Obbligazione BNP Paribas SA 0% ( XS1549138409 ) in GBP

BNP Paribas SA

100 GBP ⇌

Francia

XS1549138409 ( in GBP )

03/06/2020 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione BNP Paribas XS1549138409 in GBP 0%, scaduta

BNP Paribas è una banca multinazionale francese, tra le più grandi al mondo per capitalizzazione di mercato, attiva nel settore bancario al dettaglio, nella gestione patrimoniale e nelle attività di investimento.

The Obbligazione issued by BNP Paribas SA ( France ) , in GBP, with the ISIN code XS1549138409, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 03/06/2020

BASE PROSPECTUS
DATED 9 JUNE 2017

BNP Paribas Issuance B.V.
(formerly BNP Paribas Arbitrage Issuance B.V.)
(incorporated in the Netherlands)
(as Issuer)
BNP Paribas
(incorporated in France)
(as Issuer and Guarantor)
Warrant and Certificate Programme

This document (the "Base Prospectus") (together with supplements to this Base Prospectus from time to time
(each a "Supplement" and together the "Supplements")) constitutes a base prospectus in respect of the
Programme (as defined below). Any Securities (as defined below) issued on or after the date of this Base
Prospectus are issued subject to the provisions herein. This Base Prospectus has not been approved as a
prospectus for the purposes of the Prospectus Directive. "Prospectus Directive" means Directive 2003/71/EC,
as amended, including by Directive 2010/73 EU) and includes any relevant implementing measure in a relevant
Member State of the European Economic Area. This Base Prospectus constitutes a base prospectus for the
purpose of the Luxembourg Act dated 10 July 2005 relating to prospectuses for securities, as amended (the
Prospectus Act 2005).
Under the terms of the Warrant and Certificate Programme (the "Programme"), each of BNP Paribas Issuance
B.V. (formerly BNP Paribas Arbitrage Issuance B.V.) ("BNPP B.V.") and BNP Paribas ("BNPP" or the "Bank"
and, together with BNPP B.V., the "Issuers" and each an "Issuer") may from time to time issue warrants
("Warrants") or certificates ("Certificates" and, together with the Warrants, "Securities") of any kind
including, but not limited to, Warrants or Certificates relating to a specified index or a basket of indices, a
specified share, global depositary receipt ("GDR") or American depositary receipt ("ADR") or a basket of
shares, ADRs and/or GDRs, a specified interest in an exchange traded fund, an exchange traded note, an
exchange traded commodity or other exchange traded product (each an "exchange traded instrument") or a
basket of interests in exchange traded instruments, a specified debt instrument or a basket of debt instruments, a
specified currency or a basket of currencies, a specified commodity or commodity index, or a basket of
commodities and/or commodity indices, a specified inflation index or a basket of inflation indices, a specified
fund share or unit or basket of fund shares or units, a specified futures contract or basket of futures contracts, or
the credit of a specified entity or entities, open end Certificates ("Open End Certificates") and open end turbo
Certificates ("OET Certificates") and any other types of Securities including hybrid Securities whereby the
underlying asset(s) may be any combination of such indices, shares, interests in exchange traded instruments,
debt, currency, commodities, inflation indices, fund shares or units, future contracts, credit of specified entities,
or other asset classes or types. Each issue of Securities will be issued on the terms set out herein which are
relevant to such Securities under "Terms and Conditions of the Securities" (the "Conditions") and, in each case,
on such final terms as will be set out in the final terms to be issued in respect of such Securities (the "Final
Terms"), a form of which is contained in this Base Prospectus. References herein to the Final Terms may

