BNP PARIBAS ARBITRAGE ISSUANCE

AVVISO n.17890

22 Ottobre 2014

SeDeX - INV. CERTIFICATES

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: BNP PARIBAS ARBITRAGE ISSUANCE

Oggetto : Inizio negoziazione 'Investment Certificates

Testo del comunicato

- Classe B' 'BNP PARIBAS ARBITRAGE ISSUANCE'

Si veda allegato.

Disposizioni della Borsa

Strumenti finanziari: 1 Fixed Premium Athena 200% Certificate su

Azione Intesa Sanpaolo

Emittente: BNP PARIBAS ARBITRAGE ISSUANCE

Garante: BNP Paribas

Rating Garante: Società di Rating Long Term Data Report Moody's A1 01/07/2014

Standard & Poor's A+ 03/07/2014

Fitch Ratings A+ 17/07/2013

Oggetto: INIZIO NEGOZIAZIONI IN BORSA SUCCESSIVO A FASE DI DISTRIBUZIONE

Data di inizio negoziazioni: 23/10/2014

Mercato di quotazione: Borsa - Comparto SEDEX 'Investment Certificates -

Classe B'

Orari e modalità di negoziazione: Negoziazione continua e l'orario stabilito dall'art. IA.7.3.1

delle Istruzioni

Operatore incaricato ad assolvere l'impegno di quotazione:

BNP Paribas Arbitrage SNC Member ID Specialist: IT0540

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

1 Fixed Premium Athena 200% Certificate su Azione Intesa Sanpaolo

Tipo di liquidazione: monetaria

Modalità di esercizio: europeo

Modalità di negoziazione: la data di negoziazione ex-diritto al pagamento

dell'importo periodico decorre dal primo giorno di calendario TARGET aperto antecedente le rispettive record date. Qualora tale giorno risulti essere di Borsa chiusa, la data di negoziazione ex-diritto al pagamento dell'importo periodico decorre dalla relativa record date.

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 23/10/2014, gli strumenti finanziari '1 Fixed Premium Athena 200% Certificate su Azione Intesa Sanpaolo' (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives), precedentemente ammessi in fase di distribuzione, verranno inseriti nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle caratteristiche dei securitised derivatives;

- Estratto del prospetto di quotazione dei Securitised Derivatives

Num. Serie

Codice Isin

Trading Code

Instrument Id

Descrizione

Sottostante

Tipologia

Strike

Data Scadenza

Valore Nominale

Quantità

Lotto Negoziazione

EMS

Prima Barriera

Partecipazione Up %

Prima Barriera

Cap

Rebate

Livello Iniziale

NL0010728978

P28978

764897

BPAISPCCPCH2,174P200%ACB1,5218E191017

Intesa San Paolo SpA

Inv

2,174

19/10/17

100

100000

1,5218

200

150

2,174

Num. Serie

Notice to the holders

Up to 100,000 EUR “Fixed Premium 200%” Certificates relating to Intesa Sanpaolo SpA. due 26 October 2017

ISIN Code: NL0010728978

This Notice is dated 21 October 2014 and should be read in conjunction with the Final Terms dated 6 October 2014 in respect of the Securities. Any information not updated or amended herein should be regarded as unchanged.

Further to the public offer in Italy by BNP Paribas Arbitrage Issuance B.V. (the Issuer) of Up to 100,000 EUR “Fixed Premium 200%” Certificates relating to Intesa Sanpaolo SpA, referred to here above, the total number of Securities to be issued is 100,000 Securities (i.e. EUR 10,000,000) at an issue price of EUR 100 per Security. The Issue Date of the Securities is 23 October 2014.

The Holders are informed that on page 4 of the Final Terms in § 12 Final Payout, on page 7 in § 40 Knock- in Event it should be noted that:

"Underlying Reference Strike Price" means EUR 2.1740

Holders are also informed that, for the purposes of determining the occurrence of a Knock-in Event pursuant to the provisions in § 40, the Knock-in Level is 70 per cent (i.e. EUR 1.5218).

Copies of such Notice may be downloaded on the following website: xxxx://xxx.xxxxxxxxxxxxxxx.xxx

The Securities will be traded on the “Securitised Derivatives Market” (“SeDeX”).

Signed on behalf of BNP Paribas Arbitrage Issuance B.V. As Issuer:

By: ..Xxxxx XXXXXXX.. Duly authorised

FINAL TERMS DATED 6 OCTOBER 2014

BNP Paribas Arbitrage Issuance B.V.

(incorporated in The Netherlands) (as Issuer)

BNP Paribas

(incorporated in France) (as Guarantor)

(Note, Warrant and Certificate Programme)

Up to 100,000 EUR “Fixed Premium 200%” Certificates relating to Intesa Sanpaolo SpA. due 26 October 2017

ISIN Code: NL0010728978

BNP Paribas Arbitrage S.N.C.

(as Manager)

The Certificates are offered to the public in the Republic of Italy from 6 October 2014 to 20 October 2014

Any person making or intending to make an offer of the Securities may only do so:

(i) in those Non-exempt Offer Jurisdictions mentioned in Paragraph 48 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defined in the Base Prospectus) and that the offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or

(ii) otherwise in circumstances in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer.

None of the Issuer, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances.

Investors should note that if a supplement to or an updated version of the Base Prospectus referred to below is published at any time during the Offer Period (as defined below), such supplement or updated base prospectus, as the case may be, will be published and made available in accordance with the arrangements applied to the original publication of these Final Terms. Any investors who have indicated acceptances of the Offer (as defined below) prior to the date of publication of such supplement or updated version of the Base Prospectus, as the case may be, (the "Publication Date") have the right within two working days of the Publication Date to withdraw their acceptances.

PART A – CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 5 June 2014, each Supplement to the Base Prospectus published and approved on or before the date of these Final Terms (copies of which are available as described below) and any other Supplement to the Base Prospectus which may have been published and approved before the issue of any additional amount of Securities (the "Supplements") (provided that to the extent any such Supplement (i) is published and approved after the date of these Final Terms and (ii) provide for any change to the Conditions of the Securities such changes shall have no effect with respect to the Conditions of the Securities to which these Final Terms relate) which together constitute a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). The Base Prospectus and any Supplements to the Base Prospectus have been passported into Italy in compliance with Article 18 of the Prospectus Directive. This document constitutes the Final Terms of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on BNP Paribas Arbitrage Issuance

B.V. (the "Issuer"), BNP Paribas (the "Guarantor") and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Securities (which comprises the Summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus, any Supplements to the Base Prospectus and these Final Terms are available for viewing on xxx.xxxxxxxxxxxxxxx.xxx and copies may be obtained free of charge at the specified offices of the Security Agents. The Base Prospectus and the Supplements to the Base Prospectus will also be available on the AMF website xxx.xxx-xxxxxx.xxx

References herein to numbered Conditions are to the terms and conditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as they relate to such series of Securities, save as where otherwise expressly provided.

These Final Terms relate to the series of Securities as set out in "Specific Provisions for each Series" below. References herein to "Securities" shall be deemed to be references to the relevant Securities that are the subject of these Final Terms and references to "Security" shall be construed accordingly.

SPECIFIC PROVISIONS FOR EACH SERIES

SERIES NUMBER

NO. OF SECURITIES ISSUED

NO OF ISIN SECURITIES

COMMON CODE

ISSUE PRICE PER EXERCISE DATE SECURITY

TRADING CODE

CE1545UR Up to 100,000 Up to 100,000 NL0010728978 111325073 EUR 100 19 October 2017 P28978

GENERAL PROVISIONS

The following terms apply to each series of Securities:

1. Issuer: BNP Paribas Arbitrage Issuance B.V.

2. Guarantor: BNP Paribas

3. Trade Date: Not applicable

4. Issue Date 23 October 2014

5. Consolidation: Not applicable

6. Type of Securities: i) Certificates

i) The Securities are Share Securities

Exercise of Certificates applies to the Certificates. The Exercise Date is 19 October 2017 or, if such day is not a Business Day, the immediately succeeding Business Day.

The Exercise Date will be subject to the same adjustments provided for the Redemption Valuation Date.

The Exercise Settlement Date is 26 October 2017.

The minimum number of Securities that may be exercised by the Holder is (1) one Security and in excess thereof by multiples of (1) one Security

The provisions of Annex 3 (Additional Terms and Conditions for Share Securities) shall apply.

7. Form of Securities: Italian Dematerialised Securities

8. Business Day Centre(s): The applicable Business Day Centre for the purposes of the

definition of "Business Day" in Condition 1 is TARGET2.

9. Settlement: Settlement will be by way of cash payment (Cash Settled Securities)

10. Rounding Convention for Cash Settlement Amount:

Not applicable

11. Variation of Settlement: Not applicable

respect of the Securities.

Issuer's option to vary settlement: The Issuer does not have the option to vary settlement in

12. Final Payout

SPS Payout:

NA x SPS Payout

NA means the Notional Amount

Autocall Standard Securities

(A) If FR Barrier Value is greater than or equal to the Final Redemption Condition Level:

100% + FR Exit Rate; or

(B) If FR Barrier Value is less than the Final Redemption Condition Level and no Knock-in Event has occurred:

100% + Coupon Airbag Percentage; or

Min (100%, Final Redemption Value).

FR Exit Rate means FR Athena Up Rate;

FR Athena Up Rate means

Min(Max (FR Floor Percentage, FR Gearing × (FR Value - FR Strike Percentage) +FR Spread), FR Cap Percentage) + FR Constant Percentage

Cap is applicable;

FR Floor Percentage means 0%;

FR Gearing means 200%;

FR Strike Percentage means 100%;

FR Spread means 0%;

FR Cap Percentage means 50%;

FR Constant Percentage means 0%

FR Value means the Underlying Reference Value;

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price;

Underlying Reference is as set out in item 26(a) below;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the SPS FR Valuation Date;

SPS FR Valuation Date means the Redemption Valuation Date;

Coupon Airbag Percentage means 0%;

Strike Price Closing Value: Applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

Final Redemption Value means the Underlying Reference Value;

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price;

Underlying Reference is as set out in item 26(a) below;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the SPS Redemption Valuation Date;

SPS Redemption Valuation Date means the Redemption Valuation Date;

Strike Price Closing Value: Applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

FR Barrier Value means the Underlying Reference Value;

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price;

Underlying Reference is as set out in item 26(a) below;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the SPS FR Barrier Valuation Date;

SPS FR Barrier Valuation Date means the Redemption Valuation Date;

Strike Price Closing Value: Applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

Final Redemption Condition Level means 100%

Payout Switch: Not applicable

Aggregation: Not applicable

13. Relevant Asset(s): Not applicable

14. Entitlement: Not applicable

15. Exchange Rate Not applicable

16. Settlement Currency: The settlement currency for the payment of the Cash Settlement Amount is euro (“EUR”).

17. Syndication: The Securities will be distributed on a non-syndicated basis.

18. Minimum Trading Size: Not applicable

19. Principal Security Agent: BNP Paribas Securities Services, Xxxxx Xxxxxx

20. Registrar: Not applicable

21. Calculation Agent: BNP Paribas Arbitrage S.N.C.

000-000 xxxxxxxxx XxxXxxxxx, 00000 Xxxxx, Xxxxxx.

22. Governing law: English law

23. Masse provisions (Condition 9.4): Not Applicable

PRODUCT SPECIFIC PROVISIONS (ALL SECURITIES)

24. Hybrid Securities Not applicable

25. Index Securities: Not applicable

26. Share Securities: Applicable

(i) Share(s)/Share Company/Basket Company/GDR/ADR:

An ordinary share in the share capital of Intesa Sanpaolo SpA,.(Reuters Code: ISP IM):)

(ii) Relative Performance Basket: Not applicable

(iii) Share Currency: EUR

(iv) ISIN of Share(s): IT0000072618

(v) Exchange(s): Italian Stock Exchange

(vi) Related Exchange(s): All Exchanges

vii) Exchange Business Day: Single Share Basis

viii) Scheduled Trading Day: Single Share Basis

(ix) Weighting: Not applicable

(x) Settlement Price: Not applicable

(xi) Specified Maximum Days of Three (3) Scheduled Trading Days

Disruption:

xii) Valuation Time: Conditions apply

xiii) Delayed Redemption on

Occurrence of an Extraordinary Event (in the case of Certificates only):

Not applicable

(xiv) Share Correction Period As per Conditions

(xv) Dividend Payment: Not applicable

(xvi) Listing Change: Not applicable

(xvii) Listing Suspension: Not applicable

xviii) Illiquidity: Not applicable

(xix) Tender Offer: Applicable

27. ETI Securities Not applicable

28. Debt Securities: Not applicable

29. Commodity Securities: Not applicable

30. Inflation Index Securities: Not applicable

31. Currency Securities: Not applicable

32. Fund Securities: Not applicable

33. Futures Securities: Not applicable

34. Credit Securities: Not applicable

35. Underlying Interest Rate Securities: Not applicable

36. Preference Share Certificates: Not applicable

37. OET Certificates: Not applicable

38. Additional Disruption Events: Applicable

Hedging Disruption does not apply to the Securities.

39. Optional Additional Disruption Events: (i) The following Optional Additional Disruption

Events apply to the Securities:

Insolvency Filing

(ii) Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event (in the case of Certificates): Not applicable

40. Knock-in Event: Applicable

If the Knock-in Value is less than the Knock-in Level on the Knock-in Determination Day

(i) SPS Knock-in Valuation: Applicable

Knock-in Value means the Underlying Reference Value;

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date

(ii) divided by the relevant Underlying Reference Strike Price.

Underlying Reference is as set out in item 26(a) above;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the Knock-in Determination Day;

Strike Price Closing Value: Applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

i) Level: Not applicable

i) Knock-in Level/Knock-in Range

Level: 70 per cent.

v) Knock-in Period Beginning Date:

) Knock-in Period Beginning Date Day Convention:

Not applicable

i) Knock-in Determination Period: Not applicable

i) Knock-in Determination Day(s): Redemption Valuation Date

i) Knock-in Period Ending Date: Not applicable

) Knock-in Period Ending Date Day Convention:

Not applicable

) Knock-in Valuation Time: Not applicable

i) Knock-in Observation Price Source:

Not applicable

ii) Disruption Consequences: Not applicable

41. Knock-out Event: Not applicable

PROVISIONS RELATING TO WARRANTS

42. Provisions relating to Warrants: Not applicable

PROVISIONS RELATING TO CERTIFICATES

43. Provisions relating to Certificates: Applicable

(i) Notional Amount of each Certificate:

EUR 100

ii) ii)		Partly Paid Certificates: Interest:	The Certificates are not Partly Paid Certificates. Not applicable
v)		Payment of Premium	Applicable
		Amount(s):
	(i)	Premium Amount(s)	EUR 9
	(ii)	Linked Premium Amount	Not applicable
		Certificates:
	(iii)	Premium Amount Payment	30 October 2015 (i=1)
		Date(s):
	(iv)	Premium Amount Record	26 October 2015 (i=1)
		Date(s):
(v)		Instalment Certificates:	The Certificates are not Instalment Certificates.
(vi)		Issuer Call Option:	Not applicable
vii)		Holder Put Option:	Not applicable
viii)		Automatic Early Redemption:	Applicable
		(i) Automatic Early	Single Standard Automatic Early Redemption:
		Redemption Event:	If on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic
			Early Redemption Level
		(ii) Automatic Early	SPS Automatic Early Redemption Payout:
		Redemption Payout:	NA x (AER Redemption Percentage + AER Exit Rate)
			AER Redemption Percentage means 100%
		(iii) Automatic Early Redemption Date(s):	30 October 2015 (i=1) and 27 October 2016 (i=2).
		(iv) Observation Price	Not applicable
		Source:
		(v) Underlying Reference	Not applicable

Level: SPS AER Valuation: Applicable

SPS AER Value means the Underlying Reference Value;

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date

(ii) divided by the relevant Underlying Reference Strike Price.

Underlying Reference is as set out in item 26(a) above;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means each Automatic Early Redemption Valuation Date.

Strike Price Closing Value: Applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date ;

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

(vi) Automatic Early Redemption Level:

(vii) Automatic Early

Redemption Percentage:

(viii) Automatic Early

Redemption Percentage Up:

(ix) Automatic Early Redemption Percentage Down:

SPS Valuation Date means the Strike Date 100%

Not applicable

(x) AER Rate i x 9%

“i” means a number from 1 to 2 representing the relevant Automatic Early Redemption Valuation Date.

(xi) AER Exit Rate: AER Rate

(xii) Automatic Early 20 October 2015 (i=1) and 20 October 2016 (i=2).

Redemption Valuation Date(s)/Period(s):

)	Renouncement Notice Cut-off	10.00 pm (Milan time) on the Exercise Date
	Time:
)	Strike Date:	20 October 2014
i)	Strike Price:	Not applicable
i)	Redemption Valuation Date:	The Exercise Date.
i)	Averaging:	Averaging does not apply to the Securities.
)	Observation Dates:	Not applicable
)	Observation Period:	Not applicable
i)	Settlement Business Day:	Not applicable
i)	Cut-off Date:	Not applicable

DISTRIBUTION AND US SALES ELIGIBILITY

44. U.S. Selling Restrictions: Not applicable

45. Additional U.S. Federal income tax consequences:

Not applicable

46. Registered broker/dealer: Not applicable

47. TEFRA C or TEFRA Not Applicable: TEFRA Not Applicable

48. Non-exempt Offer: Applicable

(i) Non-exempt Offer Jurisdictions: Republic of Italy

(ii) Offer Period: From 6 October to, and including, 20 October 2014 during the SeDeX market’s trading hours (i.e. from 9:00am until 5:25pm) or such earlier date as the Issuer determines (i) in the case that the Securities are distributed for an amount equal to EUR 10,000,000, and (ii) at any time during the Distribution Period provided that an amount of Securities at least equal to 2,000,000has been distributed.

In the case of early closure set out under (i) above, the Dealer (as defined below) will cease to display sell orders on the SeDeX market as soon as the Securities have been distributed for an amount of EUR 10,000,000. Following this occurrence, the Issuer will promptly inform the public of the Distribution Period’s early closure by means of a notice to be sent to Borsa Italiana and published on the website xxx.xxxxxxxxxxxxxxx.xx.

In the case of early closure set out under (ii) above, the Issuer will inform the public by means of a notice to be sent to Borsa Italiana and published on the website xxxx://xxx.xxxxxxxxxxxxxxx.xxx by 10.30am of the same Distribution Period’s early closure date. In such a case, the

(iii) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it:

Distribution Period will end at 5.25pm of the the Distribution Period’s early closure date as indicated in the relevant notice.

The Securities will be placed through door-to-door selling pursuant to Article 30 of the Italian Financial Services Act from (and including) 6 October 2014 to (and including) 13 October 2014

Not applicable. See “Placing and Underwriting” of Part B.

(iv) General Consent: Not applicable

(v) Other Authorised Offeror Terms:

Not applicable

PROVISIONS RELATING TO COLLATERAL AND SECURITY

49. Collateral Security Conditions: Not applicable

Responsibility

The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge of the Issuer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information.

Signed on behalf of BNP Paribas Arbitrage Issuance B.V. As Issuer:

By: ..Xxxxx XXXXXXX.. Duly authorised

PART B – OTHER INFORMATION

1. Listing and Admission to trading

Application has been made for the Securities to be listed on the Italian Stock Exchange and admitted for a distribution phase and subsequent trading on the SeDeX, organised and managed by Borsa Italiana S.p.A. The Securities have already been admitted to listing – preceded by the distribution phase on the SeDeX and the final amount of Securities that are issued on the Issue Date will be admitted to trading on the SeDeX on the date specified by means of a notice of the Italian Stock Exchange.

2. Ratings

The Securities have not been rated.

The rating of the Issuer is A+ from Standard and Poor's.

The rating of the Guarantor is A1 from Moody's and A+ from Standard and Poor's.

As defined by Moody's, an "A" rating means that the obligations of the Issuer and the Guarantor under the Programme are judged to be upper-medium grade and are subject to low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aaa through Caa. The modifier 2 indicates a mid-range ranking.

As defined by Standard & Poor's, an obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the relevant Issuer and Guarantor's capacity to meet its financial commitment on the obligation is still strong. The addition of a plus (+) or minus (-) sign shows relative standing within the major rating category"

Moody's and Standard & Poor's are established in the European Union and are registered under Regulation (EC) No. 1060/2009 (as amended).

3. Interests of Natural and Legal Persons Involved in the Offer

Investors must be informed of the fact that the Distributors (if any), will receive from the Issuer placement fees equal to a maximum amount of 2% of the amount of Securities placed through the same. All placement fees will be paid out upfront by the Issuer.

Investors must also consider that such fees are not included in the price of the Securities on the secondary market and, therefore, if the Securities are sold on the secondary market, fees embedded in the Issue Price will be deducted from the sale price.

No fees will be paid by the Issuer to intermediaries performing the investment services of the collection and transmission of orders or of the mere execution of orders in the context of the distribution of the Securities during the Distribution Period and directly or indirectly connected to the SeDeX through which investors will apply for the Securities.

Save as discussed in the "Potential Conflicts of Interest" paragraph in the "Risk Factors" in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

4. Performance of Underlying/Formula/Other Variable and Other Information concerning the Underlying Reference

See Base Prospectus for an explanation of effect on value of Investment and associated risks in investing in Securities.

Past and further performances of the Underlying Share are available on the relevant Exchange website xxx.xxxxxxxxxxxxx.xx and its volatility may be obtained at the office of the Calculation Agent by mail to the following address: xxxxxxxxxxxxxxx@xxxxxxxxxx.xxx.

The Issuer does not intend to provide post-issuance information.

5. Operational Information

Relevant Clearing System(s): Monte Titoli

6. Terms and Conditions of the Public Offer

Offer Price: The Issue Price

Conditions to which the offer is subject: The Offer of the Securities is conditional on their

issue.

The Issuer reserves the right to withdraw the Offer and cancel the issuance of the Securities at any time before 7:59am of the second open market day following the last day of the Distribution Period (i.e. 22 October 2014) in the case that (i) any extraordinary changes in the economic and politic situation or in the capital, currency and exchange rates markets, either at a national or international level, or (ii) any change, or any development or event involving a prospective change, in the condition (financial or

otherwise), business, properties or results of operations of the Issuer and its subsidiaries which, in the judgment of the Issuer, is material and adverse and makes it impractical or inadvisable to proceed with completion of the distribution or the payment for the Securities, will have occurred.

The Issuer reserves the right to increase the amount of Securities to be issued over EUR 10,000,000 during the Distribution Period but in any case within the open market day before the Distribution Period’s closure date. The Issuer will inform the public of the increase of the issuance’s size by means of a notice to be sent to Borsa Italiana and published on the website xxxx://xxx.xxxxxxxxxxxxxxx.xxx. The Issuer will also publish a revised version of these Final Terms including the increased number and amount of Securities to be issued on the website xxxx://xxx.xxxxxxxxxxxxxxx.xxx. In any case, the Dealer will cease to display sell orders on the SeDeX market as soon as the Securities have been distributed for an amount of EUR 10,000,000 and will start again to display sell orders on the SeDeX market at the date and time indicated in the notice relating to the increase of the issuance’s size.

