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NORD LB Group Presentation

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									NORD/LB Group Presentation
February 2013
Disclaimer




This presentation and the information contained herein, as well as any additional documents and explanations (together the “material“), are issued by
NORDDEUTSCHE LANDESBANK GIROZENTRALE (“NORD/LB”).


This presentation contains certain forward-looking statements and forecasts reflecting NORD/LB management’s current views with respect to certain future events.
These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without, limitation, those
regarding NORD/LB’s future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets
where NORD/LB participates or is seeking to participate. The NORD/LB Group’s ability to achieve its projected results is dependent on many factors which are
outside management’s control. Actual results may differ materially from (and be more negative than) those projected or implied in the forward-looking statements.
Such forward-looking information involves risks and uncertainties that could significantly affect expected results and is based on certain key assumptions. The
following important factors could cause the Group’s actual results to differ materially from those projected or implied in any forward-looking statements:
        –    the impact of regulatory decisions and changes in the regulatory environment;
        –    the impact of political and economic developments in Germany and other countries in which the Group operates;
        –    the impact of fluctuations in currency exchange and interest rates; and
        –    the Group’s ability to achieve the expected return on the investments and capital expenditures it has made in Germany and in foreign countries.
The foregoing factors should not be construed as exhaustive. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such
forward-looking statements as a prediction of actual results. All forward-looking statements included herein are based on information available to NORD/LB as of
the date hereof. NORD/LB undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events
or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to NORD/LB or persons acting
on our behalf are expressly qualified in their entirety by these cautionary statements.


The material is provided to you for informational purposes only, and NORD/LB is not soliciting any action based upon it. The material is not intended as, shall not be
construed as and does not constitute, an offer or solicitation for the purchase or sale of any security or other financial instrument or financial service of NORD/LB or
of any other entity. Any offer of securities, other financial instruments or financial services would be made pursuant to offering materials to which prospective
investors would be referred. Any information contained in the material does not purport to be complete and is subject to the same qualifications and assumptions,
and should be considered by investors only in light of the same warnings, lack of assurances and representations and other precautionary matters, as disclosed in
the definitive offering materials. The information herein supersedes any prior versions hereof and will be deemed to be superseded by any subsequent versions,
including any offering materials. NORD/LB is not obliged to update or periodically review the material. All information in the material is expressed as at the date
indicated in the material and is subject to changes at any time without the necessity of prior notice or other publication of such changes to be given. The material is
intended for the information of NORD/LB´s institutional clients only. The information contained in the material should not be relied on by any person.




                                                                                                                                                                     2
                                                                    February 2013
Disclaimer




In the United Kingdom this communication is being issued only to, and is directed only at, intermediate customers and market counterparties for the purposes of
the Financial Services Authority’s Rules ("relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. To
the extent that this communication can be interpreted as relating to any investment or investment activity then such investment or activity is available only to
relevant persons and will be engaged in only with relevant persons.
Viewing the following material involves no obligation or commitment of any kind by any person. Viewers of he following material are not to construe information
contained in it as a recommendation that an investment is a suitable investment or that any recipient should take any action, such as making or selling an
investment, or that any recipient should refrain from taking any action. Prior to making an investment decision, investors should conduct such investigations as they
consider necessary to verify information contained in the relevant offering materials and to determine whether the relevant investment is appropriate and suitable
for them. In addition, investors should consult their own legal, accounting and tax advisers in order to determine the consequences of such investment and to make
an independent evaluation of such investment. Opinions expressed in the material are NORD/LB´s present opinions only. The material is based upon information
that NORD/LB considers reliable, but NORD/LB does not represent, guarantee, or warrant, expressly or implicitly, that the material or any part of it is valid,
accurate or complete (or that any assumptions, data or projections underlying any estimates or projections contained in the material are valid, accurate or
complete), or suitable for any particular purpose, and it should not be relied upon as such. NORD/LB accepts no liability or responsibility to any person with respect
to, or arising directly or indirectly out of the contents of or any omissions from the material or any other written or oral communication transmitted to the recipient by
NORD/LB.


Neither the material nor any part thereof may be reproduced, distributed, passed on, or otherwise divulged directly or indirectly by the party that receives it, to any
other person without the prior written consent of NORD/LB.


The distribution of the material in certain jurisdictions may be restricted by law and persons into whose possession the material comes are required by NORD/LB to
inform themselves about, and to observe, any such restrictions.


This presentation does not constitute an offer to sell or the solicitation of an offer to purchase or subscribe for any securities of NORD/LB in the United States. No
part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or
subscribe for any securities of NORD/LB. Any offering of securities to be made in the United States will be made by means of a prospectus that may be obtained
from NORD/LB and will contain detailed information about NORD/LB, its management and its financial statements. None of NORD/LB’s securities may be offered
or sold in the United States, without registration under the U.S. Securities Act of 1993, as amended, or pursuant to an exemption from registration therefrom.


By viewing the following material, the recipient acknowledges, and agrees to abide by, the aforementioned.




                                                                                                                                                                       3
                                                                     February 2013
Agenda




                                         page

   NORD/LB at a glance                     5

   Financials                             12

   Outlook                                33

   Appendix                               36




                                                4
                         February 2013
NORD/LB at a glance



Established commercial bank in northern Germany.


  Successful universal bank for nearly 250 years in the market

  Market leader in Northern Germany in its business units private, commercial and corporate
  customers

  Excellent knowledge in renewable energy and infrastructure projects

  More than 30 years of experience in ship and aircraft finance

  Deutsche Hypo is the established competence centre for commercial real estate finance within the
  Group

  Represented in all important financial centres worldwide

  Member of the extended Guarantee Funds of landesbanks and savings banks




                                                                                                     5
                                         February 2013
NORD/LB at a glance



Strong support from our owners.


                   State of Saxony-Anhalt


                                            5.57%                                   Lower Saxony Savings Banks
                                                               26.36%               and Giro Association

    State of Lower Saxony

                                                                        5.28%
                                                                                 Saxony-Anhalt Savings Banks Holding
                                                                                 Association
                                      59.13%                       3.66%

                                                                                Special Purpose Holding Association
                                                                                of the Mecklenburg-Western Pomerania
                                                                                Savings Banks




                                                                                                                       6
                                               February 2013
NORD/LB at a glance



NORD/LB: represented in all important financial centres.




                                                                              Moscow


                                                                                                   Beijing
                   New York

                                                                                                       Shanghai




                                                                                       Mumbai




   Head offices                                                                                 Singapore
   Hannover, Braunschweig, Magdeburg
   Branches worldwide
   London, New York, Singapore,
   Shanghai and representative offices in
   Beijing, Moscow, Mumbai                                       Hamburg
                                                           Bremen
   German branches                                  Amsterdam
                                               London         Hannover
                                                                       Schwerin
   Duesseldorf, Hamburg, Schwerin                   Luxembourg         Magdeburg
                                                                      Braunschweig
   and more than 100 branches of                                  Duesseldorf
                                                          Frankfurt   Nuremberg
                                                      Paris          Munich
   Braunschweigische Landessparkasse
   Subsidiaries and bank holdings
   Bremer Landesbank, Deutsche
   Hypothekenbank, NORD/LB Asset            Madrid
   Management, NORD/LB Luxembourg,
   NORD/LB Covered Finance Bank




                                                                                                                  7
                                                February 2013
NORD/LB at a glance



Our business segments.

