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Major U.S. Institutional Investor Certification

Access to the Site and the research presented on it is only available to "Major U.S. Institutional Investor" (MII) as defined in Rule 15a-6(b)(4) of the Securities Exchange Act.

MII includes (i) a U.S. institutional investor that has, or has under management, total assets in excess of $100 million; (ii) an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act that has total assets under management in excess of $100 million, or (iii) any entity, including any investment adviser (whether or not registered under the Investment Advisers Act), that owns or controls (or, in the case of an investment adviser, has under management) in excess of $100 million in aggregate financial assets.

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FINRA Debt Research

This section addresses research prepared and/or distributed by a FINRA member (i.e., for BNPP entities, BNP Paribas Securities Corp. and BNP Paribas Prime Brokerage Inc.). Please be advised that the Financial Industry Regulatory Authority (“FINRA”) has adopted Rule 2242 (Debt Research Analysts and Debt Research Reports) to address conflicts of interest relating to the publication and distribution of debt research reports. Rule 2242(j) exempts debt research distributed solely to eligible institutional investors (“Institutional Debt Research”) from certain independence and disclosure standards applicable to debt research reports distributed to retail investors.

This notice serves to inform you that BNP Paribas may distribute Institutional Debt Research to you while relying on the exemption provided under FINRA Rule 2242.

If you are accessing the Site:

I.You are, or you are authorized to act on behalf of, a Qualified Institutional Buyer (“QIB”), as defined under Rule 144A of the Securities Act of 1933

II.You: (1) are capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies involving a security or securities (including a debt security or debt securities); and (2) are exercising independent judgment in evaluating the recommendations of BNP Paribas, pursuant to FINRA Rule 2111; and

III. You agree to promptly advise BNP Paribas if any of the representations or warranties referred to in this notice cease to be true.

Based on the aforementioned representations, BNP Paribas is permitted to provide Institutional Debt Research to you under the exemptions provided by FINRA 2242(j). Unless notified by you in writing to the contrary prior to your accessing or receipt of our Institutional Debt Research, we will consider you to have certified to the representations described above and to have given your consent to the receipt of such Institutional Debt Research.

Copyright: Trademark

The content of the Site is subject to copyright and all rights are reserved. You may download or print copies of information contained within the Site for your own private use only. However, all other copying, reproducing, transmitting, distributing or displaying of material on the Site (by any means and in whole or in part) is prohibited without the prior written permission of BNP Paribas.

The "BNP Paribas" trademark is owned by BNP Paribas and nothing contained on the Site shall constitute the grant of a licence to use such a trademark.

Use of Information and Material

Information on the Site is of a general nature and cannot take into account your individual financial circumstances or investment objectives. Nothing on the Site constitutes an offer to sell or any solicitation of any offer to buy or sell any security or instrument or to enter into any transaction. Independent advice should be obtained before any transaction for your own investment strategy and objectives.

BNP Paribas has used its reasonable efforts to ensure that the information contained on the Site is compiled from sources that BNP Paribas believes to be reliable and accurate. However, BNP Paribas does not represent or warrant the accuracy or timeliness of such information which may be incomplete or condensed. Further, BNP Paribas undertakes no obligation and assumes no liability or responsibility (whether express or implied) to any person concerning the information or materials contained on the Site except as required by mandatory provision of law which may not be excluded and hereby excludes all liability for loss or damage (including direct, indirect, foreseeable, special or consequential loss or damage and including loss of profit) even if advised of the possibility of such damages incurred or sustained by any person in connection with the information or its use including (without limitation) for the consequences of reliance upon any opinion or statement contained therein or any error or omission whether negligent or not, except to the extent such liability may not be excluded or limited by law or by the rules of FCA.

All estimates and opinions included in any documents or other materials contained on the Site constitute BNP Paribas' judgement as at the date they were published and may be subject to change without notice.

The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Currency rate fluctuations may cause the value of investments to go up or down.

Intellectual Property

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You acknowledge that the contents of the foregoing provisions shall not limit any specific provisions set out in the individual terms and conditions of particular products and services offered on or through the Site.

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Third Party Information, Products and Services

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BNP Paribas does not deal with persons who are Retail Clients for the purposes of the rules of Directive 2004/39/EC on markets in financial instruments. The materials contained on the Site may not be suitable for such investors or those who would be Retail Clients were they to act on any information contained within the Site, and should not be passed on to any such person.

Your acceptance of these terms will give rise to a legally binding contract on the above terms between you (or where you access this site as an employee, your employer) and BNP Paribas which will be subject to English law and any disputes concerning this agreement or the subject matter hereof shall be submitted to the exclusive jurisdiction of the English courts. Where you act as employee, you must ensure that you are authorised to do so and agree to these conditions on behalf of your employer. Your acceptance of these conditions constitutes your personal representation and warranty that you are so authorised.

This material is directed at persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and at other persons to whom it may lawfully be communicated. Any investment or investment activity to which it relates is available only to and will be engaged in only with such persons. It is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. The BNP Paribas Group does not accept responsibility for any loss arising from any action taken by anyone using this material.

© BNP Paribas (2017). All rights reserved.
BNP Paribas London Branch
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Incorporated in France with Limited Liability. Registered Office: 16 boulevard des Italiens, 75009 Paris, France. 662 042 449 RCS Paris. BNP Paribas London Branch is lead supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). BNP Paribas London Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas London Branch is registered in England and Wales under no. FC13447.

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