Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

BNP Paribas Capital/Financing Update 2019

May 20, 2019

1158_rns_2019-05-20_f4a3e92a-9c4e-4623-b07d-426d1c1f047a.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

THE BASE PROSPECTUS EXPIRES ON 5 JUNE 2019 AND THE ISSUER INTENDS THAT THE BASE PROSPECTUS WILL BE IMMEDIATELY UPDATED THEREAFTER. THE UPDATED BASE PROSPECTUS WILL BE AVAILABLE ON THE AMF WEBSITE WWW.AMF-FRANCE.ORG AND HTTPS://RATES-GLOBALMARKETS.BNPPARIBAS.COM/GM/PUBLIC/LEGALDOCS.ASPX. FINAL TERMS FOR NOTES FINAL TERMS DATED 20 MAY 2019 Legal entity identifier (LEI): 7245009UXRIGIRYOBR48

BNP Paribas Issuance B.V.

(incorporated in The Netherlands) (as Issuer)

BNP Paribas

(incorporated in France) (as Guarantor)

Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5P83

Issue of EUR 50,000,000 Athena Autocall Standard Notes linked to the Benelux 60 Equal Weight NR Decrement 5% Index due 26 July 2029

ISIN: FR0013413812

under the Note, Warrant and Certificate Programme of BNP Paribas Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding

BNP Paribas Arbitrage S.N.C. (as Manager)

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

  • (i) in those Non-exempt Offer Jurisdictions mentioned in Paragraph 80 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defined in the Base Prospectus) and that the offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or (ii) otherwise in circumstances in which no obligation arises for the Issuer, the Guarantor or any Manager
  • to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer.

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

Investors should note that if a supplement to or an updated version of the Base Prospectus referred to below is published at any time during the Offer Period (as defined below), such supplement or updated base prospectus as the case may be, will be published and made available in accordance with the arrangements applied to the original publication of these Final Terms. Any investors who have indicated acceptances of the Offer (as defined below) prior to the date of publication of such supplement or updated version of the Base Prospectus, as the case may be (the "Publication Date"), have the right within two working days of the Publication 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 (the "Conditions") set forth under the sections entitled "Terms and Conditions of the Notes" and Annex 1 Additional Terms and Conditions for Payouts and Annex 2 Additional Terms and Conditions for Index Securities in the Base Prospectus dated 5 June 2018, each Supplement to the Base Prospectus published and approved on or before the date of these Final Terms (copies of which are available as described below) (together, the "2018 Base Prospectus"), notwithstanding the publication and approval of any other Supplement to the Base Prospectus (each a "2018 Future Supplement") which may have been published and approved after the date of these Final Terms and before the end of the public offer period of the Securities to which these Final Terms relate and/or an updated Base Prospectus (and any Supplement(s) thereto (each a "2019 Future Supplement")), which will replace the 2018 Base Prospectus (the "2019 Base Prospectus") (the date of any such publication and approval, each a "Publication Date"), which together constitute a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive"). This document constitutes the Final Terms of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and (i) prior to any Publication Date, must be read in conjunction with the 2018 Base Prospectus or (ii) on and after any Publication Date, must be read in conjunction with the 2018 Base Prospectus, as supplemented, by any 2018 Future Supplement as at such date or, as applicable, the 2019 Base Prospectus, as supplemented by any 2019 Future Supplement as at such date, save in respect of the Conditions which are extracted from the 2018 Base Prospectus. The 2018 Base Prospectus, as supplemented constitutes, and the 2019 Base Prospectus will constitute, a base prospectus for the purposes of the Prospectus Directive. Full information on BNP Paribas Issuance B.V. (the "Issuer"), BNP Paribas (the "Guarantor") and the offer of the Securities is only available on the basis of the combination of these Final Terms and either (i) prior to the Publication Date, the 2018 Base Prospectus or (ii) on or after the Publication Date, the 2018 Base Prospectus, as supplemented by any Future Supplement as at such date or, as applicable, the 2019 Base Prospectus, as supplemented by any 2019 Future Supplement as at such date, save in respect of the Conditions which are extracted from the 2018 Base Prospectus, as the case may be. The Issuer has in the 2018 Base Prospectus given consent to the use of the 2018 Base Prospectus in connection with the offer of the Securities. Such consent will be valid until the date that is twelve months following the date of the 2018 Base Prospectus. The Issuer will in the 2019 Base Prospectus give consent to the use of the 2019 Base Prospectus in connection with the offer of the Securities. A summary of the Securities (which comprises the Summary in the 2018 Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The 2018 Base Prospectus and any Supplement(s) to the 2018 Base Prospectus and these Final Terms are available, and the 2019 Base Prospectus will be available for viewing at 160 162 boulevard MacDonald, 75019, Paris, France and https://rates-globalmarkets.bnpparibas.com/gm/Public/LegalDocs.aspx and copies may be obtained free of charge at the specified offices of the Paying Agents. The 2018 Base Prospectus, these Final Terms and the Supplements to the 2018 Base Prospectus and the 2019 Base Prospectus will also be available on the AMF website www.amf-france.org.

1. (i) Issuer: BNP Paribas Issuance B.V.
(ii) Guarantor: BNP Paribas
2. Trade Date: 1 April 2019
3. (i) Series Number: EI4662NX
(ii) Tranche Number: 1
4. (i) Specified Currency: EUR
as
defined
in
the
definition
of
"Relevant
Currency" in Condition 13 (Definitions)
(ii) Settlement Currency: EUR
as
defined
in
the
definition
of
"Relevant
Currency" in Condition 13 (Definitions)
(iii) Specified Exchange Rate: Not applicable
5. Aggregate Nominal Amount:
(i) Series: EUR 50,000,000
(ii) Tranche: EUR 50,000,000
6. Issue Price of Tranche: 100
per cent. of the Aggregate Nominal Amount
of the
applicable Tranche
7. Minimum Trading Size: EUR 1,000
8. (i) Specified Denominations: EUR 1,000
(ii) Calculation
Amount
(Applicable
to
Notes in definitive form):
EUR 1,000
9. Issue Date: 20 May 2019
10. Maturity Date: 26 July 2029
(the "Scheduled Maturity Date")
Business Day Convention for Maturity Date:
Following
11. Form of Notes: Dematerialised Bearer
form (au porteur)
12. Interest Basis: Non-interest bearing
13. Coupon Switch: Not applicable
14. Redemption/Payment Basis: Index Linked Redemption
Payout Switch: Not applicable
Payout Switch Election: Not applicable
15. Put/Call Options: Not applicable
16. Exchange Rate: Not applicable
17. Strike Date: 19 July
2019
18. Strike Price: Not applicable
19. Averaging: Averaging does not apply to the Securities
20. Observation Dates: Not applicable
21. Observation Period: Not applicable
22. Illegality (Condition 10.1) and Force Majeure
(Condition 10.2):
Illegality: redemption in accordance with Condition
10.1(d)
Force
Majeure:
redemption
in
accordance
with
Condition 10.2(b)
23. Additional
Disruption
Events
and
Optional
(a) Additional Disruption Events: Applicable
Additional Disruption Events: (b) Optional
Additional
Disruption
Events:
Applicable
Administrator/Benchmark Event
(c) Redemption:
Delayed Redemption on Occurrence of an
Additional Disruption Event and/or Optional
Additional Disruption Event:
Not applicable
24. Knock-in Event: Applicable
"less than"
(i)
SPS Knock-in Valuation:
Applicable
Where:
Closing Level
means in respect of the Underlying

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 Security Condition 3 (Adjustments to an Index)

Knock-in Value means the Underlying Reference Value

Scheduled Trading Day means a Scheduled Trading Day (Single Index Basis)

Scheduled Trading Day (Single Index Basis) has the meaning given to such term in Index Security Condition 1 (Definitions) Level in respect of such day

SPS Valuation Date means (i) the Knock-in Determination Day or (ii) the Strike Date, as applicable

Strike Price Closing Value: Applicable

Underlying Reference has the meaning given to such term in Payout Condition 2.12, as further specified in item 51.(i)

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

Underlying Reference Strike Price means, 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 Valuation Date (ii) divided by the Underlying Reference Strike Price

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 Underlying
Reference Strike Price
(ii) Level: Not applicable
(iii) Knock-in Level/Knock-in Range Level: 50.00
per cent.
(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
(viii) Knock-in Period Ending Date: Not applicable
(ix) Knock-in Period Ending
Date Day
Convention:
Not applicable
(x) Knock-in Valuation Time: Not applicable
(xi) Knock-in Observation Price
Source:
Not applicable
(xii) Disruption Consequences: Applicable
25. Knock-out Event: Not applicable
26. Tax Gross-up: Condition 6.3
(No Gross-up)
not applicable
27. Method of distribution: Non-syndicated
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
28. Interest: Not applicable
29. Fixed Rate Provisions: Not applicable
5
30. Floating Rate Provisions: Not applicable
31. Screen Rate Determination: Not applicable
Not applicable
32.
33.
ISDA Determination
FBF Determination:
Not applicable
34. Zero Coupon Provisions: Not applicable
35. Index Linked Interest Provisions: Not applicable
36. Share
Linked/ETI
Share
Linked
Interest
Provisions:
Not applicable
37. Inflation Linked Interest Provisions: Not applicable
38. Commodity Linked Interest Provisions: Not applicable
39. Fund Linked Interest Provisions: Not applicable
40. ETI Linked Interest Provisions: Not applicable
41. Foreign Exchange (FX) Rate Linked Interest
Provisions:
Not applicable
42. Underlying
Interest
Rate
Linked
Interest
Provisions:
Not applicable
43. Debt Linked Interest Provisions: Not applicable
44. Additional Business Centre(s) (Condition
3.13):
TARGET2
System
PROVISIONS RELATING TO REDEMPTION
45. Final Redemption Amount: Final Payout
46. Final Payout: Autocall Standard Securities, which is:
Calculation Amount multiplied by:
(A) if FR Barrier Value is greater than or equal to
the Final Redemption Condition Level:
100% + FR Exit Rate; or
(B) if FR Barrier Value is less than the Final

PROVISIONS RELATING TO REDEMPTION

Provisions:
42. Underlying
Interest
Rate
Linked
Interest
Provisions:
Not applicable
PROVISIONS RELATING TO REDEMPTION
Calculation Amount multiplied by:
(A) if FR Barrier Value is greater than or equal to
the Final Redemption Condition Level:
100% + FR Exit Rate; or
(B) if FR Barrier Value is less than the Final
Redemption Condition Level and no Knock
in Event has occurred:
100% + Coupon Airbag Percentage; or
(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:

Coupon Airbag Percentage: 0.00 per cent. Final Redemption Condition Level: 80.00 per cent.