include, in the case of U.S. Securities (as defined below), (x) a supplement to the Base Prospectus prepared
under article 10.2 of Part 2, Chapter I of the rules and regulations of the Luxembourg Stock Exchange or (y) a
prospectus.
The Securities shall be governed by either English law ("English Law Securities") or French law ("French
Law Securities"), as specified in the relevant Final Terms, and the corresponding provisions in the Conditions
will apply to such Securities. Only English Law Securities will be U.S. Securities.
Securities issued by BNPP B.V. may be secured ("Secured Securities") or unsecured ("Unsecured Securities")
and will be guaranteed by BNPP (in such capacity, the "Guarantor") pursuant to either (a) in respect of the
Secured Securities, (i) a Deed of Guarantee for Secured Securities, in respect of English Law Securities (the
"Secured Securities English Law Guarantee") or (ii) a garantie, in respect of Secured Securities, which are
French Law Securities (the "Secured Securities French Law Guarantee" and, together with the "Secured
Securities English Law Guarantee", the "Secured Securities Guarantees"), the forms of which are set out
herein or (b) in respect of the unsecured Securities, (i) a Deed of Guarantee for Unsecured Securities, in respect
of English Law Securities (the "English Law Guarantee") or (ii) a garantie, in respect of unsecured Securities,
which are French Law Securities (the "French Law Guarantee" and, together with the "English Law
Guarantee", the "Unsecured Securities Guarantees"), the forms of which are set out herein. The Secured
Securities Guarantees and the Unsecured Securities Guarantees together, the "Guarantees".
Except in the case of U.S. Securities, each of BNPP B.V. and BNPP has a right of substitution as set out herein.
A description of the Final Terms (which for the avoidance of doubt may be issued in respect of more than one
series of Securities) is set out herein on pages 114 to 175 and will specify with respect to each issue of Securities
to which it relates, inter alia, the specific designation of the Securities, the aggregate number and type of the
Securities, the date of issue of the Securities, the issue price, the underlying asset, index, fund, reference entity
or other item(s) to which the Securities relate, the exercise period or date (in the case of Warrants), the
redemption date, whether they are interest bearing, partly paid, redeemable in instalments, exercisable (on one
or more exercise dates) (in the case of Certificates), the governing law of the Securities, whether the Securities
are eligible for sale in the United States and certain other terms relating to the offering and sale of the Securities.
With respect to issues of English Law Securities, the Final Terms relating to such issue of Securities will be
attached to the Global Security, Rule 144A Global Security, Private Placement Definitive Security, Regulation S
Global Security or Permanent Global Security (each as defined below).
Each issue of Securities will entitle the holder thereof on due exercise (in the case of Warrants) or on the
Instalment Date(s) and/or the Redemption Date (in the case of Certificates) (or, in the case of Multiple Exercise
Certificates, each Exercise Settlement Date) either to receive a cash amount (if any) calculated in accordance
with the relevant terms or to receive physical delivery of the underlying assets (against payment of a specified
sum in the case of Warrants), all as set forth herein and in the applicable Final Terms.
Any terms and conditions not contained herein which are applicable to each Series (as defined in the
Conditions) of Securities will be set out in the applicable Final Terms which, with respect to Securities to be
listed on the Euro MTF Market (as defined below), will be delivered to the Luxembourg Stock Exchange on or
before the date of issue of the Securities of such series and published on the website of the Luxembourg Stock
Exchange (www.bourse.lu).
Prospective purchasers of Securities should ensure that they understand the nature of the relevant
Securities and the extent of their exposure to risks and that they consider the suitability of the relevant
Securities as an investment in the light of their own circumstances and financial condition. Securities
involve a high degree of risk and potential investors should be prepared to sustain a total loss of the
purchase price of their Securities. See "Risk Factors" on pages 30 to 97.

