BNP PARIBAS CHINA PRESENCE

BNP PARIBAS - A STRONG PARTNER IN CHINA

Our presence in China dates back to 1860 when Comptoir National d’Escomptede Paris (CNEP), forerunner of BNP Paribas, opened its first offices in Shanghai

CNEP branch in Shanghai , 1861 - BNP Paribas historical archives

1860CNEP opens first office in Shanghai

1980First European bank to open a representative

office in Beijing

2003BNP Paribas (China) Ltd established

2015Granted Type A licencein China Interbank Bond Market (CIBM) by PBoC

450EMPLOYEES IN CHINA

BY 2017 TOTAL ASSETS(1)

US$ 6.88bn A-S&P LONG-TERM RATING(2)

Global Markets

Securities Services

Cash Management

Wealth Management

Strong network of local partners & joint ventures

Full Range of Solutions

Structured Finance

Global Trade Services

Personal, SME and corporate banking

Asset Management Insurance

Consumer Finance

Fleet LeasingFinancial Leasing

Integrated Financial Solutions

Private Equity Fund Management

Source: BNP Paribas(1) The total asset of BNP Paribas (China) Ltd. ,data as of 31 Dec 2017 (2) The credit rating of BNP Paribas (China) Ltd. Source: BNP Paribas, Bloomberg, Jan 20, 2017. For S&P, rating for Long Term Foreign Issuer Credit is quoted. A credit rating (i) is subject to downward revision, suspension or withdrawal at any time by the assigning rating organisation, (ii) does not take into account market risk or the performance-related risks of the investment, and (iii) is not a recommendation to buy, sell or hold securities.

2005CNY Derivatives licence obtained for Shanghai and Beijing branches

2009Obtained Full RMB Retail licence, QDII

licence, CFETS Market Maker licence

2017Granted Bond underwriting

licence for Non-financial corporates, and became a

Bond Connect market maker

BNP PARIBAS IN CHINA

PRESENT IN ALL KEY ECONOMIC REGIONS OF CHINA

Shanghai Headquarters In East Region

Beijing and Tianjin Branch In Northeast Region

Guangzhou Branch In South Region

Chengdu Rep Office In Mid-West Region

2018Received the Panda

Corporate Bond Lead Underwriting Licence Type B

We offer a wide range of investment/hedging and asset servicing solutions to our local and global clients

One of the main liquidity providers and market makers in the onshore interbank market with trading capacity in most CNY products

Access to Chinese capital markets directly on-shore (RQFII, QFII, CIBM,) and off-shore through all the Stock and Bond Connect schemes

LOCAL LICENCESin derivatives, settlement, underwriting, and market making

LOCAL TRADING CAPACITY

Major inter-bank participant in bonds and rates

Licenced FX market maker

Onshore Products

-Bonds, Repo, FX spot/derivatives, interest rate swaps

-Bond settlement and local custody-Domestic CNY debt capital market

Offshore RMB Capabilities

-CNH spot, forwards, swaps, options-Non-deliverable interest rate swaps-CNH bond origination

Access to China Capital Markets

-Stock Connect & Bond Connect-CIBM Direct, QFII and RQFII schemes -Market access products

CFETS FX Annual

Awards 2017

AsiaRisk Awards2017 and 2018

Best Participatings Dealers Award 2018

Most-Improved Market Maker in Trading

Best Market Maker of Foreign Currencies Pairs Trading

Asian Private Banker 2017

AsianInvestor Awards2016, 2018

Best Provider of RMB-Linked StructuredProducts

Best Bank for Cross-border

Bond Connect Asia Asset ManagementBest of the Best Awards 2017, 2018

Best Global CustodianRMB House of the Year

CFETS FX Annual Awards 2017The Asset Awards

2018

Best Global Custodian

The Asset

Triple A Servicing

Awards 2018

Access to Chinese Investors- Wholly Foreign Owned Enterprise (WFOE)- Mutual Recognition of Funds (MRF)

