Health Warning

The contents of this document and any Discretionary Portfolio Management (“DPM”) investment proposal(s) and/or mandate(s), and product/offering documents or information provided or to be provided by the issuer relating to products (as described herein and/or which may be invested in on your behalf from time to time) (together, the “Documents”) have not been reviewed by the Hong Kong Securities & Futures Commission (“SFC”), the Monetary Authority of Singapore (“MAS”) or any regulatory authority in Hong Kong or Singapore, and you are advised to exercise caution in relation to the Documents. If you are in doubt about any of the contents of the Documents, you should obtain independent professional advice.  Notwithstanding other provisions in any DPM investment proposal(s) and/or mandate(s), products (as described herein and/or which may be invested in on your behalf) may not be authorized by the SFC.

Where any such products may be authorized by the SFC, please note that such authorization does not imply official recommendation and is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. Notwithstanding other provisions in the Documents, DPM mandates and/or products (as described herein and/or which may be invested in on your behalf) may be offered in Hong Kong only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and any rules made thereunder. Similarly, DPM mandates and/or products (as described herein and/or which may be invested in on your behalf) are not authorized by the MAS and may be offered in Singapore only to "accredited investors" within the meaning of the Securities and Futures Act 2001.  

Where the Documents are 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 the Documents to such person only to the extent required by applicable law.

The products (as described herein and/or which may be invested in on your behalf) may include complex products, such as certain equities; synthetic exchange traded funds; listed and OTC derivatives; derivative funds; non-SFC authorized funds; and bonds which may involve special features (such as loss absorption, perpetual, subordinated, exchangeable, contingent write-down, convertible, extendable with maturity dates, multiple credit support providers, discretionary coupons, etc) and/or have subordinated status in general. 

In particular, where the products (as described herein and/or which may be invested in on your behalf) include bonds, structured products and/or funds with loss absorption features, such products are subject to the risk of being written down or converted to ordinary shares (as the case may be). For Tier 1/Tier 2/Tier 3 bonds, the loss absorption mechanism is triggered at the point of non-viability (PONV), whereas for Coco bonds, the loss absorption mechanism is triggered with a mechanical trigger as specified in the prospectus or at PONV.  Regardless of the triggering mechanism, it may potentially result in substantial losses to your investment.  Please note that the priority of claims for reimbursement depends on the subordination hierarchy of the various capital and financing buffers, at which for example, the holders of subordinated debts are only repaid after the holders of senior debts have been fully reimbursed. Please take note that investing in products with loss absorption features may potentially result in substantial losses.  Accordingly, such products are high risk and complex, as the circumstances in which such products may be required to bear losses are difficult to predict and ex ante assessments of the quantum of losses will be highly uncertain.  Such products are generally not suitable for retail investors.

You should exercise caution in respect of each DPM mandate and/or investing in any products.  In respect of each DPM mandate and/or any products, you should fully understand and be willing to assume the risks associated with the types of products (as described herein and/or which may be invested in on your behalf). 

In respect of each DPM mandate and/or any products, you should fully understand the terms and conditions of such DPM mandate, as well as the risks and merits of investing in different types of products (as described herein and/or which may be invested in on your behalf), and consult your own legal, regulatory, tax, financial and account advisors. Where past performance information is provided, such past performance is not indicative of future performance. Various fees (including standard trading costs, brokerage fee and other charges) and market conditions will impact net returns. If you are in any doubt about the risks involved in any DPM mandate and/or any products (as described herein and/or which may be invested in on your behalf), you should seek appropriate professional advice.

Generally, DPM mandates or products (as described herein and/or which may be invested in on your behalf) are not equivalent and should not be treated as substitutes for term deposits. They are not protected deposits and are not protected or insured under the Deposit Protection Scheme in Hong Kong and the Deposit Insurance Scheme in Singapore.

PLEASE NOTE THAT DPM INVESTMENT PROPOSAL(S), MANDATE(S),PRODUCT/OFFERING DOCUMENTS and/or INFORMATION PROVIDED BY THE ISSUER CANNOT DISCLOSE ALL POSSIBLE RISKS OF ANY TYPES OF INVESTMENTS OR PRODUCTS.

For the product nature and also the key terms and features of the products (as described herein and/or which may be invested in on your behalf), you may wish to refer to the relevant contract note(s); monthly statement(s); and/or product/offering document(s) for further details.  You should also take note that for the products (as described herein and/or which may be invested in on your behalf), the principal may not be returned at maturity, and such products may not have active secondary markets.  You should also read and understand the DPM mandate(s), as well as the risks and merits of the types of products (as described herein and/or which may be invested in on your behalf), and also whether there may be any early termination features and/or any penalty for early exit for each product. 

Terms may be defined differently under specific issues. Investors should read and understand the relevant brochures, as well as the termsheet, prospectus/issuance programme and other offering documents, in particular the risk factors, for further details.

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, the Documents. 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, the Documents.