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In particular, the Securities and the Guarantees and, in the case of Physical Delivery Warrants or
Physical Delivery Certificates (each as defined below) (together, the "Physical Delivery Securities"), the
Entitlement (as defined herein) to be delivered upon the exercise (in the case of Physical Delivery
Warrants) or the redemption (in the case of Physical Delivery Certificates) of such Securities have not
been, and will not be, registered under the United States Securities Act of 1933, as amended (the
"Securities Act"), or under the securities laws of any state or other jurisdiction of the United States.
Furthermore, neither the sale of nor trading in the Securities has been approved by the Commodity
Futures Trading Commission ("CFTC") under the United States Commodity Exchange Act, as amended
("CEA") and no U.S. person (as defined herein) may at any time purchase, trade, exercise or maintain a
position in the Securities unless otherwise specified in the relevant Final Terms for the Securities. Neither
Issuer has registered as an investment company pursuant to the United States Investment Company Act
of 1940, as amended (the "Investment Company Act").
Unless otherwise specified in the applicable Final Terms, the Securities are being offered and sold outside
the United States to persons that are not U.S. persons (as defined herein) in reliance on Regulation S
under the Securities Act, pursuant to CFTC regulations and guidance and subject to the following
additional offering and transfer restrictions. No Securities of such series, or interests therein, may at any
time be offered, sold, resold, traded, pledged, exercised, redeemed, transferred or delivered, directly or
indirectly, in the United States or to, or for the account or benefit of, a U.S. person (as defined herein) and
any offer, sale, resale, trade, pledge, exercise, redemption, transfer or delivery made, directly or
indirectly, within the United States or to, or for the account or benefit of, a U.S. person (as defined herein)
will not be recognised. The Securities of such series may not be legally or beneficially owned at any time
by any U.S. person (as defined herein).
Notwithstanding the provisions of this Base Prospectus to the contrary, neither this Base Prospectus nor
any copy hereof may be sent, taken into or distributed in the United States or to any U.S. person (as
defined herein) or in any other jurisdiction except under circumstances that will result in compliance
with the applicable laws thereof. This Base Prospectus may not be reproduced either in whole or in part,
without the written permission of the Issuer.
As used herein, "U.S. person" means a person that is (i) a "U.S. person" as defined in Regulation S under the
Securities Act ("Regulation S"); or (ii) a person other than a "Non-United States person" as defined in Rule 4.7
under the CEA; or (iii) a "U.S. person" as defined in the Interpretive Guidance and Policy Statement Regarding
Compliance with Certain Swap Regulations promulgated by the CFTC; or (iv) any other "U.S. Person" as such
term may be defined in Regulation S or in regulations or guidance adopted under the CEA.
If specified in the applicable Final Terms, certain issues of Securities of BNPP eligible for sale in the
United States ("U.S. Warrants" or U.S. Certificates", as the case may be, and together, the "U.S.
Securities") may also be offered and sold in the United States to (i) persons reasonably believed to be
qualified institutional buyers ("QIBs") as defined in Rule 144A under the Securities Act ("Rule 144A")
and (ii) certain accredited investors ("AIs") as defined in Rule 501(a) under the Securities Act. Certain
issues of U.S. Securities of BNPP B.V. may be offered and sold in the United States to persons reasonably
believed to be both QIBs and qualified purchasers ("QPs") as defined under the Investment Company
Act of 1940.
Each purchaser of U.S. Securities within the United States is hereby notified that the offer and sale of such U.S.
Securities is being made in reliance upon an exemption from the registration requirements of the Securities Act.
For a description of certain further restrictions on offers and sales of the Securities and on the distribution of this
Base Prospectus, see "Offering and Sale" below.

