Market Colour Legal Notice

Legal Notice:

This communication is provided by BNP Paribas London Branch and/or its subsidiaries or affiliates (collectively “we” or “BNP Paribas”). BNP Paribas does not consider the information to be “Research” as defined under the MiFID II unbundling rules.  In expressing that consideration, however, BNP Paribas is not providing any legal or regulatory advice and should not be relied on as doing so.  If you are subject to inducement and unbundling rules, you should make your own assessment, and take advice from your own advisors as necessary, as to the characterisation of this information for the purposes of those rules and whether, in light of those rules, you are permitted to receive this information. 

The information provided in this communication is provided “as is”. We do not represent that such information is accurate or complete and you should not rely on it as such. This communication comprises certain information available to BNP Paribas that has been aggregated but may exclude information: (i) relating to certain clients or trades, including for the purposes of de-identification; and (ii) in other limited situations determined in BNP Paribas’ sole discretion. The information may therefore not be complete or representative. To the extent this communication contains links to websites owned and operated by third parties, BNP Paribas is not liable for the content of such linked websites or third parties. These links are provided for your information and convenience only and are not an endorsement by BNP Paribas. BNP Paribas does not give any express or implied warranty on the suitability of the information in the communication for any particular purpose. None of BNP Paribas, its members, directors, officers, agents or employees accept any responsibility or liability whatsoever or make any representation or warranty (express or implied) as to the accuracy or completeness of this communication or any options based on it or other content comprised within it. This communication should not be used in place of professional advice. BNP Paribas is under no obligation to update or keep current the information herein. In providing this information, BNP Paribas offers no investment, financial, legal, tax or any other type of advice to, and has no fiduciary duty towards, recipients.

This communication (or any part of it) is not a recommendation to engage in any action and does not constitute or form any part of any offer to sell or issue and is not a solicitation of any offer to purchase any financial instrument. The fact of its distribution shall not form the basis of, or be relied on in connection with, any contract or investment decision.  To the extent that any transaction is subsequently entered into between the recipient and BNP Paribas, such transaction will be entered into upon such terms as may be agreed by the parties in the relevant documentation. 

BNP Paribas makes no representation and gives no warranty as to the results to be obtained from any investment, strategy or transaction, or as to whether any strategy, security or transaction included in this communication may be suitable for recipients’ financial needs, circumstances or requirements. Any reference to past performance is not indicative of future performance, which may be better or worse than prior results.  Any hypothetical, past performance simulations are the result of estimates made by BNP Paribas, as of a given moment, on the basis of parameters, market conditions, and historical data selected by BNP Paribas, and should not be used as guidance, in any way, of future performance. Recipients must make their own assessment of strategies, securities and/or potential transactions using such professional advisors as they deem appropriate.  BNP Paribas accepts no liability for any direct or consequential losses arising from any action taken in connection with or reliance on the information contained in this communication.

This communication is not intended for distribution to, or use by, any person or entity in any jurisdiction where (a) the distribution or use of such information would be contrary to law or regulations, or (b) BNP Paribas or a BNP Paribas affiliate would become subject to new or additional legal or regulatory requirements. Persons in possession of this communication should inform themselves about possible legal restrictions and observe them accordingly.

This communication has been prepared by BNP Paribas for, and is directed at, (a) Professional Clients and Eligible Counterparties as defined by the recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), and (b) where relevant, persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and at other persons to whom it may lawfully be communicated (together “Relevant Persons”) under the regulations of any relevant jurisdiction. Any investment or investment activity to which this communication relates is available only to and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person should not act or rely on this communication or its content.

Securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.

BNP Paribas may make a market in, or may, as principal or agent, buy or sell securities of any issuer or person mentioned in this communication or derivatives thereon. Prices, yields and other similar information included in this communication are included for information purposes however numerous factors will affect market pricing at any particular time, such information may be subject to rapid change and there is no certainty that transactions could be executed at any specified price.

BNP Paribas may have a financial interest in any issuer or person mentioned in this communication, including a long or short position in their securities and/or options, futures or other derivative instruments based thereon, or vice versa. BNP Paribas, including its officers and employees may serve or have served as an officer, director or in an advisory capacity for any person mentioned in this communication. BNP Paribas may, from time to time, solicit, perform or have performed investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months for any person referred to in this communication. BNP Paribas may be a party to an agreement with any person relating to the production of this communication. BNP Paribas may to the extent permitted by law, have acted upon or used the information contained herein before the communication was published. BNP Paribas may receive or intend to seek compensation for investment banking services in the next three months from or in relation to any person mentioned in this communication. Any person mentioned in this communication may have been provided with relevant sections of this communication prior to its publication in order to verify its factual accuracy.

This communication is for information purposes only and there is no assurance that a transaction(s) will be entered into on such indicative terms. Any indicative price(s) contained herein have been prepared in good faith in accordance with BNP Paribas’s own internal models and calculation methods and/or are based on or use available price sources where considered relevant. Indicative price(s) based on different models or assumptions may yield different results. Numerous factors may affect the price(s), which may or may not be taken into account. Therefore, these indicative price(s) may vary significantly from indicative price(s) obtained from other sources or market participants. BNP Paribas expressly disclaims any responsibility for the accuracy or completeness of its own internal models or calculation methods, the accuracy or reliability of any price sources used, any errors or omissions in computing or disseminating these indicative price(s), and for any use you make of the price(s) provided. The indicative price(s) do not represent (i) the actual terms on which a new transaction could be entered into, (ii) the actual terms on which any existing transactions could be unwound, (iii) the calculation or estimate of an amount that would be payable following an early termination of the transactions or (iv) the price(s) given to the transactions by BNP Paribas in its own books of account for financial reporting, credit or risk management purposes. As an investment bank with a wide range of activities, BNP Paribas may face conflicts of interest, which are resolved under applicable legal provisions and internal guidelines.  You should be aware, however, that BNP Paribas may engage in transactions in a manner inconsistent with the views expressed in this communication, either for its own account or for the account of its clients.

This communication may contain certain performance data based on back-testing, i.e. simulations of performance of a strategy, index or assets as if it had actually existed during a defined period of time. To the extent any such performance data is included, the scenarios, simulations, development expectations and forecasts contained in this communication are for illustrative purposes only. All estimates and opinions included in this communication constitute the judgment of BNP Paribas and its affiliates as of the date of the communication and may be subject to change without notice. This type of information has inherent limitations which recipients must consider carefully. While the information has been prepared in good faith in accordance with BNP Paribas’s own internal models and other relevant sources, an analysis based on different models or assumptions may yield different results. Unlike actual performance records, simulated performance returns or scenarios may not necessarily reflect certain market factors such as liquidity constraints, fees and transactions costs. Actual historical or back tested past performance does not constitute an indication of future results or performance.

