Helaba Ratings
Investor Relations Presentations February 2011
Agenda 2
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Helaba: Key elements 3
Key Elements of the Business Model Universal bank: i.e. with wholesale and retail portfolios and an
integrated public development bank with statutory guarantee Frankfurter Savings Bank (#4 in Germany) as 100% subsidiary,
including direct banking activities Finance Group Hesse-Thuringia: a single economic entity
combining Helaba and the 50 savings banks in Hesse & Thuringia – a unique business model with a joint group rating Strong roots into core business regions with significant future
growth potential Stable ratings from the three leading rating agencies unchanged
since mid-20051 1) S&P Stable Outlook re-affirmed on September 16, 2010
Helaba: Leading regional bank in the financial centre of Frankfurt 4
European Regional Bank with International Reach: Total Assets: Tier 1 capital ratio: Total capital ratio: Employees: Retail Customer: Owner:
€ 175.4 bn 9.1% 13.8% 6,000 > 1.8 m 85% SGVHT (Savings Banks Hesse Thuringia Association) 10% State of Hesse 5% Free State of Thuringia
Results for Q3/2010:
€ 284 m (pre-tax, IFRS)
As of September 30, 2010
Helaba: Unique ownership structure among German Landesbanks 5
Share capital
Tier-1 capital Hybrid perpetual capital (silent participation) of the State of Hesse of € 1.9 billion
50 Savings Banks / Municipal Owners (via SGVHT 1)
50 Savings Banks / Municipal Owners (via SGVHT 1)
38% 85%
49%
€ 2.2 billion
State of Hesse
€ 2.8 billion
10%
State of Hesse
Free State of Thuringia
2% 5%
11%
€ 0.1 billion
€ 0.6 billion
Free State of Thuringia
Share capital € 477 million 1 SGVHT: Savings Banks and Giro Association Hesse-Thuringia
As of June 30, 2010
Other Investors
Tier-1 capital € 5.8 billion
As at June 30, 2010
Helaba’s strategic business model 6
S-Group Hesse-Thuringia: A single economic unit with a unique franchise 7
Finance Group Hesse & Thuringia Business development 2009 Total assets: € 245.7 bn Operating result 1: € 1,117 mn Capital ratio: 11.0% Return on capital (pre tax): 14.6% Cost-income ratio: 65.4% (1): without interest deductions for silent participations
Joint Market Presence
Joint Risk Management
Joint business strategy
Standard risk management strategy
Wholesale & retail market coverage with defined customer responsibility
Risk monitoring system with early warning indicator Risk-adjusted contributions to the group‟s reserve fund
Coordinated product range
Group Reserve Fund
Consolidated Accounts
Direct legal investor protection in addition to institutional support
Audited consolidated group accounts since 2003
Universal joint risk management system € 530 million in addition to existing nationwide voluntary support mechanisms
Group rating from Fitch Ratings (A+ and B/C) and Standard & Poor‟s (A)
Agenda 8
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Profit and loss for Helaba Group (IFRS) as of September 30, 2010 9
01/01/ – 30/09/2010 in € million Net interest income
01/01/ – 30/09/2009 in € million
Change in € million
in %
752
733
19
2.6
-237
-375
138
36.8
Net interest income after provisions for losses on loans and advances
515
358
157
43.9
Net commission income
194
164
30
18.3
Net trading income
140
255
-115
-45.1
Result of hedges / derivatives
-48
107
-155
>-100
-1
-20
19
95.0
260
239
21
8.8
-776
-751
-25
-3.3
Group earnings before taxes
284
352
-68
-19.3
Taxes on income
-66
-115
49
42.6
Group net profit
218
237
-19
-8.0
Provisions for losses on loans and advances
Net income from non-current financial assets (incl. assets valued using the equity method) Other operating result
General administrative expenses
Consolidated balance sheet Helaba Group (IFRS) as of September 30, 2010 10
30/09/2010
31/12/2009
in € billion
in € billion
Change in € billion
in %
Loans and advances to banks incl. cash reserves
16.3
15.5
0.8
5.1
Loans and advances to customers
