Obligation BNP Paribas SA 5% ( FR0013380631 ) en EUR

BNP Paribas SA

100 % ▼

France

FR0013380631 ( en EUR )

5% par an ( paiement annuel )

09/05/2029

Prospectus brochure de l'obligation BNP Paribas FR0013380631 en EUR 5%, échéance 09/05/2029

10/05/2026 ( Dans 331 jours )

BNP Paribas est une banque internationale française, l'une des plus grandes d'Europe, offrant une large gamme de services financiers aux particuliers, entreprises et institutions.

L'Obligation émise par BNP Paribas SA ( France ) , en EUR, avec le code ISIN FR0013380631, paye un coupon de 5% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 09/05/2029

BASE PROSPECTUS
DATED 5 JUNE 2018

BNP Paribas Issuance B.V.
(incorporated in The Netherlands)
(as Issuer)
BNP Paribas
(incorporated in France)
(as Issuer and Guarantor)
Base Prospectus for the issue of Certificates

This document (the "Base Prospectus") constitutes a base prospectus in respect of Certificates issued under
the Note, Warrant and Certificate Programme of BNP Paribas Issuance B.V. ("BNPP B.V."), BNP Paribas
("BNPP") and BNP Paribas Fortis Funding ("BP2F") (the "Programme"). Any Securities (as defined
below) issued on or after the date of this Base Prospectus are issued subject to the provisions herein. This
does not affect any Securities issued before the date of this Base Prospectus. This Base Prospectus
constitutes a base prospectus for the purposes of Article 5.4 of the Prospectus Directive. Prospectus Directive
means Directive 2003/71/EC (as amended) and includes any relevant implementing measure in a relevant
Member State of the European Economic Area (the "EEA").
Application has been made to the Autorité des marchés financiers ("AMF") in France for approval of this
Base Prospectus in its capacity as competent authority pursuant to Article 212.2 of its Règlement Général
which implements the Prospectus Directive. Upon such approval, application may be made for securities
issued under the Programme during a period of 12 months from the date of this Base Prospectus to be listed
and/or admitted to trading on Euronext Paris and/or a Regulated Market (as defined below) in another
Member State of the EEA. Euronext Paris is a regulated market for the purposes of the Markets in Financial
Instruments Directive 2014/65/EU (each such regulated market being a "Regulated Market"). Reference 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 Euronext Paris or, as the case may be, a Regulated Market
(including the regulated market of the Luxembourg Stock Exchange) or on such other or further stock
exchange(s) as the relevant Issuer may decide. Each Issuer may also issue unlisted Securities. The
applicable Final Terms (as defined below) will specify whether or not Securities are to be listed and admitted
to trading and, if so, the relevant Regulated Market or other or further stock exchange(s).
The requirement to publish a prospectus under the Prospectus Directive only applies to Securities which are
to be admitted to trading on a regulated market in the EEA and/or offered to the public in the EEA other than
in circumstances where an exemption is available under Article 3.2 of the Prospectus Directive (as
implemented in the relevant Member State(s)).
The Issuers may issue Securities for which no prospectus is required to be published under the Prospectus
Directive ("Exempt Securities") under this Base Prospectus. See "Exempt Securities" in the "General
Description of the Programme and Payout Methodology" section below. The AMF has neither approved nor
reviewed information contained in this Base Prospectus in connection with Exempt Securities.
Approval will also be granted by the Luxembourg Stock Exchange in accordance with Part IV of the
Luxembourg Act on prospectuses for securities dated 10 July 2005, as amended, for Securities (including
Exempt Securities) issued under the Programme to be admitted to the Official List and admitted to trading on
the Euro MTF Market of the Luxembourg Stock Exchange (the "Euro MTF") during the twelve-month