Final Redemption Value means the Underlying Reference Value

FR Barrier Value means, in respect of a SPS FR Barrier Valuation Date, the Underlying Reference Value FR Exit Rate means the FR Rate FR Rate means 60.00 per cent. Redemption Valuation Date and (b) the Strike Date

SPS FR Barrier Valuation Date means the Redemption Valuation Date

SPS Redemption Valuation Date means the Redemption Valuation Date

SPS Valuation Date means (a) the SPS

Strike Price Closing Value:
Applicable
Underlying Reference
has the meaning given to
such term in item 51.(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, 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 Valuation Date (ii) divided by the
Underlying Reference Strike Price
47. Automatic Early Redemption: Applicable
(i) Automatic Early Redemption Event: Standard Automatic Early Redemption
Automatic Early Redemption Event 1:
"greater than or equal to"
(ii) Automatic
Early
Redemption
Valuation Time:
Not applicable
(iii) Automatic Early Redemption Payout: SPS Automatic Early Redemption Payout, which is:
NA x AER
Redemption
Percentage
AER
Exit Rate
7
Where:
AER Exit Rate
in item 47.(viii) below
has the meaning given to such term
AER Redemption Percentage: 106.00
per
cent.
NA means the Calculation Amount
(iv) Automatic Early Redemption Date(s): below Early Redemption Date(n)" The dates set out in the column headed "Automatic
in the table in item
47.(vii)
(v) Automatic Early Redemption Level: 100.00 per cent.
(vi) Automatic
Percentage:
Early Redemption Not applicable
(vii) AER Rate: n x 1.50%
Where:
n Valuation Date(n)
Redemption Date(n)
"n" in the table below
means the number specified in respect of a SPS
or the related Automatic Early
set out in the column headed
n Automatic
Early
Redemption
Valuation Daten
Automatic Early
Redemption
Daten
1 19 October 2020 26 October 2020
below
Not applicable
Where:
n Valuation Date(n)
Redemption Date(n)
"n" in the table below
means the number specified in respect of a SPS
or the related Automatic Early
set out in the column headed
n Automatic
Early
Redemption
Valuation Daten
Automatic Early
Redemption
Daten
1 19 October 2020 26 October 2020
2 19 January 2021 26 January 2021
3 19 April 2021 26 April 2021
4 19 July 2021 26 July 2021
5 19 October 2021 26 October 2021
6 19 January 2022 26 January 2022
7 19 April 2022 26 April 2022
8 19 July 2022 26 July 2022
9 19 October 2022 26 October 2022
10 19 January 2023 26 January 2023
11 19
April 2023
26 April 2023
12 19
July 2023
26 July 2023
13 19
October 2023
26 October 2023
14 19
January 2024
26 January 2024
15 19 April 2024 26 April 2024
16 19 July 2024 26 July 2024
17 21 October 2024 28 October 2024
27 January 2025
19 22 April 2025 28 April 2025
20
21
21 July 2025
20 October 2025
28 July 2025
27 October 2025
22 19 January 2026 26 January 2026
23 20 April 2026 27 April 2026
24 20 July 2026 27 July 2026
25 19 October 2026 26 October 2026
26 19 January 2027 26 January 2027
27 19 April 2027 26 April 2027
28 19 July 2027 26 July 2027
29 19 October 2027 26 October 2027
30 19 January 2028 26 January 2028
31 19 April 2028 26 April 2028
32 19 July 2028 26 July 2028
33 19 October 2028 26 October 2028
34 19 January 2029 26 October 2028
35 19 April 2029 26 April 2029
AER Exit Rate: AER Rate
Automatic
Early
Date(s)/Period(s):
Redemption Valuation item 47.(vii) above The dates set out in the column headed "Automatic
Early Redemption Valuation Date(n)" in the table in
Automatic
Early
Redemption
Valuation
Date(s)/Period(s):
The dates set out in the column headed "Automatic
Early Redemption Valuation Date(n)" in the table in
item 47.(vii) above
Observation Price Source: Index Sponsor
Underlying Reference Level: Official close
Underlying Reference Level 2: Not applicable
SPS AER Valuation: Applicable:
SPS AER Value 1: Underlying Reference Value
Where:
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 Security Condition 3 (Adjustments to an Index)

Scheduled Trading Day means a Scheduled Trading Day (Single Index Basis)

Scheduled Trading Day (Single Index Basis) has the meaning given to such term in Index Security Condition 1 (Definitions)

48.
49.
AER Event 2 Basket:
Issuer Call Option:
Noteholder Put Option:
Not applicable
Not applicable
Not applicable
50. AER Event 1 Basket:
Aggregation:
Not applicable
Not appplicable
51. Index Linked Redemption Amount:
Index/Basket of Indices:
Applicable
iSTOXX
NR
Reference"
iSTOXX
France Germany Benelux 60 Equal Weight
Decrement
5%
Index
(the
"Underlying
or "Index")
France Germany Benelux 60 Equal Weight
NR Decrement 5% Index is not a Composite Index.
Index Currency: EUR
Screen Page: Bloomberg: ISX6EWND
Index
Redemption Valuation Date: 19 July 2029
Exchange Business Day: Single Index Basis
Scheduled Trading Day: Single Index Basis
Exchange(s) and Index Sponsor: (a) the relevant Exchange is as set out in the
Conditions; and
(b) the relevant Index Sponsor is STOXX Ltd.
Weighting:
Not applicable
Valuation Time:
As per Conditions
Index Correction Period:
As per Conditions
Specified Maximum Days of Disruption:
to three
(3).
Redemption on the Occurrence of an Index
Adjustment Event:
Adjustment Event:
Not applicable
Additional provisions applicable to Custom
Not applicable
Indices:
Additional provisions applicable to Futures
Not applicable
Price Valuation:
Share Linked/ ETI Share Linked
Redemption
Not applicable
Amount:
Inflation Linked Redemption Amount:
Not applicable
Commodity Linked Redemption Amount:
Not applicable
Fund Linked Redemption Amount:
Not applicable
Credit Security Provision:
Not applicable
ETI Linked Redemption Amount:
Not applicable
Foreign Exchange (FX) Rate Linked
Not applicable
Redemption Amount:
Underlying Interest Rate Linked Redemption
Not applicable
Amount:
Settlement Price:
Official closing level
Specified Maximum Days of Disruption will be equal
Delayed Redemption on Occurrence of an Index
60.
61.
Debt Linked Redemption
Amount:
Early Redemption Amount:
Not applicable
Market Value less Costs
59.
58.
57.
56.
55.
54.
53.
52.
Related Exchange: All Exchanges
New Global Note: No
67. Financial Centre(s) or other special provisions
relating to Payment Days for the purposes of
Condition 4(a):
TARGET2
68. Talons for future Coupons or Receipts to be
attached to definitive Notes (and dates on which
such Talons mature):
No
69. Details
relating
to
Notes
redeemable
in
instalments: amount of each instalment, date on
which each payment is to be made:
Not applicable
70. Redomination,
renominalisation
and
reconventioning provisions:
Not applicable
71. Masse (Condition 12): Full Masse shall apply
Name and address of the Representative:
Titulaire
SELARL MCM AVOCAT
Avocat
Tel: +33 1 53 43 36 00
Fax: +33 1 53 43 36 01
Name and address of the alternate Representative:
Avocat
Agissant pour la SELARL MCM AVOCAT
Tel: +33 1 53 43 36 00
Fax: +33 1 53 43 36 01
The representative will receive a remuneration of
EUR350 per year.
72. Calculation Agent: BNP Paribas Arbitrage S.N.C.
Calculation Agent address for the purpose of
the Noteholder Account Information Notice:
160
162 boulevard MacDonald, 75019, Paris, France
73. Principal Paying
Agent:
BNP Paribas Arbitrage S.N.C.
12
74. Governing law: French law
75. Identification
information
of
Holders
as
provided by Condition 1 in relation to French
Law Notes:
Applicable
DISTRIBUTION
76. If syndicated, names of Managers: Not applicable
77. Total commission and concession: Not applicable
78. U.S. Selling Restrictions: Reg. S Compliance Category 2; TEFRA D
79. Additional
U.S.
Federal
income
tax
considerations
:
The Notes are not Specified Securities for purposes of
Section 871(m) of the U.S. Internal Revenue Code of
1986.
80. Non exempt Offer: Applicable
Non-exempt Offer Jurisdictions: France
Offer Period: The period from and including
20 May 2019 to and
including 13 July 2019 (the Offer End Date
Financial
intermediaries
granted
specific
consent
to
use
the
Base
Prospectus
in
accordance with the Conditions in it:
Not applicable
General Consent: Applicable
Other Authorised Offeror Terms: Not applicable
Prohibition of Sales to EEA retail Investors:
(a)
Selling Restriction:
Not applicable
(b)
Legend:
Not applicable
PROVISIONS RELATING TO COLLATERAL AND SECURITY
81. Secured Securities other than Nominal Value
Repack Securities:
Not applicable
82. Nominal Value Repack Securities: Not applicable
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms.
Signed on behalf of the
Issuer:
By:
13

RESPONSIBILITY

Duly authorised

PART B OTHER INFORMATION

PART B OTHER INFORMATION
1. Listing and Admission to trading
(i) Listing
and
admission
to
trading:
Application has been made to list the Notes on the
Official
List of Euronext Paris and to admit the Notes
for trading on the
or around the Issue Date.
(ii) Estimate
of
total
expenses
related to admission to trading:
EUR
6,475
2. Ratings The Notes have not been rated.
3. Interests of Natural and Legal Persons Involved in the 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:
(ii) Estimated net proceeds: EUR 50,000,000
(iii) Estimated total expenses: See Part
related to admission to trading) above
B item 1.(ii) (Estimate of total expenses
5. Performance of Rates of Index and Other Information concerning the Underlying
(i) Index source
related to admission to trading) above

(i) Index source

"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
related to admission to trading) above
Index source
Index Website Screen Page
Benelux 60 Equal Weight NR
Decrement 5% Index
https://www.stoxx.com/index
details?symbol=ISX6EWND
Bloomberg:
ISX6EWND
Index
Index Disclaimer

(ii) Index Disclaimer

The issue of the Securities is not sponsored, endorsed, sold, or promoted by any index to which the return on the Securities is linked (an "Index", including any successor index) or any index sponsor of an Index to which the return on the Securities is linked (an "Index Sponsor") and no Index Sponsor makes any representation whatsoever, whether express or implied, either as to the results to be obtained from the use of an Index and/or the levels at which an Index stands at any particular time on any particular date or otherwise. No Index or Index Sponsor shall be liable (whether in negligence or otherwise) to any person for any error in an Index and an Index Sponsor is under no obligation to advise any person of any error therein. No Index Sponsor is making any

representation whatsoever, whether express or implied, as to the advisability of purchasing or assuming any risk in connection with the Securities. 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 an Index or Index Sponsor or any 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. available sources it believes reliable it will not independently verify this information. Accordingly,

(iii) 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 the 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 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. (iv) ISIN: FR0013413812 (v) Common Code: 198007323 (vi) Valoren: 43875736 (vii) Any clearing system(s) other than (viii) Delivery: Delivery against payment

6. Operational Information

Although the Calculation Agent will obtain information concerning an Index from publicly
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.
Operational Information
Euroclear and Clearstream, Luxembourg
and Euroclear France approved by the
Issuer and the Principal Paying Agent
and the relevant identification number(s):
Not applicable
(viii) Delivery: Delivery against payment
(ix) Additional Paying Agent(s) (if any): Not applicable
(x) Intended to be held in a manner which
would allow Eurosystem eligibility:
No. Whilst the designation is specified as "no" at the
date of these Economic Terms and Conditions, should
the Eurosystem eligibility criteria be amended in the
future such that the Notes are capable of meeting them
the Notes may then be deposited with one of the ICSDs

-

No. Whilst the designation is specified as "no" at the date of these Economic Terms and Conditions, should the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safekeeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem at any time during their life. Such recognition will depend

7. Public Offers

of application:

upon the ECB being satisfied that Eurosystem eligibility criteria have been met.

Offer Price: The offer price of the Notes is 100.00 per cent Conditions to which the offer is subject: Offers of the Notes are subject to 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 modify the total nominal amount of the Notes to which investors can subscribe, curtail the offer of the Securities or withdraw the offer of the Securities and/or, if the Securities have not yet been issued, cancel the issuance of the Securities for any reason at any time on or prior to the Offer End Date (as defined below) and advise the Distributor accordingly. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right to withdraw the offer, each such potential investor shall not be entitled to subscribe or otherwise acquire the Securities. France at the offices of the relevant Authorised out in accordance with Authorised Offeror Prospective investors will not be required to enter into Details of the minimum and/or maximum amount

Description of the application process: Application to subscribe for the Notes can be made in Offeror. The distribution of the Notes will be carried procedures notified to investors by such Authorised Offeror. Maximum subscription amount per investor: 50,000 x

any contractual arrangements directly with the Issuer in relation to the subscription for the Notes.

