Disclaimer Portfolio Management

In relation to Discretionary Portfolio Management (“DPM”), the investor empowers Nordea Bank S.A. to manage, pursuant to a pre-defined investment strategy but at the risk of the investor, assets of any kind held now or in the future in an account maintained on a discretionary basis and without the need for the prior consent of the investor. All investments and asset allocations are based on Nordea Bank S.A.'s expectations of future developments in the financial markets. These expectations may not be fulfilled, and therefore no yield or capital preservation is guaranteed. The risk of investing in certain financial instruments, including those mentioned in this publication, is generally high, as their market value may be exposed to many different factors, such as the operational and financial conditions of the relevant company, its own growth prospects or the growth prospects of the economy or economies in which it operates, changes in interest rates, the economic and political environment, fluctuations in foreign exchange rates, shifts in market sentiment etc. Where an investment or security is denominated in a currency other than the investor’s currency of reference, changes in exchange rates may have an adverse effect on the value and price of that investment as well as of the income derived from it.

The investor shall be fully aware of the potential risks connected with the DPM and, more specifically, with the chosen investment strategy. Depending on the investment strategy selected, Nordea Bank S.A. may invest in different categories of financial instruments, each with their own specific levels of risk. The investor must be familiar with and understand the types of financial instruments in which his/her assets may be invested pursuant to the investment strategy. The investor should be aware that one particular chosen investment strategy may involve a higher degree of risk than another investment strategy, and investments within the DPM framework may result in loss of all or part of the investment, though limited to the amount invested. DPM portfolios may include investments in hedge funds that may entail a very high degree of risk and which could lead to the loss of the capital invested in such funds. Investors should also be aware that the investment result of a managed product that contains investment funds depends not only on the ability of Nordea Bank S.A. but also on the ability of the investment manager of the investment fund.