PRODUCTS AND SOLUTIONS

A COMPLETE CLIENT OFFER: FROM TRADING TO ASSET SERVICING

China Research and Insights

-Comprehensive multi-asset research and on-the-ground coverage

INDUSTRY RECOGNITION

DISCLAIMERIMPORTANT NOTICE: This document/communication may contain “Research” as defined under MiFID II unbundling rules; any such Research is intended either (i) for those firms who are in scope of the MiFID II unbundling rules and have signed up to a BNP ParibasGlobal Markets Research package, or (ii) for firms that are out of scope of the MiFID II unbundling rules and therefore are 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 any Researchin this document if your firm has not signed up to a BNP Paribas Global Markets Research package, unless your firm is out of scope of the MiFID II unbundling rules. Please note that MiFID II also imposes rules regarding receipt of monetary and minor non-monetarybenefits under the broader inducements regime. This document may also be regarded as a minor non-monetary benefit (MNMB) and it is your firm’s responsibility to consider its own regulatory obligations in relation to inducements and accepting MNMBs.

This document is CONFIDENTIAL AND FOR DISCUSSION PURPOSES ONLY; it constitutes a marketing communication and has been prepared by a Sales and Marketing function within BNP Paribas and/or its subsidiaries or affiliates (collectively “we” or “BNP Paribas”). Asa confidential document it is submitted to selected recipients only and it may not be made available (in whole or in part) to any other person without BNP Paribas’ written consent.

This document is not a recommendation to engage in any action, 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 formthe basis of, or be relied on in connection with, any contract or investment decision. To the extent that any transaction is subsequently entered into between the recipient and BNP Paribas, such transaction will be entered into upon such terms as may be agreed bythe parties in the relevant documentation.

Source: BNP Paribas, as of September 2018

The information contained in this document has been obtained from sources believed to be reliable, but there is no guarantee of the accuracy, completeness or suitability for any particular purpose of such information or that such information has beenindependently verified by BNP Paribas or by any person. None of BNP Paribas, 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 orcompleteness of the information, or any opinions based thereon, contained in this document and it should not be used in place of professional advice. Additional information may be provided on request, at our discretion. Any scenarios, assumptions, historical orsimulated performances, indicative prices or examples of potential transactions or returns are included for illustrative purposes only. Past performance is not indicative of future results. Investors may get back less than they invested. BNP Paribas gives noassurance that any favourable scenarios described are likely to happen, that it is possible to trade on the terms described herein or that any potential returns illustrated can be achieved. This document is current as at the date of its production and BNP Paribas isunder no obligation to update or keep current the information herein. In providing this document, BNP Paribas offers no investment, financial, legal, tax or any other type of advice to, and has no fiduciary duty towards, recipients. Certain strategies and/or potentialtransactions discussed in this document may involve the use of derivatives which may be complex in nature and may give rise to substantial risks, including the risk of total or partial loss of any investment or losses without limitation and which should only beundertaken by those with the requisite knowledge and experience. BNP Paribas makes no representation and gives no warranty as to the results to be obtained from any investment, strategy or transaction, or as to whether any strategy, security or transactiondescribed herein may be suitable for recipients’ financial needs, circumstances or requirements. Recipients must make their own assessment of strategies, securities and/or potential transactions detailed herein, using such professional advisors as they deemappropriate. BNP Paribas accepts no liability for any direct or consequential losses arising from any action taken in connection with or reliance on the information contained in this document even where advised of the possibility of such losses.

As an investment bank with a wide range of activities BNP Paribas may face conflicts of interest and you should be aware that BNP Paribas and/or any of its affiliates may be long or short, for their own account or as agent, in investments, transactions or strategiesreferred to in this document or related products before the material is published to clients and that it may engage in transactions in a manner inconsistent with the views expressed in this document, either for their own account or for the account of their clients.Additionally, BNP Paribas may have acted as an investment banker or may have provided significant advice or investment services to companies or in relation to investments mentioned in this document. The information in this document is not intended fordistribution to, or use by, any person or entity in any jurisdiction where (a) the distribution or use of such information would be contrary to law or regulations, or (b) BNP Paribas or a BNP Paribas affiliate would become subject to new or additional legal or regulatoryrequirements. Persons in possession of this document should inform themselves about possible legal restrictions and observe them accordingly.

