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BNP Paribas — Capital/Financing Update 2013
Oct 23, 2013
1158_rns_2013-10-23_8434ca2b-baf2-4a03-b21c-64af34bacd1b.pdf
Capital/Financing Update
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FINAL TERMS dated 23 October 2013
BNP PARIBAS
(incorporated in France)
(the Issuer)
Issue of EUR 30,000,000
Index Linked Redemption Notes relating to the EURO STOXX 50® Index due 13 February 2019
Series 16155
("Privalto Booster Europe")
under the 90,000,000,000
Euro Medium Note Programme
(the Programme
Dealer: BNP Paribas
The Notes are offered to the public in France from 23 October 2013 to 30 January 2014
Any person making or intending to make an offer of the Notes may only do so:
a) in those Public Offer Jurisdictions mentioned in Paragraph 62 of Part A below, provided such person is of a kind specified in that paragraph and that the offer is made during the Offer Period specified in that paragraph; or
b) otherwise in circumstances in which no obligation arises for the Issuer or any Dealer 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.
Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.
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 State) and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.
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 approval 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 under the sections entitled “Terms and Conditions of the French Law Notes”, “Annex 1 – Additional Terms and Conditions for Payouts” and “Annex 2 – Additional Terms and Conditions for Index Linked Notes” in the Base Prospectus dated 3 June 2013 which received visa number 13-258 from the Autorité des marchés financiers (“AMF”) on 3 June 2013 and the Supplements to the Base Prospectus dated 8 August 2013 and 2 October 2013 (the “Supplements”) which together constitute a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). This document constitutes the Final Terms of the Notes 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 the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus, these Final Terms and the Supplements (in each case, together with any documents incorporated therein by reference) are available for viewing at, and copies may be obtained from, BNP Paribas Securities Services, Luxembourg Branch (in its capacity as Principal Paying Agent), 33, rue de Gasperich, Howald-Hesperange, L-2085 Luxembourg and (save in respect for the Final Terms) on the Issuer’s website (www.invest.bnpparibas.com). The Base Prospectus, these Final Terms and the Supplements will also be available on the AMF website (www.amf-france.org). A copy of these Final Terms, the Base Prospectus and the Supplements will be sent free of charge by the Issuer to any investor requesting such documents. A summary of the Notes (which comprises the Summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to the Final Terms.
-
Issuer:
BNP Paribas -
(i) Series Number:
16155
(ii) Tranche Number:
1 -
Specified Currency:
Euro (“EUR”) -
Aggregate Nominal Amount:
(i) Series:
EUR 30,000,000
(ii) Tranche
EUR 30,000,000 -
Issue Price of Tranche:
99.44 per cent. of the Aggregate Nominal Amount -
Minimum Trading Size:
EUR 1,000 -
(i) Specified Denominations:
EUR 1,000
(ii) Calculation Amount:
EUR 1,000 -
(i) Issue Date:
23 October 2013
(ii) Interest Date: Commencement: Not applicable -
Maturity Date:
13 February 2019 or if that is not a Business Day the immediately succeeding Business Day -
Form of Notes:
Bearer -
Interest Basis:
Non-interest bearing -
Redemption/Payment Basis:
Index Linked Redemption
Payout Switch: Not applicable
3
Payout Switch Election: Not applicable
-
Change of Interest Basis or Redemption / Payment Basis: Not applicable
-
Put/Call Options: Not applicable
-
Exchange Rate: Not applicable
-
Status of the Notes: Senior
-
Knock-in Event: Applicable
If SPS Knock-in Valuation is specified as 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
Barrier Strike Price Closing Value: applicable
Barrier Percentage Strike Price means 60 per cent.