                                                               NORD/LB Group
                                                               NORD/LB Group
           Private and
           Private and           Corporate Customers &
                                 Corporate Customers &                  Energy and
                                                                         Energy and                 Ship and
                                                                                                     Ship and          Real Estate Banking
                                                                                                                       Real Estate Banking
           Commercial
            Commercial                   Markets
                                         Markets                       Infrastructure
                                                                        Infrastructure          Aircraft Customers
                                                                                                Aircraft Customers          Customers
                                                                                                                             Customers
            Customers
            Customers                                                    Customers
                                                                          Customers
     •• Private customer
         Private customer        •• Corporate customer
                                    Corporate customer         •• Renewable energy
                                                                   Renewable energy         •• Ship finance
                                                                                               Ship finance          •• Commercial real estate
                                                                                                                         Commercial real estate
        business
         business                   business
                                    business                      finance
                                                                   finance                  •• Aircraft finance
                                                                                               Aircraft finance         finance
                                                                                                                         finance
     •• Private Banking
         Private Banking         •• Agricultural Banking
                                    Agricultural Banking       •• Infrastructure finance
                                                                   Infrastructure finance                            •• Social care property
                                                                                                                         Social care property
     •• Commercial customer
         Commercial customer     •• Housing
                                    Housing                    •• Leasing
                                                                   Leasing                                              finance
                                                                                                                         finance
        business
         business                •• Acquisition finance
                                    Acquisition finance        •• Export and Trade
                                                                   Export and Trade
     •• Insurance services
         Insurance services      •• Municipal customer
                                    Municipal customer            finance
                                                                   finance
                                    business
                                    business
                                 •• Syndication business
                                    Syndication business
                                    with associated savings
                                    with associated savings
                                    banks
                                    banks

                                 •• Business with
                                     Business with
                                 -- Institutional customers
                                     Institutional customers
                                 -- Savings banks/financial
                                     Savings banks/financial
                                    institutions
                                     institutions
                                 -- Public-sector customers
                                     Public-sector customers



                               Savings Banks Network, Public-Sector Development Business
                               Savings Banks Network, Public-Sector Development Business



                                                                                                                                                  8
                                                               February 2013
NORD/LB at a glance



Our subsidiaries and holdings1).



                                                                 Private and corporate
                                                                 customers
                                                                 Ships and aircraft
                                                                 Energy and infrastructure
                                                                 Financial Markets

                     54.83%                                 100%2)                               3)                                      100%2)                                100%2)
                                                                         2)




       Private and corporate                                                                                                                                        Asset Management for
                                              Commercial real estate                 Private and commercial                Private Banking
       customers North-west                                                                                                                                         institutional clients
                                              finance                                customers                             Corporate Banking
       Germany
       Ship finance                                                                                                        Financial Markets

                                                                                                                                      100%2)




                                                                                                                            Funding of savings banks
                                                                                                                            and municipal customers



1) Please find additional subsidiaries and affiliated companies in our Group Annual Report 2011 page 253 ff
2) “NORD/LB ensures that the banks and financial institutions included in the Group accounts as wholly-owned subsidiaries of NORD/LB can meet their obligations.”
3) Incorporated under public law with partial legal capacity

                                                                                                                                                                                            9
                                                                                 February 2013
NORD/LB at a glance



Our ratings offer reliability for investors.

Long term (outlook) / short term                                                    A3 (stable) / P-2       A / F1                  -
Bank Financial Strength Rating (outlook) / Viability Rating (outlook)                  D (stable)        bbb- (stable)              -
Subordinated debt: lower tier 2 (outlook)                                             Ba1 (stable)            -                     -
Subordinated debt: tier 1                                                                 Ba3                 -                     -
Public sector Pfandbriefe / Mortgage Pfandbriefe / Aircraft Pfandbriefe              Aaa / Aaa / A2        AAA / - / -              -
Deutsche Hypothekenbank
Long term (outlook) / short term                                                   Baa2 (stable) / P-2          -                   -
Bank Financial Strength Rating (outlook)                                              E+ (stable)               -                   -
Subordinated debt: lower tier 2 (outlook)                                             Ba3 (stable)              -                   -
Subordinated debt: tier 1                                                                 B2                    -                   -
Public sector Pfandbriefe / Mortgage Pfandbriefe                                       Aa2 / Aa2                -                   -
Norddeutsche Landesbank Luxembourg
Long term (outlook) / short term                                                   Baa3 (stable) / P-3          -                   -
Bank Financial Strength Rating (outlook)                                               D (stable)               -                   -
NORD/LB Covered Finance Bank
Long term (outlook) / short term                                                            -            A (stabel) / F1   BBB+ (stable) / A-2
Lettres de Gage publiques (outlook)                                                         -                 AAA            AA+ (stable)
NORD/LB G-MTN S.A.
Guaranteed medium term note-programme                                                     Aa1                 AAA                   -
Bremer Landesbank
Long term (outlook) / short term                                                    A3 (stable) / P-2        A / F1                 -
Bank Financial Strength Rating (outlook) /Viability Rating (outlook)                  D+ (stable)         bbb (stable)              -
Hannover Funding
Short term                                                                                P-1                  F1                 A-1

                                                                                                                                                 10
                                                                   February 2013
Agenda




                                         page

   NORD/LB at a glance                     5

   Financials                             12

   Outlook                                33

   Appendix                               36




                                                11
                         February 2013
Financials



Nine-month figures are satisfactory.


                                                               Net interest income rose significantly
                                                                   New business margins at attractive levels, particularly in the
  Net interest income     €1,504m    + 15%                         corporate customer business and project finance



                                                               Loan loss provisions further increased
  Loan loss provisions    - €352m    >100%                        Provisions rose in shipping business



                                                               Development of earnings as expected
                                                                  Except of ship financing all business segments develop
  Earnings before taxes   €209m      - 46%                        operatively well; development in shipping business as
                                                                  expected; diversified business model proves its strength


                                                               Solid capital base
  Core capital ratio      10.49%     (9.44%)                       All capital measures are fully implemented
  Total capital ratio     13.42%    (12.65%)




                                                                                                                                    12
                                               February 2013
Financials



Substantial increase in net interest income. Conservatively-built LLPs.

 €m                                                                         30.9.2012    30.9.2011   31.12.2011   31.12.2010*


 Net interest income                                                             1,504    1,311        1,763        1,662

 Loan loss provisions                                                            -352      -111         -205         -642
 Net commission income                                                            125       123          166          197
 Profit/loss from financial instruments at fair value                            -100      -202          -61           -38

 Profit/loss from hedge accounting                                                 -14       93          130          153

 Profit/loss from financial assets                                                 -12       -16         -41           82

 Profit/loss from investments accounted for using the equity method                -15        -6           -           -73

 Administrative expenses                                                          824       792        1,091        1,070
 Other operating profit/loss                                                       -68       -15          69           48
 Earnings before reorganisation and taxes                                         244       385          730          319
 Reorganisation expenses                                                           -28         -           -             -
 Expenses for public guarantees related to reorganisation                           -7         -           -             -

 Earnings before taxes                                                            209       385          730          319

 Income taxes                                                                      68       123          194            5

 Consolidated profit                                                              141       262          536          314




                                                                                                                                13
                                                                 February 2013
Financials



New business margins raise net interest income.

