur für Echtzeitversion (EUR-dominiert, Kurs-Gewinn) des Dow Jones EURO STOXX 50SM.
46
Zusammensetzung
Gesellschaft
ISIN
Markt Sektor
Float
Factor
Adjusted
Weight (%)
STOXX 50SM.
47
DOW JONES EURO STOXX SM
Index-Universum Das Index-Universum wird definiert als alle Werte im Dow Jones STOXX
Gesamtmarktindex (Dow Jones STOXX TMI), der 95% der gesamten Marktkapitalisierung der an den Hauptbörsen von 17 europäischen Ländern gehandelten
Aktienwerte darstellt: Belgien, Dänemark, Deutschland, Finnland, Frankreich,
Griechenland, Großbritannien, Irland, Italien, Luxemburg, die Niederlande,
Norwegen, Österreich, Portugal, Schweden, die Schweiz und Spanien.
Der Dow Jones EURO STOXX ist ein Subindex des Dow Jones STOXX 600SM. Er
umfasst Belgien, Deutschland, Finnland, Frankreich, Griechenland, Irland, Italien,
Luxemburg, die Niederlande, Österreich, Portugal und Spanien.
Auswahlliste
Die im Dow Jones STOXX TMI enthaltenen Werte werden nach
Marktkapitalisierung im Streubesitz eingestuft und ergeben die Dow Jones STOXX
600-Auswahlliste. Berücksichtigung findet hierbei nur die Aktiengattung jedes
Unternehmens im Dow Jones STOXX TMI mit der höchsten Liquidität.
Titelauswahl
Dow Jones STOXX Large 200 Index
Ziel: Abdeckung der 200 größten Unternehmen im Dow Jones STOXX TMI.
Zusätzlich werden von den größten verbleibenden Werten auf Rang 171 bis 230, die
aktuell im Large 200 Index enthalten sind, 30 Titel ausgewählt.
größten verbleibenden Titel ergänzt, bis der Index 200 Werte aufweist.
Dow Jones STOXX Mid 200-Index
Ziel: Abdeckung der 200 nächstgrößten Unternehmen im Dow Jones STOXX TMI.
Die 350 größten Titel auf der Auswahlliste werden bestimmt. Von diesen 350 Titeln
wurden 200 bereits in den Large 200-Index aufgenommen; die übrigen 150 Titel
werden für den Mid 200 Index ausgewählt.
aktuell im Large 200 Index bzw. im Mid 200 Index enthalten sind, 50 Titel ausgewählt.
Dow Jones STOXX Small 200 Index
Ziel: Abdeckung der 200 nächstgrößten Unternehmen im Dow Jones STOXX TMI.
Die 550 größten Titel auf der Auswahlliste werden bestimmt. Von diesen 550 Titeln
wurden 400 bereits in den Large 200 Index bzw. den Mid 200 Index aufgenommen;
die übrigen 150 Titel werden für den Small 200 Index ausgewählt.
aktuell im Large 200 Index bzw. im Mid 200 Index enthalten sind, 50 Titel ausgewählt.
Die Large 200, Mid 200 und Small 200 Indizes ergeben zusammen den Dow Jones
STOXX 600SM Index.
Dow Jones EURO STOXX und Dow Jones STOXX 600SM sind eingetragene Marken der Stoxx Limited.
48
Die Zusammensetzung der Indizes werden vierteljährlich überprüft.
Gewichtung
Die Indizes werden auf Grundlage der Marktkapitalisierung im Streubesitz gewichtet.
Erklärtes Ziel
Regionaler Subindex, der vom Dow Jones STOXX 600 Index abgeleitet ist, mit dem
Ziel eine breite, aber dennoch flüssige Darstellung der Unternehmen in der Eurozone
zu bieten.
Besondere
Aspekte
Umfasst große, mittlere und kleine Indizes.
Anzahl der
Titel
Marktkapitalisierung im Streubesitz
Ungefähr 300
Vierteljährlich im März, Juni, September und Dezember
Berechnung/
Verteilung
Kursrendite (EUR): alle 15 Sekunden während lokaler Handelszeiten
Kursrendite (USD) und Gesamtrendite (EUR/ USD): Sitzungsende
Basiswert /
Basisdatum
Archiv
Einführungsdatum
Juni 1998
Entwicklung
Kürzel
EURO STOXX
Kurs EUR
EURO STOXX
Rendite EUR
EURO STOXX
Kurs USD
EURO STOXX
Rendite USD
ISIN
BB Ticker
Global Topic
ILX
Reuters
S&P ComStock
EU0009658186
SXXE Index
=SXXE.STX
SXXE-STX
.STOXXE
SXXE-STX
EU0009658194
SXXT Index
=SXXT.STX
SXXT-STX
.STOXXER
SXXT-STX
EU0009659028
SXXK Index
=SXXK.STX
SXXK-STX
.STOXXED
SXXK-STX
EU0009659036
SXXU Index
=SXXU.STX
SXXU-STX
.STOXXEDR
SXXU-STX
49
Zusammensetzung
Gesellschaft
ISIN
Markt Sektor
Float
Factor
Adjusted
Weight (%)
EURO STOXXSM.
50
Indexberechnung für Indizes der STOXX-Gruppe
Index Formel & Index Divisoren
Die Indizes werden nach der Laspeyres Formel berechnet.
Jeder Index hat einen individuellen Indexdivisor, der entsprechend angepasst wird, um die Kontinuität
des Index bei Kapitalereignissen zu bewahren:
EURO
=
· fit )
∑ ni=1 (pit · qit1 · X it
· basis wert
n
Ct · ∑ i=1(pi0 · qi0 EURO )
i0
=
Mt · basis wert
Bt
n
=
Anzahl der Aktien des Index
pi0
=
Schlusskurs der Aktie (i) zum Basiszeitpunkt
qi0
=
Anzahl der Aktien eines Unternehmens (i) zum Basiszeitpunkt
pit
=
Kurs der Aktie (i) zum aktuellen Zeitpunkt (t)
qit
=
Anzahl der Aktien eines Unternehmens (i) zum Zeitpunkt (t)
fit
Ct
=
Free-float Faktor eines Unternehmens (i) zum Zeitpunkt (t)
=
Adjustierungsfaktor/Korrekturfaktor für die Marktkapitalisierung zum Basiszeitpunkt
t
=
Zeitpunkt der Indexberechnung
Mt
Bt
=
Free-float Marktkapitalisierung des Indizes zum Zeitpunkt (t)
=
Adjustierte Marktkapitalisierung des Basiszeitpunktes zum Zeitpunkt (t)
Indext
X EURO
=
it
basis wert =
Wechselkurs: Währung gegen EURO eines Unternehmens (i) zum Zeitpunkt (t)
1.000 für Style Indizes und Blue-Chip Indizes und 100 für alle anderen Indizes
Datengenauigkeit
Für die Indexberechnung gilt:
-
Eingangsdaten und andere für die Indexberechnung verwendete Daten:
Rundung auf 7 Dezimalstellen
-
Index Divisoren: Rundung auf ganze Zahlen
-
Free-float Faktoren: Rundung auf vier Dezimalstellen
-
Indexstände: Für die Verteilung wird auf zwei Dezimalstellen gerundet.
51
Datenquellen
Für die Berechnung der Indizes werden folgende Datenquellen herangezogen:
-
Handelsplattformen
-
Aufsichtsbehörden
-
Unternehmen
-
Andere Serviceanbieter.
Überwachung von Eingangsdaten
Die Einspeisung der realtime Daten für die Indexberechnung wird überwacht durch:
-
Datenfilter
-
Tools zur Qualitätssicherung
-
Verifizierung durch Sekundärquellen
Korrektur von Eingangsdaten
Korrekturverfahren für fehlerhafte oder fehlende Eingangsdaten:
-
Eingangsdaten: Sofortige Korrektur
-
Realtime Indexstände: Werden nicht rückwirkend korrigiert, da die Indexberechnung realtime erfolgt.
Anpassung des Index Divisors
Bei Kapitalereignissen werden die Index Divisoren mit Hilfe folgender Formel angepasst:
Dt+1
= Dt · ∑ (pit · qit · fit ) ± ∆MC t+1
∑ (pit · qit · fit )
Dt
=
Divisor zum Zeitpunkt (t)
Dt+1
=
Divisor zum Zeitpunkt (t+1)
Pit
=
Aktienkurs des Unternehmens zum Zeitpunkt (t)
fit
=
Free-float Faktor des Unternehmens (i) zum Zeitpunkt (t)
qit
=
Anzahl der Aktien eines Unternehmens (i) zum Zeitpunkt (t)
∆MC t+1 =
Bei Kapitalereignissen von Unternehmen, die zum Zeitpunkt (t+1) wirksam werden,
wird die free-float Kapitalisierung mit den adjustierten Schlusskursen und neuen
Aktienanzahlen zum Zeitpunkt (t+1) berechnet minus der free-float Kapitalisierung
mit den Schlusskursen und alten Aktienanzahlen zum Zeitpunkt (t)
52
DESCRIPTION OF INDICES
DAX® Index
Index concept
Performance index updated every 15 seconds; additional daily calculation of a
DAX® price index
Number of shares
30 German shares covering traditional (“Classic”) and technology (“Tech”)
sectors in the Prime Standard segment
Selection criteria
Exchange volume (order book turnover); Market capitalisation (free float)
Launch date
1 July 1988
Base date and value End of 1987 = 1,000 index points
History
The DAX® was conceived as the successor to the Börsen-Zeitung index, with a
historical time series dating back as far as 1959 (by way of chaining to the older
Hardy Index, with a basis of 100 points on 28 September 1959).
The composition of the Börsen-Zeitung index comprised the following issues:
AEG, Allianz, BASF, Bayer, BBC, BMW, Bay. Vereinsbank, Commerzbank,
Daimler, Degussa, Deutsche Babcock, Deutsche Bank, Dresdner Bank, Hoechst,
Kali Salz, Karstadt, Kaufhof, KHD, Linde, Lufthansa, MAN, Mannesmann,
Preussag, PWA, RWE, Schering, Siemens, Thyssen, Veba and VW (equally
weighted at 1/30 each).
Weighting
Number of shares in free float
Adjustments
Adjustments for capital changes, subscription rights and dividends (gross dividend
– Bardividende – exclusive of corporation tax credits)
last cum price
ci =
last cum price - calculated price down
Changes in
composition
The chaining factor Kt is adjusted to avoid a gap in the index in the event of
changes in the index composition:
®
Kt = Kt – 1 · DAX® (old composition)
DAX (new composition)
Chaining
The cit factors are reset to 1 every three months.
The number of shares and the free float percentage are also updated quarterly.
To avoid any gap in the index, the chaining factor is recalculated.
Calculation periods 9:00 a.m. – 8:00 p.m. (based on Xetra® price data); additionally, an index based
on daily settlement prices is calculated once a day
ID codes
DAX
DAXK
WKN: 846900 ISIN: DE0008469008
WKN: 846744 ISIN: DE0008467440
Development
DAX® and XETRA® are registered trademarks of Deutsche Börse AG
DAX® (performance index)
DAX® (price index)
53
Calculation of the
DAX® Index
DAXt = K tl ·
∑ (pi0 · qi0)
· 1,000
whereby t0
=
30 December 1987
t1
=
Chaining date
pit
=
Current price of share i
ffitl =
Free float of share class i as at the chaining date
qit1 =
Number of shares of class i as at the chaining date
pi0 =
Share price of company i on 30 December 1987
qi0 =
Number of shares of class i on 30 December 1987
cit
Current adjustment factor of share i
=
K t1 =
Chaining factor
If the entire fraction is reduced to higher terms by 100 / ∑ qi0 the following
formula is obtained:
100 ])
i0 · 1,000
DAXt =
100 )
∑ (pi0 · qi0 · ∑q
i0
=
∑ (pit · Fit)
A
· 1,000
The weighting used in the index formula is the number of shares in free float ffit1* qit
A is a constant that only changes in the event of changes in the index
composition.
It is thus possible to re-calculate the index in three steps:
a) current market prices are multiplied by Fit;
b) the results of this multiplication are added and divided by A;
c) the result is multiplied by the base value of 1,000.
The current percentage weight (Git) of any share in the DAX® index is equivalent
to the proportion of its current market value relative to the aggregate of all
current market values. Git reflects an instrument’s “impact” on the index, and
can be calculated as follows:
pit · Fit
· 100
Git =
· 100 =
∑ (pit · Fit )
54
DAX® Weightings 8/25/03
Share
ISIN
ADIDAS-SALOMON AG O.N.
ALLIANZ AG VNA O.N.
ALTANA AG O.N.
BASF AG O.N.
BAY.HYPO-VEREINSBK.O.N.
BAY.MOTOREN WERKE AG ST
BAYER AG O.N.
COMMERZBANK AG O.N.
DAIMLERCHRYSLER AG NA O.N.
DEUTSCHE BANK AG NA O.N.
DEUTSCHE BOERSE NA O.N.
DEUTSCHE POST AG NA O.N.
DT.TELEKOM AG NA
E.ON AG O.N.
FRESEN.MED.CARE AG O.N.
HENKEL KGAA VZO O.N.
INFINEON TECH.AG NA O.N.
LINDE AG O.N.
LUFTHANSA AG VNA O.N.
MAN AG ST O.N.
METRO AG ST O.N.
MLP AG
MUENCH.RUECKVERS.VNA O.N.
RWE AG ST O.N.
SAP AG ST O.N.
SCHERING AG O.N.
SIEMENS AG NA
THYSSENKRUPP AG O.N.
TUI AG O.N.
VOLKSWAGEN AG ST O.N.
DE0005003404
Consumer
DE0008404005
Insurance
DE0007600801
Pharma + Healthcare
DE0005151005
Chemicals
DE0008022005
Banks
DE0005190003
Automobile
DE0005752000
Chemicals
DE0008032004
Banks
DE0007100000
Automobile
DE0005140008
Banks
DE0005810055
Financial services
DE0005552004 Transportation + Logistics
DE0005557508
Telecommunication
DE0007614406
Utilities
DE0005785802
Pharma + Healthcare
DE0006048432
Consumer
DE0006231004
Technology
DE0006483001
Industrial
DE0005937007
Industrial
DE0007257503
Retail
DE0006569908
Financial services
DE0008430026
Insurance
DE0007037129
Utilities
DE0007164600
Software
DE0007172009
Pharma + Healthcare
DE0007236101
Technology
DE0007500001
Industrial
DE0007664005
Automobile
Source: Deutsche Börse AG
Sector
Free float
factor
Weight
1.00
0.85
0.50
0.94
0.69
0.48
0.94
0.74
0.81
1.00
0.95
0.32
0.57
0.88
0.49
1.00
0.60
0.68
0.90
0.72
0.44
0.52
0.67
0.77
0.65
0.87
0.94
0.80
0.69
0.69
0.92%
7.65%
0.91%
6.29%
1.52%
3.09%
3.76%
1.49%
7.80%
8.55%
1.31%
1.43%
9.04%
7.93%
0.43%
0.96%
1.55%
0.86%
1.19%
0.56%
1.30%
0.21%
3.42%
2.74%
5.98%
1.73%
12.82%
1.40%
0.47%
2.69%
55
TecDAX® Index
Basic concept
Performance index updated every 15 seconds; additional calculation of the
TecDAX® price index once a day
Number of shares
30 largest german and international technology companies (beneath the DAX®)
from the technology sector in Prime Standard
Selection criteria
Stock exchange turnover (order book turnover)
market capitalization (based on Free float)
Introduction date
24.03.2003
Weighting
Number of free float shares
Adjustments
For capital changes, subscription rights and dividends (gross dividend without
corporate income tax).
last price without markdown
ci =
last price without markdown - calculated deduction
Changes of index
composition
For any changes in the index composition a new factor Kt is composition
calculated to avoid inconsistencies in the index calculation.
®
Kt = Kt – 1 · TecDAX® (old composition)
TecDAX (new composition)
Chaining
The cit factors are reset to 1 quarterly. The number of shares and the free float
percentage are also updated quarterly. To avoid any gap in the index, the chaining factor is recalculated. The index composition is reviewed every six month.
In case of a change to the composition, the capitalisation of any component issue
is capped at 10% of the overall index capitalisation.
Base date
Year end 1997 = 1,000
Calculation
intervalls
Abbreviations
9.00 a.m. - 8.00 p.m. every 15 seconds based on Xetra® prices. In addition, the
TecDAX® „daily settlement“ index is calculated once a day using „daily
settlement“ prices
TDPX WKN: 720327 ISIN: DE0007203275 TecDAX® (performance index)
TDXK WKN: 720328 ISIN: DE0007203283 TecDAX® (price index)
Development
TecDAX®, DAX® and XETRA® are registered trademarks of Deutsche Börse AG.
56
Computation of the
TecDAX® Index
TecDAXt = K tl ·
with
∑ (pi0 · qi0)
· 1,000
t0 =
December 30, 1997
t1 =
day of chaining
pit =
actual price of individual stock
ffitl =
free float-factor as at review date
qit1 =
number of shares of individual stock as at review date
pi0 =
price of individual stock as at December 30, 1997
qi0 =
number of shares of individual stock as at December 30, 1997
cit =
actual adjustment factor of individual stock
K t1 =
chaining factor
If the whole fraction is reduced to higher terms by 100 / ∑ qi0 the following
TecDAXt =
=
∑ (pit · [ffit1 · qit1 · cit · K t1 · 100 ])
∑q i0
· 1,000
100 )
∑ (pi0 · qi0 ·
∑q i0
∑ (pit · Fit)
A
· 1,000
The weighting used in the index formula is the number of shares in free float
ffit1* qit .
The index computation can thus be checked in three steps:
a) the current market prices are multiplied by Fit
b) the products thus determined are summed up and divided by A
c) the result is multiplied by the base figure of 1,000.
The proportion of the TecDAX® that a share currently represents, expressed in % (Git),
is equivalent to the current market cap of the company expressed as a proportion
of the current total market cap of all companies included in the index. Git reflects
the "impact" a company has on the index and can be calculated as follows:
pit · Fit
Git =
· 100 =
· 100
∑ (pit · Fit )
57
TecDAX® Weightings 8/25/03
Share
ISIN
AIXTRON AG O.N.
AT+S AUSTR.T.+SYSTEMT.
BB BIOTECH INH. SF 1
DRAEGERWERK VORZ.A.O.N.
ELMOS SEMICONDUCTOR AG
EPCOS AG NA O.N.
EVOTEC OAI AG O.N.
FJH AG O.N.
GPC BIOTECH AG
IDS SCHEER AG O.N.
IXOS SOFTWARE AG O.N.
JENOPTIK AG O.N.
KONTRON AG O.N.
LION BIOSCIENCE AG O.N.
MEDIGENE NA O.N.
MICRONAS SEM.HLDG NA SF 1
MOBILCOM AG O.N.
NORDEX O.N.
PFEIFFER VACUUM TECH.O.N.
PLAMBECK N.ENERG.AG NA
QIAGEN NV EO -,01
REPOWER SYSTEMS AG
SAP SYSTEMS INTEGR.O.N.
SCM MICROSYSTEMS DL-,001
SINGULUS TECHNOL.
SOFTWARE AG NA O.N.
T-ONLINE INTERN. NA O.N.
UTD.INTERNET AG NA
WEB.DE AG
WEDECO AG O.N.
DE0005066203
AT0000969985
CH0001441580
DE0005550636
DE0005677108
DE0005128003
DE0005664809
DE0005130108
DE0005851505
DE0006257009
DE0005061501
DE0006229107
DE0006053952
DE0005043509
DE0005020903
CH0012337421
DE0006622400
DE0005873574
DE0006916604
DE0006910326
NL0000240000
DE0006177033
DE0005011118
US7840181033
DE0007238909
DE0003304002
DE0005557706
DE0005089031
DE0005296503
DE0005141808
Sector
Technology
Technology
Pharma + Healthcare
Pharma + Healthcare
Technology
Technology
Pharma + Healthcare
Software
Pharma + Healthcare
Software
Software
Industrial
Technology
Pharma + Healthcare
Pharma + Healthcare
Technology
Telecommunication
Industrial
Industrial
Industrial
Pharma + Healthcare
Industrial
Software
Technology
Industrial
Software
Software
Software
Software
Industrial
Free float
factor
Weight
0.77
0.52
0.92
1.00
0.42
0.75
0.95
0.49
0.92
0.42
0.75
0.81
0.87
0.75
1.00
1.00
0.29
0.63
1.00
0.69
0.95
0.50
0.30
1.00
1.00
0.68
0.22
0.43
0.38
0.75
3.05%
1.50%
8.85%
3.06%
0.93%
8.31%
2.00%
1.16%
1.31%
1.92%
1.08%
4.27%
2.23%
0.79%
0.50%
7.79%
2.20%
0.37%
2.91%
0.36%
11.98%
0.61%
1.67%
1.05%
8.48%
3.72%
10.14%
4.99%
1.55%
1.23%
58
Midcap Index – MDAX®
Index concept
Performance index updated at 60 second intervals; additional daily calculation of
an MDAX® price index
Number of shares
The 50 largest German and foreign companies from the traditional (“Classic”)
sectors (not included in the DAX®) listed in the Prime Standard segment
Selection criteria
Launch date
19 January 1996
Weighting
Adjustments
last cum price
ci =
last cum price - calculated price down
Changes in
composition
®
Kt = Kt – 1 · MDAX® (old composition)
MDAX (new composition)
Chaining
Calculation
periods
ID codes
The cit factors are reset to 1 quarterly. The number of shares and the free float
percentage are also updated quarterly. To avoid any gap in the index, the chaining
factor is recalculated. The index composition is reviewed every six month. In
case of a change to the composition, the capitalisation of any component issue is
capped at 10% of the overall index capitalisation.
9:00 a.m. – 8:00 p.m. (based on Xetra® price data). Additionally, a settlement
index is calculated once a day.
MDAX WKN: 846741 ISIN: DE0008467416 MDAX® (performenace index)
MKDX WKN: 846753 ISIN: DE0008467531 MDAX® (price index)
Development
MDAX®, DAX® and Xetra® are registered trademarks of Deutsche Börse AG.
59
Calculation of the
MDAX® Index
MDAXt = K tl ·
∑ (pi0 · qi0)
· 1,000
whereby: t0 =
30 December 1987
t1 =
Last chaining date
pit =
Current share price of company i
ffitl =
qit1 =
Number of shares of company i as at the chaining date
pi0 =
Closing price of company i on December 30, 1987
qi0 =
Number of shares of company i on December 30, 1987
cit =
Current adjustment factor of company i
K t1 =
chaining factor
∑q i0
MDAXt =
· 1,000
100 )
∑ (pi0 · qi0 ·
∑q i0
=
∑ (pit · Fit)
A
· 1,000
The weighting used in the index formula is the number of shares in free float:
ffit1* qit.
A is a constant that only changes in the event of changes in the index composition.
The current percentage weight (Git) of any share in the MDAX® index is
equivalent to the proportion of its current market value relative to the aggregate
of all current market values. Git reflects an instrument’s “impact” on the index,
and can be calculated as follows:
pit · Fit
· 100
Git =
· 100 =
∑ (pit · Fit )
60
MDAX® Weightings 8/25/03
Share
ISIN
Sector
AAREAL BANK AG
AMB GENERALI HOLDING AG
AWD HOLDING AG O.N.
BEIERSDORF AG O.N.
BERU AG O.N.
BILFINGER BERGER AG
CELANESE AG O.N.
CELESIO AG O.N.
CONTINENTAL AG O.N.
DEGUSSA AG O.N.
DEPFA BANK PLC EO 3
DOUGLAS HOLDING O.N.
DYCKERHOFF VZO O.N.
EUROP.AERON.DEF.+SP. EADS
FIELMANN AG O.N.
FRAPORT AG FFM.AIRPORT
FRESENIUS AG VZ O.ST O.N.
HANN.RUECKVER.AG NA O.N.
HEIDELBERG.DRUCKMA.O.N.
HEIDELBERGCEMENT ST O.N.
HOCHTIEF AG
HUGO BOSS AG VZO O.N.
IKB DT.INDUSTRIEBANK O.N.
IVG IMMOBILIEN AG O.N.
IWKA AG O.N.
K+S AG O.N.
KARSTADT QUELLE AG O.N.
KOENIG + BAUER AG ST O.N.
KRONES AG VZO O.N.
LEONI AG NA O.N.
MEDION AG O.N.
MERCK KGAA O.N.
MG TECHNOLOGIES AG
NORDDT.AFFINERIE O.N.
PROSIEBENSAT1 O.N.VZO
PUMA AG
RHEINMETALL AG VZ.
RHOEN-KLINIKUM VZO O.N.
SALZGITTER AG O.N.
DE0005408116
Banks
DE0008400029
Insurance
DE0005085906
Financial services
DE0005200000
Consumer
DE0005072102
Automobile
DE0005909006
Construction
DE0005753008
Chemicals
DE0005858005
Retail
DE0005439004
Automobile
DE0005421903
Chemicals
IE0072559994
Banks
DE0006099005
Retail
DE0005591036
Construction
NL0000235190
Industrial
DE0005772206
Retail
DE0005785638
Pharma + Healthcare
DE0008402215
Insurance
DE0007314007
Industrial
DE0006047004
Construction
DE0006070006
Construction
DE0005245534
Consumer
DE0008063306
Banks
DE0006205701
Financial services
DE0006204407
Industrial
DE0007162000
Chemicals
DE0006275001
Retail
DE0007193500
Industrial
DE0006335037
Industrial
DE0005408884
Automobile
DE0006605009
Industrial
DE0006599905
Pharma + Healthcare
DE0006602006
Industrial
DE0006766504
Basic resources
DE0007771172
Media
DE0006969603
Consumer
DE0007030033
Industrial
DE0007042335
Pharma + Healthcare
DE0006202005
Basic resources
Free float
factor
Weight
0.59
0.25
0.45
0.26
0.42
0.75
0.64
0.33
1.00
0.07
0.59
0.75
1.00
0.31
0.29
0.29
1.00
0.25
0.22
0.40
0.27
0.78
0.55
0.46
1.00
0.76
0.29
0.83
1.00
0.80
0.44
1.00
0.59
0.72
0.72
1.00
0.90
1.00
0.54
1.21%
1.90%
0.98%
6.83%
0.59%
1.89%
2.62%
2.83%
8.37%
1.02%
4.77%
1.87%
0.68%
9.98%
0.57%
1.71%
2.43%
1.57%
1.23%
3.42%
0.86%
1.16%
2.17%
1.26%
0.95%
1.66%
2.17%
0.52%
0.57%
0.67%
2.18%
3.17%
2.70%
0.62%
1.60%
4.40%
0.91%
0.86%
0.73%
61
Share
ISIN
SCHWARZ PHARMA AG O.N.
SGL CARBON AG O.N.
STADA ARZNEIMITT.VNA O.N.
SUEDZUCKER MA./OCHS. O.N.
TECHEM O.N.
TELEPLAN INT. NV EO-25
THIEL LOGISTIK AG
VOSSLOH AG O.N.
WCM BET.-U.G. O.N.
WELLA AG VORZ.
ZAPF CREATION AG O.N.
DE0007221905
Pharma + Healthcare
DE0007235301
Chemicals
DE0007251803
Pharma + Healthcare
DE0007297004
Food + Beverages
DE0005471601
Industrial
NL0000229458
Industrial
LU0106198319 Transportation + Logistics
DE0007667107
Industrial
DE0007801003
Industrial
DE0007765638
Consumer
DE0007806002
Consumer
Sector
Free float
factor
Weight
0.33
0.95
1.00
0.33
0.74
0.80
0.50
0.49
0.55
0.83
1.00
0.88%
1.02%
2.80%
2.32%
0.73%
0.22%
0.57%
0.73%
0.96%
3.51%
0.68%
62
Smallcap Index – SDAX®
Index concept
Performance index updated at 60 second intervals. Additional daily calculation of
an SDAX® price index
Number of shares
The 50 largest German and international companies from the traditional (“Classic”)
sectors (not included in the DAX® or MDAX®) listed in the Prime Standard segment
Selection criteria
Launch date
21 June 1999
Weighting
Adjustments
ci =
Changes in
composition
last cum price
last cum price - calculated pricedown
®
Kt = Kt – 1 · SDAX® (old composition)
SDAX (new composition)
Chaining
The cit factors are reset to 1 every three months. The number of shares and the
free float percentage are also updated quarterly. The capitalisation of any
component issue is capped at 10% of the overall index capitalisation. To avoid
any gap in the index, the chaining factor is recalculated.
Calculation periods 9:00 a.m. – 8:00 p.m. (based on Xetra® price data). Additionally, a settlement
index is calculated once a day.
ID codes
SDXP
SDXK
WKN: 965338 ISIN: DE0009653386
WKN: 965339 ISIN: DE0009653394
Development
SDAX®, DAX® and Xetra® are registered trademarks of Deutsche Börse AG.
SDAX® (performance index)
SDAX® (price index)
63
Calculation of the
SDAX® Index
SDAXt = K tl ·
whereby: t0 =
∑ (pi0 · qi0)
· 1,000
December 30, 1987
t1 =
Last chaining date
pit =
Current share price of company i
ffitl =
qit1 =
Number of shares of company i as at the chaining date
pi0 =
Closing price of company i on December 30, 1987
qi0 =
Number of shares of company i on December 30, 1987
cit =
Current adjustment factor of company i
K t1 =
chaining factor
SDAXt =
=
∑q i0
· 1,000
100 )
∑ (pi0 · qi0 · ∑q
i0
∑ (pit · Fit)
A
· 1,000
The weighting used in the index formula is the number of shares in free float:
ffit1* qit.
A is a constant that only changes in the event of changes in the index composition.
The current percentage weight (Git) of any share in the SDAX® index is
equivalent to the proportion of its current market value relative to the aggregate
of all current market values. Git reflects an instrument’s “impact” on the index,
and can be calculated as follows:
pit · Fit
Git =
· 100 =
· 100
∑ (pit · Fit )
64
SDAX® Weightings 8/25/03
Share
ISIN
ACG ADV.COMP.GRP
AGIV REAL ESTATE O.N.
AIG INTERNAT. REAL NA
AVA AG O.N.
BALDA AG O.N.
BEATE UHSE AG
BHW HOLDING AG O.N.
BOEWE SYSTEC AG O.N.
CE CONSUMER ELECTR.O.N
CEWE COLOR HOLDING O.N.
COMDIRECT BANK AG
D. LOGISTICS AG O.N.
DAB BANK AG
DEUTSCHE EUROSHOP AG O.N.
DEUTZ AG O.N.
DIS DEUT.IND.SERV.O.N.
DT.BETEILIG.AG O.N.
DUERR AG O.N.
EM.TV+MERCHANDI.O.N.
ESCADA AG O.N.
FUCHS PETROL.AG VZO O.N.
GERICOM AG
GERRY WEBER INTERNAT.O.N.
GFK AG O.N.
GILDEMEISTER AG O.N.
GRENKELEASING AG O.N.
HAWESKO HOLDING AG SVG
HIGHLIGHT CMNCTS DZ 1/10
HOLSTEN-BRAUEREI AG O.N.
HORNBACH-BAUMARKT O.N.
HORNBACH HOLD.VZO O.N.
INDUS HOLDING AG
JUNGHEINRICH AG O.N.VZO
KLOECKNER-WERKE O.N.
KOLBENSCHMIDT PIERB.O.N.
LOEWE AG O.N.
MANNHEIMER AG HOL.O.N.VNA
MEDICLIN AG
MPC MUENCH.PET.CAP.O.N.
MVV ENERGIE AG O.N.
PFLEIDERER AG
PHOENIX AG O.N.
RATIONAL AG
SAUER-DANFOSS INC. DL-,01
SIXT AG ST O.N.
TAG TEGERNSEE IMMOB.
TAKKT AG O.N.
VILLEROY + BOCH AG VZ
VIVA MEDIA NA O.N.
W.E.T.AUTOM.S.AG O.N.
DE0005007702
Industrial
DE0006911324
Financial services
DE0006344211
Financial services
DE0005088504
Retail
DE0005215107
Industrial
DE0007551400
Retail
DE0005223903
Financial services
DE0005239701
Industrial
DE0005082226
Industrial
DE0005403901
Consumer
DE0005428007
Financial services
DE0005072300
Financial services
DE0007480204
Financial services
DE0006305006
Industrial
DE0005016901
Industrial
DE0005508105
Industrial
DE0005565204
Industrial
DE0005684807
Media
DE0005692107
Consumer
DE0005790430
Chemicals
AT0000729108
Industrial
DE0003304101
Consumer
DE0005875306
Industrial
DE0005878003
Industrial
DE0005865901
Financial services
DE0006042708
Retail
CH0006539198
Media
DE0006081003
Food + Beverages
DE0006084403
Retail
DE0006083439
Retail
DE0006200108
Industrial
DE0006219934
Industrial
DE0006780000
Industrial
DE0007037905
Automobile
DE0006494107
Consumer
DE0008428004
Insurance
DE0006595101
Pharma + Healthcare
DE0005187603
Financial services
DE0007255903
Utilities
DE0006764749
Industrial
DE0006031008
Automobile
DE0007010803
Industrial
US8041371076
Industrial
DE0007231326 Transportation+Logistics
DE0008303504
Financial services
DE0007446007
Retail
DE0007657231
Consumer
DE0006171069
Media
DE0005081608
Automobile
Sector
Free float
factor
Weight
0.94
0.40
0.81
0.28
0.40
0.34
0.07
0.46
0.85
0.54
0.16
0.60
0.24
0.56
0.64
0.50
0.42
0.27
0.51
0.69
1.00
0.34
0.54
0.36
0.93
0.39
0.60
0.83
0.40
0.15
0.83
0.45
1.00
0.17
0.14
0.65
0.77
0.36
0.31
0.12
0.30
0.60
0.26
0.23
0.32
0.82
0.21
0.93
0.29
0.34
0.88%
0.62%
1.25%
5.12%
1.28%
3.41%
2.07%
1.75%
1.22%
1.19%
3.42%
0.86%
2.33%
5.51%
2.47%
2.29%
1.17%
1.36%
2.18%
1.08%
2.91%
0.73%
1.49%
3.68%
3.64%
1.78%
1.03%
2.27%
5.18%
1.27%
3.67%
3.58%
4.09%
1.33%
1.61%
0.94%
0.71%
0.45%
1.12%
1.96%
0.84%
1.73%
2.48%
2.66%
1.08%
0.67%
1.39%
1.92%
1.06%
1.26%
65
DOW JONES EURO STOXX 50 SM
Index universe
The index universe is defined as all components of the 18 Dow Jones EURO STOXX
market sector indexes. The Dow Jones EURO STOXX market sector indexes represent
the Eurozone portion of the Dow Jones STOXX Total Market Index, which in turn
covers 95% of the total market capitalization of the stocks traded on the major exchanges
of 17 European countries.
Selection list
Within each of the 18 Dow Jones EURO STOXX market sector indexes, the component
stocks are ranked by free-float market capitalization. The largest stocks are added to
the selection list until the coverage is close to, but still less than, 60% of the freefloat market capitalization of the corresponding Dow Jones EURO STOXX TMI
market sector index. If the next-ranked stock brings the coverage closer to 60% in
absolute terms, then it is also added to the selection list.
Any remaining stocks that are current Dow Jones EURO STOXX 50SM components
are added to the selection list.
The stocks on the selection list are ranked by free-float market capitalization. In
exceptional cases, the STOXX Limited Supervisory Board may make additions and
deletions to the selection list.
Stock selection
The 40 largest stocks on the selection list are chosen as components.
Any remaining current components of the Dow Jones EURO STOXX 50SM ranked
between 41 and 60 are added as index components.
If the component number is still below 50, then the largest stocks on the selection
list are added until the index contains 50 stocks.
Review
frequency
Weighting
The index composition is reviewed annually in September.
The index is weighted by free-float market capitalization. Each component’s weight
is capped at 10% of the index’s total free-float market capitalization. Weights are
reviewed quarterly.
Stated objective To provide a blue-chip representation of market sector leaders in the Eurozone.
Covers Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Portugal and Spain.
Unique aspects
Captures approximately 60% of the free-float market capitalization of the Dow Jones
EURO STOXX Total Market Index, which in turn covers approximately 95% of the
free-float market capitalization of the represented countries.
Quick facts
Weighting
Free-float market capitalization subject to 10% weighting cap
Component
Number
50
Review
Frequency
Annually, in September
Calculation/
Distribution
Price Return (EUR/USD): Every 15 seconds during local trading
hours
Total Return (EUR/USD): End-of-day
Dow Jones EURO STOXX 50 is a registered trademark of Stoxx Limited.
SM
66
Base Value /
Base Date
1,000 as of December 31, 1991
History
Available daily back to December 31, 1986
Date
Introduced
February 1998
Settlement
Procedure
The settlement index value is calculated daily as the average of the
41 index values disseminated between 5:50:00 EST and 6:00:00 EST
(11:50:00 CET and 12:00:00 CET).*
Development
Symbols
EURO STOXX50SM EURO STOXX50SM EURO STOXX50SM EURO STOXX50SM
Price EUR
Return EUR
Price USD
Return USD
ISIN
BB Ticker
Global Topic
ILX
Reuters
S&P ComStock
EU0009658145
SX5E Index
=SX5E.STX
SX5E-STX
.STOXX50E
FESX-STX
Sector Weighting
Energy
Technology
Telecommunications
Healthcare
Food & Beverage
Banks
Insurance
Automobiles
Utilities
Noncyclical Good & Services
Cyclical Good & Services
Chemicals
Financial Services
Media
Construction
EU0009658152
SX5T Index
=SX5T.STX
SX5T-STX
.STOXX50ER
SX5T-STX
(%)
19
10
11
4
4
18
9
3
6
4
3
4
2
1
2
EU0009658988
SX5K Index
=SX5K.STX
SX5K-STX
.STOXX50ED
SX5K-STX
EU0009658996
SX5U Index
=SX5U.STX
SX5U-STX
.STOXX50EDR
SX5U-STX
Country Weighting
(%)
Finland
France
Germany
Italy
Netherlands
Spain
5.5
32.5
20.5
11.0
18.5
12.0
* Settlement values are calculated for all real-time Dow Jones STOXX indexes.
Applies only to the real-time (euro-dominated, price-return) version of the Dow Jones EURO STOXX 50SM.
67
Components
Company
ISIN
Market Sector
TOTAL FINA ELF
ROYAL DUTCH PETROLEUM
NOKIA
TELEFONICA
SIEMENS
BNP
BCO SANTANDER CENTRAL HIS
ENI
DEUTSCHE TELEKOM
BCO BILBAO VIZCAYA ARGENT
ING GROEP
AVENTIS
DEUTSCHE BANK R
UNILEVER NV
E.ON
DAIMLERCHRYSLER
ALLIANZ
PHILIPS ELECTRONICS
GROUPE SOCIETE GENERALE
ABN AMRO
CARREFOUR SUPERMARCHE
BASF
AXA UAP
ASSICURAZIONI GENERALI
FORTIS
FRANCE TELECOM
TELECOM ITALIA
L'OREAL
UNICREDITO ITALIANO
SANOFI SYNTHELABO
VIVENDI UNIVERSAL
GROUPE DANONE
TIM
AEGON
REPSOL YPF
ENDESA
BAYER
AIR LIQUIDE
SUEZ
SAINT GOBAIN
MUENCHENER RUECKVER R
LVMH MOET HENNESSY
ENEL
ALCATEL
SAN PAOLO IMI
LAFARGE
VOLKSWAGEN
RWE
AHOLD
BAYERISCHE HYPO & VEREINS
FR0000120271
NL0000009470
FI0009000681
ES0178430E18
DE0007236101
FR0000131104
ES0113900J37
IT0003132476
DE0005557508
ES0113211835
NL0000303600
FR0000130460
DE0005140008
NL0000009348
DE0007614406
DE0007100000
DE0008404005
NL0000009538
FR0000130809
NL0000301109
FR0000120172
DE0005151005
FR0000120628
IT0000062072
BE0003801181
FR0000133308
IT0003497168
FR0000120321
IT0000064854
FR0000120578
FR0000127771
FR0000120644
IT0001052049
NL0000301760
ES0173516115
ES0130670112
DE0005752000
FR0000120073
FR0000120529
FR0000125007
DE0008430026
FR0000121014
IT0003128367
FR0000130007
IT0001269361
FR0000120537
DE0007664005
DE0007037129
NL0000331817
DE0008022005
Energy
Energy
Technology
Telecommunications
Technology
Banks
Banks
Energy
Telecommunications
Banks
Insurance
Healthcare
Banks
Food & Beverage
Utilities
Automobiles
Insurance
Cyclical Goods & Services
Banks
Banks
Noncyclical Goods & Services
Chemicals
Insurance
Insurance
Financial Services
Telecommunications
Telecommunications
Banks
Healthcare
Media
Food & Beverage
Telecommunications
Insurance
Energy
Utilities
Chemicals
Chemicals
Utilities
Construction
Insurance
Utilities
Technology
Banks
Construction
Automobiles
Utilities
Banks
Float
Factor
Adjusted
Weight (%)
1.00
1.00
1.00
0.94
0.93
0.94
1.00
0.64
0.57
1.00
0.88
0.87
1.00
1.00
0.88
0.81
0.85
1.00
1.00
0.94
0.80
0.94
0.79
0.86
1.00
0.41
0.89
0.47
0.74
0.51
1.00
0.95
0.44
0.88
0.77
0.90
0.94
1.00
0.93
1.00
0.67
0.47
0.32
0.89
0.84
1.00
0.69
0.75
1.00
0.69
Company additions to and deletions from the Dow Jones STOXX 50 SM index do not in any way reflect an opinion on the investment merits of the company.
All data as of August 25, 2003
Source: Stoxx Limited
7.66
6.84
5.33
4.11
3.64
3.06
2.95
2.82
2.57
2.50
2.50
2.46
2.43
2.34
2.25
2.22
2.17
2.13
2.04
1.95
1.92
1.79
1.79
1.75
1.70
1.66
1.57
1.57
1.57
1.44
1.34
1.29
1.19
1.18
1.15
1.08
1.07
1.07
1.06
0.97
0.97
0.97
0.86
0.85
0.85
0.80
0.76
0.76
0.61
0.43
68
DOW JONES STOXX 50 SM
Index universe
The index universe is defined as all components of the 18 Dow Jones STOXX 600
market sector indexes. The Dow Jones STOXX 600 market sector indexes contain
the 600 largest stocks traded on the major exchanges of 17 European countries.
Selection list
For each of the 18 Dow Jones STOXX 600 market sector indexes, the component
stocks are ranked by free-float market capitalization. The largest stocks are added to
the selection list until the coverage is close to, but still less than, 60% of the freefloat market capitalization of the corresponding Dow Jones STOXX TMI market
sector index. If the next-ranked stock brings the coverage closer to 60% in absolute
terms, then it is also added to the selection list.
Any remaining stocks that are current Dow Jones STOXX 50 SM components are added
to the selection list.
The stocks on the selection list are ranked by free-float market capitalization. In
exceptional cases, the STOXX Limited Supervisory Board may make additions and
deletions to the selection list.
Stock selection
The 40 largest stocks on the selection list are chosen as components.
Any remaining current components of the Dow Jones STOXX 50 SM ranked between
41 and 60 are added as index components.
If the component number is still below 50, then the largest stocks on the selection
list are added until the index contains 50 stocks.
Review
frequency
Weighting
The index composition is reviewed annually in September.
The index is weighted by free-float market capitalization. Each component’s weight
is capped at 10% of the index’s total free-float market capitalization. Weights are
reviewed quarterly.
Stated objective To provide a blue-chip representation of market sector leaders in Europe. Covers
Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and
the U.K.
Unique aspects
Captures approximately 60% of the free-float market capitalization of the Dow Jones
STOXX Total Market Index, which in turn covers approximately 95% of the freefloat market capitalization of the represented countries.
Quick facts
Weighting
Free-float market capitalization subject to 10% weighting cap
Component
Number
50
Review
Frequency
Annually, in September
Calculation/
Distribution
Price Return (EUR/USD): Every 15 seconds during local trading
hours.
Total Return (EUR/USD): End-of-day.
Dow Jones STOXX 50SM is a registered trademark of Stoxx Limited.
69
Base Value /
Base Date
1,000 as of December 31,1991
History
Available daily back to December 31,1986
Date
Introduced
February 1998
Settlement
Procedure
The settlement index value is calculated daily as the average of the
41 index values disseminated between 5:50:00 EST and 6:00:00 EST
(11:50:00 CET and 12:00:00 CET).*
Development
Symbols
STOXX50SM
Price EUR
STOXX50SM
Return EUR
STOXX50SM
Price USD
STOXX50SM
Return USD
ISIN
BB Ticker
Global Topic
ILX
Reuters
S&P ComStock
EU0009658160
SX5P Index
=SX5P.STX
SX5P-STX
.STOXX50
FSTX-STX
EU0009658178
SX5R Index
=SX5R.STX
SX5R-STX
.STOXX50R
SX5R-STX
EU0009659002
SX5L Index
=SX5L.STX
SX5L-STX
.STOXX50D
SX5L-STX
EU0009659010
SX5V Index
=SX5V.STX
SX5V-STX
.STOXX50DR
SX5V-STX
Sector Weighting
(%)
Country Weighting
(%)
Energy
Technology
Telecommunications
Healthcare
Food & Beverage
Banks
Insurance
Automobiles
Utilities
Noncyclical Good & Services
Cyclical Good & Services
Chemicals
Financial Services
19
5
12
14.5
6
26
7.5
1
2
3
1
2
1
Finland
France
Germany
Great-Britain
Italy
Netherlands
Spain
Switzerland
3.3
9.8
10.6
42.0
3.6
10.4
5.5
14.8
* Settlement values are calculated for all real-time Dow Jones STOXX indexes.
Applies only to the real-time (euro-dominated, price-return) version of the Dow Jones STOXX 50SM.
70
Components
Company
ISIN
Market Sector
BP PLC
HSBC
VODAFONE GROUP
GLAXOSMITHKLINE
TOTAL FINA ELF
NOVARTIS R
NESTLE R
NOKIA
ROYAL BANK OF SCOTLAND GR
UBS R
SHELL TRANSPORT&TRADNG
ASTRAZENECA
TELEFONICA
ROCHE PC
SIEMENS
BARCLAYS
HBOS
BNP
ENI
LLOYDS TSB GRP
CREDIT SUISSE GRP R
DEUTSCHE TELEKOM
ING GROEP
DIAGEO
DEUTSCHE BANK R
UNILEVER NV
E.ON
DAIMLERCHRYSLER
ALLIANZ
PHILIPS ELECTRONICS
ABN AMRO
BT GROUP PLC
BASF
AXA UAP
TESCO
FORTIS
TELECOM ITALIA
L'OREAL
SWISS RE
AVIVA
AEGON
BAYER
SUEZ
PRUDENTIAL CORPORATION
GB0007980591
GB0005405286
GB0007192106
GB0009252882
FR0000120271
CH0012005267
NL0000009470
CH0012056047
FI0009000681
GB0007547838
CH0012032030
GB0008034141
GB0009895292
ES0178430E18
CH0012032048
DE0007236101
GB0031348658
GB0030587504
FR0000131104
ES0113900J37
IT0003132476
GB0008706128
CH0012138530
DE0005557508
ES0113211835
NL0000303600
GB0002374006
DE0005140008
NL0000009348
DE0007614406
DE0007100000
DE0008404005
NL0000009538
NL0000301109
FR0000120172
GB0030913577
DE0005151005
FR0000120628
GB0008847096
IT0000062072
BE0003801181
IT0003497168
FR0000120321
CH0012332372
GB0002162385
NL0000301760
DE0005752000
FR0000120529
GB0007099541
DE0008430026
Energy
Banks
Telecommunications
Healthcare
Energy
Healthcare
Energy
Food & Beverage
Technology
Banks
Banks
Energy
Healthcare
Telecommunications
Healthcare
Technology
Banks
Banks
Banks
Banks
Energy
Banks
Banks
Telecommunications
Banks
Insurance
Food & Beverage
Banks
Food & Beverage
Utilities
Automobiles
Insurance
CyclicalGoods&Services
Banks
Telecommunications
Chemicals
Insurance
Insurance
Financial Services
Telecommunications
Insurance
Insurance
Insurance
Chemicals
Utilities
Insurance
Insurance
Float
Factor
Adjusted
Weight (%)
1.00
1.00
1.00
1.00
1.00
0.94
1.00
1.00
1.00
0.95
0.94
1.00
0.95
0.94
1.00
0.93
1.00
1.00
0.94
1.00
0.64
1.00
1.00
0.57
1.00
0.88
1.00
1.00
1.00
0.88
0.81
0.85
1.00
0.94
0.80
1.00
0.94
0.79
1.00
0.86
1.00
0.89
0.47
1.00
1.00
0.88
0.94
0.93
1.00
0.67
Source: Stoxx Limited
6.48
5.78
5.34
4.86
4.45
3.99
3.97
3.66
3.10
2.94
2.70
2.60
2.59
2.38
2.33
2.11
2.05
1.81
1.78
1.71
1.64
1.60
1.53
1.49
1.45
1.45
1.41
1.41
1.36
1.31
1.29
1.26
1.24
1.13
1.12
1.07
1.04
1.04
1.03
1.01
0.99
0.91
0.91
0.85
0.78
0.68
0.62
0.61
0.59
0.56
71
DOW JONES EURO STOXX SM
Index universe
The index universe is defined as all components of the Dow Jones STOXX Total
Market Index (Dow Jones STOXX TMI), which covers 95% of the total market
capitalization of the stocks traded on the major exchanges of 17 European countries:
Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and
the UK. Dow Jones EURO STOXX is a sub index of the Dow Jones STOXX 600.
It covers Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, the Netherlands, Portugal, and Spain.
Selection list
The Dow Jones STOXX TMI stocks are ranked by free-float market capitalization
to produce the Dow Jones STOXX 600 selection list. Only the most liquid stock class
for each company in the Dow Jones STOXX TMI is included.
Stock selection
Dow Jones STOXX Large 200 Index
Target coverage: Largest 200 companies in the Dow Jones STOXX TMI.
The largest 170 stocks on the selection list are selected as components.
An additional 30 stocks are selected from the largest remaining current components
of the Large 200 Index that are ranked between 171 and 230.
If the number of stocks selected is still below 200, then the largest remaining stocks
are selected until the component number reaches 200.
Dow Jones STOXX Mid 200 Index
Target coverage: Next-largest 200 companies in the Dow Jones STOXX TMI.
The largest 350 stocks on the selection list are identified. Of these 350 stocks, 200
stocks have already been selected for the Large 200 Index; the other 150 are selected
for the Mid 200 Index.
An additional 50 stocks are selected from the largest remaining current components
of the Large 200 and Mid 200 indexes that are ranked between 351 and 450.
Dow Jones STOXX Small 200 Index
Target coverage: Next-largest 200 companies in the Dow Jones STOXX TMI.
The largest 550 stocks on the selection list are identified. Of these 550 stocks, 400
stocks have already been selected for the Large 200 and Mid 200 indexes; the other
150 stocks are selected for the Small 200 Index.
An additional 50 stocks are selected from the largest remaining current components of
the Large 200, Mid 200 and Small 200 indexes that are ranked between 551 and 750.
The Large 200, Mid 200 and Small 200 indexes are combined to produce the Dow
Jones STOXX 600SM index.
Dow Jones EURO STOXX 600SM is a registered trademark of Stoxx Limited.
72
Review
frequency
The composition of the indexes is reviewed quarterly.
Weighting
The indexes are weighted by free-float market capitalization.
Stated objective Regional subindex derived from the Dow Jones STOXX 600 index designed to
provide a broad yet liquid representation of Eurozone companies.
Unique aspects
Comprises Large, Mid and Small size Indexes.
Quick facts
Weighting
Free-float market capitalization
Component
Number
approx. 300
Review
Frequency
Quarterly, in March, June, September and December
Calculation/
Distribution
Price Return (EUR): Every 15 seconds during local trading hours
Price Return (USD) and Total Return (EUR/USD): End-of-day
Base Value /
Base Date
100 as of December 31, 1991
History
Available daily back to December 31, 1991
Date
Introduced
June 1998
Development
Symbols
EURO STOXX
Price EUR
EURO STOXX
Return EUR
EURO STOXX
Price USD
EURO STOXX
Return USD
ISIN
BB Ticker
Global Topic
ILX
Reuters
S&P ComStock
EU0009658186
SXXE Index
=SXXE.STX
SXXE-STX
.STOXXE
SXXE-STX
EU0009658194
SXXT Index
=SXXT.STX
SXXT-STX
.STOXXER
SXXT-STX
EU0009659028
SXXK Index
=SXXK.STX
SXXK-STX
.STOXXED
SXXK-STX
EU0009659036
SXXU Index
=SXXU.STX
SXXU-STX
.STOXXEDR
SXXU-STX
73
Components
Company
ISIN
Market Sector
BP PLC
HSBC
VODAFONE GROUP
GLAXOSMITHKLINE
TOTAL
NOVARTIS R
NESTLE R
NOKIA
ROYAL BANK OF SCOTLAND GR
UBS R
SHELL TRANSPORT&TRADNG
ASTRAZENECA
TELEFONICA
ROCHE PC
SIEMENS
BARCLAYS
HBOS
BNP
ENI
LLOYDS TSB GRP
CREDIT SUISSE GRP R
DEUTSCHE TELEKOM
ING GROEP
AVENTIS
DIAGEO
DEUTSCHE BANK R
UNILEVER NV
E.ON
DAIMLERCHRYSLER
ALLIANZ
PHILIPS ELECTRONICS
GROUPE SOCIETE GENERALE
ABN AMRO
ANGLO AMERICAN
BT GROUP PLC
BASF
AXA UAP
TESCO
UNILEVER PLC
RIO TINTO
SAP
FORTIS
ERICSSON LM B
FRANCE TELECOM
TELECOM ITALIA
L'OREAL
UNICREDITO ITALIANO
SWISS RE
GB0007980591
GB0005405286
GB0007192106
GB0009252882
FR0000120271
CH0012005267
NL0000009470
CH0012056047
FI0009000681
GB0007547838
CH0012032030
GB0008034141
GB0009895292
ES0178430E18
CH0012032048
DE0007236101
GB0031348658
GB0030587504
FR0000131104
ES0113900J37
IT0003132476
GB0008706128
CH0012138530
DE0005557508
ES0113211835
NL0000303600
FR0000130460
GB0002374006
DE0005140008
NL0000009348
DE0007614406
DE0007100000
DE0008404005
NL0000009538
FR0000130809
NL0000301109
FR0000120172
GB0004901517
GB0030913577
DE0005151005
FR0000120628
GB0008847096
IT0000062072
GB0005748735
GB0007188757
DE0007164600
BE0003801181
SE0000108656
FR0000133308
IT0003497168
FR0000120321
IT0000064854
CH0012332372
Energy
Banks
Telecommunications
Healthcare
Energy
Healthcare
Energy
Food & Healthcare
Technology
Banks
Banks
Energy
Healthcare
Telecommunications
Healthcare
Technology
Banks
Banks
Banks
Banks
Energy
Banks
Banks
Telecommunications
Banks
Insurance
Healthcare
Food & Healthcare
Banks
Food & Healthcare
Utilities
Automobiles
Insurance
Banks
Banks
BAS
Telecommunications
Chemicals
Insurance
Insurance
Food & Healthcare
BAS
Technology
Financial Services
Technology
Telecommunications
Telecommunications
Banks
Insurance
Float
Factor
1,00
1,00
1,00
1,00
1,00
0,94
1,00
1,00
1,00
0,95
0,94
1,00
0,95
0,94
1,00
0,93
1,00
1,00
0,94
1,00
0,64
1,00
1,00
0,57
1,00
0,88
0,87
1,00
1,00
1,00
0,88
0,81
0,85
1,00
1,00
0,94
0,80
0,93
1,00
0,94
0,79
1,00
0,86
1,00
1,00
0,65
1,00
1,00
0,41
0,89
0,47
0,74
1,00
Adjusted
Weight (%)
3,37438
3,00842
2,78063
2,53026
2,31489
2,07790
2,06631
1,90426
1,61173
1,52832
1,40764
1,35199
1,34895
1,24066
1,21059
1,09969
1,06960
0,94410
0,92453
0,89036
0,85219
0,83136
0,79796
0,77711
0,75642
0,75494
0,74400
0,73458
0,73450
0,70581
0,68079
0,67097
0,65553
0,64307
0,61601
0,58815
0,58055
0,56440
0,55879
0,54208
0,54151
0,53887
0,52790
0,52698
0,51728
0,51496
0,51472
0,50254
0,50196
0,47489
0,47366
0,47353
0,44170
74
Components
Company
ISIN
Market Sector
SANOFI SYNTHELABO
NATIONAL GRID TRANSCO
AVIVA
VIVENDI UNIVERSAL
ZURICH FINANCIAL SERVICES
GROUPE DANONE
TIM
BRITISH AMERICAN TOBACCO
AEGON
BHP BILLITON PLC
REPSOL YPF
BG GRP
ENDESA
BAYER
AIR LIQUIDE
SUEZ
PRUDENTIAL CORPORATION
STANDARD CHARTERED
SAINT GOBAIN
LVMH MOET HENNESSY
BRITISH SKY BROADCASTING
IBERDROLA
STMICROELECTRONIC
COMPASS GRP
CADBURY SCHWEPPES
ABBEY NATIONAL
NORDEA AB
CREDIT AGRICOLE
ALLIED IRISH BANKS
CENTRICA
KPN
ENEL
BAYERISCHE MOTOREN WERKE
ALCATEL
SAN PAOLO IMI
BANK OF IRELAND
IMPERIAL TOBACCO GRP
SCHNEIDER ELECTRIC
GUS
MARKS & SPENCER GROUP PLC
LAFARGE
HENNES & MAURITZ B
SCOTTISH POWER
RECKITT BENCKISER PLC
LEGAL + GENERAL GRP
VOLKSWAGEN
RWE
WPP GRP
BCA INTESA
CIE FINANC RICHEMONT UTS
REED ELSEVIER PLC
KINGFISHER
FR0000120578
GB0031223877
GB0002162385
FR0000127771
CH0011075394
FR0000120644
IT0001052049
GB0002875804
NL0000301760
GB0000566504
ES0173516115
GB0008762899
ES0130670112
DE0005752000
FR0000120073
FR0000120529
GB0007099541
GB0004082847
FR0000125007
DE0008430026
FR0000121014
GB0001411924
ES0144580018
NL0000226223
GB0005331532
GB0006107006
GB0000044551
SE0000427361
FR0000045072
IE0000197834
GB0005734388
NL0000009082
IT0003128367
DE0005190003
FR0000130007
IT0001269361
IE0030606259
GB0004544929
FR0000121972
GB0003847042
GB0031274896
FR0000120537
SE0000106270
GB0006900707
GB0007278715
GB0005603997
DE0007664005
DE0007037129
GB0009740423
IT0000072618
CH0012731458
GB0007308355
GB0033195214
Healthcare
Utilities
Insurance
Media
Insurance
Food & Healthcare
Telecommunications
Insurance
BAS
Energy
Energy
Utilities
Chemicals
Chemicals
Utilities
Insurance
Banks
Construction
Insurance
Media
Utilities
Technology
Food & Healthcare
Banks
Banks
Banks
Banks
Utilities
Telecommunications
Utilities
Automobiles
Technology
Banks
Banks
IGS
RTS
RTS
Construction
RTS
Utilities
Insurance
Automobiles
Utilities
Media
Banks
Media
RTS
Float
Factor
0,51
1,00
1,00
1,00
1,00
0,95
0,44
0,72
0,88
1,00
0,77
1,00
0,90
0,94
1,00
0,93
1,00
0,86
1,00
0,67
0,47
0,65
0,86
0,64
1,00
1,00
1,00
0,82
0,48
1,00
1,00
0,69
0,32
0,47
0,89
0,84
1,00
1,00
0,94
1,00
1,00
1,00
0,72
1,00
0,84
1,00
0,69
0,75
1,00
0,57
1,00
1,00
1,00
Adjusted
Weight (%)
0,43473
0,42536
0,40464
0,40414
0,39177
0,38959
0,35966
0,35519
0,35503
0,34879
0,34611
0,33252
0,32505
0,32395
0,32300
0,32000
0,30556
0,29495
0,29432
0,29390
0,29207
0,29080
0,28857
0,28837
0,28050
0,27935
0,27810
0,27592
0,27275
0,26807
0,26153
0,25943
0,25857
0,25839
0,25784
0,25616
0,25494
0,25315
0,25072
0,25023
0,24628
0,24253
0,23636
0,23437
0,23176
0,23112
0,23084
0,23038
0,22980
0,22422
0,21879
0,21694
0,21693
75
Components
Company
ISIN
Market Sector
DEN DANSKE BANK
RENAULT
CRH
UPM KYMMENE
DEXIA
BCO POPULAR ESPANOL
SCOTTISH & SOUTHERN ENERG
SVENSKA HANDELSBANKEN A
AKZO NOBEL
BOOTS GROUP PLC
AHOLD
STORA ENSO R
BAE SYSTEMS
PORTUGAL TELECOM R
PEARSON
PEUGEOT
BAA
ACCOR
NOVO NORDISK B
NORSK HYDRO
ELECTRABEL
REED ELSEVIER NV
MMO2
ALTADIS
HEINEKEN
CARNIVAL PLC
VNU
BOC GRP
ALLIANCE & LEICESTER
ALLIED DOMECQ
ASML HOLDING NV
ORANGE
WOLSELEY
SCHERING
SWISSCOM R
A.P.MOLLER-MAERSK A/S
TELIASONERA AB
ELECTROLUX B
SVENSKA CELLULOSA B
SANDVIK
BOUYGUES
SMITHS INDUSTRIES
LAND SECURITIES
3I GRP
ADECCO N
HOLCIM LTD A
INFINEON TECHNOLOGIES
ARCELOR
REUTERS GRP
ABB
INTERCONTINENTAL HOTELS G
BAYERISCHE HYPO & VEREINS
MAN GRP
DK0010274414
FR0000131906
IE0001827041
FI0009005987
BE0003796134
ES0113790234
GB0007908733
SE0000193120
NL0000009132
GB0032310780
NL0000331817
FI0009005961
GB0002634946
PTPTC0AM0009
GB0006776081
FR0000121501
GB0000673409
FR0000120404
DK0010280817
NO0005052605
BE0003637486
NL0000349488
GB0030872716
ES0177040013
NL0000009157
GB0031215220
NL0000389872
GB0001081206
GB0000386143
GB0007294571
NL0000334365
FR0000079196
GB0009764027
DE0007172009
CH0008742519
DK0010244508
SE0000667925
SE0000103814
SE0000112724
SE0000667891
FR0000120503
GB0008182700
GB0031809436
GB0008886938
CH0012138605
CH0012214059
DE0006231004
LU0140205948
GB0002369139
CH0012221716
GB0032612805
DE0008022005
GB0002944055
Banks
Automobiles
Construction
BAS
Banks
Banks
Utilities
Banks
Chemicals
RTS
BAS
IGS
Telecommunications
Media
Automobiles
IGS
Healthcare
BAS
Utilities
Media
Telecommunications
Food & Healthcare
Media
Chemicals
Banks
Food & Healthcare
Technology
Telecommunications
RTS
Healthcare
Telecommunications
IGS
Telecommunications
IGS
Construction
IGS
Financial Services
Financial Services
IGS
Construction
Technology
BAS
Media
IGS
Banks
Financial Services
Float
Factor
0,75
0,59
1,00
1,00
0,58
0,90
1,00
0,83
0,95
1,00
1,00
0,94
1,00
0,91
1,00
0,68
1,00
1,00
0,73
0,56
0,55
0,89
1,00
1,00
0,50
1,00
0,95
1,00
1,00
1,00
0,94
0,16
1,00
0,87
0,37
0,48
0,36
1,00
1,00
0,92
0,72
1,00
1,00
1,00
0,67
0,73
0,60
0,85
1,00
0,93
1,00
0,69
1,00
Adjusted
Weight (%)
0,21626
0,21325
0,20554
0,20364
0,19704
0,19221
0,19073
0,18907
0,18847
0,18686
0,18408
0,18192
0,17920
0,17559
0,17387
0,17212
0,17138
0,16979
0,16708
0,16533
0,16466
0,16024
0,16007
0,15987
0,15778
0,15401
0,15395
0,15263
0,15018
0,14970
0,14909
0,14860
0,14754
0,14707
0,14670
0,14599
0,14401
0,14362
0,14175
0,14095
0,14026
0,13976
0,13856
0,13640
0,13580
0,13296
0,13290
0,13258
0,13199
0,13143
0,13103
0,13049
0,13025
76
Components
Company
ISIN
Market Sector
GALLAHER GRP
LAGARDERE S.C.A.