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U.S. Securities will, unless otherwise specified in the Final Terms, be sold through BNP Paribas Securities
Corp., a registered broker-dealer. Hedging transactions involving Physical Delivery Securities may not be
conducted unless in compliance with the Securities Act. See "Terms and Conditions of the Securities" below.
Application has been made to the Luxembourg Stock Exchange in its capacity as competent authority (the
"Competent Authority") under Part IV of the Prospectus Act 2005 for the approval of this Base Prospectus as a
prospectus and application may be made to the Luxembourg Stock Exchange for Securities issued under the
Programme to be listed on the Euro MTF Market (as defined below) operated by the Luxembourg Stock
Exchange (the Euro MTF Market is not a regulated market pursuant to the provisions of Directive 2004/39/EC
(the "Markets in Financial Instruments Directive") but is subject to the supervision of the financial sector and
exchange regulator, the Commission de Surveillance du Secteur Financier ("CSSF")) and listed on the Official
List of the Luxembourg Stock Exchange during the 12-month period after the date of approval of this Base
Prospectus. References in this Base Prospectus to Securities being "listed" (and all related references) shall
mean that such Securities have been listed and admitted to trading on the Euro MTF exchange regulated market
of the Luxembourg Stock Exchange (the "Euro MTF Market"). The Programme provides that Securities may
be listed on such further or other stock exchange(s) as the relevant Issuer may decide. The applicable Final
Terms will specify whether or not Securities are to be listed on the Official List of the Luxembourg Stock
Exchange and admitted to trading on the Euro MTF Market or any other stock exchange(s) and, if relevant, will
include information on the relevant market segment of the stock exchange on which the securities are to be
listed. However, this Base Prospectus has not been approved as a base prospectus for the purposes of the
Prospectus Directive and, accordingly, no offer to the public may be made and no admission to trading may be
applied for on any market in the European Economic Area ("EEA") designated as a regulated market, in each
case for the purposes of the Prospectus Directive. Securities may only be issued under this Programme in
circumstances where no prospectus is required to be published under the Prospectus Directive (see "Offering
and Sale" below). Each Issuer may also issue unlisted Securities. Registered Warrants will be unlisted.
English Law Securities which are issued and transferred through Clearstream Banking, société anonyme
("Clearstream, Luxembourg") and/or Euroclear Bank S.A./N.V. ("Euroclear"), Euroclear France SA
("Euroclear France"), Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de
Valores S.A., Unipersonal ("Iberclear"), Monte Titoli S.p.A ("Monte Titoli") and/or any other relevant
clearing system ("Clearing System Securities") will be represented by a global security (each a "Clearing
System Global Security"), which will be issued and deposited with a common depositary on behalf of
Clearstream, Luxembourg, Euroclear, Iberclear, Monte Titoli and/or any other relevant clearing system or, as
the case may be, Euroclear France on the date of issue of the relevant Securities in accordance with the rules and
regulations of the relevant clearing system. Registered English Law Warrants ("Registered Warrants") will be
represented by a registered global warrant (each a "Registered Global Warrant"), which will be issued and
deposited with the Registrar. Registered English Law Certificates ("Registered Certificates") will be
represented by a registered global certificate (each a "Registered Global Certificate" and together with a
Registered Global Warrant, a "Registered Global Security") held on behalf of Euroclear and/or Clearstream
Luxembourg and/or any other relevant clearing system. Clearing System Securities and Securities in definitive
registered form ("Private Placement Definitive Securities") will not be exchangeable for Registered Securities
and Registered Securities will not be exchangeable for Clearing System Securities and Private Placement
Definitive Securities. Each Clearing System Global Security and Registered Global Security are each referred
to as a "Global Security". Swedish Dematerialised Securities (as defined herein) will be issued in registered,
uncertificated and dematerialised book-entry form in accordance with the SFIA Act (as defined herein). Finnish
Dematerialised Securities (as defined herein) will be issued in registered, uncertified and dematerialised book-
entry form in accordance with the Finnish Act on the Book-Entry System and the Finnish Act on Book-Entry
Accounts (as specified herein). Italian Dematerialised Securities (as defined herein) will be issued in registered,
uncertificated and dematerialised book-entry form into Monte Titoli. Swiss Securities (as defined herein) may
be issued as Swiss Materialised Securities (as defined herein) or as Swiss Dematerialised Securities (as defined