風險警告

本文件任何全權委託投資組合管理(DPM)投資方案及/或投資委託的內容，及發行人提供或即將提供之有關產品（如本文所述及/或可不時代閣下投資）的產品/發售文件或資料（統稱「產品文件」）並未經香港證券及期貨事務監察委員會（「香港證監會」）、新加坡金融管理局（「新加坡金管局」）或香港或新加坡的任何監管機構審閱，務請閣下就「產品文件」謹慎行事。如閣下對「產品文件」的任何內容有任何疑問，應尋求獨立的專業意見。儘管任何全權委託投資組合管理投資方案及/或投資委託可能另有規定，產品（如本文所述及/或可不時代閣下投資）可能並未獲得香港證監會的認可。

若任何此等產品已獲香港證監會認可，請注意，該認可並不表示獲得官方推介且並非對任何產品所作之推介或認許，亦不是對任何產品的商業利弊或表現作出保證。儘管文件可能另有規定，全權委託投資組合管理的投資委託及/或如本文所述及/或可不時代閣下投資的產品，僅可在香港發售予「專業投資者」（定義見《證券及期貨條例》（香港法例第571章）及據此制定的任何規則）。同樣地，全權委託投資組合管理的投資委託及/或如本文所述及/或可不時代閣下投資的產品（如本文所述）並未獲得新加坡金管局的認可且僅可在新加坡發售予「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)）。

如產品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）僅就產品文件內容向該人士承擔相關法例所規定的法律責任。

如本文所述及/或可不時代閣下投資的產品可能涉及複雜產品，例如某些股票、合成交易所買賣基金、上市及場外衍生工具、衍生基金、非香港證監會認可基金、及涉及特殊特徵（例如吸收虧損、永續、次級、可交換、應急本金减損、股權轉換、可展期、擁有多個信貸支持提供者、酌情支付票息等）及/或通常處於次級地位的債券等。

具體而言，若此等如本文所述及/或可不時代閣下投資的產品含具有吸收虧損特徵的債券，結構性產品及/或基金，此等產品面臨減記或轉換成普通股的風險。就一級資本/二級資本/三級資本債券而言，吸收虧損機制在發生無法存續事件（PONV）時觸發，而就應急可轉債而言，吸收虧損機制由發行章程指定的觸發點觸發或在發生PONV時觸發。無論觸發機制如何，均可能導致閣下的投資蒙受重大損失。請注意，清償順序取決於不同資本結構與金融緩衝工具的從屬等級。舉例而言，次級債的債權人清償發生在高級債債權人完全受償之後。請注意，投資於具有吸收虧損特徵的產品可能造成重大損失。因此，此等產品屬於高風險的複雜產品，因為此類產品承擔損失的情況難以預測，而且事前對損失量的評估也非常不確定。此等產品通常不適合散戶投資者。

閣下應就每一全權委託投資組合管理的投資委託及/或投資於任何此等產品謹慎行事。就每一全權委託投資組合管理的投資委託及/或任何產品而言，閣下應完全瞭解並願意承擔與如本文所述及/或可不時代閣下投資的產品類別相關的風險；且應完全瞭解此等全權委託投資組合管理的投資委託的條款與條件，以及不同類型可代閣下投資的產品的投資風險與優點，並咨詢閣下的法律、監管、稅務、財務及客戶顧問的意見。如本文件及相關產品/要約文件有提供過往表現，則該過往表現並非未來業績指標。各種費用(包括標準交易成本、經紀費用及其他收費)及市況將影響淨回報。如閣下對任何全權委託投資組合管理的投資委託及/或任何如本文所述及/或可不時代閣下投資的產品所涉及的風險有任何疑問，應尋求適當的專業意見。

總括而言，全權委託投資組合管理的投資委託或如本文所述及/或可不時代閣下投資的產品，不等同於定期存款，亦不應被視為定期存款之替代品。該等產品並不屬受保障存款、及不受香港存款保障計劃及新加坡 Deposit Insurance Scheme 保障或保險。

請注意，全權委託投資組合管理投資方案，投資委託，及發行人提供的產品/發售文件及/或資料未能披露所有投資或所有產品的所有可能風險。

有關於本文所述及/或可不時代閣下投資的產品的性質及此等產品的主要條款及特徵的詳情，閣下可參閱相關合約說明、月度報告及/或產品/發售文件。閣下還應注意，就此等本文所述及/或可不時代閣下投資的產品而言，到期時本金可能不會返還，且此等產品可能無活躍的二級市場。閣下應閱讀並瞭解全權委託投資組合管理的投資委託，及各類型本文所述及/或可不時代閣下投資的產品風險與優點，以及每一產品是否含提早終止特徵及/或提早退出懲罰。

在指定產品發行下，條款定義可能不同。投資者應閱讀並理解相關産品手冊及條款清單，發行章程/發行計劃以及其他發售文件，尤其是風險因素，以知詳情。

就任何有關產品文件或因產品文件產生的事宜，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，閣下可就任何有關產品文件或因產品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。