87.6
87.5
0.2
0.2
Impairments on receivables
-1.3
-1.2
-0.1
-6.9
Assets held for trading
44.9
42.8
2.1
4.9
4.9
3.4
1.6
46.0
17.7
16.8
0.9
5.6
Real property; property, plant and equipment; intangible assets
3.5
3.5
< -0.1
-0.8
Income tax assets
0.4
0.4
< -0.1
-10.5
Other assets
1.3
1.2
0.1
5.2
Total Assets
175.4
169.9
5.5
3.2
Liabilities due to banks
33.1
33.2
-0.1
-0.3
Liabilities due to customers
41.9
41.9
-
-
Securitised liabilities
40.0
38.5
1.5
4.0
Liabilities held for trading
45.0
42.1
2.9
6.9
Negative market value of derivatives not held for trading
3.7
2.8
0.8
28.2
Provisions
1.2
1.1
0.1
9.0
Income tax liabilities
0.1
0.2
-0.1
-26.2
Other liabilities
0.6
0.6
< -0.1
-2.1
Subordinated capital
4.6
4.5
0.1
1.2
Shareholders' equity
5.1
4.9
0.2
4.6
175.4
169.9
5.5
3.2
Positive market value of derivatives not held for trading Financial assets, incl. companies accounted for using the equity method
Total Liabilities
Sound capital base through own resources 11
- Development of quarterly capital ratio € billion
Agenda 12
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Credit risk provisioning declines for the first time since the begin of the crisis 13
€ millions 1/1/- 30/6/2009 Net risk provisioning
Net risk provisioning by segment
1/1/- 30/6/2010 173
Net risk provisioning
134 Others
Individual loan loss provisions Compounded individual value adjustments
123
Individual loan loss provisions
-5
Compounded individual value adjustments
52
Portfolio value adjustments
106
Frankfurter Savings Bank
S-Group business
2
1 14
3
7 Asset Management
Portfolio value adjustments
23
-1 Corporate Finance
Provisions
-3
Provisions
11 Real Estate
Direct write-offs on loans and advances
6
Direct write-offs on loans and advances
11
91
Securities portfolio (1): High quality and short terms -14
- Breakdown of Helaba's € 45 bn securities portfolio by maturity bands and rating categories
0-2 years
2-5 years
5-10 years
> 10 years
Total
AAA
in € billion
in € billion
in € billion
in € billion
in € billion
AA
ABS
0.8
0.8
0.1
0.0
1.71 39.2%
Corporates
0.0
0.1
0.2
0.1
0.4
Financials
16.3
12.6
6.8
0.1
35.8
A
30.0% 25.3% BBB
Government
Total
1.7
18.8
3.5
17.0
1.5
8.6
0.1
0.3
6.8
1.1%
44.7
4.3%
Non-investmentgrade
-1) non-consolidated As of September 30, 2010
95 % of the securities portfolio is rated AAA to A 42 % of the securities portfolio matures within two years Financials make up 80 % of the portfolio The ABS portfolio accounts for just 3.8 % of Helaba's securities portfolio
Securities portfolio (2): ABS – limited exposure and high rating profile 15
Rating distribution of the ABS portfolio
Volume by rating category September 30, 2010
Risk position
AAA
AA
A
BBB
BB and lower
in € million
in %
in %
in %
in %
in %
RMBS
614
58.3
30.7
9.3
1.4
0.3
CMBS
371
6.6
52.9
25.0
15.2
0.3
CDO/CLO
600
25.2
18.0
41.9
6.2
8.7
Other ABS
179
48.5
10.1
13.0
28.4
-
1,764
35.2
29.0
24.0
8.7
3.1
ABS total
As of September 30, 2010
88 % of the ABS portfolio currently has a rating of “A” or better Only European RMBS in the portfolio ABS portfolio reduced by 24 % since the end of 2008 through scheduled redemptions (deleveraging)
Agenda 16
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Helaba Ratings 17
Helaba Ratings Moody’s
Fitch Ratings
Standard & Poor‘s
Short-term rating
P-1
F1+
A-1
Long-term rating
Aa2 (stable)
A+ (stable)
A (stable)
Aaa
AAA
AAA
-
AAA
-
Agency
Public sector mortgage bonds Real estate mortgage bonds
Rating for the S-Group Hesse-Thuringia
Fitch Ratings
Standard & Poor‘s
Short-term rating
F1+
A-1
Long-term rating
A+
A
Individual Rating
B/C
-
Source: Standard & Poor‟s, Moody„s Investor Service, Fitch Ratings – As at February 2, 2011
Funding: Sustainable liquidity management and high level of acceptance in the market 18
Outstanding medium- and long-term funding (≥ 1 year): € 89.5 bn
Pfandbriefe
2008
2009
Nov. 30, 2010
in € million
in € million
in € million
22,386
19,904
21,192
17,295