TPG
RENTOKIL INITIAL
AMVESCAP
COMMERZBANK
AMERSHAM PLC
SMITH & NEPHEW
SAINSBURY (J)
DEUTSCHE POST
SYNGENTA
THYSSENKRUPP AG
OLD MUTUAL
VOLVO B
RYANAIR
PINAULT PRINTEMPS REDOUTE
SABMiller
MICHELIN B
MEDIASET
INDITEX
HILTON GRP
SCOTTISH & NEWCASTLE
DEUTSCHE BOERSE
METRO
FORENINGSSPARBANKEN
BCO POPOL. DI VERONA E NO
VINCI GTM
GRANADA
NATIONAL BANK OF GREECE
SAFEWAY
SKANDINAVISKA ENSKILDA BK
BPU BANCHE POPOLARI UNITE
BCO COMERCIAL PORTUGUES R
CABLE & WIRELESS
UNITED UTILITIES
NORTHERN ROCK
HANSON
VEOLIA ENVIRONNEMENT
CIBA SPECIALTY CHEMICALS
NEXT
ELECTRICIDADE DE PORTUGAL
SERONO B
RAS
DIXONS GRP
ESSILOR INTERNATIONAL
SOLVAY
ALLEANZA ASSICURAZIONI
CAP GEMINI
OTE
PERNOD RICARD
MORRISON (WILLIAM) SUPERM
EADS
SECURITAS B
GB0003833695
FR0000130213
NL0000009058
GB0007327124
GB0001282697
DE0008032004
GB0002747532
GB0009223206
GB0007676405
DE0005552004
CH0011037469
DE0007500001
GB0007389926
SE0000115446
IE0031117611
FR0000121485
GB0004835483
FR0000121261
IT0001063210
ES0148396015
GB0005002547
GB0007839698
DE0005810055
DE0007257503
SE0000242455
IT0003262513
FR0000125486
GB0008275660
GRS003013000
GB0000492412
SE0000148884
IT0003487029
PTBCP0AM0007
GB0001625572
GB0006462336
GB0001452795
GB0004089834
FR0000124141
CH0005819724
GB0032089863
PTEDP0AM0009
CH0010751920
IT0000062825
GB0000472455
FR0000121667
BE0003470755
IT0000078193
FR0000125338
GRS260333000
FR0000120693
GB0006043169
NL0000235190
SE0000163594
Media
IGS
IGS
Financial Services
Banks
Healthcare
Healthcare
IGS
Chemicals
BAS
Insurance
IGS
RTS
Food & Healthcare
Automobiles
Media
RTS
Food & Healthcare
Financial Services
Banks
Banks
Construction
Media
Banks
Banks
Banks
Banks
Telecommunications
Utilities
Banks
Construction
Utilities
Chemicals
RTS
Utilities
Healthcare
Insurance
RTS
Healthcare
Chemicals
Insurance
Technology
Telecommunications
Food & Healthcare
IGS
IGS
Float
Factor
1,00
0,95
0,65
1,00
0,91
0,74
1,00
1,00
0,65
0,32
0,85
0,80
0,92
0,75
1,00
0,53
0,73
1,00
0,52
0,34
1,00
1,00
0,95
0,44
0,72
1,00
0,91
1,00
0,81
1,00
0,71
1,00
0,84
1,00
1,00
1,00
1,00
0,59
0,95
0,95
0,64
0,60
0,44
1,00
1,00
0,74
0,53
0,83
0,66
0,67
0,78
0,31
0,93
Adjusted
Weight (%)
0,12960
0,12933
0,12921
0,12876
0,12814
0,12773
0,12668
0,12585
0,12511
0,12370
0,12075
0,12054
0,11945
0,11943
0,11903
0,11674
0,11634
0,11543
0,11538
0,11471
0,11417
0,11361
0,11227
0,11163
0,10967
0,10786
0,10756
0,10532
0,10486
0,10435
0,10304
0,10295
0,10295
0,10276
0,10246
0,10241
0,10240
0,10154
0,10133
0,10113
0,09533
0,09491
0,09477
0,09383
0,09304
0,08988
0,08968
0,08942
0,08919
0,08771
0,08757
0,08752
0,08693
77
Components
Company
ISIN
Market Sector
FINMECCANICA
BRITISH LAND COMPANY
KBC BANCASSURANCE
FIAT
ROLLS ROYCE GROUP
ABERTIS INFRAESTRUCTURAS
HENKEL PREF
TDC A/S
FRIENDS PROVIDENT PLC
RODAMCO CONTINENTAL EUROP
GUCCI GRP
INVESTOR B
INTERBREW
SHIRE PHARMACEUTICALS GRP
PORSCHE PREF
TF1
WOLTERS KLUWER CVA
PECHINEY
IMPERIAL CHEMICAL INDS
ORKLA A
WHITBREAD
ADIDAS-SALOMON
ALTANA
DELHAIZE GROUP
STATOIL
SEVERN TRENT
PUBLICIS GRP
THOMSON
ERSTE BANK AUSTRIA
CAPITALIA
ROYAL SUN ALLIANCE INS GR
EMAP
GAS NATURAL SDG E
ALPHA BANK
LINDE
SAGE GRP
CONTINENTAL
TELE2 B
UNIBAIL
UNION EL. FENOSA
JOHNSON MATTHEY
EXEL
BCA MONTE DEI PASCHI DI S
GROUPE BRUXELLES LAMBERT
BRADFORD & BINGLEY
ATLAS COPCO A
TOMKINS
MEDIOBANCA
SEAT PAGINE GIALLE SPA
HAYS
SWATCH B
EURONEXT
IRISH LIFE + PERMANENT
IT0001407847
GB0001367019
BE0003565737
IT0001976403
GB0032836487
ES0111845014
DE0006048432
DK0010253335
GB0030559776
NL0000289320
NL0000355501
SE0000107419
BE0003793107
GB0007998031
DE0006937733
FR0000054900
NL0000395887
FR0000132904
GB0004594973
NO0003733800
GB0030345457
DE0005003404
DE0007600801
BE0003562700
NO0010096985
GB0000546324
FR0000130577
FR0000184533
AT0000652011
IT0003121495
GB0006616899
GB0002993037
ES0116870314
GRS015013006
DE0006483001
GB0008021650
DE0005439004
SE0000314312
FR0000124711
ES0181380017
GB0004764071
GB0004486881
IT0001334587
BE0003797140
GB0002228152
SE0000101032
GB0008962655
IT0000062957
IT0003479638
GB0004161021
CH0012255151
NL0000241511
IE0004678656
IGS
Financial Services
Banks
Automobiles
IGS
IGS
Telecommunications
Insurance
Financial Services
RTS
IGS
Food & Healthcare
Healthcare
Automobiles
Media
Media
BAS
Chemicals
Food & Healthcare
Healthcare
Energy
Utilities
Media
Banks
Banks
Insurance
Media
Utilities
Banks
Chemicals
Technology
Automobiles
Telecommunications
Financial Services
Utilities
Chemicals
IGS
Banks
Utilities
Financial Services
IGS
IGS
Banks
Media
IGS
Financial Services
Insurance
Float
Factor
0,68
1,00
0,32
0,70
0,90
0,63
1,00
0,58
1,00
0,84
0,37
1,00
0,36
1,00
1,00
0,57
0,91
0,88
1,00
0,94
1,00
1,00
0,50
1,00
0,18
1,00
0,63
0,73
0,64
0,77
1,00
1,00
0,41
0,85
0,68
0,95
1,00
0,73
1,00
0,69
1,00
1,00
0,51
0,52
1,00
0,78
1,00
0,41
0,44
1,00
1,00
1,00
1,00
Adjusted
Weight (%)
0,08619
0,08459
0,08310
0,08271
0,08263
0,08262
0,08258
0,08236
0,08234
0,08169
0,08140
0,08060
0,08057
0,08044
0,08033
0,08021
0,08013
0,08004
0,07995
0,07891
0,07886
0,07884
0,07846
0,07835
0,07748
0,07729
0,07712
0,07682
0,07677
0,07602
0,07590
0,07580
0,07503
0,07488
0,07430
0,07397
0,07365
0,07343
0,07321
0,07314
0,07311
0,07211
0,07210
0,07207
0,07178
0,07156
0,07071
0,06945
0,06895
0,06870
0,06762
0,06709
0,06704
78
Components
Company
ISIN
Market Sector
SYNTHES STRATEC
ASSOCIATED BRIT FOODS
SKANDIA FORSAKRINGS
T ONLINE INTERNATIONAL
GKN
GIVAUDAN
XSTRATA PLC
BUNZL
SNAM RETE GAS
CASINO GUICHARD
ASSA ABLOY
ANGLO IRISH CORP
SIGNET GRP
BANCA ANTONVENETA
REXAM
SODEXHO ALLIANCE
KONINKLIJKE NUMICO
DSM
SGS
PENINSULAR & ORIENT STEAM
MITCHELLS & BUTLERS PLC
AGF
BEIERSDORF
KELDA GRP
DAILY MAIL & GENERAL TRUS
RANK GRP
BANCO SABADELL
EFG EUROBANK ERGASIAS
INTERNATIONAL POWER
SAMPO PLC
BNL BCA NAZIONALE DEL LAV
ELECTROCOMPONENTS
JULIUS BAER I
SKF AB -BCHRISTIAN DIOR
FORTUM
HEINEKEN HLDG
LUFTHANSA B
AUTOSTRADE
MISYS
TELEFONICA MOVILES
BPB
SKANSKA B
CENTERPULSE
SLOUGH ESTATES
PROVIDENT FINANCIAL
VALEO
UNITED BUSINESS MEDIA
RMC GRP
THALES
BCA POPOLARE DELL'EMILIA
ALMANIJ
TRINITY MIRROR
US87162M1027
GB0006731235
SE0000113094
DE0005557706
GB0030646508
CH0010645932
GB0031411001
GB0001540045
IT0003153415
FR0000125585
SE0000255648
IE0001987894
GB0000403740
IT0003270102
GB0004250451
FR0000121220
NL0000375558
NL0000009769
CH0002497458
GB0006800485
GB0032612797
FR0000125924
DE0005200000
GB0009877944
GB0009457366
GB0007240764
ES0113860532
GRS323013003
GB0006320161
FI0009003305
IT0001254884
GB0003096442
CH0012083009
SE0000108227
FR0000130403
FI0009007132
NL0000008951
DE0008232125
IT0000242948
GB0003857850
ES0178401016
GB0000687078
SE0000113250
CH0006544859
GB0008141045
GB0002685963
FR0000130338
GB0030224215
GB0007266413
FR0000121329
IT0000066123
BE0003703171
GB0009039941
Healthcare
Food & Healthcare
Insurance
Technology
IGS
Chemicals
BAS
BAS
Utilities
IGS
Banks
RTS
Banks
IGS
Food & Healthcare
Chemicals
IGS
IGS
Insurance
Utilities
Media
Banks
Banks
Utilities
Insurance
Banks
IGS
Banks
IGS
Utilities
Food & Healthcare
IGS
Technology
Telecommunications
Construction
Construction
Healthcare
Financial Services
Financial Services
Automobiles
Media
Construction
IGS
Banks
Banks
Media
Float
Factor
0,35
0,46
0,93
0,22
1,00
0,82
0,60
0,89
0,40
0,41
0,94
0,95
1,00
0,78
0,94
0,61
0,90
0,63
0,76
1,00
1,00
0,32
0,26
1,00
0,80
1,00
0,77
0,50
1,00
0,60
0,78
1,00
1,00
1,00
0,31
0,39
0,43
0,50
0,16
1,00
0,08
1,00
1,00
0,81
1,00
0,94
0,82
1,00
1,00
0,47
1,00
0,30
1,00
Adjusted
Weight (%)
0,06609
0,06576
0,06562
0,06557
0,06557
0,06430
0,06378
0,06353
0,06338
0,06327
0,06308
0,06226
0,06216
0,06193
0,06179
0,06140
0,06122
0,06102
0,06083
0,06073
0,06070
0,06065
0,06014
0,05926
0,05899
0,05899
0,05888
0,05876
0,05814
0,05809
0,05788
0,05771
0,05741
0,05738
0,05725
0,05711
0,05702
0,05664
0,05657
0,05637
0,05612
0,05571
0,05539
0,05462
0,05455
0,05434
0,05376
0,05280
0,05279
0,05243
0,05243
0,05236
0,05159
79
Components
Company
ISIN
Market Sector
CAPITA GRP
LOGICACMG
DEBENHAMS
UCB
AGFA GEVAERT
SWEDISH MATCH
GRUPO DRAGADOS
PERSIMMON
LIBERTY INTL
BCA POPOLARE DI LODI
MAN
CIA ESPANOLA DE PETROLEOS
BANKINTER
ENTERPRISE INNS
ACERINOX
WILLIAM HILL
AUTOROUTES DU SUD DE LA F
LONMIN
TRAVIS PERKINS
ASSOCD BRIT PORTS
TERRA NETWORKS
BCO ESPIRITO SANTO E R
TAYLOR WOODROW
WANADOO
TELEKOM AUSTRIA
LONZA
CANARY WHARF GRP
KERRY GRP A
CARLTON COMMUNICATIONS
DANISCO
BRAMBLES INDUSTRIES
SWISS LIFE HOLDING
VEDIOR
BCA LOMBARDA
BRISA (AUTO ESTRADAS PORT
DEPFA BANK PLC
EMI GRP
NOBEL BIOCARE HOLDING AG
ISS
ALLIANCE UNICHEM
JOHNSTON PRESS
DNB A
IMI
INSTRUMENTARIUM
COBHAM
FIRSTGROUP
GJENSIDIGE NOR ASA
SAIPEM
BARRATT DEVELOPMENTS
NORSKE SKOGINDUSTRIER A
HAMMERSON
VESTAS WIND SYSTEMS
ELAN CORP
GB0001734747
GB0005227086
GB0002351038
BE0003739530
BE0003755692
SE0000310336
ES0127070110
GB0006825383
GB0006834344
IT0000064300
DE0005937007
ES0132580319
ES0113679338
GB0003104758
ES0132105331
GB0031698896
FR0005512555
GB0031192486
GB0007739609
GB0000564343
ES0178174019
PTBES0AM0007
GB0008782301
FR0000124158
AT0000720008
CH0013841017
GB0031016099
IE0004906560
GB0003419255
DK0010207497
GB0030616733
CH0014852781
NL0000390854
IT0000062197
PTBRI0AM0000
IE0072559994
GB0000444736
CH0014030040
DK0010267046
GB0009165720
GB0004769682
NO0010031479
GB0004579636
FI0009000509
GB0003430062
GB0003452173
NO0010149354
IT0000068525
GB0000811801
NO0004135633
GB0004065016
DK0010268606
IE0003072950
IGS
Technology
RTS
Healthcare
Construction
Financial Services
Banks
IGS
Energy
Banks
BAS
IGS
BAS
RTS
IGS
Technology
Banks
Technology
Telecommunications
Chemicals
Financial Services
Food & Healthcare
Media
Food & Healthcare
IGS
Insurance
IGS
Banks
IGS
Financial Services
Media
Healthcare
IGS
RTS
Media
Banks
IGS
Healthcare
IGS
Banks
Energy
BAS
Financial Services
IGS
Healthcare
Float
Factor
0,94
1,00
0,94
0,60
0,75
0,93
0,67
0,94
0,69
1,00
0,72
0,32
0,86
0,95
0,78
1,00
0,32
1,00
0,92
1,00
0,61
0,49
1,00
0,21
0,38
0,82
0,85
0,69
1,00
1,00
1,00
0,81
1,00
0,56
0,60
0,60
1,00
1,00
1,00
0,69
1,00
0,52
1,00
1,00
1,00
1,00
0,63
0,57
1,00
0,79
0,79
1,00
1,00
Adjusted
Weight (%)
0,05152
0,05152
0,05103
0,05101
0,05083
0,05059
0,05040
0,05022
0,04967
0,04891
0,04846
0,04839
0,04805
0,04728
0,04714
0,04673
0,04626
0,04597
0,04567
0,04529
0,04520
0,04517
0,04499
0,04451
0,04393
0,04378
0,04349
0,04345
0,04330
0,04328
0,04327
0,04309
0,04288
0,04274
0,04255
0,04254
0,04245
0,04240
0,04195
0,04177
0,04168
0,04157
0,04124
0,04102
0,04100
0,04099
0,04078
0,04070
0,04053
0,04040
0,04037
0,04035
0,04034
80
Components
Company
ISIN
Market Sector
KESA ELECTRICALS PLC
TUI AG
CATTLE'S
GEORGE WIMPEY
TATE & LYLE
AUTOLIV INC SWED DEP RECE
CLARIANT
EUROTUNNEL
INVENSYS
BCA POPOLARE DI SONDRIO
PUMA
BCA POPOLARE DI MILANO
LUXOTTICA
ARM
TELENOR
TECHNIP SA
MFI FURNITURE GRP
AGGREGATE INDUSTRIES
CONVERIUM HLDG N
FRESENIUS MED CARE
BALOISE
ICAP PLC
BRITISH AIRWAYS
KONE OYJ B
LONDON STOCK EXCHANGE
BBA GRP
COCA COLA HELLENIC BOTTLI
IHC CALAND
PREMIER FARNELL
SACYR-VALLEHERMOSO
QIAGEN
BUSINESS OBJECTS
AIR FRANCE
GALEN
BANK OF PIRAEUS
AMADEUS GLOBAL TRAVEL DIS
GECINA
BERKELEY GRP
INDUSTRIVARDEN A
GRUPO FERROVIAL
ACS
SCHRODERS
PUBLIC POWER CORPORATION
CLOSE BROTHERS GRP
NOVOZYMES
BCA FIDEURAM
CNP ASSURANCES
TIETOENATOR
RCS MEDIAGROUP
SMITH (WH)
INDRA SISTEMAS
CORUS GRP
OMV
GB0033040113
DE0006952005
GB0001803666
GB0009713446
GB0008754136
SE0000382335
CH0012142631
FR0000125379
GB0008070418
IT0000784196
DE0006969603
IT0000064482
IT0001479374
GB0000595859
NO0010063308
FR0000131708
GB0005576813
GB0003238267
CH0012997711
DE0005785802
CH0012410517
GB0004455159
GB0001290575
FI0009000566
GB0009529859
GB0000677483
GRS104111000
NL0000360584
GB0003318416
ES0182870214
NL0000240000
FR0004026250
FR0000031122
GB0000404482
GRS014013007
ES0109169013
FR0000131518
GB0000941772
SE0000190126
ES0162601019
ES0167050311
GB0002405495
GRS434003000
GB0007668071
DK0010272129
IT0000082963
FR0000120222
FI0009000277
IT0003039010
GB0002685302
ES0118594417
GB0008280538
AT0000743059
RTS
Financial Services
Food & Healthcare
Automobiles
Chemicals
IGS
IGS
Banks
Banks
Technology
Telecommunications
Energy
RTS
Construction
Insurance
Healthcare
Insurance
Financial Services
IGS
Financial Services
IGS
Food & Healthcare
Energy
IGS
Financial Services
Healthcare
Technology
Healthcare
Banks
Technology
Financial Services
Financial Services
Construction
Construction
Financial Services
Utilities
Banks
Healthcare
Banks
Insurance
Technology
Media
RTS
IGS
BAS
Energy
Float
Factor
1,00
0,68
1,00
0,79
0,68
1,00
0,88
0,95
1,00
1,00
1,00
1,00
0,26
1,00
0,22
0,86
1,00
0,95
0,95
0,49
0,92
0,72
0,50
0,68
1,00
0,87
0,36
1,00
1,00
0,60
0,95
1,00
0,46
0,83
0,95
0,40
0,51
0,89
0,80
0,42
0,57
0,60
0,33
0,90
0,81
0,27
0,27
1,00
0,71
1,00
0,89
1,00
0,45
Adjusted
Weight (%)
0,04034
0,04020
0,03990
0,03976
0,03968
0,03922
0,03905
0,03863
0,03835
0,03818
0,03806
0,03804
0,03784
0,03767
0,03766
0,03759
0,03743
0,03717
0,03709
0,03693
0,03683
0,03655
0,03591
0,03587
0,03574
0,03571
0,03548
0,03547
0,03526
0,03525
0,03499
0,03494
0,03458
0,03453
0,03432
0,03425
0,03416
0,03373
0,03362
0,03350
0,03343
0,03338
0,03337
0,03323
0,03319
0,03260
0,03256
0,03254
0,03215
0,03208
0,03192
0,03185
0,03165
81
Components
Company
ISIN
Market Sector
CELLTECH GRP
TAYLOR NELSON AGB
FOMENTO DE CONSTRUCY CONT
CSM
WELLA PREF
PILKINGTON
COMMERCIAL BANK OF GREECE
BANK OF GREECE
HAVAS
HERMES INTERNATIONAL
AEGIS GRP
ENIRO
LOGITECH INTERNATIONAL
AMEC
GRUPO ACCIONA
ELISA CORPORATION
GEBERIT
DASSAULT SYSTEMS
EDISON
GRP 4 FALCK
CORIO N.V.
PARMALAT FINANZIARIA
JYSKE BANK
INCHCAPE
NORTHERN FOODS
TISCALI
DAVIS SERVICE GRP
BB BIOTECH
HEIDELBERGCEMENT AG
MERCK
COLLINS STEWART TULLET
COLOPLAST B
BIC
SOGECABLE R
NATEXIS
FONDIARIA - SAI
ZARDOYA OTIS
AUTOGRILL
MEDIOLANUM
ETS COLRUYT
CATTOLICA ASSICURAZIONI
GETINGE AB B
KIDDE
MOBISTAR
DROTT
AWG
SERCO GRP
SAGEM
PENNON GRP
BELLWAY
ARRIVA
NEOPOST
IMERYS
GB0001822765
GB0001915395
ES0122060314
NL0000344265
DE0007765638
GB0006884620
GRS006013007
GRS004013009
FR0000121881
FR0000052292
GB0009657569
SE0000718017
CH0012607195
GB0000282623
ES0125220311
FI0009007884
CH0008038223
FR0000130650
IT0003152417
DK0010291699
NL0000288967
IT0003121644
DK0010258482
GB0006799729
GB0006466089
IT0001453924
GB0002572716
CH0001441580
DE0006047004
DE0006599905
GB0000710060
DK0010262674
FR0000120966
ES0178483139
FR0000120685
IT0001463071
ES0184933812
IT0001137345
IT0001279501
BE0003775898
IT0000784154
SE0000202624
GB0000154020
BE0003735496
SE0000500308
GB0033126615
GB0007973794
FR0000073272
GB0031800955
GB0000904986
GB0002303468
FR0000120560
FR0000120859
Healthcare
Media
Construction
Food & Healthcare
Construction
Banks
Banks
Media
Media
Media
Technology
Construction
Construction
Telecommunications
Construction
Technology
Utilities
IGS
Financial Services
Food & Healthcare
Banks
IGS
Food & Healthcare
Technology
IGS
Healthcare
Construction
Healthcare
Financial Services
Healthcare
Media
Banks
Insurance
IGS
Insurance
Insurance
Healthcare
Telecommunications
Financial Services
Utilities
IGS
Technology
Utilities
Technology
Construction
Float
Factor
1,00
1,00
0,38
0,83
0,83
0,80
0,76
0,93
1,00
0,25
0,79
1,00
0,93
1,00
0,40
1,00
0,93
0,33
0,22
0,70
0,65
0,50
0,90
0,88
1,00
0,54
1,00
0,92
0,38
1,00
0,87
0,69
0,57
0,45
0,27
0,61
0,38
0,43
0,28
0,46
1,00
0,84
1,00
0,43
1,00
1,00
1,00
0,49
1,00
1,00
1,00
0,90
0,46
Adjusted
Weight (%)
0,03158
0,03140
0,03108
0,03103
0,03082
0,03080
0,03078
0,03066
0,03055
0,03046
0,03020
0,03005
0,02987
0,02969
0,02939
0,02920
0,02916
0,02908
0,02908
0,02880
0,02871
0,02861
0,02857
0,02843
0,02816
0,02798
0,02794
0,02791
0,02789
0,02786
0,02786
0,02770
0,02747
0,02739
0,02738
0,02710
0,02700
0,02697
0,02677
0,02667
0,02651
0,02644
0,02636
0,02625
0,02614
0,02599
0,02593
0,02585
0,02573
0,02571
0,02570
0,02569
0,02554
82
Components
Company
ISIN
Market Sector
BALFOUR BEATTY
NATIONAL EXPRESS GRP
IMMOFINANZ IMMOBILIEN
PIRELLI & CO. ORD
GAMBRO A
IBERIA
WERELDHAVE
ZELTIA
CELESIO
BRIT INSURANCE HOLDINGS
TOPDANMARK
VIRIDIAN GRP
HOLMEN B
STADA ARZNEIMIT. N
ACTELION N
CELANESE
PARGESA
SCHINDLER P
JARDINE LLOYD THOMPSON GR
MG Technologies AG
ZODIAC
RAC PLC
METSO
TITAN CEMENT
BCO BPI R
STOREBRAND
FKI
INTERTEK GROUP
METROVACESA
NH HOTELES
OCE
H. LUNDBECK
GN STORE NORD
ALFA LAVAL
KLEPIERRE
VALIANT R
HMV GROUP
AEM
EQUANT
FRESENIUS PREF
PUNCH TAVERNS (WI)
GREENE KING
INDEPENDENT NEWSPAPERS
MEGGITT
VODAFONE-PANAFON HELLENIC
UNAXIS R
BULGARI
SSL INTERNATIONAL
KONINKLIJKE VENDEX KBB
DCC
SUEDZUCKER
ARNOLDO MONDADORI EDITORE
SCANIA B
GB0000961622
GB0006215205
AT0000809058
IT0000072725
SE0000164477
ES0147200036
NL0000289213
ES0184940817
DE0005858005
GB0000996008
DK0010259530
GB0002266681
SE0000109290
DE0007251803
CH0010532478
DE0005753008
CH0002173752
CH0013914103
GB0005203376
DE0006602006
FR0000125684
GB0005145239
FI0009007835
GRS074083007
PTBPI0AM0004
NO0003053605
GB0003294591
GB0031638363
ES0154220414
ES0161560018
NL0000354934
DK0010287234
DK0010272632
SE0000695876
FR0000121964
CH0014786500
GB0031575722
IT0001233417
NL0000200889
DE0005785638
GB0031552861
GB0003872420
IE0004614818
GB0005758098
GRS307333005
CH0000816824
IT0001119087
GB0007981128
NL0000390979
IE0002424939
DE0007297004
IT0001469383
SE0000308280
Construction
IGS
Financial Services
IGS
Healthcare
Financial Services
Healthcare
RTS
Insurance
Insurance
Utilities
BAS
Healthcare
Healthcare
Chemicals
Financial Services
IGS
Insurance
IGS
IGS
IGS
IGS
Construction
Banks
Insurance
IGS
IGS
Financial Services
Technology
Healthcare
Technology
IGS
Financial Services
Banks
RTS
Utilities
Technology
Healthcare
RTS
Media
IGS
Telecommunications
IGS
Healthcare
RTS
IGS
Food & Healthcare
Media
IGS
Float
Factor
0,88
0,94
1,00
0,48
0,67
0,61
1,00
0,83
0,33
0,90
1,00
1,00
0,66
1,00
0,79
0,67
0,35
1,00
0,63
0,59
0,78
1,00
0,74
0,75
0,52
0,80
1,00
0,92
0,65
0,80
0,94
0,27
1,00
0,82
0,47
1,00
1,00
0,39
0,47
1,00
0,81
1,00
0,73
0,95
0,28
0,71
0,50
1,00
1,00
0,95
0,34
0,50
0,36
Adjusted
Weight (%)
0,02541
0,02537
0,02532
0,02505
0,02504
0,02501
0,02500
0,02496
0,02495
0,02491
0,02454
0,02454
0,02448
0,02440
0,02420
0,02407
0,02396
0,02394
0,02392
0,02373
0,02369
0,02361
0,02346
0,02342
0,02338
0,02337
0,02331
0,02320
0,02282
0,02275
0,02257
0,02249
0,02247
0,02244
0,02218
0,02218
0,02194
0,02176
0,02144
0,02143
0,02136
0,02133
0,02107
0,02097
0,02097
0,02090
0,02078
0,02062
0,02056
0,02040
0,02023
0,02019
0,02004
83
Components
Company
ISIN
Market Sector
SPECTRIS PLC
LINDT & SPRUENGLI
FINECOGROUP SPA
IAWS GRP
WENDEL INVESTISSEMENT
TOMRA SYSTEMS
CORPORACION MAPFRE SA
CARLSBERG ‘B’
NOVAR
M-REAL-B
BRITISH VITA
MEDION
RANDSTAD
SSAB SVENSKT STAL AB SER
KARSTADTQUELLE
EURAZEO
DAIRY CREST GROUP
RHODIA
ITALCEMENTI
HALMA
BNC.DE VALENCIA
OUTOKUMPU
INTERMEDIATE CAPITAL GRP
CORPORACION FINANCIERA AL
ATOS ORIGIN
JCDECAUX
MLP
WOOLWORTHS GROUP
BQ.NAT.BELGIQUE
ENAGAS
PRISA
HUHTAMAKI OYJ
WOOD GROUP (JOHN)
DE LA RUE
JARVIS
CHELSFIELD
CIMPOR CIMENTOS DE PORTUG
SINGULUS TECHNOLOGIES
AMLIN
AMER
EPCOS NA
AMB GENERALI HOLDING
INVESTEC
VALORA
SIG HOLDING AG
EBRO PULEVA
CREDIT AGR ILE DE FRANCE
WETHERSPOON(J.D.)
KESKO
FIRST ACTIVE
PILLAR PROPERTY
SECURICOR GRP
BRIXTON PLC
GB0003308607
CH0010570759
IT0001464921
IE0004554287
FR0000121204
NO0005668905
ES0124244C36
DK0010181759
GB0001762680
FI0009000665
GB0001421626
DE0006605009
NL0000379121
SE0000171100
DE0006275001
FR0000121121
GB0002502812
FR0000120131
IT0001465159
GB0004052071
ES0113980330
FI0009002422
GB0004564430
ES0117160111
FR0000051732
FR0000077919
DE0006569908
GB0030738610
BE0003008019
ES0130960018
ES0171743117
FI0009000459
GB0031575839
GB0009380592
GB0004713508
GB0001921781
PTCPR0AM0003
DE0007238909
GB0000319581
FI0009000285
DE0005128003
DE0008400029
GB0031773103
CH0002088976
CH0012022494
ES0112501012
FR0000045528
GB0001638955
FI0009000202
IE0004321422
GB0031780900
GB0032739848
GB0001430023
IGS
Food & Healthcare
Banks
Food & Healthcare
IGS
IGS
Insurance
Food & Healthcare
Construction
BAS
Chemicals
IGS
IGS
BAS
RTS
Financial Services
Food & Healthcare
Chemicals
Construction
IGS
Banks
BAS
Financial Services
Financial Services
Technology
Media
Financial Services
RTS
Banks
Energy
Media
IGS
IGS
IGS
IGS
Financial Services
Construction
IGS
Insurance
IGS
Insurance
Banks
RTS
IGS
Food & Healthcare
Banks
Banks
Financial Services
IGS
Financial Services
Float
Factor
1,00
1,00
0,45
0,82
0,50
1,00
0,45
0,80
1,00
0,70
1,00
0,44
0,55
0,88
0,29
0,43
1,00
0,75
0,42
1,00
0,57
0,48
0,94
0,47
0,46
0,31
0,52
0,91
0,50
0,40
0,36
0,82
0,57
1,00
1,00
0,59
0,31
1,00
0,87
1,00
0,75
0,25
0,77
0,95
1,00
0,56
0,75
0,85
1,00
1,00
1,00
1,00
0,77
Adjusted
Weight (%)
0,01991
0,01989
0,01986
0,01981
0,01980
0,01946
0,01941
0,01938
0,01937
0,01924
0,01923
0,01918
0,01916
0,01914
0,01909
0,01901
0,01895
0,01876
0,01875
0,01873
0,01856
0,01853
0,01842
0,01836
0,01828
0,01818
0,01807
0,01796
0,01793
0,01764
0,01763
0,01758
0,01755
0,01741
0,01731
0,01725
0,01724
0,01708
0,01685
0,01678
0,01676
0,01673
0,01669
0,01664
0,01655
0,01654
0,01649
0,01640
0,01640
0,01633
0,01599
0,01589
0,01557
84
Components
Company
ISIN
Market Sector
BILLERUD
GAL LAFAYETTE /RM
ASM INTERNATIONAL NV
ALSTOM
CALEDONIA INVESTMENTS
CAPITAL RADIO
MATALAN
WILLIAM DEMANT
ORION B
OMEGA PHARMA
EMS CHEMIE
EASYJET
RIETER
BENETTON GRP
AGGREKO
HAGEMEYER
TELECOM ITALIA MEDIA
SE0000862997
FR0000121246
NL0000334118
FR0000120198
GB0001639920
GB0001742393
GB0002594264
DK0010268440
FI0009800346
BE0003785020
CH0001587036
GB0001641991
CH0003671440
IT0003106777
GB0001478998
NL0000355477
IT0001389920
BAS
RTS
Technology
IGS
Financial Services
Media
RTS
Healthcare
Healthcare
Healthcare
Chemicals
IGS
IGS
IGS
Technology
Float
Factor
0,92
0,39
0,77
1,00
0,63
1,00
0,48
0,36
1,00
0,72
0,44
0,40
0,67
0,31
0,80
1,00
0,44
Adjusted
Weight (%)
0,01541
0,01519
0,01508
0,01495
0,01438
0,01426
0,01423
0,01383
0,01368
0,01347
0,01343
0,01337
0,01298
0,01259
0,01119
0,00937
0,00860
Source: Stoxx Limited.
85
Calculation of indices of Stoxx-Group
Index Formula & Index Divisors
The indexes are calculated with the Laspeyres formula, which measures price changes against a fixed
base quantity weight.
Each index has a unique index divisor, which is adjusted to maintain the continuity of the index’s values
across changes due to corporate actions:
EURO
Indext
=
∑ ni=1 (pit · qit · X it
· fit )
Ct · ∑ ni=1 (pi0 · qi0 ·X Euro
i0 )
· base value
=
Mt
· base value
Bt
n
=
Number of stocks in the index
pi0
=
Closing price of stock (i) on the base date
qi0
=
Number of shares of company (i) on the base date
pit
=
Price of stock (i) at time (t)
qit
=
Number of shares of company (i) at time (t)
fit
Ct
=
Free float factor of company (i) at time (t)
=
Adjustment factor for the base date market capitalization
t
=
Time the index is computed
Mt
Bt
=
Free float market capitalization of the index at time (t)
=
Adjusted base date market capitalization of the index at time (t)
X EURO
=
it
base value =
Cross rate: domestic currency in euros of company (i) at time (t)
1,000 for style and blue chip indexes; and 100 for all other indexes on the relevant
base date
Data Accuracy
The data accuracy for the index calculation is:
-
Input data and other underlying data:
Rounded to seven decimal places
-
Index divisors: Rounded to integers
-
Free float factors: Rounded to four decimal places
-
Index values: Rounded to two decimal places for dissemination.
86
Input Data Sources
The input data sources for the index calculation include:
-
Trading platforms
-
Regulatory agencies
-
Companies in the investable stock universe
-
Related service providers.
Input Data Monitoring
The real time input data feeds for the index calculation are monitored by:
-
Data filters
-
Quality assurance tools
-
Verification against secondary sources.
Input Data Correction
The correction procedures for incorrect or missing input data are:
-
Input data: Corrected immediately
-
Real time index values: Not retroactively corrected because the index calculation is real time.
Index Divisor Adjustment
The index divisors are adjusted due to corporate actions:
Dt+1
= Dt ·
∑ (pit · qit · fit ) ± ∆MC t+1
∑ (pit · qit · fit )
Where:
Dt
=
Divisor at time (t)
Dt+1
=
Divisor at time (t+1)
Pit
=
Stock price of company (i) at time (t)
fit
=
Free float factor of company (i) at time (t)
qit
=
Number of shares of company (i) at time (t)
∆MC t+1 =
For companies with corporate actions effective at time (t+1), free float market
capitalization calculated with adjusted closing prices and new number of shares at time
(t+1) minus free float market capitalization calculated with closing prices and number
of shares at time (t)
87
ANLEIHEBEDINGUNGEN FÜR SCHULDVERSCHREIBUNGEN
Die Schuldverschreibungen werden im Rahmen dieses Emissionsprogrammes für die Begebung von
Schuldverschreibungen (Programme for the Issuance of Debt Instruments) vom 17. September 2003
durch die Norddeutsche Landesbank Girozentrale (die „NORD/LB“) und die NORD/LB Norddeutsche
Securities PLC (die „NORD/LB Securities“) in Serien (die „Serie“) begeben.
Jede Serie ist Gegenstand eines Konditionenblattes (das „Konditionenblatt“). Das Konditionenblatt
bestimmt die für die jeweilige Serie gültigen Anleihebedingungen.
Für jede Serie, die öffentlich angeboten wird, gibt das Konditionenblatt die vollständigen Anleihebedingungen einschließlich der zutreffenden Teile der nachstehenden Anleihebedingungen wieder (konsolidierte Anleihebedingungen).
Für jede Serie, die nicht öffentlich angeboten wird, bestimmt das Konditionenblatt in Ergänzung,
Vervollständigung und Weglassung von Bestimmungen der nachstehenden Anleihebedingungen, den
vollständigen Text der Anleihebedingungen der jeweiligen Serie (nicht konsolidierte Anleihebedingungen).
Das Konditionenblatt kann von den nachstehenden Anleihebedingungen auch zusätzliche sowie ergänzende Anleihebedingungen für eine Serie vorsehen.
Das Konditionenblatt für jede Serie ist bei den bezeichneten Geschäftsstellen der Zahlstellen für die
betreffende Serie [ab dem Zeitpunkt der Begebung / dem Beginn des Angebotes der Serie] kostenlos
erhältlich.
Die nachstehenden Anleihebedingungen enthalten eine Reihe von Bestimmungen, die zur alternativen
Anwendung vorgesehen sind. Die Wahl der für eine Serie anwendbaren Bestimmungen gilt nur für die
Schuldverschreibungen dieser Serie, und zwar unter Ausfüllung der in den nachstehenden Anleihebedingungen als „[ ]“ oder „●“ enthaltenen Blankette durch die für die jeweilige Serie geltenden Angaben.
Entsprechendes gilt für Bestimmungen, die in den Anleihebedingungen der jeweiligen Serie den jeweiligen Gegebenheiten angepasst oder auch ganz weggelassen werden.
Die Begebung der Schuldverschreibungen erfolgt gemäß den Bestimmungen eines Fiscal Agency
Agreements („Fiscal Agency Agreements“) vom 17. September 2003 zwischen der NORD/LB und der
NORD/LB Securities einerseits und der Deutsche Bank AG London als Fiscal Agent (der „Fiscal Agent“)
und Deutsche Bank Luxembourg S.A., Deutsche Bank AG Paris Branch und der NORD/LB (zusammen mit dem Fiscal Agent die „Zahlstellen“) andererseits. Das Fiscal Agency Agreement ist bei den
Zahlstellen kostenlos erhältlich.
§ 1 Stückelung und Form
(1) Die Emissionen einer Serie von Schuldverschreibungen der ● (die „Emittentin“) im Gesamtnennbetrag von ● ist eingeteilt in ● auf den Inhaber lautende Schuldverschreibungen im Nennbetrag von
je ● (die „Schuldverschreibungen“). Die Schuldverschreibungen können nach Maßgabe der nachstehenden Vorschriften als Globalurkunde (die „Globalurkunde“), als effektive Urkunden oder,
soweit rechtlich zulässig, in elektronischer Form verbrieft sein.
(2) [bei vorläufiger Verbriefung durch eine vorläufige Globalurkunde (ohne Bescheinigung des
Nichtbestehens von US-Inhaberschaft (beneficial ownership))
(a) Die Schuldverschreibungen sind bei Begebung zunächst durch eine vorläufige Globalurkunde
(die „vorläufige Globalurkunde“) verbrieft, die binnen einer Frist von nicht mehr als [120] Tagen
nach dem Tag der Begebung durch effektive Urkunden über einzelne Schuldverschreibungen mit
Zinsscheinen ausgetauscht wird.
(b) Die vorläufige Globalurkunde ist eigenhändig von zwei vertretungsberechtigten Personen der
Emittentin [und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent] unterschrieben. Die effektiven Urkunden über die Schuldverschreibungen und die Zinsscheine tragen
die facsimilierten Unterschriften von zwei vertretungsberechtigten Personen der Emittentin [und
sind außerdem mit einem Prägestempel der Emittentin versehen]. [Die effektiven Urkunden über
die Schuldverschreibungen sind ferner von einem Kontrollbeauftragten des Fiscal Agent unterschrieben].]
88
[bei vorläufiger Verbriefung durch eine vorläufige Globalurkunde (mit Bescheinigung des
Nichtbestehens von US-Inhaberschaft (beneficial ownership))
(a) Die Schuldverschreibungen sind bei Begebung zunächst durch eine vorläufige Globalurkunde
(die „vorläufige Globalurkunde“) verbrieft. Die vorläufige Globalurkunde wird gegen [eine
Dauerglobalurkunde (die „Dauer-Globalurkunde“), die die Schuldverschreibungen für ihre
gesamte Restlaufzeit verbrieft] [effektive Urkunden über die Schuldverschreibungen mit Zinsscheinen, die fortlaufend nummeriert sind] ausgetauscht. Der Austausch wird frühestens 40 Tage
nach dem Valutierungstag vorgenommen, und zwar gegen Vorlage einer Bescheinigung über das
Nichtbestehen von US-Inhaberschaft (beneficial ownership), die nach Inhalt und Form den
Anforderungen des Rechts der Vereinigten Staaten von Amerika oder den dann bestehenden
Usancen der Wertpapiersammelbank[en] entspricht.
(b) Die vorläufige Globalurkunde ist eigenhändig von zwei vertretungsberechtigten Personen der
Emittentin [und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent] unterschrieben. Die effektiven Urkunden über die Schuldverschreibungen und die Zinsscheine tragen
die facsimilierten Unterschriften von zwei vertretungsberechtigten Personen der Emittentin [und
sind außerdem mit einem Prägestempel der Emittentin versehen]. [Die effektiven Urkunden über
die Schuldverschreibungen sind ferner von einem Kontrollbeauftragten des Fiscal Agent unterschrieben].
(c) [Sollten Zinsen auf Schuldverschreibungen zur Zahlung fällig werden, die durch eine vorläufige Globalurkunde verbrieft sind, werden die entsprechenden Zinszahlungen nur insoweit auf die
vorläufige Globalurkunde vorgenommen werden, als eine Bescheinigung des Nichtbestehens
von US-Inhaberschaft (beneficial ownership) den Wertpapiersammelbanken vorliegt.]
[bei Verbriefung in einer Dauerglobalurkunde
(a) Die Schuldverschreibungen sind während ihrer gesamten Laufzeit in einer Globalurkunde ohne
Zinsscheine oder, soweit rechtlich zulässig, in elektronischer Form verbrieft (die „Globalurkunde“). Effektive Urkunden über einzelne Schuldverschreibungen und Zinsscheine werden
nicht ausgegeben.
(b) Die Globalurkunde ist eigenhändig von zwei vertretungsberechtigten Personen der Emittentin
[und zusätzlich eigenhändig von einem Kontrollbeauftragten des Fiscal Agent] unterschrieben;
im Fall der elektronischen Verbriefung werden diese entsprechend den die elektronische
Verbriefung gestattenden Regularien [signiert].]
(3) Als Wertpapiersammelbanken (die „Clearing Systeme“) im Sinne dieser Anleihebedingungen können
Clearstream Banking AG, Frankfurt am Main („Clearstream, Frankfurt“), Euroclear Bank S.A./N.V.,
als Betreiber des Euroclear System („Euroclear“) und Clearstream Banking société anonyme,
Luxembourg („Clearstream, Luxembourg“) sowie jede andere Wertpapiersammelbank bestimmt
werden.
§ 2 Status und Rang
[bei nicht nachrangigen Schuldverschreibungen
Die Schuldverschreibungen und Zinsscheine begründen unmittelbare, unbedingte, nicht nachrangige
und nicht dinglich besicherte Verbindlichkeiten der Emittentin, die untereinander und mit sämtlichen
anderen nicht nachrangigen und nicht dinglich besicherten Verbindlichkeiten der Emittentin in gleichem
Rang stehen, ausgenommen Verbindlichkeiten, die kraft Gesetzes Vorrang haben.]
[bei nachrangigen Schuldverschreibungen
(1) Die Schuldverschreibungen und Zinsscheine begründen Verbindlichkeiten der Emittentin, die untereinander und mit sämtlichen anderen nachrangigen Verbindlichkeiten der Emittentin mindestens in
gleichem Rang stehen. Im Falle der Auflösung, der Liquidation oder der Insolvenz der Emittentin
oder im Falle eines Verfahrens, das die Auflösung oder Liquidation der Emittentin zur Folge haben
kann, sind diese Verbindlichkeiten nachrangig gegenüber den Ansprüchen aller nicht nachrangigen
Gläubiger der Emittentin mit der Folge, dass in keinem der genannten Fälle Zahlungen auf die
Verbindlichkeiten geleistet werden, solange nicht alle nicht nachrangigen Gläubiger der Emittentin
vollständig befriedigt worden sind.
89
(2) Die Gläubiger der Schuldverschreibungen oder Zinsscheine sind nicht berechtigt, mit Ansprüchen
aus den Schuldverschreibungen oder den Zinsscheinen gegen Ansprüche der Emittentin aufzurechnen. Die Rechte der Gläubiger aus solchen Schuldverschreibungen oder Zinsscheinen dürfen zu keiner Zeit von der Emittentin oder einem Dritten in irgendeiner Weise besichert werden.
(3) Nachträgliche Vereinbarungen, die den Rangrücktritt gemäß diesem § 2 beschränken oder den
Fälligkeitstermin der Schuldverschreibungen vorverlegen, sind unzulässig. Werden Schuldverschreibungen, die längerfristige nachrangige Verbindlichkeiten im Sinne des Kreditwesengesetzes (KWG)
darstellen, vor dem Fälligkeitstermin zurückgezahlt, ohne dass die in § 2 Abs. (1) oder § 7 Abs. (1)
genannten Voraussetzungen vorliegen, so ist der Emittentin der zurückgezahlte Betrag ohne
Rücksicht auf entgegenstehende Vereinbarungen zurückzugewähren, sofern nicht das durch die
Schuldverschreibungen geschaffene haftende Eigenkapital im Sinne des Kreditwesengesetzes durch
die Einzahlung zumindest gleichwertigen haftenden Eigenkapitals ersetzt worden ist oder die
Bundesanstalt für Finanzdienstleistungsaufsicht der vorzeitigen Rückzahlung zugestimmt hat.]
[§ 3 Garantie
[bei nicht nachrangigen Schuldverschreibungen
(1) Die Norddeutsche Landesbank Girozentrale (die „Garantin“) hat die unbedingte und unwiderrufliche
Garantie (die „Garantie“) für die ordnungsgemäße und pünktliche Erfüllung sämtlicher Zahlungsverpflichtungen der Emittentin aus den Schuldverschreibungen übernommen. Kopien der Garantie
sind bei den bezeichneten Geschäftsstellen der Zahlstellen kostenlos erhältlich.
(2) Die Garantie begründet unmittelbare, unbedingte, nicht nachrangige und nicht dinglich besicherte
Verbindlichkeiten der Garantin, die untereinander und mit sämtlichen anderen nicht nachrangigen
und nicht dinglich besicherten Verbindlichkeiten der Garantin in gleichem Rang stehen, ausgenommen
Verbindlichkeiten, die kraft Gesetzes Vorrang haben.]
[bei nachrangigen Schuldverschreibungen
(1) Die Norddeutsche Landesbank Girozentrale (die „Garantin“) hat nach Maßgabe der nachstehend
wiedergegebenen Bestimmungen die unbedingte und unwiderrufliche Garantie (die „Garantie“) für
die ordnungsgemäße und pünktliche Erfüllung sämtlicher Zahlungsverpflichtungen der Emittentin
aus den Schuldverschreibungen übernommen. Kopien der Garantie sind bei den bezeichneten
Geschäftsstellen der Zahlstellen kostenlos erhältlich.
(2) Die Garantie begründet Verbindlichkeiten der Garantin, die untereinander und mit sämtlichen anderen nachrangigen Verbindlichkeiten der Garantin mindestens in gleichem Rang stehen. Im Falle der
Auflösung, Liquidation oder Insolvenz der Garantin oder im Falle eines Verfahrens, das die Auflösung, Liquidation oder Insolvenz der Garantin zur Folge hat, sind diese Verbindlichkeiten nachrangig
gegenüber den Ansprüchen aller nicht nachrangigen Gläubiger der Garantin mit der Folge, dass in
einem solchen Fall keine Zahlungen auf die Verbindlichkeiten geleistet werden, solange nicht alle
nicht nachrangigen Gläubiger der Garantin vollständig befriedigt worden sind.
(3) Die Gläubiger der Schuldverschreibungen oder Zinsscheine sind nicht berechtigt, mit Ansprüchen
aus der Garantie gegen irgendwelche Ansprüche der Garantin aufzurechnen.
Die Rechte der Gläubiger der Schuldverschreibungen oder Zinsscheine aus der Garantie dürfen zu
keiner Zeit von der Garantin oder einem Dritten in irgendeiner Weise besichert werden.
(4) Nachträgliche Vereinbarungen, die den Rangrücktritt gemäß diesem § 3 beschränken oder die
Fälligkeit der Garantie vorverlegen, sind unzulässig. Werden für Schuldverschreibungen vor dem
Fälligkeitstermin von der Garantin Zahlungen geleistet, ohne dass die in § 2 Abs. (3) genannten
Voraussetzungen vorliegen, so ist der Garantin der gezahlte Betrag ohne Rücksicht auf entgegenstehende Vereinbarungen zurückzugewähren.]]
§ [4] Zinsen
(1) [bei festverzinslicher Serie
Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag vom ● an mit jährlich ● % verzinst. Die Zinsen sind jährlich nachträglich am ● [in ● (Währung einsetzen)] eines jeden Jahres
90
zahlbar (jeweils ein „Zinszahlungstag“) es sei denn, der betreffende Zinszahlungstag ist kein
Bankarbeitstag (wie unten definiert). In diesem Fall hat der Gläubiger keinen Anspruch auf Zahlung
vor dem nächsten Bankarbeitstag. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige
Zahlungen aufgrund dieser Verschiebung zu verlangen.
Für diese Zwecke bezeichnet „Bankarbeitstag“ einen Tag, an dem [die Geschäftsbanken und
Devisenmärkte in ● (Ort einsetzen) Zahlungen in ● (Währung einsetzen) abwickeln], [die Banken
für Geschäfte am jeweiligen Ort der Vorlage geöffnet haben] [und] [alle betroffenen Bereiche des
Trans-European Automated Real-time Gross Settlement Express Transfer System („TARGET“)
betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten].
Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr
zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (§ [4] Abs. 2).]
[bei [Step-up] [Step-down] Serie
Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum
● (ausschließlich) mit jährlich ● % verzinst. Soweit keine Kündigung durch die Emittentin gemäß
§ [7] Absatz (2) dieser Bedingungen erfolgt, werden die Schuldverschreibungen anschließend bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) mit jährlich ● % verzinst [und soweit keine Kündigung der Emittentin gemäß § [7] Absatz (2) dieser Bedingungen erfolgt,
werden die Schuldverschreibungen anschließend bezogen auf ihren Nennbetrag vom ● (einschließlich) bis zum ● (ausschließlich) mit jährlich ● % verzinst] [und ●].
Die Zinsen sind jährlich nachträglich am ● [in ● (Währung einsetzen)] eines jeden Jahres zahlbar
(jeweils ein „Zinszahlungstag“) es sei denn, der betreffende Zinszahlungstag ist kein Bankarbeitstag
(wie unten definiert). In diesem Fall hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten Bankarbeitstag. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verschiebung zu verlangen.
Devisenmärkte in ● (Ort einsetzen) Zahlungen in ● (Währung einsetzen) abwickeln] [und] [alle
betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer
System („TARGET“) betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten].
Die erste Zinszahlung erfolgt am ●. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr
zu berechnen sind, erfolgt die Berechnung auf Grundlage des Zinstagequotienten (§ [4] Abs. 2).]
[bei Nullkupon Serie
Die Schuldverschreibungen werden am ● (der „Ausgabetag“) zu ● (der „Emissionspreis“) ausgegeben. Periodische Zinszahlungen werden auf die Schuldverschreibungen nicht geleistet.
Sollte die Emittentin die Schuldverschreibungen am Fälligkeitstag nicht oder nicht vollständig einlösen, so endet die Verzinsung des ausstehenden Betrages der Schuldverschreibungen nicht am
Fälligkeitstag (§ [5]), sondern erst mit der tatsächlichen Rückzahlung der Schuldverschreibungen.
Die Zinsen werden jedoch längstens bis zum 14. Tage nach dem Zeitpunkt geschuldet, an dem die
erforderlichen Beträge zur Erfüllung sämtlicher unter den Schuldverschreibungen geschuldeten
Beträge dem Fiscal Agent zur Verfügung gestellt worden sind und dies gemäß § [14] bekannt gemacht
worden ist.
Der dann geltende Zinssatz bestimmt sich nach dem Gesetz, es sei denn, die Emissionsrendite in
Höhe von ● % per annum ist höher als der gesetzlich bestimmte Zinssatz. In diesem Fall werden
die Schuldverschreibungen in Höhe der Emissionsrendite weiter verzinst.]
[bei variabel verzinslicher Serie
Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag zu einem variablen Zinssatz (der
„variable Zinssatz“) verzinst und zwar zunächst ab dem variablen Verzinsungsbeginn (der „variable
Verzinsungsbeginn“) (einschließlich) bis zum ersten Tag der nächstfolgenden Zinsperiode (der
„variable Zinszahlungstag“) (ausschließlich) und danach von jedem variablen Zinszahlungstag
(einschließlich) bis zum nächstfolgenden variablen Zinszahlungstag (ausschließlich).
„Variabler Zinszahlungstag“ ist der ● [monatlich] [vierteljährlich] [halbjährlich] [andere Zinsperiode].
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Zinsen auf die Schuldverschreibungen sind an jedem variablen Zinszahlungstag nachträglich [in ●
(Währung einsetzen)] fällig und zahlbar.
Fällt ein variabler Zinszahlungstag auf einen Tag der kein Bankarbeitstag ist, so erfolgt die Zahlung
des Zinsbetrages am folgenden Bankarbeitstag. Die dies betreffende variable Zinsperiode verlängert
sich dementsprechend. Die darauffolgende variable Zinsperiode verkürzt sich um die Anzahl der
Tage, um die sich die vorhergehende variable Zinsperiode verlängert hat. Sollte der nächstfolgende
Bankarbeitstag allerdings in den nächstfolgenden Kalendermonat fallen, so erfolgt die Zahlung des
Zinsbetrages am vorhergehenden Bankarbeitstag und die variable Zinsperiode verkürzt sich entsprechend.
Devisenmärkte in ● (Ort einsetzen) Zahlungen in ● (Währung einsetzen) abwickeln] [und] [alle
betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer
System („TARGET“) betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten].
[Der variable Zinssatz entspricht dem, wie unten erläutert, ermittelten Referenzzinssatz.] [Der variable Zinssatz der jeweiligen variablen Zinsperiode errechnet sich als Aufschlag von ● Basispunkten
auf den, wie unten erläutert, Referenzzinssatz.] [Er beträgt höchstens ●%.] [Er beträgt mindestens
●%.]
Die für die Festlegung des Referenzzinssatzes für die jeweilige variable Zinsperiode maßgebliche
Informationsquelle ist ● (die „relevante Informationsquelle“).
Der Referenzzinssatz, der in der jeweiligen variablen Zinsperiode gilt, wird von ● (die
„Zinsfestsetzungsbank“, wobei dieser Begriff auch deren Nachfolger in dieser Funktion einschließt)
nach den folgenden Grundsätzen festgelegt:
(i) Die Zinsfestsetzungsbank ermittelt den für die jeweilige variable Zinsperiode geltenden [Satz
für Einlagen] (der „Referenzzinssatz“) in der Währung der Schuldverschreibungen aus der relevanten Informationsquelle und zwar um oder gegen [11.00] Uhr ([Brüsseler/Londoner Zeit]) [am
ersten/zweiten] [Brüsseler/Londoner] Bankarbeitstag vor Beginn] [am Tag des Beginns] der
jeweiligen variablen Zinsperiode (der „Zinsfestsetzungstag“).
(ii) Sollte in der relevanten Informationsquelle am Zinsfestsetzungstag kein Referenzzinssatz veröffentlicht werden, gilt folgendes:
(1) Die Zinsfestsetzungsbank wird vier Banken mit internationalem Standing („Banken“) ersuchen, ihre Quotierungen des Referenzzinssatzes in der jeweiligen Währung und für die
relevante variable Zinsperiode mitzuteilen. Wenn mindestens zwei Banken quotiert haben,
so ist der Referenzzinssatz für die betreffende variable Zinsperiode das von der
Zinsfestsetzungsbank errechnete arithmetische Mittel dieser Quotierungen (gegebenenfalls
auf das nächste einhunderttausendstel Prozent aufgerundet).
(2) Werden an einem Zinsfestsetzungstag von nur einer Bank Referenzzinssätze gemäß Absatz (1)
quotiert, so ist der Referenzzinssatz für die nächste variable Zinsperiode der an diesem
Zinsfestsetzungstag von dieser Bank quotierte Satz.
(iii) Für den Fall, dass der Referenzzinssatz nicht gemäß Absatz (ii) bestimmt werden kann, gilt für
die folgende variable Zinsperiode als Referenzzinssatz der Satz, der am unmittelbar vorhergehenden Geschäftstag in [Brüssel/London] in der relevanten Informationsquelle veröffentlicht
wurde.]
(2) Der Zinsbetrag für jede Schuldverschreibung wird errechnet, indem der für die betreffende
Zinsperiode geltende Zinssatz und Zinstagequotient (wie nachstehend erläutert) auf den
Nominalbetrag der Schuldverschreibung bezogen wird. Der so errechnete Zinsbetrag wird auf die
nächste Untereinheit der Währung der Schuldverschreibungen gerundet, wobei jeweils ab einer halben solchen Untereinheit nach oben aufgerundet wird.
Der Zinstagequotient (der „Zinstagequotient“) in Bezug auf die Berechnung eines Zinsbetrages auf
Schuldverschreibungen für einen beliebigen Zeitraum (der „Zinsberechnungszeitraum“) bedeutet:
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[wenn in dem betreffenden Pricing Supplement Actual/Actual (ISMA-Regelung 251) festgelegt
ist:
(a) Im Fall, dass der Zinsberechnungszeitraum gleich oder kürzer ist als der Zeitraum von einem
Zinszahlungstag (einschließlich) bis zum nächsten Zinszahlungstag (ausschließlich) (die
„Zinsperiode“): die Anzahl der tatsächlich verstrichenen Tage in diesem Zinsberechnungszeitraum geteilt durch das Produkt aus (i) der Anzahl der Tage in dieser Zinsperiode und (ii) der
Anzahl der Zinsperioden innerhalb eines Kalenderjahres.
(b) Im Fall, dass der Zinsberechnungszeitraum länger als eine Zinsperiode ist: die Summe aus (i)
der Anzahl der tatsächlich verstrichenen Tage in dem Zinsberechnungszeitraum, welche in die
zuerst beginnende Zinsperiode des Zinsberechnungszeitraumes fallen, geteilt durch das Produkt
aus (x) der Anzahl der Tage in dieser Zinsperiode und (y) der Anzahl der Zinsperioden, die innerhalb eines Kalenderjahres liegen und (ii) der Anzahl der tatsächlich verstrichenen Tage in dem
Zinsberechnungszeitraum, der in die nächste Zinsperiode fällt, geteilt durch das Produkt aus (x)
der Anzahl der Tage in dieser Zinsperiode und (y) der Anzahl der Zinsperioden innerhalb eines
Kalenderjahres.]
[wenn in dem betreffenden Pricing Supplement Actual/365 (fixed) festgelegt ist:
die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365.]
[wenn in dem betreffenden Pricing Supplement Actual/360 festgelegt ist:
die tatsächlich verstrichene Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360.]
[wenn in dem betreffenden Pricing Supplement 30E/360 oder Eurobond Basis festgelegt ist:
die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360. Dabei ist die Anzahl der Tage
auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln, und zwar
ohne Berücksichtigung des ersten und des letzten Tages des Zinsberechnungszeitraumes.]
[wenn in dem betreffenden Pricing Supplement 30/360, 360/360 oder Bond Basis festgelegt ist:
die Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360, wobei die Anzahl der Tage
auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu je 30 Tagen zu ermitteln ist es sei
denn,
(i) der letzte Tag des Zinsberechnungszeitraumes fällt auf den 31. Tag eines Monats, während der
erste Tag des Zinsberechnungszeitraumes weder auf den 30. noch auf den 31. Tag eines Monats
fällt, wobei in diesem Fall der diesen Tag enthaltene Monat nicht als ein auf 30 Tage gekürzter
Monat zu behandeln ist, oder
(ii) der letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des Monats Februar, wobei
in diesem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist.]
[(3)Die Zinsfestsetzungsbank veranlasst, dass der Zinssatz, die Zinsbeträge für die jeweilige Zinsperiode
und der betreffende Zinszahlungstag dem Fiscal Agent mitgeteilt werden; der wiederum veranlasst,
dass die übrigen Zahlstellen informiert werden, sobald dies nach der jeweiligen Festsetzung möglich ist.
Die Festsetzung der Zinssätze und der jeweils zahlbaren Zinsbeträge ist in jedem Fall endgültig und
für alle Beteiligten bindend, es sei denn es läge ein offensichtlicher Irrtum vor.]
[(4)Die Verzinsung der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag vorhergeht, an
dem die Schuldverschreibungen zur Rückzahlung fällig werden und zwar auch dann, wenn die
Leistung nach § 193 BGB erst an einem späteren Tag bewirkt wird.
Sollte die Emittentin die Schuldverschreibungen am Fälligkeitstag nicht oder nicht vollständig einlösen, so endet die Verzinsung des ausstehenden Nennbetrages der Schuldverschreibungen nicht am
Fälligkeitstag (§ [5]), sondern erst mit der tatsächlichen Rückzahlung der Schuldverschreibungen.
Die Zinsen werden jedoch längstens bis zum 14. Tage nach dem Zeitpunkt geschuldet, an dem die
erforderlichen Beträge zur Erfüllung sämtlicher unter den Schuldverschreibungen geschuldeten
Beträge dem Fiscal Agent zur Verfügung gestellt worden sind und dies gemäß § [14] bekannt gemacht
worden ist.
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Der dann geltende Zinssatz bestimmt sich nach dem Gesetz, es sei denn, der gemäß § [4] Abs. (1)
vereinbarte Zinssatz ist höher als der gesetzlich bestimmte Zinssatz. In diesem Fall gilt der vereinbarte Zinssatz fort.]
§ [5] Einlösung der Schuldverschreibungen
[bei Rückzahlung zu einem festgelegten Wert
Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) [zu ihrem Nennbetrag] [zu ●%] eingelöst.]
[bei einem Tilgungswahlrecht der Emittentin zum Nennbetrag oder durch Lieferung von Aktien
(1) Die Tilgung der Schuldverschreibungen erfolgt am ● (der „Fälligkeitstag“) nach Wahl der Emittentin
entweder durch Zahlung des Nennbetrages oder durch Lieferung von ● Aktien (ISIN: ●) (die
„Aktien“) der ● (die „Gesellschaft“) je Schuldverschreibung im Nennbetrag von je ●.
Die Emittentin wird die Entscheidung über die Ausübung am ● (der „Feststellungstag“) treffen und
unverzüglich gemäß § [14] bekannt machen.
Die Anzahl der gegebenenfalls zu liefernden Aktien kann nach Abs. 2 angepasst werden. Bruchteile
von Aktien werden nicht geliefert. Etwaige Spitzen werden durch Zahlung eines ● Betrages
(Währung einsetzen) ausgeglichen, wobei sich der Wert der auszugleichenden Bruchteile an dem
am Feststellungstag von der ● (die „Referenzstelle“) festgestellten [●Kurs] (der „Kurs“) der Aktien
orientiert.
(2) Wird die Aktie der Gesellschaft während der Laufzeit der Schuldverschreibungen durch ein
Anpassungsereignis oder in sonstiger Weise verändert, so wird die Anzahl der zu liefernden Aktien
entsprechend angepasst, oder es werden erforderlichenfalls andere Anpassungen vorgenommen.
Diese Anpassungen sowie die Bestimmung des Zeitpunktes, ab dem sie gelten, erfolgen durch die
Emittentin nach deren billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der
betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen, wie sie im
Regelwerk der [EUREX Deutschland] (die „Terminbörse“) oder eine an deren Stelle getretenen
Nachfolgeorganisation, für solche Anpassungen bestimmt sind. Dabei ist es das ausschließliche Ziel
dieser Anpassungen, den Börsenwert bzw., wenn keine Börsennotierung vorliegt, den Wert der
Schuldverschreibungen zu erhalten, den diese vor dem die Anpassung auslösenden Ereignis, dem
„Anpassungszeitpunkt“, hatten.
Anpassungsereignis (das „Anpassungsereignis“) ist jede Entscheidung oder Maßnahme der zuständigen Organe der Gesellschaft:
(a) die in Bezug auf das Kapital oder das Vermögen der Gesellschaft durch diese selbst oder durch
einen Dritten getroffen wird (z.B. Kapitalerhöhung durch Ausgabe neuer Aktien gegen Einlage,
Ausgabe von Wertpapieren mit Options- oder Wandelrechten auf Aktien, Kapitalerhöhung aus
Gesellschaftsmitteln, Aktiensplits, Ausgliederung eines Unternehmensteils, Fusion, Liquidation,
Verstaatlichung oder einer anderen Maßnahme) und
(b) wegen derer die Terminbörse den Basispreis und /oder die Kontraktgröße für auf die Aktie der
Gesellschaft bezogene Optionskontrakte (die „Optionskontrakte“) anpasst oder die
Optionskontrakte auf andere Weise verändert.
Sind nach dem Regelwerk der Terminbörse wegen dieser Entscheidung oder Maßnahme keine
Anpassungen in Bezug auf an der Terminbörse gehandelte, auf die Aktien der Gesellschaft bezogene Optionskontrakte vorzunehmen, so bleibt die Anzahl der zu liefernden Aktien unverändert, es sei
denn, es werden solche Anpassungen nach Buchstabe (b) nur deshalb nicht vorgenommen, weil zu
dem Zeitpunkt, zu dem sie vorzunehmen wären, an der Terminbörse keine Optionskontrakte ausstehen. In diesem Fall wird die Emittentin Anpassungen entsprechend dem Regelwerk der
Terminbörse in der Art und Weise vornehmen, als wenn zum Anpassungszeitpunkt auf die Aktien
der Gesellschaft bezogene Optionskontrakte gehandelt würden.
(3) Falls die Referenzstelle am Feststellungstag, infolge einer Störung oder Aussetzung des Handels in
der Aktie der Gesellschaft einen Kurs für die Aktie nicht feststellen kann (die „Marktstörung“), so
gilt für die Möglichkeit der Lieferung von Aktien der wie nachfolgend ermittelte Ersatzkurs.
94
Ersatzkurs ist derjenige Kurs der Aktie der Gesellschaft, der von der Terminbörse beim Handel bzw.
der Abwicklung von Optionskontrakten zugrunde gelegt wird, oder, falls ein solcher Kurs nicht
erhältlich ist, derjenige Kurs der Aktie der Gesellschaft, der sich als arithmetisches Mittel aus denjenigen Ankaufs- und Verkaufskursen errechnet, welche der Emittentin von drei namhaften, im
Handel mit der Aktie der Gesellschaft tätigen Kredit- oder Finanzinstituten etwa zu dem Zeitpunkt,
an dem an diesem Tag die Referenzstelle ohne diese Marktstörung einen Börsenkurs bekannt gegeben hätte, für die Aktie der Gesellschaft genannt werden. Sind solche Kurse nicht erhältlich, so wird
die Emittentin nach billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der
betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen einen Ersatzkurs
bestimmen, der nach ihrer Beurteilung den zu diesem Zeitpunkt herrschenden Marktgegebenheiten
entspricht.]
[bei Tilgungswahlrecht der Emittentin zum Nennbetrag oder durch Lieferung von Rentenpapieren
in Form von ●
[(1)]Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) nach Wahl der Emittentin entweder
zum Nennbetrag oder durch Lieferung
[eines noch zu emittierenden Rentenpapiers (das „Rentenpapier“) der NORD/LB mit folgender
Ausstattung zurückgezahlt: [●] (Nennbetrag, Währung, Verzinsungsart, ggf. Zinssatz, Laufzeit
einsetzen).]
[eines Rentenpapiers (das „Rentenpapier“) der [●] (Emittent einsetzen) mit folgender
Ausstattung zurückgezahlt: [●] (Nennbetrag, Währung, Verzinsungsart, ggf. Zinssatz, Laufzeit
einsetzen).]
Die Emittentin wird die Entscheidung über die Ausübung am ● (der „Feststellungstag“) treffen und
unverzüglich gemäß § [14] bekannt machen.
[(2)Falls ● (die „Referenzstelle“) am Feststellungstag, infolge einer Störung oder Aussetzung des
Handels in dem Rentenpapier den [Kurs] für das Rentenpapier nicht bekannt gibt (die „Marktstörung“), so gilt für die Möglichkeit der Lieferung der Rentenpapiere der wie folgt ermittelte
Ersatzkurs (der „Ersatzkurs“).
Ersatzkurs ist derjenige Kurs der Rentenpapiere, der sich als arithmetisches Mittel aus der Quotierung
von mindestens zwei Banken, welche mit den Rentenpapieren handeln, etwa zu dem Zeitpunkt, an
dem an diesem Tag die Referenzstelle ohne diese Marktstörung einen [Kurs] bekannt gäbe, für die
Rentenpapiere genannt werden. Sind solche Kurse nicht erhältlich, so wird die Emittentin nach
billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen einen Ersatzkurs bestimmen, der
nach ihrer Beurteilung den zu diesem Zeitpunkt herrschenden Marktgegebenheiten entspricht.]]
[bei Tilgung in Abhängigkeit von einem Basiswert
(1) Die Schuldverschreibungen werden am ● (der „Fälligkeitstag“) wie folgt getilgt:
[bei Schuldverschreibungen mit Partizipation an einem steigenden Basiswert
(i) Notiert der ● (Bezeichnung des relevanten Wertes einsetzen; der „Kurs“) des ● (der „Basiswert“)
(ISIN:●) am ● (der „Feststellungstag“) oberhalb oder mindestens bei ● Punkten (der
„Schwellwert“), erhält der Anleihegläubiger den [Nennbetrag] [●% des Nennbetrages] zuzüglich
einer Partizipation zurück. Die Partizipation beträgt P (der „Partizipationsfaktor“) multipliziert
mit der positiven relativen Wertentwicklung des Basiswertes. Die positive relative Wertentwicklung des Basiswertes entspricht dem Quotient aus der Zahl, um die der Kurs des Basiswertes
am Feststellungstag den Schwellwert überschreitet und dem Schwellwert. [Es werden jedoch
maximal ●% des Nennbetrages zurückgezahlt (der „Cap“).]
Daraus ergibt sich folgende Berechnungsformel für den Rückzahlungskurs:
Min
– Schwellwert) ; Cap
{[100% + (P * (Kurs am Feststellungstag
)] }
Schwellwert
(ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellwertes, so werden die Schuldverschreibungen zu [ihrem Nennbetrag] [●% des Nennbetrages] eingelöst.
95
(iii)Ein Punkt des Basiswertes entspricht ●.]