This communication is only intended to generate discussion regarding particular products and investments and is subject to change or may be discontinued. We are willing to discuss it with you on the understanding that you have sufficient knowledge, experience and professional advice to understand and make your own independent evaluation of the merits and risk of the information and any proposed structures. The information contained herein is not and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, or solicitation of an offer to buy securities described herein, in Canada, the U.S. or any other province or territory nor shall it be deemed to provide investment, tax, accounting or other advice. Transactions involving the product(s) described in this communication may involve a high degree of risk and the value of such transactions may be highly volatile. Such risks include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default, risk of adverse events involving any underlying reference obligation or entity and risk of illiquidity. In certain transactions, counterparties may lose their entire investment or incur an unlimited loss. The information relating to performance contained in this communication is illustrative and no assurance is given that any indicated returns, performance or results will be achieved.  In the event that we were to enter into a transaction with you, we will do so as principal (and not as agent or in any other capacity, including, without limitation, as your fiduciary, advisor or otherwise). Only in the event of a potential transaction will an offering document be prepared, in which case, you should refer to the prospectus or offering document relating to the above potential transaction which includes important information, including risk factors that relate to an investment in the product(s) described herein.

Prior to transacting, you should ensure that you fully understand (either on your own or through the use of independent expert advisors) the terms of the transaction and any legal, tax and accounting considerations applicable to them. You should also consult with independent advisors and consultants (including, without limitation, legal counsel) to determine whether entering into any securities transactions contemplated herein would be contrary to local laws. The information contained herein is provided to you on a strictly confidential basis and you agree that it may not be copied, reproduced or otherwise distributed by you, whether in whole or in part (other than to your professional advisers), without our prior written consent. BNP Paribas, its respective directors, partners, officers, employees or representatives may from time to time act as manager, co-manager or underwriter of a public offering or otherwise, in the capacity of principal or agent, deal in, hold or act as market makers or advisors, brokers or commercial and/or investment bankers in relation to the securities or related derivatives that are discussed herein. BNP Paribas and its affiliates may (or may in the future) hold a position or act as a market maker in the financial instruments discussed, or act as an advisor, manager, underwriter or lender to such issuer. In no circumstances shall BNP Paribas or its affiliates be obliged to disclose any information that it has received on a confidential basis or to disclose the existence thereof.

The information presented herein does not comprise a prospectus of securities for the purposes of EU Directive 2003/71/EC (as amended from time to time).

This communication was produced by a BNP Paribas group company. This communication is for the use of intended recipients and may not be reproduced (in whole or in part) or delivered or transmitted to any other person without the prior written consent of BNP Paribas. By accepting this communication you agree to this.

United States Disclosures:

Important Option Disclosures: Options are complex instruments that are not suitable for every investor, may involve a high degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. Supporting documentation for any claims, comparisons, recommendations, statistics or other technical data will be supplied upon request. Any trade information is preliminary and not intended as an official transaction confirmation. If the information contained herein regards options related content, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the Option Clearing Corporation’s Characteristics and Risks of Standardized Options, please contact your BNPP sales representative or visit the OCC’s website at http://www.theocc.com/about/publications/character-risks.jsp

Important ETF Disclosures: For any ETFs discussed in this document, you should consider the investment objectives, risks, and charges and expenses of the investment company carefully before investing. The prospectus, and if available, the summary prospectus, contains this and other important information about the ETF. You may obtain a prospectus and, if available, a summary prospectus by calling +1 212 841-3099. The prospectus if available, and summary prospectus should be read carefully before investing. As with any investment, ETFs have risks. These include the general risks associated with investing in the underlying assets, potential tracking error, and the possibility that particular indices may lag other market segments or active managers. In addition, ETFs investing in international markets may include currency and geopolitical risks, while fixed income ETF risks also include credit and interest rate risk. BNPP and its affiliates may hold a position or act as a market maker in the financial instruments discussed, or act as an advisor, manager, underwriter, or lender to such issuer. As a result, BNPP may have potential conflicts of interest relating to the ETFs that are discussed in this material. In particular, BNPP may act as an Authorized Participant in the purchase or sale of shares from an ETF and participate in the creation and redemption of the securities covered in this material. In connection with these activities, BNPP may receive a fee, may be deemed to be an underwriter of the ETF shares, and may receive information about pending creations or redemptions of large blocks of ETF shares. Under no circumstances shall BNPP or its affiliates be obliged to disclose any information that it has received on a confidential basis or to disclose the existence of such information. BNPP also may act as a market maker or block positioner in the ETF shares discussed in this material, or financial instruments that are held by the ETF and/or are part of the index whose performance the ETF seeks to track. As a result, BNPP may be buying or selling ETF shares (or the instruments underlying the ETF shares) for other customers or for its own account while you are selling or buying ETF shares. BNPP may have multiple advisory, transactional, financial and other interests in the companies whose securities or other instruments may be purchased or sold by an ETF discussed in this material. BNPP may from time to time engage in business with these companies, including extending loans to, making equity investments in or providing advisory services to the companies, including merger and acquisition advisory services. In the course of those activities, certain BNPP personnel may acquire non-public information about the companies. Such information could potentially affect the prices at which the ETF shares trade. BNPP will maintain the confidentiality of such information and not disclose it to the ETF, ETF holders, or other unauthorized personnel.

Important Disclosures for Convertibles Securities or other Securities not registered under US Securities Laws: Certain securities discussed herein may not be registered under the Securities Act of 1933, as amended, and therefore are considered “restricted securities” pursuant to Rule 144(a)(3). Only Qualified Institutional Buyers (“QIBs”) as defined under Rule 144A or non-US persons (as defined in Regulation S under the Securities Act) may be eligible to purchase such instruments. This report may be distributed (i) by BNPP Securities Corp. (“BNPPSC”) to U.S. persons who qualify as “institutional investors” under FINRA Rule 2210(a)(4), or (ii) by a subsidiary or affiliate of BNPP that is not registered as a U.S. broker-dealer only to U.S. persons who are considered “major U.S. institutional investors” (as such term is defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended). BNPPSC accepts responsibility for the content of a report prepared by another non-U.S. affiliate only when distributed to U.S. persons by BNPPSC. U.S. persons who wish to effect transactions in securities based on the information provided herein must do so through BNPPSC unless otherwise authorized by law to transact through a non-U.S. affiliate of BNPP. BNPPSC, a subsidiary of BNPP, is a broker dealer and futures commission merchant registered with the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), and National Futures Association (NFA) and is a member of the New York Stock Exchange (NYSE), other principal exchanges, and the Securities Investor Protection Corporation (SIPC). Some of the securities mentioned in this document have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to a U.S. person absent registration or an applicable exemption from the U.S. registration requirements.

