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Disclaimer

This document (“document”) is provided in Hong Kong by BNP Paribas, acting through its Hong Kong branch, in Singapore by BNP Paribas, acting through its Singapore branch. BNP Paribas is a public limited company (société anonyme) incorporated in France with liability of its members limited. 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 in Hong Kong. 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 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. 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 BNP Paribas Wealth Management’s Terms and Conditions (“T&Cs”) applicable to your account,

BNP Paribas shall not be responsible for any consequences arising from such variation.

Although the information and opinions provided herein may have been obtained or derived from published or unpublished sources considered to be reliable and while all reasonable care has been taken in the preparation of this document, BNP Paribas does not make any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 T&Cs applicable to your account, BNP Paribas shall not be responsible for any inaccuracy, error or omission.

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 2001 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.

Where this document is distributed by BNP Paribas to a person in Singapore who is not an Accredited Investor, Expert Investor or an Institutional Investor, BNP Paribas, acting through its Singapore branch accepts legal responsibility for the contents of this document to such person only to the extent required by applicable law.

Save to the extent provided otherwise in Clause 6.5 of the T&Cs 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/her 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.

BNP Paribas clients and counterparties are responsible for ensuring that they comply with applicable provisions of Executive Order (EO) 13959, as amended (and any subsequent official guidance). For the full details of the EO, you may want to consult the following websites: For the EO itself, https://home.treasury.gov/system/files/126/13959.pdf, and for the latest guidance on this EO provided by the OFAC, https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions.

By accepting this document, you agree to be bound by the foregoing limitations. In case there is a Chinese version and there is any ambiguity or difference of meaning between the English version and the Chinese versions, the English version shall prevail. In respect of any transactions or arrangement with BNP Paribas, acting through its Singapore branch, the English version is the only operative version and the Chinese version shall be disregarded.

You may contact BNP Paribas, acting through its Singapore branch at 20 Collyer Quay #01-01, Singapore 049319; Tel: (65) 6210 3888; Fax: (65) 6210 3861 in respect of any matters arising from, or in connection with, this document. This paragraph does not apply to you if you are (a) not resident in Singapore and you are (b) served by a Relationship Manager in Hong Kong. If you satisfy (a) and (b), you may contact BNP Paribas, acting through its Hong Kong branch at 63/F Two International Finance Centre, 8 Finance Street, Central, Hong Kong; Tel: (852) 2909 8888, in respect of any matters arising from, or in connection with, this document.

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免責聲明

本文件（統稱「文件」）由法國巴黎銀行，透過其香港分行在香港提供，由法國巴黎銀行，透過其新加坡分行在新加坡提供。法國巴黎銀行是一家在法國成立的公眾有限公司(société anonyme)，其成員承擔有限法律責任。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）所指的於香港註冊機構。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，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。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法國巴黎銀行財富管理條款及條件（「財富管理條款及條件」）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。

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陳述、聲明或擔保，而且，除非適用於閣下帳戶的財富管理條款及條件第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1第1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 (Accredited Investors) （定義見新加坡法例《證券及期貨法》(Securities and Futures Act 2001)），並且不擬向非認可投資者的新加坡投資者派發，亦不應供任何該等人士傳閱。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。

如本文件由法國巴黎銀行在新加坡派發予非認可投資者、非專家投資者 (Expert Investor) 或非機構投資者 (Institutional Investor) 人士，法國巴黎銀行（透過其新加坡分行）僅就本文件內容向該人士承擔相關法例所規定的法律責任。

除非適用於閣下帳戶的財富管理條款及條件第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。

法國巴黎銀行之客戶及交易對手有責任確保自身遵守美國第13959號行政命令(EO) （經修訂）適用之規定（及後續所有官方指引）。有關該行政命令的全部詳情，請閣下參閲以下網頁：如需查閲該行政命令全文，請訪問

https://home.treasury.gov/system/files/126/13959.pdf，如需了解美國財政部外國資產管理辦公室(OFAC)就該行政命令發佈之最新指引，請訪問https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions。

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。在與法國巴黎銀行透過其新加坡分行進行的任何交易或安排中，英文版是唯一有效版本，中文版將不予以考慮。

就任何有關本文件或因本文件產生的事宜，閣下可與法國巴黎銀行（透過其新加坡分行）（20 Collyer Quay #01-01, Singapore 049319（電話：(65) 6210 3888；傳真：(65) 6210 3861））聯絡。如閣下 (a) 並非新加坡居民，及 (b) 由在香港的客戶經理提供服務，則本段落不適用於閣下。如閣下符合 (a) 及 (b) 條件，閣下可就任何有關本文件或因本文件產生的事宜與法國巴黎銀行（透過其香港分行）（香港中環金融街8號國際金融中心二期63樓（電話：(852) 2909 8888））聯絡。