[bei Schuldverschreibungen mit Partizipation an einem sinkenden Basiswert
(i) Notiert der ● (Bezeichnung des relevanten Wertes einsetzen; der „Kurs“) des ● (der „Basiswert“)
(ISIN: ●) am ● (der „Feststellungstag“) oberhalb oder mindestens bei ● Punkten (der
„Schwellwert“), so werden die Schuldverschreibungen zu [ihrem Nennbetrag] [●% des Nennbetrages] eingelöst.
[bei einem Cash Settlement mit Partizipationsfaktor
(ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellwertes, so werden die Schuldverschreibungen anteilig eingelöst. Der Anteil beträgt 100 % des Nennbetrages der Schuldverschreibungen abzüglich einer Partizipation an der negativen relativen Wertentwicklung des
Basiswertes. Die Partizipation beträgt P (der „Partizipationsfaktor“) multipliziert mit der negativen relativen Wertentwicklung des Basiswertes. Die negative relative Wertentwicklung entspricht dem Quotient aus der Zahl, um die der Kurs des Basiswertes am Feststellungstag den
Schwellwert unterschreitet und dem Schwellwert. [Es werden jedoch mindestens ●% des
Nennbetrages zurückgezahlt (der „Floor“).]
Daraus ergibt sich folgende Berechnungsformel für den Rückzahlungskurs:
Max
Kurs am Feststellungstag) ; Floor
{[100% – (P * (Schwellwert –Schwellwert
)] }
(iii)Ein Punkt des Basiswertes entspricht ●.]
[bei einem Basiswert in Form eines Index mit Physical Delivery der enthaltenen Aktien
(ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellwertes, so werden die Schuldverschreibungen durch Lieferung der am Feststellungstag im Basiswert enthaltenen Aktien entsprechend der an diesem Tag dort geltenden Gewichtung zurückgezahlt. Bruchteile von Aktien
werden nicht geliefert. Etwaige Spitzen werden durch Zahlung eines ● Betrages (Währung einsetzen) ausgeglichen, wobei sich der Wert der auszugleichenden Bruchteile an dem am Feststellungstag von der ● (die „Referenzstelle“) festgestellten [●Kurs] (der „Kurs“) der Aktien orientiert.
(iii)Ein Punkt des Basiswertes entspricht ●.]]
[bei Schuldverschreibungen mit Partizipation an einem steigenden und sinkenden Basiswert
Die Partizipation der Schuldverschreibungen an einem steigenden Basiswert richtet sich nach den
nachfolgend unter (i) dargestellten Grundsätzen, die Partizipation der Schuldverschreibungen an
einem sinkenden Basiswert richtet sich nach den nachfolgend unter (ii) dargestellten Grundsätzen.
(i) Notiert der ● (Bezeichnung des relevanten Wertes einsetzen; der „Kurs“) des ● (der „Basiswert“) [(ISIN:●)] am ● (der „Feststellungstag“) oberhalb oder mindestens bei ● Punkten (der
„Schwellwert“), erhält der Anleihegläubiger ●% des Nennbetrages zuzüglich einer Partizipation
zurück. Die Partizipation beträgt Ppositiv (der „positive Partizipationsfaktor“) multipliziert mit der
positiven relativen Wertentwicklung des Basiswertes. Die positive relative Wertentwicklung des
Basiswertes entspricht dem Quotienten aus dem Wert, um den der Kurs des Basiswertes am
Feststellungstag den Schwellwert überschreitet und dem Schwellwert. [Der Anleihegläubiger
erhält jedoch maximal ●% (der „Cap“) des Schwellwertes.]
(ii) Notiert der Basiswert am Feststellungstag unterhalb des Schwellwertes, so werden die Schuldverschreibungen dann nur anteilig eingelöst, wenn der Basiswert am Feststellungstag nur noch ●%
des Schwellwertes oder weniger (der „Minderungswert“) erreicht. Der Anteil beträgt in diesem
Fall ●% des Nennbetrages der Schuldverschreibungen abzüglich einer Partizipation an der den
Minderungswert überschreitenden negativen relativen Wertentwicklung des Basiswertes. Die
Partizipation beträgt Pnegativ (der „negative Partizipationsfaktor“) multipliziert mit der den
Minderungswert überschreitenden negativen relativen Wertentwicklung des Basiswertes. Die
den Minderungswert überschreitende negative relative Wertentwicklung entspricht dem Quotient
aus dem Wert, um den der Basiswert am Feststellungstag das Produkt aus Minderungswert und
Schwellwert unterschreitet und dem Schwellwert.
96
(iii)Der Rückzahlungskurs lässt sich, in Abhängigkeit vom Kurs des Basiswertes am Feststellungstag wie folgt berechnen:
(a) Notiert der Kurs des Basiswertes am Feststellungstag über oder mindestens bei dem
Schwellwert ergibt sich folgende Berechnungsformel:
(
100 % + Min Ppositiv * (Kurs am Feststellungstag – Schwellwert) ; Cap
Schwellwert
)
(b) Notiert der Kurs des Basiswertes am Feststellungstag unterhalb des Schwellwertes, aber
überhalb des Minderungswertes werden ● % des Nennbetrages zurückgezahlt.
(c) Notiert der Kurs des Basiswertes am Feststellungstag unter oder mindestens bei dem
Minderungswert ergibt sich folgende Berechnungsformel:
100 % – Pnegativ * (Minderungswert * Schwellwert – Kurs am Feststellungstag)
Schwellwert
(iv)Ein Punkt des Basiswertes entspricht ●.]
(2) [bei einem Basiswert in Form eines Index
Grundlage für die obigen Feststellungen und Berechnungen ist der Basiswert in Form eines Index
mit seinen jeweils anwendbaren Regeln (das „Index-Konzept“).
[Diese wurden von ● aufgestellt. Die jeweilige Art und Weise der Berechnung, Feststellung und
Veröffentlichung des Index erfolgt durch ● (der „Sponsor“)] 1).
[Der Index wird abgebildet aus [●] [● mit einem Anteil am Index von ● und ● mit einem Anteil
am Index von ● und ● mit einem Anteil am Index von ● [und ●] (jeweils die „Indexkomponente“).
Der Index wird gemäß den vorgenannten Regeln [täglich] [wöchentlich] um [●] (Uhrzeit einsetzen)
festgestellt und auf ● veröffentlicht. Die Feststellung und Veröffentlichung des Index erfolgt durch
● (der „Sponsor“)] 2).
Das Index-Konzept gilt auch dann, wenn sich während der Laufzeit der Schuldverschreibungen Veränderungen in der Berechnung [des Index oder seiner Zusammensetzung] [der Indexkomponenten
oder ihrer Zusammensetzung], gleich welcher Art, ergeben oder andere Maßnahmen vorgenommen
werden, die sich auf das Indexkonzept auswirken, es sei denn, aus den nachstehenden Bestimmungen
ergibt sich etwas anderes.
[Wird der Index] [Werden die Indexkomponenten] nicht mehr vom ursprünglichen Sponsor, sondern
von einer anderen Person, Gesellschaft oder Institution, die die Emittentin für geeignet hält (der
„Nachfolgesponsor“) berechnet und veröffentlicht, so werden die oben benannten Feststellungen und
Berechnungen auf der Grundlage des vom Nachfolgesponsor berechneten und veröffentlichten Index
berechnet. Jede in diesen Anleihebedingungen enthaltene Bezugnahme auf den ursprünglichen
Sponsor gilt, sofern es der Zusammenhang erlaubt, als Bezugnahme auf den Nachfolgesponsor.
[Wird der Index] [Werden die Indexkomponenten] ganz oder teilweise aufgehoben bzw. durch ein
anderes Indexkonzept ersetzt, wird die Emittentin nach billigem Ermessen (§ 315 BGB) unter
Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen bestimmen, ob und welches andere Indexkonzept (der „Ersatzindex“; die
„Ersatzkomponente“) künftig für die obigen Feststellungen und Berechnungen zugrunde zu legen
sind, und diese Angaben gemäß § [14] bekannt machen. Jede in diesen Anleihebedingungen enthaltene Bezugnahme auf [den Index] [die Indexkomponenten] gilt dann, sofern es der Zusammenhang
erlaubt, als Bezugnahme auf [den Ersatzindex] [die Ersatzkomponente].
Ist nach Ansicht der Emittentin die Festlegung [eines anderen maßgeblichen Indexkonzeptes] [einer
anderen maßgeblichen Indexkomponente], aus welchen Gründen auch immer, nicht möglich, wird
die Emittentin für die Weiterberechnung und Veröffentlichung des für die obigen Feststellungen und
Berechnungen maßgeblichen Wertes auf der Grundlage des bisherigen Konzeptes und dessen zuletzt
festgestellten Werten Sorge tragen, und diese Angaben gemäß § [14] bekannt machen.
1) Nur bei bestehendem Index, z.B. DAX etc.
2) Nur bei individuell gebildetem Index.
97
Sollte am Feststellungstag [der Index oder ein Ersatzindex] [eine Indexkomponente oder eine
Ersatzkomponente] nicht festgestellt und veröffentlicht werden oder nach Auffassung der Emittentin
eine Marktstörung vorliegen, so gilt der nächstfolgende Bankarbeitstag, an dem diese wieder festgestellt und veröffentlicht wird und an dem keine Marktstörung vorliegt, als Feststellungstag. Wird
der Feststellungstag auf den dritten Bankarbeitstag nach dem Fälligkeitstag verschoben und wird
auch an diesem Tag der o.g. Wert nicht festgestellt und veröffentlicht oder liegt nach Auffassung der
Emittentin eine Marktstörung vor, dann wird die Emittentin den maßgeblichen Kurs unter Anwendung der zuletzt für die Berechnung des o.g. Wertes gültigen Berechnungsmethode errechnen, wobei
die Emittentin für die Berechnung die Kurse der [im Index] [in der Indexkomponente] enthaltenen
Wertpapiere an diesem Tag zu dem Zeitpunkt zugrunde legt, an dem üblicherweise deren maßgeblicher Kurs bestimmt wird (der „Feststellungszeitpunkt“). Sollte der Handel eines oder mehrerer der
für die Berechnung [des Index] [der Indexkomponente] maßgeblichen Wertpapiere an einem solchen
Tag ausgesetzt oder wesentlich eingeschränkt sein, wird die Emittentin unter Hinzuziehung eines
unabhängigen Sachverständigen sowie unter Berücksichtigung der an dem Feststellungszeitpunkt
herrschenden Marktgegebenheiten den Kurs der jeweiligen Wertpapiere zu dem Feststellungszeitpunkt nach billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen
Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen schätzen.
Marktstörung bedeutet für diesen Absatz die Aussetzung oder die Einschränkung des Handels der
[im Index] [in der Indexkomponente] enthaltenen Wertpapiere an den Wertpapierbörsen oder
Handelssystemen, deren Kurse für die Berechnung [des Index] [der Indexkomponente] herangezogen werden, sofern eine solche Aussetzung oder Einschränkung nach Auffassung der Emittentin eine
Berechung wesentlich beeinflusst oder eine Aussetzung oder Einschränkung des Handels von auf
[den Index] [die Indexkomponente] bezogenen Terminkontrakten oder Optionskontrakten an der
Terminbörse mit dem größten Handelsvolumen in auf [den Index] [die Indexkomponente] bezogenen Terminkontrakten oder Optionskontrakten vorliegt.]
[bei einem Basiswert in Form einer Aktie
Grundlage für die obigen Feststellungen und Berechnungen ist der Basiswert in Form einer Aktie.
Wird die Aktie der Gesellschaft während der Laufzeit der Schuldverschreibungen durch ein
Anpassungsereignis oder in sonstiger Weise verändert, so wird die Emittentin die erforderlichen
Anpassungen vornehmen.
Diese Anpassungen sowie die Bestimmung des Zeitpunktes, ab dem sie gelten, erfolgen durch die
Emittentin nach deren billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der
betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen, wie sie im
Regelwerk der [EUREX Deutschland] (die „Terminbörse“) oder eine an deren Stelle getretenen
Nachfolgeorganisation, für solche Anpassungen bestimmt sind. Dabei ist es das ausschließliche Ziel
dieser Anpassungen, den Börsenwert bzw., wenn keine Börsennotierung vorliegt, den Wert der
Schuldverschreibungen zu erhalten, den diese vor dem die Anpassung auslösenden Ereignis, dem
„Anpassungszeitpunkt“, hatten.
Anpassungsereignis (das „Anpassungsereignis“) ist jede Entscheidung oder Maßnahme der zuständigen Organe der Gesellschaft:
(a) die in Bezug auf das Kapital oder das Vermögen der Gesellschaft durch diese selbst oder durch
einen Dritten getroffen wird (z.B. Kapitalerhöhung durch Ausgabe neuer Aktien gegen Einlage,
Ausgabe von Wertpapieren mit Options- oder Wandelrechten auf Aktien, Kapitalerhöhung aus
Gesellschaftsmitteln, Aktiensplits, Ausgliederung eines Unternehmensteils, Fusion, Liquidation,
Verstaatlichung oder einer anderen Maßnahme) und
(b) wegen derer die Terminbörse den Basispreis und /oder die Kontraktgröße für auf die Aktie der
Gesellschaft bezogene Optionskontrakte (die „Optionskontrakte“) anpasst oder die Optionskontrakte auf andere Weise verändert.
Sind nach dem Regelwerk der Terminbörse wegen dieser Entscheidung oder Maßnahme keine Anpassungen in Bezug auf an der Terminbörse gehandelte, auf die Aktien der Gesellschaft bezogene
Optionskontrakte vorzunehmen, so werden durch die Emittentin keine Anpassungen vorgenommen,
es sei denn es werden solche Anpassungen nach Buchstabe (b) nur deshalb nicht vorgenommen, weil
zu dem Zeitpunkt, zu dem sie vorzunehmen wären, an der Terminbörse keine Optionskontrakte aus-
98
stehen. In diesem Fall wird die Emittentin Anpassungen entsprechend dem Regelwerk der Terminbörse in der Art und Weise vornehmen, als wenn zum Anpassungszeitpunkt auf die Aktien der
Gesellschaft bezogene Optionskontrakte gehandelt würden.
Falls am Feststellungstag, infolge einer Störung oder Aussetzung des Handels in der Aktie der
Gesellschaft, ein Kurs für die Aktie nicht festgestellt werden kann (die „Marktstörung“), so gilt für
die Möglichkeit der Lieferung von Aktien der wie nachfolgend ermittelte Ersatzkurs:
Ersatzkurs ist derjenige Kurs der Aktie der Gesellschaft, der von der Terminbörse beim Handel bzw. der
Abwicklung von Optionskontrakten zugrunde gelegt wird, oder, falls ein solcher Kurs nicht erhältlich
ist, derjenige Kurs der Aktie der Gesellschaft, der sich als arithmetisches Mittel aus denjenigen Ankaufs- und Verkaufskursen errechnet, welche der Emittentin von drei namhaften, im Handel mit der
Aktie der Gesellschaft tätigen Kredit- oder Finanzinstituten etwa zu dem Zeitpunkt, an dem an diesem
Tag die Referenzstelle ohne diese Marktstörung einen Börsenkurs bekannt gegeben hätte, für die
Aktie der Gesellschaft genannt werden. Sind solche Kurse nicht erhältlich, so wird die Emittentin
nach billigem Ermessen (§ 315 BGB) unter Berücksichtigung der Interessen der betroffenen Anleihegläubiger als Gruppe und den dann bestehenden Marktusancen einen Ersatzkurs bestimmen, der
nach ihrer Beurteilung den zu diesem Zeitpunkt herrschenden Marktgegebenheiten entspricht.]]
[§ [6] Rückkauf nicht nachrangiger Schuldverschreibungen
Die Emittentin ist berechtigt, jederzeit und zu jedem Kurs nicht nachrangige Schuldverschreibungen im
Markt oder anderweitig zu kaufen und diese nach ihrer Wahl zu halten, zu tilgen oder wieder zu verkaufen.]
[§ [7] Vorzeitige Rückzahlung
[(1)]Rückzahlung von Schuldverschreibungen, die nicht nachrangig sind oder längerfristige nachrangige
Verbindlichkeiten darstellen, aus steuerlichen Gründen
Sollte infolge einer nach Begebung der Schuldverschreibungen, die nicht nachrangig sind oder längerfristige nachrangige Verbindlichkeiten im Sinne des KWG darstellen, wirksam werdenden Änderung der in dem Land, in dem die Emittentin ihren Sitz hat, geltenden Rechtsvorschriften oder einer
Änderung in deren Anwendung oder amtlicher Auslegung die Emittentin zur Zahlung zusätzlicher
Beträge gemäß § [9] verpflichtet sein [oder im Falle ihrer Inanspruchnahme aus der Garantie die
Garantin zur Zahlung zusätzlicher Beträge gemäß den Bestimmungen der Garantie verpflichtet sein],
so ist die Emittentin berechtigt, mit einer Frist von mindestens 30 und höchstens 60 Tagen durch
Bekanntmachung gemäß § [14] die ausstehenden Schuldverschreibungen insgesamt, jedoch nicht teilweise, zur vorzeitigen Rückzahlung zum [Nennbetrag zuzüglich Stückzinsen/Amortisierungsbetrag
(wie nachstehend definiert)] zu kündigen. Eine solche Kündigung darf jedoch frühestens 90 Tage
vor dem Zeitpunkt erfolgen, an welchem die Änderung der Rechtsvorschriften oder ihrer Anwendung
durch amtliche Auslegung wirksam wird.
[(2) [Rückzahlung nur nicht nachrangiger Schuldverschreibungen nach Wahl der Emittentin (call)
Die Emittentin kann die Schuldverschreibungen insgesamt, jedoch nicht einzeln, [zu einem Kurs,
der [ihrem Nennbetrag entspricht] [der ● entspricht] (der „Rückzahlungsbetrag“) zuzüglich der bis
zu dem für die Rückzahlung bestimmten Tag aufgelaufenen Stückzinsen/zum Amortisierungsbetrag
(wie nachstehend definiert)] [[jeweils] zum ●] mit einer Ankündigungsfrist von ● Tagen zur
Rückzahlung kündigen. Die Kündigung ist gemäß § [14] bekannt zu machen.]
[Rückzahlung nur nicht nachrangiger Schuldverschreibungen nach Wahl der Gläubiger (put)
Jeder Gläubiger von Schuldverschreibungen ist berechtigt zu verlangen, dass die Emittentin
Schuldverschreibungen am ● [zu einem Kurs, der [ihrem Nennbetrag entspricht/der ● entspricht]
(der „Rückzahlungsbetrag“) zuzüglich etwaiger bis zu dem für die Rückzahlung bestimmten Tag
aufgelaufenen Stückzinsen/zum Amortisierungsbetrag] zurückzahlt. Zur Ausübung dieses Rechts
muss der Gläubiger der Schuldverschreibungen mindestens 45 Tage vor dem für die Rückzahlung
bestimmten Tag seine Schuldverschreibungen bei einer Zahlstelle hinterlegen und dieser eine ordnungsgemäß ausgefüllte Ausübungserklärung gemäß Vordruck, der bei jeder Zahlstelle erhältlich
ist, übermitteln.]]
99
[(3)][Amortisierungsbetrag
Der Amortisierungsbetrag entspricht der Summe des (i) Emissionspreises und (ii) des Produktes des
Emissionspreises und der jährlich kapitalisierten Emissionsrendite bezogen auf den Zeitraum, der
am Ausgabetag (einschließlich) beginnt und der mit dem Rückzahlungstag (ausschließlich) (der
„Rückzahlungstag“) endet.
Soweit dieser Zeitraum nicht einer ganzen Zahl von Kalenderjahren entspricht, so erfolgt die
Berechnung auf Grundlage des Zinstagequotienten, gemäß § [4] Abs. (2).
Der Rückzahlungstag im Sinne dieses § [7] Abs. 3 ist der frühere der Tage, zu dem die Schuldverschreibungen vorzeitig fällig gestellt werden oder an dem die vorzeitige Zahlung erfolgt.]]
[§ [8] Kündigungsgründe bei nicht nachrangigen Schuldverschreibungen
(1) Jeder Gläubiger von Schuldverschreibungen ist berechtigt, seine Schuldverschreibungen zur Rückzahlung [zum Nennbetrag zuzüglich aufgelaufener Zinsen/zum Amortisierungsbetrag] zu kündigen,
falls
(a) die Emittentin Kapital oder Zinsen nicht innerhalb von 30 Tagen nach dem betreffenden
Fälligkeitstag zahlt, oder
(b) die Emittentin die ordnungsgemäße Erfüllung irgendeiner sonstigen Verpflichtung aus den Schuldverschreibungen [oder die Garantin die Erfüllung einer Verpflichtung aus der Garantie] unterlässt und, es sei denn, eine Heilung der Unterlassung ist unmöglich, die Unterlassung länger als
30 Tage fortdauert, nachdem die Emittentin [oder die Garantin] hierüber eine Benachrichtigung
von dem Gläubiger erhalten hat, oder
(c) ein Gericht oder eine Behörde im Land des Sitzes der Emittentin ein Insolvenzverfahren oder
ein dem gleichstehendes Verfahren gegen die Emittentin [oder die Garantin] eröffnet oder die
Emittentin [oder die Garantin] ein solches Verfahren beantragt oder einleitet, ihre sämtlichen
Zahlungen einstellt oder die Zahlungseinstellung ankündigt oder eine allgemeine Schuldenregelung zugunsten ihrer Gläubiger anbietet oder trifft, oder
(d) die Emittentin [oder die Garantin] aufgelöst oder liquidiert wird oder ihren gesamten oder einen
wesentlichen Teil ihrer Geschäftstätigkeit aufgibt, es sei denn, dass ein solcher Vorgang im
Zusammenhang mit einer Verschmelzung, Konsolidierung oder einer anderen Form des
Zusammenschlusses mit einer anderen Gesellschaft oder einer Umwandlung vorgenommen wird
und diese Gesellschaft, im Fall der Emittentin, alle Verpflichtungen aus diesen Anleihebedingungen [oder im Fall der Garantin, alle Verpflichtungen aus der nicht nachrangigen Garantie]
übernimmt [oder]
[(e)die Garantie nicht mehr wirksam ist oder die Garantin öffentlich behauptet, dass die Garantie
nicht mehr wirksam ist und die Ratingagenturen ( Moody’s Investors Ltd.; Fitch Ratings Ltd.
Inc.) wegen dieser Behauptung ein mögliches Downgrading bekannt geben].
(2) Eine Kündigungserklärung gemäß Abs. 1 ist in Schriftform (§ 126 BGB) abzugeben. Die elektronische Form ist ausgeschlossen.
Mit dem Zugang dieser Erklärung bei der Emittentin und dem Vorliegen eines Kündigungsgrundes
gemäß Abs. 1 werden die gekündigten Schuldverschreibungen [zum Nennbetrag zuzüglich aufgelaufener Stückzinsen/zum Amortisierungsbetrag] sofort fällig, es sei denn, dass vor dem Zugang der
Erklärung alle Ereignisse, die die Kündigung ausgelöst haben, für sämtliche Schuldverschreibungen
nicht mehr bestehen.]
§ [9] Quellensteuer
(1) Kapital und Zinsen auf die Schuldverschreibungen sind von der Emittentin ohne Einbehalt oder
Abzug von gegenwärtigen oder zukünftigen Steuern, Abgaben oder Gebühren, die durch das oder
in dem Land, in dem die Emittentin ihren Sitz hat, auferlegt, erhoben oder eingezogen werden
(„Quellensteuern“) zu zahlen, es sei denn, dass ein solcher Einbehalt oder Abzug gesetzlich vorgeschrieben ist.
Wenn ein Einbehalt oder Abzug von Quellensteuern durch die Emittentin gesetzlich vorgeschrieben ist,
ist die Emittentin verpflichtet, diejenigen zusätzlichen Beträge an die Gläubiger der Schuldverschreibungen
100
zu zahlen, die erforderlich sind, damit die von den Gläubigern der Schuldverschreibungen empfangenen
Nettobeträge nach solchen Einbehalten oder Abzügen den jeweiligen Beträgen an Kapital und Zinsen
entsprechen, die sie ohne solche Einbehalte oder Abzüge empfangen hätten. Die Emittentin ist jedoch
nicht verpflichtet, zusätzliche Beträge im Hinblick auf solche Quellensteuern zu zahlen:
(a) die durch die Erfüllung von gesetzlichen Anforderungen oder durch die Vorlage einer
Nichtansässigkeitserklärung oder durch die sonstige Geltendmachung eines Anspruchs auf
Befreiung gegenüber der betreffenden Steuerbehörde vermeidbar sind oder gewesen wären; oder
(b) die nur deshalb zahlbar sind, weil der Gläubiger der Schuldverschreibungen in einer anderen
Beziehung zu dem Land steht, in dem die Emittentin ihren Sitz hat, als dem bloßen Umstand,
dass er Gläubiger der Schuldverschreibungen oder des Zinsscheines ist, auf die bzw. auf den die
Zahlung erfolgt; oder
(c) denen der Gläubiger der Schuldverschreibungen nicht unterläge, wenn er innerhalb von 30 Tagen
nach dem jeweiligen Fälligkeitstag bzw. nach dem Tag, an dem die für eine solche Zahlung erforderlichen Beträge bei dem Fiscal Agent eingegangen sind und dies gemäß § [14] bekannt gemacht
worden ist, die Zahlung von Kapital und Zinsen verlangt hätte; oder
(d) die von einer Zahlstelle abgezogen oder einbehalten werden, wenn die Zahlung durch eine andere,
insbesondere eine ausländische Zahlstelle ohne einen solchen Abzug oder Einbehalt hätte erfolgen
können; oder
(e) die nur deshalb abgezogen oder einbehalten werden, weil Schuldverschreibungen oder Zinsscheine effektiv zur Einlösung vorgelegt werden; oder
(f) die aufgrund einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung
von Zinserträgen oder einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die
Bundesrepublik Deutschland oder die Europäische Union beteiligt ist, oder einer gesetzlichen
Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abzuziehen
oder einzubehalten sind; oder
(g) die auch dann nach Maßgabe der vorstehenden Regelungen (a) bis (f) die Emittentin nicht zur
Zahlung von zusätzlichen Beträgen verpflichtet hätten, wenn ein vom rechtlichen Gläubiger der
Schuldverschreibungen abweichender wirtschaftlicher Eigentümer der Schuldverschreibungen
selbst Gläubiger der Schuldverschreibungen gewesen wäre.
(2) Jede Bezugnahme in diesen Anleihebedingungen im Zusammenhang mit dem zu zahlenden Betrag
an Kapital und Zinsen umfasst auch zusätzliche Beträge gemäß diesem § [9].
§ [10] Emissionsstelle, Zahlstellen, Berechnungsstelle; Zahlungen [und/oder Tilgungen]
(1) Die anfänglich bestellte Emissionsstelle, die anfänglich bestellten Zahlstelle(n) und die anfänglich
bestellte Berechnungsstelle sowie deren anfänglich bezeichneten Geschäftsstellen lauten wie folgt:
Emissionsstelle:
●
Zahlstelle(n):
●
Berechnungsstelle: ●
Die Emissionsstelle, die Zahlstelle(n) und die Berechnungsstelle behalten sich das Recht vor, jederzeit die bezeichnete Geschäftsstelle durch eine andere bezeichnete Geschäftsstelle in derselben Stadt
zu ersetzen.
(2) Die Emittentin behält sich das Recht vor, jederzeit die Bestellung einer Emissionsstelle oder einer
Zahlstelle oder der Berechnungsstelle zu ändern oder zu beenden und eine andere Emissionsstelle
oder andere / zusätzliche Zahlstelle oder eine andere Berechnungsstelle zu bestellen.
Die Emittentin wird jederzeit (i) eine Emissionsstelle unterhalten und (ii) eine Zahlstelle (die die
Emissionsstelle sein kann) mit bezeichneter Geschäftsstelle in einer kontinentaleuropäischen Stadt
unterhalten [und (iii) solange die Schuldverschreibungen an der Börse ● notiert sind, eine Zahlstelle
(die die Emissionsstelle sein kann) mit bezeichneter Geschäftsstelle am Sitz der Börse und/oder an
solchen anderen Orten unterhalten, die die Regeln dieser Börse verlangen] [und (iv) falls Zahlungen
bei den oder durch die Geschäftsstellen aller Zahlstellen außerhalb der Vereinigten Staaten aufgrund
der Einführung von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der teil-
101
weisen oder vollständigen Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar
widerrechtlich oder tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New York City unterhalten].
Eine Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam, außer im
Insolvenzfall, in dem eine solche Änderung sofort wirksam wird, sofern die Gläubiger hierüber
gemäß § [14] vorab unter Einhaltung einer Frist von mindestens 30 Tagen und nicht mehr als 45 Tagen
informiert wurden.
(3) Die Zahlstellen handeln ausschließlich als Erfüllungsgehilfen der Emittentin. Sie haben daher keinerlei Pflichten gegenüber den Gläubigern von Schuldverschreibungen oder Zinsscheinen und stehen auch nicht in einem Auftragsverhältnis zu diesen.
(4) Die Emittentin wird sämtliche Zahlungen, soweit diese nach diesen Bedingungen geschuldet sind,
auf den Nennbetrag der Schuldverschreibungen bei Fälligkeit in ● (Währung einsetzen) leisten.
Die Emittentin wird sämtliche Zahlungen, soweit diese nach diesen Bedingungen geschuldet sind,
auf die Zinsscheine bei Fälligkeit in ● (Währung einsetzen) leisten.
(5) Die Zahlungen [oder, soweit geschuldet, sonstigen Tilgungsleistungen] auf die Schuldverschreibungen und Zinsscheine erfolgen, ohne dass, abgesehen von der Beachtung etwaiger Steuer-,
Devisen-, und sonstigen Vorschriften des Landes der betreffenden Zahlstelle, die Ausfertigung einer
gesonderten Erklärung oder die Erfüllung einer sonstigen Formalität verlangt werden darf.
Die Zahlungen [oder, soweit geschuldet, sonstigen Tilgungsleistungen] auf die Schuldverschreibungen und Zinsscheine, die sich in Girosammelverwahrung einer oder mehreren Wertpapiersammelbank(en) befinden, erfolgen an die Wertpapiersammelbank(en) zur Gutschrift auf den Konten
der jeweiligen Kontoinhaber der Wertpapiersammelbank(en), die Hinterleger der Schuldverschreibungen und Zinsscheine sind. Zahlungen [oder sonstige Tilgungsleistungen] der Emittentin an die
Wertpapiersammelbank(en) befreien die Emittentin in Höhe der geleisteten Zahlungen von ihren
Zahlungs[-/Tilgungs]verbindlichkeiten aus den Schuldverschreibungen und Zinsscheinen.
[(6)Zahlungen auf Schuldverschreibungen und Zinsscheine, die sich nicht in Girosammelverwahrung
einer Wertpapiersammelbank befinden, erfolgen gegen Einreichung der Schuldverschreibungen oder
der Zinsscheine
[bei Zahlungen in Euro:
-
bei Zahlstellen im Inland durch Barauszahlung;
-
bei Zahlstellen im Ausland durch einen Scheck der auf Euro lautet bezogen auf eine Bank im
Inland oder durch Überweisung auf ein Euro-Konto des Empfängers.]
[bei Zahlungen in anderer Währung als Euro:
-
durch Überweisung auf ein Währungskonto des Empfängers oder durch einen Scheck in der
Währung der Schuldverschreibungen bezogen auf eine Bank an einem Hauptfinanzplatz im Lande
der Währung.]]
[(7)[Die zur Rückzahlung fälligen Schuldverschreibungen sind [bei einer festverzinslichen Serie] mit allen
am Tag der Fälligkeit der Schuldverschreibungen noch nicht fälligen Zinsscheinen einzureichen.
Der Betrag fehlender noch nicht fälliger Zinsscheine wird vom Rückzahlungsbetrag abgezogen.]
[Die zur Rückzahlung fälligen Schuldverschreibungen sind [bei variabel verzinslicher Serie] mit allen
am Tage der Fälligkeit der Schuldverschreibungen noch nicht fälligen Zinsscheinen einzureichen.
Zinsscheine, die bis zum Zeitpunkt der Fälligkeit der Schuldverschreibungen noch nicht fällig geworden sind, werden am Fälligkeitstag der Schuldverschreibungen ungültig.]]
[(8)Eine Zahlstelle ist nicht verpflichtet, die Berechtigung des Einreichers von Schuldverschreibungen
oder Zinsscheinen zu prüfen.]
[(9)Die Emittentin ist berechtigt, die von den Gläubigern innerhalb von zwölf Monaten nach Fälligkeit
nicht erhobenen Beträge an Kapital und Zinsen bei dem Amtsgericht Hannover zu hinterlegen. Soweit
die Emittentin auf das Recht zur Rücknahme der hinterlegten Beträge verzichtet, erlöschen die betreffenden Ansprüche der Gläubiger gegen die Emittentin.]
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[§ [11] Vorlegungsfrist, Ausschluss des Anspruches wegen abhandengekommener oder
vernichteter Zinsscheine
Die in § 801 Absatz (1) Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf
zehn Jahre abgekürzt. Die Vorlegungsfrist für die Zinsscheine beträgt nach Maßgabe von § 801 Absatz
(2) BGB vier Jahre, beginnend mit dem Ende des Kalenderjahres, in dem der betreffende Zinsschein
fällig wird. Der Anspruch der Inhaber von Zinsscheinen wegen abhandengekommener oder vernichteter
Zinsscheine gemäß § 804 Absatz (1) Satz 1 BGB ist ausgeschlossen. (vgl. § 804 Absatz (2) BGB).]
§ [12] Ersetzung der Emittentin
(1) Die Emittentin kann, sofern sie sich mit keiner Zahlung auf Kapital oder Zinsen der Schuldverschreibungen im Rückstand befindet, jederzeit ohne Zustimmung der Gläubiger hinsichtlich sämtlicher Rechte und Pflichten aus oder im Zusammenhang mit den Schuldverschreibungen [durch eine
Tochtergesellschaft der Emittentin/durch die Garantin oder eine Tochtergesellschaft der Garantin]
(die „Neue Emittentin“) ersetzt werden, wenn:
(a) ein für die Emittentin wichtiger Grund vorliegt, wie insbesondere jedoch nicht ausschließlich die
Einführung einer Quellensteuer, die die Emittentin zu Zusatzzahlungen verpflichtet, eine wesentliche Änderung im Kapitalmarkt stattfindet oder eine wesentliche Änderung aufsichtsrechtlicher
Bestimmungen im Sitzland der Emittentin eintritt und
(b) die Neue Emittentin alle Verpflichtungen der Emittentin aus oder in Verbindung mit den
Schuldverschreibungen und unter diesen Anleihebedingungen durch einen wirksamen schriftlichen Übertragungsvertrag einschließlich gegebenenfalls weiterer zur Wirksamkeit der Ersetzung
erforderlicher Verträge, Erklärungen und Genehmigungen (gemeinsam die „Übertragungsdokumente“) dergestalt übernimmt, dass die Neue Emittentin jedem Anleihegläubiger gegenüber die
Verpflichtung aus diesen Anleihebedingungen in demselben Umfang übernimmt, als wenn die
Neue Emittentin in den Schuldverschreibungen und Anleihebedingungen anstelle der Emittentin
(oder anstelle einer vorherigen Neuen Emittentin) als Hauptschuldnerin genannt worden wäre
und
(c) die Emittentin und die Neue Emittentin alle erforderlichen staatlichen Genehmigungen und
Erlaubnisse für die Ersetzung nach Maßgabe dieses § [12] erhalten haben und
(d) die Neue Emittentin imstande ist, sämtliche Zahlungsverpflichtungen aus oder im Zusammenhang mit den Schuldverschreibungen in der Währung der Schuldverschreibungen ohne Abzug
oder Einbehalt von oder wegen Steuern, Abgaben oder amtlichen Gebühren zu erfüllen und
[(e)jede Börse, an der die Schuldverschreibungen notiert werden, bestätigt hat, dass die Schuldverschreibungen nach der geplanten Ersetzung der Emittentin durch die Neue Emittentin weiterhin an der betreffenden Wertpapierbörse notiert sind und]
[(f)sofern die Neue Emittentin nicht die Norddeutsche Landesbank Girozentrale („NORD/LB“) ist,
die NORD/LB die Verpflichtungen der Neuen Emittentin aus oder im Zusammenhang mit den
Schuldverschreibungen durch eine [nicht nachrangige/nachrangige] Garantie garantiert und]
[(g)wenn es sich darüber hinaus bei den Schuldverschreibungen um nachrangige Schuldverschreibungen handelt, (i) die Neue Emittentin ein Tochterunternehmen im Sinne der §§ 1 Abs. 7 und
10 Abs. 5a Satz 11 KWG ist, (ii) die von der Neuen Emittentin übernommenen Verbindlichkeiten
zu Bedingungen nachrangig sind, die mit den Nachrangbestimmungen der übernommenen
Verbindlichkeiten identisch sind, (iii) die Neue Emittentin den Betrag der Schuldverschreibungen
bei der NORD/LB zu Bedingungen anlegt, die denen der nachrangigen Schuldverschreibungen
entsprechen und (iv) die NORD/LB die Verbindlichkeiten der neuen Emittentin aus den
Schuldverschreibungen auf nachrangiger Basis garantiert und]
[(h)]wenn Rechtsgutachten seitens von der Emittentin ausgewählter Rechtsberater einer international
anerkannten Sozietät von Rechtsanwälten gegenüber der Emissionsstelle abgegeben worden sind,
die jeweils nicht mehr als drei Tage vor dem geplanten Ersetzungstermin datieren dürfen, und
zwar für die Rechtsordnungen, in denen die Neue Emittentin ihren eingetragenen Sitz hat sowie
für die Bundesrepublik Deutschland. Diese Rechtsgutachten müssen in geeigneter Form bestätigen, dass nach erfolgter Ersetzung die Voraussetzungen der vorstehenden Abschnitte vorliegen.
103
(2) Im Falle einer solchen Ersetzung sind sämtliche Bezugnahmen in diesen Anleihebedingungen
(einschließlich § [12] Abs. 1) auf die „Emittentin“ bzw. die „Garantin“ auf die „Neue Emittentin“
und, im Falle der Ersetzung der Emittentin, sämtliche Bezugnahmen auf das „Land der Emittentin“
auf das Land, in dem die Neue Emittentin ihren Sitz hat oder als Steuerinländer gilt, zu beziehen.
(3) Eine Ersetzung der Emittentin gemäß § [12] Absatz 1 ist gemäß § [14] bekannt zu machen.
§ [13] Begebung weiterer Schuldverschreibungen
Die Emittentin behält sich vor, ohne Zustimmung der Gläubiger weitere Schuldverschreibungen mit
gleicher Ausstattung in der Weise zu begeben, dass sie mit den Schuldverschreibungen zusammengefasst werden, eine einheitliche Serie mit ihnen bilden und ihren Gesamtnennbetrag erhöhen. Der Begriff
„Schuldverschreibungen“ umfasst im Falle einer solchen Erhöhung auch solche zusätzlich begebenen
Schuldverschreibungen.
§ [14] Bekanntmachungen
(1) [Für die Schuldverschreibungen erfolgt die Bekanntmachung in Deutschland in einem überregionalen
Börsenpflichtblatt der Frankfurter Wertpapierbörse, voraussichtlich im [Handelsblatt].]
[Für die Schuldverschreibungen erfolgt die Bekanntmachung in einer führenden Tageszeitung mit
allgemeiner Verbreitung in Luxemburg, voraussichtlich im [Luxemburger Wort].]
[Für die Schuldverschreibungen erfolgt die Bekanntmachung im Einklang mit den Regeln der Börse,
an der die Schuldverschreibungen notiert sind.]
[Für die Schuldverschreibungen erfolgt die Bekanntmachung voraussichtlich im [Bundesanzeiger].]
(2) Jede Bekanntmachung gilt mit dem Tag der Veröffentlichung (bei mehreren Veröffentlichungen mit
dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.
[(3)Die Emittentin ist berechtigt, eine Zeitungsveröffentlichung nach Abs. 1 durch eine Mitteilung an
die Clearing Systeme zur Weiterleitung an die Gläubiger zu ersetzen, vorausgesetzt, dass in den
Fällen, in denen die Schuldverschreibungen an einer Börse notiert sind, die Regeln dieser Börse
diese Form zulassen 3). Jede derartige Mitteilung gilt am 7. Tag nach dem Tag ihrer Mitteilung an
die Clearing Systeme als den Gläubigern mitgeteilt.]
§ [15] Verschiedenes
(1) Form und Inhalt der Schuldverschreibungen und der Zinsscheine sowie die Rechte und Pflichten der
Gläubiger, der Emittentin und der Garantin bestimmen sich in jeder Hinsicht nach deutschem Recht.
Die englische Sprachfassung der abgedruckten Anleihebedingungen dient lediglich der unverbindlichen Information, rechtlich bindend ist ausschließlich die deutsche Sprachfassung der abgedruckten Anleihebedingungen.
(2) Erfüllungsort im Zusammenhang mit den Schuldverschreibungen ist Hannover.
Für Kaufleute, juristische Personen des öffentlichen Rechts, öffentlich-rechtliche Sondervermögen
und Personen ohne allgemeinen Gerichtsstand in der Bundesrepublik Deutschland ist Hannover der
nicht ausschließliche Gerichtsstand für alle Rechtsstreitigkeiten aus den in den Anleihebedingungen
geregelten Angelegenheiten.
(3) Für etwaige Rechtsstreitigkeiten oder sonstige Verfahren vor deutschen Gerichten bestellt die
NORD/LB Securities die Norddeutsche Landesbank Girozentrale, Friedrichswall 10, 30159
Hannover zum Zustellungsbevollmächtigten.
(4) Sollte eine der Bestimmungen dieser Anleihebedingungen ganz oder teilweise unwirksam oder
undurchführbar sein oder werden, so bleiben die übrigen Bestimmungen hiervon unberührt. [Anstelle
der unwirksamen oder undurchführbaren Bestimmungen gilt eine wirksame bzw. durchführbare
Bestimmung, die den wirtschaftlichen Zwecken der unwirksamen bzw. undurchführbaren
Bestimmung soweit wie möglich Rechnung trägt.] 4)
3) Nicht bei einer Notierung an der Luxemburger Börse einfügen.
4) Nicht bei einem öffentlichen Angebot einfügen.
104
(5) Jeder Gläubiger von Schuldverschreibungen, die durch Globalurkunden verbrieft sind, kann in
Rechtsstreitigkeiten gegen die Emittentin oder Rechtsstreitigkeiten, an denen der Gläubiger und die
Emittentin beteiligt sind, im eigenen Namen seine Rechte aus den ihm zustehenden
Schuldverschreibungen lediglich unter Vorlage folgender Unterlagen wahrnehmen und durchsetzen:
(a) einer Bescheinigung seiner Depotbank, die (i) den vollen Namen und die volle Anschrift des
Gläubigers bezeichnet; (ii) einen Gesamtnennbetrag von Schuldverschreibungen angibt, die am
Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Depot des
Gläubigers gutgeschrieben sind, und (iii) bestätigt, dass die Depotbank die Clearstream, Frankfurt
bzw. dem gemeinsamen Verwahrer von Clearstream, Luxembourg oder Euroclear (der
„Gemeinsame Verwahrer“) eine schriftliche Mitteilung gemacht hat, die die Angaben gemäß (i)
und (ii) enthält, und Bestätigungsvermerke der Clearstream, Frankfurt oder des Gemeinsamen
Verwahrers sowie des betroffenen Clearstream, Frankfurt-Kontoinhabers oder Clearstream,
Luxembourg- oder Euroclear-Teilnehmers trägt, sowie
(b) einer von einem Vertretungsberechtigten der Clearstream, Frankfurt oder des Gemeinsamen
Verwahrers beglaubigten Ablichtung der Globalurkunde.
Im Sinne der vorstehenden Bestimmungen ist „Depotbank“ eine Bank oder sonstiges Finanzinstitut
(einschließlich Clearstream, Frankfurt; Clearstream, Luxembourg und Euroclear), das über die erforderlichen Genehmigungen für das Wertpapier-Depotgeschäft verfügt und bei dem der Gläubiger
Schuldverschreibungen im Depot verwahren lässt.
105
TERMS AND CONDITIONS OF THE INSTRUMENTS
The English language version of the printed terms and conditions of the Instruments is for
information only and is non-binding. Only the German language version of the printed terms and
conditions of the Instruments is legally binding.
The Instruments will be issued under this programme for the issuance of Instruments (Programme for
the Issuance of Debt Instruments) dated 17 September 2003 by Norddeutsche Landesbank Girozentrale
(“NORD/LB”) and NORD/LB Norddeutsche Securities PLC (“NORD/LB Securities”) in series
(“Series”).
Each Series is the subject of a Pricing Supplement (“Pricing Supplement”). The Pricing Supplement
will determine the terms and conditions of the Instruments applying to the respective Series.
For each Series, which is offered publicly, the Pricing Supplement will convey the complete terms and
conditions of the Instruments including the relevant sections of the following terms and conditions
(consolidated terms and conditions).
For each Series, which is not offered publicly, the Pricing Supplement will determine the complete text
of the terms and conditions of the Instruments for the Series in question by supplementing, completing
and omitting provisions in the following terms and conditions (unconsolidated terms and conditions).
The Pricing Supplement may also provide for terms and conditions of the Instruments for a Series which
are additionally as well as supplementary to the following terms and conditions.
The Pricing Supplement for each Series may be obtained free of charge from the designated offices of
the Paying Agents for the Series in question [from the date of issue/commencement of the Series offer].
The following terms and conditions of the Instruments contain a number of provisions, which are
envisaged for alternative use. The choice of the provisions applicable to a Series will only apply to
Instruments in this Series following completion of the blank spaces contained in the following terms
and conditions marked “[ ]” or “●” with the details applying to the Series in question. The same applies
to provisions that are adapted to the respective conditions or omitted in their entirety from the terms and
conditions for the Series in question.
The issue of Instruments will take place in accordance with the provisions of a Fiscal Agency Agreement
(“Fiscal Agency Agreement”) dated 17 September 2003 between NORD/LB and NORD/LB Securities
on the one hand and Deutsche Bank AG London as Fiscal Agent (“Fiscal Agent”) and Deutsche Bank
Luxembourg S.A., Deutsche Bank AG Paris Branch and NORD/LB (together with the Fiscal Agent the
“Paying Agents”) on the other hand. The Fiscal Agency Agreement may be obtained free of charge from
the Paying Agents.
§ 1 Denomination and Form
(1) The issues of a Series of Instruments by ● (the “Issuer”) for a total par value of ● is divided into ●
Instruments in bearer form each with a par value of ● (“Instruments”). The Instruments may be
represented according to the following provisions as a global instrument (“Global Note”), in
definitive form or, in as much as this is legally admissible, in electronic form.
(2) [Temporary representation by means of a Temporary Global Notes (without certification that no
US ownership is involved (beneficial ownership))
(a) On issue, the Instruments will initially be represented by means of a temporary Global Note
(“Temporary Global Note”), which will be exchanged for Instruments in definitive form with
interest coupons within a period of not longer than [120] days from the date of issue.
(b) The Temporary Global Note is to be signed in their own hand by two persons authorised to represent the Issuer [and in addition in his own hand by an authentication agent of the Fiscal Agent].
The Instruments in definitive form and the interest coupons will bear the facsimile signatures of
two persons authorised to represent the Issuer [and are also to be provided with the Issuer’s
impressed stamp]. [The Instruments in definitive form are also to be signed by an authentication
agent of the Fiscal Agent].]
106
[Representation by means of a Temporary Global Note (with certification that no US ownership
is involved (beneficial ownership))
(a) On issue, the Instruments will initially be represented by means of a temporary Global Note
(“Temporary Global Note”). The Temporary Global Note will be exchanged for [a permanent
Global Note (“Permanent Global Note”), which represents the Instruments for their entire residual
life] [Instruments in definitive form with interest coupons that are numbered consecutively]. The
exchange will take place 40 days after settlement at the earliest, following presentation of certification that no US ownership is involved (beneficial ownership), which corresponds to the requirements of the laws of the United States of America in terms of content and form or the existing
practices of the clearing system(s).
(b) The Temporary Global Note is to be signed in their own hand by two persons authorised to represent the Issuer [and in addition in his own hand by an authentication agent of the Fiscal Agent].
The Instruments in definitive form and the interest coupons will bear the facsimile signatures of
two persons authorised to represent the Issuer [and are also to be provided with the Issuer’s
impressed stamp]. [The Instruments in definitive form are also to be signed by a authentication
agent of the Fiscal Agent].
(c) [Should interest on Instruments, which are represented by means of a Temporary Global Note,
become due for payment, the interest payments in question will only be effected on the Temporary
Global Note in as much as certification that no US ownership (beneficial ownership) is involved
is held by the clearing system(s).]
[Representation by means of a Permanent Global Note
(a) The Instruments will be represented for their entire lifetime by means of a Global Note without
interest coupons or, if legally admissible, in electronic form (“Global Note”). Instruments in
definitive form and interest coupons will not be issued.
(b) The Global Note will be signed in their own hand by two persons authorised to represent the
Issuer [and in addition in his own hand by an authentication agent of the Fiscal Agent]; in the case
of electronic securitisation, they will be [signed] in accordance with the regulations permitting
electronic securitisation.]
(3) Clearstream Banking AG, Frankfurt/Main (“Clearstream, Frankfurt”), Euroclear Bank S.A./N.V., as
operator of the Euroclear System (“Euroclear”) and Clearstream Banking société anonyme,
Luxembourg (“Clearstream, Luxembourg”) may be stipulated as clearing systems (the “Clearing
Systems”) for the purposes of these terms and conditions as well as any other clearing system.
§ 2 Status and Ranking
[Unsubordinated Instruments
The Instruments and interest coupons establish direct, unconditional, unsubordinated, unsecured
liabilities by the Issuer which rank pari passu with each other and with other unsubordinated, unsecured
liabilities of the Issuer, except liabilities having prior ranking by law.]
[Subordinated Instruments
(1) The Instruments and interest coupons establish liabilities by the Issuer ranking at least pari passu
with each other and with all other subordinated liabilities of the Issuer. In the event of the Issuer’s
dissolution, liquidation or insolvency or in the event of proceedings resulting in the Issuer’s
dissolution or liquidation, these liabilities will be subordinated to all the unsubordinated creditors
of the Issuer with the result that payments will not be made on the liabilities in any of the cases
mentioned until all the Issuer’s unsubordinated creditors have been satisfied in full.
(2) The Holders of the Instruments or interest coupons will not be entitled to set off claims under the
Instruments or interest coupons against the Issuer’s claims. Holders’ rights under Instruments of this
kind or interest coupons may not be secured by the Issuer or a third party in any way at any time.
(3) Subsequent agreements restricting subordination in accordance with this Section 2 or accelerating
the maturity of the Instruments are inadmissible. If Instruments that constitute longer-term subordinated liabilities for the purposes of the German Banking Act are repaid prior to maturity without the
107
preconditions stipulated in Section 2 Paragraph (1) or Section 7 Paragraph (1) being met, the amount
repaid is to be returned to the Issuer without any account being taken of agreements to the contrary
unless the liable equity capital created by the Instruments for the purposes of the German Banking
Act is replaced by the contribution of liable equity capital being at least equal in value or the German
Federal Financial Supervisory Authority (BAFin) has agreed to the premature repayment.]
[§ 3 Guarantee
[Unsubordinated Instruments
(1) Norddeutsche Landesbank Girozentrale (the “Guarantor”) has assumed an unconditional and
irrevocable guarantee (the “Guarantee”) for the due and punctual fulfilment of all payment
obligations of the Issuer under the Instruments. Copies of the Guarantee may be obtained free of
charge from designated offices of the Paying Agents.
(2) The Guarantee establishes direct, unconditional, unsubordinated liabilities of the Guarantor not
secured on its assets and ranking pari passu with each other as well as with all other unsubordinated
liabilities of the Guarantor not secured on its assets, except liabilities that have preference by law.]
[Subordinated Instruments
(1) Norddeutsche Landesbank Girozentrale (the “Guarantor”) has assumed an unconditional and
irrevocable guarantee (the “Guarantee”) in accordance with the provisions set out below for the due
and punctual fulfilment of all payment obligations of the Issuer under the Instruments. Copies of the
Guarantee may be obtained free of charge from the designated offices of the Paying Agents.
(2) The Guarantee establishes liabilities by the Guarantor ranking at least pari passu with each other as
well as with all other subordinated liabilities of the Guarantor. In the event of the Guarantor’s
dissolution, liquidation or insolvency or in the event of proceedings resulting in the dissolution,
liquidation or insolvency of the Guarantor these liabilities are subordinated to the claims of all
unsubordinated creditors of the Guarantor with the result that in a case of this kind no payment will
be made on the liabilities until all unsubordinated creditors of the Guarantor have been satisfied in
full.
(3) Holders of the Instruments or interest coupons will not be entitled to set off claims under the Guarantee
with any claims by the Guarantor.
The rights of Holders of the Instruments or interest coupons under the Guarantee may not be
secured by the Guarantor or a third party in any way at any time.
(4) Subsequent agreements restricting the subordination in accordance with this Section 3 or accelerating
the maturity of the Guarantee are inadmissible. If the Guarantor makes payments for the Instruments
before maturity without the preconditions stipulated in Section 2 Paragraph (3) being met, the amount
paid is to be returned to the Guarantor without any account being taken of agreements to the contrary.]]
§ [4] Interest
(1) [Fixed Rate Series
The Instruments will bear interest on the par value from ● onwards at an annual rate of ● %. Interest
is payable annually in arrears on ● [in ● (insert currency)] of each year (an “Interest Payment Date”
in each case) unless the Interest Payment Date in question is not a Business Day (as defined below).
In this case, Holders are not entitled to payment before the next Business Day. Holders are not
entitled to demand further interest or other payments because of this deferment.
For these purposes a “Business Day” is a day on which [commercial banks and foreign exchange
markets in ● (insert location) settle payments in ● (insert currency)], [on which banks are open for
business in any relevant place of presentation] [and] [all relevant parts of the Trans-European
Automated Real-time Gross Settlement Express Transfer System (“TARGET”) are operating in order
to pass on the payments in question].
The first interest payment will be made on ●. If interest is to be calculated for a period of less than
one year, the calculation will be based on day count fractions (Section [4] Paragraph 2).]
108
[[Step-Up] [Step-Down] Series
The Instruments will bear interest on the par value from ● (inclusive) up to ● (exclusive) at an
annual rate of ●%. Unless the Issuer calls the Instruments in accordance with Section [7] Paragraph (2)
of these terms and conditions, the Instruments will subsequently bear interest on the par value from
● (inclusive) up to ● (exclusive) at an annual rate of ●% [and unless the Issuer calls the Instruments
in accordance with Section [7] Paragraph (2) of these terms and conditions, the Instruments will subsequently bear interest on the par value from ● (inclusive) up to ● (exclusive) at an annual rate of
●%] [and ●].
Interest is payable annually in arrears on ● [in ● (insert currency)] of each year (an “Interest Payment
Date” in each case) unless the Interest Payment Date is not a Business Day (as defined below). In
this case, Holders are not entitled to payment before the next Business Day. Holders are not
entitled to demand further interest or other payments on the basis of this deferment.
For these purposes, a “Business Day” is a day on which [commercial banks and foreign exchange
markets in ● (insert location) settle payments in ● (insert currency)] [and] [all relevant parts of the
Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) are
operating in order to pass on the payments in question].
The first interest payment will be made on ●. If interest is to be calculated on periods of less than
one year, the calculation will be made on the basis of day count fractions (Section [4] Paragraph 2).]
[Zero Coupon Series
The Instruments will be issued on ● (“Issue Date”) at ● (“Issue Price”). There will be no regular
interest payments on the Instruments.
Should the Issuer fail to redeem the Instruments on the maturity date or not redeem the Instruments in
full, the accrual of interest on the outstanding amount of the Instruments will not end on the maturity
date (Section [5]) but upon actual redemption of the Instruments.
The interest rate applicable is based on the legal provisions, unless the issuing yield of ●% per annum
is higher than the legally stipulated interest rate. In this case, the Instruments will continue to accrue
interest at the issuing yield rate.]
[Floating Rate Series
The Instruments will bear interest on the par value at a floating rate (“Floating Rate”) initially starting
from the floating rate interest commencement date (“Floating Rate Interest Commencement Date”)
(inclusive) up to the first day of the next following interest period (“Floating Rate Interest Payment
Date”) (exclusive) and subsequently from each Floating Rate Interest Payment Date (inclusive) up
to the next following Floating Rate Interest Payment Date (exclusive).
“Floating Rate Interest Payment Date” is the ● [monthly], [quarterly], [six-monthly] [other Interest
Period].
Interest on the Instruments is due and payable in arrears on each Floating Rate Interest Payment Date
[in ● (insert currency)].
If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, the Interest will
be paid on the following Business Day. The Floating Rate Interest Period will be extended accordingly. The following Floating Rate Interest Period will be reduced by the number of days by which
the previous Floating Rate Interest Period was extended. However, if the following Business Day
falls in the following calendar month, the interest due will be paid on the preceding Business Day
and the Floating Rate Interest Period will be reduced accordingly.
For these purposes, a “Business Day” is a day on which [commercial banks and foreign exchange
markets in ● (insert location) settle payments in ● (insert currency)] [and] [all relevant parts of the
Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) are
operating in order to pass on the payments in question].
[The Floating Rate corresponds to the stipulated reference interest rate as explained below.]
[The Floating Rate for the respective Floating Rate Interest Period is calculated as a mark-up of ●
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basis points on the reference interest rate as explained below.] [It amounts to a maximum of ●%.]
[It amounts to a minimum of ●%.]
The authoritative information source for stipulating the reference interest rate for the respective
Floating Rate Interest Period is ● (“Relevant Information Source”).
The reference interest rate that will apply in the respective Floating Rate Interest Period will be stipulated by ● (“Calculation Agent” whereby this term will also include its successors in this role) in
accordance with the following principles:
(i) The Calculation Agent will determine the [rate for deposits] applying to the Floating Rate Interest
Period in question (“Reference Interest Rate”) in the currency of the Instruments from the Relevant
Information Source at or around [11.00] hours ([Brussels/London time]) [on the first/second
[Brussels/London] Business Day before the start] [on the date of the start] of the respective
Floating Rate Interest Period (“Interest Determination Date”).
(ii) If no Reference Interest Rate is published in the Relevant Information Source on the Interest
Determination Date, the following will apply:
(1) The Calculation Agent will ask four banks of international standing (“Banks”) to
provide their quotations for the Reference Interest Rate in the relevant currency and for the
relevant Floating Rate Interest Period. If at least two Banks have quoted, the Reference
Interest Rate for the relevant Floating Rate Interest Period will be the arithmetic mean of
these quotations calculated by the Calculation Agent (if necessary rounded up to the next
one hundred thousandth per cent).
(2) If Reference Interest Rates in accordance with Paragraph (1) are quoted by only one bank
on the Interest Determination Date, the Reference Interest Rate for the next Floating Rate
Interest Period will be the rate quoted by this Bank on this Interest Determination Date.
(iii)In the event that the Reference Interest Rate cannot be determined in accordance with Paragraph (ii),
the rate published in the Relevant Information Source on the immediately preceding Business
Day in [Brussels/London] will apply for the following Floating Rate Interest Period.]
(2) The interest payable on each Instrument will be calculated on the par value of the Instrument using
the interest rate and day count fractions (as explained below) applying to the Interest Period in
question. The interest amount calculated in this manner will be rounded up to the next sub-unit in
the currency of the Instrument with any amount in excess of half a sub-unit of this kind being
rounded up each time.
With reference to the calculation of interest payable on Instruments for any period (“Interest
Calculation Period”) the day count fractions (“Day Count Fractions”) signify:
[If Actual/Actual (ISMA Regulation 251) is specified in the relevant Pricing Supplement:
(a) In the event that the Interest Calculation Period is equal to or shorter than the period from one
Interest Payment Date (inclusive) to the next Interest Payment Date (exclusive) (“Interest
Period”): the number of days actually elapsed in this Interest Calculation Period divided by the
product of (i) the number of days in this Interest Period and (ii) the number of Interest Periods
within a calendar year.
(b) In the event that the Interest Calculation Period is longer than an Interest Period: the sum of
(i) the number of days actually elapsed in the Interest Calculation Period, which fall in first
commencing Interest Period of the Interest Calculation Period, divided by the product of (x) the
number of days in this Interest Period and (y) the number of Interest Periods that fall within
a calendar year and (ii) the number of days actually elapsed in the Interest Calculation Period
falling in the next Interest Period divided by the product of (x) the number of days in this Interest
Period and (y) the number of Interest Periods within a calendar year.]
[If Actual/365 (fixed) is specified in the relevant Pricing Supplement:
the number of days actually elapsed in the Interest Calculation Period divided by 365.]
[If Actual/360 is specified in the relevant Pricing Supplement:
the number of days actually elapsed in the Interest Calculation Period divided by 360.]
110
[If 30E/360 or Eurobond Basis is specified in the relevant Pricing Supplement:
the number of days in the Interest Calculation Period divided by 360. The number of days is to be
established on the basis of a year of 360 days with 12 months of 30 days each and without taking
account of the first and last day of the Interest Calculation Period.]
[If 30/360, 360/360 or Bond Basis is specified in the relevant Pricing Supplement:
the number of days in the Interest Calculation Period divided by 360 whereby the number of days
is to be established on the basis of a year of 360 days with 12 months of 30 days each unless,
(i) the last day of the Interest Calculation Period falls on the 31st day of a month while the first day
of the Interest Calculation Period falls neither on the 30th nor on the 31st day of a month
whereby the month containing this day is not to be treated as a month reduced to 30 days in this
case, or
(ii) the last day of the Interest Calculation Period falls on the last day of February whereby February
is not to be treated as a month extended to 30 days in this case.]
[(3)The Calculation Agent will arrange to notify the interest rate, the interest payable for the relevant
Interest Period and the relevant Interest Payment Date to the Fiscal Agent, who will in turn arrange
for the other Paying Agents to be informed as soon as possible after the relevant determination.
The determination of the interest rates and the respective interest payable is final in every case and
binding on all participants unless there is an obvious mistake.]
[(4)Accrual of interest on the Instruments will end on expiry of the date preceding the date on which the
Instruments are due for redemption; this also applies when payment is effected on a later date under
Section 193 German Civil Code (BGB).
Should the Issuer fail to redeem the Instruments on the maturity date or not redeem the Instruments
in full, the accrual of interest on the outstanding par value of the Instruments will not end on the
maturity date (Section [5]) but upon actual redemption of the Instruments. However, interest will be
owed for a maximum of 14 days after the date on which the moneys needed to settle all amounts
owed under the Instruments are made available to the Fiscal Agent and notice thereof has been given
by publication in accordance with Section [14].
The interest rate applicable is based on the legal provisions, unless the interest rate agreed in accordance with Section [4] Paragraph 1 is higher than the legally stipulated interest rate. In this case, the
agreed interest rate will continue to apply.]
§ [5] Redemption of Instruments
[Redemption at fixed value
The Instruments will be redeemed on ● (“Maturity Date”) [at par value] [at ●%].
[Option on the part of the Issuer to redemption in principal or by delivery of shares
(1) The Instruments will be redeemed on ● (“Maturity Date”) at the option of the Issuer either by
payment in principal or by delivering ● shares (ISIN: ●) (“Shares”) in ● (“Company”) per Instrument
equal to the par value of ● each.
The Issuer will decide which option to exercise on ● (“Determination Date”) and will announce it
without delay in accordance with Section [14] below.
If necessary, the number of shares to be delivered may be adjusted in accordance with Paragraph 2.
No share fractions will be delivered. Any fractions will be evened out by payment of an ● amount
(insert currency), whereby the value of the fractions to be evened out will be based on the [● price]
(“Price”) of the shares determined by ● (“Reference Agent”) on the Determination Date.
(2) If the Company’s shares changes during the life of the Instruments as a result of an adjustment or
some other event, the number of shares to be delivered will be adjusted accordingly or other adjustments will be made if necessary.
111
These adjustments and the determination of the time from which they will apply will be effected by
the Issuer at its discretion (Section 315 BGB) taking account of the interests of the Instrument Holders
involved as a group and existing market practice at the time as established in the Rules of [EUREX
Deutschland] (“Futures and Options Exchange”) or a successor organisation replacing it for
adjustments of this kind. The sole aim of these adjustments is to maintain the stock market value or,
if there is no stock market quotation, the value of the Instruments before the event triggering the
adjustment, the “Adjustment Date”.
An adjustment event (“Adjustment Event”) is any decision or action by the Company’s executive
bodies:
(a) that is reached by the bodies themselves or a third party with regard to the Company’s capital or
assets (e.g. capital increase by issuing new shares in return for contributions, issuing securities
with option or conversion rights to shares, increasing capital from company funds, share splits,
hiving off part of the company, merger, liquidation, nationalisation or another measure) and
(b) because of which the Futures and Options Exchange adjusts the strike price and/or the contract
size for option contracts relating to the Company’s shares (“Option Contracts”) or amends the
Option Contracts in some other way.
If, according to the Rules of the Futures and Options Exchange, no adjustments are to be made with
regard to the Option Contracts relating to the Company’s shares traded on the Futures and Options
Exchange because of this decision or action, the number of shares to be delivered will remain
unchanged unless adjustments of this kind in accordance with (b) were not carried out only
because there were no Option Contracts outstanding on the Futures and Options Exchange at the
time they would have to be carried out. In this case, the Issuer will carry out adjustments in accordance with the Rules of the Futures and Options Exchange as if Option Contracts relating to the
Company’s shares were traded at the Adjustment Date.
(3) If the Reference Agent is unable to determine a price for the shares on the Determination Date
because trading in the Company’s shares is interrupted or suspended (“Market Interruption”), the
replacement price, as established below, will apply to the option of delivering shares.
The replacement price is the price of the Company’s shares used as a basis by the Futures and Options
Exchange in trading or settling Options Contracts or if such a price is unobtainable, the price of the
Company’s shares being the arithmetic mean of the purchase and selling prices for the Company’s
shares, which would be quoted to the Issuer by three reputable banks or credit institutions
involved in trading in the Company’s shares at about the date on which the Reference Agent would
have announced a stock market price without this Market Interruption. If prices of this kind are
unobtainable, the Issuer will at its discretion (Section 315 BGB) determine a replacement price taking
account of the interests of the Instrument Holders involved as a group and existing market practice
at the time, which in its opinion corresponds to the market circumstances prevailing at this time.]
[Option on the part of the Issuer to redemption in principal or by delivery of bonds in the form of ●
[(1)]The Instruments will be redeemed on ● (“Maturity Date”) at the option of the Issuer either by
payment in principal or by delivering
[a bond that is still to be issued (“Bond”) by NORD/LB with the following terms: [●] (insert par
value, currency, type of interest payment, interest rate, if applicable, maturity).]
[a bond (“Bond”) issued by [●] (insert Issuer) with the following terms: [●] (insert par value,
currency, type of interest payment, interest rate, if applicable, maturity).]
The Issuer will decide which option to exercise on ● (“Determination Date”) and will announce it
without delay in accordance with Section [14].
[(2)If ● (“Reference Agent”) does not announce the [ price] for the Bond on the Determination Date
because trading in the Bond is interrupted or suspended (“Market Interruption”), the replacement
price (“Replacement Price”), as established below, will apply to the option of delivering bonds.
The Replacement Price is the price of the Bonds being the arithmetic mean of the quotation specified for the Bonds by at least two banks dealing in the Bonds at around the date on which the Reference
Agent would have announced a [Price] on this date without this Market Interruption. If prices of this
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kind are unobtainable, the Issuer will at its discretion (Section 315 BGB) determine a replacement
price taking account of the interests of the Bond Holders involved as a group and existing market
practice at the time, which, in its opinion, corresponds to the market circumstances prevailing at this
time.]]
[Redemption depending on an Underlying Value
(1) The Instruments will be redeemed on ● (“Maturity Date”) as follows:
[Instruments with participation in a rising Underlying Value
(i) If the ● (insert description of the value in question; “Price”) of the ● (“Underlying Value”)
(ISIN:●) is listed above or at least at ● points (“Threshold Value”) on ● (“Determination Date”),
the Holder of Instruments will receive the [par value] [●% of the par value] plus a participation. The
participation will amount to P (“Participation Factor”) multiplied by the relative increase in value
in the Underlying Value. The relative increase in value of the Underlying Value corresponds to the
quotient from the figure by which the price of the Underlying Value exceeds the Threshold Value
on the Determination Date and the Threshold Value. [However, a maximum amount of ●% of
the par value will be redeemed (“Cap”).]