Executive Order 13959, as amended: BNPP clients and counterparties are responsible for ensuring that they comply with applicable provisions of Executive Order 13959 (and any subsequent official guidance).

Canada: This particular section applies to recipients who are located within or otherwise represent or are connected to and doing business within Canada. In the event of a direct conflict or inconsistency between the above and this section, this section will prevail to supplement the above as it applies to Canada, and shall be interpreted to supplement and not restrict the application of the above to the fullest extent possible. BNP Paribas operates in Canada as a Schedule III Bank, and equally under International Dealer Exemption as applicable in various Canadian provinces, having a Quebec office located at 1981 MCGILL COLLEGE AVE, 4th floor, MONTREAL, Quebec, H3A 2W8, and an Ontario office located at 155 Wellington Street West, Suite 3110, Toronto, Ontario, M5V 3H1, Canada (“BNP Paribas”). For recipients located in Québec, upon receipt of this document, each recipient hereby confirms that it has expressly requested that it be drawn up in the English language only. Pour les résidents du Québec, par la réception de ce document, chaque destinataire confirme par les présentes qu’il a expressément exigé que celui-ci soit rédigé en anglais seulement. THIS DOCUMENT IS CONFIDENTIAL AND IS BEING SUBMITTED TO SELECTED RECIPIENTS ONLY WHO QUALIFY, AS REQUIRED UNDER APPLICABLE LAW IN CANADA, AS CANADIAN “PERMITTED CLIENTS” [as defined in Section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, “NI 31-103”)], as a “QUALIFIED PARTY” (as defined in the Alberta Securities Commission BLANKET ORDER 91-507, or its successive blanket order or its equivalent as applicable to another Canadian province in which the recipient is resident), as an “ACCREDITED INVESTORS” [as defined in Section 1.1 of National Instrument 45-106 Prospectus and Registration Exemptions, or, if resident in Ontario, Section 73.3(1) of the Securities Act (Ontario)] or as an “ACCREDITED COUNTERPARTY” (if resident in Quebec as defined in Section 3 of the Quebec Derivatives Act, chapter I-14.01 or its equivalent as applicable to another Canadian province in which the recipient is resident) (all the above National instruments, Blanket Order and Acts specified in this paragraph collectively, the “Specific Canadian Texts”). The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell Securities (as defined in the Specific Canadian Texts) described herein, or solicitation of an offer to buy Securities described herein, in Canada or any province or territory thereof. Any offer or sale of any Securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators, or, alternatively, pursuant to an exemption from dealer registration requirements in the relevant province or territory of Canada in which such offer or sale is made, as per the provisions of the above Specific Canadian Texts. The information contained herein is under no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references Securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through an investment dealer (as defined in Section 1.1 of NI 31-103) registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein or the merits of the Securities described herein, and any representation to the contrary is an offence.

Canada: BNP Paribas (Canada) Securities Inc./ Bnp Paribas (Canada) Valeurs Mobilières Inc. Is a corporation governed by the Canada Business Corporations Act, and owned by BNP Paribas. It is headquartered at 1981 MCGILL COLLEGE AVE, 4th floor, MONTREAL, Quebec, H3A 2W8, and is registered in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, PEI and Saskatchewan as an Investment Dealer, and in Quebec as both an Investment Dealer and Derivatives Dealer. It is equally registered as an IIROC Dealer Member. Any offer or sale of any Securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators, or, alternatively, pursuant to an exemption from dealer registration requirements in the relevant province or territory of Canada in which such offer or sale is made, as per the provisions of the above Specific Canadian Texts. The information contained herein is under no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references Securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through an investment dealer (as defined in Section 1.1 of NI 31-103) registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein or the merits of the Securities described herein, and any representation to the contrary is an offence. Financial instruments of the type described herein may involve a high degree of risk and their value may be highly volatile. Such risks may include, without limitation: (i) variations in interest rates, exchange rates, correlation, prices or levels of securities, commodities, funds and/or indices, indicators of creditworthiness or perceived creditworthiness of one or more underlying entities; (ii) default or insolvency of one or more underlying entities; (iii) adverse or unanticipated market events or developments, political developments or adverse corporate events involving an underlying security or entity; (iv) risk of illiquidity; (v) sovereign risk; and (vi) legal risk. In addition, where the Transaction involves leverage, it must be recognized that whilst leverage presents opportunities to increase profit, it also has the effect of potentially increasing losses and doing so in a relatively short period of time. Such losses may significantly diminish the performance of the Transaction or result in loss for you. You may be required to post margin or collateral at levels consistent with the internal policies of BNP Paribas. The risk of loss in trading derivatives can be substantial and, accordingly, derivatives are not suitable for every person.

UK: In the UK, this document is being communicated by BNPP London Branch. 10 Harewood Avenue, London NW1 6AA; tel: +44 20 7595 2000; fax: +44 20 7595 2555- www.bnpparibas.com. Incorporated in France with Limited Liability. Registered Office: 16 boulevard des Italiens, 75009 Paris, France. 662 042 449 RCS Paris. BNP Paribas is authorised and regulated by the European Central Bank and the Autorité de contrôle prudentiel et de resolution. Deemed Authorised by the Prudential Regulation Authority and with deemed variation of permission. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website. BNP Paribas London Branch is registered in the UK under number FC13447. UK establishment number: BR000170. UK establishment office address: 10 Harewood Avenue, London NW1 6AA.

France: This report is produced and/or is distributed in France by BNPP SA and/or BNPP Arbitrage. BNPP SA is incorporated in France with Limited Liability (Registered Office: 16 boulevard des Italiens, 75009 Paris, France, 662 042 449 RCS Paris, www.bnpparibas.com) is authorized and supervised by European Central Bank (ECB) and by Autorité de Contrôle Prudentiel et de Résolution (ACPR) in respect of supervisions for which the competence remains at national level, in terms of Council Regulation n° 1024/2013 of 15 October 2013 conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions. BNPP Arbitrage is an unlimited liability company, whose registered office is 160/162 boulevard Mac Donald 75019 Paris, registered with the Paris Trade and Companies Registry under number 394 895 833. It is authorised and supervised by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers in France.

Germany: This report is being distributed in Germany by BNPP S.A. Niederlassung Deutschland, a branch of BNPP S.A. whose head office is in Paris, France. 662 042 449 RCS Paris, www.bnpparibas.com). BNPP Niederlassung Deutschland is authorized and lead supervised by the European Central Bank (ECB) and by Autorité de Contrôle Prudentiel et de Résolution (ACPR) and is subject to limited supervision and regulation by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in respect of supervisions for which the competence remains at national level, in terms of Council Regulation n° 2013/1024 of 15 October 2013 conferring specific tasks on the ECB concerning policies relating to the prudential supervision of credit institutions as well as Council Directive n° 2013/36/EU of 26 June, 2013 and Section 53b German Banking Act (Kreditwesengesetz – KWG) providing for the principles of shared supervision between the national competent authorities in case of branches and applicable national rules and regulations. BNPP Niederlassung Deutschland is registered with locations at Europa Allee 12, 60327 Frankfurt (commercial register HRB Frankfurt am Main 40950) and Bahnhofstrasse 55, 90429 Nuremberg (commercial register Nuremberg HRB Nürnberg 31129).