4

herein). Swiss Materialised Securities will be represented by a global security. Swiss Dematerialised Securities
will be issued in uncertified and dematerialised form. The terms and conditions of the Swiss Securities will be
set forth in the applicable Final Terms. Except as described herein, no definitive Securities will be issued.
French Law Securities will be in bearer dematerialised form (au porteur) and will be inscribed (inscription en
compte) in the books of Euroclear France or Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V.
("Euroclear Netherlands") which shall credit the accounts of the Holders (as defined in "Terms and Conditions
of the Securities"). No physical document of title will be issued in respect of French Law Securities. French
Law Securities have been accepted for clearance through Euroclear France, Euroclear Netherlands, Euroclear
and/or Clearstream, Luxembourg and/or any other relevant clearing system.
The Securities to the extent they constitute "Secured Securities" may not be sold to, or for the account or
benefit of, U.S. persons as defined in the U.S. Risk Retention Rules ("Risk Retention U.S. Persons")
except to the extent permitted under an exemption to the U.S. Risk Retention Rules as described under
"Risk Factors" at page 30. "U.S. Risk Retention Rules" means Regulation RR (17 C.F.R Part 246)
implementing the risk retention requirements of Section 15G of the U.S. Securities Exchange Act of 1934,
as amended.
In the event that the Final Terms specify that the Securities are U.S. Securities, (A) the U.S. Securities sold in
the United States by BNPP to QIBs within the meaning of Rule 144A will be represented by one or more global
Securities (each, a "Rule 144A Global Security") issued and deposited with (1) a custodian for, and registered
in the name of a nominee of, The Depository Trust Company ("DTC") or (2) a common depositary on behalf of
Clearstream Banking, société anonyme ("Clearstream, Luxembourg") or Euroclear Bank S.A./N.V.
("Euroclear") and/or any other relevant clearing system, (B) the U.S. Securities sold in the United States by
BNPP to AIs will be issued and registered in definitive form (each, a "Private Placement Definitive Security")
(C) U.S. the Securities sold in the United States by BNPP B.V. to QIBs who are QPs will be represented by a
Rule 144A Global Security or in the form of Private Placement Definitive Securities, as may be indicated in any
applicable U.S. wrapper to the Base Prospectus and (D) in any such case, U.S. Securities sold outside the United
States to persons that are not U.S. persons will be represented by a one or more global Securities (each, a
"Regulation S Global Security") issued and deposited with a common depositary on behalf of Clearstream,
Luxembourg and Euroclear and/or any other relevant clearing system and may not be legally or beneficially
owned at any time by any U.S. person. In the event that the Final Terms does not specify that Securities are
eligible for sale within the United States or to U.S. persons, the Securities offered and sold outside the United
States to non-U.S. persons may not be legally or beneficially owned at any time by any U.S. person and will be
represented by a Clearing System Global Security or a Registered Global Security, as the case may be.
The rating of certain series of Securities to be issued under the Programme may be specified in the applicable
Final Terms. Whether or not each credit rating applied for in relation to relevant series of Securities will be
issued by a credit rating agency established in the European Union and registered under Regulation (EC) No.
1060/2009 (as amended) (the "CRA Regulation") will be disclosed in the applicable Final Terms. Please also
refer to "Credit Ratings may not Reflect all Risks" in the Risk Factors section of this Base Prospectus.

5

IMPORTANT NOTICE
Disclaimer statement for structured products (Securities)
In relation to investors in the Kingdom of Bahrain, Securities issued in connection with this Base Prospectus and
related offering documents must be in registered form and must only be marketed to existing account holders
and accredited investors as defined by the CBB in the Kingdom of Bahrain where such investors make a
minimum investment of at least U.S.$ 100,000 or any equivalent amount in other currency or such other amount
as the CBB may determine.
This offer does not constitute an offer of Securities in the Kingdom of Bahrain in terms of Article(81) of the
Central Bank and Financial Institutions Law 2006 (decree Law No. 64 of 2006). This Base Prospectus and
related offering documents have not been and will not be registered as a prospectus with the Central Bank of
Bahrain (CBB). Accordingly, no Securities may be offered, sold or made the subject of an invitation for
subscription or purchase nor will this Base Prospectus or any other related document or material be used in
connection with any offer, sale or invitation to subscribe or purchase Securities, whether directly or indirectly, to
persons in the Kingdom of Bahrain, other than as marketing to accredited investors for an offer outside Bahrain.
The CBB has not reviewed, approved or registered this Base Prospectus or related offering documents and it has
not in any way considered the merits of the Securities to be marketed for investment, whether in or outside the
Kingdom of Bahrain. Therefore, the CBB assumes no responsibility for the accuracy and completeness of the
statements and information contained in this document and expressly disclaims any liability whatsoever for any
loss howsoever arising from reliance upon the whole or any part of the contents of this document.
No offer of Securities will be made to the public in the Kingdom of Bahrain and this prospectus must be read by
the addressee only and must not be issued, passed to, or made available to the public generally.