Japan - Securities: This document is being distributed to Japanese based firms by BNP Paribas Securities (Japan) Limited or by a subsidiary or affiliate of BNPP not registered as a financial instruments firm in Japan, to certain financial institutions defined by article17-3, item 1 of the Financial Instruments and Exchange Act Enforcement Order. BNP Paribas Securities (Japan) Limited is a financial instruments firm registered according to the Financial Instruments and Exchange Act of Japan and a member of the Japan SecuritiesDealers Association, TypeⅡ Financial Instruments Firms Association and the Financial Futures Association of Japan. BNP Paribas Securities (Japan) Limited accepts responsibility for the content of a report prepared by another non-Japan affiliate only whendistributed to Japan based firms by BNP Paribas Securities (Japan) Limited. Some foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Act of Japan. If there is any mention of credit ratings in the document, it isa Japanese regulatory requirement to include a prescribed “explanatory note on non-registered credit rating”. The full text is contained in the separate document titled “Additional Disclaimer for Japan” (for both Branch and Securities

(Indication of the matters stipulated in Article 37 of the Financial Instruments and Exchange Act) Upon conducting financial instruments transactions, you may be required to pay fees, etc. designated for each financial instrument, etc. (for example, in the case ofshare transactions, brokerage commission calculated by multiplying the contract price by the commission rate agreed upon with you in advance and consumption tax; or, in the case of investment trust transactions, sales commission established for each issue andvarious expenses, etc., including trust fees). In addition, all financial instruments have various risks related thereto. A significant amount of loss or payment obligation may result from changes in domestic or international political, economic or financial situations,exchange rates, stock market prices, commodity prices, level of interest rates and other market conditions, credibility of issuers, etc. or other underlying assets designated as index, etc. Moreover, in the case of derivative transactions, you may be required to depositsecurity money, etc. the specific amount of which will be determined upon agreement with us. In addition, you may be required to deposit additional security money, etc. With respect to these transactions, the amount of the transaction may exceed the amount ofsecurity money, etc. (the proportion of the transaction amount to the amount of security money, etc. cannot be calculated as specific terms and conditions are not determined at present.). In addition, loss or payment obligation in an amount that exceeds the amountof security money, etc. may result from changes in the above-mentioned underlying assets designated as index. Furthermore, depending on the types of transactions, there may be a difference between the matter equivalent to the sale price and the matterequivalent to purchase price as stipulated in Article 16, Paragraph 1, Item 6 of Order for Enforcement of the Financial Instruments and Exchange Act. As fees, etc. and risks vary from one financial instrument to another, please read carefully documents to be deliveredprior to the conclusion of a contract, prospectus or materials intended for customers relating to such financial instruments, etc.

You need to note that, if any exercise period exists, the period during which you are entitled to exercise your rights is limited. If there is any early termination clause, including clause regarding cancellation before the maturity and automatic expiration clause, atransaction may terminate before the scheduled end date.

BNP Paribas Securities (Japan) Limited. Financial Instruments Business Operator: Director General of the Kanto Finance Bureau (kinsho) No. 2521. Association membership: The Japan Securities Dealers Association; Financial Futures Association of Japan and Type IIFinancial Instruments Firms Association

Japan - Branch: Where this document refers to Banking business, including FX and related activities, this document is being distributed to Japanese based firms by BNP Paribas, Tokyo Branch, or by a subsidiary or affiliate of BNP Paribas not registered as a financialinstruments firm in Japan, only to Japan-based Institutional Investors and Professional Investors as defined by the Financial Instruments and Exchange Act of Japan. BNP Paribas Tokyo Branch is a Registered Financial Institution, Kanto Finance Bureau-Kinsho-#98,and a member of the Japanese Bankers Association (JBA), the Japan Securities Dealers Association and the Financial Futures Association of Japan. BNP Paribas Tokyo Branch accepts responsibility for the content of a report prepared by another non-Japan affiliateonly when distributed to Japan-based firms by BNPP Tokyo Branch.