                             Net interest income                                                      Net commission income
                                                                            €m                                                           €m



                                           1,763
                            1,662
                                                                                                       197
                                                                         1,504
             1,387
                                                          1,311                               168              166



                                                                                                                        123        125




             2009*          2010*           2011       30.09.2011 30.09.2012                  2009*   2010*   2011   30.09.2011 30.09.2012



* Some previous year figures were adjusted, see Annual Report 2010, 2011 Note (2)


                                                                                                                                              14
                                                                              February 2013
Financials



Admin. expenses rose slightly. Tariff increases are noticeable.

              Administrative expenses                                                       Cost-Income-Ratio
                                                           €m




                1,070        1,091
                                                                                                                      60.8%
        986      62            87                                                                                                57.5%
                                                                                         54.9%
                                                                                                        52.8%
        70
                                                                          49.0%
                                                     824
                                         792
                468            444                         68
                                               64
        436
                                                           306
                                               309




                540            560
        480                                                450
                                               419




       2009     2010           2011   30.09.2011 30.09.2012               2009*          2010*           2011       30.09.2011 30.09.2012
              Amortisation                                             * Some previous year figures were adjusted
              Other administrative expenses
              Staff expenses

                                                                                                                                            15
                                                       February 2013
Financials



Earnings as expected.

                           Earnings before taxes                                                       Consolidated profit
                                                                                €m                                                          €m


                                           730                                                                   536




                                                                                                        314
                                                                                                                             262
                                                          385
                            319
                                                                                                                                      141

                                                                         209




                                                                                               -215
             -173

            2009*          2010*          2011       30.09.2011 30.09.2012                     2009*   2010*     2011   30.09.2011 30.09.2012



* Some previous year figures were adjusted, see Annual Report 2010, 2011 Note (2)


                                                                                                                                                 16
                                                                               February 2013
Financials



Nearly all business segments develop as planned.
                                                                            Earnings before taxes
                                 as at 30 Sep 2012                                                                                         €m


                                                                                                             39              -303
                                                                                            49
                                                                     101



                                               329



                                                                                                                                            209




                           -7



                     Private and            Corporate             Energy and              Ship and              Real        Group          Earnings
                     Commercial             Customers            Infrastructure            Aircraft            Estate    Management/        before
                     Customers*             & Markets             Customers              Customers            Banking       Others,         taxes
                                                                                                             Customers   Reconciliations

    * Profit/loss from special funds of ÖVBS is shown in the item Group Management/Others, Reconciliations



                                                                                                                                                      17
                                                                            February 2013
Financials



Reduction of total assets: Focus on core business proceeds.

€m                                                                              30.9.2012                     31.12.2011*                31.12.2010*   31.12.2009*



Total assets                                                                      225,184                         227,630                   228,524       238,472


Loans and advances to customers                                                   114,963                         114,714                   113,605       112,083


Loans and advances to banks                                                        33,841                           34,618                   36,734        42,356


Financial assets                                                                   52,516                           54,499                   58,666        63,076


Liabilities to customers                                                           59,211                           60,648                   60,742        61,303


Return-on-Equity                                                                      3.6%                          10.6%                      5.6%         -4.4%


Cost-Income-Ratio                                                                   57.5%                           52.8%                     54.9%         49.0%


Core capital ratio                                                                 10.49%                           9.44%                     7.86%         8.70%


Total capital ratio                                                                13.42%                          12.65%                    11.05%         9.70%



* Some previous year figures were adjusted, see Annual Report 2010, 2011 Note (2) and Interim Report as at 30 September 2012, Note (3)


                                                                                                                                                                     18
                                                                               February 2013
Financials



Well diversified portfolio.

 Segmentation „Loans and advances to customers“                                                RWA by business areas*
as at 30 Sep 2012                                €115.0bn                     as at 30 Sep 2012                                      €80.2bn*
                     Ship and
                      Aircraft                                                                          Ship and Aircraft
                    Customers                                                                             Customers
                        22%                                                                                   30%
  Energy and
 Infrastructure
   Customers
      10%                              Real Estate
                                        Banking                          Energy and
                                       Customers                       Infrastructure
                                          16%                            Customers                                                 Real Estate Banking
                                                                             9%                                                        Customers
                                                                                                                                           16%




  Corporate
 Customers &                             Group
                                                                     Corporate Customers &                                       Group
   Markets                            Management/
                                                                            Markets                                           Management/
     29%                                 Others
                                                                              19%                                               Others
                                          16%
                        Private and                                                                  Private and                  19%
                        Commercial                                                                   Commercial
                         Customers                                                                   Customers
                            7%                                                                           7%


                                                                                 * Risk-weighted assets excluding shortfall


                                                                                                                                                 19
                                                     February 2013
Financials



Sovereign exposure in EU periphery countries further reduced.


              €m

                                                                                                                   3,679
                                                                                                                           3,389

                                                                                                                                   2,972



                                                2,018 1,959
                                                            1,904




                                                                                               666
                                 331                                   435    383                    497     412
      275    219          285             295                                       352
                     10

            Greece              Ireland                Italy                 Portugal                Spain                 Total


                          Sovereign (31.12.2010)           Sovereign (31.12.2011)         Sovereign (30.9.2012)


   Total sovereign exposure is around one per cent of the total exposure



                                                                                                                                           20
                                                       February 2013
 Financials



 Shipping portfolio - risks continuously under control.

                                      By type of ship
   as at 30 Jun 2012                                                                    €19.5bn*
                                                                Containers
                                   Others                       < 3.000 TEU                                   €m                           30.9.12       30.9.11   2011     2010
                                    19%                             19%

                                                                                                              Net income                    309.6         265.4    363.4    351.6
                                                                                                              Expenses                       33.4          30.0    38.1     35.7
                                                                             Containers
              Offshore                                                    3.000 - 4.999 TEU                   Operative earnings            276.2         235.4    325.3    315.9
              supplier                                                            7%
                 3%                                                                                           Loan loss provisions          -299.7        -49.7    -170.7   -180.3
            Cruise ships/                                                                                     Earnings before
               ferries                                                        Containers                                                    -23.5         185.7    154.6    135.6
                 3%                                                           > 5.000 TEU
                                                                                                              taxes
                                                                                   8%                         * Due to rounding slight deviations might occur.
                Bulkers
                                                                       Crude oil tankers
                 12%
                                                                             4%
                                                                                                                Tonnage surplus, enforced by a dampening economy,
                                                                    Gas tankers                                 puts freight and charter rates under pressure and leads
                        Multi-purpose
                                                                        3%                                      to increased expenses for monitoring the bank‘s portfolio
                                                   Product and
                        general cargoMulti-purpose
                              8%      heavy lift chemical tankers                                               Focus on existing customers by an intensive monitoring
                                                      11%
                                           7%                                                                   and controlling of the portfolio
                                                                                                                Declining portfolio:
                             Single loan loss provisions
                                                                                                                2009: 2,100 ships, 2010: 1,920 ships, 2011: 1,850 ships,
                                                                      299.7                                     09/2012: 1,780 ships

                          158.7         180.3         170.7                                                     New business only very selectively and conservatively
                                                                                                                built up
                                                                                                                Single loan loss provisions still on high level, just as
                            2009        2010           2011         30.09.2012                                  expected
* Exposure at Default        TEU = Twenty-foot Equivalent Unit; measure for the capacity of container ships
                             and port handling volumes

                                                                                                                                                                                     21
                                                                                            February 2013
Financials



Aircraft finance portfolio – young fleet and well secured.

