Page 38 - Economic Outlook Romania 2019
P. 38
AMSTERDAM BRUSSELS LONDON MOSCOW NEW YORK SINGAPORE
Tel: 31 20 563 8955 Tel: 32 2 547 2111 Tel: 44 20 7767 1000 Tel: 7 495 755 5400 Tel: 1 646 424 6000 Tel: 65 6535 3688
Bratislava Dublin Istanbul Mexico City Prague Sofia
Tel: 421 2 5934 6111 Tel: 353 1 638 4000 Tel: 90 212 335 1000 Tel: 52 55 5258 2000 Tel: 420 257 474 111 Tel: 359 2 917 6400
Bucharest Frankfurt Kiev Milan Sao Paulo Taipei
Tel: 40 21 222 1600 Tel: 49 69 75936 519 Tel: 380 44 230 3030 Tel: 39 02 55226 2468 Tel: 55 11 4504 6000 Tel: 886 2 8729 7600
Budapest Geneva Madrid Moscow Seoul Tokyo
Tel: 36 1 235 8800 Tel: 41 22 592 3079 Tel: 34 91 789 8880 Tel: 7 495 755 5400 Tel: 82 2 317 1800 Tel: 81 3 3217 0301
Buenos Aires Hong Kong Manila Paris Shanghai Warsaw
Tel: 54 11 4310 4700 Tel: 852 2848 8488 Tel: 63 2 479 8888 Tel: 33 1 56 39 32 84 Tel: 86 21 2020 2000 Tel: 48 22 820 4696
Research offices: legal entity/address/primary securities regulator
Amsterdam ING Bank NV, Foppingadreef 7, Amsterdam, Netherlands, 1102BD. Netherlands Authority for the Financial Markets
Brussels ING Belgium SA/NV, Avenue Marnix 24, Brussels, Belgium, B-1000. Financial Services and Market Authority (FSMA)
Bucharest ING Bank NV Amsterdam - Bucharest Branch, 48 Iancu de Hunedoara Bd., 011745, Bucharest 1, Romania. Financial Supervisory Authority, Romanian National Bank
Budapest ING Bank NV Hungary Branch, Dozsa Gyorgy ut 84\B, H - 1068 Budapest, Hungary. National Bank of Hungary
Frankfurt ING-DiBa AG, Theodor-Heuss-Allee 2, 60486 Frankfurt, Germany. Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
Istanbul ING Bank AS, ING Bank Headquarters, Resitpasa Mahallesi Eski Buyukdere Cad. No.8, 34467 Sariyer, Istanbul, Turkey. Capital Markets Board
London ING Bank NV London Branch, 8-10 Moorgate, London EC2R 6DA, United Kingdom. Financial Conduct Authority
Manila ING Bank NV Manila Branch, 20/F Tower One, Ayala Triangle, Ayala Avenue, 1226 Makati City, Philippines. Philippine Securities and Exchange Commission
Milan ING Bank NV Milano, Via Arbe, 49, Milano, Italy, 20125. Commissione Nazionale per le Società e la Borsa
Moscow NG Bank (Eurasia) JSC, 36, Krasnoproletarskaya ulitsa, 127473 Moscow, Russia. The Central Bank of Russia
New York ING Financial Markets LLC, 1325 Avenue of the Americas, New York, United States,10019. Securities and Exchange Commission
Prague ING Bank NV Prague Branch, Českomoravská 2420/15, Prague 9, Czech Republic. Czech National Bank
Singapore ING Bank NV Singapore Branch, 19/F Republic Plaza, 9 Raffles Place, #19-02, Singapore, 048619. Monetary Authority of Singapore
Warsaw ING Bank Slaski SA, Ul. Pulawska 2, Warsaw, Poland, 02-566. Polish Financial Supervision Authority
Disclaimer
This presentation has been prepared on behalf of ING (being for this purpose the commercial banking business of ING Bank NV and certain of its subsidiary companies) solely for the information of its clients. ING
forms part of ING Group (being for this purpose ING Groep NV and its subsidiary and affiliated companies). It is not investment advice or an offer or solicitation for the purchase or sale of any financial instrument.
While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, ING makes no representation that it is accurate or complete. The
information contained herein is subject to change without notice. ING Group and any of its officers, employees, related and discretionary accounts may, to the extent not disclosed above and to the extent
permitted by law, have long or short positions or may otherwise be interested in any transactions or investments (including derivatives) referred to in this presentation. In addition, ING Group may provide banking,
insurance or asset management services for, or solicit such business from, any company referred to in this presentation. Neither ING Group nor any of its officers or employees accepts any liability for any direct or
consequential loss arising from any use of this presentation or its contents. Copyright and database rights protection exists in this presentation and it may not be reproduced, distributed or published by any person
for any purpose without the prior express consent of ING. All rights are reserved. Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and
may not be suitable for all investors. The value of, or income from, any investments referred to herein may fluctuate and/or be affected by changes in exchange rates. Past performance is not indicative of future
results. Investors should make their own investigations and investment decisions without relying on this report. Only investors with sufficient knowledge and experience in financial matters to evaluate the merits
and risks should consider an investment in any issuer or market discussed herein and other persons should not take any action on the basis of this report. Clients should contact analysts at, and execute
transactions through, an ING entity in their home jurisdiction unless governing law permits otherwise. Additional information is available on request. Country-specific disclosures: EEA: This report constitutes
“investment research” for the purposes of the Markets in Financial Instruments Directive and as such contains an objective or independent explanation of the matters contained herein. Any recommendations
contained in this report must not be relied on as investment advice based on the recipient’s personal circumstances. If further clarification is required on words or phrases used in this report, the recipient is
recommended to seek independent legal or financial advice. Hong Kong: This report is distributed in Hong Kong by ING Bank N.V., Hong Kong Branch which is licensed by the Securities and Futures Commission of
Hong Kong under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (“SFO”). This document does not constitute a solicitation or an offer of securities or an invitation to the public within
the meaning of the SFO. This report is to be circulated only to “professional investors” as defined in the SFO. Italy: This report is issued in Italy only to persons described in Article No. 58 of Consob Regulation No.
16190. Singapore: This document is provided in Singapore by or through ING Bank N.V., Singapore Branch and is provided only to accredited investors, expert investors and institutional investors, as defined in
Section 4A of the Securities and Futures Act, Cap. 289. If you are an accredited investor or expert investor, please be informed that in ING’s dealings with you, ING is relying on the following exemptions to the
Financial Advisers Act, Cap. 110 (“FAA”): (1) the exemption in Regulation 33 of the Financial Advisers Regulations (“FAR”), which exempts ING from complying with Section 25 of the FAA on disclosure of product
information to clients; (2) the exemption set out in Regulation 34 of the FAR, which exempts ING from complying with Section 27 of the FAA on recommendations; and (3) the exemption set out in Regulation 35 of
the FAR, which exempts ING from complying with Section 36 of the FAA on disclosure of certain interests in securities. United Kingdom: This report is issued in the United Kingdom by ING Bank N.V., London Branch
only to persons described in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and is not intended to be distributed, directly or indirectly, to any other class of
persons (including private investors). United States: Any person wishing to discuss this report or effect transactions in any security discussed herein should contact ING Financial Markets LLC, which is a member of
the NYSE, FINRA and SIPC and part of ING, and which has accepted responsibility for the distribution of this report in the United States under applicable requirements. The distribution of this report in other
jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.
38