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Disclaimer for Shari'ah (Islamic) Structured Products

The BNP Paribas group draws your attention to the following: (i) the Issuer and/or the BNP Paribas group does not assume any responsibility for the interpretation, application of and compliance with Shariah principles in relation to the purchase of Certificates by prospective purchasers,(ii) the Issuer and/or the BNP Paribas group have not made any representation or warranty as to whether the Certificates comply with Shariah principles and (iii) each prospective purchaser contemplating purchasing the Certificates should make its own independent investigation for the purpose of compliance with the principles of Shariah with, to the extent it considers necessary, independent advice from advisers specializing in matters of Shariah.

■ The fatwa is provided to BNP Paribas and clients may not place reliance on it

■ The fatwa constitutes the opinion of the BNP Paribas Shari’ah Board at the time that it is given

Different scholars and others may take different views as to the interpretation and application of Shari’ah principles

■ Investors and clients should satisfy themselves as to the compliance with Shari’ah principles of the Certificates described herein

Disclaimer for Shari'ah (Islamic) Structured Products