          By type of aircraft and year of construction
 as at 30 Sep 2012                                               €7.8bn*

                           Ultra Large   Regional                                €m                          30.9.12*       30.9.11   2011    2010
                             Aircraft      Jets
                               8.3%       6.9 %                                  Net income                     86.6          71.8    102.4   103.4
                                                Freighter
                                                  8.1%                           Expenses                        9.9           8.7    11.3     9.4
              Widebodies
                21.8%                              Turboprop                     Operative earnings             76.7          63.1    91.1    94.0
                                                     2.6%
                                                                                 Loan loss provisions           -4.2          -1.9    -2.6     0.2
                                                                                 Earnings before
                                                                                                                72.5          61.2    88.5    94.2
                                                                                 taxes
                                                                                 * Due to rounding slight deviations might occur.


                                            Narrowbodies
                                                                                   Widely diversified portfolio containing more than 750 air
                                                52.4%                              planes. Exposure has a high collateralisation ratio of 90
                                                                                   per cent; the asset‘s average age is at 5 years
                               Construction
                               year 2001 and                                       Our financial policies show our high risk-awareness and
                                  earlier                                          our conservative business approach
                                   9.4%           New delivery
                                                     2012                          Only financing of sustainable and fungible assets
                                                     14.0%
                                                                                   Focus on reliable and well-known partners
           Construction
               year                                                                Ensuring of an appropriate redemption and finance
            2002-2006                                                              structure
              20.5%
                                                      Construction
                                                          year
                                                       2007-2011
                                                         56.1%
*Exposure at Default

                                                                                                                                                      22
                                                                 February 2013
Financials



Commercial real estate concentrated in Germany.

                           By countries
    as at 30 Sep 2012                                  €24.2bn*
                                                                       €m                          30.9.12*       30.9.11   2011    2010

                                                                       Net income                    195.5         195.0    265.3   276.2
                         UK                                            Expenses                       45.4          45.0     56.1    67.2
                        8.6%       Benelux
                                    10.1%                              Operative earnings            149.1         150.0    209.2   209.0

               USA                           France                    Loan loss provisions          -110.5        -63.2    -90.9   -109.7
               9.9%                           3.5%                     Earnings before
                                                   Spain                                              38.6          86.8    118.3   99.3
                                                                       taxes
                                                    1.6%               * Due to rounding slight deviations might occur.

                                              Other countries
                                                   2.8%                Concentration of real estate finance in Deutsche Hypo
                                                                       (NORD/LB Group‘s centre of competence for CRE
                                                                       finance).
                                                                       In particular office and commercial buildings, shopping
                                                                       centres and housing construction measures in preferred
                                                                       conurbations with a correspondingly good tenant structure
                                                                       and good cash flow are financed
                                                                       87 per cent of financing is focused on Europe. Nearly
                         Germany                                       two thirds of the total portfolio is financed in Germany
                          63.5%                                        Adjustment of the business strategy: No new business in
                                                                       Spain and the US; focus on established core markets.

* Exposure at Default



                                                                                                                                             23
                                                       February 2013
    Financials



    Sound funding. Successfully placed new issues.
                    Issued debt structure                                                Strategy
     as at 30 Sep 2012                                   €61.8bn*
                                                                                           Matched funding of new business with regard to
                                                                                           currency and maturity
                Money                                                                      Wholesale funding primarily via private
                market
                            Mortgage
                                                    > 5 years
                                                                                           placements in form of bearer bonds,
             instruments
                           Pfandbriefe                                                     “Schuldschein” or “Namenspapier” sold into the
                  5%                                   9%
                              14%                                             < 1 year
                                                                                17%        strong German investor base
                                                                                           Several Pfandbrief issues
                                       Public
                                       sector                                              International funding programmes**:
                                     Pfandbriefe                                           €25bn Euro MTN Program,
                                        23%
Other debt
                                                                                           €10bn Euro CP Program,
securities                                                                                 €4bn Euro French CD Program,
   58%                                       1 - < 5 years
                                                  74%
                                                                                           $3bn US CP Program
                                                                                           €48.5bn potential ECB eligible securities
                                                                                           concerning NORD/LB Group, thereof €28.2bn for
                                                                                           NORD/LB AöR
        July 2012:
        Successful issuance of the first Aircraft Pfandbrief worldwide - € 500m 07/2017 1.625%
        Oversubscribed Public Sector Pfandbrief - € 500m 12/2019 1.5%
    October 2012:
        Inaugural 144a/RegS Public Sector Pfandbrief - $1bn 10/2015 0.875%                                             * Carrying amount   **NORD/LB AöR


                                                                                                                                                      24
                                                                    February 2013
Financials



Credit investment portfolio of high quality.

                                                   Credit Investment Portfolio
                                   as at 30 Sep 2012                                         €26bn*




                                                                BBB
                             Sovereigns                         21%                                   1-<5 years
   Corporates
                                                                           Non-Investment-               52%
      30%                       23%
                                                                                grade
                                                                                  8%


                                                                                Not rated                                         5-10 years
                                                                                  10%                                                23%
                                                 A
                                                32%
                                                                              AAA
                                                                               9%



               Financial                                              AA                                             > 10 years
                                                                                                          < 1 year
              institutions                                           20%                                                14%
                                                                                                            11%
                  47%




     *Nominal value



                                                                                                                                          25
                                                         February 2013
 Financials



 Reduction of ABS portfolio on schedule.

                                                             Asset Backed Securities
                                           as at 30 Sep 2012                                    €3.2bn*




      Residential
      Mortgages              Commercial                 A                                              8.0
         16%                  Mortgages                38%
                                                                             BBB                                  6.7
                                23%
                                                                             12%
                                                                                                                            5.2

                                                                                                                                      4.1
                                                                               Non-investment
                                                                                                                                      1.9*       3.2
                               Auto Loans/Leases                                    grade
                                      6%                                             5%                                                          1.6*
                                                                                                                                       2.2
                                Trade                                         AAA                                                                1.6
Commercial                                                                    13%
                              Receivabes
  Loans                                                                                              D ec 0 8   D ec 0 9   D ec 10    D ec 11   Sep 12
                                  9%
   36%
                    Others                                AA                                         *Portfolio of Hannover Funding
                     10%                                  32%




  *Nominal value




                                                                                                                                                         26
                                                          February 2013
Financials



Conservatively-built loan loss provisions. Increase as expected.

