For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

Solo per investitori professionali Disclaimer: Nordea Asset Management è il nome funzionale delle attività di asset management svolte dalle persone giuridiche, Nordea Investment Funds S.A. e Nordea Investment Management AB ("Entità Legali") e le loro filiali e succursali. Il presente podcast è materiale pubblicitario e ha lo scopo di fornire al lettore informazioni su specifiche capacità di Nordea. Il presente podcast (ed eventuali pareri o opinioni ivi contenute) non costituisce una consulenza d’investimento e non costituisce una raccomandazione all'investimento in particolari prodotti, strumenti o strutture d'investimento, all'apertura o alla chiusura di qualsivoglia operazione o alla partecipazione a una particolare strategia di trading. Questo podcast non costituisce un'offerta né una sollecitazione di un’offerta ad acquistare o vendere titoli o strumenti o a partecipare a tale strategia di trading. Eventuali offerte di questo tipo possono essere effettuate esclusivamente mediante un Memorandum di offerta o un analogo accordo contrattuale. È vietata la riproduzione e la circolazione di questo podcast senza previa autorizzazione, nonché la sua trasmissione agli investitori privati. Questo podcast contiene informazioni esclusivamente riservate ad investitori professionali e consulenti finanziari e non è pensato per una divulgazione generica. © Le Entità Legali appartenenti a Nordea Asset Management e ad ogni filiale e/o succursale.

Solo per investitori professionali Disclaimer: Nordea Asset Management è il nome funzionale delle attività di asset management svolte dalle persone giuridiche, Nordea Investment Funds S.A. e Nordea Investment Management AB ("Entità Legali") e le loro filiali e succursali. Il presente podcast è materiale pubblicitario e ha lo scopo di fornire al lettore informazioni su specifiche capacità di Nordea. Il presente podcast (ed eventuali pareri o opinioni ivi contenute) non costituisce una consulenza d’investimento e non costituisce una raccomandazione all'investimento in particolari prodotti, strumenti o strutture d'investimento, all'apertura o alla chiusura di qualsivoglia operazione o alla partecipazione a una particolare strategia di trading. Questo podcast non costituisce un'offerta né una sollecitazione di un’offerta ad acquistare o vendere titoli o strumenti o a partecipare a tale strategia di trading. Eventuali offerte di questo tipo possono essere effettuate esclusivamente mediante un Memorandum di offerta o un analogo accordo contrattuale. È vietata la riproduzione e la circolazione di questo podcast senza previa autorizzazione, nonché la sua trasmissione agli investitori privati. Questo podcast contiene informazioni esclusivamente riservate ad investitori professionali e consulenti finanziari e non è pensato per una divulgazione generica. © Le Entità Legali appartenenti a Nordea Asset Management e ad ogni filiale e/o succursale.

For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

Solo per investitori professionali Disclaimer: Nordea Asset Management è il nome funzionale delle attività di asset management svolte dalle persone giuridiche, Nordea Investment Funds S.A. e Nordea Investment Management AB ("Entità Legali") e le loro filiali e succursali. Il presente podcast è materiale pubblicitario e ha lo scopo di fornire al lettore informazioni su specifiche capacità di Nordea. Il presente podcast (ed eventuali pareri o opinioni ivi contenute) non costituisce una consulenza d’investimento e non costituisce una raccomandazione all'investimento in particolari prodotti, strumenti o strutture d'investimento, all'apertura o alla chiusura di qualsivoglia operazione o alla partecipazione a una particolare strategia di trading. Questo podcast non costituisce un'offerta né una sollecitazione di un’offerta ad acquistare o vendere titoli o strumenti o a partecipare a tale strategia di trading. Eventuali offerte di questo tipo possono essere effettuate esclusivamente mediante un Memorandum di offerta o un analogo accordo contrattuale. È vietata la riproduzione e la circolazione di questo podcast senza previa autorizzazione, nonché la sua trasmissione agli investitori privati. Questo podcast contiene informazioni esclusivamente riservate ad investitori professionali e consulenti finanziari e non è pensato per una divulgazione generica. © Le Entità Legali appartenenti a Nordea Asset Management e ad ogni filiale e/o succursale.

Sólo para inversores profesionales Disclaimer: Nordea Asset Management es el nombre funcional del negocio de gestión de activos que llevan a cabo las entidades jurídicas, Nordea Investment Funds S.A. y Nordea Investment Management AB ("Entidades Legales") y sus sucursales y filiales. El presente podcast es material publicitario y está destinado a proporcionar información sobre las capacidades específicas de Nordea. El presente podcast (cualquier opinión u opiniones expresadas) no representa asesoramiento de inversión, y no constituye una recomendación para invertir en cualquier producto financiero, estructura o instrumento de inversión ni para formalizar o liquidar cualquier transacción ni participar en alguna estrategia de negociación en particular. Este podcast no es una oferta de compra o venta, ni una solicitud de una oferta para comprar o vender ningún valor o instrumento o participar en cualquier estrategia comercial. Dicha oferta solo podrá efectuarse mediante un memorándum de oferta o cualquier otro acuerdo contractual similar. El presente Podcast es confidencial y no puede ser reproducido o distribuido sin permiso previo y no debe ser distribuido a inversores particulares ni a otros inversores a los que no aplique la regulación respectiva. El presente Podcast está dirigido a inversores profesionales y, en ningún caso, podrá reproducirse ni divulgarse sin consentimiento previo y no podrá facilitarse a inversores privados. © Las Entidades Legales adheridas a Nordea Asset Management y cualquiera de sus sucursales y/o filiales las Entidades Legales.

or professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professionals only NAM talks Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professional investors only. NAM talks Disclaimer: For professionals only Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

Solo per investitori professionali Disclaimer: Nordea Asset Management è il nome funzionale delle attività di asset management svolte dalle persone giuridiche, Nordea Investment Funds S.A. e Nordea Investment Management AB ("Entità Legali") e le loro filiali e succursali. Il presente podcast è materiale pubblicitario e ha lo scopo di fornire al lettore informazioni su specifiche capacità di Nordea. Il presente podcast (ed eventuali pareri o opinioni ivi contenute) non costituisce una consulenza d’investimento e non costituisce una raccomandazione all'investimento in particolari prodotti, strumenti o strutture d'investimento, all'apertura o alla chiusura di qualsivoglia operazione o alla partecipazione a una particolare strategia di trading. Questo podcast non costituisce un'offerta né una sollecitazione di un’offerta ad acquistare o vendere titoli o strumenti o a partecipare a tale strategia di trading. Eventuali offerte di questo tipo possono essere effettuate esclusivamente mediante un Memorandum di offerta o un analogo accordo contrattuale. È vietata la riproduzione e la circolazione di questo podcast senza previa autorizzazione, nonché la sua trasmissione agli investitori privati. Questo podcast contiene informazioni esclusivamente riservate ad investitori professionali e consulenti finanziari e non è pensato per una divulgazione generica. © Le Entità Legali appartenenti a Nordea Asset Management e ad ogni filiale e/o succursale.

Sólo para inversores profesionales Disclaimer: Nordea Asset Management es el nombre funcional del negocio de gestión de activos que llevan a cabo las entidades jurídicas, Nordea Investment Funds S.A. y Nordea Investment Management AB ("Entidades Legales") y sus sucursales y filiales. El presente podcast es material publicitario y está destinado a proporcionar información sobre las capacidades específicas de Nordea. El presente podcast (cualquier opinión u opiniones expresadas) no representa asesoramiento de inversión, y no constituye una recomendación para invertir en cualquier producto financiero, estructura o instrumento de inversión ni para formalizar o liquidar cualquier transacción ni participar en alguna estrategia de negociación en particular. Este podcast no es una oferta de compra o venta, ni una solicitud de una oferta para comprar o vender ningún valor o instrumento o participar en cualquier estrategia comercial. Dicha oferta solo podrá efectuarse mediante un memorándum de oferta o cualquier otro acuerdo contractual similar. El presente Podcast es confidencial y no puede ser reproducido o distribuido sin permiso previo y no debe ser distribuido a inversores particulares ni a otros inversores a los que no aplique la regulación respectiva. El presente Podcast está dirigido a inversores profesionales y, en ningún caso, podrá reproducirse ni divulgarse sin consentimiento previo y no podrá facilitarse a inversores privados. © Las Entidades Legales adheridas a Nordea Asset Management y cualquiera de sus sucursales y/o filiales las Entidades Legales.

For professional investors only. NAM talks Disclaimer: For professionals only Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

For professional investors only. NAM talks Disclaimer: For professionals only Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries

Sólo para inversores profesionales Disclaimer: Nordea Asset Management es el nombre funcional del negocio de gestión de activos que llevan a cabo las entidades jurídicas, Nordea Investment Funds S.A. y Nordea Investment Management AB ("Entidades Legales") y sus sucursales y filiales. El presente podcast es material publicitario y está destinado a proporcionar información sobre las capacidades específicas de Nordea. El presente podcast (cualquier opinión u opiniones expresadas) no representa asesoramiento de inversión, y no constituye una recomendación para invertir en cualquier producto financiero, estructura o instrumento de inversión ni para formalizar o liquidar cualquier transacción ni participar en alguna estrategia de negociación en particular. Este podcast no es una oferta de compra o venta, ni una solicitud de una oferta para comprar o vender ningún valor o instrumento o participar en cualquier estrategia comercial. Dicha oferta solo podrá efectuarse mediante un memorándum de oferta o cualquier otro acuerdo contractual similar. El presente Podcast es confidencial y no puede ser reproducido o distribuido sin permiso previo y no debe ser distribuido a inversores particulares ni a otros inversores a los que no aplique la regulación respectiva. El presente Podcast está dirigido a inversores profesionales y, en ningún caso, podrá reproducirse ni divulgarse sin consentimiento previo y no podrá facilitarse a inversores privados. © Las Entidades Legales adheridas a Nordea Asset Management y cualquiera de sus sucursales y/o filiales las Entidades Legales.

For professional investors only. NAM talks Disclaimer: For professionals only Disclaimer: Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A. and Nordea Investment Management AB (“the Legal Entities”) and their branches and subsidiaries. This podcast is advertising material and is intended to provide the reader with information on Nordea’s specific capabilities. This podcast (or any views or opinions expressed in this podcast) does not amount to an investment advice nor does it constitute a recommendation to invest in any financial product, investment structure or instrument, to enter into or unwind any transaction or to participate in any particular trading strategy. This podcast is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instruments or to participate to any such trading strategy. Any such offering may be made only by an Offering Memorandum, or any similar contractual arrangement. This podcast is furnished on a confidential basis and may not be reproduced or circulated without prior permission and must not be passed to private investors.. This podcast contains information only intended for professional investors and financial advisers and is not intended for general publication. © The Legal Entities adherent to Nordea Asset Management and any of the Legal Entities’ branches and/or subsidiaries