1. TERMS OF USE
1.1 Access to and/or use of the BNP Paribas Privalto UK internet website (the "Site") by you is granted by BNP Paribas on the conditions set out below which are in addition to any terms of business or other contractual agreements from time to time concluded with you. In the event of any conflict then, in relation to the access to and/or use of the Site, the conditions set out below shall prevail.
1.2 References to you, your and yours are references to the person(s) accessing the Site.
1.3 References to "FSA" are references to the United Kingdom Financial Services Authority or any replacement body.
1.4 References to the "FSA Handbook" means the handbook of rules and guidance published by the FSA as amended from time to time.
1.5 You must read carefully and understand these Terms of Use, and by accessing the Site, you agree to be bound by these Terms of Use.

2. ACCESS
2.1 The Site is intended for those who access it from within the United Kingdom.
2.2 Access to this Site and the information contained therein is available only to persons who have professional experience in matters relating to investments who fall within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (a" relevant person"). Those persons who do not have professional experience in matters relating to investments are not permitted to access the Site. If you are in any doubt as to whether you are a relevant person, you must not access the Site.
2.3. These Terms of Use shall apply on each visit made by you to the Site, subject to such additional terms and conditions agreed between you and BNP Paribas. We may modify, supplement or amend these Terms of Use at any time without notice. You agree to review these Terms of Use regularly and your continued access to or use of the Site will mean that you agree to any changes.
2.4.We do not represent or warrant that the Site will be available and meet your requirements, that access will be uninterrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. In particular, although we seek to ensure that any information specifically relating to you which may be accessed by you is incapable of being accessed by any third party, we cannot be held responsible if third parties hack into such information or it otherwise becomes available to third parties. Consequently, we are not liable for any loss caused to you by any of the foregoing events. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties.

3. COPYRIGHT: TRADEMARK
3.1 The content of the Site is subject to copyright and all rights are reserved. You may download or print copies of information contained within the Site for your own private use only. However, all other copying, reproducing, transmitting, distributing or displaying of material on the Site (by any means and in whole or in part) is prohibited without the prior written permission of BNP Paribas.
3.2 The "BNP Paribas" trademark is owned by BNP Paribas and nothing contained on the Site shall constitute the grant of a licence to use such a trademark, and you agree that you will not seek to make any use such trademark whatsoever.

4. EXTENT AND LIMITATION OF RESPONSIBILITY FOR CONTENT
4.1 The information and materials provided in this Site are for information purposes only, and nothing contained therein constitutes a recommendation, offer or solicitation for the purchase or sale of any financial instrument. BNP Paribas has used its reasonable efforts to ensure that the information contained on the Site is compiled from sources that BNP Paribas believes to be reliable and accurate. However, BNP Paribas does not represent or warrant the accuracy or timeliness of such information which may be incomplete or condensed, and consequently no reliance should be placed solely on such information in making any investment decision. The information does not constitute a prospectus and is not intended to provide the sole basis for any evaluation of the securities discussed herein. If any offer of securities is made, it shall be pursuant to a definitive final Prospectus which would contain material information not contained herein
4.2 Further, BNP Paribas undertakes no obligation and assumes no liability or responsibility (whether express or implied) to any person concerning the information or materials contained on the Site except as required by mandatory provision of law which may not be excluded and hereby excludes all liability for loss or damage (including direct, indirect, foreseeable, special or consequential loss or damage and including loss of profit) even if advised of the possibility of such damages incurred or sustained by any person in connection with the information or its use including (without limitation) for the consequences of reliance upon any opinion or statement contained therein or any error or omission whether negligent or not, except to the extent such liability may not be excluded or limited by law or by the rules of FSA.
4.4 Any estimates and opinions included in any documents or other materials contained on the Site constitute BNP Paribas' judgement as at the date they were originally published (which may be before the date on which they first appeared on the Site) and may be subject to change without notice.
4.7 The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. If you invest in a fund that holds investments denominated in a currency which is not the holders base currency, currency rate fluctuations may cause the value (in such base currency) of such an investment to go up or down.