The minimum amount of application is the Specified Denomination.

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.
Description of possibility to reduce subscriptions
and manner for refunding excess amount paid by
applicants:
In the event that the Base Prospectus is not updated on
or before 4 June 2019, the offer of the Notes will be
immediately curtailed and no further subscriptions
accepted.
In
such
circumstances,
subject
to
a
subsequent withdrawal of the offer of the Notes and/or
cancellation of the issuance, applications made prior to
such curtailment shall proceed and the Notes delivered
as planned.
Details of the method and time limits for paying
up and delivering the Notes:
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.
Manner and date in which results of the offers are
to be made public:
Publication on the following website:
https://eqdpo.bnpparibas.com/FR0013413812
on or
around
19
July
2019
Procedure for exercise of any right of pre
emption, negotiability of subscription rights and
treatment of subscription rights not exercised:
Not applicable
Process for notification to applicants of the
amount
allotted
and
the
indication
whether
dealing may begin before notification is made:
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.
8. Placing and Underwriting
Name and address of the co-ordinator(s) of the
global offer and of single parts of the offer:
Not applicable
Name and address of any paying agents and
depository agents in each country (in addition to
the Principal Paying Agent):
Not applicable
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.
When the underwriting agreement has been or
will be reached:
Not applicable

9. EU Benchmark Regulation

statement on benchmarks: Applicable

EU Benchmarks Regulation: Article 29(2) Amounts payable under the Notes are calculated by reference to iSTOXX France Germany Benelux 60 Equal Weight NR Decrement 5% Index, which is provided by STOXX Ltd..

As at the date of these Final Terms, STOXX Ltd. is not included in the register of administrators and benchmarks established and maintained by the ESMA pursuant to article 36 of the Benchmark Regulation (Regulation (EU) 2016/1011) (th BMR

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

E (A.1
E.7). This Summary contains all the Elements required to be included in a summary for this type of Securities,
sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of
Securities, Issuer and Guarantor(s), it is possible that no relevant information can be given regarding the Element. In
this case a short description of the Element should be included in the summary explaining why it is not applicable.
Element
Title
A.1
Warning that the
This summary should be read as an introduction to the Base
summary should be read
Prospectus and the applicable Final Terms. In this summary,
as an introduction and
unless otherwise specified and except as used in the first
provision as to claims
paragraph of Element D.3, "Base Prospectus" means the Base
Prospectus of BNPP B.V. and BP2F dated 5
June
2018
supplemented from time to time
under the Note, Warrant and
Certificate Programme of BNPP B.V., BNPP and BP2F. In the
first paragraph of Element D.3, "Base Prospectus" means the
Base Prospectus of BNPP B.V.
and
BP2F dated 5
June
2018
the
Note, Warrant and Certificate Programme of BNPPB.V.,
BNPP and BP2F.
Any decision to invest in any Securities should be based
consideration of the Base Prospectus as a whole, including any
documents incorporated by reference and the applicable Final
Terms.
Where a claim relating to information contained in the Base
Prospectus and the applicable Final Terms is brought before a
court in a Member State of the European Economic Area, the
plaintiff may, under the national legislation of the Member State
where the claim is brought, be required to bear the costs of
translating the Base Prospectus and the applicable Final Terms
before the legal proceedings are initiated.
No civil liability will attach to the Issuer or the Guarantor in any
such Member State solely on the basis of this summary, including
any translation hereof, unless it is misleading, inaccurate or
inconsistent when read together with the other parts of the Base
Prospectus and the applicable Final Terms or, following the
implementation
of
the
relevant
provisions
of
2010/73/EU in the relevant Member State, it does not provide,
when read together with the other parts of the Base Prospectus
and the applicable Final Terms, key information (as defined in
Article 2.1(s) of the Prospectus Directive) in order to aid investors
as
under
on a
Directive
Element
Title
Consent as to use the
Consent: Subject to the conditions set out below, the Issuer consents to the use
A.2
Base Prospectus, period
of the Base Prospectus in connection with a Non-exempt Offer of Securities by
of validity and other
the Managers
and each financial intermediary whose name is published on
conditions attached
BNPP's
website
(https://rates-globalmarkets.bnpparibas.com
/gm/Public/LegalDocs.aspx)
and identified as an Authorised Offeror in respect
of the relevant Non-exempt Offer and any financial intermediary which is
authorised to make such offers under applicable legislation implementing in
the Markets in Financial Instruments Directive (Directive 2014/65/EC) and
publishes on its website the following statement with the information in square
brackets being duly completed with the relevant information):
We, [insert legal name of financial intermediary], refer to the offer of
EUR
50,000,000
Athena
Autocall Standard Notes linked
to the
iSTOXX
France Germany Benelux 60 Equal Weight NR Decrement 5%
Index
due
26
July
2029
Securities
20
May
2019
Final Terms
Issuer
In consideration of the Issuer offering to grant its consent to
our use of the Base Prospectus (as defined in the Final Terms (in connection
with the offer of the Securities in France during the Offer Period and subject
to the other conditions to such consent, each as specified in the Base
Prospectus, we hereby accept the offer by the Issuer in accordance with the
Authorised Offeror Terms (as specified in the Base Prospectus) and confirm
Offer period: The Issuer's consent referred to above is given for Non-exempt
Offers of Securities during the period from and including
20 May
2019
to and
including 13 July
2019
(the "Offer Period").
Conditions to consent: The conditions to the Issuer's consent
are that such
consent (a) is only valid during the Offer Period; and (b) only extends to the
use of the Base Prospectus to make Non-exempt Offers of the relevant Tranche
of Securities in France.
AN INVESTOR INTENDING TO PURCHASE OR PURCHASING ANY
SECURITIES IN A NON-EXEMPT OFFER FROM AN AUTHORISED
OFFEROR WILL DO SO, AND OFFERS AND SALES OF SUCH
SECURITIES TO AN INVESTOR BY SUCH AUTHORISED OFFEROR
WILL BE MADE, IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THE OFFER IN PLACE BETWEEN SUCH
AUTHORISED OFFEROR AND SUCH INVESTOR INCLUDING
ARRANGEMENTS IN RELATION TO PRICE, ALLOCATIONS,
EXPENSES AND SETTLEMENT. THE RELEVANT INFORMATION
WILL BE PROVIDED BY THE AUTHORISED OFFEROR AT THE
Section B- Issuer and Guarantor
Element Title
B.1 Legal and commercial
name of the Issuer
BNP Paribas Issuance B.V. ("BNPP B.V." or the "Issuer").
B.2 Domicile/ legal form/
legislation/ country of
incorporation
595, 1017 CE The Issuer was incorporated in the Netherlands as a private company with
limited liability under Dutch law having its registered office at Herengracht
Amsterdam, the Netherlands.
B.4b Trend Information BNPP B.V. is dependent upon BNPP.
apply to BNPP B.V.
subsidiary of BNPP specifically involved in the issuance of securities such as
notes or other obligations which are developed, set
other companies in the BNPP Group (including BNPP). The securities are
hedged by acquiring hedging instruments and/or collateral from BNP Paribas
and BNP Paribas entities as described in Element D.2 below.
consequence, the Trend Information described with respect to BNPP shall also
BNPP B.V. is a wholly owned
up and sold to investors by
As a
B.5 Description
of
the
Group
BNPP B.V. is a wholly owned subsidiary of BNP Paribas. BNP Paribas is the
ultimate holding company of a group of companies and manages financial
operations for those subsidiary companies (together the "BNPP
Group").
B.9 Profit forecast or
estimate
Not applicable, as there are no profit forecasts or estimates made in respect of
the Issuer in the Base Prospectus to which this Summary relates.
B.10 Audit report
qualifications
Not applicable, there are no qualifications in any audit report on the historical
financial information included in the Base Prospectus.
B.12 Selected historical key financial information:
Comparative Annual Financial Data - In EUR
31/12/2017
(audited)
31/12/2016
(audited)
Revenues 431.472 399,805
Net income, Group share 26,940 23,307
Total balance sheet 50,839,146,900 48,320,273,908
Shareholders' equity (Group share) 515,239 488,299
Comparative Interim Financial Data for the six-month period ended 30 June 2018 In EUR
30/06/2018 30/06/2017
(unaudited)1 (unaudited)1