1

period after the date of approval of this Base Prospectus. This Base Prospectus also constitutes a prospectus
for the purpose of Part IV of the Luxembourg law on prospectuses for securities dated 10 July 2005, as
amended. The Euro MTF is not a regulated market for the purposes of Directive 2014/65/EU.
Under the terms of the Programme, each of BNPP B.V. and BNPP (the "Issuers" and each an "Issuer") may
from time to time issue, inter alia, certificates ("Certificates" or "Securities") of any kind including, but not
limited to, Securities 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 debt futures or
debt options contract or a basket of debt futures or debt options contracts, a specified currency or a basket of
currencies, a specified currency futures contract, 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 fund index or basket of fund shares or units or fund indices, a specified futures
contract or basket of futures contracts, a specified underlying interest rate or basket of underlying interest
rates, 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, fund indices, futures
contracts, credit of specified entities, underlying interest rates, 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 "Security Conditions" or the "Conditions"). Notice of, inter alia, the
specific designation of the Securities, the aggregate nominal amount or number and type of the Securities,
the date of issue of the Securities, the issue price (if applicable), the underlying asset, index, fund, fund
index, reference entity or other item(s) to which the Securities relate, the redemption date, whether they are
interest bearing, partly paid, redeemable in instalments, exercisable (on one or more exercise dates), 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 will be set out in a final terms document (the
"Final Terms") which may be issued for more than one series of Securities and will be filed with the AMF.
Copies of Final Terms in relation to Securities to be listed on Euronext Paris will also be published on the
website of the AMF (www.amf-france.org). 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 under Article 16 of the
Prospectus Directive or (y) a prospectus. "U.S. Securities" means Securities that specify in the applicable
Final Terms that such Securities are eligible for sale in the United States.
The specific terms of each Tranche of Exempt Securities will be set out in a pricing supplement document
(the "Pricing Supplement"). In respect of Exempt Securities to be admitted to trading on the Euro MTF, the
applicable Pricing Supplement will be delivered to the Luxembourg Stock Exchange on or before the date of
issue of the Exempt Securities of the relevant Tranche and published on the website of the Luxembourg
Stock Exchange (www.bourse.lu). Copies of Pricing Supplements will be available from the specified office
of the Principal Security Agent (subject as provided in paragraph 4 of "General Information", starting on
page 1500). Any reference in this Base Prospectus to "Final Terms", "relevant Final Terms" or "applicable
Final Terms" will be deemed to include a reference to "Pricing Supplement", "relevant Pricing Supplement"
or "applicable Pricing Supplement" in relation to Exempt Securities, to the extent applicable.
Securities may be governed by English law ("English Law Securities") or French law ("French Law
Securities"), as specified in the applicable Final Terms, and the corresponding provisions in the Conditions
will apply to such Securities. Only English Law Securities will be U.S. Securities.
In certain circumstances, at the commencement of an offer period in respect of Securities, but prior to the
issue date, certain specific information (specifically, the issue price, fixed rate of interest, minimum and/or
maximum rate of interest or Premium Amount payable, the margin applied to the floating rate of interest
payable, the gearing applied to the interest or final payout, the Gearing Up applied to the final payout, (in the
case of Autocall Securities, Autocall One Touch Securities or Autocall Standard Securities) the FR Rate
component of the final payout (which will be payable if certain conditions are met, as set out in the Payout
Conditions), (in the case of Securities which include a Snowball Digital Coupon, Accrual Digital Coupon,