14,170
15,216
5,091
5,734
5,976
Bank bonds1
29,923
30,578
29,715
Borrower's notes1
19,412
21,447
21,813
Miscellaneous2
15,984
16,153
16,805
Total
87,705
88,082
89,525
- thereof public - thereof mortgage
Public Pfandbriefe Mortgage Pfandbriefe 17 %
7% 33 %
19 % 24 %
Bank bonds (unsecured) Borrower's notes Miscellaneous
1) Includes liabilities callable in less than 12 months 2) Subordinated bonds/participation rights certificates/silent deposits/earmarked funds As at: November 30, 2010
Additional stability provided by ca. € 24 bn of customer deposits
Funding Strategy and Liquidity
19
Funding Strategy Continued matched funding of new business Expand the already strong position within the German investor base and further develop the international investor base Intensive marketing of Helaba‟s solid “Credit Story“ in and outside Germany Further develop the product and structuring capacity through the issuance programmes
Funding Volume
Funding Programmes
Covered
Unsecured
Total
2010
4 bn €
7 bn €
11 bn €
2011 planned
5 bn €
5 bn €
10 bn €
EUR 35 bn Euro Medium Term Note Programme Domestic issuance (Basisprospekt) EUR 10 bn Euro-CP/CD Programme EUR 6 bn French CD Programme USD 5 bn USCP Programme
Broad Liquidity Access EUR 29 bn collateral pool for German covered bonds (“Pfandbriefe”) EUR 38 bn securities eligible for ECB / Fed funding EUR 15 bn retail deposits within Helaba Group EUR 81 bn deposits within the S-Group Hesse-Thuringia (as at Dec. 31, 2009) As at: September 30, 2010
Medium- and long-term funding (≥ 1 year) YtD 2010: Diversified funding mix 20
Funding break-down by customers
Funding break-down by products
Domestic & international customers
Unsecured bank bonds
Public Pfandbriefe
€ 2.4 bln.
50 %
€ 1.2 bln. 38 % € 3.6 bln.
12 %
1
Mortgage Pfandbriefe
€ 2.8 bln.
< € 0.5 bln. Savings Banks
Proprietary retail customers Public development funds (EIB, KfW, LfA)
As of: November 30, 2010
Borrower's notes and other loans
As of: November 30, 2010
Sustainability-led liquidity management throughout the Helaba Group (as of Sept. 30, 2010) 21
Supervisory liquidity ratio 2,00 1,90 1,80 1,70 1,60 1,50 1,40 1,30 1,20 1,10 1,00 0,90 0,80
Liquidity ratio well above the regulatory minimum level of 1.0 Readily available liquidity reserve of € 29 billion provision free collateral 2007
2008
€ bn.
2009
2010
Matched banking book
100 90 80 70 60 50 40 30 20 10 0
Assets Liabilities
1
2
3
4
5
6
7
8
9
10
11
> 11 Years
Contacts 22
Head of Liability Management & Funding Dr. Rolf Reichardt, SVP
Tel:
+(49-69) 9132-3142
E-mail:
[email protected]
Head of Funding Martin Gipp, VP
Tel:
+(49-69) 9132-1181
E-mail:
[email protected]
Head of Debt Investor Relations Alan J. Noble, VP
Tel:
+(49-69) 9132-4104
E-mail:
[email protected]
Helaba Web-Site
www.helaba.de
Landesbank Hessen-Thüringen Girozentrale Neue Mainzer Strasse. 52-58 60311 Frankfurt/Main
Disclaimer 23
This presentation and the information contained herein do not constitute or form part of a prospectus or other offering document in whole or in part and should not be construed as an offer or solicitation to buy or sell any securities or any related financial instruments and should be regarded as informative only. All information is as of the date of publication and can change without any further notice. Whilst every effort has been taken to ensure the accuracy of the presentation material, no guarantee is given nor liability assumed for the information contained herein. Helaba does not offer any advice as regards to taxation and accounting or legal matters. From the past result, performance or achievements no conclusions as to the future results, performance or achievements can be drawn. The Q3/2010 group financial information have been reviewed in accordance with German generally accepted standards for the review of financial statements. All forms of distribution of this document require the prior written approval by Helaba.