This produces the following calculation formula for the redemption price:
Min
Date – Threshold Value) ; Cap
{[100% + (P * (Price on the Determination
)] }
Threshold Value
(ii) If the Underlying Value is listed below the Threshold Value on the Determination Date, the
Instruments will be redeemed [at their par value] [●% of their par value].
(iii)One point correponds with ●.]
[Instruments with participation in a falling Underlying Value
(i) If the ● (insert description of the value in question; the “Price” ) of the ● (“Underlying Value”)
(ISIN:●) is listed above or at least at ● points (“Threshold Value”) on ● (“Determination Date”),
the Instruments will be redeemed at [their par value] [at ●% of their par value].
[Cash Settlement with a Participation Factor
[(ii) If the Underlying Value is listed below the Threshold Value on the Determination Date, the
Instruments will be redeemed proportionately. The proportion will amount to 100% of the par
value of the Instruments less a participation in the relative fall in value in the Underlying Value.
The participation will amount to P (“Participation Factor”) multiplied by the relative fall in value
in the Underlying Value. The relative fall in value corresponds to the quotient from the figure by
which the price of the Underlying Value falls below the Threshold Value on the Determination
Date and the Threshold Value. [However, a minimum of ●% of the par value will be redeemed
(“Floor”).]
This produces the following calculation formula for the redemption price:
Max
Price on the Determination Date) ; Floor
{[100% – (P * (Threshold Value –Threshold
)] }
Value
(iii)One point correponds with ●.]
[Underlying Value in the form of an index with Physical Delivery of the shares contained in
the Underlying Value
Instruments will be redeemed by delivery of the shares contained in the Underlying Value on the
Determination Date in accordance with the weighting applying on this date. No share fractions
will be delivered. Any fractions will be evened out by payment of an ● amount (insert currency)
whereby the value of the fractions to be evened out will be based on the [● price] (“Price”) of
the shares established by ● (“Reference Agent”) on the Determination Date.
(iii)One point correponds with ●.]]
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[Instruments with participation in a rising and falling Underlying Value
The participation of Instruments in a rising Underlying Value is based on the principles
presented below under (i), the participation of Instruments in a falling Underlying Value is based on
the principles presented below under (ii).
(i) If the ● (insert description of the value in question; the “Price”) of the ● (“Underlying Value”)
[(ISIN:●)] is listed above or at least at ● points (“Threshold Value”) on ● (“Determination
Date”), the Holder of Instruments will receive ●% of the par value plus a participation. The participation will amount to Ppositive (“Positive Participation Factor”) multiplied by the relative increase
in value in the Underlying Value. The relative increase in value in the Underlying Value corresponds to the quotient from the value by which the price of the Underlying Value exceeds the
Threshold Value on the Determination Date and the Threshold Value. [However, the Holder of
Instruments will receive a maximum of ●% (“Cap”) of the Threshold Value.]
Instruments will only be redeemed proportionately, if the Underlying Value only reaches ●% of
the Threshold Value or less (“Reduced Value”) on the Determination Date. In this case, the proportion will amount to ●% of the par value of the Instruments less a participation in the relative
fall in value in the Underlying Value in excess of the Reduced Value. The participation will amount
to Pnegative (“Negative Participation Factor”) multiplied by the relative fall in value in the
Underlying Value in excess of the Reduced Value. The relative fall in value in excess of the
Reduced Value corresponds to the quotient from the value by which the Underlying Value falls
below the product of the Reduced Value and the Threshold Value on the Determination Date and
the Threshold Value.
(iii)The redemption price can be calculated as follows on the basis of the price of the
Underlying Value:
(a) If the price of the Underlying Value on the Determination Date is above or at least the
Threshold Value, the calculation formula is as follows:
(
100 % + Min Ppositive *
(Price on the Determination Date – Threshold Value) ; Cap
Threshold Value
)
(b) If the price of the Underlying Value on the Determination Date is under the Threshold Value
but beyond the Reduced Value ●% of the par value is redeemed.
(c) If the price of the Underlying Value on the Determination Date is below or at least the Reduced
Value, the calculation formula is as follows:
100 % – Pnegative * (Reduced Value * Threshold Value – Price on the Determination Date)
Threshold Value
(iv)One point correponds with ●.]
(2) [Underlying Value in the form of an index
The Underlying Value in the form of an index with the rules applicable to it at any time (“Index
Concept”) is the basis for the above determinations and calculations.
[These were drawn up by ●. The respective means of calculating, determing and publishing the
index is carried out by ● (“Sponsor”)] 1).
[The index is reproduced from [●] [● with part of the index of ● and ● with part of the index of
● and ● with part of the index of ● [and ●] (each “Index Components”). The index will be
determined [daily] [weekly] at [●] (insert time) in accordance with the above mentioned rules and
published on ●. The index will be determined and published by ● (“Sponsor”)] 2).
The Index Concept will also apply if changes in the calculation [of the index or its composition] [of
the Index Components or their composition], of whatever kind, occur or other measures are
undertaken during the life of the Instruments having an impact on the Index Concept unless
otherwise specified in the following provisions.
1) Only for an existing index e.g. DAX etc.
2) Only for an individually created index.
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[If the index is] [if the Index Components are] no longer calculated and published by the original
Sponsor but calculated and published by another person, company or institution, which the Issuer
considers suitable (“Successor Sponsor”), the above mentioned determinations and calculations will
be calculated on the basis of the index calculated and published by the Successor Sponsor. Each
reference to the original Sponsor contained in these terms and conditions will count, where the context so permits, as a reference to the Successor Sponsor.
[If the index is] [if the index components are] are abolished in whole or in part or replaced by
another Index Concept, the Issuer will at its discretion (Section 315 BGB) taking account of the
interests of the Instrument Holders involved as a group and existing market practice at the time
determine whether and which other Index Concept (“Replacement Index”; “Replacement Components”) is to be used in future as a basis for the above determinations and calculations and will
announce these details in accordance with Section [14]. Each reference contained in these terms and
conditions to [the Index] [the Index Components] will then be deemed to be, where the context so
permits, as a reference to [the Replacement Index] [the Replacement Components].
If, in the view of the Issuer, it is impossible to determine [another authoritative Index Concept] [other
authoritative Index Components] for whatever reason, the Issuer will ensure the continued
calculation and publication of the authoritative value for the above determinations and calculations
on the basis of the previous concept and announce these details in accordance with Section [14].
Should [the Index or a Replacement Index] [an Index Component or a Replacement Component]
not be determined and published or if, in the view of the Issuer, there is a Market Interruption, the
following Business Day on which it is determined and published and on which there is no Market
Interruption will be deemed to be the Determination Date. If the Determination Date is postponed
to the third Business Day after the Maturity Date and the above mentioned value is not determined
and published on this date or if, in the opinion of the Issuer, there is a Market Interruption, the Issuer
will then calculate the authoritative Price applying the calculation method last applying to the calculation of the above mentioned value whereby the Issuer will take the prices of the securities contained [in the Index] [in the Index Components] on this date at the time their authoritative value price
is usually determined (“Determination Time”) as a basis for the calculation. Should trading in one
or more of the material securities for calculating [the Index] [the Index Components] be suspended
or significantly restricted on such a day, the Issuer will involve an independent expert and take
account of the market circumstances prevailing at the time in estimating the price of the relevant
securities at its discretion (Section 315 BGB) taking account of the interests of the Instrument Holders
involved as a group and existing market practice at the time.
For the purposes of this Paragraph, a Market Interruption signifies the suspension of or restriction
in trading of the securities contained [in the Index] [in the Index Components] on stock exchanges
or trading systems, the prices of which are used for calculating [the Index] [the Index Components]
if, in the view of the Issuer, a suspension or restriction of this kind will have a significant impact on
the calculation or trading in futures contracts or option contracts related to [the Index] [the Index
Components] has been suspended or restricted on the Futures and Options Exchange with the
greatest trading volume in futures contracts or option contracts related to [the Index] [the Index
Components].]
[Underlying Value in the form of shares
The Underlying Value in the form of shares is the basis for the above determinations and calculations.
If the Company’s shares change as a result of an adjustment or other event during the life of the
Instruments, the Issuer will make the necessary adjustments.
These adjustments and determination of the time from which they apply will be effected by the Issuer
at its discretion (Section 315 BGB) taking account of the interests of the Instrument Holders involved
as a group and existing market practice at the time, as established in the Rules of [EUREX
Deutschland] (“Futures and Options Exchange”) or a successor organisation replacing it for
adjustments of this kind. The sole aim of these adjustments is to maintain the stock market value or,
if there is no stock market quotation, the value of the Instruments before the event triggering the
adjustment, the “Adjustment Date”.
115
An adjustment event (“Adjustment Event”) is any decision or action by the Company’s executive
bodies:
(a) that is reached by the bodies themselves or a third party with regard to the Company’s capital or
assets (e.g. capital increase by issuing new shares in return for contributions, issuing securities
with option or conversion rights to shares, increasing capital from company funds, share splits,
hiving off part of the company, merger, liquidation, nationalisation or another measure) and
(b) because of which the Futures and Options Exchange adjusts the strike price and/or contract size
for option contracts relating to the Company’s shares (“Option Contracts”) or amends the Option
Contracts in some other way.
If, according to the Rules of the Futures and Options Exchange, no adjustments are to be made with
regard to the Option Contracts relating to the Company’s shares traded on the Futures and Options
Exchange because of this decision or action, the Issuer will not undertake any adjustments unless
adjustments of this kind in accordance with (b) were not carried out only because there were no
Option Contracts outstanding at the time they would have to have been carried out. In this case, the
Issuer will carry out adjustments in accordance with the Rules of the Futures and Options Exchange
as if Option Contracts relating to the Company’s shares were traded at the Adjustment Date.
If a price for the shares cannot be determined on the Determination Date because trading in the
Company’s shares is interrupted or suspended (“Market Interruption”), the replacement price, as
established below, will apply to the option of delivering shares:
The replacement price is the price of the Company’s shares that is used as a basis by the Futures and
Options Exchange in trading or settling Options Contracts, or, if such a price is unobtainable, the
price of the Company’s shares that works out as the arithmetic mean of the purchase and selling
prices, which would be quoted to the Issuer by three reputable banks or credit institutions involved
in trading the Company’s shares at about the date on which the Reference Agent would have
announced a stock market price without this Market Interruption. If prices of this kind are
unobtainable, the Issuer will at its discretion (Section 315 BGB) determine a replacement price taking
account of the interests of the Instrument Holders involved as a group and existing market practice
at the time, which in its opinion corresponds to the market circumstances prevailing at this time.]]
[§ [6] Purchase of unsubordinated Instruments
The Issuer is entitled, to purchase unsubordinated Instruments in the market or elsewhere at any time
and to opt to hold them, redeem them or re-sell them.]
[§ [7] Early Redemption
[(1)]Redemption of Instruments that are unsubordinated or constitute longer-term subordinated
liabilities for taxation reasons
Should the Issuer be obliged to pay additional amounts in accordance with Section [9] as a result of a
change affecting the legal provisions applying in the country in which the Issuer’s registered office is
situated after the issue of Instruments being unsubordinated or longer-term subordinated liabilities
for the purposes of the German Banking Act (KWG) or as a result of a change in their application
or official interpretation, [or in the event of a claim on its guarantee the Guarantor be obliged to pay
additional amounts in accordance with the provisions of the guarantee] the Issuer is entitled to give
notice – by means of an announcement in accordance with Section [14] of at least 30 and at most
60 days that it will call in the outstanding Instruments in total – not in part – for early redemption at
[par value plus accrued interest/redemption amount (as defined below)]. However, notice of this kind
may be given no earlier than 90 days before the date on which the change in the legal provisions or
their application through official interpretation comes into effect.
[(2)Redemption of unsubordinated Instruments only at the option of the Issuer (call)
The Issuer may give notice that the Instruments will be redeemed in total, but not individually, [at
a price that [corresponds to their par value] [that corresponds to ●] (“Redemption Amount”) plus
the accrued interest accumulated up to the date destined for redemption/at the amortised face value
116
(as defined below)] [[each] at ●] with a notice period of ● days to repayment. Notice is to be given
in accordance with Section [14].]
[Redemption of unsubordinated Instruments only at the option of the Holder (put)
Each Instrument Holder is entitled to demand that the Issuer redeems Instruments on ● [at a price,
which [corresponds to their par value/which corresponds to ●] (“Redemption Amount”) plus any
accrued interest accumulated up to the date specified for redemption/at the amortised face value]. To
exercise this right, the Holder of the Instruments must deposit his Instruments with a Paying Agent
at least 45 days before the date specified for repayment and convey to the Paying Agent a properly
completed statement that he is exercising his right using the form obtainable from every Paying
Agent.]
[(3)] [Amortised face value
The amortised face value corresponds to the sum of the (i) issue price and (ii) the product of the
issue price and the annually capitalised issuing yield relating to the period that starts on the issue
date (inclusive) and ends on the redemption date (exclusive) (“Redemption Date”).
If this period does not equate to a whole number of calendar years, the calculation is based on day
count fractions, as per Section [4] Paragraph (2).
The Redemption Date for the purposes of this Section [7] Paragraph 3 is the earlier of the days on
which the Instruments are called for early redemption or on which the early payment takes place.]]
[§ [8] Events of Default for unsubordinated Instruments
(1) Each Instrument Holder is entitled to demand early redemption of his Instruments at [par value plus
accrued interest/the amortised face value] if
(a) the Issuer fails to pay principal or interest within 30 days of the Maturity Date in question or
(b) the Issuer omits proper fulfilment of any other obligation under the Instruments [or, the Guarantor
omits to fulfil an obligation under the Guarantee] and, if it is impossible to rectify the omission,
the omission lasts longer than 30 days from the Issuer [or, the Guarantor] receiving notification
of this from the Holder or
(c) a court or an authority in the country where the Issuer’s registered office is located opens
insolvency proceedings or proceedings equal to this against the Issuer [or, the Guarantor] or the
Issuer [or, the Guarantor] applies for or initiates proceedings of this kind, suspends all its payments or announces suspension of payments or offers or arranges a general debt settlement in
favour of its creditors or
(d) the Issuer [or, the Guarantor] is dissolved or liquidated or gives up its entire business activity or a
substantial part thereof unless proceedings of this kind are carried out in connection with a merger,
consolidation or another form of merger with another company or a conversion and this company, in the case of the Issuer, assumes all the obligations under these terms and conditions, [or,
in the case of the Guarantor, assumes all obligations under the unsubordinated Guarantee] [or]
[(e)the Guarantee is no longer effective or the Guarantor publicly asserts that the Guarantee is no
longer effective and the rating agencies (Moody’s Investors Ltd., Fitch Ratings Ltd. Inc.) announce
a possible downgrading because of this assertion].
(2) A declaration of notice of early redemption for the Instruments in accordance with Paragraph 1 is to
be submitted in writing (Section 126 BGB). The electronic form may not be used.
On receipt of this declaration by the Issuer and the existence of an event of default in accordance with
Paragraph 1, the Instruments will immediately become due [at par value plus accumulated interest/at
the amortised face value] unless all the events that triggered the notice of early redemption no longer
apply to all the Instruments prior to receipt of the declaration.]
§ [9] Withholding Tax
(1) Principal and interest on the Instruments are to be paid by the Issuer without withholding or deduction
for present or future taxes, contributions or fees that may be imposed, levied or collected by the
117
country or in the country where the Issuer’s registered office is located (“Withholding Taxes”) unless
a withholding or deduction of this kind is prescribed by law.
If a withholding or deduction of Withholding Taxes by the Issuer is prescribed by law, the Issuer
will be obliged to pay those additional amounts to the Holders of the Instruments that are needed
to ensure that the net amounts received by the Holders of the Instruments after withholdings or
deductions of this kind correspond to the respective amounts of capital and interest that they would
have received without withholdings or deductions of this kind. However, the Issuer is not obliged
to pay additional amounts with respect to Withholding Taxes of this kind:
(a) that are avoidable or would have been avoidable through fulfilment of statutory requirements or
through the submission of a declaration of non-residence or by otherwise enforcing a claim for
exemption vis à vis the relevant tax authority; or
(b) that are only payable because the Holder of the Instruments has another relationship with the
country in which the Issuer’s registered office is situated other than merely the fact that he is a
Holder of the Instruments or the interest coupon on which the payment is effected; or
(c) that the Holder of the Instruments would not be subject to if he had demanded payment of
capital and interest within 30 days of the respective Maturity Date or after the date on which the
moneys needed for a payment of this kind were received by the Fiscal Agent and this has been
announced in accordance with Section [14]; or
(d) that are deducted or retained by a Paying Agent, if the payment could have been effected by
another Paying Agent, in particular, a foreign Paying Agent, without a withholding or deduction
of this kind; or
(e) that are only deducted or retained because Instruments or interest coupons are effectively presented for redemption; or
(f) that are to be deducted or retained on the basis of a directive or regulation of the European Union
relating to the taxation of interest income or an inter-governmental agreement on its taxation in
which the Federal Republic of Germany or the European Union is involved or a statutory
provision that implements or follows this directive, regulation or agreement; or
(g) that would not have obliged the Issuer to pay additional amounts in accordance with the above
regulations (a) to (f) even if a beneficial owner of the Instruments other than the legal Holder of
the Instruments had himself been the Holder of the Instruments.
(2) Each reference in these terms and conditions in connection with the amount of capital and interest
to be paid also encompasses additional amounts in accordance with the present Section [9].
§ [10] Fiscal Agent, Paying Agents, Calculation Agent; Payments [and/or Redemptions]
(1) The initially appointed Fiscal Agent, the initially appointed Paying Agent(s) and the initially
appointed Calculation Agent as well as their initially appointed offices are as follows:
Fiscal Agent:
●
Paying Agent(s):
●
Calculation Agent: ●
The Fiscal Agent, the Paying Agent(s) and the Calculation Agent reserve the right to replace the
designated office with another designated office in the same town at any time.
(2) The Issuer reserves the right to change or end the appointment of an Fiscal Agent or a Paying Agent
or a Calculation Agent at any time and to appoint another Fiscal Agent or another/an additional
Paying Agent or another Calculation Agent at any time.
At all times, the Issuer will maintain (i) an Fiscal Agent and (ii) a Paying Agent (who may be the
Fiscal Agent) with a designated office in a continental European city [and (iii) as long as the
Instruments are listed on the stock exchange ●, a Paying Agent (which may be the Fiscal Agent) with
a designated office at the stock exchange’s registered office and/or at such other places as required
by the rules of this stock exchange] [and (iv) if payments are illegal or actually ruled out at or by the
118
offices of all Paying Agents outside the United States because of the introduction of exchange restrictions or similar restrictions with respect to the partial or complete payment or reception of the
corresponding amounts in US Dollars, will maintain a Paying Agent with a designated office in
New York City].
Any variation, dismissal, appointment or other change will only become effective, except in the
event of insolvency when a change of this kind will become effective immediately, if the Instrument
Holders were informed of this in accordance with Section [14] in advance subject to compliance
with a notice period of at least 30 days and not more than 45 days.
(3) The Paying Agents will act solely as the Issuer’s vicarious agents. They therefore have no duties vis
à vis Holders of Instruments or interest coupons and will not act as their agents in any way.
(4) The Issuer will make all payments, inasmuch as they are owed in accordance with these terms and
conditions, on the par value of the Instruments on maturity in ● (insert currency).
The Issuer will make all payments, inasmuch as they are owed in accordance with these terms and
conditions, on the interest coupons on maturity in ● (insert currency).
(5) The payments [or, if owed, other redemption payments] on the Instruments and interest coupons,
will be effected without the issue of a separate declaration or fulfilment of any other formality having
to be demanded apart from compliance with possible tax, foreign exchange and other provisions in
the country where the relevant Paying Agent is based.
The payments [or, if owed, other redemption payments] on the Instruments and interest coupons, that
are held in general current deposit with one or more clearing system(s) will be effected to the clearing
system(s) for crediting to the accounts of the respective account holders with the clearing system(s),
who have deposited the Instruments and interest coupons. The payments [or other redemption payments] by the Issuer to the clearing system(s) will release the Issuer from its payment/[redemption]
liabilities under the Instruments and interest coupons up to the level of the payments made.
[(6)Payments on Instruments and interest coupons that are not held in general current deposit with a
clearing system, will be made against submission of the Instruments or the interest coupons
[payments in Euro:
-
at Paying Agents in Germany by means of a cash payment;
-
at Paying Agents abroad by means of a cheque denominated in Euro drawn on a bank in Germany
or by credit transfer to a Euro account held by the recipient.]
[payments in another currency other than Euro:
-
by credit transfer to a currency account held by the recipient or by a cheque in the currency of
the Instruments drawn on a bank at a main financial centre in the country of the currency.]]
[(7)[The Instruments due for redemption are [in the case of a Fixed Rate Series] to be presented with all
the interest coupons that are not yet due on the Maturity Date of Instruments. The amount of
missing interest coupons that are not yet due will be deducted from the redemption amount.]
[The Instruments due for redemption are [in the case of a Floating Rate Series] to be presented with
all interest coupons being not yet due on the Maturity Date of Instruments. Interest coupons that
have not become due by the Maturity Date of Instruments will become invalid on the Maturity Date
of Instruments.]]
[(8)A Paying Agent is not obliged to check the entitlement of the person presenting the Instruments or
interest coupons.]
[(9)The Issuer is entitled to deposit amounts of capital and interest not collected by Holders within
twelve months of maturity with the Hanover District Court. If the Issuer waives its right to take back
the amounts deposited, the Holders’ relevant claims against the Issuer will lapse.]
[§ [11] Presentation Period, Exclusion of any Claim on the grounds of mislaid or
destroyed Interest Coupons
The presentation period stipulated in Section 801 Paragraph (1) Clause 1 BGB is reduced to ten years
for the Instruments. According to the provisions of Section 801 Paragraph (2) BGB the presentation
119
period for the interest coupons will amount to four years starting from the end of the calendar year in
which the interest coupon in question becomes due. The claim of Holders of interest coupons on the
grounds of mislaid or destroyed interest coupons under Section 804 Paragraph (1) Clause 1 BGB is
excluded. (cf. Section 804 Paragraph (2) BGB).]
§ [12] Substitution of the Issuer
(1) If no payment of capital or interest on the Instruments is in arrears, the Issuer may be substituted at
any time without the Holders’ consent with respect to all rights and obligations arising under or in
connection with the Instruments by a [subsidiary of the Issuer/by the Guarantor or a subsidiary of
the Guarantor] (“New Issuer”), if:
(a) the Issuer has good cause, such as, in particular, but not exclusively the introduction of a
withholding tax that would oblige the Issuer to make additional payments, a significant change
takes place in the capital market or a significant change occurs in the provisions of supervisory
law in the country where the Issuer’s registered office is situated; and
(b) the New Issuer assumes all the Issuer’s obligations under or in connection with the Instruments
and under these terms and conditions by means of an effective, written transfer agreement
including, if applicable, further agreements, declarations and permits needed to make the
replacement effective (together the “Transfer Documents”) in such a way that the New Issuer
assumes the obligation to each Instrument Holder under these terms and conditions to the same
extent as if the New Issuer had been named in the Instruments and the terms and conditions as
the principal debtor in place of the Issuer (or in place of a previous New Issuer); and
(c) the Issuer and the New Issuer have obtained all government approvals and permits required for
the substitution in accordance with the provisions of the present Section [12]; and
(d) the New Issuer is able to fulfil all payment obligations under or in connection with the Instruments
in the currency of the Instruments without any deduction or withholding of or because of taxes,
contributions or official fees; and
[(e)each stock exchange on which the Instruments are listed has confirmed that the Instruments will
continue to be listed on the stock exchange in question after the planned substitution of the Issuer
by the New Issuer; and]
[(f)if the New Issuer is not Norddeutsche Landesbank Girozentrale (“NORD/LB”), NORD/LB will
guarantee the New Issuer’s obligations under or in connection with the Instruments through a
[unsubordinated/subordinated] Guarantee; and]
[(g)if, furthermore, the Instruments are subordinated Instruments, (i) the New Issuer is a subsidiary for
the purposes of Section 1 Paragraph 7 and 10 Paragraph 5a Clause 11 KWG, (ii) the liabilities
assumed by the New Issuer are subordinated on terms that are identical with the subordination
provisions of the assumed liabilities, (iii) the New Issuer will invest the amount of the Instruments
with NORD/LB on terms that match those of the subordinated Instruments and (iv) NORD/LB
will guarantee the New Issuer’s liabilities under the Instruments on a subordinated basis; and]
[(h)]if legal opinions of legal advisors from an internationally recognised law firm chosen by the
Issuer have been given to the Fiscal Agent, which in each case may not be dated more than three
days before the planned substitution date for the jurisdictions in which the New Issuer has its
registered office and for the Federal Republic of Germany. These legal opinions must confirm
in a suitable form that, following the substitution, the preconditions of the Sections above will
have been met.
(2) In the event of a substitution of this kind all references in these terms and conditions (including
Section [12] Paragraph 1) to the “Issuer” or the “Guarantor” are to refer to the “New Issuer” and, in
the event of the Issuer being substituted, all references to the “Issuer’s country” will apply to the
country in which the New Issuer has its registered office or is deemed to be tax resident.
(3) Any substitution of the Issuer in accordance with Section [12] Paragraph 1 is to be announced in
accordance with Section [14].
120
§ [13] Issue of further Instruments
The Issuer reserves the right to issue further Instruments with the same terms without the consent of
Holders in such a way that they will be consolidated with the Instruments, form a uniform Series with
them and increase their total par value. In the event of an increase of this kind, the term “Instruments”
also encompasses additional Instruments issued in this way.
§ [14] Announcements
(1) [For the Instruments, announcements in Germany will be made in a national newspaper authorised
by the Frankfurt Stock Exchange, probably in the [Handelsblatt].]
[For the Instruments, announcements will be made in a leading daily newspaper with a circulation in
all of Luxembourg, probably in the [Luxemburger Wort].]
[For the Instruments, announcements will be made in line with the rules of the stock exchange on
which the Instruments are listed.]
[For the Instruments, announcements will be made probably in the [Bundesanzeiger].]
(2) Every announcement will be deemed to be effective on the date of publication (on the date of the
first publication of this kind in the case of several publications).
[(3)The Issuer is entitled, if no Instruments are listed on the Luxembourg stock exchange, to replace an
announcement in a newspaper in accordance with Paragraph 1 with a notice to the Clearing Systems
to pass on to the Holders provided that, in cases where the Instruments are listed on a stock
exchange, the rules of this stock exchange permit this form 3). Each notification of this kind will be
deemed to have been made to the Holders from the 7th day after the date of its notification to the
Clearing Systems.]
§ [15] Miscellaneous
(1) The form and content of the Instruments and the interest coupons as well as the rights and duties of
the Holders, the Issuer and the Guarantor are determined by German law in every respect.
The English language version of the printed terms and conditions is for information only and is nonbinding. Only the German language version of the printed terms and conditions is legally binding.
(2) Hanover is the place of performance in connection with the Instruments.
For merchants, legal persons under public law, special government funds and persons without a
general place of jurisdiction in the Federal Republic of Germany Hanover is the non-exclusive place
of jurisdiction for all disputes arising under the matters regulated in the terms and conditions.
(3) For any legal disputes or other proceedings before German courts NORD/LB Securities will appoint
Norddeutsche Landesbank Girozentrale, Friedrichswall 10, D-30159 Hanover as agent for the
service of process.
(4) Should one of the provisions of these terms and conditions be or become ineffective or invalid in
whole or in part, this will not affect the remaining provisions. [The ineffective or invalid provision
is to be replaced by an effective or valid provision, which comes as close to the commercial intent
of the ineffective or invalid provision.] 4)
(5) In legal disputes against the Issuer or legal disputes in which the Holder and Issuer are involved,
each Holder of Instruments that are represented by global instruments may protect and assert his
rights under his Instruments in his own name by presenting the following documents:
(a) a certificate from his Depository Bank that states (i) the full name and full address of the Holder;
(ii) gives a total par value for the Instruments that are credited to the Holder’s securities deposit
account with this Depository Bank on the date this certificate is issued and (iii) confirms that the
Depository Bank has sent a written notification to Clearstream, Frankfurt or the common
depository of Clearstream, Luxembourg or Euroclear (“Common Depository”) containing the
3) Do not include for a listing on the Luxembourg Stock Exchange.
4) Do not include for a retail placement.
121
details in (i) and (ii) and bearing the certificate of Clearstream, Frankfurt or the Common
Depository and the Clearstream, Frankfurt account holder in question or the participant in
Clearstream, Luxembourg or Euroclear, as well as
(b) a copy of the global instrument certified by an authorised representative of Clearstream, Frankfurt
or the Common Depository.
For the purposes of the above provisions, “Depository Bank” is a bank or other credit institution
(including Clearstream, Frankfurt; Clearstream, Luxembourg and Euroclear), which has the
necessary permits for securities deposit business and with which the Holder has Instruments held on
deposit.
122
FORM OF PRICING SUPPLEMENT
(MUSTER-KONDITIONENBLATT)
Pricing Supplement
Konditionenblatt
[Title of relevant Series of Instruments]
[Bezeichnung der betreffenden Serie der Schuldverschreibungen]
issued pursuant to the
begeben aufgrund des
USD 20,000,000,000
of
der
und
dated [
vom [
]
]
Issue Price: [
] per cent.
Emissionspreis:[
]%
Issue Date: [
Ausgabetag: [
]
]
Series No.: [
Serien Nr.: [
]
]
This Pricing Supplement is issued to give details of an issue of Instruments under the USD 20,000,000,000
Programme for the Issuance of Debt Instruments [of Norddeutsche Landesbank Girozentrale], [of
NORD/LB Norddeutsche Securities PLC] (the “Programme”).
Dieses Konditionenblatt enthält Angaben zur Emission von Schuldverschreibungen unter dem USD
20,000,000,000 Programme for the Issuance of Debt Instruments [der Norddeutsche Landesbank
Girozentrale], [der NORD/LB Norddeutsche Securities PLC] (the “Programme”).
It is to be read in conjunction with the Terms and Conditions of the Instruments (the “Terms and
Conditions”) set forth in the Information Memorandum pertaining to the Programme dated 17 September
2003. Capitalised Terms not otherwise defined herein shall have the meanings specified in the Terms
and Conditions.
Es ist in Verbindung mit den Anleihebedingungen für Schuldverschreibungen (die „Anleihebedingungen“) zu lesen, die in der Fassung vom 17. September 2003 des Information Memorandum über das
Programm enthalten sind. Begriffe, die in den Anleihebedingungen definiert sind, haben, falls das
Konditionenblatt nicht etwas anderes bestimmt, die gleiche Bedeutung, wenn sie in diesem Konditionenblatt verwendet werden.
All provisions in the Terms and Conditions, which are available in this Pricing Supplement, which are
either not selected or completed or which are deleted shall be deemed to be deleted from the Terms and
Conditions applicable to the Instruments.
If Instruments are not offered publicly, a non-consolidated Pricing Supplement including non consolidated Terms and Conditions will be prepared and deposited. The Pricing Supplement of a relevant Series
123
of Instruments may specify additional or modified Terms and Conditions in the case of a non public
offering.
If Instruments are offered publicly, a consolidated Pricing Supplement including non consolidated Terms
and Conditions will be deposited with the relevant Clearing System. A consolidated Pricing Supplement
including consolidated Terms and Conditions will be provided for publication and obtained upon request
of the Investor free of charge as general information at the office of Issuer, the Guarantor or the relevant Paying Agent. In this case the consolidated Terms and Conditions are considered as the applicable
document.
Sämtliche Bestimmungen der Anleihebedingungen, die in diesem Konditionenblatt zur Auswahl stehen,
die weder angekreuzt noch ausgefüllt sind oder die gestrichen sind, gelten für die auf die Schuldverschreibungen anwendbaren Anleihebedingungen als gestrichen.
Werden die Schuldverschreibungen nicht öffentlich zum Verkauf angeboten, wird ein nicht konsolidiertes
Konditionenblatt inklusive nicht konsolidierter Anleihebedingungen erstellt und hinterlegt. Das
Konditionenblatt einer bestimmten Serie von Schuldverschreibungen kann im Fall eines nicht öffentlichen Angebots ergänzende oder abgeänderte Emissionsbedingungen festlegen.
Werden die Schuldverschreibungen öffentlich zum Verkauf angeboten, wird ein konsolidiertes Konditionenblatt inklusive nicht konsolidierter Anleihebedingungen bei der jeweiligen Wertpapiersammelbank
hinterlegt. Ein konsolidiertes Konditionenblatt inklusive konsolidierter Anleihebedingungen wird für
die Veröffentlichung erstellt und als Kurzinformation für den Anleger bei der Emittentin, der Garantin
oder den Zahlstellen auf Anfrage kostenlos ausgehändigt. In diesem Fall gelten die konsolidierten
Anleihebedingungen als das maßgebliche Dokument.
All references in this Pricing Supplement to numbered sections and subsections are to sections and
subsections of the Terms and Conditions.
Bezugnahmen in diesem Konditionenblatt auf Paragraphen und Absätze beziehen sich auf die
Paragraphen und Absätze der Anleihebedingungen.
Issuer
Emittentin
Language of Conditions
Sprache der Bedingungen
German only
ausschließlich Deutsch
German and English (German binding)
Deutsch und Englisch (deutscher Text maßgeblich)
Denomination (§ 1(1))
Stückelung (§ 1(1))
Specified Currency
Festgelegte Währung
[
]
Total Par Value
Gesamtnennbetrag
[
]
Specified Denomination
Festgelegte Stückelung
[
]
124
Documentation (§ 1(2))
Verbriefung (§ 1(2))
Permanent Global Note
Dauerglobalurkunde
Temporary Global Note exchangeable for Permanent Global Note with certification of non-US
beneficial ownership
Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde mit Bescheinigung des Nichtbestehens von US Inhaberschaft
Temporary Global Note exchangeable for Definitive Instruments with certification of non-US
Vorläufige Globalurkunde austauschbar gegen effektive Stücke mit Bescheinigung des Nichtbestehens von US Inhaberschaft
Temporary Global Note exchangeable for Definitive Instruments without certification of non-US
Vorläufige Globalurkunde austauschbar gegen effektive Stücke ohne Bescheinigung des Nichtbestehens von US Inhaberschaft
Other – (specify)
Sonstige – (angeben)
[
]
Authorised officer, if not Fiscal Agent
Kontrollbeauftragter, wenn nicht Fiscal Agent
[
]
[
]
Clearing System (§ 1(3))
Clearingsystem (§ 1(3))
Clearstream Banking AG, Frankfurt am Main
Clearstream Banking, société anonyme, Luxembourg
Euroclear Bank S.A./N.V., as Operator of the Euroclear System
Euroclear Bank S.A./N.V., als Betreiber des Euroclear System
Other – (specify)
Status (§ 2)
Status (§ 2)
not subordinated
nicht nachrangig
subordinated
nachrangig
Guarantee (§ 3)
Garantie (§ 3)
Interest (§ [4](1))
Zinsen (§ [4](1))
Fixed Rate Instruments
Festverzinsliche Schuldverschreibungen
[Yes/No]
[Ja/Nein]
125
Rate of Interest
Zinssatz
[
] per cent. per annum
[
] % per annum
Interest Commencement Date
Verzinsungsbeginn
[
]
Fixed Interest Date(s)
Zinszahlungstage(e)
[
]
First Interest Payment Date
Erster Zinszahlungstag
[
]
Currency
Währung
[
]
Initial Broken Amount(s) (per specified Denomination)
Anfängliche(r) Bruchteilzinsbetrag (-beträge)
(für jede festgelegte Stückelung)
[
]
Fixed Interest Date preceding the Maturity Date
Festzinstermin, der dem Fälligkeitstag vorangeht
[
]
Final Broken Amount(s) (per specified Denomination)
Abschließende(r) Bruchteilzinsbetrag(-beträge)
[
]
Relevant Financial Centres
Relevante Finanzzentren
[
]
step-up/ step-down Instruments
Step-up/ Step-down Schuldverschreibungen
First Rate of Interest
Erster Zinssatz
[
[
] % per annum
Second Rate of Interest
Zweiter Zinssatz
[
[
] % per annum
Further Rate of Interest
Weitere Zinssätze
[
[
] % per annum
Interest Commencement Date first Rate of Interest/ up to (excluding)
Verzinsungsbeginn erster Zinssatz/bis ausschließlich
[
]
Interest Commencement Date second Rate of Interest/ up to (excluding)
Verzinsungsbeginn zweiter Zinssatz/bis ausschließlich
[
]
Interest Commencement Date further Rate of Interest/ up to (excluding)
Verzinsungsbeginn weitere Zinssätze/ bis ausschließlich
[
]
Fixed Interest Date(s)
Zinszahlungstag(e)
[
]
[
]
Currency
Währung
[
]
Initial Broken Amount(s) (per specified Denomination)
Anfängliche(r) Bruchteilzinsbetrag (-beträge)
[
]
Fixed Interest Date preceding the Maturity Date
Festzinstermin, der dem Fälligkeitstag vorangeht
[
]
Final Broken Amount(s) (per specified Denomination)
Abschließende(r) Bruchteilzinsbetrag(-beträge)
[
]
126
[
]
[
]
Floating Interest Commencement Date
Variabler Verzinsungsbeginn
[
]
Floating Specified Interest Payment Dates
Variable festgelegte Zinszahlungtage
[
]
Zero Coupon Instruments
Nullkupon-Schuldverschreibungen
Amortization Yield
Emissionsrendite
Floating Rate Instruments
Variabel verzinsliche Schuldverschreibungen
Interest Payment Dates
Zinszahlungstage
Floating specified Interest Period(s)
Variable festgelegte Zinsperiode(n)
[
[
] weeks/month/ other - specify]
] Wochen/Monate/andere - angeben]
[
]
Currency
Währung
[
]
Business Day Convention
Geschäftstagskonvention
Modified Following Business Day Convention
Modifizierte-Folgender-Geschäftstag-Konvention
FRN Convention (specify period(s))
FRN-Konvention (Zeitraum angeben)
[
[
] month/ other - specify]
] Monate/andere – angeben]
Following Business Day Convention
Folgender-Geschäftstag-Konvention
Preceding Business Day Convention
Vorangegangener-Geschäftstag-Konvention
[
]
[
]
[
]
[
]
[
]
Rate of Interest and relevant information source
Referenzzinssatz und relevante Informationsquelle
EURIBOR (11.00 a.m. Brussels time/TARGET Business Day/
Interbank Market in the Euro-zone)
EURIBOR (11.00 Uhr Brüsseler Ortszeit/TARGET Geschäftstag/
Interbankenmarkt in der Euro-Zone)
Screen Page
Bildschirmseite
LIBOR (London time/London Business Day/London Interbank Market)
LIBOR (Londoner Ortszeit/Londoner Geschäftstag/Londoner Interbankenmarkt)
Screen page
Bildschirmseite
Other (specify)
Sonstige (angeben)
Screen page
Bildschirmseite
127
Other applicable rounding provision (specify)
Andere anwendbare Rundungsbestimmung (angeben)
[
Margin
Marge
plus [
plus [
]
] basis points
] Basispunkte
Interest Determination Date
Zinsfestsetzungstag
second Business Day prior to commencement of Interest Period
zweiter Geschäftstag vor Beginn der jeweiligen Zinsperiode
other (specify)
sonstige (angeben)
Calculation Agent, sofern nicht Fiscal Agent
Zinsfestsetzungsbank, wenn nicht Fiscal Agent
[
]
[
]
Minimum and Maximum Rate of Interest
Mindest- und Höchstzinssatz
Minimum Rate of Interest
Mindestzinssatz
[
[
] % per annum
Maximum Rate of Interest
Höchstzinssatz
[
[
] % per annum
Interest Amount (§ [4](2))
Zinsbetrag (§ [4](2))
0.5 of applicable unit to be rounded upwards
Aufrundung von 0,5 der anwendbaren Einheit
Insert other applicable rounding provisions
Andere anwendbare Rundungsbestimmungen einfügen
[
]
[
]
Day Count Fraction (§ [4](2))
Zinstagequotient (§ [4](2))
Actual/Actual (ISMA Rule 251)
Actual/365 (Fixed)
Actual/360
30/360 or 360/360 (Bond Basis)
30E/360 (Eurobond Basis)
Other
Sonstige
REDEMPTION (§ [5])
RÜCKZAHLUNG (§ [5])
Final Redemption
Rückzahlung bei Endfälligkeit
Maturity Date
Fälligkeitstag
Par Value
Nennbetrag
Others (specify)
Sonstige (angeben)
[Yes / No]
[Ja / Nein]
[
]
128
Redemption in principal or by delivery of shares 1)
Rückzahlung zum Nennbetrag oder in Aktien
Public Company
Gesellschaft
[
]
Registered Office
Sitz
[
]
Commercial Register Number
Handelsregister Nummer
[
]
ISIN-CODE of the shares
ISIN-CODE der Aktie
[
]
Number of shares for each denomination
Aktienstückzahl je festgelegte Stückelung
[
]
Determination Date
Feststellungstag
[
]
Price
Kurs
[
]
Currency
Währung
[
]
Futures and Options Exchange
Terminbörse
[
]
Reference Agent
Referenzstelle
[
]
Other – (specify)
[
]
Bond
Rentenpapier
[
]
Issuer of the Bond
Emittent des Rentenpapiers
[
]
Currency
Währung
[
]
Rate of Interest
Zinssatz
[
]
Day Count Fraction
Zinstagequotient
[
]
Maturity
Laufzeit
[
]
ISIN-CODE of the bond
ISIN-CODE des Rentenpapiers
[
]
Par value for each denomination
Nennbetrag je festgelegte Stückelung
[
]
Determination Date
Feststellungstag
[
]
Financial information of the public company is attached to this Pricing Supplement.
Finanzzahlen der Gesellschaft sind diesem Konditionenblatt beigefügt.
Redemption in principal or by delivery of bonds 1)
Rückzahlung zum Nennbetrag oder in Renten
) Only applicable for Instruments listed on the Luxembourg Stock Exchange.
Nur für Emissionen, die an der Börse in Luxemburg notiert werden.
1
129
Price
Kurs
[
]
Other (specify)
Sonstige (angeben)
[
]
Terminbörse
[
]
Reference Agent
Referenzstelle
[
]
Redemption of Instruments with participation in a rising Underlying Value
Rückzahlung von Schuldverschreibungen mit Partizipation an einem steigenden Basiswert
or
oder
Redemption of Instruments with participation in a falling Underlying Value
Rückzahlung von Schuldverschreibungen mit Partizipation an einem sinkenden Basiswert
or
oder
Redemption of Instruments with participation in a rising and a falling Underlying Value
Rückzahlung von Schuldverschreibungen mit Partizipation an einem steigenden und sinkenden
Basiswert
Underlying Value
Basiswert
[
]
ISIN-CODE of the Underlying Value
ISIN-CODE des Basiswerts
[
]
Threshold Value
Schwellwert
[
]
Determination Date
Feststellungstag
[
]
Value in question
Relevanter Wert
[
]
Redemption Amount in Section 1 (i)
Rückzahlungsbetrag in Absatz 1 (i)
[
]
Redemption Amount in Section 1 (ii)
Rückzahlungsbetrag in Absatz 1 (ii)
[
]
Reduced Value
Minderungswert
[
]
(Positiv) Participation Factor
Partizipationsfaktor (positiv)
[
]
(Negative) Participation Factor
Partizipationsfaktor (negativ)
[
]
Cap
Cap
[
]
Floor
Floor
[
]
Sponsor
Sponsor
[
]
Index Components
Indexkomponente
[
]
130
Determination
Feststellung
[
]
Publication
Veröffentlichung
[
]
Terminbörse
[
]
Physical Settlement, specify 2)
Physical Settlement, spezifizieren
[
]
Currency
Währung
[
]
Reference Agent
Referenzstelle
[
]
Price of shares
Kurs der Aktien
[
]
Structural risks
Strukturelle Risiken
[
]
Volatility
Volatilität
[
]
Others (specify)
Sonstige (angeben)
[
]
Early Redemption at the Option of the Issuer (§ [7](2))
Vorzeitige Rückzahlung nach Wahl der Emittentin (§ [7](2))
[Yes/No]
[Ja/Nein]
Redemption Amount
Rückzahlungsbetrag
[
]
Call Redemption Date(s)
Wahlrückzahlungstag(e) (Call)
[
]
Notice to Holders
Ankündigungsfrist
[
]
Early Redemption at the Option of a Holder (§ [7](3))
Vorzeitige Rückzahlung nach Wahl des Gläubigers (§ [7](3))
[Yes/No]
[Ja/Nein]
Put Redemption Date(s)
Wahlrückzahlungstag(e) (Put)
[
]
Redemption Amount(s)
Rückzahlungsbetrag/-beträge (Put)
[
]
Calculation Agent, if not Fiscal Agent/specified office
Berechnungsstelle, wenn nicht Fiscal Agent/bezeichnete Geschäftsstelle
[
]
Paying Agent(s)/specified office(s)
Zahlstelle(n)/bezeichnete Geschäftsstelle(n)
[
]
Issue Agent, Paying Agents, Calculation Agent (§ [10])
Emissionsstelle, Zahlstellen, Berechnungsstelle (§ [10])
) Only applicable for Instruments listed on the Luxembourg Stock Exchange.
Nur für Emissionen, die an der Börse in Luxemburg notiert werden.
2
131
Fiscal Agent/specified office
Emissionsstelle/bezeichnete Geschäftsstelle
[
]
Currency
Währung
[
]
GENERAL PROVISIONS APPLICABLE TO THE INSTRUMENTS
ALLGEMEINE BESTIMMUNGEN HINSICHTLICH DER
SCHULDVERSCHREIBUNG(EN)
Listing(s)
Börsenzulassung(en)
[Yes/No]
[Ja/Nein]
Frankfurt am Main
Frankfurt am Main
Luxembourg
Luxemburg
Other (specify)
sonstige (angeben)
[
]
Management Group or Dealer (specify)
Bankenkonsortium oder Plazeur (angeben)
[
]
Net proceeds
Netto-Emissionserlös
[
]
Commissions
Provisionen
[
]
Method of distribution
Vertriebsmethode
Non-syndicated
Nicht syndiziert
Syndicated
Syndiziert
Management Details
Einzelheiten bezüglich des Bankenkonsortiums
Stabilising Manager
Kursstabilisierender /Manager
[insert details/None]
[Einzelheiten einfügen/keiner]
Securities Identification Numbers
Wertpapierkennummern
Common Code
Common Code
[
]
ISIN-CODE
ISIN-CODE
[
]
German Securities Code
Wertpapierkennummer (WKN)
[
]
Any other securities number
Sonstige Wertpapierkennummer
[
]
132
Selling Restrictions
Verkaufsbeschränkungen
Additional selling restrictions (specify)
Zusätzliche Verkaufsbeschränkungen (angeben)
Governing Law
Anwendbares Recht
[
]
German Law
Deutsches Recht
Other relevant terms and conditions (specify)
Andere relevante Bestimmungen (einfügen)
[
]
[Listing: 3)
Börsenzulassung:
The above Pricing Supplement comprises the details required to list this issue of Instruments as from
[insert Issue Date] pursuant to the USD 20,000,000,000 Programme for the Issuance of Debt Instruments
of Norddeutsche Landesbank Girozentrale and NORD/LB Norddeutsche Securities PLC.
Das vorstehende Konditionenblatt enthält die Angaben, die für die Zulassung dieser Schuldverschreibungen gemäß dem USD 20,000,000,000 Programme for the Issuance of Debt Instruments der
Norddeutsche Landesbank Girozentrale und der NORD/LB Norddeutsche Securities PLC ab dem
[Ausgabetag eingeben] erforderlich sind.
RESPONSIBILITY
VERANTWORTLICHKEIT
The Issuer accepts responsibility for the information contained in this Pricing Supplement.
Die Emittentin übernimmt für die in diesem Konditionenblatt enthaltenen Informationen die Verantwortung.
(as Issuer)
(als Emittentin)
[(as Guarantor)
(als Garantin)]]
) Include only in the version of the Pricing Supplement which is submitted to the relevant stock exchange in the case of Instruments to be listed
on such stock exchange.
Nur in derjenigen Fassung des Konditionenblattes einzufügen, die der betreffenden Börse, bei der die Schuldverschreibungen zugelassen werden
sollen, vorgelegt wird.
3
133
MUSTER DER GARANTIE
NICHT NACHRANGIGE GARANTIE
der
Hannover, Bundesrepublik Deutschland
zugunsten der
Anleihegläubiger der
[Schuldverschreibung]
im Gesamtnennbetrag von [
]
der
NORD/LB NORDDEUTSCHE SECURITIES PLC
Die Norddeutsche Landesbank Girozentrale (die “Garantin”) hat die unbedingte und unwiderrufliche
Garantie (die „Garantie“) für die ordnungsgemäße und pünktliche Erfüllung sämtlicher Zahlungsverpflichtungen der Emittentin aus den Schuldverschreibungen übernommen.
Die Garantie begründet unmittelbare, unbedingte, nicht nachrangige und nicht dinglich besicherte
Verbindlichkeiten der Garantin, die untereinander und mit sämtlichen anderen nicht nachrangigen und
nicht dinglich besicherten Verbindlichkeiten der Garantin in gleichem Rang stehen, ausgenommen
Verbindlichkeiten, die kraft Gesetzes Vorrang haben.
Die Rechte und Pflichten aus dieser Garantie bestimmen sich in jeder Hinsicht nach dem Recht der
Bundesrepublik Deutschland. Erfüllungsort und Gerichtsstand ist Hannover. Ansprüche gegen die
Garantin können jedoch auch vor Gerichten in jedem anderen Land, bei denen ein Gerichtsstand für
Rechtsstreitigkeiten mit der Garantin besteht, geltend gemacht werden. Die Garantin verzichtet hiermit
auf ein etwaiges Recht, in Ländern, in denen Verfahren zur Durchsetzung dieser Garantie zulässig sind,
den Einwand fehlender Gerichtszuständigkeit oder Immunität gegen Klage, Urteil, Vollstreckung,
Pfändung (sei es nach oder vor Urteilserlass) oder andere Maßnahmen geltend zu machen.
Hannover, im [
]
Hannover
Bundesrepublik Deutschland
134
The Guarantee in the German language will be legally binding; its non-binding translation is as follows:
UNSUBORDINATED GUARANTEE
of the
Hannover, Federal Republic of Germany
in favour of the Holders of the
[Instruments]
in an aggregate principal
amount of [
]
Norddeutsche Landesbank Girozentrale (the “Guarantor”) has assumed an unconditional and
irrevocable guarantee (the “Guarantee”) for the due and punctual fulfilment of all payment obligations
of the Issuer under the Instruments.
The Guarantee establishes direct, unconditional, unsubordinated liabilities of the Guarantor not secured
on its assets, ranking pari passu with each other as well as with all other unsubordinated liabilities of
the Guarantor not secured on its assets, except liabilities that have preference by law.
The rights and obligations arising from this guarantee shall in all respects be determined in accordance
with the laws of the Federal Republic of Germany. Place of performance and place of jurisdiction is
Hannover. Claims against the Guarantor may also be asserted in the courts of each other state in which
jurisdiction exists for legal actions against the Guarantor. The Guarantor hereby waives any rights, in
jurisdictions in which procedures for the enforcement of this guarantee are admissible, to assert lack
of jurisdiction or immunity from legal action, judgment, execution, attachment (be it before or after
judgment is issued) or other procedures.
Hannover, [
]
Hannover
Federal Republic of Germany
135
NACHRANGIGE GARANTIE
der
Hannover, Bundesrepublik Deutschland
zugunsten der
Anleihegläubiger der
[Schuldverschreibung]
im Gesamtnennbetrag von [
]
der
Die Norddeutsche Landesbank Girozentrale (die “Garantin”) hat nach Maßgabe der nachstehend
wiedergegebenen Bestimmungen die unbedingte und unwiderrufliche Garantie (die „Garantie“) für die
ordnungsgemäße und pünktliche Erfüllung sämtlicher Zahlungsverpflichtungen der Emittentin aus den
Schuldverschreibungen übernommen.
Die Garantie begründet Verbindlichkeiten der Garantin, die untereinander und mit sämtlichen anderen
nachrangigen Verbindlichkeiten der Garantin mindestens in gleichem Rang stehen. Im Falle der
Auflösung, Liquidation oder Insolvenz der Garantin oder im Falle eines Verfahrens, das die Auflösung,
Liquidation oder Insolvenz der Garantin zur Folge hat, sind diese Verbindlichkeiten nachrangig gegenüber den Ansprüchen aller nicht nachrangigen Gläubiger der Garantin mit der Folge, dass in einem
solchen Fall keine Zahlungen auf die Verbindlichkeiten geleistet werden, solange nicht alle nicht nachrangigen Gläubiger der Garantin vollständig befriedigt worden sind.
Die Gläubiger der Schuldverschreibungen oder Zinsscheine sind nicht berechtigt, mit Ansprüchen aus
der Garantie gegen irgendwelche Ansprüche der Garantin aufzurechnen. Die Rechte der Gläubiger der
Schuldverschreibungen oder Zinsscheine aus der Garantie dürfen zu keiner Zeit von der Garantin oder
einem Dritten in irgendeiner Weise besichert werden.
Nachträgliche Vereinbarungen, die den Rangrücktritt gemäß dieser Garantie beschränken oder die
Fälligkeit der Garantie vorverlegen, sind unzulässig. Werden für Schuldverschreibungen vor dem
Fälligkeitstermin von der Garantin Zahlungen geleistet, ohne dass die in § 2 Abs. (3) der
Anleihebedingungen genannten Voraussetzungen vorliegen, so ist der Garantin der gezahlte Betrag ohne
Rücksicht auf entgegenstehende Vereinbarungen zurückzugewähren.
Die Rechte und Pflichten aus dieser Garantie bestimmen sich in jeder Hinsicht nach dem Recht der
Bundesrepublik Deutschland. Erfüllungsort und Gerichtsstand ist Hannover. Ansprüche gegen die
Garantin können jedoch auch vor Gerichten in jedem anderen Land, bei denen ein Gerichtsstand für
Rechtsstreitigkeiten mit der Garantin besteht, geltend gemacht werden. Die Garantin verzichtet hiermit
auf ein etwaiges Recht, in Ländern, in denen Verfahren zur Durchsetzung dieser Garantie zulässig sind,
den Einwand fehlender Gerichtszuständigkeit oder Immunität gegen Klage, Urteil, Vollstreckung,
Pfändung (sei es nach oder vor Urteilserlass) oder andere Maßnahmen geltend zu machen.
Hannover, im [
]
Hannover
Bundesrepublik Deutschland
136
The Guarantee in the German language will be legally binding; its non-binding translation is as follows:
SUBORDINATED GUARANTEE
of the
Hannover, Federal Republic of Germany
in favour of the Holders of the
[Instruments]
in an aggregate principal
amount of [
]
Norddeutsche Landesbank Girozentrale (the “Guarantor”) has assumed an unconditional and
irrevocable guarantee (the “Guarantee”) in accordance with the provisions set out below for the due and
punctual fulfilment of all payment obligations of the Issuer under the Instruments.
The Guarantee establishes liabilities by the Guarantor ranking at least pari passu with each other as well
as with all other subordinated liabilities of the Guarantor. In the event of the Guarantor`s dissolution,
liquidation or insolvency or in the event of proceedings resulting in the dissolution, liquidation or
insolvency of the Guarantor, these liabilities are subordinated to the claims of all unsubordinated
creditors of the Guarantor with the result that in a case of this kind no payment will be made on the
liabilities until all unsubordinated creditors of the Guarantor have been satisfied in full.
Holders of the Instruments or interest coupons will not be entitled to set off claims under the Guarantee
with any claims by the Guarantor . The rights of Holders of the Instruments or interest coupons] under
the Guarantee may not be secured by the Guarantor or a third party in any way at any time.
Subsequent agreements restricting the subordination in accordance with this Guarantee or accelerating
the maturity of the Guarantee are inadmissible. If the Guarantor makes payment for the Instruments
before maturity without the preconditions stipulated in section 2 Para. (3) of the terms of conditions of
the Instruments being met, the amount paid is to be returned to the Guarantor without any account being
taken of agreements to the contrary.
The rights and obligations arising from this guarantee shall in all respects be determined in accordance
with the laws of the Federal Republic of Germany. Place of performance and place of jurisdiction is
Hannover. Claims against the Guarantor may also be asserted in the courts of each other state in which
jurisdiction exists for legal actions against the Guarantor. The Guarantor hereby waives any rights, in
jurisdictions in which procedures for the enforcement of this guarantee are admissible, to assert lack of
jurisdiction or immunity from legal action, judgment, execution, attachment (be it before or after
judgment is issued) or other procedures.
Hannover, [
]
Hannover
137
Name, registered offices, functions, business activities and supervisory authorities
Norddeutsche Landesbank Girozentrale, Certificate of registration: HR A 26247 (also referred to
as NORD/LB) was established on 1 July 1970 pursuant to § 1 of the Act of 14 May 1970 pertaining to
Norddeutsche Landesbank Girozentrale (Lower Saxony law GVBl. p 186) through a merger of
Niedersächsische Landesbank Girozentrale (founded in 1917),
Braunschweigische Staatsbank (founded in 1765),
Hannoversche Landeskreditanstalt (founded in 1840) and
Niedersächsische Wohnungskreditanstalt-Stadtschaft (founded in 1918).
By way of universal succession, all rights and obligations of the unified financial institutions passed to
Norddeutsche Landesbank Girozentrale without prior settlement proceedings. In accordance with the
statutes of Norddeutsche Landesbank Girozentrale, which were resolved by the Owners’ Meeting and
published on 12 March 2003, Norddeutsche Landesbank Girozentrale constitutes a corporation with legal
capacity under public law, with registered offices in Hannover, Braunschweig (Brunswick), Magdeburg
and Schwerin. The administrative head office is located in Hannover.
Under the terms of the State Treaties agreed on 19 August 1991 between Lower Saxony and Saxony-Anhalt
and on 22/23 and 28 October 1992 between Lower Saxony, Saxony-Anhalt and Mecklenburg-Western
Pomerania concerning Norddeutsche Landesbank Girozentrale, NORD/LB was also established as the
State Bank for the two new Federal States of Saxony-Anhalt and Mecklenburg-Western Pomerania.
The State of Lower Saxony, the State of Saxony-Anhalt, the State of Mecklenburg-Western Pomerania
(together the “State Owners”), Niedersächsischer Sparkassen- und Giroverband (the “Savings Banks and
Giro Association of Lower Saxony”) (the “Association”), Sparkassenbeteiligungsverband Sachsen-Anhalt
(the “Savings Banks Holding Association of Saxony-Anhalt”) (the “Holding Association”) and
Sparkassenbeteiligungsverband der Sparkassen in Mecklenburg-Vorpommern (the Special Purpose
Holding Association of the Savings Banks of Mecklenburg-Western Pomerania) (the “Mecklenburg
Association”) (together the “Savings Banks Owners” and together with the State Owners, the “Owners”)
by virtue of the State Treaty between Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania
concerning Norddeutsche Landesbank Girozentrale, dated 22 May 2002, paragraph 7, sub-section 3,
ratified by acts of parliament, are liable for the fulfillment of NORD/LB’s obligations jointly and
severally in the event that the assets of NORD/LB are insufficient to satisfy such obligations in
accordance with “grandfathering” principles as set out under the Section “EU-State Aid Discussion”.
NORD/LB is entitled to establish and maintain subsidiaries. It currently operates ten main branches based
in Braunschweig (two), Hannover, Bad Harzburg, Helmstedt, Holzminden, Salzgitter, Seesen,
Wolfsburg/Vorsfelde and Wolfenbüttel, with a further network of 108 branches.
Branches are also operated in Berlin, Hamburg, Halle, Magdeburg, Schwerin, Helsinki, London, New
York, Singapore and Stockholm.
Principal banking subsidiaries
NORD/LB holds a stake of 92.5 per cent in Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale,
Bremen. Norddeutsche Landesbank Luxembourg S.A., Luxembourg is a wholly owned subsidiary of
NORD/LB.
In addition Norddeutsche Landesbank Girozentrale holds a stake of 100.0 per cent of the shares in MHB
Mitteleuropäische Handelsbank Deutsch-Polnische Bank AG, Frankfurt and indirectly (through
Norddeutsche Landesbank Luxemburg S.A.) in Skandifinanz Bank AG, Zurich, a stake of 97.0 per cent
in A/S NORD/LB Latvija and a stake of 93.09 per cent in AB Bankas NORD/LB Lietuva.
The financial results of all these subsidiaries are consolidated in the Group accounts of NORD/LB.
NORD/LB is the ultimate parent company of the NORD/LB Group.
138
Functions and activities
According to its statutes, NORD/LB’s functions are those of a State Bank for its State Owner, a central
and clearing bank to the member savings banks of its Savings Banks Owners and a commercial bank.
It may in addition pursue other business of any kind that serves the purposes either of the NORD/LB, of
its Owners or of the local authorities within the States. It may assume special tasks related to economic
or fiscal policy. It is authorised to issue mortgage-backed securities, public-debt bonds or other bonds.
It may conduct building society business itself or through independent affiliated operations.
NORD/LB’s business shall be conducted in accordance with good commercial practice whilst paying
due regard to the interests of the economy as a whole. To the extent that particular aspects of the public
interest so require, the goal of profitability shall be secondary.
The business activities of NORD/LB include the following areas:
-
acting in the capacity of the bank of Lower Saxony, Saxony-Anhalt and Mecklenburg-Western
Pomerania
-
acting in the capacity of the central clearing bank of savings banks located in Lower Saxony, SaxonyAnhalt and Mecklenburg-Western Pomerania
-
acting in the capacity of a universal bank
-
acting in the capacity of a savings bank in the Braunschweig region
-
acting in the capacity of regional trust offices.
Supervisory authorities
NORD/LB is supervised by the Ministry of Finance of the State of Lower Saxony in consultation with
the Ministries of Finance of Saxony-Anhalt and Mecklenburg-Western Pomerania. The supervisory
authorities must ensure that NORD/LB duly fulfils its functions in accordance with the law.
Correspondingly, § 44 of the German Banking Act (Kreditwesengesetz) applies.
Governing bodies of NORD/LB
The governing bodies of NORD/LB are the Management Board, the Supervisory Board and the
Owners’ Meeting.
Management Board
The Management Board is appointed by the Supervisory Board. The current Board members, whose
principal outside activities are specified in the financial statements and who can be contacted at the
NORD/LB address, are:
Dr. h.c. Manfred Bodin, Chair
Dr. Hannes Rehm, Deputy Chair
Dr. Jürgen Allerkamp
Dr. Gunter Dunkel
Dr. Gerhard Holterhus
Jürgen Kösters
Klaus Schiersmann
Bernd Schuster
Dr. Hans Vieregge
139
Supervisory Board
(1) The Supervisory Board shall be composed of:
1. the competent member of each of the State Governments of Lower Saxony, Saxony-Anhalt and
Mecklenburg-Western Pomerania,
2. the Chair of the Savings Banks and Giro Association of Lower Saxony,
3. the General Managers of the Holding Association and the Mecklenburg Association,
4. sixteen further members, to be appointed by the Owners in accordance with the following formula
to serve for a term of four years:
a) six members appointed by the State of Lower Saxony,
b) one member appointed by the State of Saxony-Anhalt,
c) one member appointed by the State of Mecklenburg-Western Pomerania,
d) six members appointed by the Association,
e) one member appointed by the Holding Association and
f) one member appointed by the Mecklenburg Association.
Of the members appointed by the Association, three should be representatives of the municipal
owners of the savings banks – including one representative of the municipal authorities within
the area of Braunschweigische Landessparkasse – and three should be Chairs of the Boards of
Management of savings banks in Lower Saxony. Of the members appointed by the Holding
Association and the Mecklenburg Association pursuant to No 3. above and to clauses e) and f)
of this No. 4, one of each should be the Chair of the Board of Management of a savings bank.
5. representatives of the Bank’s employees, who together shall constitute one-third of the members
and who shall be appointed to the Supervisory Board in accordance with the provisions of the
applicable legislation on employees’ representation (§ 23).
(2) Members of the Supervisory Board pursuant to (1) No. 4 above may resign at any time. Their
appointment may be terminated prematurely for good reason by the Owner who appointed them. If a
member leaves the Board prematurely, a successor shall be appointed for the remainder of his or her
term of office. The current Supervisory Board members are specified in the financial statements and
can be contacted at the NORD/LB address.
Duties of the Supervisory Board
1. The Supervisory Board shall advise the Board of Management and supervise its conduct of the Bank`s
business.
2. In addition to the other matters mentioned in the Statutes, the Supervisory board shall decide on:
a) the appointment, dismissal and conditions of employment contracts of the members of the Board
of Management
b) general guidelines for the Bank’s business
c) Standing Orders for the Board of Management
d) the establishment of branches
e) appointment of the auditor
f) the adoption of the annual financial statements
g) the acquisition of equity interests
3. The Supervisory Board may resolve that other types of business and activities that are of particular
importance to the Bank shall be subject to its approval.
140
Owners’ Meeting
(1) Each Owner shall delegate up to two representatives to the Owners’ Meeting. The representatives
of each Owner may only vote unanimously. The Chair of the Board of Management shall take part
in the meetings in an advisory capacity, but without voting rights.
(2) The Chair of the Owners’ Meeting shall be the responsible Minister from the Government of the
State of Mecklenburg-Western Pomerania.
(3) The Owners’ Meeting must be convened if one of the Owners, at least twelve members of the
Supervisory Board or the Board of Management so demand, giving reasons for their action. The
Owners’ Meeting shall be convened, and the agenda circulated, with two weeks’ notice.
(4) In addition to the other items mentioned in the Statutes, the Owners’ Meeting shall decide on:
a) general principles of business policy,
b) the approval of the appointment of the Chair of the Board of Management,
c) the appointment of Committee members who are not members of the Supervisory Board,
d) the granting of discharge to the Board of Management and the Supervisory Board,
e) the level of remuneration of the members of the Supervisory Board, the Committees and the
Advisory Councils,
f) the determination and the alteration of the capital stock,
g) the raising, and the determination of the amount and conditions of, other forms of liable equity
capital,
h) changes in the proportions of the holdings of the capital stock,
i) the acceptance of other entities incorporated under public law into the Bank and the taking of
stakes in such entities by the Bank, or the merger of the Bank with other banks established under
public law through a merger agreement as provided for under § 24 of the Statutes,
j) the appropriation of the surplus,
k) the amendment of the Statutes,
l) the establishment, transfer and closure of branches,
m) the commencement of building society operations in Saxony-Anhalt or Mecklenburg-Western
Pomerania,
n) the resolution on arrangements relating to the costs and risks of establishing institutions with
partial legal capacity,
o) the separate accounts of Braunschweigische Landessparkasse.
(5) Resolutions pursuant to (4) a), f), h), i), k), l), m), n) or o) above require unanimity. In other cases,
resolutions of the Owners’ Meeting require a three-quarters majority.
(6) The Chair of the Owners’Meeting may also seek the adoption of a resolution by the Owners’Meeting
by circulating it to the members in writing, by either letter or facsimile. Subject to there being
technical provision for the unequivocal identification of the sender of a message, such a proposal
may also be circulated electronically. In all such cases, the proposed resolution shall require the
explicit approval of all members.
The members of the Owners’ Meeting are specified in the financial statements and can be contacted
under the NORD/LB address.
EU – State Aid Discussion
On 8 May 2001, the European Commission (the “Commission”) made proposals requesting the German
Government to take measures in order to make Gewährträgerhaftung (“Guarantee Obligation”) and
Anstaltslast (“Maintenance Obligation”) compatible with the state aid rules of the EC Treaty.
Gewährträgerhaftung and Anstaltslast are two forms of support enjoyed by public law credit
institutions, including NORD/LB, in the Federal Republic of Germany.
141
“Anstaltslast” means that the Owners are jointly and severally responsible for maintaining NORD/LB’s
economic viability, to keep it in condition to perform its functions at any time and to enable it to fulfil its
obligations when due.