Closing Level is as set out in item 39
Knock-in Value means the Underlying Reference Value
SPS Knock-in Valuation: applicable
SPS Valuation Date means the Knock-in Determination Day
Strike Date as defined in item 39(v) below
Underlying Reference is as set out in item 39(i)
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day
Underlying Reference Strike Price means, in respect of an Underlying Reference, an amount equal to the product
of (x) the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date and (y) the Barrier Percentage Strike Price
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
(ii) Level: Not applicable
(iii) Knock-in Level/Knock-in Range Level: 100%
(iv) Knock-in Period Beginning Date: Not applicable
(v) Knock-in Period Beginning Date Day Convention: Not applicable
(vi) Knock-in Determination Period: Not applicable
(vii) Knock-in Determination Day(s): Redemption Valuation Date as specified in item 39 below
(viii) Knock-in Period Ending Date: Not applicable
(ix) Knock-in Period Ending Date Day Convention: Not applicable
(x) Knock-in Valuation Time: Knock-in Valuation Time
(xi) Knock-in Observation Price: Not applicable
(xii) Distribution Consequences: Applicable
-
Knock-out Event: Not applicable
-
Method of distribution: Non-syndicated
-
Interest: Not applicable
-
Fixed Rate Provisions: Not applicable
-
Floating Rate Provisions: Not applicable
-
Zero Coupon Provisions: Not applicable
-
Index Linked Interest Provisions: Not applicable
-
Share Linked Interest Provisions: Not applicable
-
Inflation Linked Interest Provisions: Not applicable
-
Commodity Linked Interest Provisions: Not applicable
-
Fund Linked Interest Provisions: Not applicable
4
- ETI Linked Interest Provisions: Not applicable
- Foreign Exchange (FX) Rate Linked Interest Provisions: Not applicable
- Underlying Interest Rate Linked Interest Provisions: Not applicable
- Additional Business Centre(s) (Conditions 3(b) of the Terms and Conditions of the English Law Notes or Condition 3(b) of the Terms and Conditions of the French Law Notes, as the case may be: TARGET2
PROVISIONS RELATING TO REDEMPTION
- Final Redemption: Final Payout
- Final Payout: Auto-Callable Products
Autocall Standard Notes:
Calculation Amount multiplied by:
(A) If FR Barrier Value is greater than or equal to the Final Redemption Condition Level:
$$100\% + \text{FR Exit Rate; or}$$
(B) If FR Barrier Value is less than the Final Redemption Condition Level and no Knock-in Event has occurred:
$$100\% + \text{Coupon Airbag Percentage; or}$$
(C) If FR Barrier Value is less than the Final Redemption Condition Level and a Knock-in Event has occurred:
Min (100%, Final Redemption Value)
Where:
Calculation Agent: BNP Paribas Arbitrage SNC
Cap: applicable
Closing Level means, in respect of the Underlying Reference and a Scheduled Trading Day, the official closing level of such Underlying Reference on such day as determined by the Calculation Agent, subject as provided in Index Linked Notes Condition 2 (Adjustments to an Index)
Coupon Airbag Percentage means 0 per cent.
6
Final Redemption Condition Level means the Underlying Reference Strike Price
Final Redemption Value means the Underlying Reference Value
FR Barrier Value means the Underlying Reference Closing Price Value on the SPS FR Barrier Valuation Date
FR Exit Rate means FR Athena Up Rate
FR Athena Up Rate means Min(Max( FR Floor Percentage, FR Gearing x (FR Value - FR Strike Percentage) + FR Spread), FR Cap Percentage) + FR Constant Percentage
FR Floor Percentage means 0 per cent.
FR Gearing means 200 per cent.
FR Strike Percentage means 100 per cent.
FR Spread means 0
FR Cap Percentage means 50 per cent.
FR Constant Percentage means 0 per cent.
FR Value means the Underlying Reference Value
SPS Redemption Valuation Date means the Redemption Valuation Date as defined in item 39(vii)
SPS FR Barrier Valuation Date means the SPS Valuation Date
SPS FR Valuation Date means the Redemption Valuation Date, the Knock-in Determination Day or the Automatic Early Redemption Valuation Date, as applicable
Underlying Reference is as set out in item 39(i)
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day
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
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
7
Valuation Date (ii) divided by the relevant Underlying Reference Strike Price
- Automatic Early Redemption: Not applicable
- Issuer Call Option: Not applicable
- Noteholder Put Option: Not applicable
- Aggregation: Applicable
- Index Linked Redemption Amount:
(i) Index/Basket of Indices: The "Index" or the "Underlying Reference" is the EURO STOXX 50® Index
The EURO STOXX 50® Index is a Composite Index.
(ii) Index Currency: EUR
(iii) Screen Page: Bloomberg Code: SX5E Index
(iv) Specified Maximum Days of Disruption: Specified Maximum Days of Disruption will be equal to eight (8)
(v) Strike Date: 30 January 2014
(vi) Averaging: Not applicable
(vii) Redemption Valuation Date: 30 January 2019
(viii) Observation Date(s): Not applicable
(ix) Observation Period: Not applicable
(x) Exchange Business Day: Single Index Basis
(xi) Scheduled Trading Day: Single Index Basis
(xii) Exchange(s) and Index Sponsor:
(a) The relevant Exchange is as set out in the Conditions; and
(b) The relevant Index Sponsor is Stoxx Limited
(xiii) Related Exchange: All Exchanges
(xiv) Weighting: Not applicable
(xv) Valuation Time: Scheduled Closing Time
(xvi) Index Correction Period: As per Conditions
(xvii) Optional Additional Disruption Events: Not applicable
(xviii) Market Disruption: Specified Maximum Days of Disruption will be equal to eight (8).
