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 this site, then you must not proceed further into the Site. In particular, access to the Site is only available to persons who are Professional Clients or Eligible Counterparties for the purposes of the rules of the Financial Conduct Authority and who have professional experience in matters relating to investments. 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.

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.

Copyright: Trademark

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

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

Use of Information and Material

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

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

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

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

Intellectual Property

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

Email 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 this website.

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

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

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

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

© BNP Paribas (2014). All rights reserved.
BNP Paribas 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 London Branch is lead supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). BNP Paribas London Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas London Branch is registered in England and Wales under no. FC13447.

Israel: BNP Paribas 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