(Indication of the matters stipulated in Article 37 of the Financial Instruments and Exchange Act)

Upon conducting financial instruments transactions, you may be required to pay fees, etc. designated for each financial instrument, etc. (for example, foreign exchange commission incurred in depositing as well as closing term deposits in foreign currencies). Inaddition, all financial instruments have various risks related thereto. A significant amount of loss or payment obligation may result from changes in domestic or international political, economic or financial situations, exchange rates, stock market prices, commodityprices, level of interest rates and other market conditions, credibility of issuers, etc. or other underlying assets designated as index, etc. Moreover, in the case of derivative transactions, you may be required to deposit security money, etc. the specific amount ofwhich will be determined upon agreement with us. In addition, you may be required to deposit additional security money, etc. With respect to these transactions, the amount of the transaction may exceed the amount of security money, etc. (the proportion of thetransaction amount to the amount of security money, etc. cannot be calculated as specific terms and conditions are not determined at present.). In addition, loss or payment obligation in an amount that exceeds the amount of security money, etc. may result fromchanges in the above-mentioned underlying assets designated as index. Furthermore, depending on the types of transactions, there may be a difference between the matter equivalent to the sale price and the matter equivalent to purchase price as stipulated inArticle 16, Paragraph 1, Item 6 of Order for Enforcement of the Financial Instruments and Exchange Act. As fees, etc. and risks vary from one financial instrument to another, please read carefully documents to be delivered prior to the conclusion of a contract,prospectus or materials intended for customers relating to such financial instruments, etc.

You need to note that, if any exercise period exists, the period during which you are entitled to exercise your rights is limited.

If there is any early termination clause, including clause regarding cancellation before the maturity and automatic expiration clause, a transaction may terminate before the scheduled end date.

BNP Paribas, Tokyo Branch.

Registered Financial Institutions: Director General of the Kanto Finance Bureau No. 98

Association membership: The Japan Securities Dealers Association; Financial Futures Association of Japan

EXPLANATORY NOTE REGARDING NON-REGISTERED CREDIT RATING

From the viewpoint of ensuring fairness and transparency in the markets, the Financial Instruments and Exchange Law has introduced a registration system for credit rating agencies. In accordance with this regulation, financial instruments firms are required toinform customers of the fact that the rating is not registered and the rationale for the registration system, etc. whenever marketing any financial products which are rated by non-registered credit rating agencies.

Rationale for the Registration System

Registered credit rating agencies are subject to regulations such as: (1) the duty of good faith; (2) the duty to maintain an operational management system which prevents conflicts of interest and ensures the fairness of the credit rating process, etc.; (3) theprohibition on giving a credit rating to a security which they hold; and (4) the duty to disclose information including to prepare and make available for public inspection the policies for credit ratings and the documents for public release and explanation. Registeredcredit rating agencies are also subject to supervision by the Financial Services Agency, including orders to submit information, onsite inspections and business improvement orders. However, non-registered credit rating agencies are not subject to such regulationor supervision.

Name of the Credit Rating Agency Group, etc.

Name of the Credit Rating Agency Group: S&P Global Ratings (“S&P”)

Name of the Registered Credit Rating Agency within the Group and its Registration Number:

S&P Global Ratings Japan K.K. (FSA Commissioner (Rating) No. 5)

Name of the Credit Rating Agency Group: Moody’s Investors Service (“Moody’s”)

Name of the Registered Credit Rating Agency within the Group and its Registration Number:

Moody’s Japan K.K. (FSA Commissioner (Rating) No. 2)

Name of the Credit Rating Agency Group: Fitch Ratings (“Fitch”)

Name of the Registered Credit Rating Agency within the Group and its Registration Number:

Fitch Ratings Japan Limited (FSA Commissioner (Rating) No. 7)

Method of Obtaining the Information about the Summaries of the Policies and Criteria for Credit Rating

S&P:

The information is published in the “Non-Registered Rating Information” (「無登録格付け情報」http://www.standardpoors.co.jp/unregistered) which can be found in the menu under “Library/Regulation Related” (「ライブラリ・規制関連」)on the website of S&P GlobalRatings Japan K.K. (http://www.standardpoors.co.jp).

Moody’s:

The information is published in the “Matters Related to the Explanation of Non-Registered Ratings” (「無登録格付説明関連」) in the page of “Use of Credit Ratings Given by Non-registered Companies” (「無登録業者の格付の利用」)which is displayed after clicking “Credit Rating Business” on the website of Moody’s Japan K.K. (https://www.moodys.com/pages/default_ja.aspx).

Fitch:

The information is published in the “Overview of Policies etc. for Credit Rating” (「格付方針等の概要」) in the “Regulation Related” (「規制関連」) section on the website of Fitch Ratings Japan Limited (http://www.fitchratings.co.jp/web/).