The Issuer will determine the final amount of Securities issued up to a limit of EUR 10,000,000 – save as provided above – also depending on the number of the buy orders transmitted to the SeDeX during the Distribution Period.

Description of the application process: Prospective investors intending to apply for the

Securities during the Distribution Period are required to contact their own intermediaries, including the Distributors (if any), for the purpose of transmitting their buy orders – directly or indirectly through the market’s participants – to the SeDeX.

BNP Paribas Arbitrage S.N.C. as the dealer (the “Dealer”) will display continuously during the Distribution Period a price equal to the Issue Price for the sale and will display sell orders to match buy orders displayed by the intermediaries connected to the SeDeX and transmitted to them directly or indirectly by investors. Prospective

Details of the minimum and/or maximum amount of application:

investors will not enter into any contractual arrangements directly with the Issuer in relation to the distribution for the Securities. In fact, the relationship between intermediaries and prospective investors will be regulated by intermediaries’ policies applicable to their carrying out investment services vis-à-vis their clients, also with reference to expenses/commissions to be borne by prospective investors and information provided to them, including that concerning the withdrawal right (to the extent applicable in case of application made through the Distributors (if any)).

Minimum amount per buy order: one Certificate (EUR 100). There is no maximum number of buy orders which can be transmitted on behalf of a single prospective investor. The irrevocable buy orders of Securities that have been transmitted to the SeDeX and caused the relevant contracts be entered into according to the SeDeX’s rules within the date and time of the Distribution Period’s closure (even early) will be accepted for the entire amount of such contracts, subject to the issue of the Securities up to their maximum amount.

Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:

Details of the method and time limits for paying up and delivering the Securities:

Not applicable.

The Securities will be issued on the Issue Date against payment to the Issuer by the intermediaries, including the Distributors (if any), directly or indirectly connected to the SeDeX through which prospective investors have transmitted their buy orders of such buy orders’ moneys.

The Securities are cleared through Monte Titoli on the Issue Date.

Manner in and date on which results of the offer are to be made public:

Publication by means of a notice to be sent to Borsa Italiana and published on the website xxxx://xxx.xxxxxxxxxxxxxxx.xxx on the Issue

Procedure for exercise of any right of pre- emption, negotiability of subscription rights and treatment of subscription rights not exercised:

Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made:

Amount of any expenses and taxes specifically charged to the subscriber or purchaser:

Date.

Not applicable.

Each intermediary, including Distributors (if any) will notify the relevant investors of its Securities in accordance with their own applicable policies and procedures.

The Issuer is not aware of any expenses and taxes specifically charged by the intermediaries, including the Distributors (if any), to the applicant.

See section “Italian Taxation” in the Base Prospectus.

7. Placing and Underwriting

Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place:

None

Name and address of the co-ordinator(s) of the global offer and of single parts of the offer:

Name and address of any paying agents and depository agents in each country (in addition to the Principal Security Agent):

Not applicable.

BNP Paribas Securities Services, Xxxxx Xxxxxx Xxx Xxxxxxxx 0, 00000, Xxxxxx, Xxxxx.

Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements:

The Issuer reserves the right to appoint intermediaries to act as distributors during the Distribution Period according to the applicable law. Such appointment will be notified to the public by means of a notice published on the website xxxxx://xxxxx-

xxxxxxxxxxxxx.xxxxxxxxxx.xxx/xx/Xxxxxx/Xxxxx Docs.aspx (the Distributors).

The Distributors will receive from the Issuer placement fees equal to a maximum amount of 2% of the amount of Securities placed through the same. All placement fees will be paid out upfront by the Issuer.

No underwriting commitment will be undertaken by the Distributor(s).

BNP Paribas Arbitrage Issuance B.V. will act as Responsabile del Collocamento (as defined under article 93-bis of the Legislative Decree of 24

February 1998, n. 58) in relation to any placement activities carried out by the Distibutors (if any) but will not act itself as Distributor and, accordingly, will not place any Securities to the public in Italy.

The Dealer is BNP Paribas Arbitrage S.N.C.

In particular, in the context of the collection of buy orders on behalf of their clients and the direct or indirect transmission of buy orders on behalf of their clients or on their own account for the purpose of transmitting all such orders to the SeDeX, the intermediaries involved in the distribution of the Securities; other than the Distributors (if any), will perform the investment services of the collection and transmission of orders or of the mere execution of orders, as defined by Italian Legislative Decree No. 58/1998 as amended.

When the underwriting agreement has been or will be reached:

Not applicable.

8. Yield (in the case of Certificates)

Not applicable.

9. Form of Renouncement Notice

RENOUNCEMENT NOTICE

(to be completed by the Holder of the Security)

BNP Paribas Arbitrage Issuance B.V.

Up to 100,000 EUR “Fixed Premium 200%” Certificates relating to Intesa Sanpaolo S.p.A. due 26 October 2017

ISIN Code: NL0010728978

(the "Securities") To: BNP Paribas Securities Services, Xxxxx Xxxxxx

Xxx Xxxxxxxx 0, 00000 Xxxxxx, Xxxxx

Fax No: (00) 00 00000 000

We/I the undersigned Holder(s) of the Securities

hereby communicate that we are renouncing the automatic exercise on the Exercise of the rights granted by the Securities in accordance with the Terms and Conditions of the Securities, as amended and/or supplemented by the applicable Final Terms (the "Security Terms").

Series No. of the Securities:

Number of Securities the subject of this notice:

The undersigned understands that if this Renouncement Notice is not completed and delivered as provided in the Security Terms or is determined to be incomplete or not in proper form (in the determination of the Italian Security Agent), it will be treated as null and void.

If this Renouncement Notice is subsequently corrected to the satisfaction of the Italian Security Agent, it will be deemed to be a new Renouncement Notice submitted at the time such correction was delivered to the Italian Security Agent.

Expressions defined in the Security Terms shall bear the same meanings in this Renouncement Notice. Place and date:

Signature of the Holder

Name of beneficial owner of the Securities Signature

ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A – E (A.1 – E.7). This Summary contains all the Elements required to be included in a summary for this type of Securities, Issuer and Guarantor. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of Securities, Issuer and Guarantor(s), it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable.

Section A - Introduction and warnings

Element	Title
A.1	Warning that the summary should be read as an introduction and provision as to claims	• This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms. In this summary, unless otherwise specified and except as used in the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014 as supplemented from time to time. In the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014.
		• Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms.
		• Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated.
		• No civil liability will attach to the Issuer or the Guarantor in any such Member State solely on the basis of this summary, including any translation hereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms or, following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information (as defined in Article 2.1(s) of the Prospectus Directive) in order to aid investors when considering whether to invest in the Securities.

Element

Title

A.2

Consent as to use the Base Prospectus, period of validity and other conditions

attached

Not applicable. See Section E.3 “Terms and conditions of the offer”.

Section B - Issuer and Guarantor

Element	Title
B.1	Legal and commercial name of the Issuer	BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V." or the "Issuer").
B.2	Domicile/ legal form/ legislation/ country of incorporation	The Issuer was incorporated in the Netherlands as a private company with limited liability under Dutch law having its registered office at Xxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, the Netherlands.
B.4b	Trend information	BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as Notes, Warrants or Certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments from BNP Paribas and BNP Paribas entities as described in Element D.2 below. As a consequence, the Trend Information described with respect to BNPP shall also apply to BNPP B.V.
B.5	Description of the Group	BNPP B.V. is a wholly owned subsidiary of BNP Paribas. BNP Paribas is the ultimate holding company of a group of companies and manages financial operations for those subsidiary companies (together the "BNPP Group").
B.9	Profit forecast or estimate	The Group's 2014-2016 business development plan confirms the universal bank business model centred on its three pillars: Retail Banking, CIB and Investment Solutions. The goal of the 2014-2016 business development plan is to support clients in a changing environment. It targets a return on equity of at least 10% by 2016.
		The Group has defined the five following strategic priorities for 2016:
		• enhance client focus and services
		• simple: simplify our organisation and how we operate
		• efficient: continue improving operating efficiency
		• adapt certain businesses to their economic and regulatory environment

Element	Title
		• implement business development initiatives
B.10	Audit report qualifications	Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus.
B.12	Selected historical key financial information: Comparative Annual Financial Data - In EUR
		31/12/2013	31/12/2012
	Revenues	397,608	337,955
	Net income, Group share	26,749	22,531
	Total balance sheet	48,963,076,836	37,142,623,335
	Shareholders’ equity (Group share)	416,163	389,414
	Comparative Interim Financial Data – In EUR
		30/06/2014	30/06/2013
	Revenues	218,961	149,051
	Net Income, Group share	14,804	9,831
	Total Balance Sheet	53,421,815,849	39,988,616,135
	Shareholders' Equity (Group share)	430,967	399,245
	Statements of no significant or material adverse change There has been no significant change in the financial or trading position of the BNPP Group since 30 June 2014 (being the end of the last financial period for which interim financial statements have been published). There has been no material adverse change in the prospects of [BNPP or] the BNPP Group since 31 December 2013 (being the end of the last financial period for which audited financial statements have been published). "Paris, 30 June 2014 BNP Paribas announces a comprehensive settlement regarding the review of certain USD transactions by US authorities BNP Paribas today announced a comprehensive settlement of the pending investigation relating to US dollar transactions involving parties subject to US sanctions, including agreements with the U.S. Department of Justice, U.S. Attorney’s Office for the Southern District of New York, the New York County District Attorney’s Office, the Board of Governors of the U.S. Federal Reserve System (FED), the New York State Department of Financial Services (DFS), and the US Department of the Treasury’s Office of Foreign Assets Control (OFAC). The settlement includes guilty pleas entered into by BNP Paribas SA in relation to violations of certain US laws and regulations regarding economic sanctions against certain countries and related recordkeeping. BNP Paribas also agrees to pay a total of USD 8.97 billion (Euros 6.6 billion). Beyond what has already been provisioned, this will result in an exceptional charge of Euros 5.8 billion to be booked in the second quarter of 2014. BNP Paribas also accepts a

Element

Title

temporary suspension of one year starting 1st January 2015 of the USD direct clearing focused mainly on the Oil & Gas Energy & Commodity Finance business line in certain locations.

BNP Paribas has worked with the US authorities to resolve these issues and the resolution of these matters was coordinated by its home regulator (Autorité de Contrôle Prudentiel et de Résolution - ACPR) with its lead regulators. BNP Paribas will maintain its licenses as part of the settlements, and expects no impact on its operational or business capabilities to serve the vast majority of its clients. During 2015, the activities of the perimeter concerned will clear US dollars through a third party bank instead of clearing through BNP Paribas New York and all necessary measures are being taken to ensure smooth transition and no material impact for the clients concerned. BNP Paribas notes that part of the Group’s USD clearing is already done today through third party banks.

Based on its estimates, BNP Paribas expects its fully loaded Basel III CET1 ratio as at 30 June 2014 to be at around 10%, consistent with the Group’s targets announced within its 2014-2016 business development plan. This estimate takes into account in particular solid underlying second quarter net results and pro rata temporis the current intention of the bank to adapt its dividend for 2014 to a level equal to that of 2013 (1.50 euros per share).

In advance of the settlement, the bank designed new robust compliance and control procedures. Many of these are already in force and are working effectively, and involve important changes to the Group’s procedures. Specifically:

a new department called Group Financial Security US, part of the Group Compliance function, will be headquartered in New York and will ensure that BNP Paribas complies globally with US regulation related to international sanctions and embargoes.

all USD flows for the entire BNP Paribas Group will be ultimately processed and controlled via the branch in New York.

As a result of BNP Paribas’ internal review, a number of managers and employees from relevant business areas have been sanctioned, a number of whom have left the Group.

Xxxx-Xxxxxxx Xxxxxxx, CEO of BNP Paribas, said: “We deeply regret the past misconduct that led to this settlement. The failures that have come to light in the course of this investigation run contrary to the principles on which BNP Paribas has always sought to operate. We have announced today a comprehensive plan to strengthen our internal controls and processes, in ongoing close coordination with the US authorities and our home regulator to ensure that we do not fall below the high standards of responsible conduct we expect from everyone associated with BNP Paribas”.

“Having this matter resolved is an important step forward for us. Apart from the impact of the fine, BNP Paribas will once again post solid results this quarter and we want to thank our clients, employees, shareholders and investors for their support throughout this difficult time”.

“The Group remains focused on implementing its 2014-2016 business development plan. We confirm our ambition to meet the targets of this plan announced in March this year. In particular, North America remains a strategic market for the Group where we plan to further develop our retail, investment solutions and corporate & investment banking franchise over the coming years”.

“BNP Paribas is a client-centric bank and we will continue to work every single day to earn the

Element

Title

trust and respect of all our stakeholders in service of our clients and the economy”."

Following the settlement, the Bank expects its banking licenses to be maintained where it operates (although this settlement could provide the basis for a regulator to rescind a license), and has received confirmations or assurances in this regard from its principal regulators. The Bank expects that the settlement will have no impact on its operational or business capabilities to serve the vast majority of its clients. There can be no assurance, however, that unanticipated collateral consequences of the settlement will not adversely affect its business. Such unanticipated collateral consequences include the possibility that clients, counter-parties and other persons or entities with whom the Bank does business may choose to limit their future business with the Bank. It also includes for some limited activities, in particular in the United States, the possibility that an authority may refuse to grant the Bank a waiver needed to pursue a specific activity, or may withdraw an authorization to conduct a specific activity. Similarly, the Bank cannot be certain that the suspension of U.S. dollar clearing in respect of certain of its business lines will not lead to a loss of business

There has been no significant change in the financial or trading position of BNPP B.V. since 30 June 2014 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December 2013.

B.13

Events impacting the Issuer's

solvency

To the best of the Issuer's knowledge, there have not been any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency since 31 December 2013, save as disclosed in the penultimate paragraph of

Element B.12 of this Summary.

B.14

Dependence upon other group entities

The Issuer is dependent upon BNPP and other members of the BNPP Group. See also Element B.5 above.

BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as Notes, Warrants or Certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments from BNP Paribas

and BNP Paribas entities as described in Element D.2 below.

B.15

Principal activities

The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the account of various entities within the BNPP Group.

B.16

Controlling shareholders

BNP Paribas holds 100 per cent. of the share capital of the Issuer.

B.17

Solicited credit ratings

BNPP B.V.'s long term credit ratings are A+ with a negative outlook (Standard & Poor's Credit Market Services France SAS) and BNPP B.V.'s short term credit ratings are A-1 (Standard & Poor's Credit Market Services France SAS).

The Securities have not been rated.

Element

Title

A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.

B.18

Description of the Guarantee

The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an English law deed of guarantee executed by BNPP on or around 5 June 2014 (the "Guarantee").

The obligations under the guarantee are direct unconditional, unsecured and unsubordinated obligations of BNPP and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of BNPP (save for statutorily preferred

exceptions).

B.19

Information about the

Guarantor

B.19/ B.1

Legal and commercial name of the

Guarantor

BNP Paribas

B.19/ B.2

Domicile/ legal form/ legislation/ country of

incorporation

The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 00, xxxxxxxxx xxx Xxxxxxxx – 00000 Xxxxx, Xxxxxx.

B.19/ B.4b

Trend information

Macro-economic environment

Market and macroeconomic conditions affect BNPP’s results. The nature of BNPP’s business makes it particularly sensitive to market and macroeconomic conditions in Europe, which have been difficult and volatile in recent years.

In 2013, the global economy began to move towards equilibrium, with several emerging countries slowing down and a slight recovery in the developed countries. In 2013, global economic conditions remained generally stable as compared to 2012. IMF and OECD economic forecasts1 for 2014 generally indicate a renewal of moderate growth in developed economies albeit less strong and uniform in the Euro-Zone. Their analysts consider that uncertainties remain regarding the strength of the recovery, particularly in light of the U. S. Federal Reserve’s announcement in December 2013 that it would gradually reduce (“taper”) its stimulus program, and in the Euro-zone, where a risk of deflation

exists.

1 See in particular: IMF – World Economic Outlook Update – January 2014 and G20 Note on Global Prospects and Policy Challenges – February 2014, OECD – The Global Economic Outlook – November 2013

Element

Title

Within the Euro-zone, sovereign credit spreads continued to decrease in 2013 following the decrease recorded in 2012 from the previous historically high levels. The financial condition of certain sovereigns has markedly improved but there remains uncertainty as to the solvency of some others.

Laws and Regulations Applicable to Financial Institutions

Laws and regulations applicable to financial institutions that have an impact on BNPP have significantly evolved in the wake of the global financial crisis. The measures that have been proposed and/or adopted in recent years include more stringent capital and liquidity requirements (particularly for large global banking groups such as the BNP Paribas Group), taxes on financial transactions, restrictions and taxes on employee compensation, limits on the types of activities that commercial banks can undertake and ring-fencing or even prohibition of certain activities considered as speculative within separate subsidiaries, restrictions on certain types of financial products, increased internal control and reporting requirements, more stringent conduct of business rules, mandatory clearing and reporting of derivative transactions, requirements to mitigate risks in relation to over-the-counter derivative transactions and the creation of new and strengthened regulatory bodies. The measures that were recently adopted, or in some cases proposed and still under discussion, that have or are likely to affect BNPP, include in particular the French Ordinance of 27 June 2013 relating to credit institutions and financing companies (“Sociétés de financement”), which came into force on 1 January 2014 and the French banking law of 26 July 2013 on the separation and regulation of banking activities and the Ordinance of 20 February 2014 for the adaptation of French law to EU law with respect to financial matters; the EU Directive and Regulation on prudential requirements “CRD IV” dated 26 June 2013 and many of whose provisions have been applicable since 1 January 2014; the proposals of technical regulatory and execution rules relating to the Directive and Regulation CRD IV published by the EBA; the designation of BNPP as a systemically important financial institution by the FSB; the public consultation for the reform of the structure of the EU banking sector of 2013 and the European Commission’s proposed regulation on structural measures designed to improve the strength of EU credit institutions of 29 January 2014; the proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts; the European single supervisory mechanism; the European proposal for a single resolution mechanism and the proposal for a European Directive on bank recovery and resolution; the final rule for the regulation of foreign banks imposing certain liquidity, capital and other prudential requirements adopted by the U.S. Federal Reserve; the proposal of the U.S. Federal Reserve relating to liquidity ratios of large banks; and the “Xxxxxxx” Rule imposing certain restrictions on investments in or sponsorship of hedge funds and private equity funds and proprietary trading activities (of U.S. banks and to some extent non-

U.S. banks) that was recently adopted by the U.S. regulatory authorities. More generally, regulators and legislators in any country may, at any time, implement

new or different measures that could have a significant impact on the financial

Element	Title
		system in general or BNPP in particular.
B.19/B.5	Description of the Group	BNPP is a European leading provider of banking and financial services and has four domestic retail banking markets in Europe, namely in Belgium, France, Italy and Luxembourg. It is present in 75 countries and has almost 185,000 employees, including over 141,000 in Europe. BNPP is the parent company of the BNP Paribas Group (the "BNPP Group").
B.19/B.9	Profit forecast or estimate	The Group's 2014-2016 business development plan confirms the universal bank business model centred on its three pillars: Retail Banking, CIB and Investment Solutions. The goal of the 2014-2016 business development plan is to support clients in a changing environment. It targets a return on equity of at least 10% by 2016.
		The Group has defined the five following strategic priorities for 2016:
		• enhance client focus and services
		• simple: simplify our organisation and how we operate
		• efficient: continue improving operating efficiency
		• adapt certain businesses to their economic and regulatory environment
		• implement business development initiatives
B.19/	Audit report	Not applicable, there are no qualifications in any audit report on the historical
B.10	qualifications	financial information included in the Base Prospectus
B.19/	Selected historical key financial information:
B.12	Comparative Annual Financial Data - In millions of EUR
		31/12/2013*	31/12/2012
	Revenues	38,409	39,072
	Cost of risk	(3,801)	(3,941)
	Net income, Group share	4,818	6,564
	* Restated
		31/12/2013	31/12/2012
	Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4)	10.3%	9.9%
	Total consolidated balance sheet	1,810,535*	1,907,200
	Consolidated loans and receivables due from customers	612,455*	630,520
	Consolidated items due to customers	553,497*	539,513
	Shareholders' equity (Group share)	87,447*	85,444

Element	Title
	* Restated following the application of accounting standards IFRS10, IFRS11 and IAS 32 revised
	Comparative Interim Financial Data for the six-month period ended 30 June 2014 – In millions of EUR
		30/06/2014	30/06/2013*
	Revenues	19,481	19,133
	Cost of risk	(1,939)	(1,871)
	Net income, Group share	(2,649)	3,350
	* Restated
		30/06/2014	31/12/2013
	Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4)	10.0%	10.3%
	Total consolidated balance sheet	1,906,625	1,810,522*
	Consolidated loans and receivables due from customers	623,703	612,455*
	Consolidated items due to customers	572,863	553,497*
	Shareholders' equity (Group share)	84,600	87,433*
	* Restated following the application of accounting standards IFRS10, IFRS11 and IAS32 revised
	Statements of no significant or material adverse change There has been no material adverse change in the prospects of BNPP since 30 June 2014 (being the end of the last financial period for which audited financial statements have been published).
B.19/ B.13	Events impacting the Guarantor's solvency	To the best of the Guarantor's knowledge there have not been any recent events which are to a material extent relevant to the evaluation of the Guarantor's solvency since 30 June 2014.
B.19/ B.14	Dependence upon other Group entities	Subject to the following paragraph, BNPP is not dependent upon other members of the BNPP Group. In April 2004, BNPP began outsourcing IT Infrastructure Management Services to the “BNP Paribas Partners for Innovation” (BP²I) joint venture set up with IBM France at the end of 2003. BP²I provides IT Infrastructure Management Services for BNPP and several BNPP subsidiaries in France, Switzerland, and Italy. In mid-December 2011 BNPP renewed its agreement with IBM France for a period lasting until end-2017. At the end of 2012, the parties entered into an agreement to gradually extend this arrangement to BNP Paribas Fortis as from 2013. BP²I is 50/50-owned by BNPP and IBM France; IBM France is responsible for daily operations, with a strong commitment of BNPP as a

Element

Title

significant shareholder.

Section C – Securities

Element

Title

C.1

Type and class of Securities/ ISIN

The Securities are certificates ("Certificates") and are issued in Series.

The Series Number of the Securities is CE1545UR. The Tranche number is 1. The ISIN is NL0010728978

The Common Code is 111325073

The Trading Code is P28978

The Securities are cash settled Securities.

C.2

Currency

The currency of this Series of Securities is euro (“EUR”)

C.5

Restrictions on free transferabili ty

The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Austria, Belgium, the Czech Republic, France, Finland, Germany, Hungary, Ireland, Portugal, Spain, Sweden, the Netherlands, Poland, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in which the relevant

Securities are offered or sold.

C.8

Rights attaching to the Securities

Securities issued under the Programme will have terms and conditions relating to, among other matters:

Status

The Certificates are issued on a unsecured basis. Securities issued on an unsecured basis constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated

indebtedness of the Issuer (save for statutorily preferred exceptions).