风险警告

本文件任何全权委托投资组合管理(DPM)投资方案及/或投资委托的内容，及发行人提供或即将提供之有关产品（如本文所述及/或可不时代阁下投资）的产品/发售文件或资料（统称“产品文件”）并未经香港证券及期货事务监察委员会（“香港证监会”）、新加坡金融管理局（“新加坡金管局”）或香港或新加坡的任何监管机构审阅，务请阁下就“产品文件”谨慎行事。如阁下对“产品文件”的任何内容有任何疑问，应寻求独立的专业意见。尽管任何全权委托投资组合管理投资方案及/或投资委托可能另有规定，产品（如本文所述及/或可不时代阁下投资）可能并未获得香港证监会的认可。

若任何此等产品已获香港证监会认可，请注意，该认可并不表示获得官方推介且并非对任何产品所作之推介或认许，亦不是对任何产品的商业利弊或表现作出保证。尽管文件可能另有规定，全权委托投资组合管理的投资委托及/或如本文所述及/或可不时代阁下投资的产品，仅可在香港发售予“专业投资者”（定义见《证券及期货条例》（香港法例第571章）及据此制定的任何规则）。同样地，全权委托投资组合管理的投资委托及/或如本文所述及/或可不时代阁下投资的产品（如本文所述）并未获得新加坡金管局的认可且仅可在新加坡发售予“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)）。

如产品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）仅就产品文件内容向该人士承担相关法例所规定的法律责任。

如本文所述及/或可不时代阁下投资的产品可能涉及复杂产品，例如某些股票、合成交易所买卖基金、上市及场外衍生工具、衍生基金、非香港证监会认可基金、及涉及特殊特征（例如吸收亏损、永续、次级、可交换、应急本金减损、股权转换、可展期、拥有多个信贷支持提供者、酌情支付票息等）及/或通常处于次级地位的债券等。

具体而言，若此等如本文所述及/或可不时代阁下投资的产品含具有吸收亏损特征的债券，结构性产品及/或基金，此等产品面临减记或转换成普通股的风险。就一级资本/二级资本/三级资本债券而言，吸收亏损机制在发生无法存续事件（PONV）时触发，而就应急可转债而言，吸收亏损机制由发行章程指定的触发点触发或在发生PONV时触发。无论触发机制如何，均可能导致阁下的投资蒙受重大损失。请注意，清偿顺序取决于不同资本结构与金融缓冲工具的从属等级。举例而言，次级债的债权人清偿发生在高级债债权人完全受偿之后。请注意，投资于具有吸收亏损特征的产品可能造成重大损失。因此，此等产品属于高风险的复杂产品，因为此类产品承担损失的情况难以预测，而且事前对损失量的评估也非常不确定。此等产品通常不适合散户投资者。

阁下应就每一全权委托投资组合管理的投资委托及/或投资于任何此等产品谨慎行事。就每一全权委托投资组合管理的投资委托及/或任何产品而言，阁下应完全了解并愿意承担与如本文所述及/或可不时代阁下投资的产品类别相关的风险；且应完全了解此等全权委托投资组合管理的投资委托的条款与条件，以及不同类型可代阁下投资的产品的投资风险与优点，并咨询阁下的法律、监管、税务、财务及客户顾问的意见。如本文件及相关产品/要约文件有提供过往表现，则该过往表现并非未来业绩指标。各种费用(包括标准交易成本、经纪费用及其他收费)及市况将影响净回报。如阁下对任何全权委托投资组合管理的投资委托及/或任何如本文所述及/或可不时代阁下投资的产品所涉及的风险有任何疑问，应寻求适当的专业意见。

总的来说，全权委托投资组合管理的投资委托或如本文所述及/或可不时代阁下投资的产品，不等同于定期存款，亦不应被视为定期存款之替代品。该等产品并不属受保障存款、及不受香港存款保障计划及新加坡 Deposit Insurance Scheme 保障或保险。

请注意，全权委托投资组合管理投资方案，投资委托，及发行人提供的产品/发售文件及/或资料未能披露所有投资或所有产品的所有可能风险。

有关于本文所述及/或可不时代阁下投资的产品的性质及此等产品的主要条款及特征的详情，阁下可参阅相关合约说明、月度报告及/或产品/发售文件。阁下还应注意，就此等本文所述及/或可不时代阁下投资的产品而言，到期时本金可能不会返还，且此等产品可能无活跃的二级市场。阁下应阅读并了解全权委托投资组合管理的投资委托，及各类型本文所述及/或可不时代阁下投资的产品风险与优点，以及每一产品是否含提早终止特征及/或提早退出惩罚。

在指定产品发行下，条款定义可能不同。投资者应阅读并理解相关产品手册及条款清单，发行章程/发行计划以及其他发售文件，尤其是风险因素，以知详情。

就任何有关产品文件或因产品文件产生的事宜，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，阁下可就任何有关产品文件或因产品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。