Disclaimer

General

Access to this and GlobalMarkets (the "Site") is available only to persons with a valid user name and password who have agreed to BNP Paribas’ conditions for use of the Site. Please click here to review the Conditions of Use to which all access to the site is subject.

If you do not accept the conditions governing the use of the Site, do not have a valid username and password or do not otherwise have the appropriate authority to access and use the Site, then you must not proceed further into the Site. Those persons who do not have professional experience in matters relating to investments are not permitted to access to the Site.

To enter the Site, please enter your user name and password and click on the button marked “Log-in” to confirm your continued acceptance of the conditions governing the use of the Site and disclaimers and your wish to enter the Site.

US Supplement

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.

By clicking Accept you will be deemed to have certified that you meet the definition of a MII as defined.

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

This document 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, nor shall it or any part of it nor the fact of its distribution 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 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.

Intellectual Property

By submitting any information or material to BNP Paribas through the Site, you hereby grant to BNP Paribas a worldwide royalty-free perpetual licence of the copyright and intellectual property rights in such information or material for any purpose it deems fit including, without limitation, the copying, transmission, distribution and publication thereof, unless restricted by applicable law.

You agree that BNP Paribas shall not be under any obligation of confidentiality to you regarding any such information or material submitted to it through the Site unless agreed otherwise in a separate direct contract between you and BNP Paribas or required by law.

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.

System Failure

Due to the public nature of the Internet or otherwise, 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 to this website and/or using the 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 had been advised as to the possibility.

Third Party Information, Products and Services

Where BNP Paribas provides hypertext links to third party web sites, such links are for information purposes and your convenience only. Any products or services provided on or via such web sites 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 web sites 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 web sites unless otherwise expressly specified or agreed to by BNP Paribas.

Email

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Data Privacy

Unless restricted by applicable law, you agree that any and all personal information/data relating to you collected by BNP Paribas from the Site from time to time may be used and disclosed for such purposes and to such persons as may be in accordance with the BNP Paribas’ current Data Protection and Privacy Policy.

A copy of BNP Paribas’ current Data Protection and Privacy Policy may be accessed by clicking here.

Regulation

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 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.

] 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 (2014). All rights reserved.

BNP Paribas London Branch

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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 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.