Assumptions, Significance and Limitations of the Rating

S&P:

Credit ratings assigned by S&P Global Ratings (“S&P”) are opinions of the future credit quality of specific issuers or issues as of the date they are expressed, and it is not an index which shows the probability of the occurrence of the failure to pay by the issuers or aparticular debt, and do not guarantee the credit worthiness. Credit ratings are not a recommendation to purchase, sell or hold any securities, or a statement of market liquidity or prices in the secondary market of any issues.

Credit ratings may change depending on various factors, including issuers' performance, changes in external environment, performance of underlying assets, creditworthiness of counterparties and others. S&P conducts rating analysis based on information itbelieves to be provided by the reliable source in terms of quality and quantity. However, S&P does not perform an audit, due diligence or independent verification of any information it receives from the issuers or a third party, or guarantees its accuracy,completeness or timeliness of the results gained from the information. Moreover it needs to be noted that it may incur a potential risk due to limitation of the historical data that are available for use depending on the rating.

Moody’s:

Credit ratings are Moody’s Investors Service's ("MIS") current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. MIS defines credit risk as the risk that an entity may not meet its contractual, financial obligationsas they come due and any estimated financial loss in the event of default. Credit ratings do not address any other risk, including but not limited to: liquidity risk, market value risk, or price volatility. Credit ratings do not constitute investment or financial advice, andcredit ratings are not recommendations to purchase, sell, or hold particular securities. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any such rating or other opinion orinformation is given or made by MIS in any form or manner whatsoever.

Based on the information received from issuers or from public sources, the credit risks of the issuers or obligations are assessed. MIS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sourcesMIS considers to be reliable. However, MIS is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Fitch:

Ratings assigned by Fitch are opinions based on established criteria and methodologies. Ratings are not facts, and therefore cannot be described as being "accurate" or "inaccurate". Credit ratings do not directly address any risk other than credit risk. Credit ratingsdo not comment on the adequacy of market price or market liquidity for rated instruments. Ratings are relative measures of risk; as a result, the assignment of ratings in the same category to entities and obligations may not fully reflect small differences in thedegrees of risk. Credit ratings, as opinions on relative ranking of vulnerability to default, do not imply or convey a specific statistical probability of default.

In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it inaccordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The assignment of a rating to any issuer or any securityshould not be viewed as a guarantee of the accuracy, completeness, or timeliness of the information relied on in connection with the rating or the results obtained from the use of such information. If any such information should turn out to containmisrepresentations or to be otherwise misleading, the rating associated with that information may not be appropriate. Despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating wasissued or affirmed. The detailed explanation for assumptions, significance and limitations of the rating is available under「格付け及びその他の形態の意見に関する定義」on the Japanese Website of Fitch.

This information is prepared based on sources which we believe are reliable, but we do not guarantee its accuracy or completeness. For details, please refer to the above mentioned website of each agency.

Singapore: This document is distributed in Singapore by BNP Paribas, Singapore Branch, a licensed bank regulated by the Monetary Authority of Singapore. This document is directed at Institutional Investors and Accredited Investors within the meaning of theSecurities and Futures Act, Chapter 289 of Singapore. Some products or transactions described in this document may not be authorised in Singapore and may not be available to Singapore investors.

EMEA: This presentation is for information and illustration purposes only. It has been prepared by a Sales and Marketing function within BNP Paribas for, and is directed at, (a) Professional Customers and Eligible Counterparties as defined by the Markets in FinancialInvestments Directive, and (b) where relevant, persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, and at other persons to whom itmay lawfully be communicated.

This presentation does not constitute an offer or a solicitation to engage in any trading strategy or to purchase or sell any financial instruments. Given its general nature, the information included in this presentation does not contain all the elements that may berelevant for a recipient to make an informed decision in relation to any strategies or financial instruments discussed herein. This information is not tailored for any particular investor and does not constitute individual investment advice. This document is confidentialand is being submitted to selected recipients only. It may not be reproduced (in whole or in part) or delivered to any other person without the prior written permission of BNP Paribas.