                                                Loan loss provisions
                                                                                                        €m




                      1,060

                        321

                                         642

                                          206                                                     352
                        739                                 205
                                          436                                                     470
                                                            319               111
                                                                                      11
                                                                              100
                                                           -114                                   -118
                              1) 2)             1) 2)             1) 2)                1) 2)                 2)
                       2009              2010              2011           30.09.2011           30.09.2012

                                                Portfolio based loan loss provisions
                                                Single loan loss provisions


                  1) Some previous year figures were adjusted, see Annual Report 2010 and 2011, Note (2) and Interim Report as at 30 September 2012, Note (5)
                  2) Including proportion of Group Management / Others and Reconciliation


                                                                                                                                                                27
                                                    February 2013
Financials



NPL ratio declined despite reduced exposure.
                                                                                              2.6%                2.5%                2.4%

                                                                          1.5%
     NPL ratio                    0.8%                0.9%



                                                           2.3
                                                     261.6 2.2
                                          1.9                            255.4 3.8
                                 241.7                     2.8                 6.4           245.0 6.5
                                          2.1         15.0 6.0                                     5.8           239.7 5.9           234.4 5.6
                                          1.6                                  3.8                                     4.8                 5.4   €bn
                                                                                                   4.5
                                  11.7    6.8         22.3                14.3 9.0                                     4.8                 4.9
                                                                                                   9.6                 8.2
                                                                          21.6                12.5                16.8                     7.8
                                  22.1                                                                                                17.0
   default (= NPL)
                                                                                              20.5
                                                                                                                  19.6
   very high risk                                                                                                                     21.7

   high risk

   increased risk

   reasonable/satisfactory
                                                     211.0
   good/satisfactory             195.5                                   196.5
                                                                                             185.6               179.6               172.0
   very good to good




                                 2007                2008                2009                2010               2011*              30.09.2012

                             *Previous year‘s figures were adjusted, see Interim Report as at 31 March 2012, page 17, footnote 6


                                                                                                                                                       28
                                                                  February 2013
Financials



Reinforced capital ratios.
                                                                                                                 13. 42%
                                                                                                  12.65%


                                                                                    11.05%
                                                                                                                 10.49%
                                                   10.02%
                                                                      9.70%
                                9.45%                                                               9.44%
   Total capital ratio
                                                   8.10%                             7.86%*
                                                                        8.70%
                               6.96%
   Core capital ratio
                            98,156
                                                89,825              92,575                                                  €m
                                                                                    86,850        84,800
                                                                                                               80,213




                                                                            8,051                                   8,414
   Risk-weighted assets            6,831               7,235                             6,829*        8,005




   Core capital



                               2007                2008                2009           2010          2011       30.09.2012
                          * Adjustment, see Annual Report 2011, Note (67)

                                                                                                                                 29
                                                               February 2013
Financials



Capital strengthening program includes inter alia…


Time frame        Equity increase                   Measure                               Counterparty




                                                                                          State of Lower Saxony,
                                                                                          Saxony-Anhalt Savings Banks
December 2011                                                                             Holding Association,
                  € 521m                            Cash contribution
January 2012                                                                              Special Purpose Holding
                                                                                          Association of the Mecklenburg-
                                                                                          Western Pomerania Savings Banks


December 2011                                       Conversion of silent participations   State of Lower Saxony,
                  € 1,146m
January 2012                                        and other subordinated securities     savings banks of Lower Saxony

                                                    Cash contribution from sale of
                                                    capital notes of Hannoversche
August 2012       € 400m                                                                  State of Lower Saxony
                                                    Beteiligungsgesellschaft mbH to
                                                    NORD/LB


                                                    Conversion of silent participations
August 2012       € 445m                                                                  State of Bremen
                                                    in Bremer Landesbank



                                                    Conversion of silent participations   Lower Saxony Savings Banks and
August 2012       € 47m + € 71m
                                                    in Bremer Landesbank                  Giro Association



                                                                                                                            30
                                    February 2013
Financials



Commitments to the EU Commission.

  In the context of the EU Commission’s approval for NORD/LB’s capital measures, including a
  contingent guarantee scheme provided by NORD/LB’s owners Lower-Saxony and Saxony-Anhalt,
  NORD/LB agreed with the EU Commission to a catalogue of commitments, including:
    No dividend payments by NORD/LB and Bremer Landesbank for the years 2012 and 2013
    No larger acquisitions and divestments of non-core subsidiaries
    Concentration on our core clients and regions
    Closure of representative offices in Madrid (Deutsche Hypo), Mumbai and Beijing (NORD/LB AöR)
    Reduction of total assets by 15 per cent by 2016 in comparison with the end of 2011
    Reduction of administrative expenses




                                                                                                    31
                                              February 2013
Agenda




                                         page

   NORD/LB at a glance                     5

   Financials                             12

   Outlook                                33

   Appendix                               36




                                                32
                         February 2013
Outlook



Cautious view. But expecting positive result for 2012.


     NORD/LB Group‘s fiscal year 2012 developed operatively well. Pressure on ship portfolio as expected.

     Due to the ongoing uncertainties in the markets the bank has a cautious view of the future. We expect the
     economy to slow down.

     NORD/LB is expecting to achieve a positive result for 2012 as a whole, but it will remain well below
     previous year’s very good result.




                                                                                                                 33
                                              February 2013
Outlook



Financial calendar.



 Release of annual results 2012         23 April 2013



 Release of Q1 2013                     30 May 2013



 Release of Q2 2013                     29 August 2013



 Release of Q3 2013                     28 November 2013




                                                           34
                                  February 2013
Agenda




                                         page

   NORD/LB at a glance                     5

   Financials                             12

   Outlook                                33

   Appendix                               36




                                                35
                         February 2013
Appendix



History.
 1765   Formation of “Herzogliches Leyhaus“, since 1919 “Braunschweigische Staatsbank” (oldest predecessor)

 1937   First-time participation in Bremer Landesbank, est. in 1883 (until 1997 gradual increase up to 92.5 per cent)

 1970   Formation of NORD/LB by merger of four predecessor companies

 1972   Formation of NORD/LB Luxembourg (since 1975 100 per cent subsidiary of NORD/LB)

 1985   NORD/LB opens a branch in London

 1991   NORD/LB opens a branch in New York

 1994   NORD/LB opens a branch in Singapore

 2004   NORD/LB starts its operating business in Shanghai
        Founding of DnB NORD together with the Norwegian DnB NOR; the new established bank concentrates the activities of both partners in the Baltic
 2005   Abolition of the guarantor’s liability and modification of the maintenance obligation; determination of new statutes (with Mecklenburg-Western
        Pomerania no longer being an owner of NORD/LB)
        Foundation of NORD/LB Covered Finance Bank S.A. NORD/LB and its owners decide to convert the Braunschweigische Landessparkasse into a
 2006   public-law institute with partial legal rights. NORD/LB opens representative offices in Paris, Moscow and Mumbai
        NORD/LB and savings banks in Lower Saxony, Saxony-Anhalt and Mecklenburg-Western Pomerania establish a regional reserve fund as of 1.
 2007   January 2007

 2008   Take over of Deutsche Hypo
        Formation of NORD/LB G-MTN S.A. as SPV to issue the guaranteed Medium Term Note – programme. NORD/LB allows the programme to
 2009
        expire at the end of 2009
 2010   Sale of Berenberg Bank, BerlinHyp and DnB NORD stake
        Sale of DekaBank stake. Silent participations and other capital instruments were converted into equity capital. Furthermore fresh money was
 2011   injected
        10 July 2012, NORD/LB issued the first Aircraft Pfandbrief worldwide. As at 25 July 2012 the EU Commission approved NORD/LB’s capital-
 2012   boosting programme. 16 October 2012, NORD/LB placed its first Public Sector Pfandbrief under 144A/RegS in the US market.



                                                                                                                                                         36
                                                               February 2013
Appendix



Pfandbriefe (covered bonds): collaterals – first class and secure.