© Landesbank Hessen-Thüringen Girozentrale, Frankfurt am Main and Erfurt
Agenda 2
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Helaba: Key elements 3
Key Elements of the Business Model Universal bank: i.e. with wholesale and retail portfolios and an
integrated public development bank with statutory guarantee Frankfurter Savings Bank (#4 in Germany) as 100% subsidiary,
including direct banking activities Finance Group Hesse-Thuringia: a single economic entity
combining Helaba and the 50 savings banks in Hesse & Thuringia – a unique business model with a joint group rating Strong roots into core business regions with significant future
growth potential Stable ratings from the three leading rating agencies unchanged
since mid-20051 1) S&P Stable Outlook re-affirmed on September 16, 2010
Helaba: Leading regional bank in the financial centre of Frankfurt 4
European Regional Bank with International Reach: Total Assets: Tier 1 capital ratio: Total capital ratio: Employees: Retail Customer: Owner:
€ 175.4 bn 9.1% 13.8% 6,000 > 1.8 m 85% SGVHT (Savings Banks Hesse Thuringia Association) 10% State of Hesse 5% Free State of Thuringia
Results for Q3/2010:
€ 284 m (pre-tax, IFRS)
As of September 30, 2010
Helaba: Unique ownership structure among German Landesbanks 5
Share capital
Tier-1 capital Hybrid perpetual capital (silent participation) of the State of Hesse of € 1.9 billion
50 Savings Banks / Municipal Owners (via SGVHT 1)
50 Savings Banks / Municipal Owners (via SGVHT 1)
38% 85%
49%
€ 2.2 billion
State of Hesse
€ 2.8 billion
10%
State of Hesse
Free State of Thuringia
2% 5%
11%
€ 0.1 billion
€ 0.6 billion
Free State of Thuringia
Share capital € 477 million 1 SGVHT: Savings Banks and Giro Association Hesse-Thuringia
As of June 30, 2010
Other Investors
Tier-1 capital € 5.8 billion
As at June 30, 2010
Helaba’s strategic business model 6
S-Group Hesse-Thuringia: A single economic unit with a unique franchise 7
Finance Group Hesse & Thuringia Business development 2009 Total assets: € 245.7 bn Operating result 1: € 1,117 mn Capital ratio: 11.0% Return on capital (pre tax): 14.6% Cost-income ratio: 65.4% (1): without interest deductions for silent participations
Joint Market Presence
Joint Risk Management
Joint business strategy
Standard risk management strategy
Wholesale & retail market coverage with defined customer responsibility
Risk monitoring system with early warning indicator Risk-adjusted contributions to the group‟s reserve fund
Coordinated product range
Group Reserve Fund
Consolidated Accounts
Direct legal investor protection in addition to institutional support
Audited consolidated group accounts since 2003
Universal joint risk management system € 530 million in addition to existing nationwide voluntary support mechanisms
Group rating from Fitch Ratings (A+ and B/C) and Standard & Poor‟s (A)
Agenda 8
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Profit and loss for Helaba Group (IFRS) as of September 30, 2010 9
01/01/ – 30/09/2010 in € million Net interest income
01/01/ – 30/09/2009 in € million
Change in € million
in %
752
733
19
2.6
-237
-375
138
36.8
Net interest income after provisions for losses on loans and advances
515
358
157
43.9
Net commission income
194
164
30
18.3
Net trading income
140
255
-115
-45.1
Result of hedges / derivatives
-48
107
-155
>-100
-1
-20
19
95.0
260
239
21
8.8
-776
-751
-25
-3.3
Group earnings before taxes
284
352
-68
-19.3
Taxes on income
-66
-115
49
42.6
Group net profit
218
237
-19
-8.0
Provisions for losses on loans and advances
Net income from non-current financial assets (incl. assets valued using the equity method) Other operating result
General administrative expenses
Consolidated balance sheet Helaba Group (IFRS) as of September 30, 2010 10
30/09/2010
31/12/2009
in € billion
in € billion
Change in € billion
in %
Loans and advances to banks incl. cash reserves
16.3
15.5
0.8
5.1
Loans and advances to customers