Belgium: BNPP Fortis SA/NV is authorized and supervised by European Central Bank (ECB) and by the National Bank of Belgium, boulevard de Berlaimont 14, 1000 Brussels, and is also under the supervision on investor and consumer protection of the Financial Services and Markets Authority (FSMA), rue du congrès 12-14, 1000 Brussels and is authorized as insurance agent under FSMA number 25789 A.

Ireland: This report is being distributed in Ireland by BNPP S.A., Dublin Branch. BNPP is incorporated in France as a Société Anonyme and regulated in France by the European Central Bank and by the Autorité de Contrôle Prudentiel et de Résolution.

Italy: This report is being distributed by BNPP Italian Branch (Succursale Italia) which is authorised and lead supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution and regulated by the Autorité des Marchés Financiers, and this authorisation has been notified to the Bank of Italy. BNPP Succursale Italia is the Italian branch of a company incorporated under the laws of France having its registered office at 16, Boulevard des Italiens, 75009, Paris, whose offices are located in Piazza Lina Bo Bardi 3, Milan, tax code and registration number at the Companies Registry of Milan No. 04449690157, is enrolled in the register of the banks held by Bank of Italy under No. 5482, duly authorised to provide in Italy banking and investment services according the principle of the mutual recognition. The branch is subject to limited regulation by the Bank of Italy and the CONSOB respectively.

Netherlands: This report is being distributed in the Netherlands by BNPP Fortis SA/NV, Netherlands Branch, a branch of BNPP SA/NV whose head office is in Brussels, Belgium. BNPP Fortis SA/NV, Netherlands Branch, Herengracht 595, 1017 CE Amsterdam, is authorised and supervised by the European Central Bank (ECB) and the National Bank of Belgium and is also supervised by the Belgian Financial Services and Markets Authority (FSMA) and it is subject to limited regulation by the Netherlands Authority for the Financial Markets (AFM) and the Dutch Central Bank (De Nederlandsche Bank).

Portugal: BNPP – Sucursal em Portugal Avenida 5 de Outubro, 206, 1050-065 Lisboa, Portugal. www.bnpparibas.com. Incorporated in France with Limited Liability. Registered Office: 16 boulevard des Italiens, 75009 Paris, France. 662 042 449 RCS Paris. BNPP – Sucursal em Portugal is lead supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). BNPP – Sucursal em Portugal is authorized by the ECB, the ACPR and Resolution and it is authorized and subject to limited regulation by Banco de Portugal and Comissão do Mercado de Valores Mobiliários. BNPP – Sucursal em Portugal is registered in C.R.C. of Lisbon under no. NIPC 980000416. VAT Number PT 980 000 416.”

Spain: This report is being distributed in Spain by BNP Paribas S.A. Branch in Spain, a branch of BNP Paribas S.A. whose head office is in Paris, France, (Registered Office: 16 Boulevard des Italiens, 75009, París, France). BNP Paribas S.A. Branch in Spain, C/ Emilio Vargas 4, 28043 Madrid is authorized and supervised by the European Central Bank (EC), and Authorité de Contrôle Prudentiel et de Résolution (ACPR) and local to the Bank of Spain and the Spanish Stock Exchange Commission (CNMV).

Switzerland: This report is intended solely for customers who are “Qualified Investors” as defined in article 10 paragraphs 3 and 4 of the Federal Act on Collective Investment Schemes of 23 June 2006 (CISA) and the relevant provisions of the Federal Ordinance on Collective Investment Schemes of 22 November 2006 (CISO). “Qualified Investors” includes, among others, regulated financial intermediaries such as banks, securities traders, fund management companies and asset managers of collective investment schemes, regulated insurance institutions as well as pension funds and companies with professional treasury operations. This document may not be suitable for customers who are not Qualified Investors and should only be used and passed on to Qualified Investors. For specification purposes, a “Swiss Corporate Customer” is a Client which is a corporate entity, incorporated and existing under the laws of Switzerland and which qualifies as “Qualified Investor” as defined above.” BNPP (Suisse) SA is authorised as bank and as securities dealer by the Swiss Financial Market Supervisory Authority FINMA. BNPP (Suisse) SA is registered at the Geneva commercial register under No. CHE-102.922.193. BNPP (Suisse) SA is incorporated in Switzerland with limited liability. Registered Office: 2, place de Hollande, 1204 Geneva, Switzerland.

Brazil: Banco BNP Paribas Brasil SA (“BNPP Brazil”) is a Brazilian financial institution authorized to operate by the Central Bank of Brazil and the Brazilian Securities Commission. This marketing non-binding material so presented is for informational purposes only – the recipient should seek its own legal, accounting and tax advisors to evaluate any potential transaction. This material (a) does not correspond to research, recommendation or any form of advice by BNPP Brazil (legal, tax, accounting or otherwise); (b) does not represent nor implies predictability or assurance of future results, or that an investor is not affected by risks; (c) is not an offer, request or proposal to enter or carry out any transaction in any jurisdiction. Notwithstanding the reasonable caution in obtaining the information so presented, BNPP Brazil shall not be liable for incorrect or outdated information contained in the material so presented – there is no commitment of BNPP Brazil to review or update any information contained in the material so presented. BNPP Brazil shall not be liable for any losses or damages resulting from the material so presented and the use thereof by any person in any jurisdiction. BNPP Brazil is located at Av. Pres. Juscelino Kubitscheck, 1909, City of São Paulo (SP), 04543-906; Tel: +55 11 3841 3100 (www.bnpparibas.com.br). Ombudsman’s office of BNPP Brazil contacts: 0800 – 771 – 5999, ouvidoria@br.bnpparibas.com

Colombia: This is a promotion of products or services of BNP Paribas S.A. or it´s Branches, a foreign financial entity represented in Colombia. The content herein is not a professional recommendation to make investments in the terms of article 2.40.1.1.2 of Decree 2555 of 2010 or any succeeding regulation /  Promoción de los negocios y servicios de BNP Paribas S.A. o sus sucursales, entidad financiera del exterior representada en Colombia. El contenido de la presente comunicación o mensaje no constituye una recomendación profesional para realizar inversiones en los términos del artículo 2.40.1.1.2 del Decreto 2555 de 2010 o las normas que lo modifiquen, sustituyan o complementen.