„Gewährträgerhaftung“ means the liability of the Owners for the obligations of NORD/LB. Unlike
Anstaltslast, it gives a creditor a direct claim against the Owners which are jointly and severally
responsible for the liabilities of NORD/LB to the extent the liability cannot be recovered out of the assets
of NORD/LB. This liability is not limited in amount and encompasses all obligations of NORD/LB.
On 17 July 2001 the European Commissioner Mario Monti and a German governmental delegation
reached an understanding as to the key aspects of measures to be implemented by the German Government
as well as to the process and timing of their implementation, including transitional arrangements
completed by conclusions agreed on 28 February 2002. Specifically, the following “grandfathering”
principles were agreed and incorporated in a decision of the European Commission of 27 March 2002:
1. the concept of Maintenance Obligation will be replaced as from 19 July 2005 by a form of a normal
relationship between the relevant financial institution and its respective owner(s), more akin to limited
liability corporate structures and without prejudice to the possibility of the owner to grant
economic support in conformity with state aid rules of the EC Treaty;
2. the concept of Guarantee Obligation will be abolished at the end of the grandfathering periods described
below.
Liabilities having been agreed as at 18 July 2001, the date of formal acceptance by the German
authorities of the understanding of 17 July 2001, will continue to benefit from the Guarantee Obligation
as presently existing for their full term. A transitional period will last until 18 July 2005 during which
the Maintenance Obligation and Guarantee Obligation can be maintained in their present form. As
of the final date of this transitional period any liability having been agreed by then and created after
18 July 2001, whose maturity does not go beyond 31 December 2015, will continue to be covered
by Guarantee Obligation for immediate payment after the Owners have duly established in writing at
maturity that fulfilment out of NORD/LB’s assets is not possible.
The above mentioned understanding between the Commission and Germany entails that after 18 July 2005
German public banking institutions will be subject to the same regulations in the case of an insolvency
as German private credit institutions. Therefore NORD/LB will be capable of insolvency as from
19 July 2005.
The German authorities have accepted the Commission’s decision of 27 March 2002.
For NORD/LB a State Treaty (the “NORD/LB State Treaty”) between its State Owners in full
compliance with the Commission’s decision of 27 March 2002 was signed on 22 May 2002, and was
ratified by all relevant State Parliaments and has come into force on 1 January 2003. The Commission
has confirmed full compliance of NORD/LB with its decision through a letter from the responsible
commissioner, Mario Monti, to the Minister of Finance of Lower Saxony dated 1 August 2002.
142
The latest financial figures as of June 2003 – based on unaudited figures
At the end of June 2003 the credit volume stood at EUR 120.9 billion. Net interest income amounted
to EUR 490.1 million (+ 7.4 per cent), while administrative expenses fell by 0.5 per cent to
EUR 347.5 million.
Three Year Summary
The following table reflects the material balance sheet positions of NORD/LB for the last three years (1).
2002
Business Volume
Balance Sheet Total
Claims on Credit Institutions
Claims on non-bank clients
Securities
Holdings
Liabilities to Credit Institutions
Liabilities to non-bank clients
– Savings Deposits
– securitised Liabilities
Capital (2)
(1)
31 December
2001
EUR million
2000
164,646
146,458
50,293
49,690
167,181
146,658
48,227
49,625
157,792
136,732
43,171
46,807
33,868
2,980
48,322
33,037
2,016
47,344
5,238
36,465
3,092
51,493
30,959
2,207
47,714
5,208
30,647
2,423
49,055
30,447
2,101
41,455
4,451
The information in this table is extracted without material adjustment from the audited consolidated financial statements of
NORD/LB for the three financial years ended 31 December 2002. A financial year is a calendar year.
(2) Including profit-participation certificates.
143
Capitalisation – based on unaudited figures
The following table shows the unaudited consolidated capitalisation of the NORD/LB Group as at
30 June 2003:
30 June 2003
(EUR million)
(unaudited)
Share capital
Capital contribution pursuant to Paragraph 23 (1) of the NORD/LB State Treaty (1)
Silent participations (2)
Capital reserves:
(a) specific reserves
(b) other
375
51
426
1,988
767
537
1,304
Retained income
Deposit pursuant to Paragraph 23 (2), of the NORD/LB State Treaty (3)
Profit-sharing certificates (4)
1,168
38
1,139
Minority interests
Total Capital Funds
66
6,129
Indebtedness
Liabilities (long term)
Securitised liabilities
Total Capitalisation
43,883
61,895
111,907
(1)
Article 23(1) of the NORD/LB State Treaty states that “In respect of its holding in NORD/LB the Lower Saxony Savings
Banks and Giro Association has paid to the State of Lower Saxony (”Land Niedersachsen“) a consideration of
EUR 51,129,188.12.The Land Niedersachsen has made this sum available to NORD/LB as a special capital deposit”.
(2) Silent Participations are of the kind as provided in Sections 230 to 236 of the German Commercial Act (Handelsgesetzbuch)
on atypical terms comparable to perpetual non-cumulative preferred shares with a call option after 10 years subject to the
consent of the German banking supervisory authority, qualifying them as tier I capital of NORD/LB as a bank under the
Capital Adequacy Rules of Germany, the EU Capital Adequacy Guidelines and the Basel Committee Convention.
(3) Article 23(2) of the NORD/LB State Treaty states that “In consideration of the assets of the Hannoversche Landeskreditanstalt
and the Niedersächsische Wohnungskreditanstalt –Stadtschaft –contributed by the Land, the Bank will be indebted to the
Land in respect of a loan of EUR 37,579,953.27. This loan may be discharged in whole or in part by capital payments or
converted into a special contribution of the Land.”
Such contribution as provided for in the NORD/LB State Treaty as a loan from the Land is by its terms as agreed by
contract (between NORD/LB and its founding Owners, the Land, represented by its Minister of Finance as provided in Article
23(3) of the NORD/LB State Treaty, and the Association dated 10 August 1970) subordinated to all creditors of NORD/LB
and callable/repayable only upon five years notice and accordingly acknowledged by the German banking supervisory
authority (Bundesanstalt für Finanzdienstleistungsaufsicht) in consultation with the Deutsche Bundesbank as “capital
reserve in the meaning of Section 10 Paragraph 2 No.5 Banking Act (Kreditwesengesetz)”.
(4) Profit Sharing Certificates are subordinated, loss-sharing, profit dependent long term liabilities on terms qualifying them as
tier II capital elements of German banks according to Section 10 Part (5) of the German Banking Act, the EU Capital Adequacy
Guidelines and the Basel Committee Convention.
As at 30 June 2003 NORD/LB Group had contingent liabilities (unaudited) of EUR 23,200 million.
Since 30 June 2003 there has been no material change in the total unaudited consolidated capitalisation, indebtedness, guarantees
and unaudited contingent liabilities of the NORD/LB Group.
144
Share Ownership
40 per cent of the share capital has been subscribed by the State of Lower Saxony, 10 per cent by the
State of Saxony-Anhalt,26 2/3 per cent by the Savings Banks and Giro Association of Lower Saxony,
6 2/3 per cent by the Savings Banks Holding Association of Saxony-Anhalt, 10 per cent by the State of
Mecklenburg-Western Pomerania and 6 2/3 per cent by the Special Purpose Holding Association of the
Savings Banks of Mecklenburg-Western Pomerania.
EU-Investigation on State Aid
By letter dated 13 November 2002, received on 15 November 2002, the Commission has commenced
a formal investigation procedure against Germany under Article 88 (2) of the EC Treaty in order to
determine whether NORD/LB received an economic advantage not in accordance with the provisions of
EU state aid law as a result of the transfer in 1991 by the Land of Lower-Saxony of development support
assets (to promote housing, reconstruction, agriculture and trade/industry) to NORD/LB which could
be used since as Tier I capital in the amount of approximately EUR 767 million and the remuneration
and/or interest paid by NORD/LB in that respect.
NORD/LB believes that the transfer and the rate of interest paid by it to the State of Lower-Saxony were
subject to normal market conditions and compatible with the market-economy investor principle as well
as other provisions of EU state aid law.
In case the Commission decides otherwise, NORD/LB may provisionally have to pay in fulfilment of
such decision, subject however to review upon appeal by the European Courts of Justice, a higher
remuneration to the State of Lower-Saxony for the transfer of these assets. The ability of NORD/LB
to meet its obligations under the issue of the Instruments would not be negatively affected by such a
decision. Furthermore, the obligations of NORD/LB under the issue of the Instruments will be subject
to “Gewährträgerhaftung” and therefore the Owners will be liable for those obligations in accordance
with the “grandfathering” principles set out above.
145
FINANCIAL STATEMENTS AS AT 31 DECEMBER 2002
146
Reports on the annual accounts
Group directors’ report
and company directors’ report
The NORD / LB Group
in all areas of the banking sector and services
a number of savings banks in northern
The NORD/LB Group’s activities are con-
Lower Saxony.
centrated on the banking and financial sector.
In terms of total assets, the Group’s largest
In addition, the Group is also active in the
foreign subsidiary is NORD/LB Luxem-
property business via its subsidiaries.
bourg S.A., which operates in the lending,
As the parent company, NORD/LB per-
deposit and dealing business. It also owns
forms the functions of a state bank (Landes-
100 per cent of the shares in Skandifinanz
bank), central bank of the savings banks and
Bank AG, Zurich. Following the receipt of a
commercial bank. Domestic activities are
full banking license in 2002, Skandifinanz
focused in the federal states of Lower Saxony,
will gradually expand its activities beyond
Saxony-Anhalt and Mecklenburg-Western
the forfaiting business in which it has been
Pomerania. In line with this regional focus,
predominantly involved to date.
the Bank’s head offices are located in
In line with its North East Europe strategy,
Hannover, Braunschweig, Magdeburg and
the NORD/LB Group also has branches in
Schwerin. Furthermore, NORD/LB main-
Helsinki, Stockholm as well as representative
tains branches in Berlin, Hamburg and
offices in Oslo and Tallinn. In addition, the
Halle/Saale. In the Braunschweig region,
NORD/LB Group is represented in the Lat-
where it maintains a closely linked branch
vian capital of Riga through its subsidiary,
network, NORD/LB is present as a savings
JSC Pirma Banka, which has a branch net-
bank.
work and is active in the regional market. In
The NORD/LB Group’s international focus
the past financial year, NORD/LB increased
is characterised by a series of subsidiaries,
its majority shareholding in MHB Mittel-
branches and representative offices abroad.
europäische Handelsbank AG, Frankfurt, to
Thus the Group is represented by branches
100 per cent. MHB concentrates largely on
in New York, Singapore and London and
business links with Poland and started opera-
by a representative office in Beijing. These
tions there in 2002 with a new subsidiary,
branches operate primarily in investment
MHB Bank Polska S.A., the registered office
banking as well as in the local lending and
of which is in Warsaw. The Lithuanian Bank
deposit business.
Lietuvos Zemes Ukio Bankas (LZUB), in
NORD/LB’s largest subsidiary is Bremer
which NORB/LB purchased a 93 per cent
Landesbank – Kreditanstalt Oldenburg –
shareholding when it was privatised, is a
Girozentrale (BLB) with its registered office
further addition to the NORD/LB Group.
in Bremen. In turn, BLB functions as the
NORD/LB’s activities in the property sector
parent company of a sub-group, is involved
are managed as a sub-group headed by
NORD/LB Immobilien Holding GmbH.
DekaBank, which were held by various
Within this sub-group in 2002, Nord-
Group companies, were sold to GLB GmbH
deutsche Beteiligungsgesellschaft für Immo-
& Co OHG, Frankfurt.
bilien in Hamburg was merged with Woh-
The regional trustee offices and regional
nungsgesellschaft Norden and Norddeutsche
development offices, which are not part of
Beteiligungsgesellschaft für Immobilien in
the competitive market, are also based in
Niedersachsen was amalgamated with Woh-
NORD/LB offices. In addition to their role
nungsbau Niedersachsen GmbH. The two
in dealing with government programmes for
railway housing companies, WG Norden and
the promotion of residential property, trade
Wohnungsbau Niedersachsen GmbH, were
and industry and agriculture in Lower
taken over by NORD/LB Immobilien Hold-
Saxony, Saxony-Anhalt and Mecklenburg-
ing GmbH at the end of 2000 as part of the
Western Pomerania, their responsibilities
privatisation of a total of 18 housing compa-
increasingly also include the provision of
nies. The holding company was the lead bank
development aid advice and services.
in the consortium which, after lengthy negotiations, won the contract. Since then, thanks
to a significant increase in rental activities and
Economic situation
the establishment of an active sales depart-
Having stabilised hesitantly at the beginning
ment, the two companies have become high-
of 2002, the economic situation in Germany
earning companies within the sub-group
weakened markedly over the rest of the year.
managed by NILEG. NORD/LB Immo-
The reasons for this include the sluggish
bilien Holding GmbH further expanded its
recovery in the global economy and weak
property portfolio in 2002 with the acqui-
domestic demand. Against the background of
sition of Osnabrücker Wohnungsbauge-
sharp falls on stock exchanges, continuing
sellschaft
30,000
doubts about the robustness of the American
dwellings, now ranks as one of the top 5
economy as well as the Iraq crisis, insecurity
property companies in North Germany.
among investors and consumers grew. The
NORD/LB holds its shares in Bank-
debate surrounding price rises following the
gesellschaft Berlin via Norddeutsche Inves-
introduction of euro notes and coins and the
titionen Beteiligungsgesellschaft mbH in
problems on the labour market depressed
Hannover. NORD/LB has transferred its 44
private consumption further.
per cent shareholding in LBS Norddeutsche
As a result of the pronounced weakness in
Landesbausparkasse Berlin-Hannover, which
consumer spending and investment, growth
is consolidated pro rata in the accounts, to its
in the German economy only amounted to
subsidiary Nord-Ostdeutsche Bankbeteili-
0.2 per cent in the past year. The fall of
gungs GmbH in Hannover. Furthermore,
9.4 per cent in investment in machinery
some of the shareholdings in Frankfurt-based
and equipment was even sharper than in the
and
with
more
than
147
148
previous year. The previous year’s downward
Financial markets
trend in construction investment (– 5.9 per
The hopes of an economic recovery in the
cent) also continued. Private consumption
second half of the year and the associated
(– 0.6 per cent) fell for the first time in 20
monetary policy reactions in the USA and
years. As in the previous year, exports pro-
the euro-zone impacted negatively on finan-
vided the only stimulus for growth, rising
cial markets until the middle of 2002. Long-
by 2.6 per cent whereas imports fell.
term rates on the money market rose sharply
At 1.0 per cent, the disposable income of pri-
until June because many market players
vate households registered a much weaker
expected the ECB tender rate to rise in the
increase in 2002 than in the previous year.
middle of the year. Long-term capital market
Consumer restraint led to the savings ratio
yields also rose by 0.25 percentage points
rising from 10.1 to 10.4 per cent. Consumer
compared with the beginning of the year.
prices increased by an average 1.4 per cent
The accounting scandals at companies in the
over the year.
USA and the intensifying Iraq conflict also
The weak economic growth depressed the
led to drastic falls in share prices towards the
situation on the labour market and at the
middle of the year. Together with the changes
year-end, the number of unemployed stood
to economic policy in Germany, these devel-
at 4.2 million. The average annual rate of
opments made a lasting change to the frame-
unemployment for Germany as a whole rose
work conditions for financial markets in the
from 9.4 per cent to 9.8 per cent.
course of the second half-year. In response to
the renewed economic downturn in the eurozone, the ECB cut its tender rate by 50 basis
points to 2.75 per cent at the beginning of
December despite inflation rates of over
2 per cent. On the money market, expectations among market players of further monetary policy measures in winter 2002/2003 led
to a slightly inverse interest rate structure.
The development was even more pronounced
on the capital market. At the year end, yields
on 10 year federal bonds fell by 1 percentage
point to 4.2 per cent. 10 year bank debentures offered a yield of 4.4 per cent, which is
the lowest figure in the current interest rate
cycle.
The euro recovered strongly in the course
Bremen
of 2002 rising from 0.88 USD/EUR to 1.04
With growth in gross domestic product of
USD/EUR at the year end. This was prima-
0.9 per cent compared with 2001, economic
rily due to a more sceptical assessment of US
development in Bremen was also weak.
economic growth and, above all, the increas-
However, it was markedly better than in
ing fear of war.
Germany as a whole. The increase in economic output is mainly due to the dynamism
Lower Saxony
of the export-oriented manufacturing indus-
Lower Saxony’s economic situation mirrored
try. By contrast, results in the construction
that of Germany during the course of 2002.
industry were less favourable. Despite slight
Provisional
economic
economic growth, the average annual unem-
growth of only 0.2 per cent. The fall in out-
ployment rate in Bremen rose to 12.6 per
put in the manufacturing industry was a deci-
cent.
calculations
show
sive factor behind the weakness in the economy. Growth in the construction industry was
Saxony-Anhalt
also weak, although markedly better than the
At 0.5 per cent, Saxony-Anhalt’s economic
national average. The lack of dynamism in
growth was slightly above the national aver-
the services sector meant that it failed to
age in 2002 and higher than the average for
provide any positive stimulus for the gross
eastern Germany of 0.1 per cent. This was
domestic product and there was a weak
primarily attributable to the increase in out-
development in both services dependent on
put by the manufacturing industry, which
private consumption and company-oriented
came mainly from the important chemical,
services. The average annual unemployment
food and metal sectors. By contrast, the con-
rate for Lower Saxony in 2002 rose by 0.1
struction industry once again recorded falling
percentage points to 9.2 per cent.
sales, although the downturn was less
marked than in the previous year. Companyoriented services as well as trade and transport performed in line with east German
trends. At 19.6 per cent in 2002, the average
annual unemployment rate remains SaxonyAnhalt’s greatest problem.
149
150
Mecklenburg-Western Pomerania
Over the year as a whole Mecklenburg-West-
Economic and political prospects
in North East Europe
ern Pomerania’s economy did not entirely
fulfil the expectations generated by its very
The decision by the Copenhagen EU summit
positive semi-annual results. Nevertheless, at
in December 2002 in favour of expansion was
0.2 per cent, growth in domestic product was
a tribute to the transformation and moderni-
slightly up on the east German average of 0.1
sation processes that have successfully taken
per cent. As elsewhere, the difficult situation
place in the Baltic states and Poland. If there
in the construction industry also had a detri-
is positive response in the referenda taking
mental effect while the manufacturing indus-
place in the accession countries this year,
try provided some positive stimulus. The
the single European market will shortly com-
services sector benefited from a further rise in
prise of 25 countries.
tourism figures and – together with the trans-
However, the southern countries bordering
port and ports sectors – was one of the main-
the Baltic are already benefiting from virtual-
stays of the Mecklenburg-Western Pomeran-
ly unrestricted access to the single market
ian economy. However, the unemployment
in the run-up to their accession to the EU.
rate rose in December for the first time to the
Furthermore, the adjustment process has led
highest level in eastern Germany with the
to greater legal security and better frame-
average annual rate standing at 18.6 per cent.
work conditions for investment. As a result,
the countries’ credit rating has risen and they
are now rated at the much coveted “Investment Grade” by international rating agencies, which, in turn, has increased their
attractiveness for foreign direct investment.
Poland and Estonia lead the statistics on capital inflows to central and eastern Europe but
Latvia and Lithuania have also been able to
attract more foreign capital in recent years.
At the same time, the so-called risk premium
for these countries has fallen and this has led
to much lower borrowing rates. Domestic
investment has risen sharply as a result.
The Baltic countries, in particular, reported
growth rates in the period under review,
which were well above the average, with the
economy in Estonia growing by 5.6 per cent,
in Latvia by 4.5 per cent and in Lithuania by
5.0 per cent. At the same time, the good eco-
Accession to the EEMU is also again increas-
nomic development is being accompanied by
ingly a topic for discussion in Sweden. In
low inflation rates. A sustained need for
December of the year under review, the
modernisation, increasing purchasing power
Swedish parliament decided to have this
and a growing demand for consumer goods
question answered by a referendum on
are leading to a rapid rise in imports. Foreign
September 14, 2003. Even if the majority of
trade balances will therefore remain in deficit
Swedes should reject the introduction of the
Key balance sheet figures
Net interest income EUR million
1274
1146
1060
1040
1002
947
918
737
778
731
1998
1999
2000
2001
2002
NORD / LB
NORD / LB
Group
for the foreseeable future. However, since
Euro, NORD/LB continues to be convinced
large parts of the current account deficits are
of the very good locational potential in Swe-
offset by foreign direct investment and all
den’s general macroeconomic picture. Since
the southern Baltic Rim countries have access
the crisis at the beginning of the 1990s,
to international capital markets, these imbal-
Sweden has subjected its public finances to
ances do not constitute a problem.
wide-ranging reforms and thus laid the basis
The Baltic countries’ exchange rates are tied
for a sustained economic upturn which, up
to the euro in Currency Boards (Estonia,
until 2001, was characterised by high growth
Lithuania) or to the IMF’s special drawing
rates and falling unemployment rates. The
rights (Latvia). Since the appreciation of
public finances have recorded surpluses since
the currencies in real terms is below the
1995.
economies’ improvements in productivity,
Norway is the world’s second largest oil
the exporters’ international competitiveness
exporter and is currently benefiting from the
is guaranteed. Poland’s Zloty has been float-
high price of oil. Moreover, interest rate dif-
ing freely since April 12, 2000. On accession
ferences and weak share markets tempted a
to the EU, all four countries will join the
large number of investors into the relatively
EMS-II exchange rate mechanism.
safe haven of Norwegian securities last year.
151
152
These factors led to a marked appreciation
income and earnings from sales of partici-
in the Norwegian Kroner, which adversely
pations as part of the reorganisation of the
affected the competitiveness of the export
Bank’s investment portfolio. The NORD/LB
industry and caused the government to inter-
Group accounts therefore show an overall
vene. This intervention, in conjunction with
positive Group result.
falling interest rates and the worsening of the
Changes in the scope of consolidation have
Iraq crisis, led to a correction in the over-
not significantly affected the Group result
valuation of the Norwegian Kroner.
and therefore can be disregarded in the
Extensive structural reforms and deregu-
observations that follow, including with
lation made Finland a sought-after corporate
regard to the previous year’s figures.
location after the crisis years at the beginning
The NORD/LB Group net interest income
of the 1990s: In the latest World Competi-
continued to grow in financial year 2002 and
tiveness Yearbook, Finland ranks second
at EUR 1,274.1 million, it rose by EUR 127.8
behind the USA. The IT industry is respon-
million (11 per cent) on the previous year.
sible for approximately a third of all Finnish
This was achieved because the interest rate
exports and has again reported positive
for deposits fell more markedly than for
growth trends since the end of 2001. The net
lending products. Interest income from lend-
production of the timber processing industry,
ing and money market operations fell by
which continues to be important for the
EUR 0.8 billion and that from fixed interest
country’s
rate securities and registered securities by
economy,
has
also
increased
sharply.
EUR 0.2 billion. On the other hand, interest
expenditure reduced by EUR 1.2 billion.
Good results from the international branches
Earnings
once again contributed to net interest
Despite a difficult economic environment,
income. Current income from participations
the NORD/LB Group posted a satisfactory
fell further. However, this fall was offset by
overall result in 2002. Whilst operating
an increase in income from profit transfer
income stabilised further on the previous
agreements.
year, the overall result was once again
In the year under review, net commission
adversely affected by higher risk provisions
income remained at almost the same level as
in lending operations and value adjustments
in the previous year. The strained conditions
in connection with the investment in Bank-
on the securities markets led to a further
gesellschaft Berlin. However, the value
decline in performance, especially in the
adjustments
Bankgesellschaft
securities business. The Group’s net commis-
Berlin were lower than those made in the
sion income of EUR 188.6 million was only
previous year. These negative effects were
EUR 6.8 million (4 per cent) down on the
overcompensated
previous year.
relating
for
to
by
the
operating
For trading operations the NORD/LB
The rise in costs for general administrative
Group reported net expenditure on financial
expenditure was the most noticeable factor.
transactions of EUR 14.7 million. Contribu-
They increased by EUR 61.3 million (19 per
tions from share trading and interest rate-
cent) to reach a total of EUR 383.6 million.
linked derivatives, which could not be offset
The biggest cost drivers were expenses for
by other positive trading results, played a
premises, as well as IT and telecommuni-
decisive role here.
cations costs.
At EUR 954.4 million, general administrative
Depreciation on fixed assets was EUR 76.1
expenditure within the Group was EUR
million in financial year 2002. This princi-
123.5 million (15 per cent) up on the previous
pally refers to NORD/LB itself and the
year. One reason for this was the EUR 62.2
property companies.
million increase in personnel costs to EUR
Other operating earnings and expenditure
570.8 million. This figure includes the 26 per
mainly arose from NORD/LB’s individual
cent (EUR 40.0 million) increase in social
accounts and the subsidiaries’ real estate
security contributions and retirement pen-
operations. There was a considerable drop of
sions. This rise was mainly caused by
EUR 171.7 million to EUR 287.8 million in
NORD/LB setting up a provision for the
other operating earnings. This was due to the
Balance sheet total EUR million
200
197
186
171
152
147
137
127
146
111
1998
1999
2000
2001
2002
NORD / LB
NORD / LB
Group
first time to cover medical assistance for the
fact that special effects resulting from the sale
staff. However, the increase is also due to
of property assets in the previous year no
extending the scope of consolidation, partic-
longer apply and because of lower LTS
ularly through Lietuvos Zemes Ukio Bankas
income. Conversely, other operating expen-
(LZUB), Latvia. At the year-end, the Group
diture within the Group rose by EUR 57.0
employed 9,775 staff.
million to EUR 258.0 million. This rise was
caused by NORD/LB setting up provisions
153
154
to meet obligations resulting from the LTS
EUR 3.4 million, the NORD/LB Group
contribution agreement.
posted a distributable Group profit of EUR
Depreciation and write-offs on receivables
35.1 million for financial year 2002.
and certain securities and additions to loan
There are no known events of particular
loss provisions constitute one reporting item
importance that would have had to be taken
and posted an increase of EUR 271.8 million
into consideration in the accounts at the time
on the previous year to EUR 438.3 million.
when the accounts were prepared.
The result was adversely affected by a need
The results within the NORD/LB Group
for higher loan loss provisions and an
were chiefly determined by the development
increase in depreciation on securities. In
of NORD/LB itself. However, not all special
addition, a provision for general banking
factors affecting the NORD/LB accounts
risks was created in 2002.
have also impacted on the Group. In parti-
Income from additions to participations,
cular, profits made from the sale of parti-
shares in associated companies and securities
cipations
treated as fixed assets totalled EUR 233.3
NORD/LB’s company and Group accounts.
million. There was still a corresponding
Net interest income at NORD/LB rose again
expenditure item in the previous year. The
in 2002. However, the increase of EUR 28.9
change in net value is due to the special
million (3.1 per cent) to EUR 947.3 million
effects arising from the sale of participations,
is more moderate than in the previous year.
as well as value adjustments in connection
A stronger fall in the rates of interest for
with the investment in Bankgesellschaft
deposits than those for lending products
Berlin.
played a decisive role here. The international
The result from ordinary operating activities
branches again made a significant contribu-
therefore amounts to EUR 256.9 million,
tion to the net interest income. Thus the fall
which is more than double the figure for
in income from participations and associated
2001. Tax charges were EUR 72.6 million and
companies amounting to EUR 95.7 million
were thus only about half the level of the pre-
was more than compensated for. NORD/LB
vious year. The Group set aside EUR 128.5
Luxembourg and Bremer Landesbank made
million for servicing silent capital contribu-
the biggest contribution to income from
tions. To safeguard against general business-
participations. Income from profit transfer
specific risks, EUR 30.0 million was allocated
agreements rose to EUR 63.0 million.
to the fund for general banking risks at
Despite difficult stock market conditions, net
Group level. The Group net income for the
commission income only fell by a slight 7 per
year was EUR 25.9 million added to which is
cent to EUR 142.1 million. There was how-
the profit brought forward of EUR 12.6 mil-
ever a detrimental impact on net earnings
lion. After deducting profit shares attributa-
from financial transactions, with NORD/LB
ble to minority interests in an amount of
having to post a negative value of EUR 17.3
produced
different
effects
in
million. Therefore, and given the strained
The balance for depreciation and income
market situation, we were not able to meet
from participations as well as securities treat-
expectations.
ed as fixed assets was a positive EUR 215.1
Personnel costs rose by EUR 32.1 million to
million in the financial year. This includes
EUR 392.5 million, an increase of 9 per cent.
EUR 326.6 million profits made from the sale
This was due to the first time allocation to
of participations as part of corporate restruc-
a provision to cover medical assistance for
turing measures.
staff. Other administrative expenditure saw
NORD/LB’s result from ordinary operating
a bigger increase of EUR 46.3 million (19 per
activities thus amounts to EUR 178.4 million;
cent) to a total of EUR 290.4 million. This
an increase of EUR 63.4 million (55 per cent)
was mainly caused by increased expenditure
on the previous year. After taking into
on IT, telecommunications and rent. Other
consideration taxes of EUR 43.9 million
operating earnings were considerably lower
and interest on silent capital contributions of
at EUR 92.7 million due to the absence of
EUR 92.0 million, NORD/LB’s net income
the special effects from the previous year.
for the year is EUR 42.5 million. Of this
Conversely, other operating expenditure was
figure, EUR 20.0 million has been transferred
higher at EUR 114.7 as a result of transfers to
to retained income.
the provisions for meeting obligations result-
The remaining amount of EUR 22.5 million
ing from the LTS contribution agreement.
is shown as distributable profit and, as in the
At EUR 376.2 million, the result from depre-
previous year, will be used to pay a 6 per cent
ciation and earnings on receivables and cer-
dividend to shareholders.
tain securities as well as additions to and
writing back of loan provisions was EUR
102.5 million higher than the previous year.
This was due to a greater need for provisions
in the loan sector.
155
156
Value added (EUR million)
NORD / LB
Group
2002
NORD / LB
Group
2001
NORD / LB
NORD/LB
2002
2001
Employees
Government
Group/Bank
Owners
570.7
71.1
0.0
23.5
508.5
150.1
36.1
22.5
392.5
43.0
20.0
22.5
360.4
46.3
13.5
22.5
Total
665.3
717. 2
478.0
442.7
The value added of the Group decreased
The value added of NORD/LB itself rose by
again in 2002. Only the value added in the
EUR 35.3 million (8 per cent) to EUR 478.0
case of payments for employees increased by
million, as a result of higher payments to
EUR 62.2 million (12.2 per cent). In contrast,
employees. The value added of the govern-
tax payments fell by EUR 79 million. No
ment fell slightly to EUR 43 million. As a
new capital was transferred into the Group
result of the transfer of EUR 20 million to
reserves in financial year 2002. The amount
retained income, the Bank’s value added con-
attributable to the owners was EUR 23.5 mil-
tribution was up 48 per cent on the previous
lion. Overall, the value added figure for the
year. Payment to the owners remained
Group fell by EUR 51.9 million to EUR
unchanged at EUR 22.5 million.
665.0 million.
NORD/ LB Group –
key balance sheet figures
Taking into account contingent liabilities
and irrevocable loan commitments as well as
Group total assets, the Group’s business vol-
Although the Group’s total assets have
ume is EUR 222.6 billion. This is EUR 2.4
steadily grown in the past financial years, the
billion down on the figure for 2001. The fall
Group suffered a slight downturn this year
is accounted for by a lower volume of claims
for the first time. The NORD/LB Group’s
on financial institutions as well as debentures
total assets fell by EUR 2.7 billion to EUR
and other fixed interest rate securities. Other
197.2 billion. With NORD/LB’s total assets
issuers’ bonds and debentures were at the
remaining virtually unchanged, the sub-
centre of this. On the liabilities side, almost
sidiaries are the reason behind the fall in
all items showed only slight variations on the
Group total assets. At NORD/LB Luxem-
previous year’s figures. Only liabilities to
Claims on non-bank clients EUR million
77
77
72
64
57
50
47
43
50
39
1998
1999
2000
2001
2002
NORD / LB
NORD / LB
Group
bourg, total assets fell by EUR 1.6 billion
non-bank clients saw a marked reduction due
(6.3 per cent) to EUR 24.4 billion, after regis-
to the difficult general economic conditions.
tering strong growth in the previous year.
The Group lending volume, which includes
The biggest subsidiary, Bremer Landesbank,
guarantees and irrevocable loan commit-
also posted a fall of EUR 1.5 billion in total
ments in addition to claims on financial insti-
assets to EUR 33.6 billion.
tutions and non-bank clients, fell by EUR 0.5
billion to a total of EUR 161.3 billion.
157
158
Following a strong increase in 2001, claims
Business in the mortgage loan sector regis-
on financial institutions, with a volume of
tered a slight increase of 2.4 per cent to EUR
EUR 58.7 billion, fell by EUR 0.8 billion
10.6 billion. This related to both the residen-
in financial year 2002. Demand deposits
tial construction business and loans for com-
remained virtually unchanged. The fall main-
mercial real estate. Regional building society
ly relates to transactions with domestic banks
building loans accounted for EUR 2.5 billion.
Lending volume EUR million
162
161
152
141
125
118
111
104
118
90
1998
1999
2000
2001
2002
NORD / LB
NORD / LB
Group
in the short and medium-term segments.
The difficult financial situation for the public
There was a slight increase for long-term
sector authorities and the resultant cost-sav-
refinancing loans to domestic banks.
ing measures, led to public sector borrowing
At EUR 77.1 billion, claims on non-bank
only rising slightly. Public sector loans with-
clients remained constant at the previous
in the Group increased by EUR 0.2 billion to
year’s level. There was a slight drop in short-
EUR 23.6 billion. The Group achieved
term borrowings. By contrast, and as a result
increases in the financing of local authorities
of the continuing favourable interest rate
and local authority associations, which con-
situation, utilisation of long-term borrow-
tinue to account for the largest share of total
ings, which are the focus of the business,
volume. By comparison, lendings to the
rose.
federal states decreased.
The private banking business is centred in
the Braunschweig region whilst the lending
business with corporate clients is carried out
across the Group.
Following strong growth in 2001, holdings of
Deposits from non-bank clients fell by EUR
debentures and fixed interest rate securities
2.4 billion (5.3 per cent) to EUR 43.3 billion
fell by EUR 1.9 billion to EUR 45.3 billion.
in 2002. The increase in non-bank client
The fall mainly related to other issuers’
deposits from companies and private individ-
bonds and debentures. Own debentures fell
uals could not compensate for the marked
in 2002 by EUR 0.7 billion to EUR 5.8
decline in deposits from public authorities.
billion whereas money market securities
There were hardly any changes to savings
remained relatively constant.
and home loan savings deposits.
On the liabilities side, liabilities to financial
Securitised liabilities also contributed to the
institutions remained unchanged on 2001 at
fall in Group total assets. The volume of
EUR 69.1 billion. For domestic financial
securities, primarily issued by NORD/LB
institutions, business was focussed on the
and Bremer Landesbank, fell in the financial
medium and long-term. In the case of inter-
year by EUR 1.7 billion to a total of EUR
national financial institutions, transactions
63.9 billion. By contrast, subordinated lia-
were mainly short-term and the share of
bilities within the Group rose by EUR 0.5
which also rose further.
billion (20 per cent) to EUR 2.9 billion.
159
160
Equity
Development of the parent bank
At the year-end, the NORD/LB Group
At the year-end, NORD/LB’s total assets
reported balance sheet equity of EUR 5,030
amounted to EUR 146.5 billion. This is vir-
million, which represents an increase of EUR
tually unchanged on last year and equates to
15.9 million on the previous year. The equity
some 74 per cent of Group volume. Claims
ratio in terms of Group total assets therefore
on financial institutions, holdings of bonds
amounts to 2.6 per cent compared with 2.5
and debentures as well as shares and other
per cent in the previous year. Taking profit
variable interest rate securities all contributed
sharing certificates and subordinated liabili-
significantly to this.
ties into account, the ratio amounts to 4.6 per
The growth in claims on financial institutions
cent (4.3 per cent in 2001).
was almost solely attributable to long-term
Equity capital EUR million
5030
5014
3538
3418
3316
4250
4198
4070
3937
2881
1998
1999
2000
2001
2002
NORD / LB
NORD / LB
Group
As at 31 December 2002, the capital deter-
refinancing loans to domestic and interna-
mined in accordance with the summarised
tional financial institutions, which rose by
Principle I amounted to EUR 7,782 million in
just on EUR 2.1 billion to EUR 50.3 billion.
the NORD/LB Group, of which EUR 5,025
On the other hand, claims on non-bank
million was core capital. The capital ratio
clients remained almost unchanged at EUR
determined for available equity in accordance
49.7 billion. Whereas business in real estate
with Principle I amounted to 9.3 per cent and
loans and public sectors loans saw some
the core capital ratio stood at 6.0 per cent.
growth, other business with companies and
private individuals fell slightly.
NORD/LB’s loan volume, including loan
The difficult economic conditions led to a
commitments and guarantees, amounts to a
slight downturn of NORD/LB’s business
total of EUR 118.2 billion. This is virtually
volume, including off-balance sheet items.
the same as last year’s figure of EUR 118.4
This dropped by EUR 2.6 billion to EUR
billion. Claims on financial institutions rose
164.6 billion.
by EUR 2.1 billion, whilst irrevocable loan
NORD/LB’s derivative volume saw a con-
commitments fell by EUR 1.9 billion.
siderable increase of EUR 25.4 billion (17 per
In financial year 2002 holdings of debentures
cent) to EUR 177.0 billion overall and was
and other fixed interest rate securities fell by
thus higher than the balance sheet total. This
EUR 3.2 billion to EUR 32.8 billion. The
corresponds to a credit risk equivalent of
main reason for this was a fall in the holdings
EUR 1.3 billion. At the year-end, the cover-
of other issuers’ bonds and debentures.
ing cost for transactions with a positive
On the liabilities side, deposits from non-
market value amounted to EUR 3.9 billion.
bank clients and deposits from financial institutions registered the biggest changes. Whilst
liabilities to financial institutions fell by EUR
3.2 billion to EUR 48.3 billion, liabilities to
non-bank clients rose by EUR 2.1 billion to
EUR 33.0 billion.
The volume of certificated NORD/LB securities outstanding dipped by a slight EUR 0.4
billion to EUR 47.3 billion. By contrast, the
volume of subordinated liabilities rose by
EUR 0.5 billion (26 per cent) to a total of
EUR 2.3 billion.
Following a marked increase in the previous
year, the Bank’s reported equity only rose
slightly in 2002. This is accounted for by the
transfer to retained income and reporting of
net income for the year. Therefore, the
rounded figure for reported equity remains at
EUR 4.2 billion.
161
162
Segment report
The segment report submitted on the basis of
• Corporate client business.
the Group figures provides information on
This comprises the regional and supra-
the individual business sectors of the Group.
regional corporate client business including
The segments are defined as product or client
business transactions with the public sector
groups in line with the organisational struc-
and syndicated business with the savings
tures of the individual Group companies.
banks.
Calculations are based on internal data from
• Special financing.
the Group companies. The report is present-
The segment comprises, in particular, con-
ed in line with recommendation DRS 3–10 of
struction financing, agricultural loans and
the Deutsche Rechnungslegungsstandards-
leasing as well as ship and aircraft financing
Committee e.V. (DRSC = German Account-
• International markets/Investment banking.
ing Standards Committee). The net interest
This segment includes business with banks,
income of the segments has been calculated
savings banks and institutional investors,
using the market interest rate method includ-
the divisions active in international busi-
ing the interest benefit from the capital
ness and investment banking as well as the
employed. Segment expenditure comprises of
results of maturity transformations
original expenditure and expenditure allocat-
• Private client business.
ed on the basis of cost accounting and results
This comprises private client lending and
accounts. Loan loss provisions have been
deposit operations throughout the Group
allocated to the segments on the basis of
including pro rata business by the regional
actual costs. The figures presented are from
building societies (Landesbausparkassen)
the operating income statement, the risk
• Group controlling/Other.
assets to be attributed on the basis of banking
This segment covers other Group sections
supervisory regulations and the committed
which have not been included, other con-
core capital (reported equity less distrib-
solidations and reconciliation items to the
utable Group profit plus funds for general
overall Group figures.
banking risks).
Also shown are the cost/income ratio (CIR),
defined as the relationship between the total
segment income including the balance of
other income/expenditure, and the return on
equity (ROE) defined as the operating result
net of loan loss provisions and valuation
measures, in relation to committed capital.
The following segments are examined more
closely in the segment report:
163
Segmentation by business area 2002
in EUR million
Privat
clients
Net interest income
Net commission income
Result from financial transaction
Administrative expenditure *
Other income/
other expenditure
Operating results before loan loss
provisions and valuation measures
Loan loss provisions/valuation measures
Operating results after loans loss
Ditto previous year
Risk assets
Ditto previous year
Committed core capital
Ditto previous year
CIR
Ditto previous year
ROE
Ditto previous yearr
Corporate
clients
Special
financing
International
markets,
Investment
Banking
Group
controlling /
Other
The
NORD / LB
Group
278.1
64.5
0.8
312.3
355.8
46.2
5.0
166.6
265.0
20.0
5.2
64.6
398.3
40.1
– 5.5
287. 9
– 23.1
17.8
– 20.2
156.3
1,274.1
188.6
– 14.7
987. 7
0.0
0.5
0.0
0.0
70.3
70.8
31.1
29.8
240.9
263.3
225.6
65.5
145.0
– 28.2
– 111.5
– 67.5
531.1
262.9
1.3
– 18.3
6,844.8
6,148.5
308.0
276.7
90.9 %
94.7 %
0.4 %
– 6.6 %
– 22.4
99.6
21,859.3
20,511.7
983.7
923.0
40.9 %
43.1 %
– 2.3 %
10.8 %
160.1
181.0
19,690.8
20,142.2
886.1
906.4
22.3 %
25.1 %
18.1 %
20.0 %
173.2
214.9
24,678.3
24,791.9
1,110.5
1,115.6
66.5 %
55.6 %
15.6 %
19.3 %
– 44.0
– 165.8
10,353.8
10,592.7
1,780.4
1,835.9
–––
–––
–––
–––
268.2
311.4
83,427.0
82,187.0
5,068.7
5,057.6
65.0 %
58.8 %
5.3 %
6.2 %
* including depreciation on tangible fixed assets and intangible assets
Segmentation by geographical features 2002
Segmentation by geographical features is based on the country in which the operating unit of the NORD / LB or Group company is situated.
The figures show the operating results, the risk assets to be allocated, the committed core capital and the cost income ratio.
in EUR million
Operating results before loan loss
Loan loss provisions/valuation measures
Operating results after loan loss
Ditto previous year
Risk assets
Ditto previous year
Committed core capital *
Ditto previous year *
CIR
Ditto previous year
ROE
Ditto previous year
Federal Republic Europe excluding
of Germany
Federal Republic
of Germany
America
Asia
The
NORD / LB
Group
298.2
161.4
153.9
29.6
49.2
81.5
29.8
– 9.6
531.1
262.9
136.8
30.0
61,786.7
60,007. 7
2,780.4
2,777. 9
74.4 %
68.6 %
4.9 %
1.1 %
124.3
200.9
15,980.3
16,219.3
719.1
729.9
38.1 %
25.1 %
17.3 %
27.5 %
– 32.3
32.8
3,605.0
3,742.0
162.2
168.4
24.2 %
25.6 %
– 19.9 %
19.5 %
39.4
47.7
2,055.0
2,218.0
92.5
99.8
23.6 %
18.6 %
42.6 %
47.8 %
268.2
311.4
83,427.0
82,187.0
5,068.7
5 057. 6
65.0 %
58.8 %
5.3 %
6.2 %
* Note: Group value = sum of regions plus reconciliation figure for non-committed core capital, deduction items for holdings etc.
164
Corporate client business
The core segments of the NORD/LB Group
Along with traditional forms of financing,
comprise business with institutional clients,
innovative solutions are becoming increas-
small and medium-sized enterprises (SMEs)
ingly important. By making intensive use of
in the region and throughout Germany, the
our expertise in investment banking and the
savings banks’ syndicated business and finan-
corporate finance sector we were able to meet
cial transactions with public sector bodies.
increased demand from our clients for struc-
The Group’s regional focus is concentrated
tured project finance, borrower’s note issues,
on the north of Germany.
mezzanine money, credit linked notes and
In the syndicated business, NORD/LB
other off-balance sheet financing measures.
cooperates closely with the savings banks in
In addition to preparing to meet the require-
Lower Saxony, Saxony-Anhalt and Mecklen-
ments of Basel II, corporate pension provi-
burg-Western Pomerania. Together the insti-
sion was a focal point of interest for a large
tutions in these regions have proved a reliable
number of our clients. In cooperation with
partner in providing finance for SMEs.
our associates from the Savings Banks Asso-
In its corporate client business NORD/LB
ciation, we found the optimum solution for
provides an individually tailored range of
each individual case.
services for about 6,500 SMEs. In the Braun-
The reorganisation of the credit processes
schweig area, the Bank is market leader and
that was successfully carried out at the begin-
looks after approx. 60 per cent of all corpo-
ning of 2003 will further improve the pro-
rate and commercial clients acting as prin-
ductivity of NORD/LB in the corporate
cipal banker for the majority of these.
client segment. In 2003, the Bank will, for
NORD/LB’s understanding of the tradition
example, increasingly structure and syndicate
role of banks has been a decisive factor in the
large volume loans, intensify cross-selling by
continued growth of its lending business.
integrating all its market products and
enhance further its expertise in innovative
Business development in 2002
and outlook
Due to the generally negative economic trend
and the large number of resultant insolvencies, the development of NORD/LB’s corporate client business was unsatisfactory. However, thanks to our many years’ experience in
providing support for SMEs, we remained
a dependable partner for our clients even in
this difficult environment.
financing solutions.
Savings banks business
Bremer Landesbank
The savings banks syndicated business again
Bremer Landesbank further strengthened its
contributed significantly to the development
personal advisory services as part of its busi-
of this segment. In 2003 NORD/LB will also
ness links with SMEs in the Weser-Ems
expand its corporate client business on the
region.
basis of its strategy to intensify cooperation
Questions relating to the introduction of
with the savings banks.
euro notes and coins and Basel II were dealt
with in training sessions as well as events and
Major clients
seminars, which were offered to corporate
In the past financial year, growth in business
clients and self-employed professionals.
with major clients was restrained. However,
Despite the comparatively good economic
thanks to a clear client and product focus,
development in Bremen, Bremer Landes-
income from services improved once again
bank’s clients were also affected by the
in relation to net interest income. With the
noticeable slow-down in economic activity.
help of a corresponding risk profile, and
Performance by corporate clients varied from
despite the difficult market environment, we
sector to sector. Whereas the favourable situ-
succeeded in establishing a relatively stable
ation in the automotive sector had a positive
income position in this business sector. We
impact on the region’s component suppliers,
anticipate an improved development in the
the construction sector suffered from the
current financial year.
negative signals relating to income growth
NORD/ LB Norddeutsche Landesbank
Luxembourg S. A.
The
lending
business
conducted
by
NORD/LB Luxembourg in conjunction
with other banks in the NORD/LB Group
continues to account for a significant proportion of the success of the Bank as a whole.
At EUR 18.6 billion, the total lending volume
consisting of drawings on loans, guarantees and open commitments was virtually
unchanged on the previous year. Although
open commitments rose by 50 per cent to
EUR 4.9 billion, the appreciation of the euro
against the US dollar led to drawings on loans
falling by EUR 1.7 Mrd. to EUR 13.4 billion.
and job security in the private sector. By
contrast, the Bremen export industry was
able to benefit from the continuing strong
demand for German products.
165
166
Special financing
Aircraft and shipping finance
The special financing area of shipping performed satisfactorily in the year under review
The special financing area of aircraft contin-
– despite the general weakness of the global
ued to be affected by the consequences of
economy and the difficult situation in the
11 September 2001, the weakness of the
sector. The ship financing portfolio reduced
global economy and structural change in air
by EUR 0.4 billion, or 8 per cent, to EUR 4.8
transport. The anticipated uncertainties were
billion of which 68 per cent was attributable
covered by the risk provisions.
to domestic borrowers and 32 per cent to
The exchange rate parity of the US dollar,
foreign clients.
which is critical for international aviation and
Loan disbursements from new business, at
shipping, has a considerable influence on
EUR 1.5 billion, matched the level of the pre-
changes in the value of the loan portfolio:
vious year. The repayment volume, including
during the year under review, the US dollar
the calculated exchange rate related reduc-
fell against the euro by around 14 per cent.
tion, amounted to EUR 2.0 billion. Out-
Despite the current turbulence, market par-
standing loan commitments halved from
ticipants believe that the aviation market
EUR 1.8 billion to EUR 0.9 billion in 2002.
offers promising opportunities for growth
Overall changes in the loan portfoIio there-
and development in the medium and long
fore reflected the reduction in clients’
term. Accordingly NORD/LB has continued
propensity to invest as well as the Bank’s
to be involved – although prudently and on
ongoing stringent lending policy.
a very selective basis – in financing leading
airlines’ projects. The aircraft financing portfolio fell from EUR 4.9 billion to around
Construction finance and clients
EUR 4.5 billion in 2002, due, as with the
Despite strained market conditions and the
shipping financing portfolio, to the dollar
consistent implementation of the Bank’s risk
exchange rate. Commitments were attribu-
policy, the business sector, construction
table as follows: 39 per cent to Europe, 27 per
finance and clients, achieved a satisfactory
cent to North America and 28 per cent to
level of new business with loans totalling
Asia and Australia.
EUR 1.2 billion approved. Thanks to lower
loan loss provisions, the result was higher
than in the previous year.
As part of our participation in syndicated
loans we have expanded foreign property
finance – in 2002 it reached 44 per cent
of new business. In Germany, the majority
of business was transacted in the states of
Hesse, Lower Saxony, Bavaria and Berlin.
In terms of property structure, offices and
Agricultural lending
commercial premises were at the forefront
of the Bank’s financing activities, accounting
The situation was difficult for the agricultural
for 56 per cent of new business. Interest was
sector in 2002. In addition to adverse move-
also concentrated on shopping centres and
ments in prices on the markets for milk, pork
the construction of multi-storey housing.
and grain, the harvest was below average in
Due to developments in the healthcare sector,
both quantity and quality. Moreover, some
NORD/LB has set demanding decision
areas suffered considerable damage as a result
parameters for the financing of social proper-
of the catastrophic floods in August.
ty, which slowed the volume of new business
The discussions on the future agricultural
in the year under review.
policy framework conditions and the rota-
The total property finance portfolio stood at
tional revaluation of Agenda 2000 also led to
almost EUR 6 billion.
uncertainty and a lack of willingness to invest
by agricultural companies.
Leasing finance
Nevertheless, the special area of agricultural
finance achieved a marked increase in new
In addition to providing finance to individual
business of 15 per cent. The focus in this
leasing companies, the leasing finance seg-
segment was the construction of new barns,
ment encompasses the provision of loans for
the purchase of land and the takeover of
large volume leasing structures relating to
companies or enterprises.
movable equipment and property leasing.
In circumstances such as those described
The development in new business was pleas-
above, the specialised focus on the agricul-
ing in 2002: in the year under review, loans
tural sector adopted by NORD/LB enables
totalling EUR 1.51 billion were disbursed.
the Bank to assess the development potential
EUR 1.20 billion of this was attributable to
of agricultural companies more accurately
movable equipment and EUR 310 million to
and to provide expert support in all areas of
property leasing. The total leasing finance
financial services.
portfolio increased by 6.8 per cent to EUR
3.45 billion of which EUR 1.9 billion was
attributable to movable equipment and EUR
1.6 billion to property leasing. The focus of
property leasing was on administrative and
logistical properties, large scale retail properties and local authority facilities. Vehicles, IT
equipment, machinery and plant facilities
constitute the majority of leased movable
equipment.
167
168
Bremer Landesbank
In 2002, Bremer Landesbank expanded its
International Markets/
Investment Banking
North East Europe
shipping finance loan volume by 18 per cent
despite restrained growth in this sector.
In 2002, NORD/LB came a substantial step
However, as a result of the depreciation in
closer to its strategic goal of establishing a
the dollar, the lending volume only reached
network of subsidiaries and branches around
the previous year’s level of EUR 2.3 billion.
the Baltic Sea. Thus it acquired a majority
At the same time, exchange rate and interest
holding in the third largest bank in Lithuania,
rate hedging transactions are becoming
Lietuvos Zemes Ukio Bankas (LZUB) at the
increasingly important for our shipping com-
beginning of the year under review. The
pany clients – as is clearly evident from the
Bank has since increased this stake to 93.09
growing demand for consultancy services
per cent.
and the rise in the number of this type of
With effect from 30 September 2002,
transaction.
NORD/LB expanded its shareholding in
Bremer Landesbank concluded EUR 87 mil-
MHB Mitteleuropäische Handelsbank AG,
lion worth of new business in the aircraft
a German/Polish commercial bank with
finance sector in the year under review. As at
registered office in Frankfurt/Main, to 100
31 December 2002, the lending volume
per cent. The Warsaw-based wholly owned
amounted to EUR 452 million. The Bank
subsidiary MHB Bank Polska S.A., which
intends to continue its activities in this
had previously been established under the
market segment in 2003 whilst retaining its
umbrella of MHB AG Frankfurt/Main,
conservative financing structures.
started business operations in April 2002.
In the windpark financing segment, Bremer
In November of the year under review,
Landesbank benefits from the generally posi-
NORD/LB officially opened its representa-
tive sector environment for renewable ener-
tive office in Oslo. Within the context of
gies and remains one of the leading providers.
continuously expanded its operations, the
In the past financial year it committed
Bank’s representative office in the Norwe-
finance for windparks with a nominal output
gian capital will allow it to look after the
of around 240 megawatts, thereby increasing
market even better and provide greater
its new business by 54 per cent compared
support for its clients.
with the previous year. As a result, the mar-
The Bank’s investments in North-East
ket share, in terms of newly installed nominal
Europe are paying off: the subsidiaries and
output in Germany, amounted to approx. 8
branches are making a positive contribution
per cent.
to the result of NORD/LB’s foreign business.
New York branch
Singapore branch
Despite the current difficult market envi-
In Singapore, NORD/LB was able to clearly
ronment, NORD/LB’s New York branch
improve its results and key indicators thanks
succeeded in further expanding its business
to an expansion of its operational business
volume. In asset backed finance, in particular,
and by writing back risk positions in com-
it was able to strengthen client relationships.
mercial banking. The focus on growth
The Bank won an important consultancy
regions such as Singapore, South Korea,
mandate as part of a Canadian project to
Australia, the Philippines and particularly
finance public infrastructure (Public Private
China, as well as the clear and differentiated
Partnership, PPP), which will be handled
sector approach also contributed to the
by New York. However, due to the difficult
branch’s success.
risk situation, the branch reported a negative
result.
London branch
Structured finance
In the export and project finance sector
NORD/LB achieved a notable increase in
Notwithstanding the extraordinarily difficult
volume and took a leading role in a large
situation in London’s financial markets,
number of projects, which led to a distinct
NORD/LB’s oldest foreign branch was able
rise in commission income. We provided sup-
to complete another satisfactory year in
port for projects particularly in the field of
investment banking, where the Bank’s con-
renewable energies where our North German
sistent adaptation to changed parameters in
clients have an extremely strong market
corporate client business is paying off. Pro-
position. NORD/LB was also the mandated
ject and PPP finance continue to rank among
arranger for the financing of an ultra-
the branch’s principal activities. As a result of
modern, environmentally friendly combined
the deterioration in the risk situation, the
gas and steam power station. The Bank
overall results of the branch were down.
therefore expanded its involvement in the
structured financing of projects that serve to
secure the western European gas supply.
NORD/LB was also the lead arranger of an
investment project in the pulp industry in
Saxony-Anhalt, which is one of the largest
project financings of recent years in Germany. In the public sector project finance
sector, NORD/LB has concentrated on Public Private Partnership schemes. In order to
169
170
pool and consolidate its activities in this area,
By and large, 2002 was marked by a hesitant
the Bank has established its own centre of
approach to deals caused by the tight macro-
competence, which is also managing the
economic situation. Several projects were
financing of the renovation of the football
postponed until 2003.
stadium in Hannover for the World Cup in
2006.
Corporate consultancy
NORD/LB also registered dynamic growth
In the year under review, the main impetus
in the area of financial engineering in finan-
behind sales was the provision of consultancy
cial year 2002. The Bank was successfully
services to help corporate clients prepare for
involved in a large number of transactions
Basel II ratings. Marketed under the name
with particular emphasis on US leasing. As
“Fit for rating”, this service has been used by
part of the Group’s North East Europe strat-
companies from various sectors. Increasing
egy, the cooperation with the NORD/LB
demand was evident from public sector com-
branch in Stockholm in this business segment
panies, such as public utility and waste dis-
was also successfully expanded . In Germany,
posal companies and hospitals. NORD/LB’s
the Bank ventured into new territory with
comprehensive advice on Basel II serves to
the financing of a rail network project. This
draw clients’ attention to weaknesses, for
was the first time in Germany that business
example in planning and/or control at an
assets of this kind were included in US
early stage.
leasing structures.
Privatisation consultancy
Corporate finance
With its privatisation consultancy services,
NORD/LB provides public sector share-
Mergers & Acquisitions
holders with support in restructuring their
Through its Mergers & Acquisitions (M&A)
investment portfolios. This includes individ-
department, NORD/LB advises companies
ual advice on decision making as well as
on the purchase and sale of companies and
support in the implementation of the deci-
shareholdings as well as on mergers and
sions reached. The privatisation of GWK
takeovers as part of management buy out
Wohnungsbaugesellschaft mbH in Braun-
(MBO) and management buy in (MBI)
schweig is an example of the projects success-
schemes. We therefore support our clients not
fully concluded in this field during the year
just with the provision of credit finance but
under review.
also with advice on equity transactions. SMEs
also often have an increased demand for
consultancy services because of complicated
successor problems. This affects clients of the
savings banks and state banks in particular.
Investment banking
In our issuing business we continue to
attach great significance to cooperation with
The stock exchange year 2002 was dominated
central,
by falling share prices: the leading German
NORD/LB was thus the lead manager for
share index, the DAX, reported heavy losses
various issues for the states of Lower Saxony
for the third year in succession and was
and Saxony-Anhalt. In 2002, the Bank again
down 40 per cent in the period under review.
ranked among the 50 largest underwriters in
The reasons for this include the ongoing
the euro capital market.
poor economic outlook, higher oil prices and
We were able to expand our activities in
fear of further terrorist attacks. Notwith-
the long-term refinancing segment of the
standing appropriate limit reductions and
international capital markets still further.
restructuring measures, the comprehensive
NORD/LB issued a subordinated bond with
downward trend on the stock exchanges
a nominal volume of EUR 500 million and
burdened both our share portfolios and our
successfully issued a Jumbo Pfandbrief the
trading result.
volume of which was last increased to a total
regional
and
local
authorities.
of EUR 1.5 billion in December.
Trading and position management
The German and international treasury teams
Although the trading in fixed income and
in Hannover, London, New York and Singa-
credit products was helped by interest rate
pore successfully exploited the income
levels, credit spreads showed a negative
opportunities offered by the ongoing high
development. Nevertheless, trading in this
levels of volatility in the markets and
area was satisfactory as NORD/LB concen-
achieved profit contributions. Apart from
trated on selected market segments and
traditional money market tools, specific use
pushed ahead with the development of inno-
was also made of derivatives to optimise the
vative product ideas. Our strategic approach
interest rate structure.
of extending product depth still further was
The volumes of the commercial paper
confirmed by a rise in earnings quality in our
programme, successfully launched in 2001,
client business.
were notably increased in 2002 with average
As part of its corporate bond strategy, the
maturities tending to be at the upper end of
Bank has commenced with the placement of
the range.
industrial borrower’s notes for SME clients.
NORD/LB views this segment as attractive
and one that offers a promising future.
171
172
Institutional clients
In 2002, NORD/LB’s institutional clients
In the year under review business with insti-
were not able to achieve the level of sales of
tutional clients was burdened by the weak
Riester pension products that they had hoped
share markets. As a result of price falls our
for, which meant that the volume of funds
clients, and particularly the German life
available for investment failed to meet expec-
assurance companies, reviewed their risk
tations. Nevertheless, the private insurance
positions on an ongoing basis. The difficult
sector is making intensive preparations for
market situation led to a drop in turnover of
the trade in government promoted retirement
share products traded with insurance com-
pension
panies.
pension and retirement funds. NORD/LB
By contrast, higher sales were achieved in the
supported its clients in these endeavours with
fixed interest rate securities sector. After ini-
various banking and consultancy services.
tial uncertainty regarding future movements
The structural deficits and financial bottle-
in interest rates, a more positive trend pre-
necks of the German social security systems
vailed which led to increased investor inter-
affected the business with our clients in this
est. As was the case in 2001, demand was
sector. This led to a reduction in investment
directed primarily towards higher interest
volumes. As was particularly the case in
bearing corporate bonds and structured
Lower Saxony, a number of social insurance
investment products.
companies merged or agreed upon a closer
In Singapore, a rise in deposits by institu-
cooperation.
products
by
establishing
new
tional investors in the Far East region led to
a strengthening and diversification of the
Research
short-term funding.
NORD/LB has developed further its re-
Investment
companies,
which
represent
search and consultancy services in close
another important institutional client group
cooperation with the savings banks. It there-
for NORD/LB, were also hard hit by the
fore pushed ahead with the division of tasks
weakness of the stock exchange. Following
between the savings banks and state banks
high inflows of funds in previous years, net
sought by the Deutsche Sparkassen- und
outflows were registered in the period under
Giroverband (DSGV – German Savings
review. As a result, there was a reduction in
Banks and Giro Association), the primary
the funds available for investment and/or
goal of which is to strengthen the competitive
trading this sector as well. Overall last year,
position of the savings banks in the securities
the market in the field of professional asset
business.
management by investment companies was
marked by a sharp increase in competition.
NORDCON Investment
Management AG
Over and above its lending business, Bremer
Landesbank thus offers its clients the whole
Despite the stock market slump, NORD-
range of asset management services from
CON Investment Management AG in-
financial planning and through to asset
creased its operating result disproportionate-
management. The establishment of this new
ly last year. As at the reporting date Decem-
business segment is linked to the introduc-
ber 31, 2002, it administered some EUR 3.9
tion of products, services and consultancy
billion in 62 special funds and individual
services and will help the Bank to feature as
mandates. 14 funds with a volume of EUR
an attractive player in the private banking
1.3 million were newly launched or trans-
market.
ferred while only four funds with a volume
NORD/LB Group will be developed and
of EUR 0.1 billion were withdrawn.
a more extensive policy of cooperation
NORDCON made the development of
pursued.
innovative fund management methods a
At the 2002 year end, the asset management
particular point of focus. Thanks to the
business segment comprised a deposit and
NORDCON value-assuring concept for
securities account volume of just on EUR 1
share mandates, our institutional clients were
billion, while the lending volume stood at
able to benefit from a high degree of flexi-
approx. EUR 930 million as at 31 December
bility in share investments and predictable
2002. At the end of the period under review,
results at the required cut-off date. The com-
Bremer Landesbank’s asset management
pany also focused on expanding its product
team handled a volume of some EUR 200
range as a Master-KAG, improving segment
million. The Bank maintains business rela-
funds administration and extending its inter-
tionships with around 2,700 clients.
Synergy
potential
within
the
net based eReporting.
Financial markets
Bremer Landesbank
In 2002, the financial markets business segment was significantly affected by both the
Asset management
restructuring measures as part of the market
In November 2002, a new business segment,
offensive as well as the dramatic fluctuations
asset management, was defined as part of the
in the financial markets. These fluctuations
“Bremer Landesbank 2004” project. On the
were utilised to the benefit of the Bank
basis of Bremer Landesbank’s strong regional
particularly in the interest and currency
links, the aim is to expand and intensify exist-
derivatives sectors.
ing relationships with high net worth clients.
In addition to which, the cross-selling potential is to be developed in the corporate client
business sector.
173
174
As part of the new focus on its financial
NORD/ LB Luxembourg S. A.
market business, Bremer Landesbank has
In the investment banking sector NORD/LB
included client groups with a strong affinity
Luxembourg S.A. is involved in asset and
to capital market oriented products within
liability management, trading on its own
the area of responsibility of its traditional
account on interest markets with terms of up
trading business. The aim is to deal with
to ten years as well as the purchase of asset
regional markets more effectively and to
swap packages.
exploit the potential available here more
In the period under review, it slightly exceed-
efficiently. Thus, and despite the extremely
ed the extraordinarily good income figure
difficult economic situation, a clear improve-
achieved in financial year 2001. As was the
ment in the overall result was achieved in
case in the previous year, this success was
the year under review.
largely attributable to short-term maturity
transformation transactions on the money
markets, particularly in euros and US dollars.
Skandifinanz Bank AG
Higher earnings were also achieved from
The market for international trade finance
interest derivatives, bonds and borrower’s
grew more slowly in the year under review
note loans and from increased holdings of
and also changed in structure. The Swiss
asset swaps.
company reacted to this development by
extending its activities beyond the secondary
market to the primary market. Skandifinanz
was
transferred
from
NORD/LB
to
NORD/LB Luxembourg S.A. with effect
from 1 January 2002 in order to exploit synergies and simplify administrative procedures. The granting of a banking licence by
the Swiss Banking Commission marked the
company’s new focus and it has officially
traded as Skandifinanz Bank AG since
September 2002.
Private client business
Business development
investments were withheld and parked in
interim deposit accounts.
NORD/LB has been represented in the
The slide on international financial markets
former Duchy of Braunschweig through a
that has been ongoing for more than two
predecessor institution since 1765. Today, as
years continued in 2002, and even accelerated
the state savings bank (Landesparkasse) in
at times. This, and the scepticism regarding
Braunschweig, it maintains a comprehensive
global economic growth, led to greater
branch network of 118 branches with some
restraint in the case of investments in equi-
1,500 employees. The Bank’s private client
ties. Although the turnover in securities
business is focused on this region of some
increased by 7.6 per cent to EUR 1.3 billion,
800,000 inhabitants. With a market share
purchases of equities fell by a third. Many
of 60 per cent, NORD/LB is the leading
private clients looked increasingly for lower
provider there and 14,000 new private cur-
risk products and invested in structured capi-
rent accounts were opened in 2002 alone.
tal investments such as the “profit DEPOT”,
Compared with 2001, the loan volume to pri-
NORD/LB’s fund-based asset management
vate clients rose by 10.9 per cent or EUR 440
product. Fixed interest securities and bond-
million and stood at some EUR 4.5 billion as
based funds were also popular.
at 31 December 2002. New commitments
amounted to EUR 599 million in total, of
which EUR 306 million was attributable
Internet branch
to private residential property finance. This
With the introduction of the internet branch
equates to an increase of 13.3 per cent on the
(www.nordlb.de/internetfiliale) at the begin-
previous year. Parallel to this, there was a 9.2
ning of 2002, NORD/LB created a new,
per cent increase in public sector develop-
innovative sales outlet as part of its multi-
ment grants allocated. Thus, and as was the
channel strategy. Its existing internet pres-
case in the previous year, this resulted in
ence was supplemented by a distinctly
a sharp increase of 16.6 per cent in business
expanded range of services for private and
as a whole. At the 2002 year-end, the total
corporate clients. As a result, our clients are
private residential property finance portfolio
now able to carry out product transactions,
stood at EUR 3.0 billion.
such as private home finance, online by
The deposit business volume rose by one per
PIN/TAN, e-mail or printing out the appli-
cent to EUR 3.4 billion compared with 2001.
cation. An “investment check” and sample
Although savings deposits fell by 3.9 per
calculations make the decision easier. In addi-
cent, there was an above-average rise in call
tion, we offer a large number of other infor-
money and sight deposits of 32.8 per cent to
mation services and contact points in our
EUR 178 million. Uncertainty on capital
internet branch. For private clients these
markets meant that funds for longer-term
services include information on investing and
175
176
saving as well as retirement provisioning
Premium Save and Win
and insurance. The information for corporate
clients includes details on corporate current
Clients can participate in the “PS-Sparen und
accounts, business start-ups and international
Gewinnen” (Premium Save and Win) lottery
business.
via NORD/LB. For one euro, players partic-
Direct banking via the internet, StarMoney
ipate in monthly, annual and special drawings
software or telephone recorded rapid growth
of up to EUR 50,000. However, the regular
and the number of users of online banking
savings portion of four euros per month is
rose by 30 per cent to over 53,000 compared
credited in December every year. The
with the previous year. This equates to 20 per
Niedersächsische Sparkassenstiftung (Lower
cent of all clients with current accounts. The
Saxon Savings Bank Foundation) receives ten
telephone banking client group increased
cents of every ticket and, in addition to the
by 56 per cent to around 28,000.
direct support we give, supports charitable,
social and cultural projects in the region with
Save & invest plan
these donations. On the occasion of the lottery’s 50th anniversary, NORD/LB concen-
NORD/LB reacted to the current uncertain
trated its sales activities on selling tickets
environment on the stock markets with the
at the beginning of December 2002 which led
introduction of a new product range for its
to ticket sales rising by twenty per cent.
clients: the save & invest plan allows investors
to invest continuously in share, bond or
property-based investment funds and, with
Retirement pensions
monthly saving rates from EUR 50 upwards,
The introduction of the Retirement Pension
to benefit from the current low prices.