        Mortgage Pfandbrief (by utilisation)                                                       Public Sector Pfandbrief (by client groups)2)
 as at 30 Sep 2012                                          €2.2bn1)                              as at 30 Sep 2012                                 €26.6bn1)
                                                                                                                                   Liquidity
                                                                                                           Additional
                                                                                                                                   reserve
                                                                                                          cover assets
                                                                                                                                      3%
                                                                                                         acc. to § 20 (2)   Over-
                                                                                                         No 2 PfandBG collatera-
                       Liquidity reserve
                                                                                                               3%         lisation
         Over-collatera-      5%                                                                                                        Countries
          lisation 2%                                                                                                        2%              8%
                                                 Office buildings
                                                       23%                                        Public
                                                                                              enterprises and
Apartment                                                                                     associations 8%
buildings
  18%
                                                                                                                                                       Regional
                                                                                         German and                                                   authorities
                                                               Commercial                 multilateral
                                                                buildings                                                                                27%
                                                                                         development
                                                                   8%                     banks 14%



                                                            Industrial
   One- and Two-                                            buildings
                                                               8%                               Banks, savings
   family-houses
                                                                                                  banks and
        28%
                                       Condominiums                                                building                            Local
                                            8%                                                   associations                        authorities
                                                                                               (grandfathered)                          19%
1) Nominal value, NORD/LB AöR   2) 95 per cent in Germany                                            16%

                                                                                                                                                                37
                                                                         February 2013
Appendix



German Landesbanks.
                                                               Kiel

                                                               Hamburg

             Ein Unternehmen der NORD/LB




                                                         Hannover
                                                                Braunschweig
                                                                                 Berlin
                                                                          Magdeburg

                                                                                Leipzig




                                               Frankfurt
                                              Mainz

                                       Saarbrücken



                                                Stuttgart

                                                                      München



                                                                                          38
                                               February 2013
Appendix



NORD/LB Group: Reporting of business segments.
According to changing conditions and market development and to intensify the focus on our customer potential,
NORD/LB Group amended its business model. This has an impact on the structure and on the number of the bank’s
business segments

Our new business segments are:
   Private and Commercial Customers
   Corporate Customers & Markets
   Energy and Infrastructure Customers
   Ship and Aircraft Customers
   Real Estate Banking Customers

The new segment Corporate Customers & Markets replaces the former segments Savings Bank Network, Financial
Markets/Institutional Customers and Corporate Customers. We are now able to offer our products and
services in a more focussed and customer-oriented way




                                                                                                          39
                                            February 2013
Appendix



Private and Commercial Customers.
Products and services                                             €m*                                               30.9.2012   30.9.2011

   Lending and deposit business                                   Net income                                          232         279

   Asset management and financial advisory                        Expenses                                            234         238
                                                                  Operative earnings                                   -2          41
   SME business
                                                                  Loan loss provisions / Valuation                     -5          -2
   Monetary transfers (Germany and abroad)
                                                                  Earnings before taxes                                -7          39
                                                                  CIR                                              100.7%       85.3%
                                                                  RoRaC                                             -2.3%       19.2%
                                                                 * Due to rounding slight deviations might occur


Further information
   With approx. 100 branches and self-service centres well represented in the Braunschweiger Land region for
   nearly 250 years
   We offer customer-oriented consultancy and selected products and services for private and commercial
   customers within the region of Braunschweigische Landessparkasse as well as throughout the business region of
   the Bremer Landesbank
   NORD/LB, Braunschweigische Landessparkasse, Bremer Landesbank and NORD/LB Luxembourg offer
   inheritance optimisation, trust management, participation products and individual asset management for private
   banking clients
   Our related partners, Öffentliche Versicherung Braunschweig, Versicherungsgruppe Hannover (insurance
   companies) and Landesbausparkasse (building society), complete our services in these businesses



                                                                                                                                        40
                                              February 2013
Appendix



Corporate Customers & Markets.
Products and services                                                  €m*                                              30.9.2012   30.9.2011

   SME business                                                        Net income                                         527         384
                                                                       Expenses                                           152         143
   Agricultural banking and housing
                                                                       Operative earnings                                 375         241
   Acquisition finance
                                                                       Loan loss provisions / Valuation                   -46         -20
   Municipal customer business
                                                                       Earnings before taxes                              329         261
   Savings bank syndicate business
                                                                       CIR                                              28.9%       37.3%
   Business with institutional customers, savings banks/
   financial institutions, public-sector customers                     RoRaC                                            32.1%       36.4%
                                                                      * Due to rounding slight deviations might occur


   We professionally advice corporate customers in Germany focussing on Northern Germany
   We are one of the leading banks in Germany in agricultural banking and market leader in the Northern region
   As an expert in financing of residential housing associations we have a long-term expertise and an excellent
   competence concerning the implementation of urban development concepts and the development of individual
   financial solutions
   In corporate finance our experts solve even complex problems relating to strategic positioning and financing,
   change management, transaction- and receivables management as well as structuring complex corporate lending
   NORD/LB is based in all the world’s most important financial centres. Therefore, we are able to offer our
   customers an international platform
   Our relationship manager and sales experts are reliable partners for our institutional clients and financial institutes
   in Germany and abroad offering all of NORD/LB's complete products and services
   For our investors we offer a wide variety of money - and capital market products. NORD/LB is not only an issuer
   of international CP and MTN programmes but also an important issuer of Pfandbriefe – according to German and
   Luxembourg law – as well as debentures
                                                                                                                                            41
                                                 February 2013
Appendix



Energy and Infrastructure Customers.
Products and services                                                €m*                                              30.9.2012   30.9.2011

   Financial engineering and arrangement of                          Net income                                         150         145

   individual financial solutions in Germany and abroad              Expenses                                            41          36

   Focus on growth industries renewable energy and                   Operative earnings                                 109         109
   social infrastructure                                             Loan loss provisions / Valuation                    -8          -2
   Project- and export finance                                       Earnings before taxes                              101         107
   Leasing, document transfers & international monetary              CIR                                              27.2%       24.7%
   transfers                                                         RoRaC                                            20.9%       26.6%
                                                                    * Due to rounding slight deviations might occur


Further information
   Close ties between our teams enable early pursuit of market trends and an efficient transfer of proven financial
   concepts between branches and industries throughout the Group
   As an established partner, we started to do the renewable energy finance business in the mid 1990´s. In this
   segment, we focus on wind and solar energy finance (mainly energy production)
   We concentrate on social infrastructure projects in the fields of accommodation, education, blue light and waste/
   water. Here we do the Public Finance Initiative (PFI) as well as the project finance business
   Number and volume of the successful transactions underpin the excellent market position of NORD/LB. Our
   strengths are the first class customer and industry network, competence in financial engineering and the
   knowledge of the local market
   For more than 25 years Bremer Landesbank has been one of the leading SME banks, with close ties to leasing
   banks and originators in Germany. Thanks to our expertise, we are able to coach our customers in line with their
   property portfolio at any time

                                                                                                                                          42
                                               February 2013
Appendix



Ship and Aircraft Customers.
Products and services                                                 €m*                                              30.9.2012   30.9.2011

   Ship finance: cargo and multipurpose vessels                       Net income                                         396         338

   Aircraft finance: air carrier, engines, warehouse- and             Expenses                                            43          39

   operating-lease structured finance                                 Operative earnings                                 353         299
                                                                      Loan loss provisions / Valuation                  -304         -52
                                                                      Earnings before taxes                               49         247
                                                                      CIR                                              10.9%       11.5%
                                                                      RoRaC                                            2.5%        19.6%
                                                                     * Due to rounding slight deviations might occur

Further information
   NORD/LB has been running the ship financing business for more than 45 years. We are one of the leading
   addresses worldwide with a long-standing and continuously grown customer base
   Our team has fundamental knowledge and financial expertise in this segment supporting our customers in all
   kinds of the ship financing business: structuring, interest- and currency hedges or related services like flagging
   out ships
   After 20 years in this business, we are established as one of the market leader in aircraft finance. We offer a
   broad variety of classical and covered lending for widebody, narrowbody and regional carriers
   During the recent years, we have enlarged our product range in warehouse facilities, operating-lease and pre-
   delivery finance