Argentina: This material was prepared by BNP Paribas S.A. or one of its affiliates (together referred to as “BNP Paribas”) for information purposes only and do not represent an offer or request for investment or divestment of assets by BNP Paribas Buenos Aires Branch, which is duly registered in Argentina and authorized by the Central Bank of Argentina and by the Argentine Securities Commission to act as a financial institution and to trade securities, respectively. Notwithstanding the care used to obtain and manage the information herein presented, BNP Paribas shall not be responsible for the accidental publication of incorrect information, nor for investment decisions taken based on the information contained herein, which can be modified without prior notice. BNP PARIBAS Buenos Aires Branch does not provide Legal, Tax or Accounting advice. The information contained herein is for informational purposes and clients must seek its own Legal, Accounting and Tax advisors to evaluate actual impacts of any potential structure or investment.

Turkey: This report is being distributed in Turkey by TEB Investment (TEB YATIRIM MENKUL DEĞERLER A.Ş., TEB Kampüs D Blok Saray Mahallesi, Küçüksu Cadddesi Sokullu Sokak, No:7 34768 Ümraniye, İstanbul, Turkey, trade register number: 358354, www.tebyatirim.com.tr) and TEB (TÜRK EKONOMİ BANKASI A.Ş., TEB Kampüs C ve D Blok, Saray Mahallesi Küçüksu Caddesi Sokullu Sokak No:7 34768 Ümraniye, İstanbul, Turkey, Trade register number 189356, www.teb.com.tr). Notice Published in accordance with “Communique on Principles Regarding Investment Services, Activities and Ancillary Services” No: III-37.1 issued by the Capital Markets Board of Turkey. The investment related information, commentary and recommendations contained herein do not constitute investment advisory services. Investment advisory services are provided in accordance with investment advisory agreements executed between investors and brokerage companies or portfolio management companies or non-deposit accepting banks. The commentary and recommendations contained herein are based on the personal views of the persons who have made such commentary and recommendations. These views may not conform to your financial standing or to your risk and return preferences. Therefore, investment decisions based solely on the information provided herein may fail to produce results in accordance with your expectations.

Israel: BNPP does not hold a licence under the Investment Advice and Marketing Law of Israel, to offer investment advice of any type, including, but not limited to, investment advice relating to any financial products.

Bahrain: This document is being distributed in Bahrain by BNPP Wholesale Bank Bahrain, a branch of BNPP S.A. whose head office is in Paris, France (Registered Office: 16 boulevard des Italiens, 75009 Paris, France). BNPP Wholesale Bank Bahrain is licensed and regulated as a Registered Institution by the Central Bank of Bahrain – CBB. This document does not, nor is it intended to, constitute an offer to issue, sell or acquire, or solicit an offer to sell or acquire any securities or to enter into any transaction.

South Africa: BNPP is a bank incorporated in France with a local branch registered with the South African Reserve Bank and registered as an external company in terms of the South African Companies Act, 2008 . BNPP is an authorised Financial Services Provider (FSP 44610) and subject to regulation by the Financial Services Board and South African Reserve Bank. It is also a licensed member of the Johannesburg Stock Exchange. BNPP does not expressly or by implication represent, recommend or propose that the information and/or financial products referred to in this report are appropriate to the particular investment objectives, financial situation or particular needs of the recipient. This document further does not constitute advice (whether financial, legal, tax or otherwise) as contemplated in the Financial Advisory and Intermediary Services Act, 2002.

Australia: This material, and any information in related marketing presentations (the Material), is being distributed in Australia by BNP Paribas ABN 23 000 000 117, a branch of BNPP 662 042 449 R.C.S., a licensed bank whose head office is in Paris, France. BNP Paribas is licensed in Australia as a Foreign Approved Deposit-taking Institution by the Australian Prudential Regulation Authority (APRA) and delivers financial services to Wholesale clients under its Australian Financial Services Licence (AFSL) No. 238043 which is regulated by the Australian Securities & Investments Commission (ASIC).The Material is directed to Wholesale clients only and is not intended for Retail clients (as both terms are defined by the Corporations Act 2001, sections 761G and 761GA). The Material is subject to change without notice and BNP Paribas is under no obligation to update the information or correct any inaccuracy that may appear at a later date.

China: This document/communication is being distributed in the People’s Republic of China (“PRC”, which for these purposes excludes the Hong Kong or Macau Special Administrative Regions or Taiwan) by BNP Paribas (China) Limited (“BNPP China”), a subsidiary of BNP Paribas. BNPP China is a commercial bank regulated by the China Banking and Insurance Regulatory Commission. Where the document/communication is also provided in both English and Chinese, unless otherwise required by relevant laws, the English version shall prevail in the event of discrepancies between the two versions. 中国：本文件/通信为法国巴黎银行的子公司法国巴黎银行（中国）有限公司（“法巴中国”）在中华人民共和国（简称“中国”，为印发本文件 之目的，不包括香港特别行政区、澳门特别行政区及台湾）境内印发。法巴中国是受中国银行保险监督管理委员会监管的商业银行。在本文件/通 信的中英版本同时提供的情况下，如中英版本存在不一致，除按相关法律要求外，一切以英文版本为准。

Hong Kong – Branch: This communication is prepared and/or distributed by BNP Paribas, acting through its Hong Kong branch. BNP Paribas is a public limited company (société anonyme) incorporated in France. The liability of its members is limited. BNP Paribas, acting through its Hong Kong branch, is registered as a Licensed Bank under the Banking Ordinance and regulated by the Hong Kong Monetary Authority. It is also a Registered Institution regulated by the Securities and Futures Commission for the conduct of Regulated Activity Types 1, 4, 6 and 9 under the Securities and Futures Ordinance. Furthermore, where the content relates to regulated products/activities, this communication is directed at “professional investors” as defined in the Securities and Futures Ordinance.

Hong Kong – Securities: This communication is prepared and/or distributed by BNP Paribas Securities (Asia) Limited. BNP Paribas Securities (Asia) Limited is a Licensed Corporation regulated by the Securities and Futures Commission for the conduct of Regulated Activity Types 1, 2, 4, and 6 under the Securities and Futures Ordinance. This communication is intended only for the Professional Investors in Hong Kong. Some products or transactions described in this communication may not be authorised in Hong Kong and may not be available to Hong Kong investors.

India – Branch: BNP Paribas India branch is licensed by Reserve Bank of India to carry on banking business in India and is regulated by the Banking Regulation Act 1949, Securities & Exchange Board of India Act 1992, and other related regulations issued by Government of India and regulatory bodies such as Reserve Bank of India, Securities and Exchange Board of India the laws in India etc. from time to time. For the purpose of distribution in India this document/communication is directed at counterparties who have fair knowledge of risk associated with foreign exchange market, Institutional Investors & Counterparties, Expert Investors and for those clients and investors whose risk management policies are in place and is qualified in its entirety to the products and services as permitted under the extant regulations.