87.6
87.5
0.2
0.2
Impairments on receivables
-1.3
-1.2
-0.1
-6.9
Assets held for trading
44.9
42.8
2.1
4.9
4.9
3.4
1.6
46.0
17.7
16.8
0.9
5.6
Real property; property, plant and equipment; intangible assets
3.5
3.5
< -0.1
-0.8
Income tax assets
0.4
0.4
< -0.1
-10.5
Other assets
1.3
1.2
0.1
5.2
Total Assets
175.4
169.9
5.5
3.2
Liabilities due to banks
33.1
33.2
-0.1
-0.3
Liabilities due to customers
41.9
41.9
-
-
Securitised liabilities
40.0
38.5
1.5
4.0
Liabilities held for trading
45.0
42.1
2.9
6.9
Negative market value of derivatives not held for trading
3.7
2.8
0.8
28.2
Provisions
1.2
1.1
0.1
9.0
Income tax liabilities
0.1
0.2
-0.1
-26.2
Other liabilities
0.6
0.6
< -0.1
-2.1
Subordinated capital
4.6
4.5
0.1
1.2
Shareholders' equity
5.1
4.9
0.2
4.6
175.4
169.9
5.5
3.2
Positive market value of derivatives not held for trading Financial assets, incl. companies accounted for using the equity method
Total Liabilities
Sound capital base through own resources 11
- Development of quarterly capital ratio € billion
Agenda 12
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Credit risk provisioning declines for the first time since the begin of the crisis 13
€ millions 1/1/- 30/6/2009 Net risk provisioning
Net risk provisioning by segment
1/1/- 30/6/2010 173
Net risk provisioning
134 Others
Individual loan loss provisions Compounded individual value adjustments
123
Individual loan loss provisions
-5
Compounded individual value adjustments
52
Portfolio value adjustments
106
Frankfurter Savings Bank
S-Group business
2
1 14
3
7 Asset Management
Portfolio value adjustments
23
-1 Corporate Finance
Provisions
-3
Provisions
11 Real Estate
Direct write-offs on loans and advances
6
Direct write-offs on loans and advances
11
91
Securities portfolio (1): High quality and short terms -14
- Breakdown of Helaba's € 45 bn securities portfolio by maturity bands and rating categories
0-2 years
2-5 years
5-10 years
> 10 years
Total
AAA
in € billion
in € billion
in € billion
in € billion
in € billion
AA
ABS
0.8
0.8
0.1
0.0
1.71 39.2%
Corporates
0.0
0.1
0.2
0.1
0.4
Financials
16.3
12.6
6.8
0.1
35.8
A
30.0% 25.3% BBB
Government
Total
1.7
18.8
3.5
17.0
1.5
8.6
0.1
0.3
6.8
1.1%
44.7
4.3%
Non-investmentgrade
-1) non-consolidated As of September 30, 2010
95 % of the securities portfolio is rated AAA to A 42 % of the securities portfolio matures within two years Financials make up 80 % of the portfolio The ABS portfolio accounts for just 3.8 % of Helaba's securities portfolio
Securities portfolio (2): ABS – limited exposure and high rating profile 15
Rating distribution of the ABS portfolio
Volume by rating category September 30, 2010
Risk position
AAA
AA
A
BBB
BB and lower
in € million
in %
in %
in %
in %
in %
RMBS
614
58.3
30.7
9.3
1.4
0.3
CMBS
371
6.6
52.9
25.0
15.2
0.3
CDO/CLO
600
25.2
18.0
41.9
6.2
8.7
Other ABS
179
48.5
10.1
13.0
28.4
-
1,764
35.2
29.0
24.0
8.7
3.1
ABS total
As of September 30, 2010
88 % of the ABS portfolio currently has a rating of “A” or better Only European RMBS in the portfolio ABS portfolio reduced by 24 % since the end of 2008 through scheduled redemptions (deleveraging)
Agenda 16
1. Strategic Business Model
2. Key Financials
3. Asset Quality
4. Funding
Helaba Ratings 17
Helaba Ratings Moody’s
Fitch Ratings
Standard & Poor‘s
Short-term rating
P-1
F1+
A-1
Long-term rating
Aa2 (stable)
A+ (stable)
A (stable)
Aaa
AAA
AAA
-
AAA
-
Agency
Public sector mortgage bonds Real estate mortgage bonds
Rating for the S-Group Hesse-Thuringia
Fitch Ratings
Standard & Poor‘s
Short-term rating
F1+
A-1
Long-term rating
A+
A
Individual Rating
B/C
-
Source: Standard & Poor‟s, Moody„s Investor Service, Fitch Ratings – As at February 2, 2011
Funding: Sustainable liquidity management and high level of acceptance in the market 18
Outstanding medium- and long-term funding (≥ 1 year): € 89.5 bn
Pfandbriefe
2008
2009
Nov. 30, 2010
in € million
in € million
in € million
22,386
19,904
21,192