Act (AVmG) is aimed at ensuring that the
NORD/LB first offered clients this combi-
population’s standard of living during retire-
nation of an investment fund and a safe
ment is secured by private means. At the
NORD/LB savings plan in April/May of
same time, the move into equity-based retire-
2002 and again in October/November. To
ment pensions is leading to a shift in the
date, just on 4,400 investors have taken
capital markets. NORD/LB began at an early
advantage of this investment form with a
stage to exploit the changed framework con-
minimum monthly deposit of EUR 100.
ditions to the benefit of its clients. The Bank
pursues a strategy of providing comprehensive advice that is strictly independent of any
particular product. Our collaboration partners when advising both employers and
employees are Deka-Bank and the public
sector insurance companies. Our clients can
choose from a wide range of products in the
“Schlafmünzen-Aktion”
corporate sector retirement pension includ-
Campaign”) under which D-Mark coins
ing all the means to implement them. In the
could be handed back, NORD/LB received
year under review, the pension fund was by
70,550 safe bags with a value of DM 3.6 mil-
far the most frequently used means of imple-
lion. The exchange period ran very smoothly.
(“Stashed
Cash
mentation. This was followed by direct
insurance, benefit funds and direct commitments. On the other hand, and given the situ-
Landesbausparkasse
ation on the stock exchanges, retirement
LBS
Norddeutsche
Landesbausparkasse
funds were of less significance. NORD/LB
achieved record results in 2002 despite the
has positioned itself extremely well in this
sustained economic slowdown: 207,261 new
business segment by building up in-depth
contracts with a total volume of EUR 3.8 bil-
consultancy expertise during the past year.
lion made the past financial year the most
Here, as in all other areas, tailoring the range
successful in the institution’s history. The
of products and services to the clients’
number of new contracts rose by 6.4 per cent
requirements combined with a strategy of
and the savings volume of building society
individual advice is proving a great success.
savings contracts rose by 9.3 per cent compared with the previous year.
Getting ready for the euro
with NORD/ LB
LBS Nord was therefore able to extend its
market leadership and achieved a market
share of almost 45 per cent in Lower Saxony
This was the motto for the activities of
at the year-end. In Berlin it was also able to
NORD/LB as it rose to the challenge of
hold its own at the top, with a market share
the introduction of euro notes and coins. In
of a good 26 per cent.
the run-up to the introduction of the euro,
LBS Nord sees the upturn in building society
the Bank made all the personnel and technical
business as a result of the increasing attrac-
preparations needed to ensure that there
tiveness of owner-occupied housing as a
would be no problems in supplying both
central component of private retirement
corporate and private clients with the new
provisioning. Furthermore, the economic
notes and coins. In the first 14 days of 2002
framework conditions have reinforced the
alone, the Bank disbursed EUR 50 million in
trend towards safe forms of savings and
bank notes via ATMs and EUR 120 million
investments.
in bank notes via its manned teller counters.
In this period, NORD/LB also disbursed
690 containers with a total weight of around
428 tonnes (equivalent to EUR 27 million
in coins). In the course of the so-called
177
178
Risk report
Bremer Landesbank
Regulatory environment
Bremer Landesbank is a financial services
Discussions surrounding Basel II and the
provider for all private and commercial
issuance of the minimum requirements for
clients in its territory. It advises clients on all
the operation of lending activities (MaK)
questions relating to banking, insurance and
have made the process of structuring and
pensions. By actively addressing its clients,
streamlining risk management in the banking
Bremer Landesbank is consolidating its exist-
sector a matter of public interest. Whilst the
ing private and commercial client relation-
MaK primarily affect the structural organisa-
ships and building up new business relation-
tion and workflow management of lending
ships. In addition to its existing core product
operations, the Basel Accord aims at a higher
of commercial finance in the corporate client
degree of risk differentiation in the utilisation
segment, it is focusing on investments and
of the banks’ regulatory equity backing.
pensions with company owners, sharehold-
There are fears, regarding the last point,
ers and corporate directors. At the 2002 year-
in particular, that the banks will make their
end, the Bank had just on 42,000 client rela-
lending policies more restrictive and tighten
tionships with private and corporate clients.
up their credit terms.
As at 31 December 2002, the investment
Initial calculations indicate that these fears
volume managed by Bremer Landesbank
are not unfounded. The players involved are
amounted to EUR 340 million, of which
still quite a long way off from the goal of
EUR 110 million was attributable to securi-
keeping the equity backing level constant
ties. The lending volume stood at EUR 1.8
overall. We still see room for improvement
billion.
in this matter.
In 2002 the NORD/LB Group and its
NORD/ LB Luxembourg S. A.
individual Group subsidiaries, which are
required to submit reports, complied with
The Bank’s asset management team offers
the applicable banking supervisory rules on
international clients individual asset manage-
liquidity and equity. The regulations relating
ment solutions and comprehensive support.
to lending limits as set out in Sections 13a +
As a result of the adverse trends on the stock
13b of the German Banking Act (KWG)
markets, income in terms of both portfolio
were also met in 2002.
and transaction related commission fell
slightly compared with the previous year.
Principles of NORD / LB’s risk policy
groups and also monitors the development of
its participations. Risk management and risk
Incurring risks is part and parcel of banking
monitoring for all risk types takes place
operations. Dealing with these risks in a
locally on an ongoing basis in the various
responsible manner is at the forefront of
Group companies.
NORD/LB’s risk policy and we consider the
Each quarter the Risk Monitoring depart-
quality of our risk management to be a core
ment collates the credit rating, country, mar-
competitive factor.
ket price and liquidity risks and reconciles
NORD/LB sees itself first and foremost as
the results to the risk capital available using
a lending bank with a consciously conser-
the model to monitor the risk position of the
vative approach. We therefore focus our new
Bank as a whole. The risk capital is based on
lending on working with clients with a good
the available provisions, the operating result
credit rating.
and existing reserves. The corresponding
The strict guidelines for lending operations
report is discussed by the Board of Manage-
set by Credit Risk Management provide
ment and is also a set item on the agenda of
the framework within which all the market
the Supervisory Board meetings. It is com-
divisions of NORD/LB operate. This sup-
plemented by monthly reports to the Board
ports
of Management particularly relating to lend-
the
Bank’s
aim
of
offering
its
clients and the savings banks affiliated to
ing and market price risks.
NORD/LB a comprehensive and diversified
The continuous process of refining risk man-
range of services.
agement covers a range of organisational
Accordingly, our investment banking activi-
measures, the adjustment of procedures to
ties are also governed by the wishes of our
quantify risk and the continual updating of
clients.
risk management parameters. The Bank has
initiated projects to ensure compliance with
Risk management
the numerous requirements arising from the
new supervisory authority rules in accor-
Risk management in the NORD/LB Group
dance with Basel II and the MaK. These
is based on a uniform policy. Its actual imple-
projects have reached an advanced stage and
mentation is documented in a risk handbook
the Bank is confident that it will have met all
which gives a detailed overview of organisa-
the legal requirements in a timely manner.
tional matters, definitions, methodology and
reporting.
In order to ensure the necessary transparency
and consistent risk management at all levels,
NORD/LB is represented on the supervisory
bodies of the various subsidiaries and sub-
179
180
Credit risks
(Corporates and Wholesale) play a particularly important role in the credit risk man-
Lending operations are currently being
agement process. The departments them-
comprehensively reorganised as part of the
selves are organised according to sectors or
NORDOST II strategic project. The cross-
special financing segments. The second loan
divisional separation of functions between
recommendation under the MaK rests with
market and analysis areas, as required by the
them, which ensures that the loan decision is
new MaK, poses no major challenges for
of a high quality.
Total limits as at 31. 12. 2002*
Service trade and
others
24%
Financial institutions &
insurance companies
Manufacturing industry
Energy/water supply/mining
Building trade
15%
1% Trade/maintenance/repairs
9%
1% Agriculture/forestry/fishing
4%
Traffic & news transmission
25%
*Commercial borrowers in the
euro-zone and the regional
business of the foreign branches
21%
NORD/LB as the Bank has successfully
Credit Risk Monitoring (CRM) is an organi-
practised this for large loans for years now.
sational unit in the Risk Monitoring depart-
We will transfer these tried and tested
ment. CRM essentially has two tasks. Firstly,
processes and procedures to the small and
it is responsible for all internal reporting in
medium-sized corporate business sector.
connection with the loan portfolio and
The implementation of a new Service depart-
secondly, it defines the methodical guidelines
ment is also a key feature of refocusing activ-
on rating, pricing and credit risk quantifica-
ities in the lending sectors. In future, this new
tion (e.g. portfolio models).
department will be responsible for the com-
The core of the Bank’s credit risk manage-
plete loan administration, which includes all
ment system is a differentiated credit rating
processes that occur after actual loan
system under which the financial capacity of
approval has been granted. Over 500
our borrowers is assessed. Using the loan
employees are affected by the forthcoming
approval and credit monitoring, the Bank’s
organisational restructuring process. As the
decision is made on a flexible basis according
staff representatives are actively supporting
to the credit rating and the level of exposure.
and advising on this process, we expect the
In addition to the credit assessment of the
new structures to be in place by 30 June 2003.
individual borrower, the Bank rates each
The two Credit Risk Management sectors
business sector separately. The risk structure
Utilisation as at 31. 12. 2002*
The rest of
Western Europe
Other EU countries
10% 7%
EURO countries
36%
*International exposure excluding regional
business of foreign branches
**Including Japan, Singapore and Taiwan
Eastern Europe
3%
North America
24%
Latin America
4% Middle East/Africa
2% 2% Asia
Other countries**
12%
Supranational 0%
of commercial loans is broken down by sec-
The GlobON (Global Limit Overnight)
tor as follows:
system enables NORD/LB to determine and
In order to gain more information on the
electronically analyse the drawings and limit
granularity of our portfolio we also conduct
utilisation rates of all borrowers and counter-
corresponding analyses at regular intervals.
parties consolidated across all credit prod-
In the case of loans to business partners situ-
ucts. The system is integrated into the exist-
ated outside the euro-zone, the Bank carries
ing credit risk reporting procedures and in
out a country risk assessment in addition to
future will also be used above all to carry out
the usual credit check. For this, the Bank uses
MAK-compliant overdraft analyses.
its own analysis of the political and economic
For the future, NORD/LB is aiming to use
situation as well as a scoring model to rate
internal ratings to calculate its equity backing
each country and allocate them individual
for credit risks. In order to develop the rating
limits and maturities.
processes in conformity with Basel II, the
The international exposure is broken down
Bank participates in the relevant projects run
as follows according to country groups:
by the Association of German Savings Banks
(Table graphic at the top)
(Sparkassenfinanzverbund) In the retail segment NORD/LB implemented the DSGV’s
scoring procedures (application scoring) for
the domestic private banking business, as
required under Basel II, as early as the end
of 2002. In 2003 we will add conduct components to these scorecards.
181
182
By implementing rating processes calibrated
Within the Group, and in conformity with
to default probabilities, the Bank is paving
the draft of the Ministry of Finance letter
the way for the introduction of modern
relating to provisions on foreign loans, the
credit risk portfolio models which are based
Group has set up provisions for country
on value at risk. In this respect, we aim to
risks amounting to EUR 185 million (EUR
introduce the Credit Portfolio View (CPV)
260 million in 2001). For the parent bank
system as developed by the German Savings
the provisions amounted to EUR 53 million
Banks and Giro Association (DSGV).
following EUR 92 in the previous year.
By using DSGV processes, we can ensure
The uncertain economic and geo-political
that the systems are completely compatible
situation, a far-reaching structural change
with the products used by our affiliated
(low-cost airlines) and the spread of SARS
savings banks. We believe that the resulting
have led to significant drops in income for
uniformity of risk categories and standards
the international aviation industry. We see
will provide considerable scope for synergy,
the risk of this trend continuing as a threat
e.g. in the syndicated business. Standardi-
potential for our loan portfolio. At the year-
sation also enables the Bank to simplify the
end, our volume of aircraft financing totalled
structure and sale of securitised transactions.
around EUR 4.4 billion, which as a rule are
The difficult economic conditions resulted
secured by first mortgages on modern pas-
in an increased need for provisions for the
senger aircraft.
lending operations in the year under review.
Overall, all known risks arising from these
As of December 31, 2002 the NORD/LB
lending operations have been adequately
Group had specific loan provisions of EUR
accounted for. The Bank does not foresee any
1,157 million at its disposal; this is EUR 267
significant easing of general economic condi-
million higher than in the previous year.
tions in 2003 either in the euro-zone or in
The failure rate, defined as the sum of direct
America. It is only for the Baltic states that
write-offs and the utilisation of specific pro-
we are predicting noticeable growth rates,
visions set up in the past against the total loan
which our strategic focus will allow us to
volume – excluding loan commitments as
share in.
well as claims on financial institutions and
public authorities – came to 0.24 per cent.
NORD/LB as parent bank, had specific and
country provisions amounting to EUR 953
million (previous year: EUR 801 million).
The failure rate in relation to the total loan
volume was 0.23 per cent.
Participation risks
ingly. By far the biggest part of the portfolio
relates to ownership interests in other banks
An important task of the Group’s head office
and in service providers that are directly
is to integrate the associated companies into
connected to the banking business.
the Group strategy and to safeguard the
This is the reason why NORD/LB, despite
Group’s interests in relation to and between
the lasting stock exchange weakness, did not
its associated companies. This is why
have to make any significant write-offs on
NORD/LB sets guidelines to ensure the
its shareholdings for the year 2002. The one
Group
These
exception is Bankgesellschaft Berlin, in
guidelines include the themes of business
which NORD/LB continues to hold a 10.85
strategy, planning, corporate governance, risk
per cent stake within the framework of a
management and monitoring system, legal
mutual strategic alliance. In the year under
requirements and preparation of accounts
review, we made write-offs and value correc-
(IAS).
tions amounting to EUR 127 million on this
The principles of participation monitoring
participation and the associated participation
include a timely, transparent and value-
in Berliner Hypothekenbank. The amount
oriented reporting by all major holdings or
stated means that we have taken sufficient
participations. The overall performance of all
care of the resultant risks.
participations is reported to the Board of
In summary it can be stated that the partici-
Management in connection with a contri-
pations monitoring system is able to recog-
bution margin account established for each
nise at an early stage important developments
individual investment. The indicative corpo-
which could possibly jeopardise the Bank’s
rate value and any possible risks are also
existence. There are no known participation
included in these reports.
risks which exceed the Bank’s risk carrying
NORD/LB Immobilien-Holding has a spe-
capacity.
is
managed
effectively.
cial role to play within the NORD/LB
Group. The Bank has integrated all activities
into it which are directly connected with all
aspects of the property service. In line with
the risk monitoring system of the Group the
company has developed its own independent
risk management system tailored to suit its
specific business purpose.
As a matter of principle, acquiring industry
participations in order to make a profit is not
an integral part of NORD/LB’s strategy. Our
participation portfolio is structured accord-
183
184
Market price risks
of regulatory parameters (99 per cent confidence level and a holding period of 10 days).
The Bank uses both worst case models and
The conservative character of the stress sce-
value at risk ratios to calculate market price
narios and the statistical quality of the value
risks. Stress tests are used as a basis to limit
at risk procedures are constantly monitored
market price risks. These take into particular
by extensive back testing analyses. The fol-
account the event of all current market mech-
lowing diagram shows the structure of the
anisms failing and thus causing the collapse
market price risks as at 31 December 2002:
Structure of market price risks as at 31. 12. 2002
Volatility risk
Exchange rate risk
2% 3%
Interest rate risk
77%
Equities/fund risk
18%
of the correlations between the various mar-
This diagram clearly shows that interest rate
kets calculated by the value at risk model.
risks dominate the NORD/LB Group’s mar-
The Risk Monitoring department specifies
ket price risks. Over 80 per cent of interest
which models are to be used for the daily
rate risks stem from euro positions.
risk measurement as well as the management
Market price risks are managed by the trad-
parameters and the stress scenarios. The sub-
ing and planning departments which are each
sidiaries included in the risk calculation
allocated a market price risk limit. The risk
assess their market price risks locally but use
limits approved by the Board of Management
the same models and parameters that are
are based on a system of self-reducing limits,
valid and used throughout the Group.
i.e. negative trading results lead to an imme-
In addition, we calculate on a daily basis the
diate reduction in limit. In order to avoid
value at risk values for the individual trading
accrued profits implying an increase in the
sectors of NORD/LB itself and Central
risk limit, a synthetic profit transfer for each
Planning. In this we assume a confidence
department takes place at the end of each
level of 95 per cent and a holding period of
month. As was the case in the previous year, a
one day. At the end of the month, we also
share of around 60 per cent of the total limit
calculate value at risk indicators on the basis
is made available to NORD/LB’s trading
sectors in Hannover, London, New York and
The following diagram illustrates the value at
Singapore, while the remaining 40 per cent is
risk values for NORD/LB itself during 2002
used for the Bank’s strategic orientation and
(next side 66):
the planning of new business.
The daily value at risk (95 per cent; 1 day)
The utilisation rate of risk limits is monitored
fluctuated during the year 2002 between
both by the sectors themselves but also inde-
EUR 14.2 million and EUR 18.0 million,
pendently by the Risk Monitoring depart-
with an average value of EUR 16.0 million.
ment. NORD/LB recorded an average uti-
We already meet the recommendations of the
lization rate for the risk limits of 48.6 per
second consultation paper of the New Basel
cent throughout the year, with a maximum
Capital Accord (Basel II) with regard to cal-
utilization of 54.4 per cent and a minimum of
culating interest rate risks in the investment
42.5 per cent.
book. In this a standardised interest rate
At the balance sheet date of 31 December
shock of +/– 200 basis points is assumed,
2002, the value at risk indicators illustrated in
which at the balance sheet date of 31 Decem-
the following table were determined for
ber 2002, gives a change in present value of
NORD/LB:
EUR – 0.35 billion or EUR + 0,39 billion
Value at risk (99 per cent, 10 days) in EUR million
NORD / LB Group
93.56
NORD / LB
62.56
Trading book
18.64
Interest rate risk
Share price risk
Currency risk
Volatility risk
10.13
7.92
0.99
5.19
Asset / liability management
49.85
Strategic planning
New business planning
44.85
5.41
Bremer Landesbank, NORD/LB Luxem-
(“economic value perspective”). This equates
bourg, LBS Nord (44 per cent participation),
to 5.11 per cent of the liable capital. Accord-
Mitteleuropäische Handelsbank and Pirma
ing to the Basel recommendations, the risk
Banka were included in the Group’s calcu-
should not be more than 20 per cent of the
lations.
liable capital. 89.4 per cent of the risk stems
from euro positions with only 0.6 per cent
from positions in non-G10 currencies. As
185
Value at risk (95 per cent, 1 day)
Euro million
20
18
16
14
12
10
8
6
4
2
NORD/LB
2
2
00
00
00
30
.1
1.
2
0.
2
31
.1
2.
2
2
2
2
00
31
.1
00
00
31
.8
.2
31
.7
.2
30
.9
.2
2
2
00
2
2
00
30
.6
.2
00
00
31
.5
.2
30
.4
.2
00
2
2
31
.3
.2
2
00
28
.2
.2
31
.1
.2
2.
2
00
1
0
31
.1
186
Asset/liability
management
Trading book
well as considering the present value, we also
collateral pool to cover commercial funds
analyse the impact of the standardised inter-
transfers, to secure the ECB’s open market
est rate shock on the Bank’s profit and loss
operations and for peak refinancing needs.
account (“earnings perspective”).
Some foreign branches also have refinancing
facilities at their respective central banks to
cater for emergencies.
Liquidity risks
Independent monitoring of the traditional
In the case of liquidity risks, a distinction is
liquidity risk is carried out by the Account-
made between traditional liquidity risks,
ing department using the Principle II ratios.
refinancing risks and market liquidity risks.
By establishing the Principle II coefficients
The management of all liquidity risks is car-
separately for each foreign branch, the local
ried out locally by the individual subsidiaries
Treasury departments are also bound to com-
on the basis of centrally set methods.
pliance with Principle II. At year-end 2002,
The traditional liquidity risk is produced
the liquidity ratio as defined by Principle II
by the need to raise liquidity as a result of
stood at 1.28 for NORD/LB itself.
unexpected events in the lending or deposit
The refinancing risk is deemed to be the
business as well as by the danger of general
potential loss of earnings that could result
disruptions to the liquidity in the markets
from a deterioration in the Bank’s own
because of local or global crisis situations.
refinancing conditions. The Bank uses both
These risks are managed in Euro Money
volume structure limits and cash value limits
Markets, Foreign Exchange and the Treasury
for the management of the refinancing risk.
departments
branches.
At the 2002 year-end, utilisation of the cash
NORD/LB has sufficient funds in the ECB’s
value limit amounted to 31.7 per cent with
of
the
foreign
the maximum utilisation during the course
Operational risks
of 2002 of 50.7 per cent.
In addition, the Bank must take the so-called
NORD/LB understands operational risks
market liquidity risks into account. These are
(OR) to be the risk of losses resulting from
the potential losses which, due to a lack of
the inadequacy or failure of internal proce-
liquidity in individual market segments, it
dures, personnel and technology or that
would have to bear if transactions had to be
occur as a result of external events. This defi-
concluded on terms that do not equate to
nition of operational risks is closely based on
a fair market value. The NORD/LB Group
the Basel Banking Supervisory Committee’s
companies counter market liquidity risks by
definition. The Bank’s definition differs in
operating in liquid markets. This is particu-
that reputation risks are implied in our
larly true for all transactions in the trading
definition as consequential or secondary
book. For integration into the limit system
risks.
described above, all securities are classified
In the past, NORD/LB dealt with this risk
under liquidity risk categories according to
category using a strategy of avoidance or
their market liquidity.
transfer. For example, the Bank transferred
When developing it further, the Bank strictly
risks to third parties (insurance companies as
observes the “Sound Practices for Managing
a rule) or created suitable back-up solutions
Liquidity in Banking Organisations”, as
(e.g. in the information technology sector).
published by the Basel Committee in Febru-
The new general legal conditions have led to
ary 2002 in the further development of its
a change in this strategy in favour of proac-
management systems.
tive management of operational risks.
NORD/LB began implementing corresponding measures to manage and monitor operational risks in 2002, whereby the Board of
Management stipulates how to deal with
operational risks in principle. Risk Monitoring is the central interface for monitoring
operational risks. It is also responsible for
planning the methods used.
The project began with the production of a
risk map, which provided the Bank with an
initial overview of the main risk drivers.
Using the information gleaned, so-called self
assessments were carried out with representatives of the individual areas of responsibility. This method is aimed at gaining a detailed
187
188
insight into the risk situation in the individ-
Contribution of development capital
ual specialist areas and then using this to
Following several years of preliminary inves-
decide which measures need to be taken. This
tigations, and in its letter of 13 November
process was approx. 25 per cent complete
2002, the European Commission opened an
by the end of the year.
investigation into NORD/LB. The subject of
In addition, since the beginning of 2003, all
the investigation is the development capital
losses which occurred as a result of opera-
amounting to DM 1.5 billion made available
tional risks are recorded in a central losses
to NORD/LB by the state of Lower Saxony
database. The losses are classified according
pursuant to the agreement concerning contri-
to cause and effect as well as the level of the
bution of capital dated 20 December 1991.
loss. The data contained in the database is the
The investigation is designed to clarify
basis for empirical analyses. The data also
whether the development capital contributed
plays a vital role for the assumptions about
constitutes assistance in NORD/LB’s favour
the allocation of losses and the frequency of
within the meaning of article 87 paragraph 1
occurrence in statistical and mathematical
of the European Commission Treaty.
models for AMA procedures.
NORD/LB and the state of Lower Saxony
NORD/LB has not yet decided which
do not consider this to be the case, not least
approach it will use for the equity backing of
because the facts and circumstances relating
operational risks under Basel II. The project
to NORD/LB differ significantly from those
in question is however designed to meet the
which formed the basis of the European
requirements of an AMA strategy. This is
Commission’s decision in the WestLB case
also applicable to the participation in so-
dated 8 July 1999. We await the outcome of
called loss syndicates.
the investigation. In addition to NORD/LB
and WestLB, a further five state banks are
affected by similar investigation proceedings
resulting from capital contributions.
Overall appraisal
In general it can be stated that for the
NORD/LB Group as a whole and its individual companies, account has been taken of
all discernible risks, including those resulting
from the investment in Bankgesellschaft
Berlin AG, through the creation of specific
and general provisions. Risks that could
jeopardise the Bank’s continuing existence
did not exist nor are any known now.
Outlook
In the spring of 2003, world economic condi-
The economic and inflationary trends in the
tions and movements on the financial and
euro-zone will be in line with this develop-
foreign exchange markets are still being
ment although the values will be higher.
affected by the war in Iraq. Positive impulses
Against a backdrop of weak demand and
for the world economy can be expected
falling inflation rates, the European Central
following the swift military success and
Bank will further relax its monetary policy
apparent normalisation in the oil market.
in the spring of 2003 and will continue to
However, once the geopolitical tension has
pursue an expansive policy until the end of
eased, consumer and investor confidence
the year.
may still well only increase again slowly.
During the first months of 2003 on the
Even the more optimistic forecasts do not
capital market, bonds benefited from stock
indicate stronger economic recovery until the
market weakness and from investors seeking
second half of the year. As Germany itself
refuge in safer forms of investment. How-
lacks any significant domestic economic
ever, this led to extremely low yields. The
impetus, net exports will continue to play
end of the war in Iraq should see a significant
a vital role in supporting the economy this
increase in yields, which will be supported
year. Overall, growth in GDP will only be
by the economic recovery during the second
marginally higher than the 0.2 per cent figure
half of the year.
for the previous year. The GDP growth rate
The NORD/LB Group and its constituent
in eastern Germany will be slightly higher
banks anticipating moderate growth for 2003
than the general economic average this year.
which takes the economic development into
This is mainly attributable to higher building
account. Net interest income is expected to
costs to repair flood damage.
stabilise at the high level of 2002.
The sharp rise in crude oil prices as a result
Growth of the other businesses, particularly
of the conflict in Iraq had an adverse on
the trading and services segments, will be
inflation rates in the first months of 2003.
in line with economic conditions and the
However, a stabilisation of the crude oil price
situation on the markets. The Group is
at around USD 25 a barrel will have positive
endeavouring to reduce administrative costs
basic effects during the rest of the year.
by further optimising workflows and imple-
Accordingly, an inflation rate of 1 per cent
menting cost management measures. Howev-
can be anticipated for Germany.
er, costs associated with the Bank’s fulfilment
of its legal and banking supervisory requirements are expected to rise. In 2003, the risk
situation will continue to require special
attention.
189
190
Report of the Supervisory Board
The Bank’s Board of Management has regu-
The Supervisory Board proposes to the
larly informed the Supervisory Board and
Board of Guarantors that it formally approve
its committees about business developments
the acts of the Board of Management and that
and the financial position of the Bank and
the profit of NORD/LB from the 2002
the Group during the year under review.
financial year be allocated as follows:
The Supervisory Board and its committees
• Allocation of EUR 20.0 million to the
adopted resolutions on the business matters
revenue reserves.
presented to them and on other matters
• Distribution of EUR 22.5 million to the
which require their decision in accordance
Owners, namely the federal states of Lower
with the Articles of Association and rules
Saxony, Saxony-Anhalt and Mecklenburg-
passed within their framework. Fundamental
Western Pomerania, and the Niedersäch-
issues relating to business policy and opera-
sischer
tional areas were discussed in detail at several
Sparkassenbeteiligungsverband
meetings. PwC Deutsche Revision Aktien-
Anhalt and Sparkassenbeteiligungszweck-
gesellschaft Wirtschaftsprüfungsgesellschaft,
verband Mecklenburg-Vorpommern.
Sparkassen-
und
Giroverband,
Sachsen-
Hannover, has audited the financial state-
The amount distributed to the Owners corre-
ments and the Group financial statements of
sponds to a dividend of 6.0 per cent (after
the NORD/LB for the 2002 financial year
taxes) on ordinary paid up capital. The allo-
and provided both with an unqualified audit
cation to the revenue reserves has already
certificate.
been taken into account in the enclosed
The
Supervisory
Board
has
approved the outcome of the audit and,
financial statements.
having conducted its own conclusive exami-
The following persons retired from the
nation, raises no objections. During its meet-
Supervisory Board:
ing on May 28, 2003, the Supervisory Board
Mr. Werner Steffens as of February 1, 2002,
approved the Management Report and the
Mr. Karl-Heinz Stubbe as of February 1, 2002,
financial statements as of December 31, 2002,
Mr. Wolfgang Gerhards as of May, 16, 2002,
which are thus adopted. The Supervisory
Mrs. Katrin Budde as of June, 17, 2002,
Board took notice of the Group financial
Mr. Jan de Vries as of June, 30, 2002,
statements for 2002.
Mr. Wolfgang Kotzur as of June, 30, 2002,
Mr. Thomas Nagler as of June, 30, 2002,
Mr. Klaus Zimmermann as of June, 30, 2002,
Mr. Detlef Hesse as of December, 31, 2002,
Mr. Klaus Rathert as of December, 31, 2002,
Mr. Arno Schreiber as of December, 31, 2002,
Mr. Heinrich Aller as of March, 3, 2003 and
Mrs. Dr. Susanne Knorre as of March, 20,
2003.
The following new appointments were made
Report of the
Board of Guarantors
to the Supervisory Board:
Dr. Rainer Huismans as of February 27, 2002,
In the year under review, the Board of
Dr. Gert Hoffmann as of February 27, 2002,
Guarantors performed the duties assigned to
Prof. Dr. Karl-Heinz Paqué as of May. 17,
it by law and by its Articles of Association.
2002,
The Board of Guarantors approves the allo-
Mr. Klaus Jürgen Jeziorsky as of July, 1,
cation of net income for the year as proposed
2002,
by the Supervisory Board. It formally
Mr. Wolfgang Neuhaus as of July, 1, 2002,
approves the acts of the Bank’s Board of
Mr. August Nöltker as of July, 1, 2002,
Management and those of the Supervisory
Mr. Jörg Reinbrecht as of July, 1, 2002,
Board.
Mr. Heiko Schaak as of July, 1, 2002,
The Board of Guarantors would like to
Mr. Jürgen Hahn as of July, 1, 2002,
thank retired members of the Supervisory
Mr. Thomas Mang as of February 1, 2003,
Board for their dedication to and support of
Mr. Herman Bröring as of February 6, 2003,
the Bank.
Mr. Hartmut Möllring as of March, 4, 2003
and
The following persons retired from the
Mr. Walter Hirche as of March, 21, 2003.
Board of Guarantors
Mr. Rainer Elze as of June 30, 2002,
The Supervisory Board would like to thank
Mr. Johannes Kwaschik as of November 15,
the Board of Management for its trust and
2002,
cooperation and expresses its appreciation of
Mr. Bernhard Wähling as of November 15,
the work performed in the 2002 banking year
2002 and
by the Board and all of the Bank’s employees.
Mr. Thomas Leimbach as of January 1, 2003.
Hannover/Braunschweig/
The following new appointments were made
Magdeburg/Schwerin,
to the Board of Guarantors:
May 2003
Mr. Ulrich Koehler as of July 01, 2002,
Mr. Frank Berg as of November 15, 2002 and
Hartmut Möllring
Dr. Paul Krüger as of November 15, 2002.
Minister of Finance
State of Lower Saxony
Hannover/Braunschweig/
Magdeburg/Schwerin,
May 2003
Sigrid Keler
Minister of Finance
State of Mecklenburg-Western Pomerania
191
192
Annual accounts
Annual accounts
194
NORD/LB Group
198
Cash flow statement
200
NORD/LB
204
Notes
193
194
Annual accounts
Assets
Dec. 3, 200
TEU R
TEU R
TEU R
TEU R
442,616
27, 856
1,428,350
( 255,689 )
356
1,456,562
325,933
22,326
( 9,899 )
25,228
( 25,228 )
47, 554
58,736,033
2,489,001
57, 045,129
( 2,913 )
59,534,130
1. Cash reserve
a) cash in hand
b) balances with central banks
of which: at the Deutsche Bundesbank
c) balances in giro accounts
94,411
347, 848
TEU R
307,219
357
2. Public sector debt securities and bills
admissible for refinancing at central banks
a) Treasury bills and non-interest bearing treasury
discount notes and similar public debt securities
of which: refinanceable at the Deutsche Bundesbank
b) bills
302,331
TEU R
296,174
TEU R
23,602
23,602
3. Claims on financial institutions
a) due on demand
b) other claims
of which: building loans by the Building Society
2,384,403
56,351,630
TEU R
2,310
77, 118,424
4. Claims on non-bank clients
of which: secured by mortgages
public sector loans
building loans by the Building Society
TEU R 10,578,796
TEU R 23,637, 452
TEU R 2,519,788
77, 106,338
( 10,330,023 )
( 23,410,259 )
( 2,419,777 )
5. Debentures and other fixed interest rate securities
a) money market instruments
aa) issued by public entities
of which: eligible as collateral at
ab) issued by other entities
b) bonds and debentures
ba) issued by public sector entities
bb) issued by other entities
c) own debentures
nominal amount
32,092
the Bundesbank
TEU R
–
the Bundesbank
TEU R
115,881
the Bundesbank
TEU R 3,877, 937
the Bundesbank
TEU R 20,539,700
115,881
1,253
(–)
363,767
( 363,767 )
147, 973
7,208,151
45,334,331
7, 076,924
( 3,508,914 )
33,351,053
( 19,818,152 )
6,453,220
( 6,379,361 )
47,246,217
6. Shares and other variable interest rate securities
1,787, 428
1,033,563
7. Holdings
1,194,969
902,803
( 627, 874 )
277, 426
407, 573
( 16,182 )
5,826,657
5,834,966
( 5,693,872 )
32,136,604
of which: in financial institutions
5,841,603
TEU R 5,766,027
TEU R
478,791
TEU R
25
8. Shares in associated companies
9. Trustee assets
of which: trustee loans
10. Public sector equalisation claims including
those exchanged for debentures
11. Immaterial assets
39,344,755
TEU R 5,724,528
364,957
489,682
297
357
12. Fixed assets
1,243,020
1,236,856
13. Other assets
3,808,050
3,926,062
692,943
588,881
0
43,413
197, 153,084
199,854,957
14. Deferred assets
15. Deferred taxes
Total assets
Annual accounts
Consolidated balance sheet as of December 31, 2002
195
Liabilities
Dec. 3, 200
TEU R
TEU R
TEU R
TEU R
69,059,378
10,233,393
58,939,301
4,070
69,176,764
1. Liabilities to financial institutions
a) due on demand
b) with an agreed term or notice period
c) Building Society savings deposits
11,082,054
57, 974,820
2,504
2. Liabilities to non-bank clients
a) deposits from Building Society savings business and savings deposits
aa) Building Society savings deposits
ab) savings deposits with an agreed notice period
of three months
ac) savings deposits with an agreed notice period
of more than three months
b) other liabilities
ba) due on demand
bb) with an agreed term or notice period
1,888,796
1,806,973
2,029,059
2,101,730
200,247
4,118,102
305,445
7, 508,279
31,670,309
39,178,588
6,355,607
35,134,510
45,704,265
43,296,690
3. Securitised liabilities
a) debentures issued
b) other securitised liabilities
of which:
money market instruments
46,326,287
17, 546,810
63,873,097
( 14,573,255 )
64,514,918
5,826,657
5,834,966
TEU R 15,513,245
4. Trustee liabilities
of which:
trustee loans
48,560,976
15,953,942
( 5,693,872 )
TEU R 5,724,528
5. Other liabilities
6. Deferred liabilities
3,847, 865
4,139,318
458,117
384,451
1,668,207
569,594
394,153
523,181
1,486,928
6,576
22,395
2,851,258
2,367, 864
1,161,469
1,165,498
(– )
7. Provisions
a) provisions for pensions and
similar commitments
b) tax provisions
c) other provisions
609,503
335,774
722,930
8. Special reserve items
9. Subordinated liabilities
10. Profit sharing certificates
of which: due within two years
TEU R
–
73,760
11. Funds for general banking risks
43,540
12. Equity capital
a) subscribed capital
aa) share capital
ab) capital contribution as per § 2 para. 1 N ORD/ LB Act
ac) other capital contributions
b) capital reserves
ba) specific reserves
bb) contribution as per § 2 para. 2 N ORD/ LB Act
bc) other reserves
c) retained income
d) minority interests
e) distributable profit
375,000
51,129
1,988,008
766,938
37, 580
537,242
375,000
51,129
1,985,008
2,414,137
5,030,010
766,938
37, 580
530,665
1,196,842
70,888
0
5,014,050
197, 153,084
199,854,957
7, 012,178
–
6,275,431
–
6,275,431
18,464,867
–
–
18,916,185
18,916,185
1,341,760
1,172,863
66,171
35,079
Total liabilities
1. Contingent liabilities
a) contingent liabilities from discounted bills passed on
b) liabilities arising from guarantees and surety agreements
c) liabilities arising from the provision of collateral for third party liabilities
–
7, 012,178
–
2. Other commitments
a) repurchase obligations from partial repo transactions
b) placement and assumption obligations
c) irrevocable loan commitments
–
–
18,464,867
196
Annual accounts
200
TEU R
TEU R
TEU R
TEU R
1. Interest income from
a) lending and money market transactions
of which:
Building Society interest income:
from Building Society loans
from prefinancing and bridging loans
from other building loans
b) fixed interest rate securities and
registered securities
7, 994,623
TEU R
TEU R
TEU R
( 34,275 )
( 96,955 )
33,472
101,243
2,708
( 2,603 )
1,941,962
2. Interest expenditure
of which:
for Building Society savings deposits
TEU R
8,826,856
9,936,585
2,165,691
8,768,279
9,954,954
57, 167
1,168,306
( 56,214 )
1,037, 593
3. Current income from
a) shares and other variable
interest rate securities
b) holdings
c) shares in associated companies
36,025
46,795
4,691
4. Income from profit pooling, profit transfer
and part profit transfer agreements
2,937
262,480
TEU R
TEU R
13,309
4,836
( 11,880 )
TEU R
TEU R
248
4,532
( 283 )
( 43,679 )
( 4,692 )
69,147
6. Commission expenditure
of which:
for contract conclusion and brokerage
by the Building Society
18,254
257, 735
5. Commission income
of which:
Building Society commision income:
from contract conclusion and brokerage
from loan regulation after allocation
from providing and processing
prefinancing and bridging loans
other commission income
87, 511
34,419
61,946
9,432
105,797
TEU R
67, 039
18,049
188,588
7. Net earnings from financial transactions
8. Other operating income
9. Income from writing back
special reserve items
( 15,990 )
195,441
– 14,656
18,159
287, 867
459,438
15,820
16,613
10. General administrative expenditure
a) personnel costs
aa) wages and salaries
ab) social security contributions
and payments for pensions and benifits
of which:
for pensions
b) other administrative expenditure
379,981
190,780
TEU R
357, 716
570,761
150,833
383,645
( 93,146 )
322,381
830,930
87,288
954,406
Carry forward
797, 284
1,005,048
Annual accounts
197
Consolidated statement of income for the period from January 1 to December 31, 2002
200
TEU R
TEU R
TEU R
TEU R
797, 284
1,005,048
76,147
73,478
12. Other operating expenditure
258,029
200,980
13. Depreciation and write-offs on
receivables and certain securities and
transfers to loan provisions
438,311
166,538
–
437, 974
15. Income from write-ups to holdings,
shares in associated companies and
securities held as fixed assets
233,263
–
16. Expenditure on assumption of losses
1,099
2,693
256,961
123,385
Carry forward
intangible and tangible fixed assets
14. Depreciation and write-offs on associated
companies, shares in associated companies
and securities treated as fixed assets
17. Result of ordinary operating activities
18. Taxes on income and earnings
71,104
150,056
72,578
6,586
156,642
128,491
110,466
30,000
674
–
195,149
23. Net income for the year
25,892
50,752
24. Profit / loss carried forward from previous year
12,580
38,472
12,619
63,371
–
36,119
3,393
6,439
27. Third party share of loss
–
1,687
28. Advance dividend payment
–
22,500
35,079
0
19. Other taxes not reported under item 12
20. Profits transferred on the basis
of a profit pooling, profit transfer or
part profit transfer agreement
21. Expenditure on transfer to funds
for general banking risks
22. Withdrawals from the fund
25. Transfer to retained profits
26. Minority interests’ share profits
29. Distributable Group profit
1,474
198
Annual accounts
Cash flow statement for the NORD / LB Group
2002
EUR million
2001
EUR million
26
200
181
118
34
996
673
51
780
170
760
126
216
331
Non-cash items included in net income and transfers to the
cash flow statement from operating activities
Net income for the year
Depreciation, provisions and write-ups to fixed assets and financial assets
Change in provisions
Change in other non-cash items
Profits from the sale of financial assets and fixed assets
Other adjustments (net)
Subtotal
Change in assets and liabilities from operating activities after adjustment
of non-cash items
Claims
– on financial institutions
– on non-bank clients
Securities (excluding financial assets)
Other assets from operating activities
Liabilities
– to the financial institutions
– to non-bank clients
Other liabilities from operating activities
Interest and dividends received
Interest paid
Extraordinary payments made
Income tax payments
Cash flow from normal business activities
Inflow of funds from the sale of financial assets and fixed assets
Outflow of funds for the acquisition of financial assets and fixed assets
Effects from changes in the scope of consolidation
Cash flow from investment activities
Inflow of funds from capital increases
Dividend payments
Change in funds from other financial activities
–
–
–
1,757
194
2,065
127
– 2,537
– 4,647
– 6,637
–
31
– 608
– 3,110
– 1,457
– 299
7, 753
– 6,687
0
29
– 909
3,107
542
7, 703
546
8,883
– 8,372
0
– 186
– 2,382
1,655
– 1,929
–
40
– 314
4,521
– 3,170
–
34
1,317
–
Cash flow from financial activities
Balance of funds at the end of the previous period
Cash flow from normal business activities
Cash flow from investment activities
Cash flow from financial activities
Balance of funds at the end of the period
–
–
–
–
7
1
482
488
1,504
909
314
488
769
The cash flow statement for the N ORD/ LB Group shows changes in existing funds and cash flows .
Funds are defined as cash reserves including debentures issued by public authorities in accordance with provision DRS 2–0 of the
Deutsches Rechnungslegungs Standards Committee e.V. (DRSC, German Accounting Standards Committee). The cash flow statement
reflects the flow of funds in 2002 according to operating activities , investment activities and financial activities .
–
–
4
50
1,122
1,076
1,493
– 2,382
1,317
1,076
1,504
Annual accounts
199
200
Annual accounts
Assets
Dec. 3, 200
TEU R
TEU R
TEU R
TEU R
243,695
18,930
263,242
( 252,167 )
282,172
1. Cash reserve
a) cash in hand
b) balances with central banks
of which: at the Deutsche Bundesbank
54,342
189,353
TEU R
180,872
2. Public sector debt securities and bills
admissible for refinancing at central banks
a) Treasury bills and non-interest bearing treasury
discount notes and similar public debt securities
b) bills
302,331
TEU R
296,174
TEU R
15,834
15,834
318,165
22,326
( 9,899 )
16,765
39,091
( 16,765 )
a) due on demand
b) other claims
2,070,666
48,222,352
50,293,018
49,690,424
TEU R 6,560,376
TEU R 14,528,984
of which: secured by mortgages
public sector loans
2,062,537
46,164,199
48,226,736
49,624,967
( 6,276,602 )
( 14,292,378 )
5. Debentures and other fixed interest rate securities
a) money market instruments
aa) issued by public sector entities
b) bonds and debentures
c) own debentures
–
the Bundesbank
TEU R
–
the Bundesbank
TEU R
115,881
the Bundesbank
TEU R 3,282,907
the Bundesbank
TEU R 15,472,495
115,881
–
(– )
363,767
( 363,767 )
115,881
6,294,399
25,188,787
31,483,186
1,161,774
32,760,841
nominal amount
TEU R 1,114,178
1,107, 534
7. Holdings
in financial services institutions
TEU R
TEU R
in financial services institutions
of which: trustee loans
457, 637
( 224,320 )
( 495 )
2,435,023
2,634,766
( 1,427, 300 )
( 22,122 )
5,753,911
5,604,045
( 5,572,717 )
TEU R 1,482,125
TEU R
911
9. Trustee assets
456,516
544,673
195,434
2,147
6,481,358
( 3,207, 847 )
28,226,860
( 15,950,054 )
936,175
36,008,160
( 906,396 )
TEU R 5,725,392
10. Public sector equalisation claims including
those exchanged for debentures
340,846
457, 696
11. Fixed assets
145,571
128,494
12. Other assets
2,208,408
2,201,717
615,766
492,938
–
43,413
146,457, 875
146,658,348
13. Deferred assets
14. Deferred taxes
Total assets
Annual accounts
Annual balance sheet as of December 31, 2002
201
Liabilities
Dec. 3, 200
TEU R
TEU R
TEU R
TEU R
48,322,270
8,158,254
43,334,283
51,492,537
a) due on demand
8,375,477
39,946,793
a) Savings deposits
aa) with an agreed notice period
of three months
ab) with an agreed notice period
of more than three months
b) other liabilities
ba) due on demand
bb) with an agreed term
or notice period
1,834,730
181,713
1,927,228
2,016,443
279,630
5,937, 118
25,083,347
4,794,712
31,020,465
33,036,908
23,957,269
30,958,839
a) debentures issued
b) other securitised liabilities
of which:
money market instruments
34,033,733
13,309,986
47, 343,719
TEU R 11,276,421
5,753,911
of which:
trustee loans
34,456,549
13,257,293
47, 713,842
( 11,876,606 )
5,604,045
( 5,572,717 )
TEU R 5,725,392
2,652,045
2,308,292
383,541
308,293
1,297, 033
443,731
287, 981
400,235
1,131,947
734
7, 697
2,312,462
1,829,681
10. Profit sharing certificates
1,010,638
1,010,638
95,000
95,000
7. Provisions
a) provisions for pensions and
similar commitments
b) tax provisions
c) other provisions
467, 729
262,379
566,925
11. Funds for general banking risks
12. Equity capital
a) subscribed capital
aa) share capital
ab) capital contribution as per § 2 para. 1 N ORD/ LB Act
ac) other capital contributions
b) capital reserves
ba) specific reserves
bb) contribution as per § 2 para. 2 N ORD/ LB Act
bc) other reserves
c) retained income
d) distributable profit
375,000
51,129
1,456,798
766,938
37, 580
443,169
375,000
51,129
1,453,798
1,882,927
4,249,614
766,938
37, 580
436,592
1,076,500
–
4,197, 537
146,457, 875
146,658,348
6,071,232
–
6,513,312
–
6,513,312
12,116,427
–
–
14,009,026
14,009,026
1,247, 687
1,096,500
22,500
Total liabilities
a) contingent liabilities from discounted bills passed on
b) liabilities arising from guarantees and surety agreements
c) liabilities arising from the provision of collateral for third party liabilities
–
6,071,232
–
2. Other commitments
a) repurchase obligations from partial repo transactions
b) placement and assumption obligations
c) irrevocable loan commitments
–
–
12,116,427
202
Annual accounts
200
TEU R
TEU R
TEU R
TEU R
1. Interest income from
a) lending and money market transactions
b) fixed interest rate securities and
registered securities
4,879,750
1,404,084
5,119,275
6,283,834
1,678,235
5,526,358
2. Interest expenditure
757, 476
6,106,831
690,679
126,834
10,876
55,233
151,482
217, 591
63,004
10,122
3. Current income from
a) shares and other variable
interest rate securities
b) holdings
c) shares in associated companies
15,822
45,206
65,806
4. Income from profit pooling, profit transfer
and part profit transfer agreements
180,369
192,186
38,306
6. Commission expenditure
9. Income from writing back
special reserve items
142,063
39,119
153,067
– 17, 324
16,453
92,714
174,714
6,964
6,587
10. General administrative expenditure
a) personnel costs
aa) wages and salaries
ab) social security contributions and
payments for pensions and benifits
of which:
for pensions
b) other administrative expenditure
intangible and tangible fixed assets
Carry forward
261,823
130,685
TEU R
252,677
392,508
107, 711
290,442
682,950
( 67, 467 )
244,163
604,551
33,500
33,060
455,281
631,602
50,675
Annual accounts
203
Statement of income for the period from January 1 to December 31, 2002
200
TEU R
TEU R
TEU R
TEU R
Carry forward
455,281
631,602
114,712
28,568
receivables and certain securities and
transfers to loan provisions
376,228
273,693
14. Income from revaluation of
receivables and certain securities
as well as release of loan provisions
215,121
176,754
15. Expenditure on assumption of losses
1,099
391,288
178,363
114,807
16. Result of ordinary operating activities
18. Other taxes not reported
under item 12
42,988
46,306
43,887
902
47,208
91,976
90,599
–
59,000
21. Net income for the year
42,500
36,000
22. Transfer to retained profits
20,000
13,500
23. Advance dividend payment
–
22,500
22,500
0
19. Profits transferred on the basis
of a profit pooling, profit transfer or
part profit transfer agreement
20. Withdrawals from the fund
24. Distributable profit
899
204
Annual accounts
Notes to the Company and
Group accounts of Norddeutsche Landesbank Girozentrale
as at 31 December 2002
1. Information on accounting:
accounting and valuation policies, principles of currency conversion
Principles for drawing up
the NORD/ LB and Group accounts
for the year
MHB Bank Polska, Warsaw/Poland, has
been consolidated in the NORD/LB Group
accounts for the first time, as has AB Lietu-
Both the Company and Group accounts of
vos Zemes Ukio Bankas, Vilnius/Lithuania.
NORD/LB as at 31 December 2002 were
The companies were consolidated for the
prepared in accordance with the provisions
first time at the balance sheet reference date,
of the German Commercial Code (HGB)
using the book value method. A balancing
and the accounting regulations for financial
item of EUR 0.4 million resulting from the
institutions (RechKredV).
capital consolidation of MHB Bank Polska
The balance sheets and profit and loss
and EUR 7.7 million for AB Lietuvos Zemes
accounts are structured in accordance with
Ukio Bankas was offset directly against
RechKredV and the relevant supplementary
retained income.
provisions for public sector banks and central
LBS
savings banks.
Berlin-Hannover,
Norddeutsche
Landesbausparkasse
Hannover
in
which
NORD/LB holds a 44 per cent participation
Scope and method of consolidation
in the Group accounts
(previous year: 50 per cent), has been consolidated pro rata as a joint venture in accor-
In addition to NORD/LB, 25 associated
dance with Section 310 HGB.
companies have been included in the Group
For
accounts.
GmbH, Hannover, whose financial year ends
As in the previous year, NORD/LB Immo-
on 31 October, intermediate accounts were
bilien-Holding GmbH has prepared sub-
produced to 31 December. For Norddeutsche
Group accounts. These include the following
Investitionen Beteiligungsgesellschaft mbH,
companies: NILEG Norddeutsche Immo-
Hannover, whose financial year ends on 30
biliengesellschaft
November, intermediate accounts were also
mbH
in
Hannover,
Nord-Ostdeutsche
Bankbeteiligungs
6 NILEG property companies, Wohnungs-
produced to 31December.
bau Niedersachsen GmbH, Hannover, fol-
The capital of consolidated companies was
lowing the merger with NBN Norddeutsche
consolidated by the book value method,
Beteiligungsgesellschaft für Immobilien in
based on the stated values at the time of first
Niedersachsen
and
consolidation. Additional shares acquired in
in
Group companies are offset at the time of
mbH,
Wohnungsgesellschaft
Hannover
Norden
mbH
Hamburg following the merger with NBH
acquisition.
Norddeutsche Beteiligungsgesellschaft für
Owing to their minor importance in terms of
Immobilien in Hamburg mbH, Hannover.
assets, finances and earnings, no at-equity
Annual accounts
valuation is performed in respect of affiliated
million (previous year EUR 2,583.4 million)
companies in the Group balance sheet. They
in the Group were not written down to the
are carried as participations.
lower of cost or market. As a matter of principle, when forming separate valuation units
General accounting and
valuation methods
(synthetic floaters) the valuation is based on
the stated acquisition costs.
Holdings and shares in associated companies
Assets and liabilities are valued according to
are reported at cost of acquisition or, in the
the valuation rules set out in Sections 252 ff.
event of a permanent impairment in value, at
HGB, unless the special provisions of Sec-
the lower attributable value.
tion 340e HGB apply. The requirements to
In the case of fixed assets, the useful life
reinstate original values in accordance with
of which is limited in terms of time, the
Section 280 para. 1 HGB were fulfilled.
maximum depreciation permitted under tax
With the exception of the trading portfolio,
legislation is applied, taking into account the
claims on non-bank clients and financial
simplification regulations for movable fixed
institutions are reported at their nominal
assets under para. 44 EstR (Income Tax Law).
value. In the event of interest-related differ-
From 2001 onwards, new economic assets
ences between nominal amounts and dis-
acquired will be written off on a straight line
bursements of mortgage loans and other
basis to bring this into line with international
claims, the claims are stated at their full value
accounting standards in the long term. Low
in accordance with Section 340e para. 2
value economic assets are written off in full
HGB. The differences are reported under
in the year of acquisition.
deferred items and written back on a sched-
Liabilities to the regional trustee offices
uled basis.
bearing low or no interest are stated at their
Adequate specific provisions are formed to
cash value.
cater for all discernible risks in the lending
Liabilities to non-bank clients and financial
business.
institutions are shown at their repayment
The calculation principles for provisions for
amounts.
country risks were unchanged. There are
Interest rate-related differences between the
appropriate general provisions for other
amount borrowed and repayment amounts
latent risks, as well as reserves in accordance
are reported under deferred items and writ-
with Section 340f HGB.
ten back on a scheduled basis.
Securities and claims in the trading portfolio
Zero bonds are stated at their price on issue
as well as securities in the liquidity reserve
plus pro rata interest in line with the yield
are valued according to the strict principle of
on the issue.
the lower of cost or market value, and sepa-
For other discounted claims a balancing item
rate valuation units are formed with financial
is incorporated in deferred assets.
swaps. Securities held as fixed assets are
In accordance with the principle of prudence,
valued at acquisition cost provided there is
there are adequate provisions to cover uncer-
no permanent impairment of value. Such
tain liabilities and threatened losses relating
securities with a book value of EUR 4,103.0
to outstanding transactions.
205
206
Annual accounts
Pension obligations are assessed at partial
Valuation of derivatives
value based on actuarial principles discounted at 6 per cent taking into account the mor-
Derivative financial instruments (futures,
tality tables of 1998. There are also indirect
options, swaps) are in principle valued indi-
pension obligations under Section 28 para. 2
vidually, applying the general commercial
EGHGB (Introductory Law on the Civil
valuation rules (Section 252 ff. HGB) and
Code) in the amount of EUR 9.0 million
taking into account the realisation and impar-
(previous year: EUR 6.9 million).
ity principle, unless valuation units have been
formed to the extent permissible to hedge
Currency conversion
balance sheet and trading portfolio items.
Trading portfolios in securities and deriva-
Currency conversion was carried out in
tives, which in terms of earnings and risk are
accordance with the principles of Section
managed as separate units, are combined
340h HGB. The option under Section 340h
across products, taking adequate account of
para. 2 sentence 3 HGB was exercised.
risks.
Unless special cover has been provided, fixed
The results of the valuation of interest related
assets are stated at historic cost of acqui-
products were netted off per currency and
sition.
per type or index in the case of products with
Other assets and liabilities are converted at
other price risks. Account is taken of the
the ECB reference rate on the balance sheet
principle of prudence in that a positive bal-
date. Spot transactions not yet completed
ance is not reported, whereas a negative bal-
and forward foreign exchange transactions
ance results in the formation of a provision.
are also valued at the ECB reference rate.
The derivatives concluded outside trading
In addition, for forward transactions the
portfolios to hedge balance sheet items are
proportionate swap premiums/discounts not
not valued.
yet amortised are valued at the current swap
Option premiums and future margin pay-
rates for the residual term of the transactions.
ments on transactions not yet due as well as
The results of the valuation of the remaining
pro rata interest on interest swap transactions
items are balanced out for each currency and
are reported under other assets or other lia-
a provision formed for losses. Remaining
bilities. Amounts that are not yet amortised
positive results, such as unrealised profits on
resulting from interest limitation agreements
open positions, are not taken into account.
are contained in deferred items.
The total amount of assets in foreign curren-
Provisions have been created to take account
cies in the Group is EUR 42,101 million
of latent risks.
(previous year: EUR 44,205 million) and of
liabilities EUR 47,148 million (previous year:
EUR 47,232 million); at NORD/LB the
respective totals are EUR 33,520 million
(previous year: EUR 33,792 million) and
EUR 35,960 million (previous year: EUR
36,927 million).
Annual accounts
207
II. Notes to the balance sheet
and statement of income
The following explanations of the individual
income correspond to the order used in the
items in the balance sheet and statement of
accounts:
Assets
Group
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
2,384,403
2,489,001
2,070,666
2,062,537
29,482
157
190,663
247, 916
14,877
50,450
12,580
49,725
b) Other claims
with a remaining term of
– less than 3 months
– at least 3 months but less than 1 year
– at least 1 year but less than 5 years
– 5 years or more
9,639,116
11,354,746
19,516,830
15,840,938
10,333,367
9,261,100
19,566,298
17, 884,364
7, 337, 747
9,117, 702
16,081,164
15,685,739
7, 569,594
5,673,055
15,019,721
17, 901,829
Book value
56,351,630
57, 045,129
48,222,352
46,164,199
12,682
7, 975
6,498,512
5,762,767
2,051,733
56,796
–
1,996,913
45,038
–
2,848,731
282,016
19,881,215
2,668,676
210,448
20,019,327
17, 167, 849
18,667, 994
14,209,347
15,345,355
with a remaining term of
– less than 3 months
– at least 3 months but less than 1 year
– at least 1 year but less than 5 years
– 5 years or more
with an unspecified term
11,149,905
6,661,329
20,468,734
38,838,456
( 1,888,295 )
12,587, 935
6,081,018
19,961,733
38,475,652
(2,926,193 )
7, 024,652
4,243,012
13,215,350
25,207, 410
(1,861,308 )
8,195,022
3,467, 304
13,217, 736
24,744,905
(2,481,015 )
Book value
77, 118,424
77, 106,338
49,690,424
49,624,967
236,552
77,286
773,506
413,629
971,505
36,593
–
936,830
34,744
–
625,286
24,322
19,055,037
592,685
22,473
18,032,050
a) Due on demand
Book value
of which
– claims on associated companies
– claims on companies with which
a shareholding relationship exists
of which
– subordinated claims
– used as cover
c) Total claims on financial institutions
contain:
– claims on associated savings banks
of which
– subordinated claims
– used as cover
208
Annual accounts
Assets
Gruoup
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
32,092
1,253
–
–
22,217
22,194
9,898
1,253
1,253
–
–
–
–
–
–
–
115,881
363,767
115,881
363,767
115,881
115,881
–
363,767
363,767
–
115,881
115,881
–
363,767
363,767
–
7, 208,151
7, 076,924
6,294,399
6,481,358
905,004
6,007, 388
1,200,763
949,253
5,207, 796
1,869,128
792,863
5,162,701
1,131,698
928,474
4,635,264
1,846,094
32,136,604
33,351,053
25,188,786
28,226,860
8,855,716
7, 339,491
8,494,017
6,851,126
30,308,089
31,164,432
23,692,277
25,642,707
1,828,515
1,339
2,186,621
1
1,496,509
2,191,028
2,584,153
2,728,828
882,331
9,565
1,169,204
30,018
820,194
9,565
990,803
18
5,841,603
6,453,220
1,161,774
936,175
3,533,912
2,135,757
400,144
320,187
5,423,185
5,097, 981
1,073,781
859,365
418,418
1,355,239
87, 993
76,810
1,787, 428
1,033,563
1,107, 534
456,516
32,494
134,131
17, 649
106,167
554,458
7, 621
475,005
16,659
28,931
7, 621
25,534
16,659
5. Debentures and other fixed interest
rate securities
a) Money market securities
aa) issued by public sector entities
Book value
of which
– maturing next year
– money market securities eligible for trading and listed on the stock exchange
– money market securities eligible for trading but not listed on the stock exchange
Book value
of which
– money market securities eligible for trading and listed on the stock exchange
– money market securities eligible for trading but not listed on the stock exchange
b) Bonds and debentures
Book value
of which
– debentures eligible for trading and listed on the stock exchange
– debentures eligible for trading but not listed on the stock exchange
Book value
of which
– bonds and debentures eligible for trading
and listed on the stock exchange
but not listed on the stock exchange
– securities issued by associated companies
– securities issued by companies
with which a shareholding relationship exists
– subordinated debentures
c) Own debentures
Book value
of which
and listed on the stock exchange
but not listed on the stock exchange
Book value
of which
– shares and other variable interest rate securities
eligible for trading and listed on the stock exchange
– shares and other variable interest rate securities
eligible for trading but not listed on the stock exchange
– subordinated securities
Annual accounts
209
Assets
Group
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
1,194,969
902,803
544,673
457, 637
423,705
28,619
79,215
538,892
4,976
47, 519
201,186
28,619
79,215
196,971
4,806
47, 519
277, 426
407, 573
2,435,023
2,634,766
–
3,534
–
–
16,026
–
97, 671
456,628
228,952
32,754
450,678
228,952
5,826,657
5,834,966
5,753,911
5,604,045
1,598,387
4,158,806
60,516
8,948
1,502,218
4,252,072
71,729
8,947
1,594,240
4,159,670
1
–
1,601,476
4,002,568
1
–
1,243,020
1,236,856
145,571
128,494
126,050
116,473
993,805
104,658
93,507
1,031,945
57, 055
88,516
–
59,142
69,352
–
3,808,050
3,926,062
2,208,408
2,201,717
2,593,193
289,308
256,727
2,799,039
208,508
232,741
1,635,081
281,578
–
1,565,234
203,214
147, 794
244,903
248,322
–
–
100,000
100,000
100,000
100,000
692,943
588,881
615,766
492,938
154,099
206,634
144,397
215,021
124,813
191,189
115,396
197, 642
7. Holdings
Book value
of which
– shares eligible for trading and listed on the stock exchange
– shares eligible for trading but not listed on the stock exchange
– subordinated shares
The shareholdings are listed under I I I. Clause 8.
Book value
of which
– shares eligible for trading and listed on the stock exchange
– shares eligible for trading but not listed on the stock exchange
– subordinated shares
The shareholdings are listed under I I I. Clause 8.
9. Trustee assets
Book value
of which
– claims on financial institutions
– claims on non-bank clients
– holdings
– fixed assets
12. Fixed assets
Book value
of
–
–
–
which
land and buildings used for own activities
fixtures and fittings
fixed assets relating to the property business
13. Other assets
Book value
of which
the following are reported as significant items :
– pro rata interest and interest due under interest rate swaps
– premiums paid for options , swaps and caps
– claims arising from the property business
– properties earmarked for sale and
other stocks arising from the property business
Subordinated shares
14. Deferred assets
Book value
of which
– deferred premiums as per § 340 e para. 2 H G B
– discounts arising from the issuing and loan business
210
Annual accounts
Group Statement of assets (in TEUR)
Cost of
acquisition/
manufacture
Additions
due to
first time
consolidation
Accruals
Disposals
Transfers
Additions Cumulative
depreciation
Holdings
Shares in
associated
companies
Fixed
and
securities
Immaterial
assets
Fixed
assets
Residual
book value
3. 2. 02
Residual
book value
3. 2. 0
1,194,969
902,803
277, 426
407, 573
7, 325,012
7, 119,148
Depreciation in
financial
year
39,759
–
768
28,399
–
–
11,831
297
357
827
1,911,531
50,259
82,569
65,014
617
–
736,942
1,243,020
1,236,856
75,320
Statement of NORD / LB assets (in TEUR)
Cost of
acquisition/
manufacture
Accruals
Disposals
Transfers
Additions
Cumulative
depreciation
Holdings
Shares in
associated
companies
Fixed
and
securities
Fixed
assets
370,594
51,464
8,371
–
–
268,116
Residual
book value
3. 2. 02
Residual
book value
3. 2. 0
544,673
457, 637
2,435,023
2,634,766
494,942
633,790
145,571
128,494
Depreciation in
financial
year
33,500
Annual accounts
211
Liabilities
Group
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
11,082,054
10,233,393
8,375,477
8,158,254
88,053
936
189,242
69,943
298,664
64,719
300,774
102,964
29,815,437
7, 618,799
8,657, 854
11,882,730
31,370,450
6,445,892
8,513,917
12,609,042
17, 623,508
5,382,058
7, 163,509
9,777, 718
20,725,319
4,728,572
7,285,667
10,594,725
57, 974,820
58,939,301
39,946,793
43,334,283
154,157
83,390
2,370,272
2,912,570
286,267
2,933,592
433,535
4,455,735
265,427
2,933,592
378,039
4,405,400
5,616,572
5,581,419
5,106,518
5,084,615
46,812
87, 033
65,450
952
123,174
104,593
76,861
817
42,527
76,474
61,786
926
118,994
94,136
65,704
796
200,247
305,445
181,713
279,630
7, 508,279
6,355,607
5,937, 118
4,794,712
197, 845
73,279
216,172
561,812
64,694
47, 019
58,692
39,026
10,832,351
1,875,685
6,492,206
12,470,067
16,732,037
1,217, 359
5,494,205
11,690,909
6,953,075
1,460,537
6,653,160
10,016,575
7, 936,332
955,647
5,266,969
9,798,321
31,670,309
35,134,510
25,083,347
23,957, 269
74,746
233,328
2,066,197
2,381,844
98,203
–
88,550
–
76,368
–
75,857
–
a) Due on demand
Book value
of which
– liabilities to associated companies
– liabilities to companies with which
of
–
–
–
–
which with a remaining term of
less than 3 months
at least 3 months but less than 1 year
at least 1 year but less than 5 years
5 years or more
Book value
of which
– assets deposited as security
c) Total liabilities to financial institutions
contain:
– liabilities to affiliated savings banks
a) Savings deposits
ac) with an agreed notice period of more than 3 months
of
–
–
–
–
less than 3 months
5 years or more
Book value
b) Other liabilities
ba) Due on demand
Book value
of which
bb) with an agreed term or notice period
of
–
–
–
–
less than 3 months
5 years or more
Book value
of which
– assets deposited as security
212
Annual accounts
Liabilities
Group
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
Book value
46,326,287
48,560,976
34,033,733
34,456,549
of
–
–
–
14,658,279
29,291
15,344,134
26,897
9,709,547
1,977, 587
10,834,425
2,591,229
1,769,533
2,358,368
1,098,420
1,645,348
10,615,401
6,791,058
127, 616
12,735
10,372,319
5,199,553
380,642
1,428
6,892,078
6,277, 557
127, 616
12,735
8,461,318
4,413,905
380,642
1,428
17, 546,810
15,953,942
13,309,986
13,257, 293
–
–
313,762
–
Book value
5,826,657
5,834,966
5,753,911
5,604,045
of which
– liabilities to financial institutions
– liabilities to non-bank clients
768,632
5,026,064
612,264
5,222,702
762,418
4,991,493
629,180
4,974,865
3,847, 865
4,139,318
2,652,045
2,308,293
2,670,375
273,641
3,015,808
207, 755
1,643,417
263,933
1,574,562
199,179
253,967
111,746
132,035
229,405
64,293
235,623
105,152
177, 361
232,520
11,512
197, 819
111,169
132,035
229,405
–
195,377
104,469
177, 361
–
–
Book value
458,117
384,451
383,541
308,293
of which
– deferred discounts as per § 340 e para. 2 H G B
107, 631
123,437
94,126
108,648
Book value
6,576
22,395
734
7, 697
of
–
–
–
–
50
734
4,275
1,517
10,886
1,172
10,237
–
–
734
–
–
6,525
1,172
–
–
a) Debentures issued
which
maturing next year
liabilities to associated companies
liabilities to companies with which
b) Other securitised liabilities
of
–
–
–
–
less than 3 months
5 years or more
Book value
of which
Book value
of which
the following are reported as significant items :
– Interest payable on deferred interest rate swaps
– Premiums received for options transactions
– interrest payable on participation certificates ,
subordinated liabilities and capital contributions
– outstanding not reclassified items on interim accounts
– Equivalent values for outstanding securities sales
– Equalisation item resulting from evaluation of currency items
– liabilities arising from the property business
which
as per
as per
as per
as per
§ 52 para. 6 E StG
§ 4 Fördergebietsgesetz (Development Areas Act)
§ 6 b E StG
§ 7 h E StG
Annual accounts
213
Liabilities
Of the liabilities reported TEU R 138,107 (previous year: TEU R 130,254) were used by
the Group and TEU R 112,764 (previous year: TEU R 102,523) by N ORD/ LB. The funds raised,
which exceed 0 % of the total amount raised, are broken down as follow:
Currency amount
Interrest
rate
N ORD/ LB
500 EU R million
5.75 % p.a.