1

Element Title
Revenues 193,729 180,264
Net Income, Group Share 12,238 11,053
30/06/2018 31/12/2017
(unaudited)1 (audited)
Total balance sheet 57,943,563,453 50,839,146,900
share) 527,477 515,239
Statements of no significant or material adverse change
31
December 2018
There has been no significant change in the financial or trading position of the BNPP Group since
(being the end of the last financial period for which audited
financial statements
have been published). There has been no material adverse change in the prospects of BNPP or the BNPP
Group since 31 December 2018
statements have been published).
(being the end of the last financial period for which audited financial
There has been no significant change in the financial or trading position of BNPP B.V since 30 June
2018 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December
2017.
B.13 Events impacting the
Issuer's solvency
Not applicable, as at 25 September 2018 and to
knowledge, there have not been any recent events which are to a material
the best of the Issuer's
extent relevant to the evaluation of the Issuer's solvency since 30 June 2018.
B.14 Dependence upon
other group entities
See also Element B.5 above The Issuer is dependent upon BNPP and other members of the BNPP Group.
BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned
subsidiary of BNPP specifically involved in the issuance of securities such as
notes, warrants or certificates or other obligations which are developed, setup
and sold to investors by other companies in the BNPP Group (including
collateral
D.2 below.
BNPP). The securities are hedged by acquiring hedging instruments and/or
from BNP Paribas and BNP Paribas entities as described in Element
B.15 Principal activities The principal activity of the Issuer is to issue and/or acquire financial
instruments of any nature and to enter into related agreements for the account
of various entities within the BNPP Group.
Element Title
B.17 Solicited credit BNPP B.V.'s long term credit rating is A with a positive outlook (S&P Global
ratings Ratings Europe Limited) and BNPP B.V.'s short term credit rating is A-1
(S&P Global Ratings Europe Limited).The Securities have not been rated.
A
security rating is not a recommendation to buy, sell or hold securities and may
be subject to suspension, reduction or withdrawal at any time by the assigning
rating agency.
B.18 Description
of
the
The Securities will be unconditionally and irrevocably guaranteed by BNP
Guarantee Paribas ("BNPP" or the "Guarantor") pursuant to a French law garantie
executed by BNPP on or around 5 June 2018 (the "Guarantee").
In the event of a bail-in of BNPP but not BNPP B.V., the obligations and/or
amounts owed by BNPP under the guarantee shall be reduced to reflect any
such modification or reduction applied to liabilities of BNPP resulting from
the application of a bail-in of BNPP by any relevant regulator (including in a
situation where the Guarantee itself is not the subject of such bail-in).
The obligations under the garantie
are senior preferred obligations (within the
meaning of Article L.613-30-3-I
financier) and unsecured obligations of BNPP and will rank pari passu
with
its other present and future senior preferred and unsecured obligations, subject
to such exceptions as may from time to time be mandatory under French law.
B.19 Information about the
Guarantor
B.19/ B.1 Legal and commercial BNP Paribas
name of the Guarantor
B.19/ B.2 Domicile/ legal form/ The Guarantor was incorporated in France as a
under French
legislation/ country of law and licensed as a bank having its head office at 16, boulevard des Italiens
incorporation 75009 Paris, France.
B.19/ B.4b Trend information Macroeconomic environment.
Macroeconomic and market
conditions affect BNPP's results. The nature of
BNPP's business makes it particularly sensitive to macroeconomic and market
conditions in Europe.
Element Title
In 2018, global growth remained healthy at around 3.7% (according to the
IMF), reflecting a stabilised growth rate in advanced economies (+2.4% after
+2.3% in 2017) and in emerging economies (+4.6% after +4.7% in 2017).
Since the economy was at the peak of its cycle in large developed countries,
central banks continued to tighten accommodating monetary policy or
planned to taper it. With inflation levels still moderate, however, central banks
were able to manage this transition gradually, thereby limiting the risks of a
marked downturn in economic activity. Thus, the IMF expects the global
growth rate experienced over the last two years to continue in 2019 (+3.5%)
despite the slight slowdown expected in advanced economies.
In this context, the following two risks categories can be identified:
Risk of financial instability due to the conduct of monetary policies
On the one hand, the continued tightening of monetary
policy in the United
States (which started in 2015) and the less-accommodating monetary policy
in the euro zone (reduction in assets purchases started
in January 2018, with
an end in December) involve risks of financial turbulence
and economic
slowdown more pronounced than expected. The risk of an inadequately
controlled rise in long-term interest rates may in particular be emphasised,
under the scenario of an unexpected increase in inflation or an unanticipated
tightening of monetary policies. If this risk materialises, it could have negative
consequences on the asset markets, particularly those for which risk premiums
are extremely low compared to their historic average, following a decade of
accommodating monetary policies (credit to non-investment grade
corporates
or countries, certain sectors of the equity and bond markets, etc.)
as well as on
certain interest rate-sensitive sectors.
On the other hand, despite the upturn since mid-2016, interest rates remain
low, which may encourage excessive risk-taking among some financial
market participants: lengthening maturities of financings
and assets held, less
stringent credit policy, and an increase in leveraged financings. Some of these
participants (insurance companies, pension funds, asset managers, etc.)
have
an increasingly systemic dimension and in the event of market turbulence
(linked for example to a sharp rise in interest rates and/or
a sharp price
correction) they could be brought to unwind large positions in a
relatively
weak market liquidity.
Element Title
Systemic risks related to increased debt
Macroeconomically, the impact of an interest rate increase could be
significant for countries with high public and/or private debt-to-GDP. This is
particularly the case for certain European countries (in particular Greece,
Italy, and Portugal), which are posting public debt-to-GDP ratios often above
100% but also for emerging countries.
Between 2008 and 2018, the latter recorded a marked increase in their debt,
including foreign currency debt owed to foreign creditors. The private sector
was the main source of the increase in this debt, but also the public sector to a
lesser extent, particularly in Africa. These countries are particularly
vulnerable to the prospect of a tightening in monetary policies in the advanced
economies. Capital outflows could weigh on exchange rates, increase the costs
of servicing that debt, import inflation, and cause the emerging countries'
central banks to tighten their credit conditions. This would bring about a
reduction in forecast economic growth, possible downgrades of sovereign
ratings, and an increase in risks for the banks. While the exposure of the BNP
Paribas Group to emerging countries is limited, the vulnerability of these
economies may generate disruptions in the global financial
system that could
affect the Group and potentially alter its results.
It should be noted that debt-related risk could materialise, not only in the event
of a sharp rise in interest rates, but also with any negative growth shocks.
Laws and regulations applicable to financial institutions.
Recent and future changes in the laws and regulations applicable to financial
institutions may have a significant impact on BNPP. Measures that were
recently adopted or which are (or whose application measures are) still in draft
format, that have or are likely to have an impact on BNPP notably include:
-
the structural reforms comprising the French banking law of 26 July 2013
requiring that banks create subsidiaries for or segregate
speculative
proprietary operations from their traditional retail banking activities, the
Volcker rule
in the US which restricts proprietary transactions,
sponsorship and investment in private equity funds and hedge funds by
US and foreign banks;
-
regulations governing capital: the Capital Requirements Directive IV
("CRD
4")/the
Capital
Requirements
Regulation
("CRR"),
the
international standard for total
loss
absorbing capacity ("TLAC") and
BNPP's designation as a financial institution that is of systemic
importance by the Financial Stability Board;
-
the European Single Supervisory Mechanism and the ordinance of 6
November 2014;
Element Title
-
the Directive of 16 April 2014 related to deposit guarantee systems
and
its delegation and implementing decrees, the Directive of 15 May 2014
establishing a Bank Recovery and Resolution framework
-
the Single Resolution Mechanism establishing the Single Resolution
Council and the Single Resolution Fund;;
-
the Final Rule by the US Federal Reserve imposing tighter prudential
rules on the US transactions of large foreign banks, notably the obligation
to create a separate intermediary holding company in the US (capitalised
and subject to regulation) to house their US subsidiaries;
-
the new rules for the regulation of over-the-counter derivative activities
pursuant to Title VII of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, notably margin requirements for uncleared
derivative products and the derivatives of securities traded by swap
dealers, major swap participants, security-based swap dealers and major
security-based swap participants, and the rules of the US Securities and
Exchange Commission which require the registration of banks and major
swap participants active on derivatives markets and
transparency and
reporting on derivative transactions;
-
the new Markets in Financial Instruments Directive ("MiFID
II") and
Markets in Financial Instruments Regulation ("MiFIR"), and European
regulations governing the clearing of certain over-the-counter derivative
products by centralised counterparties and the
disclosure of securities
financing transactions to centralised bodies.
-
the General Data Protection Regulation ("GDPR") came into force on
25
May 2018. This regulation aims to move
the European data
confidentiality
environment forward and improve
personal data
protection within the European Union. Businesses run the risk of severe
penalties if they do not comply with the standards set by the GDPR. This
Regulation applies to all banks providing services to European citizens;
and
-
the finalisation of Basel 3 published by the Basel committee in December
2017, introducing a revision to the measurement of credit risk,
operational risk and credit valuation adjustment ("CVA") risk for the
calculation of risk-weighted assets. These measures are expected to come
into effect in January 2022 and will be subject to an output floor (based
on standardised approaches), which will be gradually applied as of 2022
and reach its final level in 2027.
Moreover, in this
tougher regulatory context, the risk of non-compliance with
existing laws and regulations, in particular those relating to the protection of
Element Title
the interests of customers
and personal data, is a significant risk for the
banking industry, potentially resulting in significant losses and fines. In
addition to its compliance system, which specifically covers this type of risk,
the BNP Paribas Group places the interest of its customers, and more broadly
that of its stakeholders, at the heart of its values. Thus the new code of conduct
adopted by the BNP Paribas Group in 2016 sets out detailed values and rules
of conduct in this area.
Cyber security and technology risk
BNPP's ability to do business is intrinsically tied to the fluidity of electronic
transactions as well as the protection and security of information and
technology assets.
The technological change is accelerating with the digital transformation and
the resulting increase in the number of communications circuits, proliferation
in data sources, growing process automation, and greater use of electronic
banking transactions.
The
progress
and
acceleration
of
technological
change
are
giving
cybercriminals new options for altering, stealing, and disclosing data. The
number of attacks is increasing, with a greater reach and sophistication in all
sectors, including financial services.
The outsourcing of a growing number of processes also exposes the BNP
Paribas Group to structural cyber security and technology risks leading to the
appearance of potential attack vectors that cybercriminals can exploit.
Accordingly, the BNP Paribas Group has a second line of defence within the
Risk Function dedicated to managing technological and cyber security risks.
Thus, operational standards are regularly adapted to support BNPP's digital
evolution and innovation while managing existing and
emerging threats (such
as cyber-crime, espionage, etc.).
B.19/B.5 Description
of
the
Group
BNPP is a European leading provider of banking and financial services and
has four domestic retail banking markets in Europe, namely in Belgium,
France, Italy and Luxembourg. It is present in 72
countries and has more than
202,000 employees, including over
154,000 in Europe. BNPP is the parent
company of the BNP Paribas Group (together the "BNPP Group").
B.19/B.9 Profit forecast or
estimate
Not applicable, as there are no profit forecasts or estimates made in respect of
the Guarantor in the Base Prospectus to which this Summary relates.
B.19/ B.10 Audit report
qualifications
Not applicable, there are no qualifications in any audit report on the historical
financial information included in the Base Prospectus.
Element Title
B.19/ B.12 Selected historical key financial information:
Comparative Annual Financial Data - In millions of EUR
31/12/2018* 31/12/2017
(audited) (audited)
Revenues 42,516 43,161
Cost of risk (2,764) (2,907)
Net income, Group share 7,526 7,759
31/12/2018 31/12/2017
Common equity Tier 1 ratio (Basel 3 fully
loaded CRD4)
11.8% 11.8%
31/12/2018* 31/12/2017
(audited) (audited)
Total consolidated balance sheet 2,040,836 1,960,252
customers Consolidated loans and receivables due from 765,871 727,675
Consolidated items due to customers 796,548 766,890
Shareholders' equity (Group share) 101,467 101,983
* The figures as at 31 December
2018 included here
are based
on the new IFRS 9 accounting standard.
The impacts of the first application of the new IFRS 9 accounting standard were limited and fully taken
into account as of 1 January 2018: -
(2.5
-10 bp on the fully loaded Basel 3
common equity Tier 1 ratio.
Statements of no significant or material adverse change
See Element B.12 above in the case of the BNPP Group.
2018 There has been no significant change in the financial or trading position of BNPP since 31
(being the end of the last financial period for which audited financial statements have been
published) and no material adverse change in the prospects of BNPP since 31 December 2018
the end of the last financial period for which audited financial statements have been published).
December
(being
B.19/ B.13 Events impacting the
Guarantor's solvency
Not applicable, as at 22 November
knowledge,
31
December
2018.
2018
and to
the best of the Guarantor's
there have not been any recent events which are to a material
extent relevant to the evaluation of the Guarantor's solvency since
Element Title
B.19/ B.14 Dependence
upon
other Group entities
Subject to the following paragraph, BNPP is not dependent upon other
members of the BNPP Group.
In April 2004, BNPP began outsourcing IT Infrastructure Management
up with IBM
Management Services for BNPP and several BNPP subsidiaries in France
(including BNP Paribas Personal Finance, BP2S, and BNP Paribas Cardif),
Switzerland, and Italy. In mid-December 2011 BNPP renewed its agreement
with IBM France for a period lasting until end-2017
and has subsequently
renewed the agreement for a period lasting until end-2021.
At the end of 2012,
the parties entered into an agreement to gradually extend this arrangement to
BNP Paribas Fortis as from 2013.
The Swiss subsidiary was closed on 31
December 2016.
influence over this entity, which is 50/50 owned with IBM France. The BNP
Paribas staff made
's permanent
staff, its buildings and processing centres are the property of the Group, and
the governance in place provides BNP Paribas with the contractual right to
monitor the entity and bring it back into the Group if necessary.
IBM Luxembourg is responsible for infrastructure services and data
production for some of the
BNP Paribas Luxembourg
entities.
BancWest's data processing operations are outsourced to Fidelity Information
Services.
Cofinoga
France's data processing is outsourced to SDDC, a fully-owned IBM
subsidiary.
See also Element B.5 above.
B.19/ B.15 Principal activities
BNP Paribas holds key positions in its two main businesses:
Retail Banking
and Services, which includes:
Domestic Markets, comprising:
French Retail Banking (FRB),
BNL banca commerciale (BNL bc), Italian retail
banking,
Belgian Retail Banking (BRB),
Other Domestic Markets activities, including
Luxembourg Retail Banking (LRB);
Element Title
International Financial Services, comprising:
Europe-Mediterranean,
BancWest,
Personal Finance,
Insurance,
Wealth and Asset Management;
Corporate and Institutional
Banking (CIB),
which includes:
Corporate Banking,
Global Markets,
Securities Services.
B.19/ B.16 Controlling
shareholders
None of the existing shareholders controls, either directly or indirectly, BNPP.
As at 31 December 2017
Participations et d'Investissement ("SFPI") a public-
(public limited company) acting on behalf of the Belgian government holding
7.7% of the share capital, BlackRock Inc. holding 5.1% of the share capital
and Grand Duchy of Luxembourg holding 1.0% of the share capital. To
BNPP's knowledge, no shareholder other than SFPI and BlackRock Inc. owns
more than 5% of its capital or voting rights.
B.19/ B.17 Solicited credit ratings BNPP's long term credit ratings are A with a positive
outlook (S&P Global
Ratings Europe Limited), Aa3 with a stable outlook (Moody's Investors
Service Ltd.), A+ with a stable outlook (Fitch France S.A.S.) and AA (low)
with a stable outlook (DBRS Limited) and BNPP's short-term credit ratings
are A-1 (Standard & Poor's Credit Market Services France SAS), P-1
(Moody's Investors Service Ltd.) and F1 (Fitch France S.A.S.) and R-1
(middle) (DBRS Limited).
A security rating is not a recommendation to buy, sell or hold securities and
may be subject to suspension, reduction or withdrawal at any time by the
assigning
rating agency.
Section C
Securities
Element Title
C.1 Type and class of
Securities/ISIN
The Securities are notes ("Notes")
and are issued in Series.
12