In relation to each separate issue of Securities, the final offer price and the amount of such Securities will be
determined by the Issuer and the relevant manager in accordance with prevailing market conditions at the time
of the issue of the Securities and will be set out in the relevant Final Terms.
No person is authorised to give any information or to make any representation not contained in or not consistent
with this document or any other information supplied in connection with the Programme and, if given or made,
such information or representation must not be relied upon as having been authorised by BNPP B.V., BNPP or
any manager of an issue of Securities, including BNPP Securities Corp. (as applicable to such issue of
Securities, each a "Manager"). This document does not constitute, and may not be used for the purposes of, an
offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any
person to whom it is unlawful to make such offer or solicitation and no action is being taken to permit an
offering of the Securities or the distribution of this document in any jurisdiction where any such action is
required.
This document is to be read and construed in conjunction with any Final Terms and with all documents which
are deemed to be incorporated herein by reference (see "Documents Incorporated by Reference" below).
Warrants create options exercisable by the relevant holder or which will be automatically exercised as provided
herein. There is no obligation on the Issuer to pay any amount or deliver any asset to any holder of a Warrant
unless the relevant holder duly exercises such Warrant or such Warrants are automatically exercised and, where
applicable, an Exercise Notice is duly delivered. The Warrants will be exercisable in the manner set forth herein
and in the applicable Final Terms. In certain instances, the holder of a Warrant will be required to certify, inter
alia (in accordance with the provisions outlined in "Offering and Sale" below), that it is not a U.S. person (as
defined above) or exercising such Warrant on behalf of a U.S. person. Upon transfer, exchange or exercise of a

6

U.S. Warrant (as defined above), the holder will, in certain circumstances, be required to certify that the transfer,
exchange or exercise, as the case may be, is being made to, or on behalf of, a person whom the holder
reasonably believes is not a U.S. person or is a QIB or an AI, as applicable, who acquired the right to such
transfer, exchange or the benefit of such exercise in a transaction exempt from the registration requirements of
the Securities Act. The proposed transferee may also be required to deliver an investment letter as a condition
precedent to such proposed transfer or exchange (in accordance with the provisions outlined in Condition 2.4 of
"Terms and Conditions of the Securities" below).
Certificates shall be redeemed on each instalment date and/or the redemption date by payment of one or more
Cash Settlement Amount(s) (in the case of Cash Settled Certificates) and/or by delivery of the Entitlement (in
the case of Physical Delivery Certificates). In order to receive the Entitlement, the holder of a Certificate will be
required to submit an Asset Transfer Notice and in certain circumstances to certify, inter alia (in accordance
with the provisions outlined in Condition 35.2(a) of "Terms and Conditions of the Securities"), that it is not a
U.S. person or acting on behalf of a U.S. person. Upon transfer or exchange of a U.S. Certificate, the holder
will, in certain circumstances, be required to certify that the transfer or exchange, as the case may be, is being
made to a person whom the transferor or exchange or reasonably believes is not a U.S. person or is a QIB or an
AI, as applicable, who acquired the right to such transfer or exchange in a transaction exempt from the
registration requirements of the Securities Act. The proposed transferee may also be required to deliver an
investment letter as a condition precedent to such proposed transfer or exchange (in accordance with the
provisions outlined in Condition 2.4 of "Terms and Conditions of the Securities" below). Where Certificates are
Exercisable Certificates, such Certificates will be automatically exercised on one or more dates as provided
herein. Exercisable Certificates are Cash Settled Certificates.
The Securities of each issue may be sold by the relevant Issuer and/or any Manager at such time and at such
prices as the Issuer and/or the Manager(s) may select. There is no obligation upon the Issuer or any Manager to
sell all of the Securities of any issue. The Securities of any issue may be offered or sold from time to time in
one or more transactions in the over-the-counter market or otherwise at prevailing market prices or in negotiated
transactions, at the discretion of the Issuer.
Subject to the restrictions set forth herein, each Issuer shall have complete discretion as to what type of
Securities it issues and when.
No Manager has separately verified the information contained herein. Accordingly, no representation, warranty
or undertaking, express or implied, is made and no responsibility is accepted by any Manager as to the accuracy
or completeness of the information contained in this Base Prospectus or any other information provided by
BNPP B.V. and/or BNPP. The Manager(s) accept no liability in relation to the information contained in this
Base Prospectus or any other information provided by BNPP B.V. and/or BNPP in connection with the
Programme.
BNPP B.V. and BNPP have not investigated, and do not have access to information that would permit them to
ascertain, whether any company that has issued equity, debt or other instruments to which any U.S. Securities
relate is a passive foreign investment company for U.S. tax purposes. Prospective investors in any U.S.
Securities that are U.S. taxpayers should consult their own advisers concerning U.S. tax considerations relevant
to an investment in such U.S. Securities.
Neither this Base Prospectus nor any other information supplied in connection with the Programme should be
considered as a recommendation by BNPP B.V., BNPP or any Manager that any recipient of this Base
Prospectus or any other information supplied in connection with the Programme should purchase any Securities.
Each investor contemplating purchasing any Securities should make its own independent investigation of the
financial condition and affairs, and its own appraisal of the creditworthiness, of BNPP B.V. and/or BNPP.
Neither this Base Prospectus nor any other information supplied in connection with the Programme constitutes

