This document has been created and published by Commerzbank AG (Commerzbank), integrating research, debt, equities, interest rates and foreign exchange.
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This communication is for information purposes only. The descriptions of the products and ideas featured in this document do not purport to be comprehensive descriptions. The information contained herein does not constitute the provision of investment advice. It is not intended to be nor should it be construed as an offer or solicitation to acquire or dispose of any of the financial instruments and/or securities mentioned in this communication, and will not form the basis or a part of any contract. Not all products are available in all jurisdictions.
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Additional note to recipients in the following countries:
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The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. In Canada, the information contained herein is intended solely for distribution to Permitted Clients (as such term is defined in National Instrument 31–103) with whom Commerz Markets LLC deals pursuant to the international dealer exemption. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities may not be conducted through Commerz Markets LLC. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein, and any representation to the contrary is an offence.
This document and its distribution do not constitute and should not be construed as a ‘solicitation’ under the Japanese Financial Instrument Exchange Act (FIEA) of Japan. This document may be distributed from Commerzbank international branches outside Japan solely to ‘professional investors’ as defined in Section 2(31) of the FIEA and Section 23 of the Cabinet Ordinance Regarding Definition of Section 2 of the FIEA Note that Commerzbank AG, Tokyo Branch has not participated in its preparation. Not all financial or other instruments referred to in this document are available within Japan. You should contact Corporate Clients Division of Commerzbank AG for inquiries on availability of such instruments.
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This document is furnished in Hong Kong by Commerzbank AG, Hong Kong Branch, and may only be received by ‘professional investors’ within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made there under, and persons whose ordinary business is to buy or sell shares or debentures. No assurance can be given that any financial investment described herein would yield favourable investment results.
People’s Republic of China (PRC):
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