(xix) Delayed Redemption of the Occurrence of Index Adjustment Event: Not applicable
(xx) Additional provisions applicable to Custom Indices: Not applicable
8
- Share Linked Redemption Amount: Not applicable
- Inflation Linked Redemption Amount: Not applicable
- Commodity Linked Redemption Amount: Not applicable
- Fund Linked Redemption Amount: Not applicable
- Credit Linked Notes: Not applicable
- ETI Linked Redemption Amount: Not applicable
- Foreign Exchange (FX) Rate Linked Redemption Amount: Not applicable
- Underlying Interest Rate Linked Redemption Amount: Not applicable
- Early Redemption Amount: Not applicable
Early Redemption Amount(s): Market Value less Costs - Provisions applicable to Physical Delivery: Not applicable
- Variation of Settlement:
(i) Issuer’s option to vary settlement: The Issuer does not have the option to vary settlement in respect of the Notes.
(ii) Variation of Settlement of Physical Delivery Notes: Not applicable - Form of the Notes: Dematerialised Notes
Bearer dematerialised form (au porteur)
New Global Note: No - Financial Centre(s) or other special provisions relating to Payment Days for the purposes of Condition 4(a): TARGET2
- Talons for future Coupons or Receipts to be attached to definitive Notes (and dates on which such Talons mature): Not applicable
- Details relating to Party Paid Notes: Not applicable
- Details relating to Notes redeemable in instalments: amount of each instalment, date on which each payment is to be made: Not applicable
- Redomination, renominalisation and reconventioning provisions: Not applicable
9
- Masse (Condition 12 of the Terms and Conditions of the French Law Notes):
The representant is :
Jean-Marcel François
4, rue des Cures
77400 Thorigny-sur-Marnes
The Representative receives no remuneration.
-
Governing law:
French law -
If syndicated, names of Managers:
Not applicable -
Total commission and concession:
Fees have been paid to the Distributor in respect of the Notes. They cover distribution cost for a maximum annual amount equivalent to 1% (all tax included) of the nominal amount. Further information is available from BNP Paribas Arbitrage SNC on request. -
U.S. Selling Restrictions:
Reg. S Compliance Category 2; TEFRA not applicable -
Non exempt Offer:
Applicable
An offer of the Notes may be made by the Dealer, BNP Paribas, AEP, APICIL, Axa, Cardif, Generali, Skandia and Swiss Life (the "Initial Authorised Offerors") and any additional financial intermediaries who have or obtain the Issuer's consent to use the Base Prospectus in connection with the Non-exempt Offer and who are identified on the Issuer's website at (https://ratesglobalmarkets.bnpparibas.com/gm/Public/LegalDocs.aspx) as an Authorised Offeror being persons to whom the issuer has given consent, (the "Authorised Offerors") other than pursuant to Article 3(2) of the Prospectus Directive in France (the "Public Offer Jurisdiction") during the period from 23 October 2013 until 30 January 2014 (the "Offer Period"). See further Paragraph 7 of Part B below.
General Consent: Not Applicable
Other Conditions to consent: Not Applicable
Responsibility
The Issuer accepts responsibility for the information contained in these Final Terms.
Signed on behalf of the Issuer:
By: 
Duly authorised
10
PART B – OTHER INFORMATION
1. Listing and Admission to trading
(i) Listing and admission to trading: Application has been made by the Issuer for the Notes to be listed on Euronext Paris with effect from the Issue Date.
(ii) Admission to trading: Application has been made by the Issuer for the Notes to be admitted to trading on Euronext Paris with effect from the Issue Date.
(iii) Estimate of total expenses related to admission to trading: EUR 3,000
2. Ratings
The Notes have not been rated.
3. Interests of Natural and Legal Persons Involved in the Issue/Offer
"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 Notes has an interest material to the offer."
4. Reasons for the Offer, Estimated Net Proceeds and Total Expenses
(i) Reasons for the offer: See "Use of Proceeds" wording in Base Prospectus.
