Legal Notice
This document has been written by our Strategist and Economist teams within the BNP Paribas group of companies (collectively
“BNPP”); it does not purport to be an exhaustive analysis, and may be subject to conflicts of interest resulting from their interaction with
sales and trading which could affect the objectivity of this report. This document is non-independent research for the purpose of the UK
Financial Conduct Authority rules.For the purposes of the recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), non-
independent research constitutes a marketing communication. This document is not investment research for the purposes of MiFID II. It
has not been prepared in accordance with legal requirements designed to provide the independence of investment research, and is not
subject to any prohibition on dealing ahead of the dissemination of investment research.
The content in this document/communication may also contain “Research” as defined under the MiFID II unbundling rules. If the
document/communication contains Research, it is intended for those firms who are either in scope of the MiFID II unbundling rules and
have signed up to one of the BNPP Global Markets Research packages, or firms that are out of scope of the MiFID II unbundling rules and
therefore not required to pay for Research under MiFID II. Please note that it is your firm’s responsibility to ensure that you do not view or
use the Research content in this document if your firm has not signed up to one of the BNPP Global Markets Research packages, except
where your firm is out of scope of the MiFID II unbundling rules.
STEER is a trade mark of BNPP.
This document constitutes a marketing communication and has been prepared by BNPP for, and is directed at, (a) Professional Clients and Eligible
Counterparties as defined by the recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), and (b) where relevant, persons who
have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, and at other persons to whom it may lawfully be communicated (together “Relevant Persons”) under the regulations of any
relevant jurisdiction. Any investment or investment activity to which this document relates is available only to and will be engaged in only with
Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or its content.
Securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.
The information and opinions contained in this document have been obtained from, or are based on, public sources believed to be reliable, but there
is no guarantee of the accuracy, completeness or fitness for any particular purpose of such information and such information may not have been
independently verified by BNPP or by any person.None of BNPP, any of its subsidiary undertakings or affiliates or its members, directors, officers,
agents or employees accepts any responsibility or liability whatsoever or makes any representation or warranty, express or implied, as to the
accuracy and completeness of the information or any opinions based thereon and contained in this document and it should not be relied upon as
such.
This document does not constitute or form any part of any offer to sell or issue and is not a solicitation of any offer to purchase any financial
instrument, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on, in connection with any contract or investment
decision. To the extent that any transaction is subsequently entered into between the recipient and BNPP, such transaction will be entered into upon
such terms as may be agreed by the parties in the relevant documentation.
Information and opinions contained in this document are published for the information of recipients, but are not to be relied upon as authoritative or
taken in substitution for the exercise of judgment by any recipient, are subject to change without notice and not intended to provide the sole basis of
any evaluation of the instruments discussed herein. In providing this document, BNPP does not offer investment, financial, legal, tax or any other
type of advice to, nor has any fiduciary duties towards, recipients. Any reference to past performance is not indicative of future performance, which
may be better or worse than prior results.Any hypothetical, past performance simulations are the result of estimates made by BNPP, as of a given
moment, on the basis of parameters, market conditions, and historical data selected by BNPP, and should not be used as guidance, in any way, of
future performance. To the fullest extent permitted by law, no BNPP group company accepts any liability whatsoever (including in negligence) for
any direct or consequential loss arising from any use of or reliance on material contained in this document even where advised of the possibility of
such losses. All estimates and opinions included in this document are made as of the date of this document. Unless otherwise indicated in this
document there is no intention to update this document.
BNPP may make a market in, or may, as principal or agent, buy or sell securities of any issuer or person mentioned in this document or derivatives
thereon. Prices, yields and other similar information included in this document are included for information purposes however numerous factors will
affect market pricing at any particular time, such information may be subject to rapid change and there is no certainty that transactions could be
executed at any specified price.