2

Digital Coupon, SPS Variable Amount Coupon or SPS Fixed Coupon) the Rate component of the coupon
rate, the value of the barrier component of a final payout or coupon rate, the AER Exit Rate used if an
Automatic Early Redemption Event occurs, the Bonus Coupon component of the final payout (in the case of
Vanilla Digital Securities), the Up Cap Percentage component of the final payout (in the case of Certi-Plus:
Generic Securities, Certi-Plus: Generic Knock-in Securities and Certi-Plus: Generic Knock-out Securities),
any constant percentage (being any of Constant Percentage, Constant Percentage 1, Constant Percentage 2,
Constant Percentage 3 or Constant Percentage 4) component of the final payout or coupon rate (which will
be payable if certain conditions are met, as set out in the Payout Conditions) and/or the Knock-in Level
and/or Knock-out Level (used to ascertain whether a Knock-in Event or Knock-out Event, as applicable, has
occurred)) may not be known. In these circumstances, the Final Terms will specify a minimum and/or
maximum price, rate, level or percentage, as applicable, or an indicative range in respect of the issue price,
relevant prices, rates, levels or percentages and the actual price, rate, level or percentage, as applicable, will
be notified to investors prior to the Issue Date. Accordingly, in these circumstances investors will be
required to make their decision to invest in the relevant Securities based on the minimum and/or maximum
price, rate, level or percentage, as applicable, or the indicative range specified in the Final Terms. Notice of
the actual price, rate, level or percentage, as applicable, will be published in the same manner as the
publication of the Final Terms.
Securities issued by BNPP B.V. may be secured ("Secured Securities") or unsecured and will be guaranteed
by BNPP (in such capacity, the "BNPP 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 "BNPP English Law Guarantee") or (ii) a garantie in respect of unsecured Securities,
which are French Law Securities (the "BNPP French Law Guarantee" and, together with the BNPP
English Law Guarantee the "BNPP Unsecured Securities Guarantees"), the forms of which are set out
herein. The Secured Securities Guarantees and the BNPP Unsecured Securities Guarantees together, the
"BNPP 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. In the event that either BNPP B.V. or BNPP exercises its right of substitution, a supplement to the
Base Prospectus will be published on the website of the AMF (www.amf-france.org) and on the website of
BNPP (https://rates-globalmarkets.bnpparibas.com/gm/public/LegalDocs.aspx).
Each issue of Securities will entitle the holder thereof on the Instalment Date(s) and/or the Redemption Date
(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, all as set forth herein and in the applicable Final Terms.
Capitalised terms used in this Base Prospectus shall, unless otherwise defined, have the meanings set forth in
the Conditions.
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 "Risks" on pages 264 to 352.
In particular, the Securities and the Guarantees and, in the case of Physical Delivery Certificates (as
defined below) (the "Physical Delivery Securities"), the Entitlement (as defined herein) to be delivered
upon the redemption 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 any state securities laws and
trading in the Securities has not been approved by the United States Commodity Futures Trading
Commission (the "CFTC") under the United States Commodity Exchange Act, as amended (the
"Commodity Exchange Act"). None of the Issuers has registered as an investment company pursuant
to the United States Investment Company Act of 1940, as amended (the "Investment Company Act").

3

Unless otherwise specified in the applicable Final Terms, the Securities are being offered and sold in
reliance on Regulation S under the Securities Act ("Regulation S"). No Securities, or interests therein,
may at any time be offered, sold, resold, held, traded, pledged, exercised, redeemed, transferred or
delivered, directly or indirectly, in the United States or to, or for the account or benefit of, persons that
are (i) a "U.S. person" as defined in Regulation S; or (ii) a person other than a "Non-United States
person" as defined in Rule 4.7 under the Commodity Exchange Act; 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 Commodity Exchange Act (each such
person, a "U.S. person") unless expressly provided for pursuant to an applicable U.S. wrapper to the
Base Prospectus. Any such applicable U.S. wrapper may restrict the types of Securities that can be
offered, sold, resold, held, traded, pledged, exercised, redeemed, transferred or delivered and the
terms of such Securities. 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 will not be recognised. No Securities other than U.S. Securities may be legally or
beneficially owned at any time by any U.S. person (as defined in the "Offering and Sale" section
below) and accordingly are being offered and sold outside the United States to non-U.S. persons in
reliance on Regulation S and pursuant to CFTC regulations and guidance.
Certain issues of U.S. Securities of BNPP 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.
Each purchaser of U.S. Securities within the United States is hereby notified that the offer and sale of such
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.
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 the Conditions below.
Securities related to a specified interest in an exchange traded instrument or basket of interests in exchange
traded instruments, a specified commodity or commodity index or basket of commodities and/or commodity
indices, a specified interest rate or basket of interest rates or a specified inflation index or basket of inflation
indices, a specified currency or basket of currencies, a specified fund share or unit or fund index or basket of
fund shares or units or fund indices, the credit of a specified reference entity or reference entities, a specified
futures contract or basket of futures contracts or Hybrid Securities related to any of these asset classes, may
not at any time be offered, sold, resold, held, traded, pledged, exercised, redeemed, transferred or delivered,
directly or indirectly, in the United States or to, by or for the account or benefit of, persons that are (i) a
"U.S. person" as defined in Regulation S; or (ii) a person other than a "Non-United States person" as defined
in Rule 4.7 under the Commodity Exchange Act; 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 Commodity Exchange Act (each such person, a "U.S. person"), unless expressly
provided for pursuant to any applicable U.S. wrapper to the Base Prospectus. Any such applicable U.S.
wrapper may restrict the types of Securities that can be offered, sold, resold, held, traded, pledged, exercised,
redeemed, transferred or delivered and the terms of such Securities.
Neither the United States Securities and Exchange Commission (the "SEC") nor any state securities
commission has approved or disapproved of these securities or passed upon the accuracy of this prospectus.
Any representation to the contrary is a criminal offence.
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")