(ii) Estimated net proceeds: EUR 29,832,000
(iii) Estimated total expenses: See item 1(iii) above
- Performance of Index/ Share/ Commodity/ Inflation/ Foreign Exchange Rate/ Fund/ Reference Entity/ Entities/ ETI Interest/ Formula, Explanation of Effect on Value of Investment and Associated Risks and Other Information concerning the Underlying
| Index Page | Website | Screen |
|---|---|---|
| EURO STOXX 50® Index | www.stoxx.com | Bloomberg SX5E |
INDEX DISCLAIMER
EuroStoxx50
STOXX and its licensors (the "Licensors") have no relationship to BNP PARIBAS, other than the licensing of the EuroStoxx50® and the related trademarks for use in connection with the Notes.
STOXX and its Licensors do not:
- Sponsor, endorse, sell or promote the Notes.
- Recommend that any person invest in the Notes or any other securities.
- Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Notes.
- Have any responsibility or liability for the administration, management or marketing of the Notes.
- Consider the needs of the Notes or the owners of the Notes in determining, composing or calculating the EuroStoxx50® or have any obligation to do so.
STOXX and its Licensors will not have any liability in connection with the Notes. Specifically,
- STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty about:
- The results to be obtained by the Notes, the owner of the Notes or any other person in connection with the use of the EuroStoxx50® and the data included in the EuroStoxx50®;
- The accuracy or completeness of the EuroStoxx50® and its data;
- The merchantability and the fitness for a particular purpose or use of the EuroStoxx50® and its data;
- STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the EuroStoxx50® or its data;
- Under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensors knows that they might occur.
The licensing agreement between BNP PARIBAS and STOXX is solely for their benefit and not for the benefit of the owners of the Notes or any other third parties.
General disclaimer
Neither the Issuer nor the Guarantor shall have any liability for any act or failure to act by an Index Sponsor in connection with the calculation, adjustment or maintenance of an Index. Except as disclosed prior to the Issue Date, neither the Issuer, the Guarantor nor their affiliates has any affiliation with or control over the computation, composition or dissemination of an Index. Although the Calculation Agent will obtain information concerning an Index from publicly available sources 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 the Issuer, the Guarantor, their affiliates or the Calculation Agent as to the accuracy, completeness and timeliness of information concerning an Index.
6. OPERATIONAL INFORMATION
| (i) | ISIN Code: | FR0011592401 |
|---|---|---|
| (ii) | Common Code: | 098080775 |
| (iii) | Any clearing system(s) other than Euroclear France, Euroclear and Clearstream, Luxembourg approved by the Issuer and the Principal Paying Agent and the relevant identification number(s): | Not applicable |
| (iv) | Delivery: | Delivery against payment |
| (v) | Additional Paying Agent(s) (if any): | Not applicable |
| (vi) | Intended to be held in a manner which would allow Eurosystem eligibility: | Yes. Note that the designation "yes" simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safe-keeper and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met. |
12
13
- Public Offers
(i) Offer Period:
(ii) Offer Price:
Applicable
See paragraph 62 above.
| As per below | |
|---|---|
| 23-Oct-13 | 99.44% |
| 24-Oct-13 | 99.45% |
| 25-Oct-13 | 99.46% |
| 26-Oct-13 | 99.46% |
| 27-Oct-13 | 99.47% |
| 28-Oct-13 | 99.47% |
| 29-Oct-13 | 99.48% |
| 30-Oct-13 | 99.48% |
| 31-Oct-13 | 99.49% |
| 1-Nov-13 | 99.49% |
| 2-Nov-13 | 99.50% |
| 3-Nov-13 | 99.51% |
| 4-Nov-13 | 99.51% |
| 5-Nov-13 | 99.52% |
| 6-Nov-13 | 99.52% |
| 7-Nov-13 | 99.53% |
| 8-Nov-13 | 99.53% |
| 9-Nov-13 | 99.54% |
| 10-Nov-13 | 99.55% |
| 11-Nov-13 | 99.55% |
| 12-Nov-13 | 99.56% |
| 13-Nov-13 | 99.56% |
| 14-Nov-13 | 99.57% |
| 15-Nov-13 | 99.57% |
| 16-Nov-13 | 99.58% |
| 17-Nov-13 | 99.58% |
| 18-Nov-13 | 99.59% |
| 19-Nov-13 | 99.60% |
| 20-Nov-13 | 99.60% |
| 21-Nov-13 | 99.61% |
| 22-Nov-13 | 99.61% |
| 23-Nov-13 | 99.62% |
| 24-Nov-13 | 99.62% |
| 25-Nov-13 | 99.63% |
| 26-Nov-13 | 99.64% |
| 27-Nov-13 | 99.64% |