BNPP may have a financial interest in any issuer or person mentioned in this document, including a long or short position in their securities and/or
options, futures or other derivative instruments based thereon, or vice versa. BNPP, including its officers and employees may serve or have served
as an officer, director or in an advisory capacity for any person mentioned in this document. BNPP may, from time to time, solicit, perform or have
performed investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months
for any person referred to in this document. BNPP may be a party to an agreement with any person relating to the production of this document.
BNPP may to the extent permitted by law, have acted upon or used the information contained herein, or the analysis on which it was based, before
the document was published. BNPP may receive or intend to seek compensation for investment banking services in the next three months from or
in relation to any person mentioned in this document. Any person mentioned in this document may have been provided with relevant sections of this
document prior to its publication in order to verify its factual accuracy.
This document is for information purposes only and there is no assurance that a transaction(s) will be entered into on such indicative terms. Any
indicative price(s) contained herein have been prepared in good faith in accordance with BNPP’s own internal models and calculation methods
and/or are based on or use available price sources where considered relevant. Indicative price(s) based on different models or assumptions may
yield different results. Numerous factors may affect the price(s), which may or may not be taken into account. Therefore, these indicative price(s)
may vary significantly from indicative price(s) obtained from other sources or market participants. BNPP expressly disclaims any responsibility for
the accuracy or completeness of its own internal models or calculation methods, the accuracy or reliability of any price sources used, any errors or
omissions in computing or disseminating these indicative price(s), and for any use you make of the price(s) provided. The indicative price(s) do not
represent (i) the actual terms on which a new transaction could be entered into, (ii) the actual terms on which any existing transactions could beunwound, (iii) the calculation or estimate of an amount that would be payable following an early termination of the transactions or (iv) the price(s)
given to the transactions by BNPP in its own books of account for financial reporting, credit or risk management purposes. As an investment bank
with a wide range of activities, BNPP may face conflicts of interest, which are resolved under applicable legal provisions and internal guidelines.
You should be aware, however, that BNPP may engage in transactions in a manner inconsistent with the views expressed in this document, either
for its own account or for the account of its clients.
This document may contain certain performance data based on back-testing, i.e. simulations of performance of a strategy, index or assets as if it
had actually existed during a defined period of time. To the extent any such performance data is included, the scenarios, simulations, development
expectations and forecasts contained in this document are for illustrative purposes only. All estimates and opinions included in this document
constitute the judgment of BNPP and its affiliates as of the date of the document and may be subject to change without notice. This type of
information has inherent limitations which recipients must consider carefully. While the information has been prepared in good faith in accordance
with BNPP’s own internal models and other relevant sources, an analysis based on different models or assumptions may yield different results.
Unlike actual performance records, simulated performance returns or scenarios may not necessarily reflect certain market factors such as liquidity
constraints, fees and transactions costs. Actual historical or back tested past performance does not constitute an indication of future results or
performance.
This document is only intended to generate discussion regarding particular products and investments and is subject to change or may be
discontinued. We are willing to discuss it with you on the understanding that you have sufficient knowledge, experience and professional advice to
understand and make your own independent evaluation of the merits and risk of the information and any proposed structures. The information
contained herein is not and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell
securities described herein, or solicitation of an offer to buy securities described herein, in Canada, the U.S. or any other province or territory nor
shall it be deemed to provide investment, tax, accounting or other advice. Transactions involving the product(s) described in this document may
involve a high degree of risk and the value of such transactions may be highly volatile. Such risks include, without limitation, risk of adverse or
unanticipated market developments, risk of counterparty or issuer default, risk of adverse events involving any underlying reference obligation or
entity and risk of illiquidity. In certain transactions, counterparties may lose their entire investment or incur an unlimited loss. The information relating
to performance contained in this document is illustrative and no assurance is given that any indicated returns, performance or results will be
achieved. Moreover, past performance is not indicative of future results. Information herein is believed reliable but BNPP and its affiliates do not
warrant or guarantee its completeness or accuracy. All information, terms and pricing set forth herein reflect our judgment at the date and time
hereof and are subject to change without notice. In the event that we were to enter into a transaction with you, we will do so as principal (and not as
agent or in any other capacity, including, without limitation, as your fiduciary, advisor or otherwise). Only in the event of a potential transaction will
an offering document be prepared, in which case, you should refer to the prospectus or offering document relating to the above potential transaction
which includes important information, including risk factors that relate to an investment in the product(s) described herein.