Taxation

The Holder must pay all taxes, duties and/or expenses arising from the exercise and settlement or redemption of the W&C Securities and/or the delivery or transfer of the Entitlement. The Issuer shall deduct from amounts payable or assets deliverable to Holders certain taxes and expenses not previously deducted from amounts paid or assets delivered to Holders, as the Calculation Agent determines are attributable to

the W&C Securities.

Negative pledge

The terms of the Securities will not contain a negative pledge provision.

Events of Default

The terms of the Securities will not contain events of default.

Meetings

The terms of the Securities will contain provisions for calling meetings of holders of such Securities to consider matters affecting their interests generally. These provisions permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manner

contrary to the majority.

Governing law

The W&C Securities, the English Law Agency Agreement (as amended or supplemented from time to time), the Related Guarantee in respect of the W&C Securities and any non-contractual obligations arising out of or in connection with the W&C Securities, the English Law Agency Agreement (as amended or supplemented from time to time) and the Guarantee in respect of the W&C Securities will be governed by and shall be construed in accordance with English

law.

C.9

Interest/ Redemptio n

Interest

The Securities do not bear or pay interest, but pay a premium amount of EUR 9 on

30 October 2015

Redemption

Unless previously redeemed or cancelled, each Security will be redeemed as set out in Element C.18.

The Certificates may also be redeemed early on occurrence of an Additional Disruption Event, an Optional Additional Disruption Event, an Extraordinary Event, a Potential Adjustment Event or if performance of the Issuer's obligations under the Securities becomes illegal, or becomes illegal or impractical by reason of force majeure or act of state. The amount payable under the Securities on early redemption will be the fair market value of each Security.

Representative of Holders

No representative of the Holders has been appointed by the Issuer. Please also refer to item C.8 above for rights attaching to the Securities.

C.10

Derivative component in the interest

payment

Not applicable

C.11

Admission to Trading

Application has been made for the Securities to be listed on the Italian Stock Exchange and admitted for a distribution phase and subsequent trading on the

SeDeX, organised and managed by Borsa Italiana S.p.A

C.15

How the value of the investment in the derivative securities is affected by the value of the underlying

assets

The amount payable on redemption is calculated by reference to the ordinary shares of Intesa Sanpaolo S.p.A. (Reuters code: ISP.MI Equity) (the “Underlying Reference”).

See item C.9 above and C.18 below.

C.16

Maturity of the derivative

Securities

The Exercise Date of the Securities 19 October 2017 and the Exercise Settlement Date is 26 October 2017.

C.17

Settlement Procedure

This Series of Securities is cash settled.

The Issuer does not have the option to vary settlement.

C.18

Return on derivative securities

See Element C.8 above for the rights attaching to the Securities.

Settlement

The Certificates will be automatically exercised on the Exercise Date. Upon automatic exercise each Certificate entitles the Holder to receive on the Exercise Settlement Date a Cash Settlement Amount equal to the Final Payout.

The "Final Payout" is an amount equal to Notional Amount multiplied by SPS Payout.

SPS Payout means Autocall Standard Securities

(D) If FR Barrier Value is greater than or equal to the Final Redemption Condition Level:

100% + FR Exit Rate; or

(E) If FR Barrier Value is less than the Final Redemption Condition Level and no Knock-in Event has occurred:

100% + Coupon Airbag Percentage; or

(F) If FR Barrier Value is less than the Final Redemption Condition Level and a Knock-in Event has occurred:

Min (100%, Final Redemption Value).

Description of the Payout

The Payout comprises:

Min( centage

Max (FR Floo

r Percentage , FR

• if the FR Barrier Value on the SPS FR Barrier Valuation Date is equal to or greater than the Final Condition Level, 100 per cent. plus a final exit rate (equal to the FR Exit Rate);

• if the FR Barrier Value on the SPS FR Barrier Valuation Date is less than the Final Redemption Condition Level and no Knock-in Event has occurred, 100 per cent. plus a fixed percentage; or

• if the FR Barrier Value on the SPS FR Barrier Valuation Date is less than the Final Redemption Condition Level and a Knock-in Event has occurred, the minimum of 100 per cent. and indexation to the value of the Underlying Reference(s).

Notional Amount means EUR 100;

FR Exit Rate means FR Athena Up Rate;

FR Athena Up Rate means :

Gearing × (FR Value - FR Strike Percentage ) + FR Spread), FR Cap Percentage ) + FR Constant Per

Where:

Cap is applicable

FR Floor Percentage means 0%;

FR Gearing means 200%

FR Strike Percentage means 100%;

FR Spread means 0%;

FR Cap Percentage means 50%;

FR Constant Percentage means 0%;

FR Value means Underlying Reference Value;

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price;

Underlying Reference is as set out in element C.20;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the SPS FR Valuation Date;

SPS FR Valuation Date means the Redemption Valuation Date;

Redemption Valuation Date means 19 October 2017

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date;

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

Strike Date means 20 October 2014;

Coupon Airbag Percentage means 0%;

FR Barrier Value means the Underlying Reference Value;

Underlying Reference is as set out in element C.20;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the SPS FR Barrier Valuation Date;

SPS FR Barrier Valuation Date means the Redemption Valuation Date;

Redemption Valuation Date means 19 October 2017

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date;

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date;

Strike Date means 20 october 2014;

Final Redemption Condition Level means 100%

Final Redemption Value means the Underlying Reference Value;

Underlying Reference is as set out in element C.20;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the SPS Redemption Valuation Date;

SPS Redemption Valuation Date means the Redemption Valuation Date

Redemption Valuation Date means 19 October 2017

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date;

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date;

Strike Date means 20 October 2014;

Italian Securities Reference Price means the Prezzo di Riferimento, which means, in relation to an Underlying Reference, the price published by the Italian Stock Exchange at the close of trading and having the meaning ascribed thereto in the Rules of the Market organised and managed by the Italian Stock Exchange, as such Rules may be amended by the Borsa Italiana S.p.a from time to time;

Provisions for the purposes of determining the Knock-in Event Knock-in Event is applicable;

Knock-in Event means that the Knock-in Value is less than the Knock-in Level on the Knock-in Determination Day.

Knock-in Level means 70 per cent;

Knock-in Value means the Underlying Reference Value.

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the Knock-in Determination Day;

Knock-in Determination Day means the Redemption Valuation Date

Redemption Valuation Date means 19 Octobre 2017;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date;

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

Strike Date means 20 octobre 2014;

Automatic Early Redemption

If on any Automatic Early Redemption Valuation Date an Automatic Early Redemption Event occurs, the Securities will be redeemed early at the Automatic Early Redemption Amount on the Automatic Early Redemption Date.

The Automatic Early Redemption Amount will be equal to the SPS Automatic Early Redemption Payout.

The "SPS Automatic Early Redemption Payout" is:

Notional Amount x (100% + AER Exit Rate)

Notional Amount means EUR 100

AER Exit Rate means the relevant AER Rate;

Automatic Early Redemption Event means that on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic Early Redemption Level.

Automatic Early Redemption Valuation Datei

Automatic Early Redemption Leveli

Automatic Early Redemption Datei

AER Rate

20 October 2015

100%

30 October 2015

20 October 2016

100%

27 October 2016

18%

SPS AER Value means the Underlying Reference Value

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price.

Underlying Reference is as set out in element C.20.

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means each Automatic Early Redemption Valuation Date.

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

Strike Date means 20 October 2014

The above provisions are subject to adjustment as provided in the conditions of the Securities to take into account events in relation to the Underlying Reference or the Securities. This may lead to adjustments being made to the Securities or in some cases the Securities being terminated early at an early redemption amount (see item

C.9).

C.19

Final reference price of the

Underlying

The final reference price of the underlying will be determined in accordance with the valuation mechanics set out in Element C.9 and C.18 above

C.20

Underlying

The Underlying Reference specified in Element C.9 above.Information on the Underlying Reference can be obtained from the following website

xxx.xxxxxxxxxxxxx.xx

Section D – Risks

Element	Title
D.2	Key risks regarding the Issuer and the Guarantor	There are certain factors that may affect the Issuer's ability to fulfil its obligations under the Securities issued under the Programme and the Guarantor's obligations under the Guarantee Twelve main categories of risk are inherent in BNPP's activities:
		• Credit Risk;
		• Counterparty Risk;
		• Securitisation;
		• Market Risk;
		• Operational Risk
		• Compliance and Reputation Risk;

Element

Title

• Concentration Risk

• Asset-liability management Risk;

• Breakeven Risk;

• Strategy Risk;

• Liquidity and refinancing Risk;

• Insurance subscription Risk.

Difficult market and economic conditions could have a material adverse effect on the operating environment for financial institutions and hence on BNPP's financial condition, results of operations and cost of risk.

Legislative action and regulatory measures taken in response to the global financial crisis may materially impact BNPP and the financial and economic environment in which it operates.

BNPP's access to and cost of funding could be adversely affected by a resurgence of the Euro-zone sovereign debt crisis, worsening economic conditions, further rating downgrades or other factors.

A substantial increase in new provisions or a shortfall in the level of previously recorded provisions could adversely affect BNPP's results of operations and financial condition.

BNPP may incur significant losses on its trading and investment activities due to market fluctuations and volatility.

BNPP may generate lower revenues from brokerage and other commission and fee- based businesses during market downturns.

Protracted market declines can reduce liquidity in the markets, making it harder to sell assets and possibly leading to material losses.

Significant interest rate changes could adversely affect BNPP's revenues or profitability.

The soundness and conduct of other financial institutions and market participants could adversely affect BNPP.

BNPP's competitive position could be harmed if its reputation is damaged.

An interruption in or a breach of BNPP's information systems may result in lost business and other losses.

Unforeseen external events can interrupt BNPP's operations and cause substantial losses and additional costs.

BNPP is subject to extensive and evolving regulatory regimes in the countries and

Element

Title

regions in which it operates notably as referred to in the penultimate paragraph of Element B.12 of this Summary.

Notwithstanding BNPP's risk management policies, procedures and methods, it could still be exposed to unidentified or unanticipated risks, which could lead to material losses.

BNPP's hedging strategies may not prevent losses.

BNPP may experience difficulties integrating acquired companies and may be unable to realise the benefits expected from its acquisitions.

Intense competition, especially in France where it has the largest single concentration of its businesses, could adversely affect BNPP's revenues and profitability.

The following risk factors relate to BNPP B.V.: BNPP B.V. is an operating company. BNPP B.V.'s sole business is the raising and borrowing of money by issuing securities such as Notes, Warrants or Certificates or other obligations. BNPP

B.V. has, and will have, no assets other than hedging agreements (OTC contracts mentioned in the Annual Reports), cash and fees payable to it, or other assets acquired by it, in each case in connection with the issue of securities or entry into other obligations related thereto from time to time. BNPP B.V. has a small equity and limited profit base. The net proceeds from each issue of Securities issued by the Issuer will become part of the general funds of BNPP B.V. BNPP B.V. uses such proceeds to hedge its market risk by acquiring hedging instruments from BNP Paribas and BNP Paribas entities ("Hedging Agreements") and/or, in the case of Secured Securities, to acquire Collateral Assets. The ability of BNPP B.V. to meet its obligations under Securities issued by it will depend on the receipt by it of payments under the relevant Hedging Agreements. Consequently, Holders of BNPP

B.V. Securities will, subject to the provisions of the relevant Guarantee, be exposed to the ability of BNP Paribas and BNP Paribas entities to perform their obligations under such Hedging Agreements. Securities sold in the United States or to U.S.

Persons may be subject to transfer restrictions.

D.3

Key risks regarding the Securities

There are certain factors which are material for the purposes of assessing the market risks associated with Securities issued under the Programme, including that:

- Securities (other than Secured Securities) are unsecured obligations,

- the trading price of the Securities is affected by a number of factors including, but not limited to, the price of the relevant Underlying Reference(s), time to expiration or redemption and volatility and such factors mean that the trading price of the Securities may be below the Final Redemption Amount or Cash Settlement Amount or value of the Entitlement,

- exposure to the Underlying Reference in many cases will be achieved by the relevant Issuer entering into hedging arrangements and potential investors are exposed to the performance of these hedging arrangements and events that may

affect the hedging arrangements and consequently the occurrence of any of these

Element

Title

events may affect the value of the Securities,

- the occurrence of an additional disruption event or optional additional disruption event may lead to an adjustment to the Securities, cancellation (in the case of Warrants) or early redemption (in the case of Notes and Certificates) or may result in the amount payable on scheduled redemption being different from the amount expected to be paid at scheduled redemption and consequently the occurrence of an additional disruption event and/or optional additional disruption event may have an adverse effect on the value or liquidity of the Securities,

- expenses and taxation may be payable in respect of the Securities;

- the Securities may be cancelled (in the case of Warrants) or redeemed (in the case of Notes and Certificates) in the case of illegality or impracticability and such cancellation or redemption may result in an investor not realising a return on an investment in the Securities,

- the meetings of Holders provisions permit defined majorities to bind all Holders;

- any judicial decision or change to an administrative practice or change to English law after the date of the Base Prospectus could materially adversely impact the value of any Securities affected by it;

- a reduction in the rating, if any, accorded to outstanding debt securities of the Issuer or Guarantor by a credit rating agency could result in a reduction in the trading value of the Securities;

- certain conflicts of interest may arise (see Element E.4 below);

- the only means through which a Holder can realise value from the Security prior to its Exercise Date, Maturity Date or Redemption Date, as applicable, is to sell it at its then market price in an available secondary market and that there may be no secondary market for the Securities (which could mean that an investor has to exercise or wait until redemption of the Securities to realise a greater value than its trading value),

In addition, there are specific risks in relation to Securities which are linked to an Underlying Reference (including Hybrid Securities) and an investment in such Securities will entail significant risks not associated with an investment in a conventional debt security. Risk factors in relation to Underlying Reference linked Securities include:

exposure to the Shares in that investors are exposed to similar market risks as in a direct equity investment, potential adjustment events, extraordinary events affecting Shares and market disruption and failure to open of an exchange which may have an adverse effect on the value and liquidity of the Securities

and that the Issuer will not provide post-issuance information in relation to the Underlying Reference.

In certain circumstances Holders may lose the entire value of their investment

Element

Title

D.6

Risk warning

See Element D.3 above.

In the event of the insolvency of the Issuer or if it is otherwise unable or unwilling to repay the Securities when repayment falls due, an investor may lose all or part of his investment in the Securities.

If the Guarantor is unable or unwilling to meet its obligations under the Guarantee when due, an investor may lose all or part of his investment in the Securities.

In addition, investors may lose all or part of their investment in the Securities as a result of the terms and conditions of the Securities.

Section E - Offer

Element

Title

E.2b

Reasons for the offer and use of

proceeds

The net proceeds from the issue of the Securities will become part of the general funds of the Issuer. Such proceeds may be used to maintain positions

in options or futures contracts or other hedging instruments

E.3

Terms and conditions of the offer

This issue of Securities is being offered in a Non-Exempt Offer in Italy, from 6 October 2014 to 20 October 2014, subject to any early closing”.

The issue price of the Securities is EUR100

E.4

Interest of natural and legal persons involved in the issue/offer

Any Manager and its affiliates may also have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and the Guarantor and their affiliates in the ordinary course of business.

Other than as mentioned above, so far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the offer, including conflicting interests.

E.7

Expenses charged to the investor by the Issuer or an

offeror

No expenses are being charged to an investor by the Issuer.

NOTA DI SINTESI SPECIFICA PER LA SINGOLA EMISSIONE

Le note di sintesi sono composte dagli elementi informativi richiesti dalla normativa applicabile noti come "Elementi". Detti Elementi sono numerati nelle sottostanti Sezioni da A ad E (A.1 - E.7). La presente Nota di Sintesi contiene tutti gli Elementi che devono essere inclusi in una nota di sintesi per questo tipo di Titoli, di Emittente e di Garante. Dal momento che taluni Elementi potrebbero non essere richiesti per questa specifica Nota di Sintesi, potrebbero esserci delle mancanze e/o dei salti nella sequenza numerica degli Elementi. Anche se un Elemento potrebbe essere inserito nella Nota di Sintesi in base al tipo di Titoli, di Emittente e di Garante, è possibile che non vi siano informazioni pertinenti da fornire in relazione a detto Elemento. In tal caso, sarà inserita un breve descrizione dell'Elemento in questione unitamente alla specificazione "Non Applicabile".

Sezione A - Introduzione e avvertenze

Elemento	Titolo
A.1	Avvertenza che la nota di sintesi va letta come un'introduzione, e disposizione in merito ai ricorsi	• La presente Nota di Sintesi dovrebbe essere letta quale introduzione del Prospetto di Base e delle Condizioni Definitive. Nella presente Nota di sintesi, salvo ove diversamente specificato e fatto salvo quanto previsto al primo paragrafo dell’Elemento D.3, “Prospetto di Base” indica il Prospetto di Base di BNPP B.V., BNPP, BP2F, BNPPF e BGL datato 5 giugno 2014 e successive modifiche. Nel primo paragrafo dell’Elemento D.3, “Prospetto di Base” indica il Prospetto di Base di BNPP B.V., BNPP, BP2F, BNPPF e BGL datato 5 giugno 2014.
		• Qualsiasi decisione di investire nei Xxxxxx dovrebbe basarsi sull’esame del presente Prospetto di Base completo, inclusi ogni eventuale documento incorporato mediante riferimento e le Condizioni Definitive.
		• Qualora sia presentato un ricorso dinanzi all'autorità giudiziaria di uno Stato Membro dello Spazio Economico Europeo in merito alle informazioni contenute nel Prospetto di Base e nelle Condizioni Definitive, l’investitore ricorrente potrebbe essere tenuto, a norma del diritto nazionale dello Stato Membro in cui è presentato il ricorso, a sostenere le spese di traduzione del Prospetto di Base e delle Condizioni Definitive prima dell’inizio del procedimento legale.
		• Non sarà attribuita alcuna responsabilità civile all’Emittente o all’eventuale Garante in tale Stato Membro esclusivamente sulla base della presente nota di sintesi, inclusa ogni traduzione della stessa, a meno che essa sia fuorviante, imprecisa o incoerente se letta congiuntamente alle altre parti del presente Prospetto di Base e delle Condizioni Definitive o, a seguito dell’attuazione delle relative disposizioni della Direttiva 2010/73/UE nello Stato Membro del caso, non offra, se letta insieme alle altre parti del Prospetto di Base e delle Condizioni Definitive, le informazioni fondamentali (come definite nell’Articolo 2.1(s) della Direttiva Prospetti) per aiutare gli investitori al momento di valutare l'opportunità di investire in tali

Elemento

Titolo

Titoli.

A.2

Consenso all’utilizzo del Prospetto di Base, periodo di validità e altre condizioni

correlate

Non applicabile. Si veda la sezione E.3 “Termini e Condizioni dell’offerta

Sezione B - Emittenti e Garanti

Elemento

Titolo

B.1

Denominazione legale e commerciale

dell’Emittente

BNP Paribas Arbitrage Issuance B.V. (“BNPP B.V.” o l'"Emittente").

B.2

Domicilio/ forma giuridica/ legislazione/ paese

di costituzione

L'Emittente è stato costituito in Olanda nella forma di una società a responsabilità limitata ai sensi della legge olandese, con sede legale a Xxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, Xxxxxx.

B.4b

Informazioni sulle tendenze

BNPP B.V. dipende da BNPP. BNPP B.V. è una società interamente controllata da BNPP specialmente incaricata dell’emissione di titoli quali Notes, Warrants o Certificati o altre obbligazioni che vengono sviluppate, definite e vendute agli investitori da altre società del Gruppo BNPP (inclusa BNPP). I titoli sono coperti attraverso l’acquisto di strumenti di copertura da BNP Paribas ed entità di BNP Paribas, come descritto nell’Elemento D.2 di cui sotto. Di conseguenza, le Informazioni sulle tendenze descritte in relazione a BNPP si applicheranno anche

a BNPP B.V.

B.5

Descrizione del Gruppo

BNPP B.V. è una controllata al 100% di BNP Paribas. BNP Paribas è la società holding di un gruppo di società e gestisce le operazioni finanziarie di tali controllate (congiuntamente, il "Gruppo BNPP").

B.9

Previsione o stima degli utili

Il piano di sviluppo del Gruppo nel periodo 2014-2016 conferma il modello di business di banca universale, incentrato su tre pilastri: Retail Banking, CIB e Investment Solutions. L’obiettivo del piano di sviluppo aziendale 2014-2016 consiste nel supportare i clienti in un contesto mutevole. L’obiettivo in termini di ritorno sul capitale fino al 2016 è pari almeno al 10%.

Il Gruppo ha definito le cinque priorità strategiche seguenti per il 2016:

• valorizzare l’attenzione e i servizi al cliente

• semplicità: semplificare la nostra organizzazione e le nostre modalità operative

• efficienza: continuare ad accrescere l’efficienza operativa

• adeguare talune attività al contesto economico e normativo di riferimento

• implementare iniziative di sviluppo aziendale

B.10

Riserve nella relazione dei

revisori

Non applicabile, non vi sono riserve in alcuna relazione dei revisori sulle informazioni finanziarie relative agli esercizi passati incluse nel Prospetto di Base.

B.12

Informazioni finanziarie fondamentali selezionate relative agli esercizi passati:

Dati Finanziari Annuali Comparativi - In EUR

31/12/2011

31/12/2012

Ricavi

317.178

337.955

Reddito netto, quota del Gruppo

21.233

22.531

Totale bilancio

00.000.000.000

Patrimonio netto (quota del Gruppo)

366.883

389.414

Dati Finanziari Annuali Comparativi - In EUR

Non si sono verificati cambiamenti significativi nella posizione finanziaria o di negoziazione del Gruppo BNPP dal 30 giugno 2014 (termine dell’ultimo periodo finanziario per il quale è stato pubblicato un bilancio semestrale). Non si sono verificati cambiamenti negativi sostanziali nei prospetti di BNPP o del Gruppo BNPP dal 31 dicembre 2013 (termine dell’ultimo periodo finanziario per il quale è stato pubblicato un bilancio).

“Parigi, 30 giugno 2014

BNP Paribas annuncia un accordo esaustivo riguardante l’accertamento di alcune transazioni in USD ad opera delle autorità statunitensi

BNP Paribas ha annunciato oggi di aver raggiunto un accordo esaustivo su tutte le questioni ancora aperte relative alle transazioni in dollari statunitensi con soggetti sottoposti a sanzioni da parte degli

30/06/2014

30/06/2013

Ricavi

218.961

149.051

Reddito netto, quota del Gruppo

14.804

9.831

Totale bilancio

00.000.000.000

Patrimonio netto (quota del Gruppo)

430.967

399.245

USA, che comprende accordi con il Dipartimento di Giustizia USA, la Procura Distrettuale della Contea di New York, il Consiglio dei Governatori del Federal Reserve System (FED), il Dipartimento dei Servizi Finanziari dello Stato di New York, l’Office of Foreign Assets Control (OFAC) del Dipartimento del Tesoro USA.

