General

The methodology of and rules governing the relevant index (the "Index Methodology" and the "Index") are proprietary. None of the sponsor of the Index (the "Index Sponsor"), the index calculation agent (where such party is not also the Index Sponsor, the "Index Calculation Agent") nor, where applicable, the index allocation agent (the "Index Allocation Agent") guarantee that there will be no errors or omissions in computing or disseminating the Index.

The Index Methodology is based on certain assumptions, certain pricing models and calculation methods adopted by the Index Sponsor, the Index Calculation Agent and, where applicable, the Index Allocation Agent, and may have certain inherent limitations. Information prepared on the basis of different models, calculation methods or assumptions may yield different results. You have no authority to use or reproduce the Index Methodology in any way, and neither BNP Paribas nor any of its affiliates shall be liable for any loss whatsoever, whether arising directly or indirectly from the use of the Index or Index Methodology or otherwise in connection therewith.

The Index Sponsor reserves the right to amend, supplement, replace or supersede the Index Methodology from time to time in accordance with the rules governing the Index and accepts no liability for any such amendment, supplement, replacement or supersession. Neither the Index Sponsor nor the Index Calculation Agent are under any obligation to continue the calculation, publication or dissemination of the Index and accept no liability for any suspension or interruption in the calculation thereof which is made in accordance with the rules governing the Index. None of the Index Sponsor, the Index Calculation Agent nor, where applicable, the Index Allocation Agent accept any liability in connection with the publication or use of the level of the Index at any given time.

The Index Methodology may embed certain costs in the strategy which cover, amongst other things, friction, replication and repo costs in running the Index. The levels of such costs (if any) may vary over time in accordance with market conditions as determined by the Index Sponsor acting in a commercially reasonable manner.

BNP Paribas and its affiliates may enter into derivative transactions or issue financial instruments (together, the "Products") linked to the Index. For the avoidance of doubt, the Index and/or any account, transaction or product using the information relating to the Index, is not sponsored, endorsed, sold or promoted by any provider of the underlying data (the "Reference Assets") comprised in the Index (each a "Reference Asset Sponsor") and no Reference Asset Sponsor makes any representation whatsoever, whether express or implied, either as to the results to be obtained from the use of the relevant Reference Asset or the index and/or the levels at which the relevant Reference Asset or the Index stands at any particular time on any particular date or otherwise. No Reference Asset Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in the relevant Reference Asset and/or Index and a Reference Asset Sponsor is under no obligation to advise any person of any error therein. No Reference Asset Sponsor is making any representation whatsoever, whether express or implied, as to the advisability of purchasing or assuming any risk in connection with the Products or financial instruments linked to the Index that are issued or managed by a party licensed to the use the Index ("Licensee Products") or any product or investment strategy referencing the Licensee Products. No Reference Asset Sponsor shall have any liability for any act or failure to act by the Index Sponsor in connection with the calculation, adjustment or maintenance of the Index. None of the Reference Asset Sponsors or their affiliates have any affiliation with or control over the Index or the Index Sponsor or any control over the computation, composition or dissemination of the Index. BNP Paribas and its affiliates have no rights against or recourse to any Reference Asset Sponsor should any Reference Asset not be published or for any errors in the calculation thereof or on any other basis whatsoever in relation to any Reference Asset, its production, or the level or constituents thereof. BNP Paribas and its affiliates shall have no liability to any party for any act or failure to act by any Reference Asset Sponsor in connection with the calculation, adjustment or maintenance of the relevant Reference Asset. Although the Index Calculation Agent will obtain information concerning each Reference Asset from publicly available sources that it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by BNP Paribas or any of its affiliates nor the Index Calculation Agent as to the accuracy, completeness and timeliness of information concerning any Reference Asset.

BNP Paribas and/or its affiliates may act in a number of different capacities in relation to the Index and/or products linked to the Index, which may include, but not be limited to, acting as market-maker, hedging counterparty, issuer of components of the Index, Index Sponsor and/or Index Calculation Agent. Such activities could result in potential conflicts of interest that could influence the price or value of a Product.

© BNP Paribas. All rights reserved.

“BLOOMBERG®” and the Bloomberg indices listed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by the distributor hereof (the “Licensee”). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the “Products”). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.