India – Securities: In India, this communication is being distributed by BNP Paribas Securities India Pvt. Ltd. (“BNPPSIPL”), having its registered office at 8th floor, BNP Paribas House, 1 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, INDIA (Tel. no. +91 22 4672 5000 / 6196 4000, Fax no. +91 22 6196 4363). BNPPSIPL is registered with the Securities and Exchange Board of India (“SEBI”) as a research analyst; and as a stockbroker in the Equities and the Futures & Options segments of National Stock Exchange of India Ltd. (“NSE”) and BSE Ltd. and in the Currency Derivatives segment of NSE (SEBI Regn. Nos.: INZ000161834, INH000000792; CIN: U74920MH2008FTC182807; Website: www.bnpparibas.co.in).

Indonesia: PT Bank BNP Paribas Indonesia is regulated and supervised by Otoritas Jasa Keuangan as a commercial bank. The products or transactions described in this document/communication may not be authorised in Indonesia and may not be available to the Indonesian investors of PT Bank BNP Paribas Indonesia. The information in this document/communication is not intended for distribution to, or use by, or does not constitute any offer to, any person or entity in any jurisdiction where (a) the distribution or use or offer of such information would be contrary to law or regulations, or (b) PT Bank BNP Paribas Indonesia would become subject to the applicable legal or regulatory requirements.

Japan – Branch: Where this document refers to Banking business, including FX and related activities, this document is being distributed to Japanese based firms by BNP Paribas, Tokyo Branch, or by a subsidiary or affiliate of BNP Paribas not registered as a financial instruments firm in Japan, only to Japan-based Institutional Investors and Professional Investors as defined by the Financial Instruments and Exchange Act of Japan. BNP Paribas Tokyo Branch is a Registered Financial Institution, Kanto Finance Bureau-Kinsho-#98, and a member of the Japanese Bankers Association (JBA), the Japan Securities Dealers Association and the Financial Futures Association of Japan. BNP Paribas Tokyo Branch accepts responsibility for the content of a report prepared by another non-Japan affiliate only when distributed to Japan-based firms by BNPP Tokyo Branch. Please contact your sales representative for details. To ensure fairness and transparency in the markets, the Financial Instruments and Exchange Law has introduced a registration system for credit rating agencies. In accordance with this regulation, financial instruments firms are required to inform customers of the fact that the rating is not registered and the rationale for the registration system, etc. whenever marketing any financial products which are rated by non-registered credit rating agencies. Please refer to Explanatory Note on Non-Registered Credit Rating for BNP Paribas Tokyo Branch (https://www.bnpparibas.jp/en/legal-information/non-registered-credit-rating-ginko/) for details. (Disclosure pursuant to Article 37 of Financial Instruments and Exchange Act) Fees, Remunerations and Expenses: The amount of fees, remunerations and expenses is determined based on the type, size, nature etc. of each individual financial instruments transaction. Margin Deposit and other Cash Collateral: In general, margin deposits and other cash collaterals are required for margin trading and future transactions, and additional deposits and other cash collaterals may be required for such transactions afterwards. In those transactions, the transaction amount may exceed the amount of deposit or collateral (a proportion of the transaction amount to the amount of deposit or collateral cannot be calculated since the terms and conditions have not been finalized at this point).The amount of deposit or collateral is determined based on the type, size, nature etc. of each individual financial instruments transaction. In addition, there may be a difference between prices equivalent to a bidding price and an asking price as provided by Financial Instrument and Exchange Act on a certain kind of transactions. Explanation on Important Risk Matters: The following risks may be involved in Financial Instruments which we provide (including listed derivatives and OTC derivatives); 1. Price Fluctuation Risk (“Risk of principal losses” or “risk of incurring losses exceeding initial principal” in Financial Instruments which are directly caused by fluctuation in interest rates, currency values and other indices) 2. Credit Risk (“Risk of principal losses” or “risk of incurring losses exceeding initial principal” in Financial Instruments which is directly caused by changes in business or asset status of the person who provides Financial Instruments or other person(s)) 3. Limit on the period for exercising rights or cancelling contracts (Limit on the period for exercising rights in Financial Instruments or limit on the period for cancelling contracts related to Financial Instruments.) “Risk of principal losses” means the risk that the total amount of money, etc. which you paid initially for a purchase or other transaction on Financial Instruments may exceed that which you will receive when you sell the Financial Instruments or otherwise close out the transaction. “Risk of incurring losses exceeding initial principal” means the risk that the amount of incurring losses caused by price fluctuation risk and credit risk may exceed the cash collateral including a margin deposit to be paid.

Japan – Securities: This document is being distributed to Japanese based firms by BNP Paribas Securities (Japan) Limited or by a subsidiary or affiliate of BNPP not registered as a financial instruments firm in Japan, to certain financial institutions defined by article 17-3, item 1 of the Financial Instruments and Exchange Act Enforcement Order. BNP Paribas Securities (Japan) Limited is a financial instruments firm registered according to the Financial Instruments and Exchange Act of Japan (registration No. 2521) and a member of the Japan Securities Dealers Association, TypeⅡ Financial Instruments Firms Association and the Financial Futures Association of Japan. BNP Paribas Securities (Japan) Limited accepts responsibility for the content of a report prepared by another non-Japan affiliate only when distributed to Japan based firms by BNP Paribas Securities (Japan) Limited. Some foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Act of Japan. Please contact your sales representative for details. To ensure fairness and transparency in the markets, the Financial Instruments and Exchange Law has introduced a registration system for credit rating agencies. In accordance with this regulation, financial instruments firms are required to inform customers of the fact that the rating is not registered and the rationale for the registration system, etc. whenever marketing any financial products which are rated by non-registered credit rating agencies. Please refer to Explanatory Note on Non-Registered Credit Rating for BNP Paribas Securities (Japan) Limited (https://www.bnpparibas.jp/en/legal-information/non-registered-credit-rating-shoken/) for details. (Disclosure pursuant to Article 37 of Financial Instruments and Exchange Act) Fees, Remunerations and Expenses: The amount of fees, remunerations and expenses is determined based on the type, size, nature etc. of each individual financial instruments transaction. Margin Deposit and other Cash Collateral: In general, margin deposits and other cash collaterals are required for margin trading and future transactions, and additional deposits and other cash collaterals may be required for such transactions afterwards. In those transactions, the transactionamount may exceed the amount of deposit or collateral (a proportion of the transaction amount to the amount of deposit or collateral cannot be calculated since the terms and conditions have not been finalized at this point).The amount of deposit or collateral is determined based on the type, size, nature etc. of each individual financial instruments transaction. In addition, there may be a difference between prices equivalent to a bidding price and an asking price as provided by Financial Instrument and Exchange Act on a certain kind of transactions. Explanation on Important Risk Matters: The following risks may be involved in Financial Instruments which we provide (including listed derivatives and OTC derivatives); 1. Price Fluctuation Risk (“Risk of principal losses” or “risk of incurring losses exceeding initial principal” in Financial Instruments which are directly caused by fluctuation in interest rates, currency values and other indices) 2. Credit Risk (“Risk of principal losses” or “risk of incurring losses exceeding initial principal” in Financial Instruments which is directly caused by changes in business or asset status of the person who provides Financial Instruments or other person(s)) 3. Limit on the period for exercising rights or cancelling contracts (Limit on the period for exercising rights in Financial Instruments or limit on the period for cancelling contracts related to Financial Instruments.) “Risk of principal losses” means the risk that the total amount of money, etc. which you paid initially for a purchase or other transaction on Financial Instruments may exceed that which you will receive when you sell the Financial Instruments or otherwise close out the transaction. “Risk of incurring losses exceeding initial principal” means the risk that the amount of incurring losses caused by price fluctuation risk and credit risk may exceed the cash collateral including a margin deposit to be paid.