Section C Securities

Element Title
C.1 Type and class of
Securities/ISIN
Element Title
The Series Number of the Securities is EI4662NX.
The Tranche
number is 1.
The ISIN is
FR0013413812.
The Common Code is
198007323.
The Valoren is 43875736.
The Notes are governed by French
law.
The Securities are cash settled Securities.
C.2 Currency The currency of this Series of Securities is Euro
(EUR).
C.5 Restrictions on free
transferability
The Securities will be freely transferable, subject to the offering and selling
restrictions in the United States, the European Economic Area, Belgium,
France, Italy, Luxembourg, Poland, Portugal, Romania, Spain, Japan,
the
United Kingdom
and Australia and under the Prospectus Directive and the
laws of any jurisdiction in which the relevant Securities are offered or sold.
C.8 Rights attaching to the
Securities
Securities issued under the Base Prospectus
will have terms and conditions
relating to, among other matters:
Status
The Securities are
direct, unconditional, unsecured and unsubordinated
obligations of the Issuer and rank and will rank pari passu
among themselves
and at least pari passu
with all other direct, unconditional, unsecured and
unsubordinated indebtedness of the Issuer (save for statutorily preferred
exceptions).
Taxation
All payments in respect of Notes will be made without deduction for or on
account of withholding taxes imposed by France or any political subdivision
or any authority thereof or therein having power to tax (in the case of
payments by BNPP as Guarantor) or the Netherlands or any political
subdivision or any authority thereof or therein having power to tax (in the
case of payments by BNPP B.V.), unless such deduction or withholding is
required by law. In the event that any such deduction is made, the Issuer or,
as the case may be, the Guarantor will, save in certain limited circumstances,
be required to
pay additional amounts to cover the amounts so deducted.
Payments will be subject in all cases to (i) any fiscal or other laws and
regulations applicable thereto in the place of payment, but without prejudice
to the provisions of Condition 6, (ii) any withholding or deduction required
pursuant to an agreement described in Section 1471(b) of the U.S. Internal
Revenue Code of 1986 (the "Code") or otherwise imposed pursuant
to
Element Title
Sections 1471 through 1474 of the Code, any regulations or agreements
thereunder, any official interpretations thereof, or (without prejudice to the
provisions of Condition 6) any law implementing an intergovernmental
approach thereto, and (iii) any withholding or deduction required pursuant
to Section 871(m) of the Code.
In addition,
in determining the amount of withholding or deduction required
pursuant to Section 871(m) of the Code imposed with respect to any amounts
to be paid on the Securities, the Issuer shall be entitled to withhold on any
"dividend equivalent" payment (as defined for purposes of Section 871(m)
of the Code) at a rate of 30 per cent.
Negative pledge
The terms of the Securities will not contain a negative pledge provision.
Events of Default
The terms of the Notes will contain events of default including non-payment,
non-performance or non-observance of the Issuer's
or
Guarantor's
obligations in respect of the Securities; the insolvency or winding up of the
Issuer or Guarantor;
Meetings
The terms of the Securities will contain provisions for calling meetings of
holders of such Securities to consider matters affecting their interests
generally. These provisions permit defined majorities to bind all holders,
including holders who did not attend and vote at the relevant meeting and
holders who voted in a manner contrary to the majority.
The Noteholders will, in respect of all Tranches in any Series, be grouped
automatically for the defence of their common interests in a masse
(the
"Masse").
The Masse will act in part through a representative (the "Representative")
and in part through a general meeting of the Noteholders (the "General
Meeting")
Governing law
Element Title
The Securities, the French Law Note Agency Agreement (as amended or
supplemented from time to time) and the French law Guarantees are
governed by, and construed in accordance with, French law, and any action
or proceeding in relation thereto shall, subject to any mandatory rules of the
Brussels Recast Regulation be submitted to the jurisdiction of the competent
courts in Paris within the jurisdiction of the Paris Court of Appeal (Cour
d'Appel de Paris). BNPP B.V. elect domicile at the registered office of BNP
Paribas currently located at 16 boulevard des Italiens, 75009 Paris.
C.9 Interest/Redemption Interest
The Securities do not bear or pay interest.
Redemption
Unless previously redeemed, each Security will be redeemed on the Maturity
Date as set out in Element C.18.
Representative of Holders
No representative of Holders has been appointed by the Issuer.
C.10 Derivative component in
the interest payment
Not applicable
Please also refer to Elements C.9 above and C.15 below.
C.11 Admission to Trading Application has been
made
by the Issuer (or on its behalf) for the Securities
to be admitted to trading on Euronext Paris.
C.15 How the value of the
investment in the
derivative securities is
affected by the value of
the underlying assets
The amount
payable on redemption is calculated by reference to the
iSTOXX
France Germany Benelux 60 Equal Weight NR Decrement 5%
Index
(
Underlying Reference
Index
See item C.9 above and C.18 below.
C.16 Maturity of the
derivative Securities
The Maturity
Date of the Securities is
26 July 2029.
C.17 Settlement Procedure This Series of Securities is cash settled.
The Issuer does not have the option to vary settlement.
C.18 Return on derivative
securities
See Element C.8 above for the rights attaching
to the Securities.
Final Redemption
Unless previously redeemed or purchased and cancelled, each Security will
be redeemed by the Issuer on the Maturity Date at the Final Redemption
Amount equal to
the Final Payout.
Element Title
Final Payout
Structured Products Securities (SPS)
Final Payouts
Auto-callable Securities: fixed term products that include an automatic
early redemption feature. The return is linked to the performance of the
Underlying Reference(s), calculation being based on various mechanisms
(including knock-in features). There is no capital protection.
Autocall Standard Securities
Calculation Amount multiplied by:
(I) if FR Barrier Value is greater than or equal to the Final Redemption
Condition Level:
100% + FR Exit Rate; or
(II) if FR Barrier Value is less than the Final Redemption Condition
Level and no Knock-in Event has occurred:
100%; or
(III) 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
means BNP Paribas Arbitrage S.N.C.
Calculation Amount means EUR 1,000
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
Final Redemption Condition Level means 80.00 per cent.
Final Redemption Value
means the Underlying Reference Value
FR Barrier Value
means, in respect of a SPS
FR Barrier Valuation Date,
the Underlying Reference Value
FR Exit Rate
means the FR Rate
FR Rate means 60.00
per cent.
Index means the Underlying Reference
Element Title
Knock-in Determination Day
means the Redemption Valuation Date
Knock-in Event:
Applicable
Knock-in Event means, if the Knock-in Value is less than the Knock-in
Level on the Knock-in Determination Day
Knock-in Level:
50.00
per cent.
Knock-in Value means the Underlying Reference Value
Redemption Valuation Date
means 19
July
2029
Scheduled Trading Day means a day on which the relevant Index
Sponsor is scheduled to publish the level of the Index and each exchange
or quotation system where trading has a material effect on the overall
market for futures or options contracts relating to such Index are
scheduled to be open for trading during their respective regular trading
session(s)
SPS FR Barrier Valuation Date means the
Redemption
Valuation Date
SPS Redemption Valuation Date means the Redemption Valuation
Date
SPS Valuation Date means (a) the SPS
Redemption Valuation Date, (b)
the Knock-in Determination Day and (c) the Strike Date
Strike Date:
19 July
2019
Underlying Reference: see Element
C.15
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, 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 Valuation Date (ii) divided by the relevant Underlying Reference
Strike Price
Automatic Early Redemption
If on any Automatic Early Redemption Valuation Date an Automatic Early
Redemption Event occurs, the Securities will be redeemed early at the
Automatic Early Redemption Amount on the Automatic Early Redemption
Date.
Element Title
The Automatic Early Redemption Amount in respect of each nominal
amount of Notes equal to the Calculation Amount will be equal to the SPS
Automatic Early Redemption Payout.
Automatic Early Redemption Payout
The SPS Automatic Early Redemption Payout
is:
NA x (100% + AER Exit Rate).
Automatic Early Redemption Event
means on any Automatic Early
Redemption Valuation Date the SPS AER Value 1 is equal to or greater than
the Automatic Early Redemption Level
AER Exit Rate
means
the
AER Rate
AER Rate
means n x 1.50%
Automatic Early Redemption Date means each date in the column headed
"Automatic Early Redemption Valuation Daten"
set out in the table below
Automatic Early Redemption Level:
100.00
per cent.
Automatic Early Redemption Valuation Date(s) means
each date in the
column headed "Automatic Early Redemption Daten"
set out in the table
below
n
means the number specified in respect of an Automatic Early Redemption
Valuation Daten
or the related Automatic Early Redemption Daten
set out n
the column headed "n" in the table below
NA
means the Calculation Amount
SPS AER Value 1 means the Underlying Reference Value
SPS ER Valuation Date means each Automatic Early Redemption
Valuation Date
SPS Valuation Date means (a) each SPS ER Valuation Date and (b) the
Strike Date
Strike Date:
19 July
2019
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
Closing Price Value for such Underlying Reference on the Strike Date
means, the Underlying Reference
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
n Automatic Early
Redemption
Valuation Daten
Automatic Early
Redemption Daten
1 19 October 2020 26 October 2020
2 19 January 2021 26 January 2021
3 19 April 2021 26
April 2021
4 19 July 2021 26 July 2021
5 19 October 2021 26 October 2021
6 19 January 2022 26 January 2022
7 19 April 2022 26 April 2022
8 19 July 2022 26 July 2022
9 19 October 2022 26 October 2022
10 19 January 2023 26 January 2023
11 19 April 2023 26 April 2023
12 19 July 2023 26 July 2023
13 19 October 2023 26 October 2023
14 19 January 2024 26 January 2024
15 19 April 2024 26 April 2024
16 19 July 2024 26 July 2024
17 21 October 2024 28 October 2024
18 20 January 2025 27 January 2025
19 22 April 2025 28 April 2025
20 21 July 2025 28 July 2025
21 20 October 2025 27 October 2025
22 19 January 2026 26 January 2026
23 20 April 2026 27 April 2026
24 20 July 2026 27 July 2026
25 19 October 2026 26 October 2026
26 19 January 2027 26
January 2027
27 19 April 2027 26 April 2027
28 19 July 2027 26 July 2027
Element Title
29 19 October 2027 26 October 2027
30 19 January 2028 26 January 2028
31
32
19 April 2028
19 July 2028
26 April 2028
26 July 2028
33 19 October 2028 26 October 2028
34 19
January 2029
26 October 2028
35 19 April 2029 26 April 2029
The above provisions are subject to adjustment as provided in the conditions
Reference or the Securities. This of the Securities to take into account events in relation to the Underlying
may lead to adjustments being made to the
Securities or, in some cases, the Securities being terminated early at an early
redemption amount (see item C.9).
C.19 Final reference price of
the Underlying
The final reference price of the underlying will be determined in accordance
with the valuation mechanics set out in Element C.9 and Element C.18 above
C.20 Underlying The Underlying Reference specified in Element C.9
and Element C.18
above. Information on the Underlying Reference can be obtained from the
Screen Page:
Bloomberg ISX6EWND Index