The only circumstances that would require premature repayment are a change to the taxation system which would
lead to additional payments to the purchaser.
The circumstances under which these funds are subordinated comply with the Banking Act.
Conversion into capital or another form of debt is neither agreed nor anticipated.
Subordinated liabilities to associated companies amounted to TEU R 2,655 (previous year: TEU R 2,655)
at N ORD/ LB and to TEU R 2,655 (previous year: 2,424 TEU R) for the Group.
12. Equity capital
In accordance with the recommendations of the Basel Committee for Banking Supervision on capital adequacy,
the individual components of core capital were made up as follows on 3. 12. 2002:
EUR million
Subscribed capital
426
Capital reserves
2,431
Assets provided by silent partners
1,988
Special items for general banking risks as per § 340 g H G B*
180
Total core capital
5,025
* The Section § 340 g reserves of EU R 06.2 million at both N ORD/ LB and the Group,
which deviate from the commercial accounts , have not been taken into account here.
Group
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
7, 012,178
6,275,431
6,071,232
6,513,312
–
1
1,084,745
2,009,658
203
8,504
220
8,504
NOTES
Book value
of which
– liabilities to associated
companies
214
Annual accounts
Other financial obligations
NORD/LB has released the personally liable
partners in two property funds (previous
Apart from political risks, NORD/LB
year: two) from their statutory liability. Fur-
ensures that the banks and financial institu-
thermore, two Supervisory Board members
tions included in the Group accounts as
of JSC Pirma Banka, Riga/Latvia have been
wholly-owned subsidiaries of NORD/LB
released from liability for any obligations
can meet their obligations.
arising from their activity as Supervisory
The Group also stands surety for the obliga-
Board members at JSC Pirma Banka.
tions of the Niedersächsischer Sparkassen-
NORD/LB also has an undertaking vis-à-
und Giroverband (Lower Saxony Savings
vis NORDIG Norddeutsche Investitions-
Banks and Giro Association) arising as a
gesellschaft mbH to assume any losses this
result of its membership in the Deutscher
company may incur as a result of its partici-
Sparkassen- und Giroverband ö.K. (German
pation in Schweriner Immobiliengesellschaft
Savings Banks and Giro Association) and
mbH, Schwerin, as well as the City Centrum
DekaBank Deutsche Girozentrale. In addi-
Süd Projektentwicklungsgesellschaft mbH,
tion, together with the other shareholders
Bad Homburg.
in
Girozentrale,
NORD/LB has an undertaking vis-à-vis one
NORD/LB has assumed the guarantor lia-
company to grant a shareholder loan of EUR
bility for DekaBank Deutsche Girozentrale
6.1 million (previous year: EUR 6.8 million),
since 1 January 1999.
and the Group is obliged in the amount of
NORD/LB, along with the Bremen state
EUR 11.2 million (previous year: EUR 10.2
government, is the guarantor of Bremer
million).
Landesbank
At the year-end, the Group had call commit-
DekaBank
Deutsche
Kreditanstalt
Oldenburg
–
Girozentrale Bremen.
ments for shares and other interests in the
The Group has an obligation to make further
amount of EUR 20.0 million (previous year:
contributions up to the amount of EUR 63.6
EUR 23.8 million). At NORD/LB these
million (previous year: EUR 59.6 million)
obligations were EUR 17.7 million (previous
and NORD/LB of up to EUR 49.1 million
year: EUR 21.3 million). There were also
(previous year: EUR 45.8 million) to the
joint liabilities for 4 (previous year: 5) com-
security reserve of the state banks (Landes-
panies under Section 24 GmbH Law.
banken).
In addition, NORD/LB has deposited secu-
The Group has additional obligations to
rities in the nominal amount of EUR 148.8
make further contributions of EUR 33.8
million (previous year: EUR 121.6 million) as
million (previous year: EUR 33.8 million),
collateral in connection with transactions on
and NORD/LB of EUR 30.5 million (previ-
the EUREX in Frankfurt and foreign futures
ous year: EUR 30.5 million), plus additional
exchanges.
joint liabilities for other shareholders to
The obligations under existing rental, lease,
Liquiditätskonsortialbank GmbH.
guarantee and similar agreements are of the
usual commercial extent.
Annual accounts
215
Statement of income
1. Interest income
3. Current income form shares and other variable interest rate securities,
holdings and shares in associated companies
The total amount of these items is broken down according
to geographical markets as follows :
Group
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
7,267, 450
7, 837,780
5,563,793
5,997, 098
Europe (without Federal Republic of Germany )
2,853,272
3,385,836
667, 970
779,322
North America
239,038
345,242
239,388
347, 066
Asia
195,151
269,560
195,276
274,968
39
3
–
–
20,719
76,374
344
75,957
–
40,979
–
40,979
Others
The following are reported as significant items :
Book profit from tangible assets
Withdrawal from the reserve for obligations
relating to the LTS transfer contract
Reimbursement by the state of Lower Saxony
of LTS’ uncovered refinancing costs
13,431
12,488
13,431
12,488
IT services for third parties
14,637
12,741
14,637
12,741
214,477
252,804
–
–
Revenue from property business
The following are recorded as significant items :
Transfer to the reserve for obligations arising
under the LTS contribution agreement
75,060
–
75,060
–
Interest expenditure relating to pax payments in arrears
15,615
10,641
15,450
10,549
113,390
146,262
–
–
Expenditure relating to the property business
The tax expenditure is related to the result of normal operations .
216
Annual accounts
III. Other details
1. Members of the Board of Management
2. Members of the Supervisoriy Board
Dr. h.c. Manfred Bodin (Chairman)
Heinrich Aller (Chairman) (until 3. 3. 2003)
Dr. Hannes Rehm (Deputy Chairman)
Minister of Finance, State of Lower Saxony
Hartmut Möllring (Chairman) (since 4. 3. 2003)
Dr. Gunter Dunkel
Wolfgang Gerhards (1st. Deputy Chairman)
(until 16. 5. 2002)
Jürgen Kösters
Minister of Finance, State of Saxony-Anhalt
Klaus Schiersmann
Prof. Dr. Karl-Heinz Paqué
(1st. Deputy Chairman) (since 17. 5. 2002)
Bernd Schuster
Minister of Finance, State of Saxony-Anhalt
Dr. Hans Vieregge
Sigrid Keler (2nd Deputy Chairman)
Minister of Finance, State of Mecklenburg-Western Pomerania
Dr. Michael Arndt
Regional President, Region Hannover
Hermann Bröring (since 6. 2. 2003)
County officer, Emsland District
Katrin Budde (until 17. 6. 2002)
Minister of Economics and Technology,
State of Saxony-Anhalt
Dr. Dr. h.c. Andreas J. Büchting
Corporate Spokesman, KWS SAAT AG
Ralf Dörries
Assistant Vice President, NORD/LB
Dr. Otto Ebnet
Minister of Economics,
Dr. Hermann Fischer
Managing Director Engelhard Technologies GmbH
Dr. Michael Frenzel
Chairman of the Board of Management TUI AG
Birgit Gantz-Rathmann
Social Affairs, Health Care, Deutsche Bahn AG
Ingrid Häußler
Mayor, City of Halle/Saale
Jürgen Hahn (since 1. 1. 2003)
Chairman of the Board of Management, Sparkasse Vorpommern
Annual accounts
Dr. Hubertus Haller
Klaus Rathert (until 31. 12. 2002)
Chairman of the Board of Management,
President, Savings Bank- and Giro Association of Lower Saxony
Kreissparkasse Hildesheim
Kurt Rehkopf
Sabine Hermsdorf
President of the Unternehmensverbände
Vice President Norddeutsche Landesbank Girozentrale
Handwerk Niedersachsen e.V.
Detlef Hesse (until 31.12. 2002)
Jörg Reinbrecht (since 1. 7. 2002)
Chairman of the Board of Management,
Union Secretary, United Services Union (ver.di)
Ostseesparkasse Rostock
Hella Rienäcker
Walter Hirche (since 21. 3. 2003)
Vice President, NORD/LB
Minister of Economy, Transport and Work
Heiko Schaak (since 1. 7. 2002)
Bank clerk, NORD/LB
Dr. Gert Hoffmann (since 27. 2. 2002)
Mayor, City of Braunschweig
Bernhard Schäfer
Corporate Spokesman, Sparkasse Hannover
Dr. Rainer Huismans (since 27. 2. 2002)
Chairman of the Board of Management
Arno Schreiber (until 31. 12. 2002)
Kreissparkasse Wesermünde-Hadeln
Senior town clerk, City of Wilhelmshaven
Klaus-Jürgen Jeziorsky (since 1. 7. 2002)
Horst Skapczyk
Minister of Interior,
Bank clerk, NORD/LB
State of Saxony Anhalt
Werner Steffens (until 1. 2. 2002)
Dr. Susanne Knorre (until 20. 3. 2003)
Minister of Economics, Technology and Transport
Karl-Heinz Stubbe (until 1. 2. 2002)
Wolfmar Kotzur (until 30. 6.2002)
Sparkasse Lüneburg
Assistant Vice President, NORD/LB
Ilse Thonagel
Thomas Mang (since 1. 2. 2003)
Bank Employee, NORD/LB
President, Savings Bank- and Giro Association of Lower Saxony
Jan de Vries (until 30. 6. 2002)
Claus Mangels
Sparkassenbeteiligungsverband Sachsen-Anhalt
Peter Werner
Bank Employee, NORD/LB
Wolfhard Molkentin
County officer, Nordvorpommern District
Klaus Zimmermann (until 30. 6. 2002)
Thomas Nagler (until 30. 6. 2002)
Bank clerc, NORD/LB
Wolfgang Neuhaus (since 1. 7. 2002)
Vice President, NORD/LB
August Nöltker (since 1. 7. 2002)
Freddy Pedersen
Deputy District Manager, United Services Union (ver.di)
217
218
Annual accounts
3. List of mandates
As at December 3, 2002, Board members and employees of the N ORD/ LB Group held the following mandates as per section 340 a sub-section 4, clause  H G B.
3.1 Members of the Board of Management of NORD / LB
Name
Company *
Dr. h. c. Manfred Bodin
Bankgesellschaft Berlin AG, Berlin
Berlin-Hannoversche Hypothekenbank AG, Berlin / Hannover
Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen
CeWe Color Holding AG, Oldenburg
Continental AG, Hannover
DekaBank Deutsche Girozentrale, Berlin / Frankfurt a. M.
Joh. Berenberg, Gossler & Co., Hamburg
LB S Norddeutsche Landesbausparkasse Berlin-Hannover, Hannover
LH I Leasing für Handel und Industrie GmbH, München
M H B Mitteleuropäische Handelsbank AG Deutsch-Polnische Bank, Frankfurt a. M.
Norddeutsche Landesbank Luxembourg S.A., Luxembourg
Skandifinanz Bank AG, Zurich
Dr. Hannes Rehm
Berlin-Hannoversche Hypothekenbank AG, Berlin / Hannover
Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen
dvg Hannover Datenverarbeitungsgesellschaft mbH, Hannover (FinanzIT, since . 1. 03)
Niedersächsische Staatstheater Hannover GmbH, Hannover
N I LEG Norddeutsche Immobiliengesellschaft mbH, Hannover
Salzgitter AG, Salzgitter
Deka Immobilien Investment GmbH, Frankfurt a. M.
AB Lietuvos Zemes Ukio Bankas , Vilnius / Lithuania
J SC Pirma Banka, Riga / Latvia
Dr. Gunter Dunkel
LAU BAG Lausitzer Braunkohle AG, Senftenberg
M H B Bank Polska S.A., Warsaw / Poland
Salzgitter AG, Salzgitter
Skandifinanz Bank AG, Zurich
üstra I NTALLIAN C E AG, Hannover
LH I Leasing GmbH, München
Wohnungsbau Niedersachsen GmbH, Hannover
Wohnungsgesellschaft Norden mbH, Hamburg
Jürgen Kösters
BÖAG Börsen Aktiengesellschaft, Hannover
Clearing Bank Hannover AG, Hannover
Münchener Kapitalanlage AG, München
N ORD CON Investment Management AG, Hannover
Klaus Schiersmann
B+S Card Service, Frankfurt
dvg Hannover Datenverarbeitungsgesellschaft mbH, Hannover (FinanzIT, since . . 03)
dvs Datenverarbeitungsgesellschaft Sparkassenorganisation GmbH, Berlin (FinanzIT, since . . 03)
EU RO Kartensysteme EU RO CARD und eurocheque GmbH, Frankfurt a. M.
S I Z Informatikzentrum der Sparkassenorganisation GmbH, Bonn
Toto-Lotto Niedersachsen GmbH, Hannover
Bernd Schuster
Plasma Select AG, Teterow
Dr. Hans Vieregge
AWD Holding AG, Hannover
Deutsche Factoring Bank Deutsche Factoring GmbH & Co., Bremen
Emsland Stärke GmbH, Emlichheim
I FA Hotel & Touristik AG, Duisburg
Joh. Berenberg, Gossler & Co., Hamburg
Thyssen Nordsee-Werften GmbH, Emden
Annual accounts
219
*) Financial institutions are treated as major joint stock companies
3.2 Members of the Board of Management of Bremer Landesbank
Name
Company *
Dr. Peter Haßkamp
CTS EVE NTI M AG, München
DekaBank Deutsche Girozentrale, Berlin/ Frankfurt a. M.
Thomas Christian Buchbinder
Bremer Lagerhaus- Gesellschaft Aktiengesellschaft von 877, Bremen
G EWOBA Aktiengesellschaft Wohnen und Bauen, Bremen
Fritz Lütke-Uhlenbrock
DekaBank (Luxembourg) S.A., Luxembourg
S LOMAN N E PTU N Schiffahrts-AG, Bremen
Bodo Rimpler
G SG Oldenburg Bau- und Wohngesellschaft mbH, Oldenburg
3.3 Members of the Board of MHB Mitteleuropäische Handelsbank AG – Deutsch-Polnische Bank –
Name
Company *
Sven Herlyn
Infosoft AG, Hamburg
Dr. Eckhard Wilch
LH B Internationale Handelsbank AG, Frankfurt a. M.
3.4 Managing director of the NORD / LB-Immobilien-Holding GmbH
Name
Company *
Wilhelm Gehrke
Wohnungsgesellschaft Norden mbH, Hamburg
Wohnungsbau Niedersachsen GmbH, Hannover
Bernd Hermann
Deka Immobilien Investment GmbH, Frankfurt a. M.
3.5 Other employees
Name
Company *
Jörn Alwes
Manfred Borchardt
Dr. Guido Brune
Dr. Klaus Ebke
Neue Lübecker (Baugenossenschaft e. G.), Lübeck
Bürgschaftsbank Mecklenburg-Vorpommern GmbH, Schwerin
I S R AG, Braunschweig
Volkswagen Gewerbegrund GmbH, Wolfsburg
Volkswagen Immobilien Service GmbH, Wolfsburg
Bürgschaftsbank Sachsen-Anhalt GmbH, Magdeburg
Niedersächsische Bürgschaftsbank (N B B) GmbH, Hannover
Toto-Lotto Niedersachsen GmbH, Hannover
SWAN Malaysia Sdn. Bhd., Johore Bahru, Malaysia
Niedersächsiche Landgesellschaft mbH, Hannover
BioCon Valley GmbH, Greifswald
DekaBank (Luxembourg) S.A., Luxembourg
Artstor AG, Hamburg
N ORD/ LB Finance (Curaçao) N.V., Willemstad, Netherlands Antilles
Deka Deutsche Kapitalanlagegesellschaft mbH, Frankfurt a. M.
Blutspendedienst der Landesverbände des DRK Niedersachsen,
Sachsen-Anhalt, Thüringen, Oldenburg und Bremen gGmbH
Baugenossenschaft „Wiederaufbau e. G“., Braunschweig
N ORD/ LB Norddeutsche Securities P LC, London
BÖAG Finanzdienst AG, Hamburg
dvg Hannover Datenverarbeitungsgesellschaft mbH, Hannover (FinanzIT, since . . 03)
nbg GmbH, Großburgwedel (FinanzIT, since . . 03)
N ORD/ LB Finance (Curaçao) N.V., Willemstad, Netherlands Antilles
Clearing Bank Hannover AG, Hannover
Hans-D. Feisthauer
Hans- G. Friedrich
Heinz-Werner Frings
Dr. Rüdiger Fuhrmann
Steffen Gauhl
Kurt Gliwitzky
Reinhard Gräpel
Bruce Gresswell
Hans Hartmann
Jürgen Hübner
Wilfried Jakob
Reinhard Kornhaaß
Baldur Lysk
Wolfgang Matzen
Dr. Jürgen Peters
Dr. Kurt Rommel
Hans-H. Sundermeier
Christoph Trestler
Ingo Wünsche
220
Annual accounts
4. Expenditure on and loans to the executive bodies
Group
2002
(TEU R)
Group
2001
(TEU R)
N ORD/ LB
2002
(TEU R)
N ORD/ LB
2001
(TEU R)
4,767
515
4,562
618
4,551
472
4,520
480
3,029
3,188
3,029
3,188
247
1,264
1,210
1,379
247
1,264
1,210
1,379
4.1. Total emoluments paid to active members of the executive bodies
Board of Management
Supervisory Board
4.2. Total emoluments paid to former members
of the executive bodies and their dependants
Board of Management
TEU R 24,554 TEU R (previous year: TEU R 26,151) was reserved
to cover pensions payments to this group of people
4.3. Advances, loans and liabilities
Board of Management
Supervisory Board
5. Number of employees (average)
Male
2002
Male
200
Female
2002
Female
200
Total
2002
Total
200
N ORD/ LB
Regional trustee offices / Regional development institutes
2,149
274
2,126
270
2,507
452
2,500
447
4,656
726
4,626
717
Sub-total
2,423
2,396
2,959
2,947
5,382
5,343
75
543
308
201
556
131
49
66
541
307
235
–
137
45
33
529
427
178
1,079
249
35
35
535
415
199
–
254
25
108
1,072
735
379
1,635
380
84
101
1,076
722
434
–
391
70
4,286
3,727
5,489
4,410
9,775
8,137
N ORD/ LB Luxembourg
Bremer Landesbank
LB S Norddeutsche Landesbausparkasse
Sub-group of N ORD/ LB Immobilien-Holding GmbH
AB Lietuvos Zemes Ukio Bankas
J SC Pirma Banka
Others
Group
Annual accounts
221
6. Further details
6.1. Services supplied to third parties
Significant services supplied to third parties consist of:
– Administration of trust assets
– Asset management
– Safe custody administration
– Brokerage of insurance policies , home loan and savings contracts and property
– Brokerage of foreign notes and coins as well as precious metals for affiliated savings banks
6.2. Derivative transactions
NORD / LB Group derivative transactions – statement of volume –
– in E U R million –
Interest rate risks
Interest rate swaps
F RAs
Interest rate options
– Purchase
– Sales
Caps , Floors
Stock exchange contracts
Other forward interest rate transactions
Interest rate risks – total –
Currency risks
Forward exchange transactions
Currency swaps / interest rate and currency swaps
Currency options
– Purchases
– Sales
Other forward exchange transactions
Currency risks – total –
Nominal
amounts
Nominal
amounts
Credit risk
equivalents
Credit risk
equivalents
3. 2. 200
Replacement
costs
3. 2. 2002
Replacement
costs
3. 2. 200
3. 2. 2002
3. 2. 200
3. 2. 2002
239,029
5,958
225,352
6,468
1,075
1
849
2
3,978
7
2,898
7
3,934
2,524
3,182
6,390
770
1,844
2,137
3,549
8,025
539
5
–
7
–
6
3
–
13
–
2
24
–
5
–
6
11
–
16
–
1
261,787
247, 914
1,094
869
4,020
2,933
55,969
10,065
87, 765
5,740
440
122
543
91
1,683
246
1,517
333
147
111
0
0
308
215
0
0
2
–
–
0
4
–
–
0
4
–
–
0
12
–
–
0
66,292
94,028
564
638
1,933
1,862
Shares and other price risks
Forward share transactions
Share options
– Purchase
– Sales
Other forward transactions
502
237
13
9
3
7
1,760
1,577
92
0
2,995
2,355
126
0
15
–
–
0
29
–
–
0
21
–
–
0
84
–
–
0
Shares and other price risks – total –
3,931
5,713
28
38
24
91
Credit derivatives
Grantor of security
Receiver of security *
1,500
50
161
764
151
0
0
31
0
0
0
0
Credit derivatives – total –
1,550
925
151
31
0
0
333,560
348,580
1,837
1,576
5,977
4,886
Derivative transactions – total –
* are reported under contingent liabilities
222
Annual accounts
NORD / LB Group derivative transactions – statement of volume –
Nominal
amounts
Nominal
amounts
Credit risk
equivalents
Credit risk
equivalents
3. 2. 200
Replacement
costs
3. 2. 2002
Replacement
costs
3. 2. 200
3. 2. 2002
3. 2. 200
3. 2. 2002
Interest rate swaps
F RAs
Interest rate options
– Purchase
– Sales
Caps , Floors
Other forward interest rate transactions
129,883
5,958
107, 480
6,348
888
1
628
2
3,339
7
2,216
7
3,878
2,409
2,589
5,264
770
1,784
1,917
2,765
7,250
539
5
–
3
–
6
3
–
7
–
2
23
–
4
–
6
11
–
13
–
1
Interest rate risks – total –
150,751
128,083
903
642
3,379
2,248
Forward exchange transactions
Currency swaps / interest rate and currency swaps
Currency options
– Purchase
– Sales
Other forward exchange transactions
15,726
5,706
14,228
3,059
125
106
162
74
385
148
333
178
79
76
0
0
181
175
0
0
2
–
–
0
4
–
–
0
3
–
–
0
7
–
–
0
Currency risks – total –
21,587
17, 643
233
240
536
518
Interest rate risks
Currency risks
Shares and other price risks
Forward share transactions
Share options
– Purchase
– Sales
Other forward transactions
502
237
13
9
3
7
1,755
1,569
89
0
2,993
2,346
118
0
13
–
–
0
29
–
–
0
21
–
–
0
84
–
–
0
Shares and other price risks – total –
3,915
5,694
26
38
24
91
Grantor of security
Receiver of security *
748
0
11
155
151
0
0
31
0
0
0
0
Credit derivatives – total –
748
166
151
31
0
0
177, 001
151,586
1,313
951
3,939
2,857
Credit derivatives
Derivative transactions – total –
The nominal values constitute the gross volume of all purchases and sales .
The replacement costs relate to all contracts with positive market values , i. e. contracts with negative market values
with the same counterparty are not netted off.
The credit risk equivalents are established in accordance with the standard weighting procedure (market evaluation method) for Principle I.
Netting procedures are not applied.
* are reported under contingent liabilities
Annual accounts
223
NORD / LB Group derivative transactions – breakdown of maturities –
Interest rate Interest rate
risks
risks
Nominal amounts
Residual terms
– up to 3 months
– up to 1 year
– up to 5 year
– in excess of 5 years
Total
Currency
risks
Currency
risks
3. 2. 2002
3. 2. 200
3. 2. 2002
3. 2. 200
Shares and
other
price risks
3. 2. 2002
Shares and
other
price risks
3. 2. 200
Credit
derivatives
Credit
derivatives
3. 2. 2002
3. 2. 200
69,952
82,303
56,982
52,550
70,084
81,179
53,331
43,320
37, 841
20,594
4,838
3,019
43,562
44,090
4,732
1,644
2,061
1,243
578
49
536
193
4,976
8
0
0
950
600
0
11
263
651
261,787
247, 914
66,292
94,028
3,931
5,713
1,550
925
Currency
risks
Currency
risks
Shares and
other
price risks
3. 2. 200
Credit
derivatives
Credit
derivatives
3. 2. 2002
3. 2. 200
NORD / LB derivative transactions – breakdown of maturities –
Interest rate Interest rate
risks
risks
Nominal amounts
Residual terms
– up to 3 months
– up to 1 year
– up to 5 year
– in excess of 5 years
Total
3. 2. 2002
3. 2. 200
3. 2. 2002
3. 2. 200
Shares and
other
price risks
3. 2. 2002
20,296
40,183
46,736
43,536
22,515
32,202
38,519
34,847
9,142
6,564
3,642
2,239
8,148
5,335
3,280
880
2,049
1,239
578
49
520
190
4,976
8
0
0
678
70
0
11
85
70
150,751
128,083
21,587
17, 643
3,915
5,694
748
166
The breakdown of maturities for the transactions is based on their residual term. In the case of interest rate risk contracts , this is geared
to the term of the underlying contract while the contract term is used in the case of other risks .
NORD / LB Group derivative transactions – breakdown of counterparties –
Nominal
amounts
Nominal
amounts
Credit risk
equivalents
Credit risk
equivalents
3. 2. 200
Replacement
costs
3. 2. 2002
Replacements
costs
3. 2. 200
3. 2. 2002
3. 2. 200
3. 2. 2002
OEC D banks
Banks outside the OEC D
Public sector entities within the OEC D
Other counterparties *
302,740
848
1,722
28,250
317, 117
834
1,922
28,707
1,529
11
0
297
1,260
12
0
304
5,487
24
53
413
4,350
27
22
487
Total
333,560
348,580
1,837
1,576
5,977
4,886
Nominal
amounts
Nominal
amounts
Credit risk
equivalents
Credit risk
equivalents
3. 2. 2002
3. 2. 200
3. 2. 2002
3. 2. 200
Replacement
costs
3. 2. 2002
Replacements
costs
3. 2. 200
OEC D banks
Banks outside the OEC D
Public sector entities within the OEC D
Other counterparties *
147,513
817
1,700
26,971
121,880
824
1,888
26,994
1,011
11
0
291
647
12
0
292
3,462
24
52
401
2,370
27
16
444
Total
177,001
151,586
1,313
951
3,939
2,857
NORD / LB derivative transactions – breakdown of counterparties –
*) including stock exchange contracts
224
Annual accounts
NORD / LB Group derivative transactions – trading transactions –
Nominal
amounts
Nominal
amounts
Credit risk
equivalents
Credit risk
equivalents
3. 2. 2002
3. 2. 200
3. 2. 2002
Interrest rate contracts
Currency contracts
Share contracts
148,595
23,628
978
118,691
22,919
591
Total
173,201
3. 2. 200
Replacement
costs
3. 2. 2002
Replacement
costs
3. 2. 200
790
187
19
519
191
16
3,077
551
9
1,755
390
15
142,201
996
726
3,637
2,160
Nominal
amounts
Nominal
amounts
Credit risk
equivalents
Credit risk
equivalents
3. 2. 2002
3. 2. 200
3. 2. 2002
3. 2. 200
Replacement
costs
3. 2. 2002
Replacement
costs
3. 2. 200
91,868
17, 339
962
87,225
12,245
572
703
171
19
424
156
16
2,587
394
9
1,399
277
15
110,169
100,042
893
596
2,990
1,691
NORD / LB derivative transactions – trading transactions –
Interrest rate contracts
Currency contracts
Share contracts
Total
Trading transactions are deals which are struck within the limits of trading lines and the results of which are registered in the
trading result. They serve both the mutual hedging of derivatives trading positions and the hedging of balance sheet effective
trading instruments .
6.3 Repo transactions
Securities with a book value of EU R 765.4 million (previous year: EU R 1,124.3 million) were deposited
with the Deutsche Bundesbank by N ORD/ LB Group in the context of its open market transactions .
Within N ORD/ LB the figures was EU R 765.4 million (previous year: EU R 489.3 million).
Annual accounts
225
7. NORD / LB cover account
2002
(TEU R)
2002
(TEU R)
2001
(TEU R)
2001
(TEU R)
7.1. Pfandbrief cover
Liabilities requiring cover
– Pfandbriefe (debentures)
– Discharged and cancelled items
– Registered Pfandbriefe
1,421,279
5,281
3,000,458
1,670,606
269
3,198,778
4,427, 018
Value of cover
– Mortgage loans to non-bank clients
– Loans to financial institutions
6,480,577
–
Surplus cover
4,869,653
6,106,226
7, 003
6,480,577
6,113,229
2,053,559
1,243,576
7.2. Public sector cover
Liabilities requiring cover
– Public sector debentures
- Discharged and cancelled items
– Registered public sector debentures
17, 899,247
39
13,805,513
17, 715,279
33,289
13,071,638
31,704,799
Value of cover
– Public sector loans
– to financial institutions
– to non-banks clients
– Liquidity stock of securities
Surplus cover
19,881,215
12,574,459
2,030,049
30,820,206
20,012,325
11,925,823
1,754,943
34,485,723
33,693,091
2,780,924
2,872,885
226
Annual accounts
8. Shareholdings
The following list contains the shareholdings in accordance with § 285 () and participations as defined by § 340 a, para. 4, No. 2 H G B.
All companies in which there is a holding of 20 % or more are included unless they are of minor importance in conveying a true and accurate
picture of the assets , finances and earnings . Participations in large joint stock companies which exceed 5 % of the voting rights are also included.
The latest available approved annual accounts of the companies have been listed.
Associated companies included in the consolidated accounts :
Share of
capital held
%
Equity )
Result
TEU R
TEU R
92.5
1,087, 304
28,400 8)
2. Bremer Landesbank Capital
Markets P LC, London
100.0
TG B P
6,167
TG B P
250
3. Bremer Landesbank Finance (Curaçao) N.V.,
Willemstad, Netherlands Antilles
100.0
60
60
4. J SC Pirma Banka,
Riga / Latvia
98.9
TLVL
22,970
TLVL
1,341 8)
5. AB Lietuvos Zemes Ukio Bankas ,
Vilnius / Lithuania
93.1
TLTL
159,996
TLTL
– 50,393 8)
6. M H B Bank Polska S.A., Warsaw / Poland
100.0
50,072
7.
100.0
58,866
100.0
381,423
–– 2) 8)
89.7
171,151.0
–– 2) 8)
100.0
––
No. Name/registered office
1. Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –, Bremen
M H B Mitteleuropäische Handelsbank AG Deutsch-Polnische Bank, Frankfurt am Main
8. Niedersächsische Bank Gesellschaft mit beschränkter Haftung, Hannover
9. N I LEG Norddeutsche Immobiliengesellschaft mbH, Hannover
10. N I LEG Objektgesellschaft Berlin GmbH & Co. Immobilien KG, Hannover
–
366 8)
3,736 8)
–– 5)
11. N I LEG Objektgesellschaft Berlin Verwaltungsgesellschaft mbH, Hannover
100.0
29
4
12. N I LEG Objektgesellschaft Frankfurt GmbH & Co. Immoblilien KG, Hannover
100.0
––
–– 5)
13. N I LEG Objektgesellschaft Frankfurt Verwaltungsgesellschaft mbH, Hannover
100.0
30
4
14. N I LEG Objektgesellschaft Hannover GmbH & Co. Immobilien KG, Hannover
100.0
––
–– 5)
15. N I LEG Objektgesellschaft Hannover Verwaltungsgesellschaft mbH, Hannover
100.0
29
4
16. Norddeutsche Investitionen Beteiligungsgesellschaft mbH, Hannover
100.0
48,811
2
17.
100.0
643,258
49,995 8)
18. N ORD/ LB Finance (Curaçao) N.V., Willemstad,
Netherlands Antilles
100.0
269
(154)
9 8)
19. N ORD/ LB Immobilien-Holding GmbH, Hannover
100.0
150,887
–– 2)
20. N ORD/ LB Norddeutsche
Securities P LC, London
100.0
TG B P
11,349
TG B P
1,103 8)
21. Nord- Ostdeutsche Bankbeteiligungsgesellschaft mbH, Hannover
100.0
589,520
–– 2)
22. Skandifinanz Bank AG,
Zurich
100.0
TC H F
34,501
TC H F
168 8)
23. Wohnungsbau Niedersachsen GmbH, Hannover
94.9
––
–– 5)
24. Wohnungsgesellschaft Norden mbH, Hamburg
94.9
––
–– 5)
Share of
capital held
%
Equity )
Result
TEU R
TEU R
44.0
308,745
13,600 8)
Company included pro rata in the consolidated accounts :
No. Name/registered offfice
1. LB S Norddeutsche Landesbausparkasse, Berlin-Hannover, Hannover
Annual accounts
227
Associated companies not included in the consolidated accounts :
Share of
capital held
%
Equity )
Result
TEU R
TEU R
1. Alpha Grundstücks GmbH & Co. KG, Hannover
82.9
10,907
– 404
2. BAM OS Beteiligungs GmbH & Co. Vermietungs-KG, München
94.0
––
3. B LB Immobilien GmbH, Bremen
100.0
102,126
0
4. Braunschweig Gesellschaft mit beschränkter Haftung, Braunschweig
100.0
73,805
–– 2)
5. Bremische Grundstücks- GmbH & Co. Bonn- Center, Bremen
100.0
20,656
1,456
6. Bremische Grundstücks- GmbH & Co. Hamm- Center, Bremen
100.0
14,367
160
7.
Bremische Grundstücks- GmbH & Co. Sondervermögen Bonn, Bremen
100.0
4,295
45
8. Bremische Grundstücks- GmbH & Co. Wohnanlagen Bonn-Mitte, Bremen
100.0
16,770
858
9. Bremische Grundstücks- GmbH & Co. Wohnanlagen Groß-Bonn, Bremen
100.0
12,833
1,745
100.0
2,461
320
94.0
––
TC H F
–– 5)
TC H F
100.0
2,719
– 35
98.0
3,088
–– 2)
14. H E RMA Verwaltungs- und Beteiligungsgesellschaft mit beschränkter Haftung, Bremen
100.0
43,197
–– 2)
15. Interhansa Gesellschaft für Beteiligungen und Warenhandel mbH & Co. Wohnstift
Waldhausen KG, Hannover
100.0
––
–– 5)
16. Niedersächsische Immobilien-Anlagegesellschaft Fonds 2 – Dr. Müller KG –, Hannover
100.0
––
–– 5)
17.
100.0
2,808
18. N ORD G I RO Gesellschaft mit beschränkter Haftung, Hannover
100.0
––
19. N ORD/ LB-Immobiliengesellschaft für Mecklenburg-Vorpommern mbH, Schwerin
100.0
2,298
137
20. N ORDWE ST VE RM Ö G E N Bremische Grundstücks- GmbH & Co. KG, Bremen
100.0
50,000
215
75.0
12,154
1,340
22. Öffentliche Sachversicherung Braunschweig, Braunschweig
75.0
158,539
10,602
23. PAN I MA Beteiligungs GmbH & Co. Objekt Braunschweig KG, Pöcking
94.0
43,678
0
24. PAN I MA Beteiligungs GmbH & Co. Objekt Hannover KG, Pöcking
94.0
41,533
0
25. SALEG Sachsen-Anhaltinische Landesentwicklungsgesellschaft mbH, Magdeburg
56.6
13,783
234
100.0
1,222
251
UAB Lietuvos Zemes Ukio Banko
Draudimas , Vilnius , Lithuania
100.0
TLTL
7, 411
TLTL
1,309 8)
28. UAB Lietuvos Zemes Ukio Banko
Gyvybes Draudimas , Vilnius , Lithuania
100.0
TLTL
5,053
TLTL
72 8)
29. UAB Lietuvos Zemes Ukio Banko
Lizingas , Vilnius , Lithuania
100.0
TLTL
3,400
TLTL
578 8)
30. Vermögensverwaltungsgesellschaft Thiede mit beschränkter Haftung, Braunschweig
100.0
1,278
–– 2)
79.8
1,777
(1,764)
– 12
100.0
1,783
65
10. Bürohaus Ricklinger Kreisel GmbH & Co.
Vermietungs-Kommanditgesellschaft, Hannover
11. City Center Magdeburg I GbR, Magdeburg
12. DU RU M AG, Zurich
13. Fürstenberg Ehemalige Herzoglich Braunschweigische Porzellanmanufaktur, Holzminden
21. Öffentliche Lebensversicherung Braunschweig, Braunschweig
26. S IAG mbH, Hannover
27.
31. Vermögensverwaltungsgesellschaft Thiede GmbH & Co.
Grundschulen-Vermietungs-KG, Hannover
32. Wohnstätten- Gesellschaft mbH, Hannover
–– 5)
– 1,033
–– 5)
228
Annual accounts
Other shareholdings in excess of 20 %
Share of
capital held
%
Equity )
Result
TEU R
TEU R
1. Ammerländer Wohnungsbaugesellschaft mbH, Westerstede
32.3
21,294
1,654
2. B H N Neukölln Arcaden Grundstückgesellschaft mbH & Co. KG, Essen
25.0
13,500
–– 6)
3. Joh. Berenberg, Gossler & Co., Hamburg
25.0
150,763
45,650 8)
4. Braker WohnBau Gesellschaft mbH, Brake/ Unterweser
28.0
5,359
5. Braunschweiger Zeitungsverlag –
Druckhaus Albert Limbach GmbH & Co. KG, Braunschweig
25.0
––
–– 3)
6. Bremer Spielcasino GmbH & Co., Kommanditgesellschaft, Bremen
49.0
––
–– 3)
7.
33.3
3,768
163
8. Bremische Bau- und Siedlungsgesellschaft mbH (Brebau), Bremen
30.0
66,561
2,925
9. Bürgschaftsbank Mecklenburg-Vorpommern GmbH, Schwerin
20.9
9,686
41 8)
10. Bürgschaftsbank Sachsen-Anhalt GmbH, Magdeburg
20.4
8,277
– 50 8)
11. Clearing Bank Hannover Aktiengesellschaft, Hannover
20.0
7, 556
– 1,993 8)
12. Deutsche Factoring Bank Deutsche Factoring GmbH & Co., Bremen
27. 5
18,866
2,500 8)
13. dvg Hannover Datenverarbeitungsgesellschaft mbH, Hannover
(FinanzIT GmbH since . . 03)
26.0
19,021
– 960 8)
14. F ORMA Beteiligungs GmbH & Co. Mobilienleasing KG, München
31.1
5,597
– 2,356
15. Gewobau Gesellschaft für Wohnungsbau Vechta mbH, Vechta
20.5
6,277
179
16. G SG OLDE N B U RG Bau- und Wohngesellschaft mbH, Oldenburg
22.2
47, 188
1,005
17.
42.8
7, 506
23
38.9
––
–– 3)
48.5
––
–– 3)
20. Herrenhausen Beteiligungsgesellschaft mbH, Hannover
25.0
8,385
– 632
21. Immobilien Development und Beteiligungsgesellschaft Niedersachsen mit
beschränkter Haftung I DB & Co. Erschließungsgesellschaft Solte KG, Salzgitter
50.0
1,270
(312)
47
22. KE S OL Beteiligungs GmbH & Co. Vermietungs-KG, Pöcking
27. 4
4,528
96
23. Lehrter Bau- und Wohnungsgesellschaft mbH, Lehrte
28.4
8,724
815
24. LH I Leasing GmbH,
München
50.0
54,883
(12,782)
18,491
25. LI N OVO Productions GmbH & Co. KG, München
45.2
––
26. Mittelständische Beteiligungsgesellschaft
Mecklenburg-Vorpommern mbH, Schwerin
26.0
5,470
355
39.8
1,907
– 41
Bremer Toto und Lotto GmbH, Bremen
G U B Beteiligungs GmbH & Co. Vermietungs-KG, Pöcking
176
18. Haus- und Boden-Anlagefonds Dr. Adolf Darjes & Co. KG
– 6 Städte Fonds –, (H B-Fonds 30 K) i. L., Bremen
19. Haus- und Boden-Anlagefonds Dr. Adolf Darjes & Co. KG
Hamm- Center (H B-Fonds 28 K) i. L., Bremen
27.
Mittelständische Beteiligungsgesellschaft
Niedersachsen (M BG) mit beschränkter Haftung, Hannover
–– 3)
Annual accounts
229
Other shareholdings in excess of 20 %
Share of
capital held
%
Equity )
Result
TEU R
TEU R
28. N BV Beteiligungs- GmbH, Hamburg
28.6
11,140
12,486
29. Nordcon Asset Management Holding GmbH, Berlin
50.0
12,649
404
30. N ORD Holding Unternehmensbeteiligungsgesellschaft mit beschränkter Haftung, Hannover
40.0
31,879
– 7, 713
31. N ORD KB Beteiligungsgesellschaft mbH, Hannover
28.7
7, 445
11
32. Öffentliche Versicherung Bremen,
Bremen
20.0
6,938
(1,534)
61
33. Salzgitter AG, Salzgitter
20.8
658,826
28,018
34. Schweriner Immobiliengesellschaft mbH, Schwerin
25.0
– 11,829
– 9 4)
35. Toto-Lotto Niedersachsen GmbH, Hannover
49.9
30,947
20,721 8)
36. Triplan AG, Bad Soden am Taunus
32.6
8,003
4,034
34.0
TLTL
11,261
TLTL
1,779
25.1
33,009
160
37.
UAB Mokejimo Korteliu Sistemos ,
Vilnius , Lithuania
38. Wohnungsbaugesellschaft mbH Salzgitter, Salzgitter-Bad
Participations as defined in § 340 a, para. 4, No. 2 of H G B (German Commercial Code)
to the degree they are not reported as group companies or other shareholdings
Bankgesellschaft Berlin AG, Berlin
Berlin-Hannoversche Hypothekenbank AG, Berlin/ Hannover
Bremer-Lagerhaus- Gesellschaft Aktiengesellschaft von 1877, Bremen
G EWOBA Aktiengesellschaft Wohnen und Bauen, Bremen
Niedersächische Bürgschaftsbank (N B B) Gesellschaft mit beschränkter Haftung, Hannover
Niedersächische Gesellschaft für öffentliche Finanzierungen mbH, Hannover
Niedersächsische Landgesellschaft mbH, Hannover
S I Z Informatikzentrum der Sparkassenorganisation GmbH, Bonn
Remarks :
1)
Equity is a defined in §§ 266 and 272 H G B;
the figures in brackets show outstanding capital contributions .
2)
There is a profit and loss assumption agreement with the company.
3)
Details committed as per § 286 para. 3 clause 2 H G B.
4)
The company is not actually over-indebted.
5)
Use was made of the exemption under § 286 para. 3 clause  No. 2 H G B.
6)
Established in the business year.
7)
New company, approved accounts not yet available.
8)
Details also as per § 340 a, para. 4 No. 2 H G B
(Financial institutions are interpreted to be large joint stock companies)
230
Annual accounts
In addition, the following Group companies are not included in the consolidated accounts since – even when
taken together with those non-consolidated companies already mentioned – they are of secondary importance in meeting
the obligation to convey a true and accurate picture of the Group’s assets , finances and earnings .
Share of
capital held
%
1. B LB Consulting GmbH, Bremen
100.0
2. B LB Leasing GmbH, Oldenburg
100.0
3. Braunschweig Grundstücksentwicklungs GmbH, Braunschweig
100.0
4. Braunschweig-Informationstechnologie GmbH, Braunschweig
100.0
5. Bremische Grundstücks- GmbH, Bremen
100.0
6. Bürohaus Ricklinger Kreisel GmbH, Hannover
100.0
7.
City Center Magdeburg Hasselbach-Passage Grundstücksgesellschaft mbH, Hannover
100.0
8. Combined Operations Inc., Monrovia / Liberia
100.0
9. Fachklinik Zinnowitz Entwicklungsgesellschaft mbH, Bremen
100.0
10. F L Finanz Leasing GmbH i. L., Wiesbaden
11. Haus- und Boden-Anlagefonds Dr. Adolf Darjes & Co. KG Bonn- Center (H B-Fonds 25 K) i. L., Bremen
58.0
53.7
12. Interhansa Gesellschaft für Beteiligungen und Warenhandel mit beschränkter Haftung, Hannover
100.0
13. I S ORA Bau-Treuhand GmbH Gewerbeimmobilien KG, Hannover
100.0
14. I S ORA Bau-Treuhand GmbH, Hannover
100.0
15. LI D ON GmbH & Co. Objekt Parkhaus Lüneburg KG, München
100.0
16. N BW Norddeutsche Beteiligungsgesellschaft für Immobilien in Wilhelmshaven mbH, Hannover
100.0
17.
100.0
Niedersächsische Immobilien-Anlagegesellschaft Fonds 7 – Dr. Focken KG –, Hannover
18. N I LEG Grundstücks- und Verwaltungs- GmbH, Hannover
100.0
19. N I LEG Objektgesellschaft Office- Center Plaza Hannover GmbH & Co. Immobilien KG, Hannover
100.0
20. N I LEG Objektgesellschaft Office- Center Plaza Hannover Verwaltungsgesellschaft mbH, Hannover
100.0
21. N I LEG-Dienstleistungen GmbH, Hannover
100.0
22. N I LEG-Immobilienservice GmbH, Hannover
100.0
23. N ORD/ F M Norddeutsche Gesellschaft für Facility Management mbH, Hannover
100.0
24. N ORD/ LB Beteiligungsgesellschaft in Mecklenburg-Vorpommern und Sachsen-Anhalt mbH, Hannover
100.0
25. N ORD/ LB Informationstechnologie GmbH (N ORD IT), Hannover
90.0
26. N ORDBAU Hamburger Wohnungs- und Baubetreuungsgesellschaft mbH, Bremen
100.0
27.
100.0
N ORD CON Vermögensmanagement GmbH, Hannover
28. Norddeutsche Immobilien-Anlagegesellschaft mit beschränkter Haftung, Hannover
100.0
29. Norddeutsche Wohnungsbau-Beteiligungs GmbH & Co. KG, Hannover
100.0
30. N ORD G RU N D, Wohnungsbau-, Betreuungs- und Verwaltungsgesellschaft mit beschränkter Haftung, Bremen
100.0
31. N ORD G RU N D, Wohnungsbau-, Betreuungs- und Verwaltungsgesellschaft mbH & Co. Kommanditgesellschaft, Bremen
100.0
32. N ORDI G Norddeutsche Investitionsgesellschaft mbH, Magdeburg
100.0
33. P I KAN Verwaltung GmbH & Co. Vermietungs-KG, München
100.0
34. P LM Grundstücksverwaltung GmbH, Hannover
75.0
35. P LM Grundstücksverwaltung GmbH & Co. Objekt Lagerhalle VI I Bad Münder Vermietungs KG, Hannover
100.0
36. P LM Grundstücksverwaltung GmbH & Co. Objekt Lagerhalle VI I I Bad Münder Vermietungs KG, Hannover
100.0
37.
100.0
Schiffsbetriebs- Gesellschaft Bremen mbH, Bremen
38. TAN G E N S Grundstücksverwaltung GmbH & Co. Vermietungs-KG, München
100.0
39. Unterstützungseinrichtung der Bremer Landesbank Kreditanstalt Oldenburg GmbH, Bremen
100.0
40. Vermögensverwaltungsgesellschaft Thiede GmbH & Co. Objekt Celle-Altenhagen Vermietungs-KG, Hannover
72.7
41. Vermögensverwaltungsgesellschaft Thiede GmbH & Co. Tiefgarage Stade Vermietungs-KG, Hannover
90.0
42. Visurgis Shipping Comp., Monrovia / Liberia
100.0
43. WTC H-WORLD TRADE C E NTE R Hannover GmbH, Hannover
100.0
Annual accounts
Hannover / Braunschweig / Magdeburg / Schwerin, April 17, 2003
Norddeutsche Landesbank – Girozentrale –
Board of Management
Bodin
Rehm
Kösters
Allerkamp
Schiersmann
Auditors’ report
Dunkel
Schuster
Holterhus
Vieregge
accounts of the Landesbank on the basis of
the books, and the Group accounts prepared
The annual accounts of NORD/LB as at 31
by it, as well as the directors’ report on the
December 2002 are published together with
Landesbank and the Group, based on the
the Group accounts and the notes to the
audit conducted by us.
Company accounts and the Group accounts
We have audited the annual accounts for the
are combined. The directors’ reports for the
Company and the Group in accordance with
Company and the Group have also been
Section 317 of the German Commercial Code
combined. Accordingly, we have issued the
and in compliance with the principles of
following combined auditors’ report on the
proper and correct auditing laid down
Company accounts as at 31 December 2002
by the Institut der Wirtschaftsprüfer in
and the Group accounts as at 31 December
Deutschland e.V. (IDW – German Institute
2002, subject to the Guarantors’ Meeting
of Auditors). Under these, audits must be
approving the appropriation to retained
planned and implemented so as to identify
income already undertaken.
with sufficient certainty any inaccuracies and
“We have audited the annual accounts on
infringements which have a material effect on
the basis of the books and accounts of
the view of the assets, finances and income
Norddeutsche Landesbank Girozentrale,
presented by the Company and Group
Hannover, Braunschweig, Magdeburg and
accounts, with due regard to the generally
Schwerin and the Group accounts prepared
accepted accounting principles, and the
by it as well as the directors’ report for the
directors’ report of the Landesbank and the
Landesbank and the Group for the financial
Group. Audit activities are planned in accor-
year from 1 January to 31 December 2002.
dance with our knowledge of the Landes-
Under the provisions of German commercial
bank’s business activities and economic and
law and the supplementary regulations in the
legal framework as well as the anticipated
Articles of Association, preparation of these
possible margin of error. Our audit has also
documents is the responsibility of the Board
assessed the effectiveness of the internal
of Management of the Landesbank. Our task
controlling system relating to accounting as
is to provide an assessment of the annual
well as evidence for the disclosures in the
231
232
Annual accounts
books and accounts, Company and Group
Our audit did not lead to any objections.
accounts and in the Company and Group
We are of the opinion that the Company and
directors’ report mainly on the basis of ran-
Group accounts give a true and fair view
dom checks. The audit includes an assess-
of the assets, finances and income of the
ment of the accounting and consolidation
Landesbank and the Group with due regard
principles applied as well as the most impor-
for the generally accepted accounting prin-
tant assessments made by the Board of
ciples. Overall, the directors’ report of the
Management and the overall view given in
Landesbank and the Group provides an
the Company and Group accounts and the
accurate presentation of the situation of the
directors’ report of the Landesbank and the
Landesbank and the Group as well as the
Group. We believe that our audit forms a
risks inherent in future developments.”
sufficiently reliable basis for our opinion.
Hannover, April 17, 2003
PwC Deutsche Revision
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Wagener
Auditor
Bielefeld
Auditor
Facts and data
Facts and data
233
234
Facts and data
Facts and data
Foundation
Board of Management
Norddeutschen Landesbank Girozentrale
foundet by merger of July, 1, 1970
Dr. h.c. Manfred Bodin, Chairman
Predecessors: Niedersächsische Landesbank –
Girozentrale – (founded 1917),
Braunschweigische Staatsbank (founded 1765),
Hannoversche Landeskreditanstalt
(founded 1840),
Dr. Hannes Rehm, Deputy Chairman
Dr. Gunter Dunkel
Jürgen Kösters
Niedersächsische Wohnungskreditanstalt –
Stadtschaft – (founded 1918)
Klaus Schiersmann
Legal Basis
Dr. Hans Vieregge
State Treaty on Norddeutsche Landesbank
Girozentrale dated 22 May 2002 between Lower
Saxony, Saxony-Anhalt and MecklenburgWestern Pomerania. Articles of Association
of Norddeutsche Landesbank Girozentrale in
accordance with the resolution of the Guarantors’ Meeting of 9 December 2002. The State
Treaty and Articles of Association both came
into force on 1 January 2003.
Legal Form
Institution incorporated under public law
Guarantors
Savings Bank and Holding Asociation of
Lower saxony
Holding Association of the Savings Banks of
Saxony Anhalt
Special-Purpose Holding Association of the
Savings Banks of Mecklenburg-Western
Pomerania
Executive Bodies
Board of Management
Supervisory Board
Board of Guarantors
Supervision
Supervised by the Minister of Finance of the
State of Lower Saxony in consultion with his
counterparts of the State of Saxony Anhalt and
Mecklenburg-Western Pomerania.
As of March 2003
Bernd Schuster
Executive Vice Presidents
Prof. Dr. Sonning Bredemeier
Dr. Guido Brune
Dr. Reinhard Feldhaus
Hans Hartmann
Sven Herlyn
Dr. Ulf Meier
Dr. Jens A. Westrick
Supervisory Board
Chairman
Hartmut Möllring
First Deputy Chairman
Prof. Dr. Karl-Heinz Paqué
Minister of Finance, State of Saxony Anhalt
Second Deputy Chairman
Sigrid Keler
Minister of Finance
Members
Dr. Michael Arndt
Regional President, Region Hannover
Hermann Bröring
County officer, Emsland Districts
Dr. Dr. h.c. Andreas Büchting
Corporate Spokesman, KWS SAAT AG
Ralf Dörries
Assistant Vice President
Facts and data
Dr. Otto Ebnet
Minister of Economics
Kurt Rehkopf
President of the Unternehmensverbände
Handwerk Niedersachsen e.V.
Dr. Hermann Fischer
Managing Director, Engelhard Technologies
GmbH
Jörg Reinbrecht
Union Secretary
United Services Union (ver.di)
Dr. Michael Frenzel
Chairman of the Board of Management TUI AG
Hella Rienäcker
Vice President
Birgit Gantz-Rathmann
Social Affairs, Health Care, Deutsche Bahn AG
Ingrid Häußler
Mayor, City of Halle/Saale
Jürgen Hahn
Sparkasse Vorpommern
Dr. Hubertus Haller
Kreissparkasse Hildesheim
Sabine Hermsdorf
Vice President
Walter Hirche
Minister of Economy, Transport and Work
Dr. Gert Hoffmann
Dr. Rainer Huismans
Kreissparkasse Wesermünde-Hadeln
Klaus-Jürgen Jeziorsky
Minister of the Interior
Thomas Mang
President, Savings Bank and Giro Association of
Lower Saxony
Claus Mangels
Managing Director, Holding Association of the
Savings Banks of Saxony Anhalt
Wolfhard Molkentin
County officer
Nordvorpommern district
Wolfgang Neuhaus
Vice President
August Nöltker
Freddy Pedersen
Deputy District Manager
Heiko Schaak
Bank Employee
Bernhard Schäfer
Sparkasse Hannover
Horst Skapczyk
Bank Employee
Ilse Thonagel
Bank Employee
Landesförderinstitut Mecklenburg-Vorpommern
Peter Werner
Bank Employee
The Supervisory Board has assigned certain tasks
to the executive committee in accordance with
§ 13 of its Statutes and other tasks to various
committees pursuant to § 14.
Board of Guarantors
Chairman
Sigrid Keler
Minister of Finance
For the State of Lower Saxony
Dr. Klaus-Henning Lemme
Undersecretary
Ministry of Finance, State of Lower Saxony
Thomas Schneider
Principal
Ministry of Finance, State of Lower Saxony
For the Savings Bank and
Holding Association of Lower Saxony
Dr. Josef Bernhard Hentschel
Sparkasse Osnabrück
Michael Kroos
Director, Savings Bank and Holding Association
of Lower Saxony
235
236
Facts and data
For the Federal State of Saxony Anhalt
Ulrich von Kenne
Principal
Ministry of Finance, State of Saxony Anhalt
Niedersächsische Landestreuhandstelle
für Agrarförderung
Hamburger Allee 4
D-30161 Hannover
Ulrich Koehler
Undersecretary
Ministry of Finance, State of Saxony Anhalt
für das Wohnungswesen
Hamburger Allee 4
D-30161 Hannover
For the Holdings Association of the Savings
Banks of Saxony Anhalt
Dieter Burmeister
Kreissparkasse Stendal
For the State of Mecklenburg-Western
Pomerania
Sigrid Keler
Ministry of Finance,
Jörn Schanz
Government Director, Ministry of Finance,
For the Special-Purpose Holding Association
of the Savings Bank of Mecklenburg-Western
Pomerania
Frank Berg
OstseeSparkasse Rostock
Dr. Paul Krüger
Mayor, City of Neubrandenburg
Headquarters
Hannover
Friedrichswall 10
D-30159 Hannover
Braunschweig
NORD/LB Zentrum
Friedrich-Wilhelm-Platz
D-38100 Braunschweig
Magdeburg
Harnackstraße 12
D-39104 Magdeburg
Schwerin
Graf-Schack-Allee 10/10 A
D-19053 Schwerin
Special Departments
Braunschweigische Landessparkasse
NORD/LB Zentrum
Hannoversche Landeskreditanstalt
Osterstraße 22
D-30159 Hannover
für Wirtschaftsförderung
Hamburger Allee 4
D-30161 Hannover
Landesförderinstitut Sachsen-Anhalt
Harnackstraße 3
D-39104 Magdeburg
Landesförderinstitut
Mecklenburg-Vorpommern
Werkstraße 213
D-19061 Schwerin
IPA Niedersachsen
Investment Promotion Agency
Hamburger Allee 4
D-30161 Hannover
Port Promotion Agency
Neue Straße 3
D-26122 Oldenburg
Branches
Hannover Main Branch
Georgsplatz 1
D-30159 Hannover
Braunschweig Main Branch
Bürgerpark
Braunschweig Main Branch
Dankwardstraße
Dankwardstraße 1
Bad Harzburg Main Branch
Herzog-Wilhelm-Straße 2
D-38667 Bad Harzburg
Helmstedt Main Branch
Schöninger Straße 23
38350 Helmstedt
Holzminden Main Branch
Böntalstraße 9
D-37603 Holzminden
Salzgitter-Lebenstedt Main Branch
In den Blumentriften 64
D-38226 Salzgitter
Facts and data
Seesen Main Branch
Jacobsonstraße 1
D-38723 Seesen
Vorsfelde Main Branch
Lange Straße 19
D-38448 Wolfsburg
Wolfenbüttel Main Branch
Holzmarkt 20
38300 Wolfenbüttel
Hamburg Branch
Brodschrangen 4
D-20457 Hamburg
Schwerin Branch
Landesbank für Mecklenburg-Vorpommern
Graf-Schack-Allee 10/10 A
D-19053 Schwerin
Berlin Branch
Friedrichstraße 95 (IHZ)
D-10117 Berlin
Magdeburg Branch
Mitteldeutsche Landesbank
Breiter Weg 7
D-39104 Magdeburg
Halle Branch
Mitteldeutsche Landesbank
Große Ulrichstraße 57
D-06108 Halle/Saale
Real Estate Offices
Rahmhofstraße 2– 4
D-60313 Frankfurt/Main
Widenmayerstraße 15
D-80538 München
Brodschrangen 4
D-20457 Hamburg
Königsallee 86
D-40212 Düsseldorf
Friedrichstraße 95 (IHZ)
D-10117 Berlin
Breiter Weg 193
D-39104 Magdeburg
Foreign Branches
London Branch
71, Queen Victoria Street
GB-London EC4V 4NL
New York Branch
1114, Avenues of the Americas,
37th Floor
New York, New York 10036
USA
Singapore Branch
6 Shenton Way, # 16-08
DBS Building Tower 2
Singapore 068809
Helsinki Branch
Pohjoisesplanadi 25B
P. O. Box 1341
FIN-00101 Helsinki
Finland
Stockholm Branch
Lästmakargatan 10
Box 7174
SE-10388 Stockholm – Sweden
Vilnius Branch
28 Vilniaus Street
2600 Vilnius – Lithuania
Representative Offices
Representative Office Oslo
Stranden 57
N-0250 Oslo
Norway
Representative Office Peking
C406, Beijing Lufthansa Center
50 Liangmaqiao Road
Chaoyang District
100016 Beijing
People’s Republic of China
Representative Office Tallinn
Ppärnu mnt. 15
10141 Tallinn
Estonia
Bank Holdings
Bremer Landesbank Kreditanstalt
Oldenburg Girozentrale
Domshof 26
D-28195 Bremen
237
238
Facts and data
Norddeutsche Landesbank
Luxembourg S.A.*
26, route d’Arlon
L-1140 Luxembourg
*subsidiary
– Skandifinanz Bank AG
Muensterhof 13
CH-8001 Zurich
Bankgesellschaft Berlin AG
Alexanderplatz 2
D-10178 Berlin
Berlin-Hannoversche Hypothekenbank AG
Landschaftsstraße 8
30159 Hannover and
Budapester Straße 1
D-10787 Berlin
Pirma Banka
Smilsu iela 6
LV-1050 Riga, Latvia
AB Lietuvos Zemes Ukio Bankas
J. Basanaviciaus str. 26
LT-2630 Vilnius
Lithuania
Bankhaus Joh. Berenberg
Gossler & Co.
Neuer Jungfernstieg 20
D-20302 Hamburg
Holding Offering Supplementary Services
FINANZ IT GmbH (dvg)
Laatzener Straße 5
D-30539 Hannover
Nord-Ostdeutsche
Bankbeteiligungsgesellschaft mbH*
Friedrichswall 10
D-30159 Hannover
* with the subsidiaries
– DekaBank Dt. Girozentrale
Mainzer Landstraße 16
D-60325 Frankfurt am Main
– Deutsche Factoring Bank
Deutsche Factoring GmbH & Co.
Langenstraße 15–21
D-28195 Bremen
– LBS Norddeutsche Landesbausparkasse Berlin
– Hannover
Kattenbrookstrift 33
D-30539 Hannover
– LHI Leasing GmbH
Bahnhofsplatz 1
80335 München
D-089/51 20-0
MHB Mitteleuropäische Handelsbank AG*
Deutsch-Polnische Bank
Lindenstraße 15
D-60325 Frankfurt am Main
NORDCON Asset Management Holding
GmbH *
Calenberger Esplanade 2–4
D-30169 Hannover
and
Friedrichstraße 95
D-10117 Berlin
* subsidiary
– MHB Polska S.A.
ul. Kruczkowskiego 8
PL-00380 Warsaw
– NORDCON
Investment Management AG
Clearing Bank Hannover
Prinzenstraße 17
D-30159 Hannover
Niedersächsische Bürgschaftsbank (NBB)
GmbH
Schiffgraben 33
D-30175 Hannover
Bürgschaftsbank
Mecklenburg-Vorpommern GmbH
Am Grünen Tal 19
D-19063 Schwerin
Bürgschaftsbank
Sachsen-Anhalt GmbH
Große Diesdorfer Straße 228
D-39108 Magdeburg
– Münchner Kapitalanlage AG,
Beethovenplatz 4
D-80336 München
NORD/IT
Informationstechnologie GmbH
Kaiserallee 9
D-30175 Hannover
NORD Holding Unternehmensbeteiligungsgesellschaft mbH
Walderseestraße 23
D-30177 Hannover
Öffentliche Versicherung Braunschweig
Theodor-Heuss-Straße 10
Facts and data
NORD/LB
Immobilien-Holding GmbH*
Mailänder Str. 2
D-30539 Hannover
– NORD/LB Immobilien-Holding
GmbH Dienstleistungs-KG
– NILEG Norddeutsche
Immobiliengesellschaft mbH
– NORDIG Norddeutsche
Investitionsgesellschaft mbH
– NORD/LB Immobiliengesellschaft für
Mecklenburg-Vorpommern mbH
– SALEG Sachsen-Anhaltinische
Landesentwicklungsgesellschaft mbH
– City Center MD
Hasselbach-Passage
Grundstücksgesellschaft mbH
– ISORA Bau-Treuhand GmbH
– ISORA Bau-Treuhand GmbH
Gewerbeimmobilien KG
– WTCH – World Trade Center
Hannover GmbH
– Wohnungsgesellschaft Norden mbH
(WG Norden)
– Wohnungsbau Niedersachsen GmbH (WBN)
– NORD/FM Norddt. Gesellschaft für Facility
Management mbH
– Norddeutsche Wohnungsbau-Beteiligungs
GmbH & Co KG
Advisory Committees
The following bodies also exist to provide
NORD/LB with business assistance and advice:
General Advisory Committee
Advisory Committee for the Braunschweigische
Landessparkassen
Advisory Committee for the Housing Economy
Agricultural Loan Committee
Regional Committee for the Braunschweig
Business Region
Regional Advisory Committee for
Saxony Anhalt
Regional Advisory Committee for
Mecklenburg-Western Pomerania
239
240
UNAUDITED FINANCIAL INFORMATION AS AT 30 JUNE 2003
AND OUTLOOK
Selected unaudited consolidated financial figures (1) as at 30 June 2003
Mio EUR
Balance sheet total
197,586
Lending volume
of which loan commitments outstanding
162,625
16,489
Claims on financial institutions
62,218
Claims on non-banks clients
77,181
Debentures and other fixed interest rate securities
41,959
Liabilities to financial institutions
68,805
45,338
61,895
Equity capital
5,054
Capital acc. to § 10a KWG (German Banking Act)
8,181
Core capital ratio
6.1%
Principle I (lower limit 8%)
9.8%
Net interest income (2)
695.8
88.8
Net earnings from financial transactions
7.3
Administrative expenditure ( )
- 492.5
3
Other expenditure/other earnings (net position)
37.2
Operating income before depreciation, write-offs and revaluation measures
Depreciation, write-offs and result of revaluation measures ( )
4
Operating income after depreciation, write-offs and revaluation measures
(1)
336.6
- 156.3
180.3
64.3
Assets and liabilities are valued according to the valuation rules set out in Section 252 cont. HGB (German Commercial
Code), unless the special provisions of Section 340e HGB apply. The requirements to reinstate original values in accordance
with Section 280 para. 1 HGB were fulfilled.
The interim financial information include isolated simplification measures concerning the valuation, compared to the annual
financial statements as of December 31, 2002, which have no material impact on the financial and income situation.
(2) The expected results of two main subsidiaries, affecting the unconsolidated net interest income, are – as in the annual financial
statements – partially collected in-phase. Furthermore, EUR 1.5 million of statistically expected distributions of subsidiaries and
associated companies are considered affecting the current result. These interest result components are largely consolidated
in the Group, since it mainly affected companies that included in the consolidated financial information.
(3) The operating expenses, part of the administrative expenditures, include proportionate, continued budget values for 2003,
which, in NORD/LB’s estimation, offer better insight than the posted amounts as of June 30, 2003.
(4) Expected transferred losses from subsidiaries were considered proportionately.
241
Business development
A like-for-like comparison shows that in the continued difficult macroeconomic environment, the
NORD/LB Group was able to increase its operating income in the first half of 2003.
Net interest income, which forms the basis of this growth trend, was particularly pleasing. With
EUR 695.8 million, this figure rose by 9.2%, or EUR 58.7 million. This was due to the fact that the
interest margin improved despite the average business volume remaining stable.
However, at EUR 88.8 million, net commission income was down by 5.8%. This decrease affected
almost all service departments and was mainly attributable to a lower volume of securities and trust
business.
Following a negative result from financial transactions in the previous year, the figure for the first half
of 2003 amounted to EUR 7.3 million.
The improved results were also due to a slight reduction in administrative expenditure compared with
the same period in the previous year. Thanks to the allocation to pension provisions being lower than
expected, personnel costs decreased by as much as 3.8% to EUR 253.9 million. By contrast, operating
expenditure continued to rise by 6.0% to EUR 203.3 million in the first six months of the year, with IT
and telecommunications costs accounting for the lion’s share of this figure.
The balance of other ordinary income and expenditure increased by 5.1% to EUR 37.2 million.