L’accordo prevede l’ammissione di colpevolezza da parte di BNP Paribas SA riguardo alla violazione di alcune leggi e regolamenti statunitensi in materia di sanzioni economiche contro alcuni paesi, e il reporting conseguente. BNP Paribas accetta inoltre di pagare una multa di USD 8,97 (euro 6,6 miliardi). Al di là delle somme già preventivate, questo accordo determinerà l’iscrizione in bilancio di un onere straordinario di EUR 5,8 miliardi nel secondo trimestre del 2014. BNP Paribas accetta inoltre una sospensione temporanea di un anno a partire dal 1 gennaio 2015 delle operazioni di compensazione diretta in USD riguardante soprattutto la sua business line Oil and Gas Energy & Commodity Finance.

BNP Paribas ha lavorato in stretta collaborazione con le autorità statunitensi per risolvere queste questioni, la cui risoluzione è stata coordinata dal suo organismo di vigilanza nazionale (Autorité de Contrôle Prudentiel et de Résolution - ACPR) con i principali regolatori. BNP Paribas non prevede che vi sarà alcun impatto sulle sue autorizzazioni, che sono state confermate sia dall’ACPR che dalla FED, né alcuna ripercussione sulle sue capacità operative o di business nel servire la grande maggioranza dei suoi clienti. Nel 2015, le attività del perimetro interessato saranno compensate mediante banche terze anziché attraverso BNP Paribas New York, e sono già in via di adozione tutte le misure necessarie per assicurare una transizione regolare e senza impatti significativi per i clienti interessati. BNP Paribas ricorda che una parte delle attività di compensazione in USD del Gruppo sono già oggi effettuate attraverso banche terze.

Sulla base delle sue stime, BNP Paribas prevede che il suo indice CET1 di Basilea III Fully Loaded al 30 giugno 2014 si attesti o sia leggermente superiore al 10% , in linea con gli obiettivi del Gruppo annunciati nel suo piano di sviluppo aziendale 2014-2016. Questa stima tiene conto dei buoni risultati netti sottostanti del secondo trimestre e pro rata temporis dell’intensione della banca di adattare il suo dividendo per il 2014 ad un livello pari a 1,50 € per azione.

In prospettiva a questo accordo, la banca ha strutturato proattivamente nuove e rigorose procedure di compliance e controllo. Molte di esse sono già in vigore, stanno funzionando in modo efficace ed implicano importanti cambiamenti delle procedure del Gruppo. Più precisamente:

• un nuovo dipartimento - denominato Group Financial Security US - appartenente alla funzione Compliance del Gruppo, sarà localizzato a New York con il compito di assicurare che BNP Paribas rispetti in termini di compliance le normative USA relative a sanzioni e ad embarghi internazionali.

• tutti i flussi in USD per l’intero Gruppo BNP Paribas saranno in ultima istanza gestiti e controllati dalla filiale di New York.

In seguito all’audit interna di BNP Paribas, alcuni dirigenti e dipendenti delle aree interessate sono stati sanzionati e, di questi, alcuni hanno già lasciato il Gruppo.

Xxxx-Xxxxxxx Xxxxxxx, CEO di BNP Paribas, ha dichiarato: “Siamo molto dispiaciuti per i comportamenti scorretti del passato che hanno portato a questa soluzione. Gli errori che sono venuti alla luce nel corso di questa indagine sono contrari ai principi sulla base dei quali BNP Paribas ha sempre cercato di operare. Abbiamo annunciato oggi un piano rigoroso per rafforzare i nostri controlli e processi interni, in stretto coordinamento con le autorità USA e la nostra autorità di vigilanza

nazionale per assicurare che non scendiamo al di sotto degli elevati standard di comportamento responsabile che ci attendiamo da tutti i soggetti associati a BNP Paribas”.

“Aver risolto questa questione è un importante passo in avanti per noi. Fatto salvo l’impatto della multa, BNP Paribas registrerà ancora una volta risultati solidi questo trimestre e desideriamo ringraziare i nostri clienti, dipendenti, azionisti e investitori per il loro sostegno offerto in questo momento difficile”.

“L’impegno del Gruppo resta incentrato sulla realizzazione del suo piano di sviluppo aziendale 2014- 2016. Confermiamo la nostra ambizione di raggiungere gli obiettivi di questo piano annunciato lo scorso mese di marzo. In particolare, il Nord America resta un mercato strategico per il Gruppo, nel quale intendiamo sviluppare ulteriormente la nostra attività bancaria retail, corporate e di investment banking nei prossimi anni”.

“BNP Paribas è una banca costruita intorno alla centralità del cliente: continueremo quindi a lavorare giorno dopo giorno per guadagnarci la fiducia e il rispetto di tutti i nostri stakeholder al servizio dei nostri clienti e dell’economia”."

A seguito dell’accordo, la Banca prevede il mantenimento delle sue autorizzazioni bancarie dove opera (sebbene questo accordo possa porre le basi per una risoluzione da parte del regolatore) e ha ricevuto conferme o rassicurazioni a tale riguardo dai suoi principali regolatori. La Banca non prevede alcuna ripercussione dell’accordo sulle sue capacità operative o di business nel servire la grande maggioranza dei suoi clienti. Non è tuttavia possibile escludere conseguenze collaterali impreviste a seguito dell’accordo che possano avere un impatto negativo sull’attività. Tali possibili conseguenze collaterali impreviste includono la possibilità che clienti, controparti e altre persone o entità con le quali la Banca opera possano scegliere di limitare il proprio campo di attività con la Banca. È altresì inclusa, per talune attività limitate, in particolare negli Stati Uniti, la possibilità che un’autorità neghi alla Banca il rilascio di una deroga necessaria a perseguire un’attività specifica, o possa ritirare un’autorizzazione per lo svolgimento di un’attività specifica. Analogamente, la Banca non può escludere con certezza la perdita di attività a seguito della sospensione della compensazione in dollari USA in relazione ad alcune sue divisioni aziendali.

Non si sono verificati cambiamenti significativi nella posizione finanziaria o commerciale di BNPP B.V. dal 31 dicembre 2013 e non si sono verificati cambiamenti negativi sostanziali nelle prospettive di BNPP

B.V. dal 31 dicembre 2013.

B.13

Eventi aventi un impatto sulla solvibilità

dell’Emittente

Per quanto a conoscenza degli Emittenti non si sono verificati eventi recenti sostanzialmente rilevanti per la valutazione della solvibilità di alcuno degli Emittenti dal 31 dicembre 2013.

B.14

Dipendenza da altri soggetti del Gruppo

L'Emittente dipende da BNPP e da altri soggetti del Gruppo BNPP. Si veda anche l'Elemento B.5 che precede.

Paribas, come descritto nell’Elemento D.2 di cui sotto.

B.15

Principali attività

L’attività principale dell'Emittente consiste nell’emettere e/o acquisire strumenti finanziari di qualsiasi natura e nello stipulare contratti correlati per conto di vari enti nell’ambito del Gruppo BNPP.

B.16

Azionisti di controllo

BNP Paribas detiene il 100% del capitale sociale di BNPP B.V.

B.17

Rating

Il rating del credito a lungo termine di BNPP B.V. sono A+ con creditwatch negativo (Standard & Poor's Credit Market Services France SAS) e il rating del credito a breve termine di BNPP B.V. è A-1 (Standard & Poor's Credit Market Services France SAS).

Xx Xxxxxx non è stato assegnato alcun giudizio di rating.

Il rating di un titolo non costituisce una raccomandazione ad acquistare, vendere o detenere titoli, e può essere soggetto a sospensione, riduzione o ritiro in qualsiasi

momento da parte dell’agenzia di rating che l’ha assegnato.

B.18

Descrizione della Garanzia

I Xxxxxx emessi saranno garantiti incondizionatamente e irrevocabilmente da BNP Paribas ("BNPP" o il "Garante") ai sensi di un atto di garanzia di diritto inglese stipulato da BNPP in data 5 giugno 2014 (la "Garanzia").

Le obbligazioni ai sensi della garanzia costituiscono obbligazioni dirette, incondizionate, non garantite e non subordinate di BNPP e hanno e avranno pari priorità tra esse e almeno pari priorità rispetto a ogni altro indebitamento diretto, incondizionato, non garantito e non subordinato di BNPP (salvo per debiti

privilegiati per legge).

B.19

Informazioni sui Garanti

B.19/ B.1

Denominazione legale e commerciale del

Garante

BNP Paribas

B.19/ B.2

Domicilio/ forma giuridica / legislazione/ paese

di costituzione

Il Garante è stato costituito nella forma di société anonyme ("naamloze vennootschap”) ai sensi della legge francese e ha ottenuto l’autorizzazione a operare quale banca. La sede legale al 00, xxxxxxxxx xxx Xxxxxxxx – 00000 Xxxxxx,

Xxxxxxx.

B.19/ B.4b

Informazioni sulle tendenze

Scenario macroeconomiche

I risultati di BNPP sono influenzati dal contesto macroeconomico e di mercato. Data la natura della sua attività, BNPP è particolarmente sensibile alle condizioni macroeconomiche e di mercato in Europa, che negli ultimi anni sono state difficili e caratterizzate da volatilità.

Nel 2013 l’economia globale ha iniziato a entrare in una fase di equilibrio, con il

rallentamento di molti paesi emergenti e una lieve ripresa dei paesi avanzati. La situazione economica globale è generalmente rimasta stabile rispetto al 2012. Le previsioni economiche del FMI e dell’OCSE per il 20142 indicano in linea generale un proseguimento della crescita moderata nei paesi avanzati sebbene in maniera meno marcata e uniforme nell’eurozona. Secondo le analisi dei suddetti organismi persistono le incertezze riguardo alla forza della ripresa, in particolare in seguito all’annuncio a dicembre 2013 dell’inizio del tapering da parte della Federal Reserve, e nell’eurozona, dove esiste un rischio di deflazione.

Nella zona euro gli spread sovrani hanno continuato a scendere nel 2013 in seguito alla diminuzione record da livelli storicamente alti registrata nel 2012. Le condizioni finanziarie di alcuni emittenti sovrani sono migliorate ma rimangono incertezze riguardo alla solvibilità di altri.

Legislazione e regolamenti applicabili alle istituzioni finanziarie

BNPP è influenzata dalla legislazione e dai regolamenti applicabili alle istituzioni finanziarie, che stanno subendo modifiche significative sulla scia della crisi finanziaria globale. Nuove misure che sono state proposte e adottate negli ultimi anni includono requisiti patrimoniali e di liquidità più severi (in particolare per i gruppi bancari internazionali di grandi dimensioni come BNPP), imposte sulle transazioni finanziarie, restrizioni e tasse sulla remunerazione dei dipendenti, limiti alle attività che le banche commerciali possono intraprendere, nonché isolamento a livello finanziario e persino divieto di alcune attività considerate come speculative all’interno delle controllate separate, restrizioni su alcuni tipi di prodotti finanziari, un aumento dei requisiti di trasparenza e di controllo interno, regole di condotta commerciale più severe, rendicontazione e autorizzazione di operazioni su derivati obbligatorie, requisiti di limitazione dei rischi relativi ai derivati fuori Borsa e la costituzione di nuovi e più solidi organi di regolamentazione. Le misure recentemente adottate o, in alcuni casi proposte e ancora in fare di discussione, che avranno o avranno probabilmente un’influenza su BNPP, comprendono in particolare l’ordinanza francese del 27 giugno 2013 relativa agli istituti di credito e alle società di finanziamento (“Sociétés de financement”), entrata in vigore il 1° gennaio 2014 e la legge francese in materia bancaria del 26 luglio 2013 sulla separazione e regolamentazione delle attività bancarie nonché l’ordinanza del 20 febbraio 2014 per il recepimento dalla legge francese della normativa comunitaria sulle questioni finanziarie; la Direttiva e il Regolamento UE sui requisiti prudenziali “CRD IV” del 26 giugno 2013, di cui molte disposizioni sono già entrate in vigore il 1° gennaio 2014; le proposte di un quadro normativo tecnico ed esecutivo relativo alla Direttiva e al Regolamento CRD IV pubblicato dall’ABE; la designazione di BNPP quale istituzione finanziaria sistemicamente importante da parte dell’FSB; la consultazione pubblica per la riforma strutturale del settore bancario UE del 2013 e la proposta di regolamento della Commissione europea il 29 gennaio 2014 sulle misure strutturali da adottare per migliorare la solidità degli istituti di credito nell’UE; la proposta di un regolamento sugli indici utilizzati come benchmark degli strumenti e contratti finanziari; il meccanismo di vigilanza unico europeo; la proposta di un

meccanismo di risoluzione unico a livello europeo e la proposta di una Direttiva

2 Si veda in particolare: FMI – Aggiornamento delle Prospettive dell’economia mondiale – gennaio 2014 e Rapporto dei G20 sulle Prospettive mondiali e sulle sfide politiche – febbraio 2014, Ocse – Le Prospettive dell’economia mondiale – novembre 2013

			europea sul risanamento e risoluzione delle banche; la norma finale della regolamentazione sulle banche estere che impone determinati requisiti di liquidità, capitale e di altro tipo a livello prudenziale adottata dalla Federal Reserve statunitense; la proposta della Federal Reserve statunitense relativa ai rapporti di liquidità per le banche di grandi dimensioni; e la “Xxxxxxx” Rule che impone alcune limitazioni agli investimenti in hedge fund e fondi di private equity, alla loro sponsorizzazione, nonché alle attività di proprietary trading (delle banche statunitensi e in parte anche delle banche non statunitensi) che è stata recentemente adottata dalle autorità di regolamentazione statunitensi. Più in generale, le autorità di regolamentazione e legislative di qualsiasi paese possono, in qualsiasi momento, introdurre l’applicazione di nuove o differenti misure che potrebbero avere un impatto importante sul sistema finanziario in generale o su BNPP in particolare.
B.19/B.5	Descrizione del Gruppo		BNPP è un leader europeo nei servizi bancari e finanziari e ha quattro mercati bancari retail nazionali in Europa: Belgio, Francia, Italia e Lussemburgo. È presente in 75 paesi e dispone di quasi 185.000 dipendenti, inclusi oltre 141.000 in Europa. BNPP è la controllante del Gruppo BNP Paribas (il “Gruppo BNPP”)
B.19/B.9	Previsione o stima degli utili		Il piano di sviluppo del Gruppo nel periodo 2014-2016 conferma il modello di business di banca universale, incentrato su tre pilastri: Retail Banking, CIB e Investment Solutions. L’obiettivo del piano di sviluppo aziendale 2014-2016 consiste nel supportare i clienti in un contesto mutevole. L’obiettivo in termini di ritorno sul capitale fino al 2016 è pari almeno al 10%. Il Gruppo ha definito le cinque priorità strategiche seguenti per il 2016: • valorizzare l’attenzione e i servizi al cliente • semplicità: semplificare la nostra organizzazione e le nostre modalità operative • efficienza: continuare ad accrescere l’efficienza operativa • adeguare talune attività al contesto economico e normativo di riferimento • implementare iniziative di sviluppo aziendale.
B.19/ B.10	Riserve nella relazione dei revisori		Non applicabile, non vi sono riserve in alcuna relazione dei revisori sulle informazioni finanziarie relative agli esercizi passati incluse nel Prospetto di Base.
B.19/ B.12	Informazioni finanziarie fondamentali selezionate relative agli esercizi passati: Dati Finanziari Annuali Comparativi - In milioni di EUR
			31/12/2013*	31/12/2012
		Ricavi	38.409	39.072
		Costo del rischio	(3.801)	(3.941)
		Reddito netto, quota del Gruppo	4.818	6.564

	*Riformulato
		31/12/2013	31/12/2012
	Common Equity Tier 1 Ratio (Basilea 2,5)	10,3%	9,9%
	Totale bilancio consolidato	1.810.535*	1.907.200
	Crediti verso clienti e finanziamenti consolidati	612.455*	630.520
	Voci consolidate di debito verso clienti	553.497*	539.513
	Patrimonio netto (quota del Gruppo)	87.447*	85.444
	* Riclassificato in base all’applicazione dei principi contabili IFRS10, IFRS11 e IAS 32 rivisto
	Dati finanziari infrannuali comparativi in EUR
		31/03/2014	31/03/2013*
	Ricavi	9.913	9.972
	Costo del rischio	(1.084)	(911)
	Reddito netto, quota del Gruppo	1.668	1.585
	* Riclassificato
		31/03/2014	31/12/2013
	Common Equity Tier 1 Ratio (Basilea 3 fully loaded)	10,6%	10,3%
	Totale bilancio consolidato	1.882.756	1.810.522*
	Crediti verso clienti e finanziamenti consolidati	618.791	612.455*
	Voci consolidate di debito verso clienti	566.833	553.497*
	Patrimonio netto (quota del Gruppo)	89.969	87.433*
	* Riclassificato in base all’applicazione dei principi contabili IFRS10, IFRS11 e IAS32 rivisto
Dichiarazioni di assenza di cambiamenti significativi o negativi sostanziali Si veda l'Elemento B.12 che precede nel caso del Gruppo BNPP. Fatto salvo quanto previsto nel paragrafo seguente, non sono stati rilevati cambiamenti negativi

sostanziali nelle prospettive dell’Emittente o del Gruppo BNPP dal 31 dicembre 2013.

A seguito di discussioni intercorse con il Dipartimento di Giustizia USA e l’Ufficio del Procuratore Distrettuale della Contea di New York, fra altri organi statunitensi di regolamentazione e altre autorità di legge preposte nonché altre entità governative, la Banca ha condotto per molti anni una revisione interna a posteriori circa taluni pagamenti in dollari USA riguardanti paesi, persone ed entità che potrebbero essere divenuti oggetto di sanzioni economiche ai sensi della legge statunitense, al fine di stabilire ove la Banca avesse, nello svolgimento della sua attività, adempiuto a tali leggi. La revisione ha individuato un volume consistente di operazioni le quali, benché non vietate per legge nei paesi dove le entità della Banca hanno avviato tali operazioni, erano denominate in dollari USA e pertanto ritenute potenzialmente inammissibili ai sensi dei regolamenti USA e, segnatamente, da parte dell’Ufficio di Controllo sui Beni Stranieri (OFAC). A dicembre, a seguito della presentazione degli esiti di questa revisione alle autorità statunitensi, conformemente con i requisiti IFRS, la Banca ha operato uno stanziamento di 1,1 miliardi di USD (0,8 miliardi di EUR) in bilancio per il quarto trimestre del 2013. Le autorità statunitensi non si sono espresse in merito all’adeguatezza o ragionevolezza di tale stanziamento. Le discussioni da allora intercorse dimostrano che sussistono notevoli incertezze circa la natura e l’ammontare delle penali che le autorità USA potrebbero imporre alla Banca al termine del processo in corso. L’importo delle ammende potrebbe superare sensibilmente l’importo stanziato. La Banca prosegue le discussioni.

B.19/ B.13

Eventi aventi un impatto sulla solvibilità del

Garante

Per quanto a conoscenza di BNPP non si sono verificati eventi sostanzialmente rilevanti per la valutazione della solvibilità di BNPP dal 31 dicembre 2013, salvo quanto stabilito nel penultimo paragrafo dell’elemento B.12 della presente Nota di Sintesi.

B.19/ B.14

Dipendenza da altri soggetti del Gruppo

Salvo quanto previsto dal seguente paragrafo, BNPP non è dipendente da altri membri del Gruppo BNPP.

Nell’aprile 2004, BNPP ha iniziato l’esternalizzazione dei Servizi di Gestione delle Infrastrutture IT all’associazione in partecipazione “BNP Paribas Partners for Innovation” (BP²I) costituita con IBM France alla fine del 2003. BP²I fornisce Servizi di Gestione delle Infrastrutture IT a BNPP e a varie controllate di BNPP in Francia, Svizzera e Italia. A metà dicembre 2011, BNPP ha rinnovato il suo contratto con IBM France fino alla fine del 2017. Alla fine del 2012, le parti hanno stipulato un contratto per estendere progressivamente questo accordo a BNP Paribas Fortis a partire dal 2013. BP²I è controllata al 50% da BNPP e al 50% da IBM France; IBM France è responsabile delle operazioni quotidiane, con un forte impegno di BNPP quale importante azionista.

Si veda anche l'Elemento B.5 che precede.

B.19/ B.15

Principali attività

BNP Paribas detiene posizioni importanti nelle sue tre attività:

• Retail Banking, che comprende:

• una serie di Mercati Nazionali, inclusi:

• French Retail Banking (FRB),

• BNL banca commerciale (BNL bc), l’attività bancaria retail italiana,

• Belgian Retail Banking (BRB),

• Attività di Altri Mercati Nazionali, tra cui Luxembourg Retail

Banking (LRB);

• International Retail Banking, che include:

• Europe-Mediterranean,

• BancWest;

• Personal Finance;

• Investment Solutions;

• Corporate and Investment Banking (CIB).

B.19/ B.16

Azionisti di controllo

Nessuno degli azionisti esistenti controlla, direttamente o indirettamente, BNPP. Gli azionisti principali sono Société Fédérale de Participations et d’Investissement (SFPI), una società per azioni di interesse pubblico che agisce per conto del Governo belga, che detiene il 10,3% del capitale sociale al 30 giugno 2013; AXA, che detiene il 2,9% del capitale sociale al 30 giugno 2013, e il Granducato di Lussemburgo, che detiene l’1,0% del capitale sociale al 30 giugno 2013. Per quanto a conoscenza di BNPP, nessun azionista diverso da SFPI detiene più del

5% del suo capitale o dei suoi diritti di voto.

B.19/ B.17

Rating

I rating del credito a lungo termine di BNPP sono A+ con creditwatch negativo (Standard & Poor's Credit Market Services France SAS), A1 con outlook negativo (Moody's Investors Service Ltd.) e A+ con outlook stabile (Fitch France S.A.S.)

Il rating di un titolo non costituisce una raccomandazione ad acquistare, vendere o detenere titoli, e può essere soggetto a sospensione, riduzione o ritiro in qualsiasi momento da parte dell’agenzia di rating che l’ha assegnato.

Sezione C – Titoli

Elemento

Titolo

C.1

Tipo e classe di Xxxxxx/ISIN

I Xxxxxx sono certificates (i“Certificates”) e sono emessi in Serie.

Il Numero di Serie dei Titoli è C1545UR. Il numero della Tranche è 1. Il codice ISIN è NL0010728978

Il Common Code è 111325073

Il Codice di Negoziazione è P28978

I Titoli sono Titoli Regolati in Contanti.

C.2

Valuta

La valuta della presente Serie di Titoli è l’Euro ("EUR").

C.5

Restrizioni alla libera trasferibilità

I Titoli saranno liberamente trasferibili, fatte salve le restrizioni all’offerta e alla vendita negli Stati Uniti, nello Spazio Economico Europeo, in Austria, in Belgio, nella Repubblica Ceca, in Francia, in Finlandia, in Germania,in Ungheria, in Irlanda, in

Elemento

Titolo

Portogallo, in Spagna, in Svezia, nella Repubblica italiana, nei Paesi Bassi, in Polonia,

nel Regno Unito, in Giappone e in Australia e ai sensi della Direttiva sui Prospetti e delle leggi di ogni giurisdizione in cui i relativi Xxxxxx sono offerti o venduti.