Section D Risks

Element Title
D.2 Key risks regarding the
Issuer and the Guarantor
Prospective purchasers of the Securities should be experienced with respect to
options and options transactions and should understand the risks of transactions
involving the Securities. An investment in the Securities presents certain risks
that should be taken into account before any investment decision is made.
Certain risks may affect the Issuer's ability to fulfil its obligations under the
Securities or the Guarantor's ability to perform its obligations under the
Guarantee, some of which are beyond its control. In particular, the Issuer and
the Guarantor, together with the BNPP Group, are exposed to the risks
associated with its activities, as described below:
Issuer
The main risks described above in relation to BNPP also represent the main
risks for BNPP B.V., either as an individual entity or a company in the BNPP
Group.
Element Title
Dependency Risk
BNPP B.V. is an operating company. The assets of BNPP B.V. consist of the
obligations of other BNPP Group entities. The ability of BNPP B.V. to meet
its own obligations will depend on the ability of other BNPP Group entities to
fulfil their obligations. In
respect of securities it issues, the ability of BNPP
B.V. to meet its obligations under such securities depends on the receipt by it
of payments under certain hedging agreements that it enters with other BNPP
Group entities. Consequently, Holders of BNPP B.V. securities will, subject to
the provisions of the Guarantee issued by BNPP, be exposed to the ability of
BNP Group entities to perform their obligations under such hedging
agreements.
Market Risk
BNPP B.V. takes on exposure to market risks arising from positions in interest
rates, currency exchange rates, commodities and equity products, all of which
are exposed to general and specific market movements. However, these risks
are hedged by option and
swap agreements and therefore these risks are
mitigated in principle.
Credit Risk
BNPP B.V. has significant concentration of credit risks as all OTC contracts
are acquired from its parent company and other BNPP Group entities. Taking
into consideration the objective and activities of BNPP B.V. and the fact that
its parent company is under supervision of the European Central Bank and the
management considers these
risks as acceptable. The long term senior debt of BNP Paribas is rated (A) by
a3
Liquidity Risk
BNPP B.V. has significant liquidity risk exposure. To mitigate this exposure,
BNPP B.V. entered into netting agreements with its parent company and other
BNPP Group entities.
Guarantor
Seven main categories of risk are inherent in BNPP's activities:
(1)
Credit Risk
risk is defined as the probability of a borrower
or counterparty defaulting on its obligations to BNPP. Probability of
default along with the recovery rate of the loan or debt in the event of
default are essential elements in assessing credit quality. BNPP's risk
weighted assets subject to this type of risk amounted to EUR 504
billion at 31 December 2018. In accordance with the EBA
recommendations, this category of risk also includes risks on equity
investments, as well as those related to insurance activities.
Element Title
(2)
Operational risk
Operational risk is the risk of loss resulting from
failed or inadequate internal processes (particularly those involving
personnel and information systems) or external events, whether
deliberate, accidental or natural (floods, fires, earthquakes, terrorist
attacks, etc.). Operational risks include fraud, human resources risks,
legal and reputational risks, non-compliance risks, tax risks,
information systems risks, risk of providing inadequate financial
services (conduct risk), risk of failure of operational processes
including credit processes, or from the use of a model (model risk), as
well as potential financial consequences related to reputation risk
-weighted assets subject to this type of risk
amounted to EUR 73 billion at 31 December 2018.
(3)
Counterparty risk
-
Counterparty risk arises from BNPP's credit risk
in the specific context of market transactions, investments, and/or
settlements. The amount of this risk varies over time depending on
fluctuations in market parameters affecting the potential future value
-weighted assets subject to
this type of risk amounted to EUR 27 billion at 31 December 2018.
(4)
Market Risk
by an
unfavorable trend in prices or market parameters. Market parameters
include, but are not limited to, exchange rates, prices of securities and
commodities (whether the price is directly quoted or obtained by
reference to a comparable asset), the price
of derivatives on an
established market and all benchmarks that can be derived from
market quotations such as interest rates, credit spreads, volatility or
-
weighted assets subject to this type
of risk amounted to EUR 20 billion
at 31 December 2018.
(5)
Securitisation risk
which the credit risk associated with a liability or set of liabilities is
subdivided
into
tranches.
Any
commitment
made
under
a
securitisation structure (including derivatives and liquidity lines) is
considered to be a securitisation. The bulk of these commitments are
-weighted assets
subject to this type of risk amounted to EUR 7 billion at 31 December
2018.
(6)
Risks related to deferred taxes and certain holdings in credit or
financial institutions
deduction thresholds generate risk-weighted assets amounting to EUR
17 billion at 31 December 2018.
Element Title
(7)
Liquidity risk
honor its commitments or unwind or offset a position due to market
conditions or specific factors within a specified period of time and at
a reasonable cost. It reflects the risk of not being able to cope with net
cash outflows, including collateral requirements, over short-term to
long-term horizons. The BNPP Group's specific risk can be assessed
through its short-term liquidity ratio, which analyses the hedging of
net cash outflows during a 30-day stress period.
More generally, the risks to which the BNPP Group is exposed may arise from
a number of factors related, among other things, to changes in its
macroeconomic, competitive, market and regulatory environment or the
implementation of its strategy, its business or its operations.
Risks
This section summarises the principal risks that BNPP currently considers itself
to face. They are presented in the following categories: risks related to the
macroeconomic environment, risks related
to the market environment,
regulatory risks and risks related to the implementation of BNPP's strategy,
risks related to the management of BNPP's business, risks related to BNPP's
operations.
(a)
Adverse economic and financial conditions have in the past had and
may in the future have an impact on BNPP and the markets in which
it operates.
(b)
Given the global scope of its activities, BNPP may be vulnerable to
certain political, macroeconomic or financial risks in the countries and
regions where it operates.
(c)
s access to and cost of funding could be adversely affected by
a resurgence of financial crises, worsening economic conditions,
rating downgrades, increases in credit spreads or other factors.
(d)
The prolonged low interest rate environment carries inherent systemic
risks, and an exit from such environment also carries risks.
(e)
revenues or profitability.
(f)
The soundness and conduct of other financial institutions and market
participants could adversely
affect BNPP.
(g)
BNPP may incur significant losses on its trading and investment
activities due to market fluctuations and volatility.
(h)
BNPP may generate lower revenues from commission and fee based
businesses during market downturns.
Element Title (i) Protracted market declines can reduce liquidity in the markets, making
it harder to sell assets and possibly leading to material losses.
(j) BNPP must ensure that its assets and liabilities properly match in
order to avoid exposure to losses.
(k) Laws and regulations adopted in recent years, particularly in response
to the global financial crisis, as well as new legislative proposals, may
materially impact BNPP and the financial and economic environment
in which it operates.
(l) BNPP could become subject to a resolution proceeding.
(m) BNPP
is subject to extensive and evolving regulatory regimes in the
jurisdictions in which it operates.
(n) BNPP may incur substantial fines and other administrative and
criminal penalties for non compliance with applicable laws and
regulations, and may also incur losses in related (or unrelated)
litigation with private parties.
(o)
(p) BNPP may experience difficulties integrating acquired companies and
may be unable to realise the benefits expected from its acquisitions.
(q) BNPP is exposed to credit risk and counterparty risk.
(r) A substantial increase in new provisions or a shortfall in the level of
previously recorded provisions could adversely affect BNPP's results
of operations and financial condition.
(s) dging strategies may not prevent losses.
(t)
(u) The credit ratings of BNPP may be downgraded, which would weigh
on its profitability.
(v) Intense competition by banking and non banking operators could
(w) leave it exposed to unidentified or unanticipated risks, which could
lead to material losses.
Element Title
(x)
cause substantial losses of client or customer information, damage to
(y)
uld be harmed if its reputation is
damaged.
D.3 Key risk regarding the
Securities
In addition to the risks (including the risk of default) that may affect the Issuer's
ability to fulfil its obligations under the Securities or the Guarantor's ability to
perform its obligations under the Guarantee, there are certain factors which are
material for the purposes of assessing the risks associated with Securities issued
under the Base Prospectus, including:
Market Risks
Securities are unsecured obligations;
exposure to the Underlying Reference in many cases will be achieved by the
relevant Issuer entering into hedging arrangements and, in respect of Securities
linked to an Underlying Reference, potential investors are exposed to the
performance of these hedging arrangements and events that may affect the
hedging arrangements and consequently the occurrence of any of these events
may affect the value of the Securities;
Holder Risks
the Securities may have a minimum trading amount and if, following the
transfer of any Securities, a Holder holds fewer Securities than the specified
minimum trading amount, such Holder will not be permitted to transfer their
remaining Securities prior to redemption without first purchasing enough
additional Securities in order to hold the minimum trading amount;
Issuer/Guarantor Risks
a reduction in the rating, if any, accorded to outstanding debt securities of the
Issuer or Guarantor by a credit rating agency could result in a reduction in the
trading value of the Securities;
certain conflicts of interest may arise (see Element E.4 below);
in certain circumstances (including, without limitation, as a result of
restrictions on currency convertibility and/or transfer restrictions), it may not
be possible for the Issuer to make payments in respect of the Securities in the
Settlement Currency specified in the applicable Final Terms. In these
circumstances, the payment of principal and/or interest may occur at a different
time and/or made in USD and the market price of such Securities may be
volatile;
Element Title
Legal Risks
the occurrence of an additional disruption event or optional additional
disruption event may lead to an adjustment to the Securities, early redemption
or may result in the amount payable on scheduled redemption being different
from the amount expected to be paid at scheduled redemption and consequently
the occurrence of an additional disruption event and/or optional additional
disruption event may have an adverse effect on the value or liquidity of the
Securities;
in certain circumstances settlement may be postponed or payments made in
USD if the Settlement Currency specified in the applicable Final Terms is not
freely transferable, convertible or deliverable;
expenses and taxation may be payable in respect of the Securities;
the Securities may be redeemed in the case of illegality or impracticability and
such redemption may result in an investor not realising a return on an
investment in the Securities;
Secondary Market Risks
the only means through which a Holder can realise value from the Security
prior to its Maturity Date, is to sell it at its then market price in an available
secondary market and that there may be no secondary market for the Securities
(which could mean that an investor has to wait until redemption of the
Securities to realise a greater value
than its trading value);
an active secondary market may never be established or may be illiquid and
this may adversely affect the value at which an investor may sell its Securities
(investors may suffer a partial or total loss of the amount of their investment);
for certain issues of Securities, BNP Paribas Arbitrage S.N.C. is required to act
as market-maker. In those circumstances, BNP Paribas Arbitrage S.N.C. will
endeavour to maintain a secondary market throughout the life of the Securities,
subject to normal market conditions and will submit bid and offer prices to the
market. The spread between bid and offer prices may change during the life of
the Securities. However, during certain periods, it may be difficult, impractical
or impossible for BNP Paribas Arbitrage S.N.C. to quote bid and offer prices,
and during such periods, it may be difficult, impracticable or impossible to buy
or sell these Securities. This may, for example, be due to adverse market
conditions, volatile prices or large price
fluctuations, a large marketplace being
closed or restricted or experiencing technical problems such as an IT system
failure or network disruption;
Element Title
Risks
Relating to Underlying Reference Asset(s)
In addition, there are specific risks in relation to Securities which are linked to
an Underlying Reference (including Hybrid Securities) and an investment in
such Securities will entail significant risks not associated with an investment
in a conventional debt security.
Risk factors in relation to Underlying
Reference linked Securities include:
exposure to one or more index, adjustment events and market disruption or
failure to open of an exchange which may have an adverse effect on the value
and liquidity of the Securities
Risks relating to specific
types of products
The following risks are associated with SPS Products
Auto-callable Products
Investors may be exposed
to a partial or total loss of their investment.
The return on the Securities depends on the performance of the
Underlying Reference(s) and the application of knock-in features.
Auto-callable
Products
include
automatic
early
redemption
mechanisms. If an automatic early redemption event occurs investors
may be exposed to a partial loss of their investment.
D.6 Risk warning See Element D.3 above.
In the event of the insolvency of the Issuer or if it is otherwise unable or
unwilling to repay the Securities when repayment falls due, an investor may
lose all or part of his investment in the Securities.
If the Guarantor is unable or unwilling to meet
its obligations under the
Guarantee when due, an investor may lose all or part of his investment in the
Securities.
In addition, investors may lose all or part of their investment in the Securities
as a result
of the terms and conditions of the Securities.