Malaysia: This communication is distributed in Malaysia by BNP Paribas Malaysia Berhad (Company No. 918091-T) which is incorporated in Malaysia under the Companies Act of Malaysia, 2016 (first enacted1965) and a subsidiary of BNP Paribas. It is a licensed institution under the Financial Services Act 2013 and is regulated by Bank Negara Malaysia. This communication is directed only to accredited investors and high networth entities as defined under Schedules 6 and 7 of the Capital Markets Services Act 2007. BNP Paribas Capital (Malaysia) Sdn Bhd (Company No. 247454-M) is incorporated in Malaysia under the Companies Act of Malaysia, 1965. It is a licensed institution under the Capital Markets and Services Act 2007 and is regulated by Securities Commission Malaysia. Malaysia Labuan Branch: BNPP, a company registered under the laws of France (with company number 662 042 449 RCS PARIS / its registered office at (Paris) etc) (“BNPP” or “the Bank”), acting through its Labuan branch (licensed Labuan bank (license no. 930012C)) at Level 9 (D), Main Office Tower, Financial Park Labuan, Jalan Merdeka, 87000 F.T. Labuan, Malaysia.

New Zealand: BNP Paribas SA is not a registered bank in New Zealand and does not have a place of business in New Zealand. This material, and any information in related marketing presentations (the Material) is directed only to wholesale investors/clients (as defined in the Financial Markets Conduct Act 2013) and is not intended for retail investors/clients. The Material is believed to be reliable but neither BNP Paribas SA nor any of its related entities warrant its completeness or accuracy nor accept any responsibility to the extent that such information is relied on by any party. The Material is subject to change without notice and BNP Paribas SA is under no obligation to update the information or correct any inaccuracy that may appear at a later date. This Material is produced for general information only and does not constitute financial product advice, nor an offer to issue or recommendation to acquire any financial product. You should seek your own professional advice in relation to any financial product referred to.

Singapore – Branch: This communication is distributed in Singapore by BNP Paribas, Singapore Branch, a licensed bank regulated by the Monetary Authority of Singapore. This communication is directed at Institutional Investors and Accredited Investors within the meaning of the Securities and Futures Act, Chapter 289 of Singapore. Some products or transactions described in this communication may not be authorised in Singapore and may not be available to Singapore investors. This communication may constitute a product advertisement within the meaning of the Financial Advisers Regulations or the Securities and Futures (Licensing and Conduct of Business) Regulations of Singapore, in which case this advertisement has not been reviewed by the Monetary Authority of Singapore. Where this communication is a research report: In relation to the distribution to such categories of investors, BNP Paribas, acting through its Singapore Branch, and its representatives are exempted under Regulation 35 of the Financial Advisers Regulations of Singapore from the requirements in Section 36 of the Financial Advisers Act of Singapore, regarding the disclosure of certain interests in, or certain interests in the acquisition or disposal of, securities, securities-based derivatives contracts or units in a collective investment scheme, referred to in this report. For Institutional and Accredited Investors in Singapore, please contact BNP Paribas, acting through its Singapore Branch (company registration number: S71FC2142G; address: 10 Collyer Quay, 34/F Ocean, Singapore 049315; tel: (65) 6210 1288; fax: (65) 6210 1980) for all matters and queries relating to this report.

South Korea – Branch: This document/communication is being distributed by BNP Paribas Seoul Branch which is regulated by the Financial Services Commission and Financial Supervisory Service for the conduct of its financial investment business in the Republic of Korea. This document/communication is being provided in accordance with the procedures required under applicable laws and regulations as well as internal control standards of BNP Paribas Seoul Branch.

South Korea – Securities: BNP Paribas Securities Korea is registered as a Licensed Financial Investment Business Entity under the Financial Investment Business and Capital Markets Act and regulated by the Financial Supervisory Service and Financial Services Commission. This document/communication is distributed by BNP Paribas Securities Korea Co., Ltd. in the Republic of Korea to Professional Investors only and is not intended for investors in Korea who are not Professional Investor within the meaning of the Article 9 (5) (professional investor) of the Financial Investment Business and Capital Markets Act and should not be passed on to any such persons. Some products or transactions described in this document/communication may not be authorised in Korea and may not be available to Korean investors. Information in this document/communication is for general circulation to the intended recipients only and is not a recommendation or investment advice to recipients hereof since it does not take into account the specific investment objectives, financial situation and the particular needs of any particular recipient (“Specific Requirements”). A recipient of this document/communication should seek advice from its/his own financial adviser regarding the suitability of the products or transactions (taking into account the recipient’s Specific Requirements) as well as the risks involved in such products or transactions before a commitment to purchase or enter into any product or transaction is made. This document/communication is being provided in accordance with the procedures required under applicable laws and regulations as well as internal control standards of BNP Paribas Securities Korea.

Taiwan – Branch: This communication is being distributed in Taiwan by BNP Paribas Taipei Branch, Taichung Branch, Kaohsiung Branch and/or Offshore Banking Unit, branches of BNP Paribas and are regulated by the Financial Supervisory Commission, R.O.C under the Banking Act and Offshore Banking Act. This communication is directed only at Taiwanese counterparties who are licensed or who have the capacities to purchase or transact in such products. Some products or transactions described in this communication may not be authorised in Taiwan and may not be available to Taiwan investors.

Taiwan – Securities: This communication is being distributed in Taiwan by BNP Paribas Securities (Taiwan) Co. Ltd who is regulated by the Financial Supervisory Commission, R.O.C. This communication is being distributed to professional investors only. Such information is for your reference only. The reader should independently evaluate the investment risks and is solely responsible for their investment decision. Information on securities that do not trade in Taiwan is for informational purposes only and is not to be construed as a recommendation or a solicitation to trade in such securities. BNP Paribas Securities (Taiwan) Co., Ltd. may not execute transactions for clients in these securities. This publication may not be distributed to the public media or quoted or used by the public media without the express written consent of BNP Paribas.

