Disclaimer / 免責聲明

Disclaimer Investment Counsellors

This document is provided in Singapore by BNP Paribas, acting through its Singapore branch, and in Hong Kong by BNP Paribas, acting through its Hong Kong branch. BNP Paribas, acting through its Hong Kong branch is a licensed bank regulated by the Hong Kong Monetary Authority, a Registered Institution under the Securities and Futures Ordinance of Hong Kong (Cap. 571), and registered with the Securities and Futures Commission (SFC) to carry on Types 1, 4, 6 and 9 regulated activities in Hong Kong (SFC CE Reference: AAF564). BNP Paribas, acting through its Singapore branch, is a licensed bank regulated by the Monetary Authority of Singapore. BNP Paribas Wealth Management is the business line name for the Wealth Management activity conducted by BNP Paribas.

This document is produced for general information only and should not be used as reference for entering into any specific transaction, and the information and opinions contained herein should not be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient or the seeking of independent professional advice (such as financial, legal, accounting, tax or other advice) by any recipient. This document is not intended to be an offer or a solicitation to buy or to sell or to enter into any transaction. In addition, this document and its contents is not intended to be an advertisement, inducement or representation of any kind or form whatsoever. BNP Paribas reserves the right (but is not obliged) to vary the information in this document at any time without notice and, save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, BNP Paribas shall not be responsible for any consequences arising from such variation.

The terms set forth herein are intended for discussion purposes only and are subject to the final expression of the terms of the transaction, if the investor decides to proceed with the transaction. The final terms of the transaction will be set forth in the final term sheet, any applicable agreement and/or confirmation. Please also refer to the disclosure and other important information concerning our fees, charges and/or commissions as set out in the Fee Schedule.

Although the information and opinions provided herein may have been obtained or derived from published or unpublished sources considered to be reliable and while all reasonable care has been taken in the preparation of this document, BNP Paribas does not make any representation or warranty, express or implied, as to its accuracy or completeness and, save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, BNP Paribas shall not be responsible for any inaccuracy, error or omission. All analysis, estimates and opinions contained in this document constitute BNP Paribas’ own judgments as of the date of this document, and such expressions of opinion are subject to change without notice. Information provided herein may contain forward-looking statements. The words "believe", "expect", anticipate", "project", "estimate", "predict", "is confident", "has confidence" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements are not historical facts but based on the current beliefs, assumptions, expectations, estimates, and projections of BNP Paribas in light of the information presently available, and involve both known and unknown risks and uncertainties. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond control and are difficult to predict. Consequently, actual results could differ materially from those expressed, implied or forecasted in these forward looking statements. Investors should form their own independent judgment on any forward-looking statements and seek their own advice from professional advisers to understand such forward-looking statements. BNP Paribas does not undertake to update these forward looking statements. Where investors take into account any theoretical historical information regarding the performance of the product/investment, investors should bear in mind that any reference to past performance should not be taken as an indication of future performance. BNP Paribas is not giving any warranties, guarantee or representation as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit of any investment/ transaction. Save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, no BNP Paribas group company or entity therefore accepts any liability whatsoever for any loss arising, whether direct or indirect, from the use of or reliance on this document or any part of the information provided.

Structured transactions are complex and may involve a high risk of loss including possible loss of the principal invested. If any product mentioned in this document is a structured product which involves derivatives, do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you are in any doubt about the risks involved in any product/transaction, you should seek independent professional advice.

Prior to entering into any transaction, each investor/subscriber should fully understand the terms, conditions and features of the product/investment as well as the risks and merits of entering into any transaction/investment, and consult with their own legal, regulatory, tax, financial and accounting advisors before making the investment. Investors/subscribers should fully understand the features of the investment, be financially able to bear a loss of their investment and be willing to accept such risk. Save as otherwise expressly agreed in writing, (a) where BNP Paribas does not solicit the sale of or recommend any financial product to the investor/subscriber, BNP Paribas is not acting as financial adviser of the investor/subscriber in any transaction, and (b) in all cases, BNP Paribas is not acting as fiduciary of the investor/subscriber with respect to any transaction.

BNP Paribas and/or persons associated or connected with it may effect or have effected a transaction for their own account in a product/an investment described in this document or any related product before or after this document is published. On the date of this document, BNP Paribas and/or persons associated or connected with it and their respective directors and/or representatives and/or employees may take proprietary positions and may have a long or short position or other interests or make a market in a product mentioned in this document, or in derivative instruments based thereon, and may purchase and/or sell the investment(s) at any time in the open market or otherwise, whether as principal or as agent or as market maker. Additionally, BNP Paribas and/or persons associated or connected with it may have within the previous twelve months acted as an investment banker or may have provided significant advice or investment services to the companies or in relation to a product mentioned in this document.