                                                                                                                                           43
                                                February 2013
Appendix



Real Estate Banking Customers.
Products and services                                                €m*                                              30.9.2012   30.9.2011

   National and international                                        Net income                                         195         195

   commercial real estate finance                                    Expenses                                            45          45

   Residential and nursing homes                                     Operative earnings                                 150         150
                                                                     Loan loss provisions / Valuation                  -111         -63
                                                                     Earnings before taxes                               39          87
                                                                     CIR                                              23.3%       23.1%
                                                                     RoRaC                                            4.2%        10.9%
                                                                    * Due to rounding slight deviations might occur

Further information
   Deutsche Hypothekenbank is the commercial real estate (CRE) competence centre within the NORD/LB Group
   Deutsche Hypo focuses on CRE finance with professional customers. Tailor-made financial solutions and
   individual, high qualified customer advisory are the bank's strength. We mainly finance office buildings, shopping
   malls, new building projects in preferred urban centres with a good tenant structure and a cash flow above
   average
   Our focus is Europe. Apart from Germany, Deutsche Hypo does its CRE business in UK, France, Spain, the
   Benelux countries and Poland
   Bremer Landesbank financed the first social buildings in the 1980`s. Today, the bank is one of the leading
   institutes in the field of financing social buildings nationwide




                                                                                                                                          44
                                               February 2013
Appendix



Savings Bank Network.
Products and services
   Institutional savings banks business
   Securities business for retailers and private banking
   Syndicate savings banks business
   Promotional loans
   Municipal business



Since 1 January 2012 the Savings Bank Network is not an own business segment of NORD/LB anymore. It is now
seen as a cross-sectional task. A special department is co-ordinating the relationship between the Savings Banks
and its account manager at NORD/LB
   We offer services in the fields of classical lending business, special finance, foreign business, structured products
   for the retail market, funding and monetary transfers
   The fundamental strength of our associated savings banks in Lower Saxony, Saxony-Anhalt, Mecklenburg-
   Western Pomerania and in further federal states is its wide-spread customer base with a market share up to 50
   per cent
   Furthermore we support our states and local authorities in fulfilling their public duties. Here we focus on municipal
   finance and credit management
   Apart from the classical customer's business and term transformation we support the savings banks in gaining
   further profit and controlling it by actively managing their balance sheets, taking into account the risk-bearing
   capacity of the respective savings bank
* Since 1.1.2012 results are included in “Corporate Customers & Markets”

                                                                                                                     45
                                                                           February 2013
Appendix




Leading regional and commercial bank in Northwest Germany.
 Regional and commercial bank                                               Hanseatic and down to earth, but also modern and highly
                                                                            professional: Bremer Landesbank. Close to the market and the
 Location:                  Northwest Germany
                                                                            people we are linked to the northwest region of Germany We support
 Total assets:              €34.8bn                                         our customers with first-class solutions and are strong in equity and
                                                                            profit, guaranteed by more than 1,000 committed employees in
 Owners:                    54.83% NORD/LB
                                                                            Bremen and Oldenburg
                            41.2% Land Bremen
                                                                            With total assets of approx. €34.8bn (as at 31 Dec 2011), Bremer
                            3.97% SVN*
                                                                            Landesbank (BLB) is the largest regional bank between the rivers
 Business units:Association business,                                       Ems and Elbe in Northwest Germany
 corporate customers, private                                               BLB is a universal bank. It is a regional commercial bank with supra-
 customers, special finance, financial                                      regional special business while fulfilling its role as a Landesbank and
 markets                                                                    as a central bank for its partner savings banks at the same time

     The core region of its business is Northwest Germany. From this position BLB supports its regional and supra-
     regional clients in Europe and offers them first class solutions for their financial activities. For this the bank actively
     uses its market leadership in the financial network of the savings banks. BLB’s sales activities are focussed on 5
     fields of business: Association business, corporate & private customers, special finance and financial markets
     Additionally, BLB fulfils its particular regional responsibility through its participating interest. The emphasis of its
     interest portfolio lies on regional and supra-regional special institutes in the financing industry, especially within the
     financial network of the savings banks
* SVN – Sparkassenverband Niedersachsen, Savings banks association in Lower Saxony


                                                                                                                                               46
                                                                          February 2013
Appendix




Expertise in private banking and a flexible partner within the Group.
 Luxembourgian Eurobank                          Norddeutsche Landesbank Luxembourg S.A. is an independent
                                                 joint-stock company according to Luxembourg law and a 100 per
 Location:        Luxembourg
                                                 cent subsidiary of NORD/LB since 1975
 Total assets:    €15.4bn
                                                 Additionally, the bank has a dedicated market presence in
 Employees:       170                            international money markets, foreign currency markets, bond
                                                 markets and derivative markets and has proved to be very
 Owners:          100% NORD/LB
                                                 successful in the field of interest rate management
 Business units: Private banking,
                                                 NORD/LB Luxembourg conducts all financial business that is
                 credit banking,
                                                 common in the Euro market, especially revolving and roll-over loans
                 financial markets
                                                 to large German and international borrowers


  As a specialist for private banking, NORD/LB Luxembourg is more customer oriented than a conventional bank.
  Factors which make it a flexible and strong international player for the interests of clients are the high competence
  of its experts, the moderate size, the location and the absolute independence. The private banking activities of
  NORD/LB are coordinated within the Group from Luxembourg
  Thanks to the compact size, the location and its independence, NORD/LB Luxembourg is a flexible, powerful
  international player and a reliable partner providing other Group members with pragmatic solutions


                                                                                                                    47
                                                February 2013
Appendix




Specialised commercial bank with licence to issue „Lettres de Gage publiques“.
 Specialised commercial bank                   First and only Subsidiary of “Norddeutsche Landesbank Luxembourg
                                               S.A.” (foundet 2006)
 Location:       Luxembourg
                                               100% fully consolidated subsidiary with a hard letter of comfort by
 Total assets:   €7.1bn                        NORD/LB AöR Hannover und NORD/LB Luxembourg S.A.
 Owners:         100% NORD/LB                  Equity of €123.9m and core capital of €93.0m
                 Luxembourg                    Ratings:
 Business units: Issue of Lettres de                   NORD/LB CFB:
                Gages (Lux. Covered                    Fitch Ratings: A/F1/stable outlook;
                bonds) Municipal                       Standard & Poor‘s: BBB+/A-2/stable outlook
                corporate lending                      Lettres de Gage publiques (LdG):
                business                               Fitch Ratings: AAA/stable outlook
                                                       Standard & Poor‘s: AA+/stable outlook


  Specialist for municipal corporate lending (savings banks, municipal utilities, energy suppliers, waste management
  companies and infrastructure enterprises predominantly influenced by public authorities in Germany as well as
  other municipal authorities and institutions
  Increase the issuance and variety of covered products of the group by focussing on medium-term and long-term
  issuances beyond the Euro region