7

an offer or an invitation by or on behalf of BNPP B.V. or BNPP or the Managers or any other person to
subscribe for or to purchase any Securities.
This Base Prospectus may only be used for the purposes for which it has been published.
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of BNPP B.V., BNPP or
any Manager to subscribe for or purchase any securities. The delivery of this Base Prospectus does not at any
time imply that the information contained herein concerning BNPP B.V. or BNPP is correct at any time
subsequent to the date hereof or that any other information supplied in connection with the Programme is correct
as of any time subsequent to the date indicated in the document containing the same. No Manager undertakes to
review the financial condition or affairs of BNPP B.V. or BNPP during the life of the Programme. Investors
should review, inter alia, the most recently published audited annual non-consolidated financial statements and
interim financial statements of BNPP B.V. and/or the most recently published audited annual consolidated
financial statements, unaudited semi-annual interim consolidated financial statements and quarterly results of
BNPP, when deciding whether or not to purchase any Securities.
The distribution of this Base Prospectus and the offering of Securities in certain jurisdictions may be restricted
by law. Persons into whose possession this Base Prospectus comes are required by BNPP B.V., BNPP and each
Manager to inform themselves about and to observe any such restrictions.
In this Base Prospectus references to U.S.$ and U.S. dollars are to United States dollars, references to euro,
and EUR are to the currency introduced at the start of the third stage of European economic and monetary union
pursuant to the Treaty on the Functioning of the European Union, as amended and references to "Renminbi",
"RMB" and "CNY" are to the lawful currency of the People's Republic of China (excluding the Hong Kong
Special Administrative Region of the People's Republic of China ("Hong Kong"), the Macau Special
Administrative Region of the People's Republic of China ("Macau") and Taiwan).

8

AVAILABLE INFORMATION
So long as any of the U.S. Securities are "restricted securities" within the meaning of Rule 144(a)(3) under the
Securities Act, and neither BNPP nor BNPP B.V. is subject to and in compliance with Section 13 or 15(d) of the
U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor exempt from reporting pursuant
to Rule 12g3-2(b) thereunder, BNPP has undertaken to furnish to each Holder or beneficial owner of U.S.
Securities, whether issued by BNPP or issued by BNPP B.V. and guaranteed by BNPP, and to any prospective
purchaser, any information required to be delivered under Rule 144A(d)(4) under the Securities Act.
FORWARD-LOOKING STATEMENTS
The documents incorporated by reference (such sections being the "BNP Paribas Disclosure"), contain
forward-looking statements. BNP Paribas, BNPP B.V. and the BNP Paribas Group (being BNP Paribas together
with its consolidated subsidiaries, the "Group") may also make forward-looking statements in their audited
annual financial statements, in their interim financial statements, in their offering circulars, in press releases and
other written materials and in oral statements made by their officers, directors or employees to third parties.
Statements that are not historical facts, including statements about BNPP, BNPP B.V. or the Group's beliefs and
expectations, are forward-looking statements. These statements are based on current plans, estimates and
projections, and therefore undue reliance should not be placed on them. Forward-looking statements speak only
as of the date they are made, and BNPP, BNPP B.V. and the Group undertake no obligation to update publicly
any of them in light of new information or future events.
PRESENTATION OF FINANCIAL INFORMATION
Most of the financial data presented, or incorporated by reference, in this Base Prospectus are presented in
euros.
The audited consolidated financial statements of BNPP for the years ended 31 December 2015 and 31
December 2016 have been prepared in accordance with international financial reporting standards ("IFRS"), as
adopted by the European Union. IFRS differs in certain significant respects from generally accepted accounting
principles in the United States ("U.S. GAAP"). The Group has made no attempt to quantify the impact of those
differences. In making an investment decision, investors must rely upon their own examination of the BNP
Paribas Group, the terms of any offering and the financial information. Potential investors should consult their
own professional advisors for an understanding of the differences between IFRS and U.S. GAAP, and how those
differences might affect the information herein. The Group's fiscal year ends on 31 December and references in
the BNPP 2015 Registration Document (in English) and the BNPP 2016 Registration Document (in English) (in
each case as defined in "Documents Incorporated by Reference" below) and any update to the BNPP 2016
Registration Document (in English) (in each case, incorporated by reference herein) to any specific fiscal year
are to the 12-month period ended 31 December of such year.
Due to rounding, the numbers presented throughout the BNP Paribas Disclosure and in the table under the
heading "Capitalization of BNPP and the BNP Paribas Group" in the General Information section below may
not add up precisely, and percentages may not reflect precisely absolute figures.