C.8

Diritti connessi ai Titoli

I Xxxxxx emessi ai sensi del Programma avranno termini e condizioni relativi, tra l’altro, a:

Status

I Titoli sono emessi su base non garantita. I Titoli emessi su base non garantita costituiscono obbligazioni dirette, incondizionate, non garantite e non subordinate dell’Emittente e hanno e avranno pari priorità tra esse e almeno pari priorità rispetto a ogni altro debito diretto, incondizionato, non garantito e non subordinato dell’Emittente

(salvo per debiti privilegiati per legge).

Tassazione

Il Portatore deve pagare tutte le tasse, imposte e/o spese derivanti dall’esercizio e dal regolamento o rimborso dei Titoli W&C e/o dalla consegna o dalla cessione del Diritto Spettante. L’Emittente detrarrà dagli importi pagabili o dai beni consegnabili ai Portatori le tasse e spese non previamente detratte da importi pagati o da beni consegnati ai

Portatori che l’Agente per il Calcolo determini essere attribuibili ai Titoli W&C.

Divieto di costituzione di garanzie reali (negative pledge)

I termini dei Titoli non conterranno alcuna clausola di divieto di costituzione di garanzie reali.

Eventi di Inadempimento

I termini dei Titoli non conterranno eventi di inadempimento.

Assemblee

I termini dei Titoli conterranno disposizioni per la convocazione di assemblee dei portatori di tali Xxxxxx per valutare questioni aventi un impatto sui loro interessi in generale. Tali disposizioni consentono a maggioranze definite di vincolare tutti i portatori, inclusi i portatori che non abbiano partecipato e votato all’assemblea del caso e

i titolari che abbiano votato in maniera contraria alla maggioranza.

Legge applicabile

I Titoli W&C, l'Accordo di Agenzia di diritto inglese (e sue successive modifiche e integrazioni), la Garanzia correlata in relazione ai Titoli W&C e ogni obbligazione non contrattuale derivante da o in relazione ai Xxxxxx W&C, l'Accordo di Agenzia di diritto inglese (e sue successive modifiche e integrazioni) e la Garanzia in relazione ai Titoli W&C saranno disciplinati dalla legge inglese e dovranno essere interpretati alla stregua

della stessa.

C.9

Interessi/ Rimborso

Interessi

I Xxxxxx non maturano e non pagano interessi, ma pagano un importo premio di EUR8 il 30 ottobre 2014

Elemento

Titolo

Liquidazione

A meno che sia già stato liquidato o annullato, ciascun Titolo sarà liquidato come indicato nell’Elemento C.18.

I Certificates possono essere liquidati anticipatamente al verificarsi di un Evento di Turbativa Aggiuntivo, un Evento di Turbativa Aggiuntivo Opzionale, un Evento Straordinario, un Evento di Rettifica Potenziale o se l'adempimento delle obbligazioni dell'Emittente ai sensi dei Titoli diventa contraria alla legge o impossibile per motivi di forza maggiore o per legge. L'importo pagabile ai sensi dei Titoli in caso di liquidazione anticipata sarà pari al valore di mercato di ciascun Titolo

Rappresentante dei Portatori dei Titoli

L’Emittente non ha nominato alcun Rappresentante dei Portatori dei Titoli.

Si veda anche l'Elemento C.8 che precede per quanto riguarda i diritti connessi ai Titoli.

C.10

Componente derivata per quanto riguarda il pagamento

degli interessi

Non applicabile.

C.11

Ammissione alla negoziazione

È stata presentata richiesta di ammissione alla quotazione dei Titoli su Borsa Italiana ai fini della loro distribuzione e successiva ammissione alle negoziazioni sul mercato SeDeX, organizzato e gestito da Borsa Italiana S.p.A.

C.15

Come il valore dell'investimento in titoli derivati è influenzato dal valore degli strumenti

sottostanti

L’eventuale importo pagabile al momento del rimborso è calcolato con riferimento alle azioni ordinarie di Intesa Sanpaolo Spa. (codice Reuters: ISP IM) (il “Sottostante di Riferimento”). Si veda l'Elemento C.9 che precede e l'Elemento C.18 che segue.

C.16

Scadenza dei titoli derivati

La Data di Esercizio dei Titoli è il 19 ottobre 2017 e la Data di Liquidazione è il 26 ottobre 2017.

C.17

Procedura di Regolamento

I Titoli sono regolati in contanti.

L’Emittente non può modificare il regolamento.

C.18

Rendimento degli strumenti derivati

Si veda l’Elemento C.8 che precede per i diritti connessi ai Titoli.

Regolamento

I Certificates saranno esercitati automaticamente alla Data di esercizio. Al momento dell'esercizio automatico ogni Certificates dà diritto al Portatore di ricevere alla Data di

Elemento

Titolo

Min(Max (FR Flo

or Percentage , FR Gear

Liquidazione un Importo di Liquidazione in Contanti pari al Payout Finale.

Il "Payout Finale" è un importo pari a Importo Nozionale moltiplicato per SPS Payout.

SPS Payout significa Titoli Standard Autocall

(G) se il Valore della Barriera FR è maggiore o uguale al Livello della Condizione di Liquidazione Finale:

100% + Tasso d’uscita FR; o

(H) se il Valore della Barriera FR è minore del Livello della Condizione di Liquidazione Finale e non si è verificato alcun Evento Knock-in:

100% + Coupon Airbag Percentage; o

(I) se il Valore della Barriera FR è minore del Livello della Condizione di Liquidazione Finale e si è verificato un Evento Knock-in:

Min (100%, Valore di Liquidazione Finale).

Descrizione del Payout

Il Payout include:

• se il Valore della Barriera FR alla Data di Valutazione della Barriera FR SPS è maggiore o uguale al Livello della Condizione Finale, il 100% più un exit rate finale (pari all'Exit Rate FR);

• se il Valore della Barriera FR alla Data di Valutazione della Barriera FR SPS è minore del Livello della Condizione di Liquidazione Finale e non si è verificato alcun Evento Knock-in, il 100% più una percentuale fissa; o

• se il Valore della Barriera FR alla Data di Valutazione della Barriera FR SPS è minore del Livello della Condizione di Liquidazione Finale e si è verificato un Evento Knock-in, il minimo tra il 100% e l'indicizzazione al valore del/dei Sottostante/i di Riferimento.

Importo Nozionale significa EUR 100;

Tasso d’uscita FR significa FR Athena Up Rate;

ing × (FR Value - FR Strike Percentage ) + FR Spread), FR Cap Percentage ) + FR Constant Percentage

Dove:

Cap è applicabile

FR Floor Percentage significa 0%;

FR Gearing significa 200%

FR Strike Percentage significa 100%;

FR Spread significa 0%;

FR Cap Percentage significa 50%;

Elemento

Titolo

FR Constant Percentage significa 0%;

FR Value significa il Valore del Sottostante di Riferimento;

Valore del Sottostante di Riferimento significa, con riferimento ad un Sottostante di Riferimento e ad una Data di Valutazione SPS, (i) il Valore del Prezzo di Chiusura del Sottostante di Riferimento per tale Sottostante di Riferimento in relazione a tale Data di Valutazione SPS, (ii) diviso per il relativo Prezzo di Strike del Sottostante di Riferimento;

Sottostante di Riferimento è indicato alla voce C.20;

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Data di Valutazione SPS significa la Data di Valutazione FR SPS

Data di Valutazione FR SPS significa la Data di Valutazione Liquidazione;

Data di Valutazione della Liquidazione significa 19 ottobre 2017

Prezzo di Strike del Sottostante di Riferimento significa con riferimento ad un Sottostante di Riferimento il Valore del Prezzo di Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Dove:

Data di Valutazione SPS significa la Data di Strike;

Data di Strike significa 20 ottobre 2014;

Coupon Airbag Percentage significa 0%

Valore della Barriera FR significa il Valore del Sottostante di Riferimento;

Valore del Sottostante di Riferimento significa, con riferimento ad un Sottostante di Riferimento e ad una Data di Valutazione SPS, (i) il Valore del Prezzo di Chiusura del Sottostante di Riferimento per tale Sottostante di Riferimento in relazione a tale Data di Valutazione SPS, (ii) diviso per il relativo Prezzo di Strike del Sottostante di Riferimento;

Sottostante di Riferimento è indicato alla voce C.20;

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Data di Valutazione SPS significa la Data di Valutazione della Barriera FR SPS;

Elemento

Titolo

Data di Valutazione della Barriera FR SPS significa la Data di Valutazione della Liquidazione;

Data di Valutazione della Liquidazione significa 19 ottobre 2017

Prezzo di Strike del Sottostante di Riferimento significa, in relazione ad un Sottostante di Riferimento, il Valore del Prezzo di Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Dove:

Data di Valutazione SPS significa la Data di Strike;

Data di Strike significa 20 ottobre 2014

Livello della Condizione di Liquidazione Finale significa 100%

Valore di Liquidazione Finale significa il Valore del Sottostante di Riferimento;

Sottostante di Riferimento è indicato alla voce C2.0 che segue;

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Data di Valutazione SPS significa la Data di Valutazione della Liquidazione SPS;

Data di Valutazione della Liquidazione SPS significa la Data di Valutazione della Liquidazione

Data di Valutazione della Liquidazione significa 19 ottobre 2017

Prezzo di Strike del Sottostante di Riferimento significa, in relazione ad un Sottostante di Riferimento, il Valore del Prezzo di Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Dove:

Data di Valutazione SPS significa la Data di Strike;

Data di Strike significa 20 ottobre 2014

Elemento

Titolo

Prezzo di Riferimento dei Titoli Italiani significa il Prezzo di Riferimento, ovvero, in relazione ad una Azione, il prezzo pubblicato dalla Borsa Italiana a chiusura delle negoziazioni e avente il significato ad esso attribuito ai sensi del Regolamento dei Mercati organizzati e gestiti da Borsa Italiana, come di volta in volta modificato da Borsa Italiana.

Disposizioni per la determinazione dell’Evento di Knock-in

Evento di Knock-in: applicabile;

Evento di Knock-in significa che il Valore di Knock-in è inferiore al Livello di Knock- in alla Data di Determinazione del Knock-in.

Livello di Knock-in significa 70%;

Valore di Knock-in significa il Valore del Sottostante di Riferimento;

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Data di Valutazione SPS significa la Data di Determinazione del Knock-in;

Data di Determinazione del Knock-in significa la Data di Valutazione della Liquidazione;

Data di Valutazione della Liquidazione significa 19 ottobre 2017

Prezzo di Strike del Sottostante di Riferimento significa, in relazione ad un Sottostante di Riferimento, il Valore del Prezzo di Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Dove:

Data di Valutazione SPS significa la Data di Strike;

Data di Strike significa 20 ottobre 2014

Liquidazione Anticipata Automatica

Qualora alla Data di Valutazione della Liquidazione Anticipata Automatica si verifichi un Evento di Liquidazione Anticipata Automatica i Titoli saranno liquidati anticipatamente alla Data di Liquidazione Anticipata Automatica per un valore pari

all’Importo di Liquidazione Anticipata Automatica.

Elemento

Titolo

L’Importo di Liquidazione Anticipata Automatica sarà pari al Calcolo della Liquidazione Anticipata Automatica SPS.

Il "Calcolo della Liquidazione Anticipata Automatica SPS" è: Ammontare Nozionale x (100% + Tasso d’uscita AER)

Ammontare Nominale significa EUR 100;

Tasso d’uscita AER significa il relativo Tasso AER;

Evento di Liquidazione Anticipata Automatica significa che alla Data di Valutazione della Liquidazione Anticipata Automatica il Valore SPS AER è maggiore o uguale al Livello di Liquidazione Anticipata Automatica;

Valore SPS AER significa il Valore del Sottostante di Riferimento;

Sottostante di Riferimento è indicato alla voce C.20.

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa con riferimento ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in relazione a tale giorno;

Data di Valutazione SPS significa ciascuna delle Date di Valutazione della Liquidazione Anticipata Automatica.

Prezzo di Strike del Sottostante di Riferimento significa, in relazione ad un Sottostante di Riferimento, il Valore del Prezzo di Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Chiusura in tale giorno;

Dove:

Data di Valutazione della Liquidazione Anticipata

Automaticai

Livello di Liquidazione Anticipata Automaticai

Data di Liquidazione Anticipata Automaticai

Tasso AER

20 ottobre 2015

100%

30 ottobre 2015

20 ottobre 2016

100%

27 ottobre 2016

18%

Elemento

Titolo

Data di Valutazione SPS significa la Data di Strike;

Data di Strike significa 20 ottobre2014

Le previsioni di cui sopra sono soggette a rettifiche secondo quanto previsto nelle condizioni dei Titoli al fine di tenere in considerazioni eventi in relazione al Sottostante di Riferimento o ai Titoli. Questo potrebbe comportare degli aggiustamenti dei Titoli, o in alcuni casi, la liquidazione anticipata dei Titoli all’importo di liquidazione anticipata

(si veda l'Elemento C.9).

C.19

Prezzo di riferimento finale del

Sottostante

Il prezzo di riferimento finale del sottostante sarà determinato in conformità ai meccanismi di valutazione indicati nell’Elemento C.9 e nell’Elemento C.18 che precede.

C.20

Sottostante di Riferimento

Il Sottostante di Riferimento indicato all'Elemento C.9. Informazioni sul Sottostante di Riferimento possono essere ottenute da xxx.xxxxxxxxxxxxx.xx

Sezione D - Rischi

Elemento	Titolo
D.2	Rischi fondamentali relativi agli Emittenti e ai Garanti	Vi sono certi fattori che possono avere un impatto sulla capacità dell’Emittente di adempiere le proprie obbligazioni ai sensi dei Titoli emessi ai sensi del Programma e, se del caso, le obbligazioni del Garante ai sensi della Garanzia. Dodici categorie principali di rischio sono inerenti alle attività di BNPP:
		(a) Rischio di Credito;
		(b) Rischio di Controparte;
		(c) Cartolarizzazione;
		(d) Rischio di Mercato;
		(e) Rischio Operativo;
		(f) Rischio di Compliance e Rischio Reputazionale;
		(g) Rischio di Concentrazione;
		(h) Rischio di Gestione Patrimoniale;
		(i) Rischio di Break-even;

Elemento

Titolo

(j) Rischio di Strategia;

(k) Rischio di liquidità e di rifinanziamento;

(l) Rischio di sottoscrizione di assicurazione;

Le difficili condizioni di mercato ed economiche difficili potrebbero avere un effetto sostanzialmente pregiudizievole sul contesto operativo per le istituzioni finanziarie e quindi sulla situazione finanziaria, sui risultati operativi e sul costo del rischio di BNPP.

Gli interventi legislativi e le misure di regolamentazione adottate in risposta alla crisi finanziaria globale potrebbero avere un impatto significativo su BNPP e sul contesto finanziario ed economico in cui opera.

La possibilità di BNPP di accedere al, nonché il costo del, funding potrebbero risentire di un ritorno della crisi del debito sovrano della Zona Euro, del peggioramento delle condizioni economiche, di ulteriori riduzioni dei rating o di altri fattori.

Un aumento sostanziale dei nuovi accantonamenti o un ammanco nel livello degli accantonamenti precedentemente registrati potrebbero avere un impatto negativo sui risultati operativi e sulla situazione finanziaria di BNPP.

BNPP potrebbe subire perdite significative sulle sue attività di negoziazione e di investimento a causa di oscillazioni e della volatilità del mercato.

BNPP potrebbe generare ricavi inferiori dalle sue attività di intermediazione e altre attività basate su commissioni e provvigioni durante periodi di crisi dei mercati.

Il protrarsi della discesa dei mercati può ridurre la liquidità dei mercati, rendendo più difficile vendere attività e conducendo potenzialmente a perdite significative.

Mutamenti significativi dei tassi d’interesse potrebbero avere un impatto negativo sui ricavi o sulla redditività di BNPP.

La solidità e la condotta di altre istituzioni finanziarie e partecipanti del mercato potrebbero avere un impatto negativo su BNPP.

La posizione competitiva di BNPP potrebbe essere pregiudicata qualora la reputazione di BNPP sia danneggiata.

Una interruzione o violazione dei sistemi informativi di BNPP potrebbe avere come conseguenza una perdita di lavoro e altre perdite.

Eventi esterni imprevisti possono interrompere le attività di BNPP e causare perdite significative e costi aggiuntivi.

BNPP è soggetta a regimi di estesa regolamentazione in continua evoluzione nei paesi e nelle regioni in cui opera maggiormente.

Elemento

Titolo

Malgrado le politiche, procedure e modalità di gestione dei rischi di BNPP, la stessa potrebbe ancora essere esposta a rischi non identificati o imprevisti, che potrebbero causare perdite significative.

Le strategie di copertura di BNPP potrebbero non impedire perdite.

BNPP potrebbe incontrare difficoltà nell’integrare le società acquisite e potrebbe non essere in grado di realizzare i benefici attesi dalle sue acquisizioni.

La forte concorrenza, particolarmente in Francia dove BNPP detiene la più grande concentrazione di attività, potrebbe avere un impatto negativo sui ricavi e sulla redditività di BNPP.

I seguenti fattori di rischio riguardano BNPP B.V.: BNPP B.V. è una società operativa. L’unica attività di BNPP B.V. consiste nel raccogliere e mutuare somme di denaro emettendo strumenti finanziari come Notes, Warrant, Certificates o altre obbligazioni. BNPP B.V. non ha e non avrà beni al di fuori degli accordi di copertura (contratti OTC menzionati negli Annual Reports), contanti e commissioni pagabili alla stessa, o altre attività acquisite dalla stessa, in ciascun caso in relazione all’emissione di titoli o alla assunzione di altre obbligazioni agli stessi relative di volta in volta. BNPP B.V. has a small equity and limited profit base. I proventi netti di ciascuna emissione di Titoli emessi da BNPP B.V. diventeranno parte dei fondi generali di BNPP B.V. BNPP B.V. utilizza tali proventi per coprire il suo rischio di mercato attraverso l’acquisto di strumenti di copertura da BNP Paribas e da sue entità (“Accordi di Copertura”) e/o, nel caso di Xxxxxx Xxxxxxxxx, per acquistare Beni di Garanzia. La capacità di BNPP B.V. di adempiere le sue obbligazioni ai sensi dei Titoli emessi dalla stessa dipenderà dal ricevimento da parte della stessa di pagamenti ai sensi dei relativi Accordi di Copertura. Pertanto, i Portatori di Titoli di BNPP B.V. saranno esposti, fatte salve le disposizioni della relativa Garanzia, alla capacità di BNP Paribas e di sue entità in relazione a tali Accordi di Copertura di adempiere le proprie

obbligazioni ai sensi dei predetti accordi.

D.3

Rischi chiave relativi ai Xxxxxx

Esistono certi fattori che sono rilevanti ai fini della valutazione dei rischi di mercato associati ai Titoli emessi ai sensi del Programma, questi comprendono quanto segue:

- i Titoli (esclusi i Xxxxxx Xxxxxxxxx) sono obbligazioni non garantite;

- il prezzo di negoziazione dei Titoli è influenzato da vari fattori, tra cui, a mero titolo esemplificativo, il prezzo del o dei relativi Sottostanti di Riferimento, il periodo di tempo residuo prima della scadenza o della liquidazione e la volatilità, e tali fattori implicano che il prezzo di negoziazione dei Titoli può essere inferiore all’Importo di Liquidazione Finale o all’Importo di Regolamento in Contanti o al valore del Diritto Spettante

- l’esposizione al Sottostante di Riferimento in molti casi sarà realizzata tramite la stipula da parte del relativo Emittente di accordi di copertura e i potenziali

investitori sono esposti all’andamento di questi accordi di copertura e ad eventi

Elemento

Titolo

che possono avere un effetto sugli accordi di copertura e, di conseguenza, il verificarsi di uno di questi eventi può avere un effetto sul valore dei Titoli;

- il verificarsi di un ulteriore evento di turbativa o di un evento di turbativa ulteriore opzionale può portare a una rettifica dei Titoli, a un annullamento (nel caso di Warrant) o a una liquidazione anticipata (nel caso di Notes e di Certificates) o può avere come conseguenza una differenza tra l’importo pagabile al momento della liquidazione programmata e l’importo che si prevede sia pagato al momento della liquidazione programmata e, di conseguenza, il verificarsi di un evento di turbativa ulteriore e/o di un evento di turbativa ulteriore opzionale può avere un effetto pregiudizievole sul valore o sulla liquidità dei Titoli

- potrebbero essere pagabili spese e tasse in relazione ai Titoli;

- i Titoli potrebbero essere annullati (nel caso di Warrant) o liquidati (nel caso di Notes e di Certificates) nel caso di illegalità o impossibilità, e tale annullamento o liquidazione potrebbe avere come conseguenza il fatto che un investitore non realizzi un ritorno su un investimento nei Titoli

- una decisione giudiziaria o un mutamento di una prassi amministrativa o una modifica della legge inglese dopo la data del Prospetto di Base potrebbero avere un impatto sostanzialmente pregiudizievole sul valore dei Titoli da essi influenzati;

- un abbassamento dell’eventuale rating assegnato a titoli di debito in essere dell’Emittente o del Garante da parte di un’agenzia di rating potrebbe causare una riduzione del valore di negoziazione dei Titoli;

- potrebbero sorgere certi conflitti di interessi (si veda l'Elemento E.4 che segue);

- il solo modo per un Portatore di realizzare valore da un Titolo prima della sua Data di Esercizio, Data di Scadenza o Data di Liquidazione, a seconda dei casi, consiste nel vendere tale Titolo al suo prezzo di mercato allora corrente in un mercato secondario disponibile e potrebbe non esservi alcun mercato secondario per i Titoli (nel qual caso un investitore dovrebbe esercitare o aspettare fino alla liquidazione dei Titoli per realizzare un valore superiore al valore di negoziazione)

Inoltre, esistono rischi specifici in relazione ai Titoli che sono legati a un Sottostante di Riferimento (inclusi Titoli Ibridi) e un investimento in tali Titoli comporterà rischi significativi non associati a un investimento in un titolo di debito tradizionale. I fattori di rischio relativi ai Titoli Legati a un Sottostante di Riferimento includono:

l’esposizione alle Azioni che comporta l'esposizione per gli investitori a rischi di mercato simili a quelli di un investimento diretto in capitale azionario, eventi di rettifica potenziali, eventi straordinari aventi un effetto sulle Azioni ed eventi di turbativa del mercato o la mancata apertura di una borsa, che potrebbero avere un effetto negativo sul valore e sulla liquidità dei Titoli;

e il rischio che l’Emittente non fornisca informazioni poste-emissione in relazione

Elemento

Titolo

al Sottostante di Riferimento

In certe circostanze i Portatori potrebbero perdere l’intero valore del loro investimento.

D.6

Avvertenza relativa ai rischi

Si veda l'Elemento D.3 che precede.

Nel caso di insolvenza di un Emittente o qualora lo stesso non sia altrimenti in grado di, o disposto a, rimborsare i Xxxxxx alla scadenza, un investitore potrebbe perdere tutto o parte del suo investimento nei Titoli.

Qualora il Garante non sia in grado di, o non sia disposto a, adempiere le proprie obbligazioni ai sensi della Garanzia dovute alla scadenza, un investitore potrebbe perdere tutto o parte del suo investimento nei Titoli.