17,295
14,170
15,216
5,091
5,734
5,976
Bank bonds1
29,923
30,578
29,715
Borrower's notes1
19,412
21,447
21,813
Miscellaneous2
15,984
16,153
16,805
Total
87,705
88,082
89,525
- thereof public - thereof mortgage
Public Pfandbriefe Mortgage Pfandbriefe 17 %
7% 33 %
19 % 24 %
Bank bonds (unsecured) Borrower's notes Miscellaneous
1) Includes liabilities callable in less than 12 months 2) Subordinated bonds/participation rights certificates/silent deposits/earmarked funds As at: November 30, 2010
Additional stability provided by ca. € 24 bn of customer deposits
Funding Strategy and Liquidity
19
Funding Strategy Continued matched funding of new business Expand the already strong position within the German investor base and further develop the international investor base Intensive marketing of Helaba‟s solid “Credit Story“ in and outside Germany Further develop the product and structuring capacity through the issuance programmes
Funding Volume
Funding Programmes
Covered
Unsecured
Total
2010
4 bn €
7 bn €
11 bn €
2011 planned
5 bn €
5 bn €
10 bn €
EUR 35 bn Euro Medium Term Note Programme Domestic issuance (Basisprospekt) EUR 10 bn Euro-CP/CD Programme EUR 6 bn French CD Programme USD 5 bn USCP Programme
Broad Liquidity Access EUR 29 bn collateral pool for German covered bonds (“Pfandbriefe”) EUR 38 bn securities eligible for ECB / Fed funding EUR 15 bn retail deposits within Helaba Group EUR 81 bn deposits within the S-Group Hesse-Thuringia (as at Dec. 31, 2009) As at: September 30, 2010
Medium- and long-term funding (≥ 1 year) YtD 2010: Diversified funding mix 20
Funding break-down by customers
Funding break-down by products
Domestic & international customers
Unsecured bank bonds
Public Pfandbriefe
€ 2.4 bln.
50 %
€ 1.2 bln. 38 % € 3.6 bln.
12 %
1
Mortgage Pfandbriefe
€ 2.8 bln.
< € 0.5 bln. Savings Banks
Proprietary retail customers Public development funds (EIB, KfW, LfA)
As of: November 30, 2010
Borrower's notes and other loans
As of: November 30, 2010
Sustainability-led liquidity management throughout the Helaba Group (as of Sept. 30, 2010) 21
Supervisory liquidity ratio 2,00 1,90 1,80 1,70 1,60 1,50 1,40 1,30 1,20 1,10 1,00 0,90 0,80
Liquidity ratio well above the regulatory minimum level of 1.0 Readily available liquidity reserve of € 29 billion provision free collateral 2007
2008
€ bn.
2009
2010
Matched banking book
100 90 80 70 60 50 40 30 20 10 0
Assets Liabilities
1
2
3
4
5
6
7
8
9
10
11
> 11 Years
Contacts 22
Head of Liability Management & Funding Dr. Rolf Reichardt, SVP
Tel:
+(49-69) 9132-3142
E-mail:
[email protected]
Head of Funding Martin Gipp, VP
Tel:
+(49-69) 9132-1181
E-mail:
[email protected]
Head of Debt Investor Relations Alan J. Noble, VP
Tel:
+(49-69) 9132-4104
E-mail:
[email protected]
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Disclaimer 23
This presentation and the information contained herein do not constitute or form part of a prospectus or other offering document in whole or in part and should not be construed as an offer or solicitation to buy or sell any securities or any related financial instruments and should be regarded as informative only. All information is as of the date of publication and can change without any further notice. Whilst every effort has been taken to ensure the accuracy of the presentation material, no guarantee is given nor liability assumed for the information contained herein. Helaba does not offer any advice as regards to taxation and accounting or legal matters. From the past result, performance or achievements no conclusions as to the future results, performance or achievements can be drawn. The Q3/2010 group financial information have been reviewed in accordance with German generally accepted standards for the review of financial statements. All forms of distribution of this document require the prior written approval by Helaba.
© Landesbank Hessen-Thüringen Girozentrale, Frankfurt am Main and Erfurt