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TABLE OF CONTENTS
Page
AVAILABLE INFORMATION ............................................................................................................. 9
FORWARD-LOOKING STATEMENTS .............................................................................................. 9
PRESENTATION OF FINANCIAL INFORMATION ......................................................................... 9
OVERVIEW ......................................................................................................................................... 11
RISK FACTORS .................................................................................................................................. 30
DOCUMENTS INCORPORATED BY REFERENCE........................................................................ 99
GENERAL DESCRIPTION OF THE PROGRAMME ..................................................................... 107
SECURITY AND COLLATERAL IN RESPECT OF SECURED SECURITIES ............................ 108
FORM OF FINAL TERMS FOR SECURITIES ................................................................................ 114
TERMS AND CONDITIONS OF THE SECURITIES ...................................................................... 176
ANNEX 1: Additional Terms and Conditions for Index Securities ...................................... 297
ANNEX 2: Additional Terms and Conditions for Share Securities ...................................... 320
ANNEX 3: Additional Terms and Conditions for ETI Securities ......................................... 333
ANNEX 4: Additional Terms and Conditions for Debt Securities ........................................ 350
ANNEX 5: Additional Terms and Conditions for Commodity Securities ............................ 352
ANNEX 6: Additional Terms and Conditions for Inflation Index Securities ........................ 360
ANNEX 7: Additional Terms and Conditions for Currency Securities ................................. 367
ANNEX 8: Additional Terms and Conditions for Fund Securities ....................................... 371
ANNEX 9: Additional Terms and Conditions for Market Access Securities ........................ 385
ANNEX 10: Additional Terms and Conditions for Futures Securities .................................. 394
ANNEX 11: Additional Terms and Conditions for Credit Securities .................................... 398
ANNEX 12: Additional Terms and Conditions for Secured Securities ................................. 470
ANNEX 13: Additional Terms and Conditions for Preference Share Certificates ................ 514
ANNEX 14: Additional Terms and Conditions for OET Certificates ................................... 519
USE OF PROCEEDS ......................................................................................................................... 524
FORM OF THE ENGLISH LAW GUARANTEE FOR UNSECURED SECURITIES .................... 525
FORM OF THE ENGLISH LAW GUARANTEE FOR SECURED SECURITIES ......................... 529
FORM OF THE FRENCH LAW GUARANTEE FOR UNSECURED SECURITIES ..................... 534
FORM OF THE FRENCH LAW GUARANTEE FOR SECURED SECURITIES ........................... 537
DESCRIPTION OF BNP PARIBAS ISSUANCE B.V. ..................................................................... 540
BOOK-ENTRY CLEARANCE SYSTEMS ....................................................................................... 544
BOOK-ENTRY SYSTEMS ................................................................................................................ 544
TAXATION ........................................................................................................................................ 550
FRENCH TAXATION ....................................................................................................................... 551
LUXEMBOURG TAXATION ........................................................................................................... 554
NETHERLANDS TAXATION .......................................................................................................... 555
UNITED KINGDOM TAXATION .................................................................................................... 558
HIRING INCENTIVES TO RESTORE EMPLOYMENT ACT WITHHOLDING .......................... 561
FOREIGN ACCOUNT TAX COMPLIANCE ACT .......................................................................... 563
OTHER TAXATION .......................................................................................................................... 565
OFFERING AND SALE .................................................................................................................... 566
GENERAL INFORMATION ............................................................................................................. 585

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