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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 of 1934 and is not intended for retail customer use.

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.

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Use of Information and Material

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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 of the date they were published and may be subject to change without notice. All market prices, data and other information are not warranted as to timeliness, completeness or accuracy and are subject to change without notice. BNP Paribas disclaims any responsibility or liability to the fullest extent permitted by applicable law for any loss or damage arising from any reliance on or use of the data in any way.

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.

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This website and its content have been prepared by BNP Paribas for, and is directed at, (a) Professional Clients and Eligible Counterparties as defined by the European Union Markets in Financial Instruments Directive (2004/39/EC) (“MiFID”), 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 website 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 the website or its content.

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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 (“PRA”) and subject to limited regulation by the FCA and PRA. Details about the extent of our authorisation and regulation by the PRA, and regulation by the FCA are available from us on request. BNP Paribas London Branch is registered in England and Wales under no. FC13447.