This presentation does not constitute a prospectus and is not intended to provide the sole basis for any evaluation of any transaction, securities or other financial instruments mentioned herein. To the extent that any transaction is subsequently entered betweenthe recipient and BNP Paribas, such transaction will be entered into upon such terms as may be agreed by the parties in the relevant documentation. Although the information in this document has been obtained from sources which BNP Paribas believes to bereliable, BNP Paribas does not represent or warrant its accuracy and such information may be incomplete or condensed.

Any person who receives this presentation agrees that the merits or suitability of any transaction, security or other financial instrument to such person’s particular situation will have to be independently determined by such person, including consideration of thelegal, tax, accounting, regulatory, financial and other related aspects thereof. In particular, BNP Paribas owes no duty to any person who receives this presentation (except as required by law or regulation) to exercise any judgement on such person’s behalf as to themerits or suitability of any such transaction, security or other financial instruments.

All estimates and opinions included in this presentation constitute the judgement of BNP Paribas as of the date of the presentation and may be subject to change without notice. BNP Paribas will not be responsible for the consequences of reliance upon any opinionor statement contained herein or for any omission.

BNP Paribas London Branch (registered office: 10 Harewood Avenue, London NW1 6AA; tel: [+44 20] 7595 2000; fax: [+44 20] 7595 2555) is lead supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). BNP ParibasLondon Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by thePrudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas London Branch is registered in England and Wales under no. FC13447. www.bnpparibas.com

United States: This report may be distributed (i) by a subsidiary or affiliate of BNPP that is not registered as a U.S. broker-dealer only to U.S. persons who are considered “major U.S. institutional investors” (as such term is defined in Rule 15a-6 under the SecuritiesExchange Act of 1934, as amended), or (ii) by BNPP Securities Corp. (“BNPPSC”)., an affiliate of BNP Paribas and a U.S. registered broker-dealer and a member of FINRA, to U.S. persons who qualify as “institutional investors” under FINRA Rule 2210(a)(4). BNPPSCaccepts responsibility for the content of a report prepared by another non-U.S. affiliate only when distributed to U.S. persons by BNPPSC. U.S. persons who wish to effect transactions in securities based on the information provided herein must do so throughBNPPSC unless otherwise authorized by law to transact through a non-U.S. affiliate of BNPP. BNPPSC, a subsidiary of BNPP, is a broker dealer and futures commission merchant registered with the Securities and Exchange Commission (SEC), Commodity FuturesTrading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), and National Futures Association (NFA) and is a member of the New York Stock Exchange (NYSE), other principal exchanges, and the Securities Investor Protection Corporation (SIPC). Someof the securities mentioned in this document have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to a U.S. person absent registration or an applicable exemption from the U.S. registrationrequirements. THIS DOCUMENT IS FOR THE GENERAL INFORMATION OF BNPP’S CLIENTS AND IS A GENERAL SOLICITATION OF DERIVATIVES BUSINESS FOR THE PURPOSES OF, AND TO THE EXTENT IT IS SUBJECT TO, §§ 1.71 AND 23.605 OF THE U.S. COMMODITY EXCHANGE ACT.To ensure compliance with United States Internal Revenue Service (the “IRS”) Circular 230, prospective investors are hereby notified that: (a) any discussion of U.S. federal, state, and local tax issues contained or referred to in this document or any document referredto herein is not intended or written to be used, and cannot be used by prospective investors for the purpose of avoiding penalties that may be imposed on them under the United States Internal Revenue Code; (b) such discussion is written for use in connection withthe promotion or marketing of the transactions or matters addressed herein; and (c) prospective investors should seek advice based on their particular circumstances from an independent tax advisor. Securities products offered by BNP Paribas Securities Corp arenot FDIC insured, are not bank deposits nor bank guaranteed.

This particular section applies to recipients who are located within or otherwise represent or are connected to and doing business within Canada. In the event of a direct conflict or inconsistency between the above and this section, this section will prevail tosupplement the above as it applies to Canada, and shall be interpreted to supplement and not restrict the application of the above to the fullest extent possible.

BNP Paribas operates in Canada as a Schedule III Bank, and equally under International Dealer Exemption as applicable in various Canadian provinces, having a Quebec office located at 1981 MCGILL COLLEGE AVE, 4th floor, MONTREAL, Quebec, H3A 2W8, and an Ontariooffice located at 155 Wellington Street West, Suite 3110, Toronto, Ontario, M5V 3H1, Canada.