圖片源自© Getty Images。

免责声明

本文件（统称“文件”）由法国巴黎银行，透过其香港分行在香港提供，由法国巴黎银行，透过其新加坡分行在新加坡提供。法国巴黎银行是一家在法国成立的公众有限公司(société anonyme)，其成员承担有限法律责任。法国巴黎银行，透过其香港分行为受香港金融管理局监管的持牌银行，及《证券及期货条例》（香港法例第571章）所指的于香港注册机构。法国巴黎银行，透过其新加坡分行为受新加坡金融管理局监管的持牌银行。“法国巴黎银行财富管理”乃法国巴黎银行营运之财富管理业务之名称。

本文件仅供一般参考，阁下不应对本文件的资料和意见加以依赖，亦不应用以取替阁下的任何决定或寻求独立专业意见（如不论是财务、法律、会计、税务或其他意见）的需要。此外，本文件及其内容不拟作为任何類别或形式的广告、诱因或声明。法国巴黎银行保留权利（但并无责任）随时在不发出通知的情况下更改本文件的资料，而且，除非适用于阁下帐户的法国巴黎银行财富管理条款及条件（“财富管理条款及条件”）第6.5条另有规定，否则法国巴黎银行毋须对有关变动所引致的任何后果负责。

尽管本文件提供的资料和意見可能取自或源自被视为可靠的已发布或未发布的來源，而且在拟备本文件时已采取一切合理审慎的措施，但法国巴黎银行并无就其准确性或完整性作出任何明示或隐含的陈述、声明或担保，而且，除非适用于阁下帐户的财富管理条款及条件第6.5条另有规定，否则法国巴黎银行毋须就任何不确资料、误差或遗漏承担责任。

本文件属机密性质，并仅拟供法国巴黎银行、它的聯营公司、其各自的董事、高级职员及/或雇员和本文件的收件人使用。在未获得法国巴黎银行的事先书面同意前，本文件不可由任何收件人向任何其他人士派发、发布、复制或披露，亦不可在任何文件中引用或提述。

香港：本文件由法国巴黎银行，透过其香港分行在香港派发。本文件在香港仅派发予专业投资者（定义見《证券及期货条例》（香港法例第571章）附表1第1部）。本文件所述的部份产品或交易在香港可能未经许可，及不可向香港投资者发售。

新加坡：本文件由法国巴黎银行，透过其新加坡分行在新加坡仅派发予认可投资者 (Accredited Investors) （定义见新加坡法例《证券及期货法》(Securities and Futures Act 2001)），并且不拟向非认可投资者的新加坡投资者派发，亦不应供任何该等人士传阅。本文件所述的部份产品或交易在新加坡可能未经许可，及不可向新加坡投资者发售。

如本文件由法国巴黎银行在新加坡派发予非认可投资者、非专家投资者 (Expert Investor) 或非机构投资者 (Institutional Investor) 人士，法国巴黎银行（透过其新加坡分行）仅就本文件内容向该人士承担相关法例所规定的法律责任。

除非适用于阁下帐户的财富管理条款及条件第6.5条另有规定，否则本文件的资料仅供拟定收件人传阅，不拟作为向本文件的收件人提供的建议或投资意見。本文件的收件人在作出购买或订立任何产品或交易的承约前，应就产品或交易的合适性（经考虑收件人的特定投资目标、财务狀况和特别需要），以及有关产品或交易所涉及的风险，咨询其本身的专业顾问的意見。

法国巴黎银行之客户及交易对手有责任确保自身遵守美国第13959号行政命令(EO) （经修订）适用之规定（及后续所有官方指引）。有关该行政命令的全部详情，请阁下参阅以下网页：如需查阅该行政命令全文，请访问

https://home.treasury.gov/system/files/126/13959.pdf，如需了解美国财政部外国资产管理办公室(OFAC)就该行政命令发布之最新指引，请访问https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions。

阁下一经接纳本文件，即同意受以上限制所约束。如中英文版本有任何含糊不清或歧异，概以英文版本为准。在与法国巴黎银行透过其新加坡分行进行的任何交易或安排中，英文版是唯一有效版本，中文版将不予以考虑。

就任何有关本文件或因本文件产生的事宜，阁下可与法国巴黎银行（透过其新加坡分行）（20 Collyer Quay #01-01, Singapore 049319（电话：(65) 6210 3888；传真：(65) 6210 3861））联系。如阁下 (a) 并非新加坡居民，及 (b) 由在香港的客户经理提供服务，则本段落不适用于阁下。如阁下符合 (a) 及 (b) 条件，阁下可就任何有关本文件或因本文件产生的事宜与法国巴黎银行（透过其香港分行）（香港中环金融街8号国际金融中心二期63楼（电话：(852) 2909 8888））联系。