Euronext N.V. or its subsidiaries holds all (intellectual) proprietary rights with respect to the Index. Euronext N.V. or its subsidiaries do not sponsor, endorse or have any other involvement in the issue and offering of the product. Euronext N.V. and its subsidiaries disclaim any liability for any inaccuracy in the data on which the Index is based, for any mistakes, errors, or omissions in the calculation and/or dissemination of the Index, or for the manner in which it is applied in connection with the issue and offering thereof.

Neither MerQube, Inc. nor any of its affiliates (collectively, “MerQube”) is the issuer or producer of [Authorized Product] and MerQube has no duties, responsibilities, or obligations to investors in [Authorized Product].  The index underlying the [Authorized Product] is a product of MerQube and has been licensed for use by BNP Paribas.  Such index is calculated using, among other things, market data or other information (“Input Data”) from one or more sources (each such source, a “Data Provider”).  MerQube® is a registered trademark of MerQube, Inc.  This trademark has been licensed for certain purposes by BNP Paribas in its capacity as the issuer of the [Authorized Product].  [Authorized Product] is not sponsored, endorsed, sold or promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability of investing in securities generally or in [Authorized Products] particularly, nor do they have any liability for any errors, omissions, or interruptions of the Input Data, [Licensed Index], or any associated data.  Neither MerQube nor the Data Providers make any representation or warranty, express or implied, to the owners of the [shares/units/notes] of [Authorized Product] or to any member of the public, of any kind, including regarding the ability of the [Licensed Index] to track market performance or any asset class.  The [Licensed Index] is determined, composed and calculated by MerQube without regard to BNP Paribas or the [Authorized Product].  MerQube and Data Providers have no obligation to take the needs of BNP Paribas or the owners of [Authorized Product] into consideration in determining, composing or calculating the [Licensed Index].  Neither MerQube nor any Data Provider is responsible for and have not participated in the determination of the prices or amount of [Authorized Product] or the timing of the issuance or sale of [Authorized Product] or in the determination or calculation of the equation by which [Authorized Product] is to be converted into cash, surrendered or redeemed, as the case may be.  MerQube and Data Providers have no obligation or liability in connection with the administration, marketing or trading of [Authorized Product]. There is no assurance that investment products based on the [Licensed Index] will accurately track index performance or provide positive investment returns.  MerQube is not an investment advisor.  Inclusion of a security within an index is not a recommendation by MerQube to buy, sell, or hold such security, nor is it considered to be investment advice.  

NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE [LICENSED INDEX] OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO.  NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN.  MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY [LICENSEE], OWNERS OF THE [AUTHORIZED PRODUCT], OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE [LICENSED INDEX] OR WITH RESPECT TO ANY DATA RELATED THERETO.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.  THE FOREGOING REFERENCES TO “MERQUBE” AND/OR “DATA PROVIDER” SHALL BE CONSTRUED TO INCLUDE ANY AND ALL SERVICE PROVIDERS, CONTRACTORS, EMPLOYEES, AGENTS, AND AUTHORIZED REPRESENTATIVES OF THE REFERENCED PARTY

BNP Paribas’ products are not sponsored, endorsed, sold or promoted by Morningstar, Inc. or any of its affiliates (all such entities, collectively, “Morningstar”). Morningstar makes no representation or warranty, express or implied, to the owners of BNP Paribas’ products or any member of the public regarding the advisability of investing in securities generally or in BNP Paribas’ products in particular or the ability of the Indexes to track general stock market performance. Morningstar’s only relationship to BNP Paribas is the licensing of certain trademarks, service marks, and service names of Morningstar and of the Indexes which are determined, composed and calculated by Morningstar without regard to  BNP Paribas or BNP Paribas’ products. Morningstar has no obligation to take the needs of BNP Paribas or the owners of BNP Paribas’ products into consideration in determining, composing or calculating the Indexes. Morningstar is not responsible for and has not participated in the determination of the prices and amount of BNP Paribas’ products or the timing of the issuance or sale of BNP Paribas’ products or in the determination or calculation of the equation by which the BNP Paribas’ products is converted into cash. Morningstar has no obligation or liability in connection with the administration, marketing or trading of BNP Paribas’ products.