This document is confidential and intended solely for the use of BNP Paribas and its affiliates, their respective directors, officers and/or employees and the persons to whom this document has been delivered. It may not be distributed, published, reproduced or disclosed by any recipient to any other person, nor may it be quoted or referred to in any document, without the prior written consent of BNP Paribas.

Hong Kong: This document is distributed in Hong Kong by BNP Paribas, acting through its Hong Kong branch only to Professional Investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571). The products or transactions described in this document may not be authorised in Hong Kong and may not be available to Hong Kong investors.

Singapore: This document is distributed in Singapore by BNP Paribas, acting through its Singapore branch only to Accredited Investors within the meaning of the Securities and Futures Act, Chapter 289 of Singapore only and is not intended for investors in Singapore who are not such Accredited Investors and should not be passed on to any such persons. Some products or transactions described in this document may not be authorised in Singapore and may not be available to Singapore investors.

Save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, information in this document is for general circulation to the intended recipients only and is not intended to be a recommendation or investment advice to recipients hereof. A recipient of this document should seek advice from its/his own professional adviser regarding the suitability of the products or transactions (taking into account the recipient's specific investment objectives, financial situation and particular needs) as well as the risks involved in such products or transactions before a commitment to purchase or enter into any product or transaction is made.

Please note that this document may relate to a product or products where BNP Paribas is issuer, and in such instance this document or certain information contained therein may have been prepared by BNP Paribas in its capacity as product issuer (“Issuer Document”). Where an Issuer Document is provided to you by BNP Paribas, acting through its Hong Kong branch or BNP Paribas, acting through its Singapore branch in its capacity as distributor, it shall also be subject to Clause 6.5 of BNP Paribas Wealth Management’s prevailing Terms and Conditions applicable to your accounts (“T&Cs”). BNP Paribas Wealth Management is the business line name for the Wealth Management activity conducted by BNP Paribas. To the extent that there are any inconsistency between the terms of an Issuer Document and Clause 6.5 of the T&Cs, the latter shall prevail.

By accepting this document you agree to be bound by the foregoing limitations.

In case there is a Chinese version of this document and there is any discrepancy between the English and Chinese versions, the English version shall prevail.

本文件由法國巴黎銀行，透過其新加坡分行在新加坡提供，並由法國巴黎銀行，透過其香港分行在香港提供。法國巴黎銀行，透過其香港分行為受香港金融管理局監管的持牌銀行，及《證券及期貨條例》（香港法例第571章）所指的註冊機構; 於香港證券及期貨事務監察委員會（“證監會”）註冊, 獲准進行第１，４，６及９類受規管活動（證監會中央編號：ＡＡＦ５６４）。法國巴黎銀行，透過其新加坡分行為受新加坡金融管理局監管的持牌銀行。「法國巴黎銀行財富管理」乃法國巴黎銀行營運之財富管理業務之名稱。

本文件僅供一般參考，不應用作訂立任何特定交易的參考。閣下不應對本文件的資料和意見加以依賴，亦不應用以取替閣下的任何決定或尋求獨立專業意見(如不論是財務、法律、會計、稅務或其他意見)的需要。本文件不擬作為進行買賣或訂立交易的要約或游說。此外，本文件及其內容不擬作為任何類別或形式的廣告、誘因或聲明。法國巴黎銀行保留權利（但並無責任）隨時在不發出通知的情況下更改本文件的資料，而且，除非適用於閣下帳戶的條款及條件第6.5條另有規定，否則法國巴黎銀行毋須對有關變動所引致的任何後果負責。

本文件所載資料僅擬作討論用途，若投資者決定進行有關交易，將受制於有關交易的最終條款所約束。交易的最終條款將載於條款清單、適用條款合同和／或確認書。另請參閱本行收費表中有關費用、收費及／或佣金的披露及其他重要資料。