Thailand: BNP Paribas Bangkok branch is regulated in Thailand by the Bank of Thailand and the Securities and Exchange Commission. This communication does not constitute an offer to sell to or solicitation of an offer to buy from any person any financial products where it is unlawful to make the offer or solicitation in Thailand.

Vietnam: This communication is distributed in Vietnam by BNP Paribas Ho Chi Minh City Branch, registered in Vietnam under No. 725/ GPHCMC and BNP Paribas Hanoi Branch registered under No. 05/GP-NHNN. This publication is directed at investors who have legal standing and is not intended for Private Customers in the territory of Vietnam and should not be passed on to any such persons. It is directed only at Vietnamese counterparties who have the capacity and licence authorised by SBV to purchase from or transact with offshore counterparties. Thông tin này được phân phát bởi chi nhánh ngân hàng BNP Paribas tại Thành phố Hồ Chí Minh, giấy phép số No. 725/ GP-HCMC và chi nhánh ngân hàng BNP Paribas Chi nhánh Hà nội, giấp phép số 05/GP- NHNN . Ấn bản này dành cho những đối tác có tư cách pháp nhân, không có ý định dành cho những nhà đầu tư cá nhân trên lãnh thổ Việt nam và không được đưa tới những người này . Tài liệu này chỉ dành cho đối tác Việt nam có khả năng và có giấy phép của Ngân hàng Nhà nước giao dịch với đối tác nước ngoài

Some or all of the information contained in this communication may already have been published on https://globalmarkets.bnpparibas.com

© BNPP (2023). All rights reserved.

IMPORTANT DISCLOSURES by producers and disseminators of investment recommendations for the purposes of the Market Abuse Regulation:

Although the disclosures provided herein have been prepared on the basis of information we believe to be accurate, we do not guarantee the accuracy, completeness or reasonableness of any such disclosures. The disclosures provided herein have been prepared in good faith and are based on internal calculations, which may include, without limitation, rounding and approximations.

BNP Paribas may be a market maker or liquidity provider in financial instruments of the issuer mentioned in the recommendation.

BNP Paribas may provide such services as described in Sections A and B of Annex I of MiFID II (Directive 2014/65/EU), to the Issuer to which this investment recommendation relates. However, BNP Paribas is unable to disclose specific relationships/agreements due to client confidentiality obligations.

Section A and B services include A. Investment services and activities:  (1) Reception and transmission of orders in relation to one or more financial instruments; (2) Execution of orders on behalf of clients; (3) Dealing on own account; (4) Portfolio management; (5) Investment advice; (6) Underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis; (7) Placing of financial instruments without a firm commitment basis; (8) Operation of an MTF; and (9) Operation of an OTF. B. Ancillary services: (1) Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management and excluding maintaining securities accounts at the top tier level; (2) Granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction; (3) Advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings; (4) Foreign exchange services where these are connected to the provision of investment services; (5) Investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments; (6) Services related to underwriting; and (7) Investment services and activities as well as ancillary services of the type included under Section A or B of Annex 1 related to the underlying of the derivatives included under points (5), (6), (7) and (10) of Section C (detailing the MiFID II Financial Instruments)  where these are connected to the provision of investment or ancillary services.

BNP Paribas does not, as a matter of policy, permit pre-arrangements with issuers to produce recommendations. BNP Paribas as a matter of policy does not permit issuers to review or see unpublished recommendations. BNP Paribas acknowledges the importance of conflicts of interest prevention and has established robust policies and procedures and maintains effective organisational structure to prevent and avoid conflicts of interest that could impair the objectivity of this recommendation including, but not limited to, information barriers, personal account dealing restrictions and management of inside information.

BNP Paribas understands the importance of protecting confidential information and maintains a “need to know” approach when dealing with any confidential information. Information barriers are a key arrangement we have in place in this regard. Such arrangements, along with embedded policies and procedures, provide that information held in the course of carrying on one part of its business to be withheld from and not to be used in the course of carrying on another part of its business. It is a way of managing conflicts of interest whereby the business of the bank is separated by physical and non-physical information barriers. The Control Room manages this information flow between different areas of the bank where confidential information including inside information and proprietary information is safeguarded. There is also a conflict clearance process before getting involved in a deal or transaction.

In addition, there is a mitigation measure to manage conflicts of interest for each transaction with controls put in place to restrict the information flow, involvement of personnel and handling of client relations between each transaction in such a way that the different interests are appropriately protected. Gifts and Entertainment policy is to monitor physical gifts, benefits and invitation to events that is in line with the firm policy and Anti-Bribery regulations. BNP Paribas maintains several policies with respect to conflicts of interest including our Personal Account Dealing and Outside Business Interests policies which sit alongside our general Conflicts of Interest Policy, along with several policies that the firm has in place to prevent and avoid conflicts of interest.

The remuneration of the individual producer of the investment recommendation may be linked to trading or any other fees in relation to their global business line received by BNP Paribas.

IMPORTANT DISCLOSURES by disseminators of investment recommendations for the purposes of the Market Abuse Regulation:

The BNP Paribas disseminator of the investment recommendation is identified above including information regarding the relevant competent authorities which regulate the disseminator. The name of the individual producer within BNP Paribas and the legal entity the individual producer is associated with is identified above in this communication. The date and time of the first dissemination of this investment recommendation by BNP Paribas is addressed above. Where this investment recommendation is communicated by Bloomberg chat or by email by an individual within BNP Paribas, the date and time of the dissemination by the relevant individual is contained in the communication by that individual disseminator.

The disseminator and producer of the investment recommendations are part of the same group, i.e. the BNP Paribas group. The relevant Market Abuse Regulation disclosures required to be made by producers and disseminators of investment recommendations are provided by the producer for and on behalf of the BNP Paribas Group legal entities disseminating those recommendations and the same disclosures also apply to the disseminator.

If an investment recommendation is disseminated by an individual within BNP Paribas via Bloomberg chat or email, the disseminator’s job title is available in their Bloomberg profile or bio. If an investment recommendation is disseminated by an individual within BNP Paribas via email, the individual disseminator’s job title is available in their email signature.

For further details on the basis of recommendation specific disclosures available at this link (e.g. valuations or methodologies, and the underlying assumptions, used to evaluate financial instruments or issuers, interests or conflicts that could impair objectivity recommendations or to 12 month history of recommendations history) are available at https://globalmarkets.bnpparibas.com/gmportal/private/globalTradeIdea. If you are unable to access the website please contact your BNP Paribas representative for a copy of this document.