Inoltre, gli investitori potrebbero perdere tutto o parte del loro investimento nei Titoli in conseguenza dei termini e condizioni dei Titoli stessi.

Sezione E - Offerta

Element o

Titolo

E.2b

Ragioni dell’offerta e utilizzo dei proventi

I proventi netti dell’emissione dei Titoli andranno a far parte dei fondi generali dell’Emittente. Tali proventi potranno essere utilizzati per mantenere posizioni in

contratti di opzioni o di future o altri strumenti di copertura

E.3

Termini e condizioni dell’offerta

L'emissione di Titoli è effettuata in Italia come Offerta Non Esente , dal 6 ottobre 2014 al 20 ottobre 2014 a condizione di qualsiasi chiusura anticipata.

Il prezzo di emissione dei Titoli è pari a EUR 100.

E.4

Interesse di persone fisiche e giuridiche coinvolte nell’emissione / offerta

Ognuno di tali Collocatori e le sue collegate possono inoltre avere intrapreso, e possono intraprendere in futuro, operazioni di investment banking e/o di commercial banking con, e possono prestare altri servizi per, l’Emittente e l’eventuale Garante e le loro collegate nel corso della normale attività.

Xxxxx salvo quanto sopra menzionato, nessun soggetto coinvolto nell'emissione dei Titoli ha un interesse sostanziale nell'offerta, inclusi conflitti di interessi.

E.7

Spese addebitate all’investitore dall’Emittente o da

un offerente

Xxxxxxx spesa sarà addebitata ad un investitore da parte dell'Emittente.

TERMS AND CONDITIONS OF THE W&C SECURITIES

The following is the text of the Terms and Conditions of the W&C Securities which will include the additional terms and conditions contained in Annex 1 in relation to the payouts for W&C Securities, the addition terms and conditions contained in Annex 2 in the case of Index Securities, the additional terms and conditions contained in Annex 3 in the case of Share Securities, the additional terms and conditions contained in Annex 4 in the case of ETI Securities, the additional terms and conditions contained in Annex 5 in the case of Debt Securities, the additional terms and conditions contained in Annex 6 in the case of Commodity Securities, the additional terms and conditions contained in Annex 7 in the case of Inflation Index Securities, the additional terms and conditions contained in Annex 8 in the case of Currency Securities, the additional terms and conditions contained in Annex 9 in the case of Fund Securities, the additional terms and conditions contained in Annex 10 in the case of Futures Securities, the additional terms and conditions contained in Annex 11 in the case of Underlying Interest Rate Securities, the additional terms and conditions contained in Annex 12 in the case of Credit Securities, the additional terms and conditions contained in Annex 13 in the case of Secured Securities, the additional terms and conditions contained in Annex 14 in the case of Preference Share Certificates, the additional terms and conditions contained in Annex 15 in the case of OET Certificates or any other Annex (each, an "Annex" and, together the "Annexes") which may be added from time to time, in the case of any other security linked to any other underlying reference (the "Terms and Conditions") which, in the case of English Law Securities (as defined in Condition 1 below), will be incorporated by reference into each Clearing System Global Security, Private Placement Definitive Security or Registered Global Security (each as defined below), or in the case of Italian Dematerialised Securities (as defined below) will apply to such W&C Securities. In the case of English Law Securities (other than Swedish Dematerialised Securities, Finnish Dematerialised Securities, Italian Dematerialised Securities or Swiss Dematerialised Securities), the applicable Final Terms (or the relevant provisions thereof) will be attached to each Clearing System Global Security, Private Placement Definitive Security or Registered Global Security, as the case may be. In the case of Swedish Dematerialised Securities, Finnish Dematerialised Securities, Italian Dematerialised Securities and Swiss Dematerialised Securities, the applicable Final Terms in respect of such W&C Securities will be available at the specified office of the relevant Issuer and at the office of the Swedish Security Agent, Finnish Security Agent, Italian Security Agent or Swiss Security Agent, as applicable, in each case specified in the applicable Final Terms. The provisions in respect of Registered Securities and U.S. Securities (each as defined below) relate to English Law Securities only.

For the purposes of W&C Securities which are neither admitted to trading on a regulated market in the European Economic Area nor offered in the European Economic Area in circumstances where a prospectus is required to be published under the Prospectus Directive ("Exempt Securities"), references in these Terms and Conditions to "Final Terms" shall be deemed to be references to "Pricing Supplement". The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive) to the extent implemented in the relevant Member Sate of the European Economic Area and includes any relevant implementing measure in the relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.

The series of W&C Securities described in the applicable Final Terms (in so far as it relates to such series of W&C Securities) (such W&C Securities being hereinafter referred to as the "W&C Securities") are issued by whichever of BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V."), BNP Paribas ("BNPP"), BNP Paribas Fortis Funding ("BP2F") or BGL BNP Paribas ("BGL" (either directly or, if so specified in the applicable Final Terms, acting through a specified branch ("Specified Branch")) is specified as the Issuer in the applicable Final Terms (the "Issuer") and references to the Issuer shall be construed accordingly. W&C Securities will be either warrants ("Warrants") or certificates ("Certificates"), as specified in the applicable Final Terms, and references in these Terms and Conditions to "W&C Security", "W&C Securities", "Warrant", "Warrants", "Certificate" and "Certificates" will be construed accordingly.

As used herein, "Tranche" means W&C Securities which are identical in all respects (including as to listing and admission to trading) and "Series" means a Tranche of W&C Securities together with any further Tranche or Tranches of W&C Securities which (i) are expressed to be consolidated and form a single series and (ii) have the same terms and conditions or terms and conditions which are the same in all respects save for the Issue Date, Issue Price, the amount and date of the first payment of interest thereon (if any) and/or the date from which interest starts to accrue (if any), as applicable.

The W&C Securities are issued pursuant to an Agency Agreement dated on or around 5 June 2014 (as amended and/or supplemented from time to time, the "Agency Agreement") between BNPP B.V. as issuer, BNPP as issuer, (where the Issuer is BNPP B.V.) as guarantor (in such capacity, the "BNPP Guarantor"), BP2F as issuer, BNP Paribas Fortis SA/NV ("BNPPF") as guarantor (where the Issuer is BP2F) (in such capacity, the "BNPPF Guarantor"), BGL as issuer, BNP Paribas Securities Services in Amsterdam as Dutch issuing and paying agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Amsterdam Security Agent"), BNP Paribas Securities Services, Branch in Spain as Spanish agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Madrid Security Agent"), BNP Paribas Securities Services, Luxembourg Branch as principal agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Principal Security Agent"), registrar (if specified in the applicable Final Terms as Registrar in respect of the Registered Securities) and collateral custodian, BNP Paribas Securities Services as French issuing and paying agent (the "French Security Agent"), BNP Paribas Arbitrage S.N.C. as principal agent (if specified in the applicable Final Terms as Agent in respect of the W&C Securities, the "Principal Security Agent") and collateral calculation agent. The Bank of New York Mellon as New York security agent (the "New York Security Agent"), The Bank of New York Mellon as definitive security agent (the "Definitive Security Agent"), BNP Paribas Securities Services, Xxxxx Xxxxxx as Italian agent (the "Italian Security Agent"), BNP Paribas Securities Services, Frankfurt Branch as Frankfurt warrant agent (the "Frankfurt Warrant Agent") and Frankfurt certificate agent (the "Frankfurt Certificate Agent"), BNP Paribas Securities Services, Succursale de Zurich as Swiss issuing and paying agent (each a "Security Agent" and collectively, the "Security Agents") and BNP Paribas Securities (Japan) Limited as registrar (if specified in the applicable Final Terms as Registrar in respect of the Registered Securities, and, together with BNP Paribas Securities Services, Luxembourg Branch, each a "Registrar"), as supplemented in the case of Swedish Dematerialised Securities by an issuing and paying agency agreement dated 4 January 2010 (as amended and/or supplemented from time to time, the "Swedish Agency Agreement") between BNPP B.V. and Svenska Handelsbanken AB (publ) as Euroclear Sweden security agent (the "Swedish Security Agent") and as supplemented in the case of Finnish Dematerialised Securities by an issuing and paying agency agreement dated 7 January 2013 (which may be amended and/or supplemented from time to time, the "Finnish Agency Agreement") between BNPP B.V. and Svenska Handelsbanken AB (publ) as Euroclear Finland security agent, (the "Finnish Security Agent"). The expression "Security Agent" shall include (i) in respect of Swedish Dematerialised Securities, the Swedish Security Agent and (ii) in respect of Finnish Dematerialised Securities, the Finnish Security Agent, and shall include any additional or successor security agent(s) in respect of the W&C Securities.

BNP Paribas or BNP Paribas Arbitrage S.N.C. (as specified in the applicable Final Terms) shall undertake the duties of calculation agent (the "Calculation Agent") in respect of the W&C Securities as set out below and in the applicable Final Terms unless another entity is so specified as calculation agent in the applicable Final Terms. The expression "Calculation Agent" shall, in relation to the relevant W&C Securities, include such other specified calculation agent.

The Agency Agreement will be governed by English Law in the case of English Law Securities (the "English Law Agency Agreement") and by French Law in the case of French Law Securities (the "French Law Agency Agreement"). The Swedish Agency Agreement will be governed by Swedish Law. The Finnish Agency Agreement will be governed by Finnish law.

The applicable Final Terms for the W&C Securities supplements these Terms and Conditions for the purposes of the W&C Securities. Except in the case of French Law Securities, Swedish Dematerialised Securities, Finnish Dematerialised Securities, Italian Dematerialised Securities or Swiss Dematerialised Securities, the applicable Final

Terms for the W&C Securities will be attached to each Global Security, each Private Placement Definitive Security and any Registered Certificates in definitive form.

References herein to the "applicable Final Terms" are to the Final Terms or two or more sets of Final Terms (in the case of any further W&C Securities issued pursuant to Condition 12 and forming a single series with the W&C Securities) (which, for the avoidance of doubt, may be issued in respect of more than one series of W&C Securities) insofar as they relate to the W&C Securities.

Subject as provided in Condition 4 and in the relevant Guarantee (as defined in Condition 1), where the Issuer is BNPP B.V., the obligations of BNPP B.V. with respect to physical delivery (if applicable) and/or the payment of amounts payable by BNPP B.V. are guaranteed by BNPP pursuant to the relevant BNPP Guarantee. Subject as provided in Condition 4 and in the relevant Guarantee (as defined in Condition 1), where the Issuer is BP2F, the obligations of BP2F with respect to physical delivery (if applicable) and/or the payment of amounts payable by BP2F are guaranteed by BNPPF pursuant to the BNPPF W&C Securities Guarantee. The original of each Guarantee is held by BNP Paribas Securities Services, Luxembourg Branch on behalf of the Holders at its specified office.

Copies of the Agency Agreement, the Guarantees and the applicable Final Terms may be obtained from the specified office of the relevant Security Agent and the Registrar (in the case of Registered Securities), save that if the W&C Securities are unlisted, the applicable Final Terms will only be obtainable by a Holder and such Holder must produce evidence satisfactory to the relevant Security Agent as to identity. Copies of the Swedish Agency Agreement and the BNPP English Law Guarantee will be available for inspection at the office of the Swedish Security Agent specified in the applicable Final Terms. Copies of the Finnish Agency Agreement and the BNPP English Law Guarantee will be available for inspection at the office of the Finnish Security Agent specified in the applicable Final Terms.

Words and expressions defined in the Agency Agreement or used in the applicable Final Terms shall have the same meanings where used in these Terms and Conditions unless the context otherwise requires or unless otherwise stated.

The Holders are entitled to the benefit of and are deemed to have notice of and are bound by all the provisions of the Agency Agreement (insofar as they relate to the W&C Securities) and the applicable Final Terms, which are binding on them.

1. DEFINITIONS

For the purposes of these Terms and Conditions, the following general definitions will apply: "Account Holder" is as defined in Condition 2.2;

"Actual Exercise Date" is as defined in Condition 20 and Condition 24.1(a); "Additional Disruption Event" is as defined in Condition 15.1; "Adjustment Date" is as defined in Condition 17(b);

"Affected Item" is as defined in this Condition 1 under the definition of Strike Date and in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Affected Relevant Assets" is as defined in Condition 15.1; "Affected Share" is as defined in Condition 15.2(e);

"Affiliate" means in relation to any entity (the "First Entity"), any entity controlled, directly or indirectly, by the First Entity, any entity that controls, directly or indirectly, the First Entity or any entity directly or indirectly under common control with the First Entity. For these purposes "control" means ownership of a majority of the voting power of an entity;

"Agency Agreement" is as defined in paragraph 5 of these Terms and Conditions;

"AIs" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates); "Alternate Cash Amount" is as defined in Condition 5.4;

"American Style Warrants" is as defined in Condition 22;

"Amsterdam Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Annex" is as defined in paragraph 1 of these Terms and Conditions;

"Asset Transfer Notice" is as defined in Condition 35.2(a);

"Automatic Early Redemption Amount" is as defined in Condition 34.9(b); "Automatic Early Redemption Event" is as defined in Condition 34.9(a) and 34.9(b); "Automatic Early Redemption Date" is as defined in Condition 34.9(b);

"Automatic Early Redemption Level" is as defined in Condition 34.9(b); "Automatic Early Redemption Valuation Date" is as defined in Condition 34.9(b); "Automatic Exercise" is as defined in Condition 22;

"Averaging" is as defined in Condition 22 (in the case of Warrants) and Condition 30 (in the case of Certificates);

"Averaging Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Basket Company" is as defined in Condition 15.2(e); "Basket Price" is as defined in Condition 34.9(b);

"Basket of Underlying References" is as defined in Condition 34.9(b); "BGL" is as defined in paragraph 3 of these Terms and Conditions; "BGL Substitute" is as defined in Condition 13.4;

"BNPP" is as defined in paragraph 3 of these Terms and Conditions; "BNPP B.V." is as defined in paragraph 3 of these Terms and Conditions;

"BNPP English Law W&C Guarantee" means a deed of guarantee dated on or around 5 June 2014 executed by BNPP in respect of English Law Securities issued by BNPP B.V.;

"BNPP Guarantee" means (a) in the case of English Law Securities, the BNPP English Law Guarantee and

(b) in the case of French Law Securities, the BNPP French Law W&C Guarantee;

"BNPP French Law W&C Guarantee" means the French Law Guarantee for unsecured W&C Securities, garantie, dated on or around 5 June 2014 executed by BNPP in respect of French Law Securities issued by BNPP B.V.;

"BNPP Guarantee" means (a) in the case of English Law Securities, the BNPP English Law W&C Guarantee and (b) in the case of French Law Securities, the BNPP French Law W&C Guarantee;

"BNPP Guarantor" is as defined in paragraph 4 of these Terms and Conditions; "BNPPF" is as defined in paragraph 4 of these Terms and Conditions;

"BNPPF W&C Securities Guarantee" means a deed of guarantee dated on or around 5 June 2014 executed by BNPPF in respect of W&C Securities issued by BP2F;

"BNPPF Guarantor" is as defined in paragraph 4 of these Terms and Conditions; "BP2F" is as defined in paragraph 3 of these Terms and Conditions;

"BP2F Substitute" is as defined in Condition 13.3;

"Business Day" means a day (other than a Saturday or Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the relevant Business Day Centre(s) and for the purposes of making payments in euro, any day on which the Trans- European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is open (a "TARGET2 Settlement Day") and (a) where the W&C Securities are Clearing System Securities, Registered Certificates or Italian Dematerialised Securities, a day on which the relevant Clearing System is open for business, (b) where the W&C Securities are Private Placement Definitive Securities, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York, (c) where the W&C Securities are Registered Warrants, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in Tokyo, (d) where the W&C Securities are Swedish Dematerialised Securities, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in Stockholm or (e) where the W&C Securities are Finnish Dematerialised Securities, a day (other than a Saturday or a Sunday) on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in Helsinki and on which Euroclear Finland and the relevant system in which the Finnish Dematerialised Securities are registered are open for business in accordance with the rules of Euroclear Finland;

"Calculated Additional Disruption Amount" is as defined in Condition 15.2(c)(ii);

"Calculated Additional Disruption Amount Determination Date" is as defined in Condition 15.2(c)(ii); "Calculation Agent" is as defined in paragraph 6 of these Terms and Conditions and Condition 32(b);

"Calculation Period" means each Interest Period, Premium Amount Period, AER Calculation Period, FR Calculation Period, Call Calculation Period or Put Calculation Period, as applicable;

"Call Warrants" is as defined in Condition 22; "Cancellation Event" is as defined in Condition 15.1; "Cash Settled Certificates" is as defined in Condition 30;

"Cash Settled Securities" means (a) in the case of an issue of Warrants, Cash Settled Warrants and (b) in the case of an issue of Certificates, Cash Settled Certificates;

"Cash Settled Warrants" is as defined in Condition 22;

"Cash Settlement Amount" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"CBF Certificates" is as defined in Condition 29; "CBF Warrants" is as defined in Condition 21;

"Certificates" is as defined in paragraph 3 of these Terms and Conditions; "Change in Law" is as defined in Condition 15.1;

"Clearing System" means Clearstream, Luxembourg and/or Euroclear and/or Euroclear France and/or Euroclear Netherlands and/or Euroclear Sweden and/or Euroclear Finland and/or DTC and/or Iberclear and/or Monte Titoli and/or Clearstream, Frankfurt and/or any additional or alternative clearing system approved by the Issuer and the relevant Security Agent(s) from time to time and specified in the applicable Final Terms;

"Clearing System Certificates" is as defined in Condition 29; "Clearing System Global Certificate" is as defined in Condition 29;

"Clearing System Global Security" means (a) in the case of an issue of Warrants, the Clearing System Global Warrant representing such Warrants and (b) in the case of an issue of Certificates, the Clearing System Global Certificate representing such Certificates;

"Clearing System Global Warrant" is as defined in Condition 21;

"Clearing System Securities" means (a) in the case of an issue of Warrants, Clearing System Warrants and

(b) in the case of an issue of Certificates, Clearing System Certificates; "Clearing System Warrants" is as defined in Condition 21;

"Clearstream, Frankfurt" means Clearstream Banking AG, Frankfurt am Main;

"Clearstream, Luxembourg" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Commodity OET Certificate" means a Commodity Security that is an OET Certificate; "Commodity Securities" is as defined in Condition 2.1;

"Common Depositary" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Credit Securities" is as defined in Condition 2.1; "Currency Event" is as defined in Condition 15.1;

"Currency OET Certificate" means a Currency Security that is an OET Certificate; "Currency Securities" is as defined in Condition 2.1;

"Custodian" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Cut-off Date" is as defined in Condition 25.9(c) (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Day Count Fraction" means, in respect of the calculation of a rate or an amount of interest for any Calculation Period if:

(i) "Actual/Actual (ICMA)" is specified in the applicable Final Terms:

(A) in the case of Certificates where the number of days in the relevant period from (and including) the most recent Interest Period End Date (or, if none, the Interest Commencement Date) to (but excluding) the relevant payment date (the "Accrual Period") is equal to or shorter than the Determination Period during which the Accrual Period ends, the number of days in such Accrual Period divided by the product of (I) the number of days in such Determination Period and (II) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; or

(B) in the case of Certificates where the Accrual Period is longer than the Determination Period during which the Accrual Period ends, the sum of:

(x) the number of days in such Accrual Period falling in the Determination Period in which the Accrual Period begins divided by the product of (a) the number of days in such Determination Period and (b) the number of Determination Dates (as specified in the applicable Final Terms) that would occur in one calendar year; and

(y) the number of days in such Accrual Period falling in the next Determination Period divided by the product of (a) the number of days in such Determination Period and

(b) the number of Determination Dates that would occur in one calendar year; "Determination Date(s)" means the date(s) specified in the applicable Final Terms;

"Determination Period" means each period from (and including) a Determination Date to but excluding the next Determination Date (including, where either the Interest Commencement Date or the Interest Period End Date is not a Determination Date, the period commencing on the first Determination Date prior to, and ending on the first Determination Date falling after, such date);

(ii) if "Actual/Actual (ISDA)" or "Actual/Actual" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (1) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (2) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365);

(iii) if "Actual/365 (Fixed)" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365;

(iv) if "Actual/365 (sterling)" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 365 or, in the case of a Calculation Period ending in a leap year, 366;

(v) if "Actual/360" is specified in the applicable Final Terms, the actual number of days in the Calculation Period divided by 360;

(vi) if "30/360", "360/360" or "Bond Basis" is specified in the applicable Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:

[360 × (Y2 – Y1)] + [30 × (M2 – M1)] + (D2 – D1)

Day Count Fraction = 360

where:

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number is 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30;

(vii) if "30E/360" or "Eurobond Basis" is specified in the applicable Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:

Day Count Fraction = [360 × (Y2 – Y1)] + [30 × (M2 – M1)] + (D2 – D1)

360

where:

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in which case D2 will be 30;

(viii) if "30E/360 (ISDA)" is specified in the applicable Final Terms, the number of days in the Calculation Period divided by 360, calculated on a formula basis as follows:

Day Count Fraction = [360 × (Y2 – Y1)] + [30 × (M2 – M1)] + (D2 – D1)

360

where:

"Y1" is the year, expressed as a number, in which the first day of the Calculation Period falls;

"Y2" is the year, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;

"M1" is the calendar month, expressed as a number, in which the first day of the Calculation Period falls;

"M2" is the calendar month, expressed as a number, in which the day immediately following the last day of the Calculation Period falls;

"D1" is the first calendar day, expressed as a number, of the Calculation Period, unless (A) that day is the last day of February or (B) such number would be 31, in which case D1 will be 30; and

"D2" is the calendar day, expressed as a number, immediately following the last day included in the Calculation Period, unless (A) that day is the last day of February but not the redemption date or (B) such number would be 31, in which case D2 will be 30.

Notwithstanding the foregoing, where the applicable Final Terms specifies that the relevant Day Count Fraction is "unadjusted", the Calculation Period and the Interest Amount payable on any date shall not, unless otherwise provided in the application Final Terms, be affected by the application of any Business Day Convention.