                                                                                                                 48
                                              February 2013
Appendix




Competence centre for commercial real estate banking.
 Mortgage bank                          NORD/LB actually holds 100 per cent of the registered capital and
                                        the share voting rights of Deutsche Hypo
 Location:       Hannover
                                        Deutsche Hypo is a prospering real estate financing bank with
 Total assets:   €35.0bn                expanding business in the field of commercial real estate. The bank
 Employees:      419                    has about 419 employees at its domestic locations (Hannover,
                                        Duesseldorf, Frankfurt, Hamburg, Nuremberg and Munich) and at
 Owners:         100% NORD/LB           its offices in Amsterdam, London, Madrid and Paris
 Business units:CRE banking             Mortgage and public sector Pfandbriefe of Deutsche Hypo are Aa2-
                                        rated by Moody's
                                        By combining the power of the two banks NORD/LB will attain a
                                        stronger position in the market for clients, business partners and
                                        investors in the field of commercial real estate financing




                                                                                                       49
                                     February 2013
Appendix




Asset management for institutional investors.
 Investment trust/Portfolio manager       NORD/LB Asset Management offers professional asset
                                          management for institutional investors. Thereby, we focus on
 Location:      Hannover
                                          individual solutions for our clients. Our services comprise the
 Employees:     61                        investment conception, portfolio management of special and
                                          mutual funds, funds administration on a daily basis, risk control
 Owners:        100% NORD/LB
                                          and reporting
 Business units: Portfolio management,    Our services are offered by two companies:
                 origination and          NORD/LB Capital Management GmbH (€8.34bn assets under
                 management for           management), responsible for the portfolio management, and
                 restricted and mutual    NORD/LB Kapitalanlagegesellschaft AG (€12.09bn assets under
                 funds                    administration), responsible for the administration of special funds
                                          and master KAG-constructions
                                          Since 2005, we offer our institutional clients a wide range of mutual
                                          funds that enables them to invest in attractive asset classes even
                                          in small investment amounts




                                                                                                             50
                                         February 2013
Appendix




NORD/LB‘s ABCP programme
Structured and innovative securitization via Hannover Funding.
  The NORD/LB Conduit “Hannover Funding“ purchases trade receivables on a revolving basis
  The receivables pool will be structured to rating standard “A”, the credit rating of the customer is less important
  Refinancing for the ongoing purchased receivables is done anonymously at the capital market – the customer
  profits from favorable refinancing costs of the Conduit Hannover Funding

                                                                                    Sponsor and provider of full
                                                                                    government backed liquidity support
                                       SPE
 Corporate Customer                 Receivable Pool                                                                       Capital Market

                                                                 Pool of transactions / receivables
  For more than 10 years, NORD/LB has been offering its customers successful revolving anonymous financing
  options with its ABCP programme
     Businesses with a receivable pool of at least €50m are generally suitable
     In general lower costs of funding especially compared to a credit line or factoring for all companies rated lower than A due to
     diversification of debtors, sponsors and collaterals



    NORD/LB’s ABCP programme provides customers with lower cost of finance
                                                                                                                                           51
                                                      February 2013
Appendix



Hannover Funding: An ABCP programme for customers, bank and owners.
Realignment of the ABCP programme: focus on target & existing
customers
   Focus on receivables of target and core customers                                                       Portfolio composition
   Target asset classes: trade receivables, leases (auto & equipment), car loans                                                      Trade
                                                                                                                                   receivables
   Target regions: European and German receivables as well as worldwide                   Commercial
                                                                                                                                      24.3%
                                                                                         loan portfolios
   receivables of target and core customers                                                  53.1%
   Specialized in funding of pools of receivables from different currencies and
                                                                                                                                              Consumers
   jurisdictions with a minimum volume of €50m                                                                                                  2.8%

   No new investments in CLO, CDO, CMBS, RMBS nor in similarly structured or                                                               Insured loan
                                                                                                                                             portfolios
   levered products
                                                                                                                                               9.5%
                                                                                                                                   Car leases
   Reduction of existing CLO/CDO positions to decrease RWA under                                                                     10.4%
                                                                                        31 December 2011
   consideration of balance sheet effects
   True sale only, no synthetic transactions
                                                                                          CP placement with a diversified investor basis*

Transaction highlights in 2011
                                                                                                                      Corporates
                                                                                                                                    Banks
  Total investments in 41 transactions                                                                                  0.4%
                                                                                                                                    10.2%
                                                                                                   Municipals 20.8%
  Primary USD-funding, funded 100% through CP on the Capital Market
  RWA relief of €1.939bn                                                                             Security
                                                                                                     lenders                                Insurances
  Securitization of freight rates are successfully established as an alternative                      3.8%                                    24.6%

  source of financing the maritime industry – successful initial transaction with
  largest German shipping company                                                                  Money market
                                                                                                   funds 27.2%                         Asset managers
                                                                                                                                           13.0%


                                                                                    *Hannover Funding USCP placement by Goldman Sachs (December 2011)


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                                                            February 2013
Appendix



Successful cooperation with renowned partners (1/2).



   “Öffentliche Versicherung Braunschweig” (ÖVBS) is an insurance company which offers property insurance
   and personal insurance
   ÖVBS is the market leader in the southeast of Lower Saxony and with its more than 250 years of
   experience; it has a fine tradition in Germany. ÖVBS has a dense service network and offers innovative
   product and consulting services, which makes it an ideal partner for NORD/LB. This also derives from the
   closer cooperation between ÖVBS and Braunschweigischer Landessparkasse started in 2010: Clients
   should not only be adviced comprehensively but also make use of most of the bank's resp. the insurance's
   products and services
   NORD/LB holds 75 per cent of the owners’ capital in ÖVBS




   KreditServices Nord (KSN) was founded in 2005
   It has specialised in the consolidation and processing of the risk management activities in standardised
   lending business. The aims of KSN are: top quality, quick processing times, low costs
   NORD/LB holds a 100 per cent stake in in KSN


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                                               February 2013
Appendix



Successful cooperation with renowned partners (2/2).


  With its partners ”LBS” (Norddeutsche Landesbausparkasse Berlin - Hannover) and “LBS Immobilien”
  NORD/LB completes its product range for retail customers concerning house building and living
  Customised savings contracts help our clients to fulfil their wishes in view of acquisition of property. Together
  with LBS and LBS Immobilien NORD/LB offers its customers professional support and know-how from
  objective and competent advice to financing and purchase of property
  NORD/LB holds 44 per cent of the owners' capital in LBS




  LHI was founded in 1973 as a leasing company. Today it offers asset and finance management referring to
  real estates, aviation and renewable energy (solar and wind) to corporates, the public sector, private
  investors, family offices, foundations, and institutional investors
  LHI structures tailor-made solutions for corporates and the public sector. LHI offers one-stop service from the
  conception to financing, from realisation to administration. LHI mutual funds and LHI private placements
  provide a balanced risk-return profile to investors
  NORD/LB has a 49 per cent stake in LHI; 51 per cent is held by Landesbank Baden-Württemberg

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                                                February 2013
Contact




 NORD/LB
 Norddeutsche Landesbank Girozentrale
 Investor Relations
 Friedrichswall 10
 30159 Hanover

 Fax:   +49 511 361-4952
 email: ir@nordlb.de
 www.nordlb.com


 Gabriele Bödeker (Head of Investor Relations)
 gabriele.boedeker@nordlb.de
 Tel.: +49 511 361-4338

 Thomas Breit
 thomas.breit@nordlb.de
 Tel.: +49 511 361-5382

 Svenja Pohlmann
 svenja.pohlmann@nordlb.de
 Tel.: +49 511 361-4683



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                                                 February 2013

								
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