Section E Offer

Section E
Offer
Element Title
E.2b Reasons for the offer
and use of proceeds
The net proceeds from the issue of the Securities will become part of the
general funds of the Issuer. Such proceeds may be used
to maintain positions
in options or futures contracts or other hedging instruments.
E.3 Terms and conditions of
the offer
This issue of Securities is being offered in a Non-Exempt Offer in France.
This issue price of securities is 100.00
per cent
of their nominal amount.
E.4 Interest of natural and
legal persons involved
in the issue/offer
Other than as mentioned above,
so far as the Issuer is aware, no person
involved in the issue of the Securities has an interest material to the offer,
including conflicting
interests.
E.7 Expenses charged to the
investor by the Issuer
No expenses are being charged to an investor by the Issuer.
  • les - type de Titres, et s requis pour ce type de Titres , et Section A - Introduction et avertissements
-
les
-
type de Titres, et
s
requis pour ce type de Titres , et
Description de
A.1
introduction
et
disposition
concernant
les actions en justice
ption de
D.3, "Prospectus de Base" signifie le Prospectus de Base de
BNPP B.V. et BP2F, en date du
5
juin 2018
Warrants et Certificats de BNPP B.V., BNPP et BP2F. Au
signifie le Prospectus de Base de BNPP B.V.et BP2F
en date du
5
juin 2018
et de
Certificats de BNPP B.V., BNPP et BP2F.
sur un examen exhaustif du Prospectus de Base dans son
ives applicables.
n la
traduction de ce Prospectus de Base
Aucune
contradictoire par rapport aux autres parties du Prospectus de
Description de
avec les autres parties du Prospectus de Base et des Conditions
A.2 Prospectus
de
Base,
autres
conditions
y
Consentement :
-dessous,
e Offre Non
de
BNPP
(https://rates
globalmarkets.bnpparibas.com/gm/Public/LegalDocs.aspx)
qui
sont
-
posant la Directive
014/65
les informations pertinentes)
:
de 50,000,000 EUR avec une date de
26
juillet
2029
(les
Titres
date du
20 mai
2019
par BNP Paribas Issuance B.V.
Emetteur"). Nous acceptons par les
s
-
pour des Offres Non-
t le 20 mai
2019
au
13 juillet
2019
(la "
").
Conditions du consentement :
-dessus) sont telles que ce consentement (a)
; et (b) ne porte que sur
-ex
France.
ACHETE DES TITRES DANS UNE OFFRE NON-
Description de
NOTAMMENT EN CE QUI CONCERNE LES ARRANGEMENTS
CONCERNANT LE PRIX, LES ALLOCATIONS, LES DEPENSES ET
LES INFORMATIONS ADEQUATES SERONT
CETTE OFFRE.
Section B -
Emetteur et Garant
Description de
NOTAMMENT EN CE QUI CONCERNE LES ARRANGEMENTS
CONCERNANT LE PRIX, LES ALLOCATIONS, LES DEPENSES ET
LES INFORMATIONS ADEQUATES SERONT
CETTE OFFRE.
Description de
B.1 Raison sociale et nom
commercial
de
BNP Paribas Issuance B.V. ("BNPP B.V." ou
Emetteur").
B.2 Domicile/
forme
pays de constitution
-
t 595, 1017 CE
Amsterdam, Pays-Bas.
B.4b Informations
sur
les
tendances
obligations, warrants ou certificats ou
et/ou de
-
B.5 Description du Groupe BNPP B.V. est une
Groupe
BNPP").
B.9 Sans o
Description de
B.10 s
B.12 En EUR
31/12/2017 31/12/2016
Produit Net Bancaire 431.472 399.805
26.940 23.307
Total du bilan 50.839.146.900 48.320.273.908
Capitaux Propres (part du Groupe) 515.239 488.299
juin 2018
En EUR
terminant le 30
30/06/2018 30/06/2017
(non (non
Produit Net Bancaire 193.729 180.264
12.238 11.053
30/06/2018 30/06/2017
(non
Total du bilan 57.943.563.453 50.839.146.900
Capitaux Propres (part du Groupe) 527.477 515.239]

[1 es commissaires aux comptes.

Description de
significati 8
(date de
B.V. depuis le 31
juin
2018
7
B.13 Sans objet, au 25
septembre 2018
31
juin
2018.
B.14 groupe de
BNPP et des autres membres du Groupe BNPP.
-dessus.
obligations, warrants ou certificats ou autres
titres sont couvert
et/ou de
-dessous.
B.15 des
B.16
B.17 La
notation
est: A avec une perspective
positive
(S&P Global Ratings Europe) et la
B.V. sont
: A-1 (S&P Global Ratings Europe).
B.18 Description
de
la
Garantie
BNPP
B.V.
seront
inconditionnellement
et
BNPP
Garant
, ou une
Garantie
jet d'un
renflouement interne, mais sans que BNPP B.V. n'en fasse l'objet, les
-
interne).
Description de
Les obligations en vertu de la Garantie sont des
(au sens de l'article L.613-30-3-I
erve
B.19 Informations concernant
le Garant
B.19/ B.1 Raison sociale et nom
commercial du Garant
BNP Paribas
B.19/ B.2 Domicile/
forme
pays de constitution
boulevard des Italiens
75009 Paris, France.
B.19/
B.4b
Informations
sur
les
tendances
En
-ci. Le niveau
toujours mod
maintien du rythme de croissance mondiale obse
:
Description de
-
Unis (entam
mon
-2016, les taux
restent bas, ce qui peut favoriser une prise de risque excessive chez certains
de pension, gestionnaires d'actifs, etc.) ont une dimension de plus en plus
haus
Sur le pla
, ou le Portugal), qui affichent
Ceux-ci ont enregist
secteur public dans une moindre mesure, notamment en Afrique. Ces pays
politique
pourraient peser sur les taux de change, augmenter le service de cette dette,
Description de
les banques. Bien que l'exposition du Groupe BNP Paribas dans les pays
risque
non
seulement
mais aussi
en cas
croissance.
et
peuvent avoir
un impact significatif
d'application sont) encore en projet, qui ont, ou sont susceptibles d'avoir un
impact sur BNPP, comprennent notamment
:
du 26 juillet 2013, imposant aux banques une filialisation ou
e banque de
-
private equity
hedge
funds
;
CRD IV
CRR
international commun de
total
loss-absorbing capacity
TLAC
;
i que
;
Unique
;
Description de
le
-Unis imposant
aux Etats-
;
l
du Dodd-Frank Wall
Street Reform and Consumer Protection Act
(notamment les
swap dealers
non
banc
major swap
participants
security-based
swap
dealers
intervenants non
major security-based swap participants
la
U.S.
Securities
and
Exchange
Commission
imposant
titres et des principaux intervenants non
titres et
les obligations de transparence et de reporting
;
MiFID
MiFIR
-
-
;
RGPD
l'Union europ
en cas de non-
; et
ncher global qui s'appuiera sur les
Description de
2022 pour atteindre son niveau final en 2027.
-
ementations en vigueur, en particulier celles
est un risque important pour l'industrie bancaire, qui s'est traduit par des
pertes et amendes importantes. Au
Paribas en
ce domaine.
BNPP
de l'information et des actifs technologiques.
n
croissante des processus et le recours accru aux transactions bancaires
sophistication plus importante dans l'ensemble des secteurs, y compris celui
des services financiers.
e
les
cybercriminels peuvent exploiter.
et de
-crime,
l'espionnage, etc.).
Description de
B.19/B.5 Description du Groupe s
de 202.000 collaborateurs, dont plus de 154.000 en Europe. BNPP est la
Groupe BNPP").
B.19/B.9 t le
B.19/
B.10
Prospectus de Base.
B.19/
B.12 -
31/12/2018* 31/12/2017
Produit Net Bancaire 42.516 43.161
(2.764) (2.907)
7.526 7.759
31/12/2018 31/12/2017
Ratio
Common
Equity
plein
, CRD 4)
Tier
1
11,8% 11,8%
31/12/2018* 31/12/2017
2.040.836 1.960.252
765.871 727.675
796.548 766.890
Capitaux Propres (part du Groupe) 101.467 101.983
*
comptabl
10
pb environ sur le
-
commo
- -
Description de
significatif
-dessus dans le cas du Groupe BNPP.
B.19/
B.13
Sans objet, au 22
novembre 2018
ant depuis le
30
2018.
B.19/
B.14
Groupe membres du Groupe BNPP.
-
P
-
fin 2017. Fin 2012, un accord
Paribas Fortis en 2013.
IBM France : les personnels de BN
a
Luxembourg.
un fournisseur
externe : Fidelity Information Services. La production informatique de
B.19/
B.15
-dessus.
Description de
Retail Banking and Services
regroupant :
Domestic Markets
BNL Banca Commerciale
(BNL bc), banque de
Au
Domestic Markets
y compris
Luxembourg (BDEL);
International Financial Services
Europe
BancWest,
Personal Finance,
Assurance,
Corporate and Institutional Banking
(CIB)
regroupant :
Corporate Banking,
Global Markets,
Securities Services.
B.19/
B.16
ou indirectement. Au 31
SFPI
% du capital
social et le Grand
A la connaissance de BNPP, aucun actionnaire autre que SFPI et BlackRock
B.19/
B.17
Notations
de
avec une perspective
positive
(S&P Global Ratings Europe Limited), Aa3
avec une perspective
stable (Moody's Investors Service Ltd.), A+ avec une perspective stable
(Fitch
France S.A.S.) et AA (low)
avec une perspective stable (DBRS
Description de
Global Ratings Europe Limited), P-1 (Moody's Investors Service Ltd.), F1
(Fitch France S.A.S.) et R-1 (middle) (DBRS Limited).

