Legal notices

The documents/information on the following internet pages of DZ BANK are for information purposes only and exclusively for eligible counterparties or professional clients in the member states of the European Economic Area (EEA) and Switzerland.

The mandatory disclosures for DZ BANK research publications (financial analyses and other research information) as well as other information, including legal remarks, in particular on the methods, procedures, and Conflicts of Interest Policy of DZ BANK Research can be viewed and accessed free of charge under www.dzbank.com/disclosures.

Financial analyses are independent client information containing generic investment recommendations for specific issuers or specific financial instruments, but they do not make allowance for any individual investment criteria.

Other research information is independent client information which does not contain any investment recommendations for specific issuers or specific financial instruments. Such information does not make allowance for any individual investment criteria.

Right of use and addressees: The following DZ BANK documents/information are intended exclusively for eligible counterparties and professional clients with residential/business domicile in a member state of the European Economic Area (EEA) or Switzerland and may not be reproduced, distributed, made available online or published in any other way, in whole or in part, without the prior written consent of DZ BANK.

In particular, they are not intended for "U.S. persons" as defined by “Regulation S” under the U.S. Securities Act of 1933, as amended, persons with permanent residential/business domicile in the United States of America, Canada or Japan or persons currently located in the United States of America, Canada or Japan.

The documents/information on the following internet pages of DZ BANK may not be distributed in jurisdictions where such distribution is not permitted, and persons who come into possession of these documents/information should inform themselves of and comply with the legal provisions applicable there.

Purpose: The documents/information have been compiled by DZ BANK in order to provide background information on the relevant issuer or investment object. These documents/information represent an independent evaluation of the relevant issuer or investment object by DZ BANK. All evaluations, opinions or statements contained on the following internet pages are those of the author of the documents/information and do not necessarily correspond to those of third parties.

Liability: DZ BANK has taken the content on which the documents/information are based from sources it believes to be reliable, but has not itself verified all content on which the documents/information are based. Correspondingly, DZ BANK gives no warranty or assurance with respect to the accuracy, completeness or correctness of the information or opinions contained on the following internet pages or in the following documents/information. DZ BANK assumes no liability for losses caused by or in connection with the use of these documents/information.

No offer/no advice: The documents/information made available on the following internet pages do not constitute an offer, an invitation to submit an offer for the purchase or sale of a financial instrument or other investment object or an advertisement, but serve solely for information purposes. They also do not constitute a recommendation to buy or sell a financial instrument or any other investment object, nor are they prospectuses or key information documents. The documents/information provided on the following DZ BANK internet pages cannot replace an individual investment consultation. An investment decision in respect of a financial instrument should never be made solely on the basis of these documents/information.

Addressee and status: Depending on the specific investment targets, investment horizon or individual financial position, the information and recommendations from DZ BANK contained on the following internet pages may not be suitable or only suited under certain conditions for individual investors. Please note details regarding the date of the documents/information. Documents/information can be rendered obsolete by current developments without the documents/information available having been changed.By using these documents/information in any way whatsoever, or by referring to it in your considerations and / or decisions, you accept the restrictions, specifications and regulations mentioned in these documents/information as being exclusively and legally binding for you.

Last updated 09/2020