| 28-Nov-13 | 99.65% |
| 29-Nov-13 | 99.65% |
| 30-Nov-13 | 99.66% |
| 1-Dec-13 | 99.66% |
| 2-Dec-13 | 99.67% |
| 3-Dec-13 | 99.67% |
| 4-Dec-13 | 99.68% |
| 5-Dec-13 | 99.69% |
| 6-Dec-13 | 99.69% |
| 7-Dec-13 | 99.70% |
| 8-Dec-13 | 99.70% |
| 9-Dec-13 | 99.71% |
| 10-Dec-13 | 99.71% |
| 11-Dec-13 | 99.72% |
14
12-Dec-13 99.73%
13-Dec-13 99.73%
14-Dec-13 99.74%
15-Dec-13 99.74%
16-Dec-13 99.75%
17-Dec-13 99.75%
18-Dec-13 99.76%
19-Dec-13 99.76%
20-Dec-13 99.77%
21-Dec-13 99.78%
22-Dec-13 99.78%
23-Dec-13 99.79%
24-Dec-13 99.79%
25-Dec-13 99.80%
26-Dec-13 99.80%
27-Dec-13 99.81%
28-Dec-13 99.81%
29-Dec-13 99.82%
30-Dec-13 99.83%
31-Dec-13 99.83%
1-Jan-14 99.84%
2-Jan-14 99.84%
3-Jan-14 99.85%
4-Jan-14 99.85%
5-Jan-14 99.86%
6-Jan-14 99.87%
7-Jan-14 99.87%
8-Jan-14 99.88%
9-Jan-14 99.88%
10-Jan-14 99.89%
11-Jan-14 99.89%
12-Jan-14 99.90%
13-Jan-14 99.90%
14-Jan-14 99.91%
15-Jan-14 99.92%
16-Jan-14 99.92%
17-Jan-14 99.93%
18-Jan-14 99.93%
19-Jan-14 99.94%
20-Jan-14 99.94%
21-Jan-14 99.95%
22-Jan-14 99.96%
23-Jan-14 99.96%
24-Jan-14 99.97%
25-Jan-14 99.97%
26-Jan-14 99.98%
27-Jan-14 99.98%
28-Jan-14 99.99%
29-Jan-14 99.99%
30-Jan-14 100.00%
(iii) Conditions to which the offer is subject:
(iv) Description of the application process:
(v) Details of the minimum and/or maximum amount of application:
(vi) Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:
(vii) Details of the method and time limits for paying up and delivering the Notes:
(viii) Manner and date in which results of the
Offers of the Notes are conditional on their issue and on any additional conditions set out in the standard terms of business of the Authorised Offerors, notified to investors by such relevant Authorised Offerors.
The Issuer reserves the right to withdraw the offer and cancel the issuance of the Notes for any reason, in accordance with the Authorised Offerors at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Notes.
Application to subscribe for the Notes can be made in France at the offices of the relevant Authorised Offeror. The distribution of the Notes will be carried out in accordance with Authorised Offeror’s usual procedures notified to investors by such Authorised Offeror.
Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the subscription for the Notes.
The minimum amount of application is the Specified Denomination.
The maximum amount of application of Notes will be subject only to availability at the time of the application.
There are no pre-identified allotment criteria. The Authorised Offerors will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Notes requested through the Authorised Offerors during the Offer Period will be assigned up to the maximum amount of the Offer.
In the event that during the Offer Period the requests exceed the total amount of the offer destined to prospective investors the Issuer, in accordance with the Authorised Offerors, will proceed to early terminate the Offer Period and will immediately suspend the acceptance of further requests.
Not applicable
The Notes will be issued on the Issue Date against payment to the Issuer of the net subscription moneys. Investors will be notified by the relevant Authorised Offeror of their allocations of Notes and the settlement arrangements in respect thereof.
offers are to be made public:
Not applicable
(ix) Procedure for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:
Not applicable
(x) Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made:
Not applicable
(xi) Amount of any expenses and taxes specifically charged to the subscriber or purchaser:
No dealings in the Notes on a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC may take place prior to the Issue Date.
There are no expenses or taxes charged to the subscriber or purchaser that the Issuer is aware of.
8. Placing and Underwriting
(i) Name and address of the co-ordinator(s) of the global offer and of single parts of the offer:
Details of the Authorised Offerors are available from the Manager upon request.
(ii) Name and address of any paying agents and depository agents in each country (in addition to the Principal Paying Agent):
Not applicable
(iii) 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:
No underwriting commitment is undertaken by the Authorised Offerors.
(iv) When the underwriting agreement has been or will be reached:
Not applicable