Operating income before risk provisions of EUR 336.6 million was reported, which exceeds the corresponding figure for the previous year by 26.8%.
The figure for risk provisions and valuation measures was up by 18.9% to EUR 156.3 million reflecting
the NORD/LB Group’s response to the increased risk in the lending business.
Operating income after risk provisions totalled EUR 180.3 million, representing growth of 34.6%.
At EUR 197.6 billion, total assets recorded at NORD/LB Group for the first six months of 2003 were
in line with the figure for the first half-year of 2002. A slight increase of 0.2% compared to the yearend resulted essentially from the change in the US dollar/Euro parity and at the same time reflects the
continued adverse economic conditions.
Although new business in the lending segment increased perceptibly, at 0.8 per cent the lending volume
rose only slightly and amounted to EUR 162.6 billion as at 30 June 2003. Growth in the first six months
of the financial year was attributable both to interbank business and to private client business. Claims on
financial institutions rose by 5.9 per cent to EUR 62.2 billion, primarily as a result of short-term dealings
with foreign banks. At EUR 77.2 billion, claims on non-bank clients remained at the previous year’s
level, thanks in particular to the rise in the Euro price. Flat growth in property lending, which is part of
client business, reflects the unsatisfactory situation in the construction industry, while the decline in
public sector lending business derives from the tight municipal budgets.
The portfolio of debentures and other fixed-interest rate securities fell by 7.4 per cent to EUR 42.0 billion
due to maturities. By contrast, the volume of derivatives within the Group rose nominally by 4.2 per
cent to EUR 347.5 billion.
On the refinancing side, liabilities to financial institutions were only slightly below the previous year’s
level at EUR 68.8 billion. At the NORD/LB Group, deposits from non-bank clients enjoyed growth of
4.7 per cent to EUR 45.3 billion. As at 30 June 2003, refinancing via the Bank’s own issues decreased
by 3.1 per cent to EUR 61.9 billion.
At EUR 5 billion, Group equity remained virtually unchanged.
242
Selected unaudited unconsolidated financial figures (1) as at 30 June 2003
Mio EUR
Balance sheet total
146,635
Lending volume
of which loan commitments outstanding
120,930
10,994
Claims on financial institutions
53,173
Claims on non-banks clients
50,994
Debentures and other fixed interest rate securities
29,130
Liabilities to financial institutions
46,729
36,284
45,816
Equity capital
4,257
Capital acc. to § 10a KWG (German Banking Act)
7,144
Core capital ratio
6.9%
Principle I (lower limit 8%)
11.4%
Net interest income (2)
490.1
66.2
Net earnings from financial transactions
13.5
Administrative expenditure ( )
- 347.4
3
Other expenditure/other earnings (net position)
- 6.5
Operating income before depreciation, write-offs and revaluation measures
Depreciation, write-offs and result of revaluation measures ( )
4
Operating income after depreciation, write-offs and revaluation measures
(1)
215.9
- 113.2
102.7
29.9
Assets and liabilities are valued according to the valuation rules set out in Section 252 cont. HGB (German Commercial
Code), unless the special provisions of Section 340e HGB apply. The requirements to reinstate original values in accordance
with Section 280 para. 1 HGB were fulfilled.
The interim financial information include isolated simplification measures concerning the valuation, compared to the annual
financial statements as of December 31, 2002, which have no material impact on the financial and income situation.
(2) The expected results of two main subsidiaries, affecting the unconsolidated net interest income, are – as in the annual financial
statements – partially collected in-phase. Furthermore, EUR 1.5 million of statistically expected distributions of subsidiaries and
associated companies are considered affecting the current result. These interest result components are largely consolidated
in the Group, since it mainly affected companies that included in the consolidated financial information.
(3) The operating expenses, part of the administrative expenditures, include proportionate, continued budget values for 2003,
which, in NORD/LB’s estimation, offer better insight than the posted amounts as of June 30, 2003.
(4) Expected transferred losses from subsidiaries were considered proportionately.
243
Outlook 2003
NORD/LB anticipates only moderate business growth for 2003 as a whole. Improved margins in new
business and slightly more favourable developments on the capital market, as well as modest growth in
personnel costs, are likely to have a positive impact on net income for the year. Risk provisions, by contrast, are more difficult to forecast, although the general economic situation suggests that a cautious risk
provision approach would be wise. In spite of this, operating income after risk provisions and valuation
measures is still expected to be higher than in 2002.
244
Formation, Registered Office and Business Purpose
NORD/LB Norddeutsche Securities PLC was incorporated in England and Wales with limited liability
pursuant to the Companies Act 1985 on 7 December 1988 under registered number 2326036.
NORD/LB Securities is a directly wholly owned subsidiary of Norddeutsche Landesbank Girozentrale
and acts as a United Kingdom resident finance company. The main purpose of NORD/LB Securities is
to raise funds in domestic and foreign currencies against the issuance of debt instruments and to advance
the proceeds of the funds to NORD/LB Group companies. NORD/LB Securities may also pursue other
finance activities. NORD/LB Finance (Curaçao) N.V., a Curaçao resident company, is a wholly owned
subsidiary of NORD/LB Securities.
The registered office of NORD/LB Securities is at 71 Queen Victoria Street, London EC4V 4AY.
Board of Directors
The members of the Board of Directors of NORD/LB Securities and their activities outside the Group
(if any) which are significant with respect to the Group are as follows:
Other interests
significant to the
Group
Dr. Jürgen Peters
Baldur Lysk – alternate K. Hillenhagen
H.-H. Sundermeier – alternate J. Rollwage
Jürgen Schuhmacher
Gerd Ruscher
Christoph Trestler
None
None
None
None
None
None
Dr. Jürgen Peters, Baldur Lysk and H.-H. Sundermeier are non-executive directors. Jürgen Schuhmacher,
Gerd Ruscher and Christoph Trestler are executive directors.
The business address of Dr. Jürgen Peters, Baldur Lysk and H.-H. Sundermeier is Norddeutsche
Landesbank Girozentrale, Friedrichswall 10, 30159 Hannover. The business address of Jürgen
Schuhmacher, Gerd Ruscher and Christoph Trestler is 71 Queen Victoria Street, London EC4V 4AY.
245
Capitalisation and Indebtedness of NORD/LB Securities
The following table shows the capitalisation and indebtedness of NORD/LB Securities as at 30 June 2003,
which has been extracted without material adjustments from the unaudited management accounts of
NORD/LB Securities:
30 June 2003
EUR (thousands)
(unaudited)
Authorised share capital GBP 50,000 + EUR 15,695,000
Issued share capital
Retained earnings
Profit after taxation and year to date
Long-term debt (1) (2) (3)
EUR 1 billion 4.875 per cent Instruments due 2006 (EMTN)
EUR 340 million 5.875 per cent Instruments due 2007 (EMTN)
NZD 100 million 6.50 per cent Instruments due 2004 (EMTN)
Unamortised discount/premium
Total long-term debt
Total Capitalisation and Indebtedness (4) (5)
15,767
573
748
1,000,000
340,335
51,101
(3,576)
1,387,860
1,404,948
(1)
(2)
All long-term debt is guaranteed by Norddeutsche Landesbank Girozentrale.
Debt denominated in foreign currencies has been converted into EUR at the following exchange rates prevailing on 30 June
2003: EUR 1 = NZD 1.9569, EUR 1 = GBP 0.6932.
(3) All long-term debt is unsecured.
(4) As at 30 June 2003 NORD/LB Securities had no contingent liabilities (including guarantees).
(5) There has been no material change in the capitalisation, indebtedness or contingent liabilities (including guarantees)
of NORD/LB Securities since 30 June 2003.
Share Ownership
The share capital of NORD/LB Securities on 31 December 2002 was GBP 10,000,000 divided into
10,000 ordinary shares each with nominal value of GBP 1,000. On 2 January 2003, the company
converted its capital as follows:
GBP 50,000 divided into 50 ordinary shares with nominal value of GBP 1,000 and EUR 15,695,000
divided into 15,695 ordinary shares with nominal value of EUR 1,000. All shares have been issued and
are fully paid up. NORD/LB Securities is a wholly owned subsidiary of Norddeutsche Landesbank
Girozentrale subject to the nominal holding of fifty ordinary shares by G. Ruscher.
Auditors
The auditors of NORD/LB Securities are PricewaterhouseCoopers LLP, London.
246
FINANCIAL STATEMENTS AS AT 31 DECEMBER 2002
OF NORD/LB NORDDEUTSCHE SECURITIES PLC
Directors’ report
The directors have pleasure in submitting their report, together with the financial statements for the year
ended 31 December 2002.
The company is exempted under S 228 Companies Act 1989 from preparing and delivering to the
Registrar of Companies consolidated financial statements.
Principal avtivity
The company issues for general funding purposes financial instruments (debt instruments) for which
liquid and active markets exist with maturities from over one year to long term and which are redeemed
at the respective maturity dates. Against these instruments the company raises domestic and foreign
currency funds in the capital markets through intermediaries. The financial instruments are generally
listed at a recognised stock exchange and are subject to the relevant listing requirements.
Review of business and future developments
Following the Euro 1 bn. benchmark issue in 2001 no further series of notes were issued in the year
under review. The note volume was reduced by about 5% to £ 904m due to redemptions and currency
fluctuations.
The company is cautiously optimistic for the new business year as far as investor's demand for
medium-/long-term bonds are concerned, given the present uncertain geopolitical situation.
The financial accounts and the capital funds since the inception of the company are held in Pound Sterling
currency. The management is seeking advice from its accountants and legal advisers to convert to Euro
currency from 2003 onwards. The relevant resolutions have been passed as a pre-requiste to the
implementation of the currency conversion.
The company is in a sound financial position.
Dividends and transfers to reserves
The company's profit after taxation for the year ended 31 December 2002 amounted to £ 1,103,000
(2001: £ 1,143,000). During the year an interim dividend of £ 926,100 was declared and paid by the
company (2001: £ 2,413,710). The board of directors will propose to the Annual General Meeting the
payment of an additional dividend of Euro 1.5 m (approximately £ 995,000).
Directors
The directors of the company who held office throughout the year were as follows:
Alternate
J. Peters
F. Book
B. Lysk
K. Hillenhagen
H.-H. Sundermeier
J. Rollwage
J. A. Schuhmacher
G. Ruscher
C. Trestler
247
Directors’ interests
No directors had any interest requiring disclosure during the year save G. Ruscher who held one share
in the company as nominee for NORD/LB Norddeutsche Landesbank Girozentrale and J. A.
Schuhmacher who held one share in a fellow subsidiary, Bremer Landesbank Capital Markets PLC, as
nominee for its holding company Bremer Landesbank Kreditanstalt Oldenburg - Girozentrale -.
Statement of payment practice under the companies act 1985
It is the company’s policy to pay suppliers and service providers under the terms of payment agreed or
within 30 days of receipt of the invoice. There are no such creditors outstanding as of 31 December
2002.
Statement of directors’ responsibilities
The following statement, which should be read in conjunction with the Auditors' Report set out on page
3, is made with a view to distinguishing for shareholders the respective responsibilities of the directors
and of the auditors in relation to the financial statements.
The directors are required by the Companies Act 1985 to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit or loss, for the financial year.
The directors consider that in preparing the financial statements set out on pages 4 to 15,
– the Company has used appropriate accounting policies, consistently applied and supported by
reasonable and prudent judgments and estimates, and
– that all accounting standards which they consider to be applicable have been followed, and
– that the financial statements have been prepared on the going concern basis.
The directors have responsibility for ensuring that the Company keeps accounting records which
disclose with reasonable accuracy the financial position of the Company and which enable them to
ensure the financial statements comply with the Companies Act 1985.
The directors have general responsibility for taking such steps as are reasonably open to them to
safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
Auditors
PricewaterhouseCoopers have indicated their willingness to continue in office and resolutions to reappoint them will be proposed at the annual general meeting.
By order of the board,
E-M Dattadeen
Company Secretary
248
Report of the auditors’ to the members of Nord/LB Norddeutsche Securities Plc
Independent auditors' report to the members of NORD/LB Norddeutsche Securities Plc
We have audited the financial statements on pages 4 to 15 which comprise the profit and loss account,
the balance sheet and the related notes.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the annual report and the financial statements in accordance
with applicable United Kingdom law and accounting standards are set out in the statement of directors’
responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory
requirements, United Kingdom Auditing Standards issued by the Auditing Practices Board and the
Listing Rules of the Financial Services Authority. This opinion has been prepared for and only for
the company’s members in accordance with Section 235 of the Companies Act 1985 and for no other
purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to
any other person to whom this report is shown or in to whose hands it may come save where expressly
agreed by our prior consent in writing.
We report to you our opinion as to whether the financial statements give a true and fair view and are
properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion,
the directors' report is not consistent with the financial statements, if the company has not kept proper
accounting records, if we have not received all the information and explanations we require for our audit,
or if information specified by law or the Listing Rules regarding directors' remuneration and transactions
is not disclosed.
We read the other information contained in the annual report and consider the implications for our report
if we become aware of any apparent misstatements or material inconsistencies with the financial
statements.
Basis of audit opinion
We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board.
An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in
the financial statements. It also includes an assessment of the significant estimates and judgements made
by the directors in the preparation of the financial statements, and of whether the accounting policies
are appropriate to the company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable assurance that
the financial statements are free from material misstatement, whether caused by fraud or other
irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation
of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of the company's affairs at
31 December 2002 and of its profit for the year then ended and have been properly prepared in
accordance with the Companies Act 1985.
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors
London, 18 February 2003
249
Profit and loss account
for the year ended 31 December 2002
Note
2002
2001
£ 000
£ 000
Administrative expenses
Other operating income/(charges)
Interest receivable and similar income
Interest payable and similar charges
2
3
4
5
(147)
74
49,584
(47,932)
(154)
(31)
44,798
(42,975)
Profit on ordinary activities before taxation
Tax on profit on ordinary activities
7
1,579
(476)
1,638
(495)
Profit on ordinary activities after taxation
Dividends paid
8
1,103
(926)
1,143
(2,414)
Retained profit / (loss) for the year
9
177
(1,271)
All items dealt with in arriving at profit on ordinary activities before taxation for 2002 and 2001 relate
to continuing operations.
The company has no recognised gains and losses other than those included in the profits above, and
therefore no separate statement of total recognised gains and losses has been presented.
There is no difference between the profit on ordinary activities before taxation and the retained profit
for the year stated above, and their historical cost equivalents.
The notes on pages 6 - 15 form part of the financial statements.
250
Balance sheet
at 31 December 2002
Note
2002
2001
£ 000
£ 000
63
63
63
63
902,130
25,862
10,820
841,345
97,648
30,306
10,570
938,812
979,869
(25,396)
(127,415)
Net current assets
913,416
852,454
Total assets less current
liabilities
913,479
852,517
(902,130)
(841,345)
11,349
11,172
10,000
1,349
10,000
1,172
11,349
11,172
Fixed assets
Tangible assets
Investments
Current assets
Loans to immediate parent undertaking:
Amounts falling due after more than one year
Amounts falling due within one year
Debtors
Cash at bank and on deposit
Creditors: amounts falling due
within one year
Creditors: amounts falling due
after more than one year
10
11
12
12
13
14
15
16
Net assets
Capital and reserves
Called up share capital
Profit and loss account
18
9
Equity shareholder funds
The notes on pages 6 - 15 form part of the Financial Statements.
The financial statements were approved by the board of directors on 17 February 2003 and were signed
on its behalf by:
J A Schuhmacher
G Ruscher
Directors
251
Notes
1 Principal accounting policies
The following accounting policies, which conform with applicable Accounting Standards and the
Companies Act 1985, have been applied consistently in dealing with items which are considered
material in relation to the company's financial statements. FRS 18 “Accounting Policies” came into
force for 2001 and has been adopted without the need for any changes in accounting policies.
FRS 19 has been adopted in 2002.
a) Basis of accounting
All items are stated in the accounts under the historical cost accounting rules. Income and
expenditure are brought in to the profit and loss account on an accruals basis.
b) Turnover
The company is a finance company receiving interest income from its investing activities. The
directors consider that there is no amount in the context of the company's business which reasonably
corresponds to turnover.
c) Fixed asset investments
Fixed asset investments are stated in the accounts at cost.
d) Tangible fixed assets and depreciation
Depreciation for tangible fixed assets is calculated in order to write down their cost by equal annual
instalments over the period of their estimated useful economic lives which are considered to be:
Fixtures and fittings 1 - 10 years.
e) Foreign currency
Transactions denominated in foreign currencies are translated into sterling and recorded at the rate
of exchange ruling at the date of the transaction. Assets and liabilities denominated in foreign
currencies are translated into sterling at the rate ruling on the balance sheet date, with the exception
of the investment in the subsidiary, which is maintained at historic sterling cost.
f) Subsidiary Company
The company’s subsidiary company, NORD/LB Finance (Curacao) N.V. will be included by full
consolidation in the consolidated financial statements of the ultimate holding company (Note 22).
The company is therefore exempted under Section 228, Companies Act 1989, from preparing and
delivering to the Registrar of Companies consolidated financial statements.
g) Amortisation of premium, discount and costs on note issues
Note issues are stated on the financial statements net of premium or discount and issue costs in
accordance with FRS4. The premium or discount and issue costs are amortised to the profit and loss
account over the period to redemption.
h) Defined contribution scheme
The company operates a defined contribution pension scheme. The pension cost charge represents
contributions payable by the company to the fund.
i) Deferred taxation
Deferred taxation is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events that result in an obligation to pay
more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date,
measured at expected future tax rates. No discounting of the deferred tax liabilities or assets is applied.
252
2 Administrative expenses
Administrative expenses comprise of:
Staff Costs
Wages and salaries
Social security costs
Pension contributions
Auditors' remuneration - audit fees
- non audit fees
Other
2002
2001
£ 000
£ 000
53
6
13
7
10
58
64
5
13
10
8
54
147
154
Exchange losses of £ 60,578,267 (2001: £ 25,166,330 gains) on notes and exchange gains of
£ 60,578,267 (2001: £ 25,166,330 losses) on loans to parent company undertaking have been taken
to the profit and loss account.
The above staff costs include costs associated with staff who hold employment contracts with a
fellow subsidiary but who perform services for the company for which a re-charge is made by the
fellow subsidiary.
3 Other operating income / (charges)
Foreign exchange gain/(loss)
4 Interest receivable and similar income
Interest receivable from parent undertaking
Amortisation of discounts and premiums
5 Interest payable and similar charges
Other interest payable
- on note issues due within five years
- on note issues due after more than five years
Commissions payable
- to parent company undertaking
- other
Amortisation of discounts and premiums
2002
2001
£ 000
£ 000
74
(31)
2002
2001
£ 000
£ 000
48,755
829
44,231
567
49,584
44,798
2002
2001
£ 000
£ 000
47,103
-
30,114
12,249
-
46
1
829
565
47,932
42,975
253
6 Directors’ emolument and particulars of staff
None of the directors received any remuneration in respect of their services to the company or its
subsidiary during the year ended 31 December 2002.
The average number of employees during the year was
7 Tax on profit on ordinary activities
Corporation tax at 30%
2002
2001
No.
No.
3
3
2002
2001
£ 000
£ 000
476
495
476
495
Factors affecting tax charge for the period
The tax assessed for the period is higher than the standard rate of corporation tax in the UK (30%).
The differences are explained as follows:
Profit on ordinary activities before tax
Profit on ordinary activities multiplied by standard rate of
corporation tax in the UK of 30% (2001: 30%)
Effects of:
Expenses not deductible for tax purposes
Capital allowances for period in excess of depreciation
Current tax charge for the period (note 1 (a))
2002
2001
£ 000
£ 000
1,579,315
1,637,586
473,795
491,276
2,288
(56)
2,905
(75)
476,027
494,106
8 Dividends
A dividend of £ 926,100 was declared and paid during the year (2001: £ 2,413,710)
9 Reserves
2002
2001
£ 000
£ 000
Balance at 1 January
Retained profit/(loss) for the year
1,172
177
2,443
(1,271)
Balance at 31 December
1,349
1,172
254
10 Tangible fixed assets
Fixtures &
Fittings
£ 000
Cost:
At 31 December 2001
Additions
18
-
At 31 December 2002
18
Depreciation
At 31 December 2001
Charge for the year
18
-
At 31 December 2002
18
Net book value:
As at 31 December 2002
-
As at 31 December 2001
-
11 Particulars of subsidiary company
2002
2001
£ 000
£ 000
Shares in subsidiary company
63
63
Balance at 31 December 2002 and 2001
63
63
Investment in subsidiary company:
The company holds the entire issued ordinary share capital, representing 100% of the voting rights,
of NORD/LB Finance (Curacao) N.V., a finance company incorporated in the Netherlands Antilles.
The principal objective of the company is the finance directly and/or indirectly of business
activities of NORD/LB Norddeutsche Landesbank Girozentrale.
The share capital and reserves at 31 December 2002 amounted to EUR 115,898 (£ 75,392). The loss
for the year was EUR 9,453 (£ 6,149).
Acontingent liability exists for the subsidiary's uncalled share capital of EUR 153,600 at 31 December
2002 (2001: EUR 153,600).
255
12 Loans to parent company undertaking
2002
2001
£ 000
£ 000
Balance at 1 January
Additions
Adjustments on foreign exchange re-valuations
Amortizations
Repayments
938,993
60,361
829
(98,053)
422,448
617,478
(25,087)
567
(76,413)
Balance at 31 December
902,130
938,993
902,130
97,648
841,345
2002
2001
£ 000
£ 000
25,862
30,306
25,862
30,306
2002
2001
£ 000
£ 000
10,805
15
10,420
150
10,820
10,570
Thereof:
Amounts falling due within one year
Amounts falling due after more than one year
13 Debtors
Prepayment and accrued income
- income receivable from parent company undertaking
14 Cash at bank and on deposit
Deposit with parent company undertaking
Cash with other banks
256
15 Creditors: amounts falling due within one year
Note
Notes in issue
Amounts owed to fellow subsidiary undertaking
Other creditors including taxation and social security
- corporation tax
Accruals and deferred income
- interest + commissions payable
- other accruals
17
2002
2001
£ 000
£ 000
5
97,648
13
229
268
25,151
11
29,475
11
25,396
127,415
2002
2001
£ 000
£ 000
32,412
869,718
-
632,976
208,369
902,130
841,345
16 Creditors: amounts falling due after more than one year
Note
Notes in issue:
- payable in 1-2 years
- payable in 2-5 years
- payable after more than 5 years
17
The notes in issue are guaranteed by the company's holding company, NORD/LB Norddeutsche
Landesbank Girozentrale.
The majority of the notes were issued under the USD20,000,000,000 Programme for the Issuance
of Debt Instruments.
257
17 Currency, interest rate and maturity profile
The Company is considered an investment company. It does not engage in trading or invest in
financial instruments (with the exception of money market deposits), commodities or commodity
contracts, equity or derivatives. The Company has continued its policy not to hedge its interest margin
in foreign currencies. For this reason it does not use derivative instruments or off balance sheet finance.
Financial liabilities - notes in issue
at 31 December 2002
Currency
Due between 1 and 2 years
New Zealand Dollar
Due betweeen 2 and 5 years
Euro
Euro
Euro
Interest rate
Total
£ 000
Fixed Rate
£ 000
6.50%
32,412
32,412
4.875%
5.875%
5.875%
647,207
147,322
75,189
647,207
147,322
75,189
902,130
902,130
The amounts of notes in issue are shown net of premiums (£ 3,317,743), discounts (£ 2,208,572)
and issue costs (£ 3,432,499).
Financial assets - proceeds from note issue
at 31 December 2002
Currency
New Zealand Dollar
Due betweeen 2 and 5 years
Euro
Euro
Euro
Total
£ 000
Fixed Rate
£ 000
32,412
32,412
647,207
147,322
75,189
647,207
147,322
75,189
902,130
902,130
The amounts are shown net of premiums (£ 1,393,541) and discounts (£ 3,716,869).
Funds raised by the Company from note issues are placed on deposit with the parent company
undertaking. The maturity, interest structure and interest payment dates of the deposits match the
terms of the debt instruments which eliminates the liquidity risk for debt service and excludes any
interest rate risk for the Company.
Equity shareholders’ funds are invested in short-term deposits, predominantly in Sterling.
258
Financial liabilities - notes in issue
at 31 December 2001
Currency
Interest rate
Total
£ 000
Fixed Rate
£ 000
6.75%
6.70%
3,452
94,196
3,452
94,196
New Zealand Dollar
Euro
6.50%
4.875%
28,480
604,496
28,480
604,496
Due after more than 5 years
Euro
5.875%
208,369
208,369
938,993
938,993
Due within 1 year
United States Dollar
Italian Lira
The amounts of notes in issue are shown net of premiums (£ 3,809,460), discounts (£ 2,685,598)
and issue costs (£ 4,060,007).
Financial assets - proceeds from note issues
at 31 December 2001
Currency
Total
£ 000
Fixed Rate
£ 000
3,452
94,196
3,452
94,196
New Zealand Dollar
Euro
28,480
604,496
28,480
604,496
Due after more than 5 years
Euro
208,369
208,369
938,993
938,993
Due within 1 year
United States Dollar
Italian Lira
The amounts are shown net of premiums (£ 1,582,718) and discounts (£ 4,518,863).
259
Primary financial instruments issued to finance the groups’s operations
at 31 December 2002
Financial Assets - proceeds from notes issued
Financial Liabilities - notes in issue
Book value
£ 000
Fair value
£ 000
902,130
902,130
951,625
951,625
938,993
938,993
957,558
957,558
at 31 December 2001
Financial Assets - proceeds from notes issued
Financial Liabilities - notes in issue
Currency exposure
at 31 December 2002
EU currencies
US dollar
Other currencies
Liabilities
£ 000
Assets
Net currency
£ 000 exposure £ 000
894,857
32,424
896,274
32,424
1,417
-
927,281
928,698
1,417
939,043
3,668
28,693
941,041
3,676
28,693
1,998
8
-
971,404
973,410
2,006
at 31 December 2001
EU currencies
US dollar
Other currencies
Liabilities and assets include accrued interest at 31 December.
260
18 Share capital
2002
2001
£ 000
£ 000
Authorised:
10,000 ordinary shares of £ 1,000 each
10,000
10,000
Allotted, called up and fully paid:
10,000 ordinary shares of £ 1,000 each
10,000
10,000
2002
2001
£ 000
£ 000
Opening shareholders’ funds
Profit for the financial year
Dividends
11,172
1,103
(926)
12,443
1,143
(2,414)
Closing shareholders’ funds
11,349
11,172
19 Reconciliation of movements in shareholders funds’
20 Cash flow statement
The company has taken advantage of the exemption within Financial Reporting Standard Number 1
“Cashflow Statements”, not to prepare a cashflow statement as more than 90% of the voting rights
of the company are controlled within the NORD/LB Norddeutsche Landesbank group and the
consolidated financial statements of the group, in which the company is included, are publicly
available.
21 Related party transactions
There were no transactions with directors or officers during the period. Advantage has been taken of
the exemption in FRS 8, which permits transactions between companies, where 90% or more of the
voting rights are controlled within the group, from disclosing any transactions with other entitites
which are part of the group.
22 Ultimate holdings company
The company's immediate and ultimate holding and controlling company is NORD/LB Norddeutsche
Landesbank Girozentrale which is incorporated in the Federal Republic of Germany.
Copies of the ultimate holding company's financial statements may be obtained from:
71 Queen Victoria Street
London EC4V 4AY
261
TAXATION
The following is a general description of certain German and United Kingdom tax considerations
relating to the payment of principal and interest in respect of the Instruments. It does not purport to be
a complete analysis of all tax considerations relating to the Instruments and does not deal with other tax
aspects of acquiring, holding or disposing of the Instruments. It relates only to persons who are
the absolute beneficial owners of Instruments and any related Coupons and may not apply to certain
classes of Holders. In addition, these comments may not apply where interest on the Instruments is
deemed to be the income of any other person for tax purposes. Prospective purchasers of Instruments
should be aware that the particular terms of issue of any Series of Instruments as specified in the
relevant Pricing Supplement may affect the tax treatment of that or other Series of Instruments. This
summary is based upon the law as in effect on the date of this Information Memorandum and is subject
to any change in law that may take effect after such date. The following is a general guide and should
be treated with appropriate caution.
Prospective purchasers of Instruments should consult their tax advisers as to the consequences of
such purpose under the tax laws of the country in which they are resident for tax purposes and
under the tax laws of the Federal Republic of Germany and the United Kingdom.
1. Taxation in the Federal Republic of Germany
1.1 General Information
Resident Holders
Under German law payments of interest on the Instruments to holders who are residents of Germany
(that is, holders whose residence, customary place of abode, head office or central management is located
in Germany) are subject to German income or corporation tax plus solidarity surcharge (at a rate of
5.5%) thereon. In addition, capital gains realized upon disposal of Instruments by, and payments of
interest on the Instruments to corporate holders or holders who hold the Instruments as business assets,
are subject to trade tax. The trade tax rate depends partly on the municipalities where the holder maintains
permanent establishment.
For income derived from capital investment, German residents holding the Instruments as private assets
may claim tax allowances in the amount of EUR 1,550 (EUR 3,100 for married couples filing tax returns
jointly) per annum.
Upon maturity of an Instrument, any difference between the issue price of the Instrument and the
redemption amount (Original Issue Discount) received by the initial purchaser will be subject to tax,
provided certain thresholds are exceeded. If the Instrument is classified as a financial innovation
(Finanzinnovation) under German Tax Law, the original issue discount to the extent attributable to the
period over which the holder of the Instrument has held such Instrument or, alternatively, any
difference between the proceeds from the redemption transfer or any sale and the purchase price is
subject to personal or corporate income tax and withholding tax (see below). This is true unless the
Instruments form part of a trade or business, in which case the annual increase in value of the Instrument,
as calculated at the time of its acquisition, must be taken into account pro rata temporis as interest
income and may, in addition to personal or corporate income tax, also be subject to trade tax.
If the Instruments are kept or administered in a domestic securities deposit account by a German financial
institution, which term includes a German branch of a foreign financial institution but excludes a foreign
branch of a German financial institution, a withholding tax may become due. Withholding tax is levied
at a regular rate of 30% (Zinsabschlagsteuer), plus a 5.5% solidarity surcharge on the amount so
withheld, on any interest payments for the account of the Instrumentholder and, in case the Instrument
qualifies as financial innovation (Finanzinnovation), on any difference between the proceeds from any
sale, transfer or redemption of the Instrument and the purchase price, resulting in a current aggregate
withholding tax rate of 31.65%. The tax withheld from payments to resident holders will be credited as
prepayment for purposes of the final income tax assessment and will be refunded in case of an
overpayment.
262
If a holder sells an Instrument during a current interest period, the accrued interest (Stückzinsen)
received in connection therewith will also be subject to income or corporation tax, plus solidarity
surcharge; withholding tax at a rate of 30% plus solidarity surcharge will be deducted and credited
against the tax bill of the individual taxpayer. Accrued interest (Stückzinsen) paid by a holder upon the
purchase of an Instrument reduce the investment income and, under certain circumstances, the taxable
base for the withholding tax and solidarity surcharge.
If an Instrument or coupons were presented for payment over the counter of a German financial institution
(Tafelgeschäft, i.e., interest payments are made by the German financial institution upon presentation
of the coupons), special withholding tax provisions would be applicable (e.g., tax rate of 35% plus a
5.5% solidarity surcharge on the amount so withheld, resulting in the current aggregate withholding tax
rate of 36.925%).
The gain on the sale of an Instrument (excluding the accrued interest (Stückzinsen) and the Original
Issue Discount, see above), if the Instrument is held as private investment, are in principle not subject
to German taxation, provided that the Instrument is held for at least one year and provided further that
the Instrument cannot be classified as a financial innovation (Finanzinnovation) under German tax law
(see above). If the Instrument is held as business property in Germany, a gain or loss realized from the
sale of the Instrument will be subject to German taxation. However, no withholding tax is levied on such
gain.
Non-resident Holders
Under German law payments of interest on the Instruments to holders who are not tax-resident in
Germany (that is, holders who have neither a residence nor a customary place of abode or their head
office or central management in Germany) are, in principle, not subject to German taxation. If the
interest from an Instrument falls under certain categories of income from German sources, however,
(e.g., interest income from debt instruments which are secured by German real estate, commercial income
effectively connected with a German permanent establishment, over-the-counter transactions, etc.), the
Instrumentholder may be subject to limited income taxation in Germany, and income or corporation tax
and solidarity surcharge (at a rate of 5.5%) on the interest income may become due. In addition,
interest income may be subject to trade tax if the Instrument belongs to the German commercial assets
of the Instrumentholder.
Even in case of limited income taxation, generally, under the German Double Taxation Conventions
Germany must refrain, at least partly, from taxing interest income (unless interest payments are treated
as commercial income effectively connected with a German permanent establishment). Consequently,
most foreign holders (who are entitled to the benefits of an applicable double taxation convention) should
be exempted from German income or corporation tax and solidarity surcharge with regard to interest
on the Instruments. However, if the Instruments are kept or administered in a domestic securities deposit
account with a German financial institution, which term includes a German branch of a foreign financial
institution but excludes a foreign branch of a German financial institution, the German financial
institution, in principle, will deduct withholding tax and solidarity surcharge on interest payments
thereon because it is generally not in a position to prove whether or not the recipient is subject to German
income or corporation tax. Generally, withholding tax is levied at a rate of 30% plus 5.5% solidarity
surcharge on the amount so withheld (resulting in the current aggregate withholding tax rate of 31.65%).
Upon proper application of a refund procedure withholding tax plus solidarity surcharge, which have
been deducted by the German financial institution, will be refunded by the relevant tax office if the
recipient of the payment is a non-resident Instrumentholder and proves that he is not subject to German
income taxation.
If the Instruments or coupons were presented for payment directly to the issuer or over the counter of
a German financial institution (Tafelgeschäft, i.e., interest payments are made directly by the issuer or
by the German financial institution upon presentation of the coupons), by a non-resident, special
withholding tax provisions would be applicable (e.g., tax rate of 35% plus 5.5% solidarity surcharge on
the amount so withheld, resulting in the current aggregate withholding tax rate of 36.925%). In this
event, as well, partial or full refund of the withholding tax may be obtained if an applicable double
taxation convention provides for reduction of or exemption from German interest withholding tax.
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Estate and Gift Taxes
A disposition of Instruments by reason of death or by way of gift are subject to German inheritance or
gift tax if:
(1) the decedent or donor or the heir, donee or other beneficiary at the time of the death or the
execution of the gift have their domiciles or habitual abodes in Germany or are German citizens who
have not been living abroad for a period of more than five years without having a residence in Germany,
or
(2) except in the case of (1), the Instruments are part of the assets of the decedent or donor for which in
Germany a permanent establishment is maintained or a permanent representative has been appointed.
Other Taxes
The sale or transfer of the Instruments is not subject to any stock exchange transfer tax, company tax,
stamp duty or similar tax in Germany. No net wealth tax is currently imposed in Germany.
Proposed Flat Rate Withholding Tax (Zinsabgeltungssteuer)
The German federal government is planning a revision of the taxation of interest. The proposed bill
provided that the prevailing withholding tax on income of 30% (plus solidarity surcharge of 5.5%)
ought to be replaced by a flat rate withholding tax (Abgeltungssteuer). The flat rate ought to be 25%
(plus solidarity surcharge of 5.5%).
The tax allowance on savings for persons who hold the Instruments as a private asset (EUR 1,550 for
single assessment and EUR 3,100 for joint assessment) ought to be maintained.
It is expected that the final text of the law will be decided within this legislative period.
1.2 Special Information referring to Structured Instruments
Unless differing opinions are specified in the detailed Instruments, the taxation rules outlined below
apply to all the Instruments which are the subject of the following sections.
For persons with unlimited liability to tax in Germany, current interest payments and interest accrued pro
rata to the period of ownership of Instruments are subject to income/corporation tax (plus 5.5% solidarity
surcharge thereon). If the Instruments are held on deposit at a German credit institution or German financial services provider, the interest payments are as a rule subject to the current 30% withholding tax
(plus 5.5% solidarity surcharge). The same applies if the Instruments are held by a person with limited
liability to tax in Germany by virtue of having a permanent establishment in Germany (such as a branch).
If the Instruments are held as a business asset of a trading establishment maintained in Germany, the
income is also subject to trade tax.
For Instruments which qualify as financial innovations (Finanzinnovation), the capital gain made upon
the sale, transfer or redemption is calculated on the issue/market yield relating to the period the Instrument
was held. From a tax point of view, gains or losses made are assessed in the case of private investors,
regardless of the time the Instruments were held, as positive or negative income from capital. Gains are
currently subject to 30% withholding tax (plus 5.5% solidarity surcharge). In case the private investor
is able to prove the issue yield to be less than the market yield only the interest calculated on the basis
of the issue yield will be subject to tax.
The sale, transfer or redemption at final maturity of Instruments that do not qualify as financial
innovations counts, as far as a private investor is concerned, as an non-taxable event at the private asset
level. If, however, the sale occurs within one year of acquisition, the gain/loss made by a private
investor is seen as income from private sales as defined in Section 23 of the German Income Tax Act
(EStG) and, as such, is subject to income tax (plus 5.5% solidarity surcharge thereon). However, in so
far as net income from private sales in any calendar year is less than EUR 512, it is tax-exempt. If the net
income from such private sales is negative, it can only be set off against positive income from private
sales in the previous year or the following years.
Prevailing opinion is that redemption at final maturity does not qualify as a sale as defined in Section
23 of the German Income Tax Act.
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If the Instruments are not held as a private asset but as a business asset, gains or losses relating to sale,
transfer or redemption at final maturity are subject, regardless of how long they are held and the
assessment as financial innovations, to taxation as part of current operating profit/loss.
The withholding tax and solidarity surcharge are credited as prepayment against the income/corporation
tax assessed upon presentation of the accordant tax certificate. The tax allowance on savings for
persons who hold the Instruments as a private asset is EUR 1,550 for single assessment and EUR 3,100
for joint assessment.
The German federal government is planning a revision of the taxation of interest. The prevailing
withholding tax on income of 30% (plus solidarity surcharge of 5.5%) is due to be replaced by a flat
rate withholding tax. The flat rate is due to be 25% (plus solidarity surcharge of 5.5%).
The tax allowance on savings for persons who hold the Instruments as a private asset is to be maintained.
It is expected that the final text of the law will be decided within this legislative period.
It is not possible at present to make any statement on possible changes in the law regarding the taxation
of capital gains made on the sale of securities.
The principles concerning the taxation of persons who are not tax-residents in Germany are outlined in
this section 1.1 “General Information”.
Taxation and its effects depend on the individual circumstances of the taxpayer. Holders of
Instruments should therefore obtain information from and consult their tax adviser on the tax
consequences applying to their particular situation.
1.2.1 Instruments with index-linked redemption (participating in a rising/falling/falling and rising
underlying value)
Instruments with index-linked redemption by the issuer and guaranteed repayment of some or all of the
capital are in principle to be treated as financial innovations (Finanzinnovation). However, where the
capital gain and/or repayment of the capital invested depends exclusively on the uncertain performance
of the index and no repayment of some or all of the capital has been assured or granted, such Instruments
do not qualify as financial innovations.
The principles governing the taxation of current interest payments and interest accrued pro rata to the
period of ownership of Instruments are outlined in the general section.
For private investors, the categorisation as financial innovations means that, regardless of how long they
are held, gains/losses made on the sale, transfer or redemption of the Instruments are accounted for as
positive/negative income from capital. Please see the general section for the regulations governing the
sale, transfer or redemption of financial innovations.
In the event of a sale, Instruments which do not qualify as financial innovations are only ever subject
to tax as a private sale. Please see the general section for further details.
transfer or redemption at final maturity are subject, regardless of how long they are held, to taxation as
part of current operating profit/loss.
1.2.2 Instruments with redemption in principal or shares at the option of the Issuer
Instruments with redemption in principal or shares at the option of the Issuer are to be treated as financial
innovations by the fiscal authority.
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From a tax point of view, if shares are delivered at maturity, it is considered to be an acquisition event.
If the shares are sold within a period of one year after acquisition, the gain/loss made by a private
investor on a sale is subject to taxation as income from private sales in accordance with Section 23 of
the German Income Tax Act unless the income received by that private investor from private sales in
that calendar year is less than EUR 512,00. If the net income from such private sales is negative, it can
only be set off against positive income from private sales in the previous year or the following years.
In addition, the gain/loss made on the sale of the shares is subject to tax if at the time of the sale or at
any time within the five years before the sale, the seller held a participation of at least 1% (material
participation) in the capital of the joint stock corporation (Section 17 of the German Income Tax Act)
or if the shares result from the contribution of a business in accordance with Section 20 of the
Transformation Tax Act (UmwStG).
Income from taxable private sales of German or foreign shares, from sales of material participations
and under certain criteria from sales of shares resulting from the contribution of a business is subject to
the 50% ruling (Halbeinkünfteverfahren).
If the shares delivered are held as a business asset, any profit or loss made on their sale, regardless of
how long they are held or the extent of the participation, is subject to trade and income tax. In the case
of income tax, the 50% ruling is also applicable to any gain or loss made on the sale.
Sales of shares held by a joint stock company are tax-exempt under current law unless they are shares
resulting from the contribution of a business (see above).
1.2.3 Instruments with redemption in principal or bonds at the option of the Issuer
Instruments with redemption in principal or bonds at the option of the Issuer are to be treated as financial
innovations.
The following applies for the taxation of the bonds delivered:
If bonds are delivered at maturity that qualify as financial innovations, the tax consequences laid out
in the general section for financial innovations apply for the taxation of current income as well as
income made upon sale, transfer or redemption of the bonds.
If an investor receives bonds that do not qualify as financial innovations, the tax consequences laid
out in the general section apply to current interest payments and interest accrued pro rata to the period
of ownership. In the event of a sale of the bonds, these are only ever subject to tax as a private sale.
Please see the general section for further details. Prevailing opinion is that redemption at final maturity
does not qualify as a sale as defined in Section 23 of the German Income Tax Act.
1.2.4 Instruments with call option(s) of the Issuer
Floating rate Instruments with a right to terminate for the Issuer qualify as financial innovations as
different amounts of interest are payable over their life.
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Fixed rate bearer Instruments with a right to terminate for the Issuer generally do not qualify as financial
innovations. Should they exceptionally be categorised as financial innovations, the tax consequences
in such cases would be as for floating rate Instruments.
The sale, transfer or redemption at final maturity of the fixed rate Instruments counts, as far as a private
investor is concerned, as a non-taxable event at private asset level. If, however, the sale occurs within
one year of acquisition, the gain/loss made by a private investor is seen as income from private sales as
defined in Section 23 of the German Income Tax Act and, as such, is subject to income tax. The
statements regarding private sales in the general section apply here.
1.2.5 Zero Coupon Instruments
In the case of Zero Coupon Instruments, no current interest is paid. The interest payment occurs at final
maturity when the principal falls due. There is no taxation of current interest income during the life of
the Instruments, and the accrued interest is not subject to tax until the Zero Coupon Instruments are
redeemed.
From a tax point of view, Zero Coupon Instruments are treated as financial innovations.
are held, gains or losses made are assessed for tax purposes as positive or negative income from capital.
Please see the general section for the regulations governing the sale, transfer or redemption of financial
innovations.
If the Zero Coupon Instruments are held as a business asset, gains or losses relating to sale, transfer or
redemption at final maturity are subject to taxation as part of current operating profit/loss. The annual
increase in value of the Zero Coupon Instruments, as calculated at the time of the acquisition, must be
taken into account pro rata temporis as profit.
2. Taxation in the United Kingdom
Holders who may be liable to taxation in jurisdictions other than the United Kingdom in respect of their
acquisition, holding or disposal of the Instruments are particularly advised to consult their professional
advisers as to whether they are so liable (and if so under the laws of which jurisdictions), since the
following comments relate only to certain United Kingdom taxation aspects of payments in respect of
the Instruments. In particular, Holders should be aware that they may be liable to taxation under the
laws of other jurisdictions in relation to payments in respect of the Instruments even if such payments
may be made without withholding or deduction for or on account of taxation under the laws of the United
Kingdom.
It has been assumed for the purposes of this summary that only payments made in respect of Instruments
issued by NORD/LB Securities have a United Kingdom source for the purposes of United Kingdom
taxation and that payments made in respect of Instruments issued by NORD/LB and payments made by
the Guarantor (other than payments to which paragraph 2.4 relate) do not have a United Kingdom source
for such purposes.
2.1 Withholding Tax on Interest Paid
NORD/LB Securities is entitled to make payments of interest in respect of Instruments without
withholding or deduction for or on account of United Kingdom income tax providing that the Instruments
carry a right to interest and continue to be listed on a “recognised stock exchange” within the meaning
of section 841 of the Income and Corporation Taxes Act 1988 (the Frankfurt and Luxembourg Stock
Exchange are recognised stock exchanges for these purposes).
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In addition to the exemption referred to above, NORD/LB Securities is entitled to make payments of
interest on the Instruments without withholding or deduction for or on account of United Kingdom
income tax if, at the time the relevant payments are made, NORD/LB Securities reasonably believes
that, broadly, the person beneficially entitled to the income is a company within the charge to United
Kingdom corporation tax in respect of the interest or falls within a list of specified tax-exempt entities
and bodies (unless the United Kingdom has given a direction that this exemption shall not apply, having
reasonable grounds for believing the conditions for this exemption will not be met).
In all other cases interest paid by NORD/LB Securities on the Instruments will be paid under deduction
of United Kingdom income tax at the lower rate applicable to savings income (currently 20 %) subject
to any direction to the contrary by the Inland Revenue under the provisions of an applicable double
taxation treaty.
The United Kingdom Inland Revenue has power to require any person paying or crediting interest in
the ordinary course of its business to provide information to the Inland Revenue in respect of the
interest paid or credited and the persons to whom the interest was so paid or credited. In certain
circumstances, the United Kingdom Inland Revenue may be entitled to exchange such information with
the tax authorities of other jurisdictions.
2.2 Other Rules Relating to United Kingdom Withholding Tax
2.2.1 Instruments may be issued at an issue price of less than 100% of their principal amount. Any
discount element on any such Instruments will not be subject to any United Kingdom withholding tax
pursuant to the provisions mentioned above, but may be subject to reporting requirements as outlined
above.
2.2.2 Where Instruments are issued with a redemption premium, as opposed to being issued at a
discount, then any such element of premium may constitute a payment of interest. Payments of interest
are subject to United Kingdom withholding tax and reporting requirements as outlined above.
2.2.3 Where interest has been paid under deduction of United Kingdom income tax, Holders of
Instruments who are not resident in the United Kingdom may be able to recover all or part of the tax
deducted if there is an appropriate provision in any applicable double taxation treaty.
2.2.4 The references to “interest” and “principal” in this “Taxation in the United Kingdom” section mean
“interest” and “principal” as understood in United Kingdom tax law. The statements in this “Taxation
in the United Kingdom” section do not take any account of any different definitions of “interest” or
“principal” which may prevail under any other law or which may be created by the terms and
conditions of the Instruments or any related documentation.
2.2.5 The above description of the United Kingdom withholding tax position assumes that there will be
no substitution of an issuer pursuant to Condition 12 of the Instruments and does not consider the tax
consequences of any such substitution.
2.3 United Kingdom Taxation of Interest by Direct Assessment
The interest on Instruments issued by NORD/LB Securities will have a United Kingdom source and
accordingly may be chargeable to United Kingdom tax by direct assessment even if the interest is paid
without deduction. However, except for any income tax deducted as described above (and except in the
case of non-United Kingdom resident trustees of a trust having any ordinarily resident or resident
beneficiary) a person not resident in the United Kingdom will not be liable to United Kingdom tax on
interest on an Instrument unless the interest is chargeable to tax as income of or attributable to a trade,
profession or vocation in the United Kingdom which the non-resident person carries on, subject to
exemptions for interest received by certain categories of agent in particular circumstances. Holders of
Instruments who are resident in the United Kingdom for tax purposes may be chargeable to United
Kingdom tax by direct assessment in respect of interest on Instruments issued by any of the Issuers even
if the interest does not have a United Kingdom source.
Prospective purchasers of Instruments should note that the provisions relating to the payment of
additional amounts referred to in “Terms and Conditions of the Instruments –Taxation” above would
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not apply if the Inland Revenue sought to assess the person entitled to the relevant interest directly to
United Kingdom tax on interest as described in above. However, exemption from, or reduction of, such
United Kingdom tax liability (or recovery of all or part of any tax deducted from any payment) may be
available under the provisions of an applicable double taxation treaty.
2.4 Payments by the Guarantor
If the Guarantor makes any payments in respect of interest on Instruments issued by NORD/LB Securities
(or other amounts due under such Instruments other than the repayment of monies subscribed for the
Instruments), such payments may be subject to United Kingdom withholding tax subject to such relief
as may be available under any applicable double taxation treaty. Such payments by the Guarantor may
not be eligible for the exemptions from withholding tax described under “Withholding Tax on Interest
Paid” above.
3. EU Directive on the Taxation of Savings Income
On 3 June 2003, the European Council of Economics and Finance Ministers (ECOFIN) finally agreed
on proposals under which, with effect from 1 January 2005, Member States will be required to provide
to the tax authorities of another Member State details of payments of interest (or similar income) paid
by a person within its jurisdiction to an individual resident in that other Member State, except that, for
a transitional period only, Belgium, Luxembourg and Austria will instead be required to operate a withholding system in relation to such payments (the transitional period being related to the conclusion of
certain other agreements relating to information exchange with certain other countries, including
Switzerland).
The planned flat rate tax on interest income in the section entitled “Taxation in the Federal Republic
of Germany” is currently due to be implemented. It is also to be harmonized with the rulings in the
EU Directive on the Taxation of Savings Income.
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SUBSCRIPTION AND SALE
Instruments may be sold from time to time by the relevant Issuer to any one or more of Barclays Bank
PLC, Citigroup Global Markets Limited, Credit Suisse First Boston (Europe) Limited, Deutsche Bank
Aktiengesellschaft, Dresdner Bank Aktiengesellschaft, HSBC Bank plc, J.P.Morgan Securities Ltd., Merrill
Lynch International, Morgan Stanley & Co. International Limited, Nomura International plc, Norddeutsche
Landesbank Girozentrale, UBS Limited (the “Dealers”) or to any other person or institution. The arrangements under which Instruments may from time to time be agreed to be sold by the relevant Issuer to, and
purchased by, Dealers are set out in a dealership agreement dated 17 September 2003 (the “Dealership
Agreement”) and made between the Issuers and the Dealers. Any such agreement will, inter alia, make
provision for the form and terms and conditions of the relevant Instruments, the price at which such
Instruments will be purchased by the Dealers and the commissions or other agreed deductibles (if any)
payable or allowable by the relevant Issuer in respect of such purchase. The Dealership Agreement makes
provision for the resignation or removal of existing Dealers and the appointment of additional or other
Dealers. The Issuers may sell Instruments from time to time to persons or institutions who are not Dealers.
1. Germany
Each Dealer agrees not to offer or sell Instruments in Germany other than in compliance with the
Securities Selling Prospectus Act (Verkaufsprospektgesetz) as amended, or any other laws applicable in
Germany governing the issue, offering and sale of securities.
2. United States of America
2.1 Each Dealer severally understands that the Instruments have not been and will not be registered
under the Securities Act and may not be offered or sold within the United States or to or for the
account or benefit of U.S. persons except in accordance with Regulation S under the Securities
Act or pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.
2.2 Each Dealer represents and agrees that it has offered and sold Instruments and will offer and
sell Instruments (i) as part of their distribution at any time and (ii) otherwise until forty days
after the completion of the distribution of the series of which such Instruments are a part, as
determined and certified to the Fiscal Agent or the relevant Issuer by the relevant Dealer (or in
the case of a sale of a series of Instruments to or through more than one Dealer, by each of such
Dealers as to the Instruments of such Series purchased by or through it, in which case the Fiscal
Agent or the relevant Issuer shall notify each such Dealer when all such Dealers have so
certified), only in accordance with Rule 903 of Regulation S or, if applicable, Rule 144A under
the Securities Act. Accordingly, each Dealer represents and agrees that neither such Dealer, its
affiliates (if any) nor any persons acting on its behalf have engaged or will engage in any
directed selling efforts with respect to the Instruments, and each Dealer, its affiliates (if any)
and any person acting on its behalf have complied and will comply with the offering
restrictions requirements of Regulation S. Each Dealer agrees that, at or prior to confirmation
of sale of Instruments (other than sale of Instruments pursuant to Rule 144A), it will have sent
to each distributor, dealer or person receiving a selling concession, fee or other remuneration
that purchases Instruments from it or through it during the distribution compliance period a
confirmation or notice to substantially the following effect:
“The Instruments covered hereby have not been registered under the United States Securities
Act of 1933 (as amended) (the “Securities Act”) and may not be offered and sold within the
United States or to or for the account or benefit of U.S. persons (i) as part of their distribution
at any time or (ii) otherwise until forty days after the completion of the distribution of the
series of Instruments of which such Instruments are a part, as determined and certified by
[Name of Dealer or Dealers, as the case may be], except in either case in accordance with
Regulation S or Rule 144A under the Securities Act. Terms used above have the meaning
given to them by Regulation S.”
2.3 Terms used in the above paragraph have the meanings given to them by Regulation S.
2.4 In addition, each Dealer represents and agrees that:
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(A)except to the extent permitted under U.S. Treas. Reg. SS 1. 163-5(c)(2)(i)(D) (the “D Rules”),
(x) it has not offered or sold, and during the restricted period will not offer or sell, Instruments
in bearer form to a person who is within the United States or its possessions or to a United States
person, and (y) such Dealer has not delivered and will not deliver within the United States or
its possessions definitive Instruments in bearer form that are sold during the restricted period;
(B) it has and throughout the restricted period will have in effect procedures reasonably
designed to ensure that its employees or agents who are directly engaged in selling Instruments
in bearer form are aware that such Instruments may not be offered or sold during the restricted
period to a person who is within the United States or its possessions or to a United States
person, except as permitted by the D Rules;
(C) if such Dealer is a United States person, it represents that it is acquiring the Instruments in
bearer form for purposes of resale in connection with their original issuance and, if such Dealer
retains Instruments in bearer form for its own account, it will only do so in accordance with the
requirements of U.S. Treas. Reg. SS 1. 163-5(c)(2)(i)(D)(6); and
(D) with respect to each affiliate (if any) that acquires from such Dealer Instruments in bearer
form for the purposes of offering or selling such Instruments during the restricted period, such
Dealer either (A) hereby represents and agrees on behalf of such affiliate (if any) to the effect
set forth in sub-paragraphs (i), (ii) and (iii) of this paragraph or (B) agrees that it will obtain
from such affiliate (if any) for the benefit of the relevant Issuer the representations and
agreements contained in subparagraphs (i), (ii) and (iii) of this paragraph.
2.5 Terms used in the above paragraph have the meanings given to them by the United States Internal
Revenue Code of 1986 and Regulations thereunder, including the D Rules.
2.6 Each Dealer (or, in the case of a sale of a series of Instruments to or through more than one
Dealer, each of such Dealers as to Instruments of such series purchased by or through it, in
which case the Fiscal Agent or the relevant Issuer shall notify each such Dealer when all such
Dealers have certified as provided in this paragraph) who has purchased Instruments of any
series in accordance with this Agreement shall determine and certify to the Fiscal Agent or the
relevant Issuer the completion of the distribution of such series of Instruments as aforesaid. In
order to facilitate compliance by each Dealer with the foregoing, the relevant Issuer agrees that,
prior to such certification with respect to such series, it will notify each Dealer in writing of
each acceptance by the relevant Issuer of an offer to purchase and of any issuance of, Instruments
or other debt obligations of the relevant Issuer which are denominated in the same currency or
composite currency and which have substantially the same interest rate and maturity date as
the Instruments of such series.
2.7 Each issuance of index-, commodity-, or
additional U.S. selling restrictions as the
relevant Issuer as a term of the issuance
agrees that it shall offer, sell and deliver
additional U.S. selling restrictions.
currency-linked Instruments shall be subject to
relevant Dealer or Dealers shall agree with the
and purchase of such Instruments. Each Dealer
such Instruments only in compliance with such
2.8 In connection with each sale of Instruments pursuant to Rule 144A under the Securities Act,
neither the relevant Dealer its subsidiaries nor any person acting on its behalf will engage in
any form of general solicitation or general advertising (as those terms are used in Rule 502(c)
under the Securities Act) and will comply with all requirements of Rule 144A. Each Dealer
severally represents and warrants to the Issuers and the Guarantor that it is an “accredited
investor” within the meaning of Regulation D under the Securities Act.
2.9 Each Dealer agrees that it has not entered and will not enter into any contractual arrangements
with respect to the distribution or delivery of Instruments except with its affiliates (if any) or
with the prior written consent of the relevant Issuer.
3. United Kingdom
Each Dealer represents, warrants and agrees that:
(i)
in relation to Instruments which have a maturity of one year or more, it has not offered or sold
and, prior to the expiry of a period of six months from the date of issue of such Instruments,
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will not offer or sell any such Instruments to persons in the United Kingdom except to persons
whose ordinary activities involve them in acquiring, holding, managing or disposing of
investments (as principal or agent) for the purposes of their businesses or otherwise in
circumstances which have not resulted and will not result in an offer to the public in the United
Kingdom within the meaning of the Public Offers of Securities Regulations 1995;
(ii) it has only communicated or caused to be communicated and will only communicate or cause
to be communicated any invitation or inducement to engage in investment activitiy (within the
meaning of section 21 of the Financial Services and Markets Act 2000 (the “FSMA”))
received by it in connection with the issue or sale of any Instruments in circumstances in which
section 21(1) of the FSMA does not or, in the case of the Guarantor, would not, if it were not
an authorised person, apply to the Issuer or the Guarantor;
(iii)
it has complied and will comply with all applicable provisions of the FSMA (and all rules and
regulations made pursuant to the FSMA), with respect to anything done by it in relation to such
Instruments in, from or otherwise involving the United Kingdom.
4. Japan
Each Dealer acknowledges and understands that the Instruments have not been and will not be registered
under the Securities and Exchange Law of Japan (the “Securities and Exchange Law”) and each Dealer
represents and agrees and each further Dealer appointed under the Programme will be required to agree
that it has not, directly or indirectly, offered or sold and will not, directly or indirectly, offer or sell any
Instrumentsin Japan or to, or for the benefit of, any resident of Japan (which term as used in this
paragraph means any person resident in Japan, including any corporation or other entity organized under
the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the
benefit of, a resident of Japan, except pursuant to an exemption from the registration requirements of,
and otherwise in compliance with, the Securities and Exchange Law and any other applicable laws and
regulations of Japan.
5. France
Each Dealer represents and warrants that the Instruments are being issued outside the Republic of France
and that, in connection with their distribution, it has not offered or sold and will not offer or sell, directly
or indirectly, any Instruments in the Republic of France other than in connection with a private
placement pursuant to articles L. 411-2 of the French Monetary and Financial Code and Decree n° 98880 of October 1st, 1998, and that it has not distributed and will not distribute or cause to be
distributed in the Republic of France the Information Memorandum or any other offering material
relating to the Instruments other than in connection with a private placement pursuant to articles L. 411-2
of the French Monetary and Financial Code and the Decree n° 98-880 of October 1st, 1998. Each Dealer
further undertakes and warrants that in connection with the private placement of the Instruments in the
Republic of France, the investors have been or will be provided with the following information
disclosed in the Information Memorandum and any other offering material relating to the Instruments:
(i) this private placement is not described in an information memorandum subject to the visa of the
French Commission des Opérations de Bourse; (ii) the investors may participate in this private
placement provided that they are acting for their own account as specified in the Decree n° 98-880 of
October 1st, 1998; and (iii) the resale, directly or indirectly, to the public of the Instruments as so
purchased may only be made in accordance with the provisions of articles L. 411-1 et seq. of the French
Monetary and Financial Code.
6. General
Each Dealer acknowledges that, save for having obtained the approval of the Information Memorandum
by the Stock Exchanges, no action has been or will be taken in any country or jurisdiction by the Issuers
or the Dealers that would permit a public offering of Instruments, or possession or distribution of any
offering material in relation thereto, in any country or jurisdiction where action for that purpose is
required. Each Dealer will comply with all applicable laws and regulations in each country or
jurisdiction in which it purchases, offers, sells or delivers Instruments or has in its possession or
distributes such offering material, in all cases at its own expense.
272
GENERAL INFORMATION
1. Application has been made to list Instruments issued under the Programme on the Frankfurt
Stock Exchange, other than Instruments with redemption in principal or shares, principal or
bonds and Index-Linked Instruments with physical delivery.
Further application has been made to list Instruments issued under the Programme on the
Luxembourg Stock Exchange. Prior to listing on the Luxembourg Stock Exchange, a legal notice
relating to the issue of the Instruments and the certified Statutes of the Issuers will be deposited with
the register of commerce and companies of Luxembourg, where such documents may be examined
and copies obtained upon request. The Luxembourg Stock Exchange has allocated the number 12902
to the Programme for listing purposes.
2. The establishment of the Programme has been authorised by resolutions of the Boards of
Management of NORD/LB on 12 May 1992 and 23 June 2003 and by resolutions of the Board of
Directors of NORD/LB Securities on 23 June 2003.
3. There are no and have not been any legal or arbitration proceedings (including any such proceedings which are pending or threatened of which the Issuers and Guarantor are aware) which may
have or have had during the last two business years prior to the date of this Information Memorandum
a significant effect on the financial position of each of the Issuers and the Guarantor or of the Issuers
and their subsidiaries (if any) taken as a whole, except as set forth in this Information Memorandum.
4. Save as disclosed herein, there has been no significant change in the financial or trading
position of, nor any material adverse change in the financial position or prospects of, NORD/LB
or NORD/LB Securities and its subsidiaries (if any) taken as a whole since 31 December 2002, being
the date of the latest audited published financial statements of each of the Issuers.
5. The consolidated financial statements of NORD/LB have been audited without qualification for
the three financial years ended 31 December 2002 by PwC Deutsche Revision Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft, Fuhrberger Strasse 5, 30625 Hannover.
The financial statements of NORD/LB Securities have been audited without qualification for the three
financial years ended 31 December 2002 by PricewaterhouseCoopers, Chartered Accountants and
Registered Auditors with its office at Southwark Towers, 32 London Bridge Street, London SE1 9SY.
6. From the date hereof and throughout the life of the Programme and for so long as any Instruments will
be outstanding, copies and, where appropriate, English translations of the documents mentioned in
this Information Memorandum in particular of the following documents may be inspected during
normal business hours or obtained free of charge at the specified office of the Fiscal Agent, currently
at Winchester House, 1 Great Winchester Street, London EC2N 2DB, the Paying Agent, currently
at 2 boulevard Konrad Adenauer, 1115 Luxembourg and at the registered office of each Issuer, namely:
(a) the State Treaty dated 22 May 2002 and the Statutes of the Issuers;
(b) the Fiscal Agency Agreement;
(c) the Dealership Agreement;
(d) any guarantee documents in respect of Series issued by NORD/LB Securities;
(e) the audited consolidated and non-consolidated financial statements of the Issuers and the annual
reports of NORD/LB for the two financial years ended 31 December 2002 and the future audited
consolidated and non-consolidated financial statements and annual reports;
(f) published semi-annual unaudited consolidated and non-consolidated interim financial information
of the Issuers, if any; the last unaudited consolidated and non-consolidated financial information
of NORD/LB dated 30 June 2003;
(g) the Information Memorandum;
(h) any supplementary listing particulars; and
(i) any Pricing Supplements.
273
In the case of a Series of Instruments in relation to which application has not been made for listing
on the Frankfurt or Luxembourg Stock Exchange or for listing on any other stock exchange, copies
of the relevant Pricing Supplement will only be available for inspection by an Investor in respect of
such Instruments.
7. Save in respect of payments to persons who are subject to taxes of the relevant taxing jurisdictions
otherwise than by reason of the holding of Instruments, all amounts payable by the Issuers or the
Guarantor in respect of the Instruments will be made free and clear of and without withholding or
deduction for or on account of any taxes or duties of whatever nature imposed or levied by or on
behalf of the Federal Republic of Germany or the United Kingdom or any political subdivision thereof
or agency therein or thereof having power to tax.
8. Settlement arrangements will be agreed between the relevant Issuer, the relevant Dealer and the
Fiscal Agent or, as the case may be, the relevant clearing system or other person specified in the
Pricing Supplement in relation to each Series.
9. The Instruments have been accepted for clearance through Clearstream Frankfurt,
Clearstream Luxembourg and Euroclear. The appropriate German securities number (“WKN”),
the Common Code and ISIN for each Series of Instruments allocated by the Clearing Systems will
be specified in the applicable Pricing Supplement. If the Instruments are to clear through an
additional or alternative clearing system the appropriate information will be specified in the
applicable Pricing Supplement.
274
Aufgrund des vorstehenden Unternehmensberichts sind unter dem
USD 20,000,000,000
der
(eingetragen als Anstalt des öffentlichen Rechts in den Bundesländern Niedersachsen, Sachsen-Anhalt und
Mecklenburg-Vorpommern) als Emittentin und, bei durch die NORD/LB Norddeutsche Securities PLC
begebenen Schuldverschreibungen, als Garantin
(eingetragen mit beschränkter Haftung in England) als Emittentin
innerhalb der nächsten 12 Monate zu begebende Schuldverschreibungen zum Zeitpunkt ihrer Begebung
gemäß § 44 Börsenzulassungs-Verordnung an der Frankfurter Wertpapierbörse zum Börsenhandel im
geregelten Markt zugelassen.
Hannover, im September 2003
275
NAMES AND ADDRESSES
REGISTERED/HEAD OFFICES OF THE ISSUERS AND THE GUARANTOR
Girozentrale
Friedrichswall 10
30159 Hannover
NORD/LB Norddeutsche
Securities PLC
71 Queen Victoria Street
London EC4V 4AY
ARRANGER FOR THE PROGRAMME
Girozentrale
Friedrichswall 10
30159 Hannover
DEALERS
Barclays Bank PLC
5 The North Colonnade
Canary Wharf
London E14 4BB
Citigroup Global Markets Limited
Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
Credit Suisse First Boston (Europe)
Limited
One Cabot Square
London E14 4QJ
Deutsche Bank Aktiengesellschaft
Grosse Gallusstrasse 10-14
60272 Frankfurt am Main
Dresdner Bank AG
Jürgen-Ponto-Platz 1
HSBC Bank plc
Level 4
8 Canada Square
London E14 5HA
J.P. Morgan Securities Ltd.
125 London Wall
London EC2Y 5AJ
Merrill Lynch International
Merrill Lynch Financial Centre
2 King Edward Street
London EC1A 1HQ
Morgan Stanley & Co. International
Limited
25 Cabot Square
Canary Wharf
London E14 4QA
Nomura International plc
Nomura House
1 St. Martin’s-le-Grand
London EC1A 4NP
Girozentrale
Friedrichswall 10
30159 Hannover
UBS Limited
1 Finsbury Avenue
London EC2M 2PP
276
AUDITORS OF THE ISSUERS AND THE GUARANTOR
to NORD/LB
PwC Deutsche Revision
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Fuhrberger Strasse 5
30625 Hannover
to NORD/LB Securities
PricewaterhouseCoopers LLP
Southwark Towers
32 London Bridge Street
London SE1 9SY
FISCAL AGENT
Deutsche Bank AG London
Winchester House
1 Great Winchester Street
London EC2N 2DB
PAYING AGENTS
Deutsche Bank AG London
Winchester House
1 Great Winchester Street
London EC2N 2DB
Deutsche Bank Luxembourg S.A.
2 boulevard Konrad Adenauer
L-1115 Luxembourg
Deutsche Bank AG Paris Branch
3,avenue de Friedland
F-75008 Paris
Girozentrale
Friedrichswall 10
30159 Hannover
LUXEMBOURG LISTING AGENT
Kredietbank S.A. Luxembourgeoise
43, boulevard Royal
2955 Luxembourg
GERMAN LISTING AGENT
Friedrichswall 10
30159 Hannover
LEGAL ADVISERS
to the Dealers
to NORD/LB Securities
as to German law
as to English law
Latham & Watkins Schön Nolte
Platz der Einheit 2
Simmons & Simmons
City Point
One Ropemaker Street
London EC2Y 9SS

EMTN Prosp. 170903 (clean)

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