Prior to transacting, you should ensure that you fully understand (either on your own or through the use of independent expert advisors) the terms of
the transaction and any legal, tax and accounting considerations applicable to them. You should also consult with independent advisors and
consultants (including, without limitation, legal counsel) to determine whether entering into any securities transactions contemplated herein would be
contrary to local laws. The information contained herein is provided to you on a strictly confidential basis and you agree that it may not be copied,
reproduced or otherwise distributed by you, whether in whole or in part (other than to your professional advisers), without our prior written consent..
Neither we, nor any of our affiliates, nor any of their respective directors, partners, officers, employees or representatives accepts any liability
whatsoever for any direct or consequential loss arising from any use of this document or their content; and any of the foregoing may from time to
time act as manager, co-manager or underwriter of a public offering or otherwise, in the capacity of principal or agent, deal in, hold or act as market
makers or advisors, brokers or commercial and/or investment bankers in relation to the securities or related derivatives that are discussed herein.
BNPP and its affiliates may (or may in the future) hold a position or act as a market maker in the financial instruments discussed, or act as an
advisor, manager, underwriter or lender to such issuer. In no circumstances shall BNPP or its affiliates be obliged to disclose any information that it
has received on a confidential basis or to disclose the existence thereof.
The information presented herein does not comprise a prospectus of securities for the purposes of EU Directive 2003/71/EC (as amended from time
to time).
This document was produced by a BNPP group company. This document is for the use of intended recipients and may not be reproduced (in whole
or in part) or delivered or transmitted to any other person without the prior written consent of BNPP. By accepting this document you agree to this.
United States Disclosures:
Important Option Disclosures: Options are complex instruments that are not suitable for every investor, may involve a high degree of risk, and
may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. Supporting
documentation for any claims, comparisons, recommendations, statistics or other technical data will be supplied upon request. Any trade
information is preliminary and not intended as an official transaction confirmation. If the information contained herein regards options related
content, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the Option
Clearing Corporation's Characteristics and Risks of Standardized Options, please contact your BNPP sales representative or visit the OCC's
website at theocc/about/publications/character-risks.jsp
Important ETF Disclosures: For any ETFs discussed in this document, you should consider the investment objectives, risks, and charges and
expenses of the investment company carefully before investing.The prospectus, and if available, the summary prospectus, contains this and other
important information about the ETF.You may obtain a prospectus and, if available, a summary prospectus by calling +1 212 841-3099. The
prospectus if available, and summary prospectus should be read carefully before investing.As with any investment, ETFs have risks. These include
the general risks associated with investing in the underlying assets, potential tracking error, and the possibility that particular indices may lag other
market segments or active managers. In addition, ETFs investing in international markets may include currency and geopolitical risks, while fixed
income ETF risks also include credit and interest rate risk.BNPP and its affiliates may hold a position or act as a market maker in the financial
instruments discussed, or act as an advisor, manager, underwriter, or lender to such issuer.As a result, BNPP may have potential conflicts of
interest relating to the ETFs that are discussed in this material. In particular, BNPP may act as an Authorized Participant in the purchase or sale of
shares from an ETF and participate in the creation and redemption of the securities covered in this material.In connection with these activities,
BNPP may receive a fee, may be deemed to be an underwriter of the ETF shares, and may receive information about pending creations or
redemptions of large blocks of ETF shares.Under no circumstances shall BNPP or its affiliates be obliged to disclose any information that it has
received on a confidential basis or to disclose the existence of such information.BNPP also may act as a market maker or block positioner in the
ETF shares discussed in this material, or financial instruments that are held by the ETF and/or are part of the index whose performance the ETF。