"Debt Securities" is as defined in Condition 2.1;

"Definitive Security Agent" is as defined in paragraph 4 of these Terms and Conditions; "Delivery Date" is as defined in Condition 35.2(c);

"Designated Account" is as defined in Condition 35.1; "Designated Bank" is as defined in Condition 35.1; "Designated Maturity" is as defined in Condition 32(b)(ii); "Disqualified Transferee" is as defined in Condition 2.4(c);

"Disruption Cash Settlement Price" is as defined in Condition 5.1;

"Distribution Compliance Period" means the period expiring 40 days after completion of the distribution of the relevant W&C Securities unless a longer period is specified in the applicable Final Terms. In such event, the Final Terms will specify the additional restrictions on transfer and exercise applicable to the W&C Securities;

"Documents" is as defined in Condition 13.2(b);

"DTC" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates); "due exercise" is as defined in Condition 24.4;

"English Law Agency Agreement" is as defined in paragraph 6 of these Terms and Conditions; "English Law Certificates" is as defined in Condition 28;

"English Law Securities" means (a) in the case of an issue of Warrants, English Law Warrants and (b) in the case of an issue of Certificates, English Law Certificates;

"English Law Warrants" is as defined in Condition 20;

"Entitlement" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Established Rate" is as defined in Condition 17(b);

"ETI OET Certificate" means an ETI Security that is an OET Certificate; "ETI Securities" is as defined in Condition 2.1;

"EURIBOR" is as defined in Condition 32(d)(i)(C); "euro" is as defined in Condition 17(b);

"Euroclear" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Euroclear Finland" means Euroclear Finland Ltd. (the Finnish Central Securities Depository);

"Euroclear Finland Register" means the register opened in the Euroclear Finland System for Finnish Dematerialised Securities issued or to be issued by the Issuer;

"Euroclear Finland System" means the technical system at Euroclear Finland for the registration of securities and the clearing and settlement of securities transactions;

"Euroclear France Certificates" is as defined in Condition 35.1; "Euroclear France Securities" is as defined in Condition 2.2; "Euroclear France Warrants" is as defined in Condition 24.1;

"Euroclear Netherlands" means Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V.; "Euroclear Netherlands Certificates" is as defined in Condition 35.1;

"Euroclear Netherlands Securities" is as defined in Condition 2.2; "Euroclear Netherlands Warrants" is as defined in Condition 24.1;

"Euroclear Sweden" means Euroclear Sweden AB (the Swedish Central Securities Depository authorised as such under the SFIA Act);

"Euroclear Sweden Register" means the register opened in the Euroclear Sweden System for Swedish Dematerialised Securities issued or to be issued by the Issuer;

"Euroclear Sweden System" means the technical system at Euroclear Sweden for the registration of securities and the clearing and settlement of securities transactions;

"Euronext Paris" is as defined in Condition 34.3; "European Style Warrants" is as defined in Condition 22;

"EuroTLX" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Exchange Event" is as defined in Condition 29; "Exercisable Certificates" is as defined in Condition 34.7; "exercise" is as defined in Condition 24.4;

"Exercise Business Day" is as defined in Condition 20;

"Exercise Notice" is as defined in Condition 24.1(a), Condition 25.1, Condition 25.2 and Condition 25.3; "Exercise Notice Delivery Date" is as defined in Condition 25.9(c);

"Exercise Price" is as specified in the applicable Final Terms; "Expenses" is as defined in Condition 11.2;

"Expiration Date" is as defined in Condition 20;

"Failure to Deliver due to Illiquidity" is as defined in Condition 15.1; "Failure to Deliver Settlement Price" is as defined in Condition 15.2(e); "FBF Agreement" is as defined in Condition 32(d)(ii);

"FBF Rate" is as defined in Condition 32(b);

"Finnish Agency Agreement" is as defined in paragraph 5 of these Terms and Conditions; "Finnish Dematerialised Certificates" is as defined in Condition 28;

"Finnish Dematerialised Securities" means (a) in the case of an issue of Warrants, Finnish Dematerialised Warrants and (b) in the case of an issue of Certificates, Finnish Dematerialised Certificates;

"Finnish Dematerialised Warrants" is as defined in Condition 20;

"Finnish Record Date" is as defined in respect of Finnish Dematerialised Warrants in Condition 25.6 and in respect of Finnish Dematerialised Certificates in Condition 35.1;

"Finnish Security Agent" is as defined in paragraph 5 of these Terms and Conditions and is an account operator specifically authorised by Euroclear Finland and to be appointed by the Issuer in respect of any series of Finnish Dematerialised Securities to process and register issues in the Euroclear Finland System and identified in the applicable Final Terms and acting solely as the agent of the Issuer not assuming any obligation to, or relationship or agency of trust with the Holders;

"Fixed Rate Certificates" is as defined in Condition 32; "Floating Rate" is as defined in Condition 32(b)(ii); "Floating Rate Certificates" is as defined in Condition 32; "Floating Rate Option" is as defined in Condition 32(b)(ii); "Force Majeure Event" is as defined in Condition 15.1;

"freely tradable" is as defined in Condition 5.4;

"French Law Agency Agreement" is as defined in paragraph 7 of these Terms and Conditions; "French Law Certificates" is as defined in Condition 28;

"French Law Securities" means (a) in the case of Warrants, French Law Warrants and (b) in the case of Certificates, French Law Certificates;

"French Law Warrants" is as defined in Condition 20;

"French Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Fund Securities" is as defined in Condition 2.1;

"Futures OET Certificate" means a Futures Security that is an OET Certificate; "Futures Securities" is as defined in Condition 2.1;

"GDR/ADR" is as defined in Condition 2.1; "General Meeting" is as defined in Condition 9.4(b); "Global Certificate" is as defined in Condition 29;

"Global Security" means (a) in the case of Warrants, the Global Warrant and (b) in the case of Certificates, the Global Certificate;

"Global Warrant" is as defined in Condition 21; "Government Authority" is as defined in Condition15.1;

"Guarantee" means the relevant BNPP Guarantee or the BNPPF W&C Securities Guarantee; "Guaranteed Cash Settlement Amount" is as defined in Condition 4;

"Guarantor" means BNPP or BNPPF, as applicable; "Hedge" is as defined in Condition 15.1;

"Hedging Disruption" is as defined in Condition 15.1; "Hedging Shares" is as defined in Condition 15.1;

"Holder" is as defined in Condition 2.2, Condition 23 (in the case of Registered Warrants) and Condition 31 (in the case of Registered Certificates);

"holder of Certificates" is as defined in Condition 31; "Holder of Securities" is as defined in Condition 2.2;

"Hybrid Business Day" has the meaning given to such term in the applicable Final Terms; "Hybrid Securities" is as defined in Condition 2.1;

"Iberclear" means "Sociedad xx Xxxxxxx xx xxx Xxxxxxxx xx Xxxxxxxx, Xxxxxxxxxxxx x Xxxxxxxxxxx xx Xxxxxxx, X.X. Unipersonal" whose commercial name is Xxxxxxxxx;

"Increased Cost of Hedging" is as defined in Condition 15.1; "Increased Cost of Stock Borrow" is as defined in Condition 15.1;

"Index OET Certificate" means an Index Security that is an OET Certificate; "Index Securities" is as defined in Condition 2.1;

"Inflation Index Securities" is as defined in Condition 2.1; "Initial Stock Loan Rate" is as defined in Condition 15.1; "Insolvency Filing" is as defined in Condition 15.1;

"Interest Amount" is as defined in Condition32(b)(iv) and Condition 32(c)(iii);

"Interest Determination Date" is as defined in Condition 32(b)(iv) and Condition 32(c)(iii); "Interest Period End Date" is as defined in Condition 32(b)(i);

"Interest Period End Final Date" is as defined in Condition 32(a) and Condition 32(b)(i);

"Intermediary" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Intervening Period" is as defined in Condition 35.2(d); "Investor Representation Letter" is as defined in Condition 2.4; "ISDA Definitions" is as defined in Condition 32(b)(ii);

"Issuer" is as defined in paragraph 3 of these Terms and Conditions; "Italian Dematerialised Certificates" is as defined in Condition 28;

"Italian Dematerialised Securities" means (a) in the case of an issue of Warrants, Italian Dematerialised Warrants and (b) in the case of an issue of Certificates, Italian Dematerialised Certificates;

"Italian Dematerialised Warrants" is as defined in Condition 20; "Italian Listed Certificates" is as defined in Condition 28;

"Italian Listed Securities" means (a) in the case of an issue of Warrants, Italian Listed Warrants and (b) in the case of an issue of Certificates, Italian Listed Certificates;

"Italian Listed Warrants" is as defined in Condition 20;

"Italian Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Jurisdiction Event" is as defined in Condition 15.1;

"Knock-in Determination Day" is as defined in Condition 16.7; "Knock-in Determination Period" is as defined in Condition 16.7; "Knock-in Event" is as defined in Condition 16.7;

"Knock-in Level " is as defined in Condition 16.7;

"Knock-in Period Beginning Date" is as defined in Condition 16.7; "Knock-in Period Ending Date" is as defined in Condition 16.7; "Knock-in Range Level " is as defined in Condition 16.7;

"Knock-in Valuation Time" is as defined in Condition 16.7; "Knock-out Determination Day" is as defined in Condition 16.7; "Knock-out Determination Period" is as defined in Condition 16.7; "Knock-out Event" is as defined in Condition 16.7;

"Knock-out Level" is as defined in Condition 16.7;

"Knock-out Period Beginning Date" is as defined in Condition 16.7; "Knock-out Period Ending Date" is as defined in Condition 16.7; "Knock-out Range Level" is as defined in Condition 16.7;

"Knock-out Valuation Time" is as defined in Condition 16.7; "Level" is as defined in Condition 16.7;

"LIBOR" is as defined in Condition 32(d)(i)(C);

"Linked Interest Certificates" is as defined in Condition 32;

"Linked Premium Amount Certificates" is as defined in Condition 33.2; "Local Currency" is as defined in Condition 15.1;

"Local Time" means local time in the city of the relevant Clearing System; "Loss of Stock Borrow" is as defined in Condition 15.1;

"Luxembourg or Brussels time" is as defined in Condition 24.4;

"Madrid Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Maximum Stock Loan Rate" is as defined in Condition 15.1;

"Modified Postponement" is as defined in Condition 28;

"Monte Titoli" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"National Currency Unit" is as defined in Condition 17(b);

"New York Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "New York time" is as defined in Condition 24.4;

"Notice Period" is as defined in Conditions 34.3 and 34.4

"Observation Date" is as defined in Condition 20 (in the case of Warrants) and 28 (in the case of Certificates);

"Observation Period" is as defined in Condition 20 (in the case of Warrants) and 28 (in the case of Certificates);

"OET Certificate" means W&C Securities specified as Open End Turbo Certificates in the applicable Final Terms;

"Omission" is as defined in Condition 28;

"Open End Certificate" is as defined in Condition 28;

"Optional Additional Disruption Event" is as defined in Condition 15.1; "Optional Redemption Amount" is as defined in Conditions 34.3 and 34.4; "Optional Redemption Date" is as defined in Conditions 34.3 and 34.4;

"Optional Redemption Valuation Date" is as defined in Conditions 34.3 and 34.4; "Original Currency" is as defined in Condition 17(a)(ii);

"Paris Business Day" is as defined in W&C Security Condition 32(f). "Payment Date" is as defined in Condition 35.1;

"Permanent Global Warrant" is as defined in Condition 21; "Physical Delivery Certificates" is as defined in Condition 30;

"Physical Delivery Securities" means (a) in the case of an issue of Warrants, Physical Delivery Warrants and

(b) in the case of an issue of Certificates, Physical Delivery Certificates; "Physical Delivery Warrants" is as defined in Condition 22; "Postponement" is as defined in Condition 28;

"Premium Amount" is as defined in Condition 33.6;

"Premium Amount Payment Date" is as defined in Condition 33.6;

"Principal Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Private Placement Definitive Certificates" is as defined in Condition 29;

"Private Placement Definitive Securities" means (a) in the case of an issue of Warrants, Private Placement Definitive Warrants and (b) in the case of an issue, of Certificates, Private Placement Definitive Certificates;

"Private Placement Definitive Warrant" is as defined in Condition 21; "Private Placement Register" is as defined in Condition 2.2; "Proceedings" is as defined in Condition 14.2;

"Put Notice" is as defined in Condition 34.4;

"Put Warrants" is as defined in Condition 22;

"QIBs" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates); "Quota" is as defined in Condition 26.1(b);

"Record Date" is as defined in Condition 35.1 (in the case of Certificates); "Redemption Date" is as defined in Condition 34.1;

"Reference Banks" is as defined in Condition 28; "Register" is as defined in Condition 23;

"Registered Certificates" is as defined in Condition 29; "Registered Global Certificate" is as defined in Condition 29;

"Registered Global Security" means (a) in the case of an issue of Warrants, a Registered Global Warrant and

(b) in the case of an issue of Certificates, a Registered Global Certificate; "Registered Global Warrant" is as defined in Condition 21;

"Registered Securities" means (a) in the case of an issue of Warrants, Registered Warrants and (b) in the case of an issue of Certificates, Registered Certificates;

"Registered Warrants" is as defined in Condition 21;

"Registrar" is as defined in paragraph 5 of these Terms and Conditions;

"Regulation S" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Regulation S Global Certificate" is as defined in Condition 29;

"Regulation S Global Security" means (a) in the case of an issue of Warrants, a Regulation S Global Warrant and (b) in the case of an issue of Certificates, a Regulation S Global Certificate;

"Regulation S Global Warrant" is as defined in Condition 21; "Related Expenses" is as defined in Condition 11.2;

"Relevant Adjustment Provisions" is as defined in Condition 16.7 and 34.9(b);

"Renouncement Notice" is as defined in Condition 24.1(a) (in the case of Warrants) and Condition 34.7 (in the case of Certificates);

"Reset Date" is as defined in Condition 32(b)(ii);

"Rolling Futures Contract Securities" means a Security that is specified as such in the applicable Final Terms;

"Rule 144A" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Rule 144A Certificates" is as defined in Condition 29;

"Rule 144A Global Certificate" is as defined in Condition 29;

"Rule 144A Global Security" means (a) in the case of an issue of Rule 144A Warrants, the Rule 144A Global Warrant representing such Rule 144A Warrants and (b) in the case of an issue of Rule 144A Certificates, the Rule 144A Global Certificate representing such Rule 144A Certificates;

"Rule 144A Global Warrant" is as defined in Condition 21; "Rule 144A Warrants" is as defined in Condition 21;

"Scheduled Averaging Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Scheduled Closing Time" means, in respect of an Exchange or Related Exchange and a Scheduled Trading Day, the scheduled weekday closing time of such Exchange or Related Exchange on such Scheduled Trading Day, without regard to after hours or any other trading outside of the regular trading session hours subject, in respect of Index Securities, to subparagraphs (b) and (c) of the definition of Valuation Time, and subject, in respect of Share Securities, to subparagraph (c) of the definition of Valuation Time;

"Scheduled Strike Date" means any original date that, but for the occurrence of an event causing a Disrupted Day, would have been the Strike Date;

"Scheduled Valuation Date" means any original date that, but for the occurrence of an event causing a Disrupted Day, would have been a Valuation Date;

"Secured Securities" is as defined in Condition 2.1;

"Securities Act" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Security Agent" and "Security Agents" are as defined in paragraph 5 of these Terms and Conditions; "Security Expenses" is as defined in Condition 11.1 and Condition 25.3(a)(iv);

"SeDeX" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates); "Settlement Business Day" is as defined in Condition 5.1;

"Settlement Date" is as defined in Condition 20;

"Settlement Disruption Event" is as defined in Condition 5.1;

"SFIA Act" is as defined in Condition 21 (in the case of Warrants) and Condition 29 (in the case of Certificates);

"Share" is as defined in Condition 15.2(e);

"Share OET Certificate" means a Share Security that is an OET Certificate; "Share Securities" is as defined in Condition 2.1;

"Specified Maximum Days of Disruption" means (other than with respect to Commodity Securities and Currency Securities) eight Scheduled Trading Days or such other number of Scheduled Trading Days specified in the applicable Final Terms, with respect to Currency Securities, five Scheduled Trading Days and with respect to Commodity Securities, five Commodity Business Days;

"Stop-Loss Event" is as defined in Condition 15.1;

"Strike Date" means, in the case of Index Securities, Share Securities, ETI Securities, Debt Securities or Futures Securities, the Strike Date specified in the applicable Final Terms, or, if such date is not a Scheduled Trading Day, the next following Scheduled Trading Day unless, in the opinion of the Calculation Agent such day is a Disrupted Day. If any such day is a Disrupted Day, then:

(a) where the W&C Securities are Index Securities relating to a single Index, Share Securities relating to a single Share, ETI Securities relating to a single ETI Interest, Debt Securities relating to a single Debt Instrument or Futures Securities relating to a single Future, the Strike Date shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day, unless each of the number of consecutive Scheduled Trading Days equal to the Specified Maximum Days of Disruption immediately following the Scheduled Strike Date is a Disrupted Day. In that case, (i) the last such consecutive Scheduled Trading Day shall be deemed to be the Strike Date, notwithstanding the fact that such day is a Disrupted Day and (ii) the Calculation Agent shall determine the relevant level or price:

(i) in the case of Index Securities, by determining the level of the Index as of the Valuation Time on the last such consecutive Scheduled Trading Day in accordance with the formula for and method of calculating the Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the Valuation Time on the last such consecutive Scheduled Trading Day of each security comprised in the Index (or, if an event giving rise to a Disrupted Day has occurred in respect of the relevant security on the last such Scheduled Trading Day, its good faith estimate of the value for the relevant security as of the Valuation Time on the last such consecutive Scheduled Trading Day); or

(ii) in the case of Share Securities, ETI Securities, Debt Securities or Futures Securities, in accordance with its good faith estimate of the relevant value, level, price or amount as of the Valuation Time on the last such consecutive Scheduled Trading Day; or

(b) where the W&C Securities are Index Securities relating to a Basket of Indices, Share Securities relating to a Basket of Shares, ETI Securities relating to an ETI Basket, Debt Securities relating to a Basket of Debt Instruments or Futures Securities relating to a Basket of Futures, the Strike Date for each Index, Share, ETI Interest, Debt Instrument or Future, as the case may be, not affected by the occurrence of a Disrupted Day shall be the Scheduled Strike Date and the Strike Date for each Index, ETI Interest, Share, Debt Instrument or Future affected, as the case may be (each an "Affected Item"), by the occurrence of a Disrupted Day shall be the first succeeding Scheduled Trading Day that is not a Disrupted Day relating to the Affected Item unless each of the number of consecutive Scheduled Trading Days equal to the Specified Maximum Days of Disruption immediately following the Scheduled Strike Date is a Disrupted Day relating to the Affected Item. In that case, (i) the last such consecutive Scheduled Trading Day shall be deemed to be the Strike Date for the Affected Item, notwithstanding the fact that such day is a Disrupted Day, and (ii) the Calculation Agent shall determine the relevant value, level, price or amount using, in relation to the Affected Item:

(i) in the case of an Index, the level of that Index as of the Valuation Time on the last such consecutive Scheduled Trading Day in accordance with the formula for and method of calculating that Index last in effect prior to the occurrence of the first Disrupted Day using the Exchange traded or quoted price as of the Valuation Time on the last such consecutive Scheduled Trading Day of each security comprised in that Index (or, if an event giving rise to a Disrupted Day has occurred in respect of the relevant security on the last such

consecutive Scheduled Trading Day, its good faith estimate of the value for the relevant security as of the Valuation Time on the last such consecutive Scheduled Trading Day); or

(ii) in the case of a Share, ETI Interest, Debt Instrument or Future, its good faith estimate of the value, level, price or amount for the Affected Item as of the Valuation Time on the last such consecutive Scheduled Trading Day; or

"Strike Day" means each date specified as such in the applicable Final Terms and, if Averaging Date Consequences are specified as applicable in the applicable Final Terms, the provisions contained in the definition of "Averaging Date" shall apply mutatis mutandis as if references in such provisions to "Averaging Date" were to "Strike Day";

"Strike Period" means the period specified as such in the applicable Final Terms; "Substitute" is as defined in Condition 13.1;

"Substitute Asset" and "Substitute Assets" is as defined in Condition 5.4; "Substitute BNPP Guarantee" is as defined in Condition 13.2(b); "Substitute BNPP Guarantor" is as defined in Condition 13.2;

"Substitute BNPPF W&C Securities Guarantee" is as defined in Condition 13.5(b); "Substitute BNPPF Guarantor" is as defined in Condition 13.3;

"Substitute Share" is as defined in Condition 15.2(e); "Substitution Date" is as defined in Condition 15.2(e); "sub-unit" is as defined in Condition 32(a); "Successor Index" is as defined in Condition 15.2(d);

"Swedish Agency Agreement" is as defined in paragraph 5 of these Terms and Conditions; "Swedish Dematerialised Certificates" is as defined in Condition 28;

"Swedish Dematerialised Securities" means (a) in the case of an issue of Warrants, Swedish Dematerialised Warrants and (b) in the case of an issue of Certificates, Swedish Dematerialised Certificates;

"Swedish Dematerialised Warrants" is as defined in Condition 20; "Swedish Record Date" is as defined in Condition 35.1;

"Swedish Security Agent" is as defined in paragraph 5 of these Terms and Conditions; "Swiss Dematerialised Certificates" is as defined in Condition 28;

"Swiss Dematerialised Securities" means (a) in the case of an issue of Warrants, Swiss Dematerialised Warrants and (b) in the case of an issue of Certificates, Swiss Dematerialised Certificates;

"Swiss Dematerialised Warrants" is as defined in Condition 20;

"Swiss Materialised Certificates" is as defined in Condition 28;

"Swiss Materialised Securities" means (a) in the case of an issue of Warrants, Swiss Materialised Warrants and (b) in the case of an issue of Certificates, Swiss Materialised Certificates;

"Swiss Materialised Warrants" is as defined in Condition 20;

"Swiss Securities" means Swiss Materialised Securities and Swiss Dematerialised Securities. The terms and conditions of the Swiss Securities will be set forth in the applicable Final Terms;

"Swiss Security Agent" means the entity specified in the applicable Final Terms; "Taxes" is as defined in Condition 11.2;

"Transfer Certificate" is as defined in Condition 23; "Treaty" is as defined in Condition 17(b);

"Underlying Reference" is as defined in Condition 16.7 and 34.9(b); "Underlying Reference Level" is as defined in Condition 34.9(b); "Underlying Share" is as defined in Condition 2.1;

"Units" is as defined in Condition 22;

"U.S. Certificates" is as defined in Condition 29;

"U.S. Government Securities Business Day" means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for the purposes of trading in U.S. government securities;

"U.S. Securities" means (a) in the case of an issue of Warrants, U.S. Warrants and (b) in the case of an issue of Certificates, U.S. Certificates;

"U.S. Warrants" is as defined in Condition 21;

"Valid Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Valuation Date" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates);

"Valuation Time" is as defined in Condition 20 (in the case of Warrants) and Condition 28 (in the case of Certificates); and

"Warrants" is as defined in paragraph 3 of these Terms and Conditions.

2. TYPE, TITLE AND TRANSFER

2.1 Type

The W&C Securities relate to a specified index or basket of indices or futures or options contracts related to a specified index or basket of indices ("Index Securities"), a specified share or basket of shares, or a specified depositary receipt (a "GDR/ADR") referencing a share (an "Underlying Share") or basket of GDRs and/or ADRs ("Share Securities"), a specified interest in an exchange traded fund, an exchange traded note, an

exchange traded commodity or any other exchange traded product (each an "exchange traded instrument") or basket of interests in exchange traded instruments ("ETI Securities"), a specified debt instrument or basket of debt instruments or futures or options contracts related to a specified debt instrument or basket of debt instruments (synthetic or otherwise) ("Debt Securities"), a specified commodity or commodity index or basket of commodities and/or commodity indices ("Commodity Securities"), a specified inflation index or basket of inflation indices ("Inflation Index Securities"), a specified currency or basket of currencies ("Currency Securities"), a specified fund share or unit or basket of fund shares or units ("Fund Securities"), a specified futures contract or basket of futures contract(s) ("Futures Securities"), a specified underlying interest rate or basket of underlying interest rates ("Underlying Interest Rate Securities"), the credit of a specified reference entity or reference entities ("Credit Securities"), a specified preference share issued by BNP Paribas Synergy Limited ("Preference Share Certificates"), W&C Securities issued by BNPP B.V. in respect of which BNPP

B.V. grants security over certain of its assets ("Secured Securities") and/or W&C Securities which relate to any combination of such indices, shares, interests in exchange traded instruments, debt instruments, commodities, commodity indices, inflation indices, currencies, fund shares or units, futures contract(s), underlying interest rate(s), the credit of a specified reference entity or reference entities and other asset classes or types ("Hybrid Securities").

