BayernLB

Legal Disclaimers

BayernLB Research Publications

Disclaimer of Liability and Copyright

Our publications constitute a non-binding statement on the market situation, and on the investment instruments cited therein, and apply to the time of their release.

All data and information published on our internet websites have been collected and reviewed carefully and are continuously updated. They are based on generally accessible sources which, to the best of our knowledge, are reliable and accurate. However, no liability can be assumed for any errors or inaccuracies in these sources. The data used for these publications has not been checked for accuracy, completeness or topicality. We thus cannot assume liability for, or guarantee the accuracy, completeness or topicality of, the information provided. The same is applicable to all websites to which reference is made via hyperlink. Bayerische Landesbank does not assume responsibility for the contents of the websites to which access is thus gained.

The statements made here do not constitute an offer or a recommendation to acquire specific investment products. This is also valid insofar as reference is made to individual issuers or securities. The information furnished here is not intended as a substitute for individual professional advice on investment instruments. Our investment consultants are at your disposal should you require individual consultancy.

The contents and structure of BayernLB’s websites are protected by copyright law. The duplication of information and data, in particular the use of texts (in full or in part) or pictures, requires the previous permission of BayernLB.

Munich, October 2012 / February 2017