4

except to the extent such Risk Retention U.S. Persons have received a waiver from the applicable
sponsor and except as permitted under an exemption to the U.S. Risk Retention Rules as described
under "Risks" on pages 295 to 296. "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.
The Issuers have requested the AMF to provide the competent authorities in Belgium, Denmark, Finland,
Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Portugal, Romania, Spain, Sweden, the
Czech Republic and the United Kingdom with a certificate of approval attesting that the Base Prospectus has
been drawn up in accordance with the Prospectus Directive.
In the event that the applicable Final Terms, specify that the Securities are U.S. Securities, (A) the 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, S.A. ("Clearstream, Luxembourg") or Euroclear Bank
S.A./N.V. ("Euroclear") and/or any other relevant clearing system, (B) the 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) 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, Securities
sold outside the United States to non-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 do 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.
BNPP's long-term credit ratings are A with a stable outlook (Standard & Poor's Credit Market Services
France SAS ("Standard & Poor's")), Aa3 with a stable outlook (Moody's Investors Service Ltd.
("Moody's")), A+ with a stable outlook (Fitch France S.A.S. ("Fitch France")) and AA (low) with a stable
outlook (DBRS Limited ("DBRS")) and BNPP's short-term credit ratings are A-1 (Standard & Poor's), P-1
(Moody's), F1 (Fitch France) and R-1 (middle) (DBRS). BNPP B.V.'s long-term credit ratings are A with a
stable outlook (Standard & Poor's) and BNPP B.V.'s short term credit ratings are A-1 (Standard & Poor's).
Each of Standard & Poor's, Moody's, Fitch France and DBRS is established in the European Union and is
registered under the Regulation (EC) No. 1060/2009 (as amended) (the "CRA Regulation"). As such each
of Standard & Poor's, Moody's, Fitch France and DBRS is included in the list of credit rating agencies
published
by
the
European
Securities
and
Markets
Authority
on
its
website
(at
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) in accordance with the CRA
Regulation. Securities issued under the Programme may be rated or unrated. A security rating is not a
recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at
any time by the assigning rating agency. Please also refer to "Credit Ratings may not Reflect all Risks" in the
Risks section of this Base Prospectus.

5

IMPORTANT NOTICES
The securities described in this Base Prospectus may only be offered in The Netherlands to Qualified
Investors (as defined in the Prospectus Directive).
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 Central Bank of Bahrain (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 amounts 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 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.
IMPORTANT EEA RETAIL INVESTORS If the Final Terms in respect of any Securities specifies
the "Prohibition of Sales to EEA Retail Investors Legend" as applicable, the Securities are not intended to
be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available
to any retail investor in the EEA, other than in the jurisdiction(s) for which a key information document will
be made available. If the Final Terms in respect of any Securities specifies the "Prohibition of Sales to EEA
Retail Investors Legend" as not applicable, the Securities may be offered, sold or otherwise made available
to any retail investor in the EEA, provided that, where a key information document is required pursuant to
the PRIIPs Regulation (as defined below), the Securities may only be offered, sold or otherwise made
available to retail investors in the EEA in the jurisdiction(s) for which a key information document will be
made available. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail
client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a
customer within the meaning of Directive 2002/92/EC (as amended, the "Insurance Mediation Directive"),
where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of
MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently, no key
information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering
or selling the Securities or otherwise making them available to retail investors in the EEA has been prepared,
other than in respect of the jurisdiction(s) for which a key information document will be made available, and
therefore offering or selling the Securities or otherwise making them available to any retail investor in the
EEA may be unlawful under the PRIIPs Regulation.