5. GENERAL
5.1 The Site may contain links to other websites, which in turn may contain material that has been produced by issuers or independent providers not affiliated with BNP Paribas. BNP Paribas accepts no responsibility or liability for information provided on any website that may be accessed through links on the Site. Any opinions or recommendations expressed on such other websites are solely those of the relevant provider and are not the opinions or recommendations of BNP Paribas. The existence of a link from the Site to any other such website does not constitute a recommendation or other approval by BNP Paribas of such website or any provider thereof and, in particular (but without prejudice to the foregoing), no approval is given by BNP Paribas to any such other website or its content
5.2. You agree to indemnify, defend and protect BNP Paribas as well as its directors, managers, employees, representatives, licence holders or any other persons involved in the creation, production and distribution of the Site against all claims, liability, and the related costs and expenses arising as a result of any violation on your part of the terms set forth in these Terms of Use or in relation to your use of the Site.

6. DATA PROTECTION
6.1 As a result of your access to the Site, we may hold and process personal information about you. We may pass this information to affiliates of BNP Paribas, and they may pass to us information about you held by them. We shall not disclose any such information outside the BNP Paribas group, except for fraud prevention purposes, and/or if required or obliged by law or any governmental or judicial body or agency or to our regulators, or where we have your consent to do so. We shall endeavour to afford a high level of protection to personal data provided to us against any authorised or accidental disclosure, access or deletion, but you accept that the communication via the internet of such information is not assured to be confidential, and that any such communication by you by such means is at your sole risk.
6.2 You accept that, when accessing the Site, data relating to you can be stored on a cookie. A cookie is a hard disk environment that can be used to store information, and is a commonly used tool on the internet. We will make use of cookies solely to store information for the purpose of identifying whether persons accessing the Site are registered on the Site and to enable better access to the Site.
6.3 You are entitled by law to opt out of use of your information by us for direct marketing purposes, to be provided with further information about the processing of your information and access to that information (subject to exceptions) and to require inaccurate personal information to be deleted or corrected. If you wish to exercise any of these rights, you may do so by sending a written request to us.

7. REGULATION
7.1 BNP Paribas is authorised by CECEI, AMF and the FSA and is regulated in the conduct of investment business in the UK by the FSA.
7.2 To the extent that material on the Site is issued in the UK it is issued for the purposes of s.21 of the Financial Services and Markets Act 2000 by BNP Paribas, which has been approved by the FSA to issue such material pursuant to s.21(2)(a) of the Financial Services and Markets Act 2000.
7.3 The materials contained on the Site may not be suitable for persons who are retail clients for the purposes of the rules of the FSA , or private investors or those who would be retail clients were they to act on any information contained within the Site, and should not be passed on to any such person.
7.4 Nothing contained on the Site is intended as, or constitutes, an offer to buy or sell or any solicitation of any offer to buy or sell any Security or to enter into any transaction.

8. ACCEPTANCE
8.1 Access by you to this Site will give rise to a legally binding contract on the above terms between you (or where you access this Site as an employee, your employer) and BNP Paribas. Where you act as employee, you must ensure that you are authorised to do so and agree to these conditions on behalf of your employer. Access by you to this Site constitutes your personal representation and warranty that you are so authorised.

9. LAW AND JURISDICTION
9.1 These Terms of Use are governed by, and shall be construed in accordance with, English law.
9.2 You hereby agree (a) that the courts of England are to have jurisdiction to settle any disputes in connection with these Terms of Use and submit to the non-exclusive jurisdiction of the English courts in connection with these Terms of Use, (b) to waive any objection that such proceedings have been brought in an inconvenient forum and (c) not to claim, with respect to such proceedings, that such court does not have jurisdiction over such party.

BNP PARIBAS LONDON BRANCH BNP PARIBAS LONDON BRANCH, 10 HAREWOOD AVENUE, LONDON NW1 6AA IS AUTHORISED BY CECEI & AMF AND THE FINANCIAL SERVICES AUTHORITY, AND IS REGULATED BY THE FINANCIAL SERVICES AUTHORITY FOR THE CONDUCT OF ITS INVESTMENT BUSINESS IN THE UNITED KINGDOM.BNP PARIBAS LONDON BRANCH IS REGISTERED IN ENGLAND & WALES UNDER NO. FC13447.