Section C

Global Ratings Europe Limited), P-1 (Moody's Investors Service Ltd.), F1
(Fitch France S.A.S.) et R-1 (middle) (DBRS Limited).
Section C
Description de
C.1 Les Titres sont des obligations ("Obligations
EI4662NX.
(Code ISIN) 1.
Le Code ISIN est :
FR0013413812
Le Code Commun est : 198007323
Le Valoren est
:
43875736
C.2 Devise La devise de cette Souche de Titres est Euro
(EUR).
C.5 -
en Belgique, en France, en Italie, au Luxembourg, en Pologne, au Portugal,
en Roumanie, en Espagne, au Royaume-Uni, au Japon et en Australie, et
C.8 Titres Prospectus de Base
:
Les Titres sont
des obligations directes, inconditionnelles, non assorties de
qui viennent et viendro
et
au moins avec toutes les autres dettes non
).
Description de
Tous les
-ci ou toute
ou les Pays-Bas ou par
toute subdivision politique de ceux
fiscales ou autres qui leur sont applicables dans le lieu de paiement, mais sans
de 1986
(le "Code
tions prises pour leur
intergouvernementale de celles-
tout
Code.
871(m) du Code sur
dividende
dividend equivalent
Maintien d
non-respect des obligations
Description de
Les
Obligataires,
pour
toutes
les
Tranches
d'une
Souche,
seront
dans une masse (la "Masse
"
Obligataires (l'"
").
Loi applicable
C.9
Remboursement L
Remboursement
: les Obligataires seront
une Masse et les dispositions du Code de commerce
Masse s'appliqueront.
sont
Titulaire
SELARL MCM AVOCAT
Description de
Avocat
10, Rue d
Tel: +33 1 53 43 36 00
Fax: +33 1 53 43 36 01
Avocat
Agissant pour la SELARL MCM AVOCAT
10, Rue de
Tel: +33 1 53 43 36 00
Fax: +33 1 53 43 36 01
d'Obligatio
de cette Souche.
C.8
ci-dessus.
C.10 Sans objet
-dessus et C.15 ci
dessous.
C.11 en vue de
Euronext Paris
C.15 de la valeur du sous
jacent sur la valeur de
iSTOXX
Decrement 5% Index
(le "Sous-
" ou l'"Indice").
Voir les
-dessus et C.18 ci-dessous.
C.16 [Maturity Date]
des Titres est le 26
juillet 2029.
C.17
C.18 Produits
des
Titres
-dessus.
Remboursement Final
:
Formules de Paiement Final
Titres Autocall Standard [Autocall Standard Securities]
Le Paiement Final
:
(A)
Si la
Final FR
[FR Barrier
Niveau de Condition de
Remboursement Final
[Final Redemption Condition Level]
:
160.00%
; ou
(B)
Si la
FR [FR Barrier
Niveau de Condition de Remboursement
Final
[Final Redemption Condition Level] et qu'aucun
Knock-in
[Knock-in Event] n'a eu lieu
:
100%; ou
(C)
Si la
FR [FR Barrier
Niveau de Condition de Remboursement
Final
[Final Redemption Condition Level] et qu'un
Knock-in
[Knock-in Event]
a eu lieu
;
Min (100
%,
Valeur du Remboursement Final
[Final Redemption
Value])
:
Agent de Calcul [Calculation Agent]
S.N.C.
Montant du calcul [Calculation Amount] signifie 1000 EUR
Cours
-Jacent de
-
Niveau de Condition de Remboursement Final
[Final Redemption
Condition Level]
:
80.00 pour cent.
Valeur du Remboursement Final
[Final Redemption Value]
Valeur du Sous-
[Underlying Reference Value]
FR
[FR Barrier Value]
-
[Underlying Reference
Value]
la
Date d
[SPS FR Barrier Valuation Date]
Indice [Index]
-
Jour de
-in
[Knock-in Determination Day]
Date]
-in
[Knock-in Event] est applicable
-in
[Knock-in Event] signifie que la Valeur Knock
in
[Knock-in Value]
Niveau de Knock-in
[Knock-in Level]
au
-in
[Knock-in Determination Day].
Niveau de Knock-in
[Knock-in Level]
50.00 pour cent.
Valeur Knock-in
[Knock-in Value]
Valeur du Sous-Jacent de
[Underlying Reference Value]
La
[Redemption Valuation Date]
est le 19 juillet
2029
urant leur(s)
Date d
[SPS
FR
Barrier
Valuation
Date]
Remboursement
[Redemption Valuation Date]
du SPS
[SPS Redemption
Valuation Date]
[Redemption Valuation Date]
[SPS Valuation Date]
(a) la Date
,
du SPS
[SPS Redemption Valuation Date]
ou (c)
-
in
[Knock-in Determination Day], selon le cas.
]
19
juillet
2019
Sous-
[Underlying Reference]
-
dessus
Valeur au
-
[Underlying
Reference Closing Price Value]
SPS
[SPS Valuation Date], le
[Closing Level
Prix d'Exercice du Sous-
[Underlying Reference
Strike Price]
-Jacent de
Date d'Exercice
Description de
[Strike Date]
Valeur
:
applicable
Valeur du Sous-
[Underlying Reference Value]
Sous-
-
Value] pour ce Sous-
-
Price]
atique
:
Le
Automatic Early Redemption Payout]
est
:
NA x (100%
+ taux de sortie AER)
Description de
[Automatic Early
Redemption Event]
Valuation Date] la
1
Niveau du Remboursement
[Automatic Early Redemption Level]
[Automatic Early
Redemption Level 1]
100.00 pour
cent.
Taux de sortie AER
[AER Exit Rate]
[AER Rate]
Taux AER
designe n x 1.50%
NA
Date
du Remb
[Automatic Early
-dessous
Redemption Datei]
[Automatic Early Redemption Valuation Date(s)] signifie
comme
-dessous
1
[SPS AER
Value 1]
signifie la Valeur du Sous
Reference Value]
[SPS Valuation Date]
(a) la Date
(b)
[Strike Date], selon le cas
]
19 juillet
2019
chaque
[Automatic Early Redemption Valuation Date(s)]
-
[Underlying
Reference Closing
Price Value]
SPS
[SPS Valuation Date], le
[Closing Level
Prix d'Exercice du Sous-
[Underlying Reference
Strike Price]
us-Jacent de
Date d'Exercice
[Strike Date]
Valeur du Sous-
[Underlying Reference Value]
Sous-
Reference] et
-
Value] pour ce Sous-
Description de
Prix
Price]
-
n du Remboursement
Automatiquen
Date du Remboursement
n
1 19 octobre
2020
26 octobre 2020
2 19 janvier 2021 26 janvier 2021
3 19 avril 2021 26 avril 2021
4 19 juillet 2021 26 juillet 2021
5 19 octobre 2021 26 octobre 2021
6 19 janvier 2022 26 janvier 2022
7 19 avril 2022 26 avril 2022
8 19 juillet 2022 26 juillet
2022
9 19 octobre 2022 26 octobre 2022
10 19 janvier 2023 26 janvier 2023
11 19 avril 2023 26 avril 2023
12 19 juillet 2023 26 juillet 2023
13 19 octobre 2023 26 octobre 2023
14 19 janvier 2024 26 janvier 2024
15 19 avril 2024 26 avril 2024
Description de
16 19
juillet 2024
26 juillet 2024
17 21 octobre 2024 28 octobre 2024
18 20 janvier 2025 27 janvier 2025
19 22 avril 2025 28 avril 2025
20 21 juillet 2025 28 juillet 2025
21 20 octobre 2025 27 octobre 2025
22 19 janvier 2026 26 janvier 2026
23 20 avril
2026
27 avril 2026
24 20 juillet 2026 27 juillet 2026
25 19 octobre 2026 26 octobre 2026
26 19 janvier 2027 26 janvier 2027
27 19 avril 2027 26 avril 2027
28 19 juillet 2027 26 juillet 2027
29 19 octobre 2027 26 octobre 2027
30 19 janvier 2028 26
janvier 2028
31 19 avril 2028 26 avril 2028
32 19 juillet 2028 26 juillet 2028
33 19 octobre 2028 26 octobre 2028
34 19 janvier 2029 26 octobre 2028
35 19 avril 2029 26 avril 2029
Description de
Les stipulations ci
Sous
C.19 du Sous-Jacent -
-dessus.
C.20 Sous-Jacent
de
Le Sous
ci-dessus. Des informations relatives au Sous
Page Ecran
:
Bloomberg Code
:
ISX6EWND
Index
Section D
Risques
Description de
Section D
Risques
Description de
D.2 Principaux
risques
au Garant
devraient avoir une
des options et des transactions sur
options et devraient comprendre les risques
transactions concernant
compte
ne soit
prise.
obligations au titre de la Garantie, dont certains sont en dehors de son
Groupe BNPP, sont
s
s
que
-dessous
:
Emetteur
:
-
ment
les risques principaux concernant BNPP B.V., pris individuellement ou en
Les actifs de BNPP B.V. sont

Section D Risques

Description de
ution des paiements qui lui sont dus au titre de certains contrats de
contrats de couverture.
Risque de M
swap
en principe,
Risque de C
-
-
-
-
acceptables.
a3
cette exposition, BNPP B.V. a conclu des conventions de compensation avec
-
Garant
:
(1)
contrepartie de ses obligations vis-
-
r les participations en
Description de
(2)
accidentels ou naturels (inondations, incendies, tremblements de
fraude, les risques en lien avec les ressources humaines, les
-
les risques fiscaux, l
(3)
Risque de contrepartie
manifest
concern
(4)
cette liste soit exhaustive, les taux de change, les cours des
(5)
Risque de titrisation du portefeuille bancaire
La titrisation est
xpositions est
Description de
bancaire
(6)
Les montants
(7)
BNPP ne puisse pas honorer ses engagements o
terme analysant la couverture des sorties nettes d
-
Risques
ie : risques
(a)
(b)
(c)
Description de
(d)
(e)
(f)
(g)
(h)
(i) engendrer des pertes significatives.
(j) BNPP doit assurer une gestion actif-
(k) ainsi que des nouvelles propositions de loi, pourraient affecter de
(l)
(m)
(n) En cas de non
ces sanctions.
(o)
Description de
(p)
fices
attendus de ses acquisitions.
(q)
(r)
Toute
augmentation
substantielle des
provisions
ou tout
BNPP.
(s)
pas tout risque de perte.
(t)
de BNPP pourraient avoir un ef
capitaux propres.
(u)
(v)
Une intensification de la concurrence, par des acteurs bancaires
et non bancaires, pourrait pes
de BNPP.
(w)
significatives.
(x)
Toute int
BNPP,
pourrait
provoquer
des
pertes
significatives
(y)
pou
D.3 Principaux
risques
propres aux Titres
certains facteurs qui
:
L
Description de
L
nant, entre autres, la
Contrepartie du Swap
. L
pourraient af
. Par
affecter la valeur des
Titres ;
L
tout Titre, un
R
au
Garant
Une r
C
-dessous) ;
D
Titres
dans la Devise
applicables. Dans ces circonstances, le paiement du principal et/ou des
e ces
Titres
atile ;
Risques juridiques
L
perturbation additionnel optionnel peut avoir un e
Description de
D
les paiements
convertible ou livrable;
D
L
R
L
U
Titres (les investisseurs pourraient subir une perte partielle ou totale du
montant de leur investissement) ;
secondaire pendant
es, tels que la
-
un Sous-
rence (y compris des Titres Hybrides), et un
Description de
-Jacent
incluent :
global depositary
receipt
("GDR") ou American depositary receipt
("ADR"), des cas
R
e produits
Produits Auto-callable
investissement. Le rendement de
des Sous-Jacents de
d
activante. Les Produits Auto
S
automatique
perte partielle de leur investissement.
D.6 Avertissement
sur
les
D.3
ci-dessus.
Risques dans les Titres.
Si le Garant e
peut perdre tout ou partie de son investissement dans les Titres.
En outre, les investisseurs peuvent perdre tout ou partie de leur
des Titres.

Section E Offre

Description de
E.2b utilisation du produit de
celle-ci
E.3 conditions -
en France.
100.00% de leur montant nominal.
E.4 physiques et morales
pouvant influer sur
-dessus, aucune personne
offre, y compris des
E.7