If the W&C Securities are Hybrid Securities and Hybrid Securities is specified as applicable in the applicable Final Terms, the terms and conditions of the W&C Securities will be construed on the basis that in respect of each separate type of underlying reference asset or basis, the relevant terms applicable to each such separate type of underlying reference asset or basis will apply, as the context admits, separately and independently in respect of the relevant type of underlying reference asset or basis, except as specified in the applicable Final Terms.

W&C Securities related to a specified interest in an exchange traded instrument or basket of interests in exchange traded instruments, a specified commodity or commodity index or basket of commodities and/or commodity indices, a specified inflation index or basket of inflation indices, specified currency or basket of currencies, a specified fund share or unit or basket of fund shares or units, the credit of a specified reference entity or reference entities, a specified futures contract or basket of futures contracts, or Hybrid Securities related to any of these asset classes, may not at any time be offered, sold, resold, held, traded, pledged, exercised (in the case of Warrants), settled or redeemed (in the case of Certificates), transferred or delivered, directly or indirectly, in the United States or to, by or for the account or benefit of, persons that are (i) U.S. persons as defined in Regulation S or that are not non-United States Persons as defined in Rule 4.7 under the United States Commodity Exchange Act, or (iii) any other U.S. person as such term may be defined in Regulation S or in regulations adopted under the Commodity Exchange Act, unless expressly provided for pursuant to any applicable U.S. wrapper to the Base Prospectus. Any such applicable U.S. wrapper may restrict the types of W&C Securities that can be offered, sold, resold, held, traded, pledged, exercised, redeemed, transferred or delivered and the terms of such W&C Securities.

If Averaging is specified as applying in the applicable Final Terms, the applicable Final Terms will state the relevant Averaging Dates and, if an Averaging Date is a Disrupted Day, whether Omission, Postponement or Modified Postponement (each as defined in Condition 20 in the case of Warrants or Condition 28 in the case of Certificates) applies.

References in these Terms and Conditions, unless the context otherwise requires, to Cash Settled Securities shall be deemed to include references to (a) Physical Delivery Securities, which include an option (as set out in the applicable Final Terms) at the Issuer's election to request cash settlement of such W&C Security pursuant to Condition 5.3 and where settlement is to be by way of cash payment, and (b) Physical Delivery Securities where settlement is to be automatically varied to be by way of cash payment pursuant to Condition 5.3. References in these Terms and Conditions, unless the context otherwise requires, to Physical Delivery Securities shall be deemed to include references to Cash Settled Securities which include an option (as set out

in the applicable Final Terms) at the Issuer's election to request physical delivery of the relevant underlying asset in settlement of such W&C Security pursuant to Condition 5.3 and where settlement is to be by way of physical delivery. Unless otherwise specified in the applicable Final Terms, the Issuer does not have the option to vary settlement in respect of the U.S. Securities pursuant to Condition 5.3.

W&C Securities may, if specified in the applicable Final Terms, allow Holders to elect for settlement by way of cash payment or by way of physical delivery or by such other method of settlement as is specified in the applicable Final Terms. Those W&C Securities where the Holder has elected for cash payment will be Cash Settled Securities and those W&C Securities where the Holder has elected for physical delivery will be Physical Delivery Securities. The rights of a Holder as described in this paragraph may be subject to the Issuer's right to vary settlement as indicated in the applicable Final Terms and will be subject to the Issuer's right to substitute assets or pay the Alternate Cash Amount (as defined below) in lieu of physical delivery in accordance with these Conditions.

2.2 Title to W&C Securities other than Registered Securities

In the case of W&C Securities represented by a Clearing System Global Security held by a Common Depository on behalf of a relevant Clearing System or held by a relevant Clearing System or by Euroclear France and French Law Securities, each person who is for the time being shown in the records of the relevant Clearing System (in the case of English Law Securities other than English Law Securities held through Euroclear France) or whose name appears in the account of the relevant Account Holder (in the case of French Law Securities or English Law Securities held through Euroclear France, together "Euroclear France Securities" or in the case of French Law Securities held by Euroclear Netherlands "Euroclear Netherlands Securities") as the holder of a particular amount of such W&C Securities (in which regard any certificate or other document issued by the relevant Clearing System or, as the case may be, Account Holder as to the amount of W&C Securities standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall (except as otherwise required by law) be treated by the Issuer, the Guarantor, if any, and the relevant Security Agent as the holder of such amount of W&C Securities for all purposes (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly).

In the case of Swedish Dematerialised Securities, the person for the time being shown in the Euroclear Sweden Register as the holder of a particular amount of W&C Securities shall (except as otherwise required by law) be treated for all purposes by the Issuer, the Guarantor, if any, the Security Agents, Euroclear Sweden and all other persons dealing with such person as the holder thereof and as the person entitled to exercise the rights represented thereby notwithstanding any notice to the contrary (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly). The Issuer shall cause such W&C Securities to be accepted by Euroclear Sweden for clearing and registration in the Euroclear Sweden System in accordance with the SFIA Act and Euroclear Sweden Rules. The Issuer shall have the right to obtain extracts from the debt register of Euroclear Sweden.

In the case of Finnish Dematerialised Securities, the person in whose name the Finnish Dematerialised Security is registered in the book-entry account in the Euroclear Finland Register (including a nominee account holder, as the case may be) shall (except as otherwise required by law) be treated for all purposes by the Issuer, the Guarantor, if any, the Security Agents, Euroclear Finland and all other persons dealing with such person as the holder thereof and as the person entitled to exercise the rights represented thereby (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly). Where a nominee is so evidenced it shall be treated as the holder of the relevant Finnish Dematerialised Securities. The Issuer shall cause such W&C Securities to be accepted by Euroclear Finland for clearing and registration in the Euroclear Finland System in accordance with Finnish laws, rules, regulations and operating procedures applicable to, and/or issued by Euroclear Finland. Notwithstanding any secrecy obligation, the

Issuer shall be entitled to obtain information (including but not limited to information on Holders) from the Euroclear Finland Register maintained by Euroclear Finland as registrar on behalf of the Issuer in accordance with the rules of Euroclear Finland, and Euroclear Finland shall be entitled to provide such information to the Issuer notwithstanding any secrecy obligation. Furthermore, the Issuer shall, subject to regulations of Euroclear Finland and applicable laws, be entitled to acquire from Euroclear Finland a list of the holders of Finnish Dematerialised Securities, provided that it is technically possible for Euroclear Finland to maintain such a list. The Issuer shall be entitled to pass such information to the Finnish Security Agent or to authorize such agent to acquire such information from Euroclear Finland directly. Except as ordered by a court of competent jurisdiction or as required by law, the Holder of any Finnish Dematerialised Securities shall be deemed to be and may be treated as its absolute owner for all purposes, whether or not it is overdue and regardless of any notice of ownership, trust or an interest in it, any writing on it or its theft or loss and no person shall be liable for so treating the Holder.

In the case of Italian Dematerialised Securities, the person who is for the time being shown in the records of Monte Titoli as the holder of a particular amount of W&C Securities (in which regard any certificate, record or other document issued by Xxxxx Xxxxxx as to the amount of W&C Securities standing to the account of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall (except as otherwise required by applicable law) be treated for all purposes by the Issuer, the Guarantor, if any, the Italian Security Agent and all other persons dealing with such person as the holder thereof and as the person entitled to exercise the rights represented thereby notwithstanding any notice to the contrary (and the expressions "Holder" and "Holder of Securities" and related expressions shall be construed accordingly, except where Italian law is applicable, in which case "Holder" and "Holder of Securities" will be exclusively deemed to be the beneficial owner of the W&C Securities). The Issuer shall cause Italian Dematerialised Securities to be dematerialised and centralised with Monte Titoli, pursuant to Italian legislative decree no. 58/1998 as amended and integrated by subsequent implementing provisions.

Title to French Law Securities held through Euroclear France will be evidenced in accordance with Article L.211-3 of the French Code Monétaire et Financier by book-entries (inscription en compte). No document of title (including certificats représentatifs pursuant to Article R.211-7 of the French Code Monétaire et Financier) will be issued in respect of such W&C Securities. The French Law Securities held through Euroclear France will, upon issue, be inscribed in the books of Euroclear France which will credit the accounts of the relevant Account Holders.

Title to OET Certificates cleared through Euroclear Netherlands is established by account entry in accordance with the Dutch Act on Giro Transfers of W&C Securities ('Wet giraal effectenverkeer'). No physical document or certificate will be issued in respect of such OET Certificates.

Once issued, OET Certificates that are Euroclear France Securities or Euroclear Netherlands Securities shall be deposited with Euroclear France or Euroclear Netherlands, as the case may be, acting as central depositary and registered in an account in the books of Euroclear France or Euroclear Netherlands, as the case may be, which shall credit the accounts of the Account Holders (including Euroclear and Clearstream, Luxembourg).

However, the Issuer reserves the right, if such option is provided in the Final Terms, to have OET Certificates transferred from Euroclear France or Euroclear Netherlands, as the case may be, at any time (in the case of OET Certificates already issued) to, or to deposit the OET Certificates of a particular issue (in the case of OET Certificates yet to be issued) with, another depositary whose registered office is situated within a European Economic Area country. In the event of a change of depositary, the Issuer shall comply with all laws, regulations and tax rules applicable to the functions of such depositary.

For the purpose of these Conditions, "Account Holder" means any authorised financial intermediary institution entitled to hold accounts, directly or indirectly, on behalf of its customers with Euroclear France or

Euroclear Netherlands, and includes the depositary bank for Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System.

In the case of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, the Rule 144A Global Security will be registered in the name of Cede & Co., as nominee of DTC, but this does not confer any rights or benefits on Cede & Co. or any other nominee of DTC in whose name a Rule 144A Global Security may be registered. Transfers of such Rule 144A Global Security by such nominee of DTC shall be limited to transfers of such Rule 144A Global Security, in whole but not in part, to another nominee of DTC or to a successor of DTC or such successor's nominee. Rights conferred by the Rule 144A Global Security are only enforceable by the Holders (as defined below) as provided therein. Subject as set forth in Condition 2.4 below, each person who is for the time being shown in the records of DTC as the Holder of a particular number (in the case of Warrants) or amount (in the case of Certificates) of W&C Securities shall (except as otherwise required by law) be treated by the Issuer and the New York Security Agent as the Holder of such number or amount, as the case may be, of W&C Securities for all purposes (and the expressions "Holder of Securities" and related expressions shall be construed accordingly).

In the case of Private Placement Definitive Securities, the Issuer shall cause to be kept at the principal office of the Definitive Security Agent, a register (the "Private Placement Register") on which shall be entered the names and addresses of all holders of Private Placement Definitive Securities, the number or amount, as the case may be, and type of Private Placement Definitive Securities held by them and details of all transfers of Private Placement Definitive Securities. Subject as set forth in Condition 2.4 below, the persons shown in the Private Placement Register (each a "Holder") shall (except as otherwise required by law) be treated as the absolute owners of the relevant Private Placement Definitive Securities for all purposes (regardless of any notice of ownership, trust, or any interest in it, any writing on it, or its theft or loss) and no person will be liable for so treating such person.

2.3 Title to Registered Securities

Provisions relating to title to Registered Warrants are set out in Condition 23. Provisions relating to title to Registered Certificates are set out in Condition 31.

2.4 Transfers of Interests in Clearing System Securities and Private Placement Definitive Securities Transfers of Warrants may not be effected after the exercise of such Warrants pursuant to Condition 25.

Transfers of Certificates may not be effected after the redemption of such Certificates pursuant to Condition 34.

Subject as set forth in this Condition, all transactions (including permitted transfers of W&C Securities) in the open market or otherwise must be effected, in the case of CBF Warrants or CBF Certificates, through an account at Clearstream, Frankfurt or, in the case of W&C Securities represented by a Clearing System Global Security held by a Common Depository on behalf of Clearstream, Luxembourg or Euroclear and/or any other relevant Clearing System, Euroclear Netherlands or Euroclear France, through an account at Clearstream, Luxembourg or Euroclear, as the case may be, and/or any other relevant Clearing System, or in the case of Euroclear France Securities or Euroclear Netherlands Securities as the case may be, through Account Holder(s), or in the case of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, through a direct or indirect participant of DTC, subject to and in accordance with the rules and procedures for the time being of the relevant Clearing System(s). Transfers in respect of Clearing System Securities governed by French Law must be effected through Account Holders(s). Title will pass upon registration of the transfer in the books of the relevant Clearing System.

Any reference herein to Clearstream, Luxembourg and/or Euroclear and/or DTC and/or Monte Titoli and/or Clearstream, Frankfurt and/or any other relevant Clearing System shall, whenever the context so permits, be deemed to include a reference to any additional or alternative clearing system approved by the Issuer and the Principal Security Agent from time to time and notified to the Holders in accordance with Condition 10.

Subject as set forth in this Condition, Private Placement Definitive Securities may be transferred by the then current Holder surrendering its Private Placement Definitive Security for registration of transfer at the specified office of the Definitive Security Agent, duly endorsed by, or accompanied by a written instrument of transfer (in the form satisfactory to BNPP and the Definitive Security Agent), and duly executed by the Holder or its duly authorised agent. Private Placement Definitive Securities may only be issued and transferred in minimum nominal amounts of U.S. $250,000 or more.

(a) Transfers of W&C Securities to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security or Rule 144A Global Security may be made only in accordance with the following provisions:

(i) (A) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security, from a Holder of W&C Securities represented by a Regulation S Global Security, to a non-U.S. person in an offshore transaction pursuant to Regulation S;

(B) in the case of transfers within the Distribution Compliance Period to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security, from a Holder of W&C Securities represented by a Regulation S Global Security, only upon certification (in the form from time to time available from any Security Agent) to the New York Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor reasonably believes is a QIB acquiring such W&C Securities in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP, in the case of U.S. Securities issued by BNPP B.V., provided that, after the expiration of the Distribution Compliance Period, such certification requirement will no longer apply;

(C) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security, from a Holder of Private Placement Definitive Securities, upon certification (in the form from time to time available from any Security Agent) to the Principal Security Agent by the transferor thereof that such transfer is being made to a non-U.S. person in an offshore transaction pursuant to Regulation S;

(D) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security, from a Holder of Private Placement Definitive Securities, upon certification (in the form from time to time available from any Security Agent) to the New York Security Agent by the transferor thereof that such transfer is being made to a person whom the transferor reasonably believes is (x) a QIB, in the case of U.S. Securities issued by BNPP or

(y) a QIB and a QP, in the case of U.S. Securities issued by BNPP B.V., and, in either case, acquiring such W&C Securities in a transaction meeting the requirements of Rule 144A;

(E) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security, from a Holder of W&C Securities represented by a Rule 144A Global Security, in a transaction meeting the requirements of Rule 144A and, in the case of W&C Securities issued by BNPP

B.V. in accordance with paragraph (d) below;

(F) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security, from a Holder of W&C Securities represented by a Rule 144A Global Security, upon certification (in the form from time to time available from any Security Agent) to the Principal Security Agent by the transferor thereof that such transfer is being made to a non-U.S. person in an offshore transaction pursuant to Regulation S; and

(G) in each case, in accordance with any applicable rules and regulations of the Principal Security Agent, the New York Security Agent, the Definitive Security Agent, the relevant Clearing System and/or as specified in the applicable Final Terms.

(ii) The Holder must send:

(A) in the case of transfers of Private Placement Definitive Securities, a free of payment instruction to the Definitive Security Agent, not later than 5.00 p.m., New York City time, at least two Business Days in New York prior to the date on which the transfer is to take effect;

(B) in the case of transfers of W&C Securities represented by a Regulation S Global Security or Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, a free of payment instruction to Clearstream, Luxembourg or Euroclear and/or any other relevant Clearing System, as the case may be, not later than 10.00 a.m. local time in the city of the relevant Clearing System, one Business Day in the city of the relevant Clearing System prior to the date on which the transfer is to take effect; and

(C) in the case of transfers of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, a free of payment instruction to DTC, not later than 5.00 p.m. New York City time, at least two Business Days in New York prior to the date on which the transfer is to take effect.

Separate payment arrangements are required to be made between the transferor and the transferee.

(iii) On the transfer date:

(A) (I) in the case of transfers of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security, the relevant Clearing System will debit the account of its participant and (II) in the case of transfers of Private Placement Definitive Securities, the Holder must deliver the Private Placement Definitive Securities the subject of the transfer to the Definitive Security Agent and instruct the Definitive Security Agent to cancel the transferred Private Placement Definitive Securities; and

(B) the relevant Clearing System or the Holder, as the case may be, will instruct (I) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, the Principal Security Agent to instruct Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, as the case may be, to credit the relevant account of the relevant Clearing System participant, and (II) in the case of transfers to a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, (a) the New York Security Agent (in the case of transfers of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC) to credit the relevant account of the DTC participant,

(b) the Definitive Security Agent (in the case of transfers of Private Placement Definitive Securities) to credit the relevant account of the DTC participant, or (c) the Principal Security Agent (in the case of transfers of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System) to instruct DTC to credit the relevant account of the relevant Clearing System at DTC and thereafter DTC will debit such account of the relevant Clearing System, and will credit the relevant account of the DTC participant.

(iv) Upon any such transfers, on the transfer date:

(A) the Principal Security Agent, in the case of transfers to and/or from a person who takes delivery in the form of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, will increase or decrease, if appropriate, the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security, whereupon the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security, as the case may be, shall be increased or decreased, if appropriate, for all purposes by the number so transferred and endorsed; or

(B) the New York Security Agent, in the case of transfers to and/or from a person who takes delivery in the form of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, will increase or decrease, if appropriate, the number of W&C Securities represented by such Rule 144A Global Security, whereupon the number of W&C Securities represented by such Rule 144A Global Security shall be increased or decreased, if appropriate, for all purposes by the number so transferred and endorsed.

(b) Transfers of W&C Securities to a person who takes delivery in the form of Private Placement Definitive Securities may be made only in accordance with the following provisions:

(i) (A) in the case of transfers from a Holder of Private Placement Definitive Securities, upon (I) delivery of a duly executed investor representation letter from the relevant transferee in accordance with paragraph (c) below and (II) certification (in the form from time to time available from any Security Agent) to the Definitive Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor

reasonably believes is an AI acquiring such W&C Securities in a transaction exempt from the registration requirements of the Securities Act, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP B.V.;

(B) in the case of transfers from a Holder of W&C Securities represented by a Rule 144A Global Security, upon (I) delivery of a duly executed investor representation letter from the relevant transferee in accordance with paragraph (c) below and (II) certification (in the form from time to time available from any Security Agent) to the Definitive Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor reasonably believes is an AI acquiring such W&C Securities in a transaction exempt from the registration requirements of the Securities Act, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP B.V.;

(C) in the case of transfers from a Holder of W&C Securities represented by a Regulation S Global Security, upon (I) delivery of a duly executed investor representation letter from the relevant transferee in accordance with paragraph (c) below and (II) within the Distribution Compliance Period only, certification (in the form from time to time available from any Security Agent) to the Definitive Security Agent by the transferor thereof that such transfer is being made to (x) a person whom the transferor reasonably believes is an AI acquiring such W&C Securities in a transaction exempt from the registration requirements of the Securities Act, in the case of U.S. Securities issued by BNPP or (y) a person whom the transferor reasonably believes is a QIB and a QP in a transaction meeting the requirements of Rule 144A, in the case of U.S. Securities issued by BNPP B.V.; and

(D) in each case, in accordance with any applicable securities laws of any state of the United States and any applicable rules and regulations of the New York Security Agent, the Definitive Security Agent, the relevant Clearing System and/or as specified in the applicable Final Terms.

(ii) The Holder must send:

(A) in the case of transfers of Private Placement Definitive Securities, a free of payment instruction to the Definitive Security Agent not later than 5.00 p.m. New York City time, at least two Business Days in New York prior to the date on which the transfer is to take effect;

(B) in the case of transfers of W&C Securities represented by a Regulation S Global Security or a Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, a free of payment instruction to Clearstream, Luxembourg or Euroclear and/or any other relevant Clearing System, as the case may be, not later than 10.00

a.m. local time in the city of the relevant Clearing System, one Business Day in the city of the relevant Clearing System prior to the date on which the transfer is to take effect; and

Separate payment arrangements are required to be made between the transferor and the transferee.

(iii) On the transfer date:

(A) in the case of transfers of W&C Securities represented by a Clearing System Global Security, the relevant Clearing System will debit the account of its participant and, in the case of transfers of Private Placement Definitive Securities, the Holder must deliver the Private Placement Definitive Securities the subject of the transfer to the Definitive Security Agent and instruct the Definitive Security Agent to cancel the transferred Private Placement Definitive Securities; and

(B) the relevant Clearing System or the Holder, as the case may be, will instruct the Definitive Security Agent to deliver or procure the delivery of new Private Placement Definitive Securities, of a like number to the number of W&C Securities transferred, to the transferee at its specified office or send such new Private Placement Definitive Securities, by uninsured mail, at the risk of the transferee, to such address as the transferee may request.

(iv) Upon any such transfer, on the transfer date:

(A) the Principal Security Agent will, in the case of transfers of W&C Securities represented by a Regulation S Global Security or Rule 144A Global Security held by a Common Depositary on behalf of Clearstream, Luxembourg and Euroclear and/or any other relevant Clearing System, decrease the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security, if appropriate, whereupon the number of W&C Securities represented by such Regulation S Global Security or Rule 144A Global Security shall, if appropriate, be reduced for all purposes by the number so transferred or exchanged and endorsed; or

(B) the New York Security Agent will, in the case of transfers of W&C Securities represented by a Rule 144A Global Security held by a Custodian on behalf of DTC, decrease the number of W&C Securities represented by such Rule 144A Global Security, if appropriate, whereupon the number of W&C Securities represented by such Rule 144A Global Security shall, if appropriate, be decreased for all purposes by the number so transferred and endorsed.

(c) In the case of transfers of W&C Securities to a person who takes delivery in the form of a Private Placement Definitive Security, the delivery of a duly executed investor representation letter in the form set out in the Agency Agreement (an "Investor Representation Letter") from the relevant transferee to the Definitive Security Agent is a condition precedent to the transfer of such Private Placement Definitive Security or any beneficial interests therein. The Investor Representation Letter must be duly executed by such proposed transferee or such proposed transferee's attorney duly authorised in writing, at least three Business Days in New York prior to the date the transfer of such Private Placement Definitive Security is desired. Any attempted transfer in which the Investor

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