Disclaimer

Conditions of Use
Access to and use of the BNP Paribas Global Markets website (the “Site”) by you is granted by BNP Paribas on the conditions set out below, which are in addition to any terms of business or other contractual agreements concluded with you from time to time. In the event of any conflict then, in relation to your use of this Site, the conditions set out below shall prevail. You may access this Site and its content in several ways, including but not limited to the Internet, a personalised link from a communication we have sent you, or through an applet or application. References to this Site are to the Site and any content thereon, irrespective of how you access it.

By accessing the Site, you are deemed to have accepted these Conditions of Use. If you do not agree to these Conditions of Use, please refrain from using the Site.

Access
1. Access to some or all parts of the Site may be restricted to persons to whom login credentials have been issued (“Restricted Content”). Your login credentials are personal to you and you must not divulge your login credentials (or information equivalent to your login credentials, such as a personalised link in a communication we have sent you) to any other person. If you are a client of BNP Paribas and wish to obtain access to Restricted Content then please direct your request to your usual BNP Paribas point of contact. If you are not a client of BNP Paribas but wish to establish a client relationship please contact us and provide your details using the “Contact” link.

2. BNP Paribas may withdraw your access to all or any part of the Site and/or any Restricted Content thereon, including by disabling your login credentials, at any time without notice or liability. If you have not been issued with valid login credentials, you must not attempt to access any Restricted Content.

3. The Site is not directed at any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Site is prohibited. Persons in respect of whom such prohibitions apply must not access the Site. Any US person accessing this site and wishing to effect a transaction over any security or financial instrument detailed must do so through a US registered broker dealer. BNP Paribas Securities Corp. is a US registered broker dealer.

4. Access to this Site is restricted to persons who are Eligible Counterparties or Professional Clients for the purposes of the rules of the Financial Services Authority (“FSA”) and who have professional experience in matters relating to investments. Those persons who do not have professional experience in matters relating to investments should not access the Site. By accessing the Site, you represent and warrant that you are an Eligible Counterparty or Professional Client.

5. Access to certain parts of the Site may be subject to additional disclaimers or specific terms (“Additional Terms”) which will be displayed on the relevant part of the Site. By accessing the relevant parts of the Site, you are deemed to have accepted such Additional Terms.

6. BNP Paribas may record user access to this service and use such records for statistical analysis and marketing purposes. Please see our privacy policy for details of how your personal data may be processed. By using the Site, you consent to such recording and use.

Intellectual Property Rights; Linking
7. The content of the Site is subject to copyright and other intellectual property rights, all of which are reserved. You may (subject to any requirements or restrictions set out in any Applicable Terms) download or print copies of any materials on the Site for your own private use only. 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. You may not create a link that frames the Site within any other site or links to Restricted Content. BNP Paribas reserves the right to withdraw these permissions at any time without notice.

8. 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 trademark.

Extent and limitation of responsibility for content
9. 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 the FSA. Information on the Site is of a general nature and cannot take into account your individual financial circumstances or investment objectives. Accordingly, nothing on the Site may be constructed as a personal recommendation or investment advice.

10. 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 or removal without notice. We may suspend access to the Site or any part thereof at any time without notice or liability.

11. The information contained on the Site is for your general information only and is not intended to provide the sole basis for any evaluation of any securities, investments or financial derivative products ("Securities") discussed therein. Independent advice should be obtained before making a decision on the suitability of any Security for your own investment strategy and objectives. In assessing the merits and suitability of any Security you should give consideration to the legal, tax, accounting, regulatory, financial and other related aspects thereof. In particular you should give consideration to the fact that derivative products can constitute high-risk investments, and should carefully review any risk warning included in, attached or linked to pages contained within the Site.

12. BNP Paribas' proprietary models which may have been used to produce information available within the Site or contained within any application or tool accessed through the Site are believed to be based on recognised financial principles and current market parameters; however BNP Paribas does not represent or warrant the accuracy of such principles or parameters or any result generated by such a tool or application.

13. 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.

14. The Site may include links to other external websites, which links are for information purposes and your convenience only. Any products and services provided on or via such websites are not endorsed by BNP Paribas and BNP Paribas bears no liability for any loss or damage arising directly or indirectly (including consequential loss) from the use of such websites. The use of such websites is entirely at your own risk and subject to any terms and conditions applicable to such access. BNP Paribas is not responsible for the content available on or the set-up of any other third party web sites and we do not investigate, monitor or verify the accuracy, truthfulness, reasonability, reliability, and completeness of any content, opinions expressed and other links provided by such websites. BNP Paribas is not a party to any contractual arrangements entered into between you and the provider of the third party website unless otherwise expressly specified or agreed to by BNP Paribas.

System Failure; Data Security
15. Due to the public nature of the Internet, communications over the Internet may be subject to failure of performance, system, server or connection failure, error, omission, interruption, breach of security, computer virus, malicious code, corruption, delay in operation or transmission, transmission error or unavailability of access when accessing the Site and/or using any online services. Under no circumstances shall BNP Paribas be liable for malfunctions in communications facilities which are not under its control even if BNP Paribas has been advised to the possibility.

16. Messages sent to BNP Paribas over the Internet cannot be guaranteed to be completely secure. BNP Paribas recommends that you do not send any confidential information to BNP Paribas by email. BNP Paribas is not responsible for any damages incurred by users if they send a message to BNP Paribas, or if BNP Paribas sends a message to them at their request, over the Internet. BNP Paribas has no responsibility or liability for any direct, indirect, special or consequential damages arising out of the use of the Site.

BNP Paribas’ Interests
17. At any time, BNP Paribas may be long or short of or may have a financial interest in transactions involving any Securities described on the Site.

18. BNP Paribas may have acted as advisor and/or underwriter to any companies discussed on the Site.

Regulation
19. BNP Paribas is authorised and supervised by the Autorité de Contrôle Prudentiel and authorised and subject to limited regulation in the UK by the Financial Services Authority.

20. To the extent that material on the Site is issued in the UK it is issued for the purposes of s.21 of the Financial Services and Markets Act 2000 by BNP Paribas.

21. BNP Paribas does not deal with persons who are retail clients for the purposes of the rules of the FSA. The materials contained on the Site may not be suitable for such customers, or private investors or those who would be retail clients were they to act on any information contained within the Site, and should not be accessed by or passed on to any such person.

22. Nothing contained on the Site is intended as, or constitutes, an offer to buy or sell or any solicitation of any offer to buy or sell any Security or to enter into any transaction.

Variation
23. We may review these Conditions of Use from time to time by updating this page. You should review these Conditions of Use from time to time, as you will be deemed to have accepted any amendments if you access the Site after they have been posted.

Acceptance
24. Your acceptance of these terms by accessing the Site 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.

BNP Paribas London Branch
BNP Paribas London Branch, 10 Harewood Avenue, London NW1 6AA is authorised by the Autorité de Contrôle Prudentiel and authorised and subject to limited regulation by the Financial Services Authority. BNP Paribas London Branch is registered in England and Wales under no. FC13447.

© BNP Paribas 2011. All rights reserved.