For recipients located in Québec, upon receipt of this document, each recipient hereby confirms that it has expressly requested that it be drawn up in the English language only. Pour les résidents du Québec, par la réception de ce document, chaque destinataireconfirme par les présentes qu’il a expressément exigé que celui-ci soit rédigé en anglais seulement.

THIS DOCUMENT IS CONFIDENTIAL AND IS BEING SUBMITTED TO SELECTED RECIPIENTS ONLY WHO QUALIFY, AS REQUIRED UNDER APPLICABLE LAW IN CANADA, AS CANADIAN “PERMITTED CLIENTS” [as defined in Section 1.1 of National Instrument 31-103 RegistrationRequirements, Exemptions and Ongoing Registrant Obligations, "NI 31-103")], as a “QUALIFIED PARTY” (as defined in the Alberta Securities Commission BLANKET ORDER 91-507, or its successive blanket order or its equivalent as applicable to another Canadian provincein which the recipient is resident), as an “ACCREDITED INVESTORS” [as defined in Section 1.1 of National Instrument 45-106 Prospectus and Registration Exemptions, or, if resident in Ontario, Section 73.3(1) of the Securities Act (Ontario)] or as an “ACCREDITEDCOUNTERPARTY” (if resident in Quebec as defined in Section 3 of the Quebec Derivatives Act, chapter I-14.01 or its equivalent as applicable to another Canadian province in which the recipient is resident) (all the above National instruments, Blanket Order and Actsspecified in this paragraph collectively, the "Specific Canadian Texts").

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 (as defined in the Specific Canadian Texts) described herein, or solicitation of an offer to buySecurities described herein, in Canada or any province or territory thereof. Any offer or sale of any Securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securitiesregulators, or, alternatively, pursuant to an exemption from dealer registration requirements in the relevant province or territory of Canada in which such offer or sale is made, as per the provisions of the above Specific Canadian Texts. The information containedherein is under no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references Securities of an issuer incorporated, formedor created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through an investment dealer (as defined in Section 1.1 of NI 31-103) registered in Canada. No securities commission or similar regulatoryauthority in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein or the merits of the Securities described herein, and any representation to the contrary is an offence.

BNP Paribas Securities Services is incorporated in France as a partnership limited by shares and is authorised and supervised by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des MarchésFinanciers).

The information contained within this document (‘information’) is believed to be reliable but neither BNP Paribas Securities Services nor any of its related entities warrant its completeness or accuracy nor accept anyresponsibility to the extent that such information is relied upon by any party. Opinions and estimates contained herein constitute BNP Paribas Securities Services' or its related entities’ judgment at the time of printing andare subject to change without notice. This document is not intended as an offer or solicitation for the purchase or sale of any financial product or service. The information contained in this document does not constitutefinancial advice, is general in nature and does not take into account your individual objectives, financial situation or needs. You should obtain your own independent professional advice before making any decision in relationto this information. The information contained in this document is not intended for retail investors.

BNP Paribas Securities Services ARBN 149 440 291 (AFSL No: 402467) has been registered in Australia as a foreign company under the Corporations Act 2001(Cth) and is a foreign ADI within the meaning of s 5(1) of the BankingAct 1959. This document is not intended as an offer or solicitation for the purchase or sale of any financial product or service outside of Australia and is intended for ‘wholesale clients’ only (as such term is defined in theCorporations Act 2001 (Cth)).

BNP Paribas Securities Services, acting through its Hong Kong Branch, is regulated by the Hong Kong Monetary Authority and is licensed by the SFC to conduct Type 1 (dealing in securities) regulated activity.

BNP Paribas Securities Services, acting through its Singapore Branch, is regulated by the Monetary Authority of Singapore.

The New Zealand securities services business operates through BNP Paribas Fund Services Australasia Pty Ltd. BNP Paribas Fund Services Australasia Pty Ltd is a wholly owned subsidiary of BNP Paribas Securities Services.BNP Paribas Fund Services Australasia Pty Ltd ABN 71 002 655 674 (‘BPFSA’) is an Australian incorporated company which is registered with the New Zealand Companies Office under registration number 1010736. BPFSA is alsoregistered under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.

© BNP Paribas 2018. All rights reserved.