Note that the valuation and calculation methodologies for the Indexes require certain predefined deductions (aka synthetic dividends) be taken from the returns of the equity indexes on which they are based.  Because of these deductions, the performance of the Indexes may differ from that of their underlying indexes performance.  Morningstar has no responsibility for ensuring, and does not make any representation or warranty, either express or implied, that any deduction will result in a certain level of performance or is adequate or sufficient for any particular purpose, including, but not limited to, serving as a basis for achieving capital protection in capital-protected structured products.

MORNINGSTAR, INC., EXPRESSLY DISCLAIMS ANY WARRANTY AROUND THE ACCURACY, COMPLETENESS AND/OR TIMELINESS OF THE INDEXES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. MORNINGSTAR MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY BNP PARIBAS, OWNERS OR USERS OF BNP PARIBAS’ PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEXES OR ANY DATA INCLUDED THEREIN. MORNINGSTAR MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MORNINGSTAR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

 The MSCI indexes are the exclusive property of MSCI Inc. (“MSCI”).  MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by BNP Paribas. The financial products referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial products or any index on which such financial products are based. The [prospectus or similar offering document] contains a more detailed description of the limited relationship MSCI has with BNP Paribas and any relevant financial products. No purchaser, seller or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCI’s permission is required.  Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.

The Product(s) is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Product(s). The Corporations make no representation or warranty, express or implied to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly, or the ability of the Indices to track general stock market performance. The Corporations' only relationship to BNP Paribas (“Licensee”) is in the licensing of the Nasdaq®, and certain trade names of the Corporations and the use of the Indices which are determined, composed and calculated by Nasdaq without regard to Licensee  or the Product(s). Nasdaq has no obligation to take the needs of the Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the Indices. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Product(s).

The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Indexes, or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee , owners of the product(s), or any other person or entity from the use of the Indices or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the [Insert Name of Index] or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages.

Solactive AG ("Solactive") is the licensor of the "index". The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy, and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index.

Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto.

Notwithstanding Solactive's obligations to its licensees, Solactive reserves the right to change the methos of calculation or publication with respect to the Index and Solactive shall not be liable for any miscalculation of or any incorrect, delayed or interrupted publication with respect to the Index.

Solactive shall not be liable for any damages, including, without limitation, any loss of profits or business, or any special , incidental, punitive, indirect or consequential damages suffered or incurred as a result of the use (or inability to use) of the Index.

The ""[INDEX]"" is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by BNP Paribas. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and have been licensed for use by SPDJI and sublicensed for certain purposes by BNP Paribas. It is not possible to invest directly in an index.  BNP Paribas’ Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”).   S&P Dow Jones Indices doesn’t make any representation or warranty, express or implied, to the owners of BNP Paribas’s Product(s) or any member of the public regarding the advisability of investing in securities generally or in BNP Paribas’s Product(s) particularly or the ability of the [INDEX] to track general market performance.  Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to BNP Paribas with respect to the [INDEX] is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors.  The [INDEX] is determined, composed and calculated by S&P Dow Jones Indices without regard to BNP Paribas or the BNP Paribas’ Product(s).  S&P Dow Jones Indices has no obligation to take the needs of BNP Paribas or the owners of BNP Paribas’ Product(s) into consideration in determining, composing or calculating the [INDEX].  S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of BNP Paribas’ Product(s) or the timing of the issuance or sale of BNP Paribas’ Product(s) or in the determination or calculation of the equation by which BNP Paribas’ Product(s) is to be converted into cash, surrendered or redeemed, as the case may be.  S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of BNP Paribas’ Product(s). There is no assurance that investment products based on the [INDEX] will accurately track index performance or provide positive investment returns.  S&P Dow Jones Indices LLC is not an investment or tax advisor.  A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.  

NEITHER S&P DOW JONES INDICES NOR THIRD PARTY LICENSOR GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE [INDEX] OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO.  S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN.  S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY BNP PARIBAS, OWNERS OF THE BNP PARIBAS’ PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE [INDEX] OR WITH RESPECT TO ANY DATA RELATED THERETO.  WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE.  THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND BNP PARIBAS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.