儘管本文件提供的資料和意見可能取自或源自被視為可靠的已發佈或未發佈的來源，而且在擬備本文件時已採取一切合理審慎的措施，但法國巴黎銀行並無就其準確性或完整性作出任何明示或隱含的聲明或擔保，而且，除非適用於閣下帳戶的條款及條件第6.5條另有規定，否則法國巴黎銀行毋須就任何不確資料、誤差或遺漏承擔責任。本文件所載的所有估計及意見構成法國巴黎銀行在截至本文件刊發日期的判斷，而所表達的意見可予更改，毋須另行通知。本文所載資料可能包含前瞻性陳述。「認為」、「預期」、「預計」、「預測」、「估計」、「預估」、「有信心」、「具信心」等字詞和其他類似用語亦旨在表明前瞻性陳述。此等前瞻性陳述並非歷史事實，而是法國巴黎銀行根據當前可用資料所建立的現行信念、假設、預期、估計和預測，並包括已知和未知風險及不確定因素。此等前瞻性陳述並非未來表現的保證，並附帶各種風險、不確定因素和其他因素，部份無法控制及難以預估。因此，實際結果可能與此等前瞻性陳述所表達、暗示或預測顯著有別。投資者應自行獨立判斷任何前瞻性陳述，並自行諮詢專業意見以理解該等前瞻性陳述。法國巴黎銀行概不保證更新有關前瞻性陳述。當投資者考慮關於產品／投資表現的任何理論歷史資料時，投資者應注意有關過往表現的任何提述不應被視為未來表現的指標。法國巴黎銀行並無就任何投資／交易的預期或預計成效、盈利能力、回報、表現、結果、影響、後果或利益作出任何擔保、保證或聲明。除非適用於閣下帳戶的條款及條件第6.5條另有規定，否則法國巴黎銀行集團公司或實體概不會就使用或依賴本文件或所提供的資料的任何部份而直接或間接引致的任何損失承擔任何責任。

結構性交易為複雜的交易，可能涉及的損失風險甚高，包括可能損失所投資的本金。若本文件所述的任何產品是涉及衍生工具的結構性產品，除非閣下已完全了解並同意接受所有風險，否則閣下不應對該產品進行利投資。若閣下對任何產品／交易有任何疑問，應尋求獨立專業意見。

各投資者／認購方在訂立任何一項交易前，應充份了解產品／投資的條款、條件及特點，以及訂立交易／投資的風險和優點，並在作出投資前諮詢其本身的法律、監管、稅務、財務及會計顧問。投資者／認購方應充份了解有關投資的特點，而且具有承擔投資損失的財力，和願意承擔有關風險。除非另有明確書面協定，否則(a)若法國巴黎銀行無向投資者／認購方游說出售或建議任何金融產品，其於任何交易中均非以財務顧問的身份為投資者／認購方行事，以及(b)無論如何，法國巴黎銀行於任何交易中均非以受信人的身份為投資者／認購方行事。

在本文件刊發之前或之後，法國巴黎銀行及／或它的聯繫人或關連人士可能或經已為其本身進行有關本文件所述的產品或任何相關產品的交易。在本文件刊發當日，法國巴黎銀行、它的聯繫人或關連人士及彼等各自的董事及／或代表及／或僱員可能就本文件所述的產品，或以該產品為基礎的衍生工具購入坐盤交易持倉，並可能持有長倉或短倉或其他權益，或進行莊家活動，及可能隨時在公開市場或其他市場以主事人或代理或市場莊家的身份購入及／或沽售投資。此外，法國巴黎銀行及／或它的聯繫或關連人士在過去十二個月內可能擔任投資銀行，或可能已向本文件所述的公司或就本文件所述的產品提供重要的意見或投資服務。

本文件屬機密性質，並僅擬供法國巴黎銀行、它的聯營公司、其各自的董事、高級職員及／或僱員和本文件的收件人使用。在未獲得法國巴黎銀行的事先書面同意前，本文件不可由任何收件人向任何其他人士派發、發佈、複製或披露，亦不可在任何文件中引用或提述。

香港﹕本文件由法國巴黎銀行，透過其香港分行在香港派發。本文件在香港僅派發予專業投資者（定義見《證券及期貨條例》（香港法例第571章）附表一第一部）。本文件所述的部份產品或交易在香港可能未經許可，及不可向香港投資者發售。

新加坡﹕本文件由法國巴黎銀行，透過其新加坡分行在新加坡僅派發予認可投資者（定義見新加坡法例第289章《證券及期貨法》），並不擬向並非認可投資者的新加坡投資者派發，而且不應向任何該等人士傳送。本文件所述的部份產品或交易在新加坡可能未經許可，及不可向新加坡投資者發售。

除非適用於閣下帳戶的條款及條件第6.5條另有規定，否則本文件的資料僅供擬定收件人傳閱，不擬作為向本文件的收件人提供的建議或投資意見。本文件的收件人在作出購買或訂立任何產品或交易的承約前，應就產品或交易的合適性（經考慮收件人的特定投資目標、財務狀況和特別需要），以及有關產品或交易所涉及的風險，諮詢其本身的專業顧問的意見。

閣下一經接納本文件，即同意受以上限制所約束。

如中英文版本有任何含糊不清或歧異，概以英文版本為準。