6

Amounts payable under the Certificates may be calculated by reference to one or more "benchmarks" for the
purposes of Regulation (EU) No. 2016/1011 of the European Parliament and of the Council of 8 June 2016
(the "Benchmarks Regulation"). In this case, a statement will be included in the applicable Final Terms as
to whether or not the relevant administrator of the "benchmark" is included in ESMA's register of
administrators under Article 36 of the Benchmarks Regulation. Certain "benchmarks" may either (i) not fall
within the scope of the Benchmarks Regulation by virtue of Article 2 of that regulation or (ii) transitional
provisions in Article 51 of the Benchmarks Regulation may apply to certain other "benchmarks" which
would otherwise be in scope such that at the date of the relevant Final Terms, the administrator of the
"benchmark" is not required to be included in the register of administrators.
MiFID II product governance / target market The Final Terms in respect of any Securities may include
a legend entitled "MiFID II product governance/target market assessment" which will outline the target
market assessment in respect of the Securities and which channels for distribution of the Securities are
appropriate. Any person subsequently offering, selling or recommending the Securities (a "distributor")
should take into consideration the target market assessment; however, a distributor subject to MiFID II is
responsible for undertaking its own target market assessment in respect of the Securities (by either adopting
or refining the target market assessment) and determining appropriate distribution channels.

7

TABLE OF CONTENTS

Page
PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS ............................................................ 11
PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS (IN FRENCH) ................................... 63
PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE
PROSPECTUS ................................................................................................................................................. 122
PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE
PROSPECTUS (IN FRENCH) ........................................................................................................................ 188
RISKS ............................................................................................................................................................................. 264
USER'S GUIDE TO THE BASE PROSPECTUS .......................................................................................................... 353
AVAILABLE INFORMATION .................................................................................................................................... 357
FORWARD-LOOKING STATEMENTS ...................................................................................................................... 357
PRESENTATION OF FINANCIAL INFORMATION ................................................................................................. 357
DOCUMENTS INCORPORATED BY REFERENCE ................................................................................................. 358
GENERAL DESCRIPTION OF THE PROGRAMME AND PAYOUT METHODOLOGY UNDER THIS
BASE PROSPECTUS ...................................................................................................................................... 372
SECURITY AND COLLATERAL IN RESPECT OF SECURED SECURITIES ........................................................ 374
FORM OF FINAL TERMS FOR CERTIFICATES ...................................................................................................... 423
TERMS AND CONDITIONS OF THE SECURITIES .................................................................................................. 539
1.
Definitions.......................................................................................................................................... 541
2.
Type, Title and Transfer ..................................................................................................................... 559
3.
Status of the Securities and Guarantee ............................................................................................... 570
4.
Guarantee ........................................................................................................................................... 571
5.
General Provisions Relating to Settlement in Respect of Securities .................................................. 572
6.
General ............................................................................................................................................... 576
7.
Illegality and Force Majeure .............................................................................................................. 576
8.
Purchases............................................................................................................................................ 577
9.
Security Agents, Registrar, Determinations, Meetings Provisions and Modifications ...................... 578
10.
Notices ............................................................................................................................................... 584
11.
Expenses and Taxation ....................................................................................................................... 585
12.
Further Issues ..................................................................................................................................... 586
13.
Substitution of the Issuer or the Guarantor ........................................................................................ 587
14.
Governing Law and Submission to Jurisdiction................................................................................. 590
15.
Additional Disruption Events and Optional Additional Disruption Events ....................................... 591
16.
Knock-in Event and Knock-out Event ............................................................................................... 599
17.
Adjustments for European Monetary Union ...................................................................................... 604
18.
Contracts (Rights of Third Parties) Act 1999 ..................................................................................... 605
19. to 27. Intentionally left blank
28.
Certain Definitions Relating to Exercise, Valuation and Redemption ............................................... 606
29.
Form of Securities .............................................................................................................................. 613
30.
Type ................................................................................................................................................... 616
31.
Title and Transfer of Registered Certificates ..................................................................................... 617
32.
Interest ............................................................................................................................................... 618
33.
Premium Amount ............................................................................................................................... 629
34.
Redemption ........................................................................................................................................ 631
35.
Payments and Physical Delivery ........................................................................................................ 648
36.
Prescription ........................................................................................................................................ 658

8

37.
Recognition of Bail-in and Loss Absorption ...................................................................................... 658
ADDITIONAL TERMS AND CONDITIONS
ANNEX 1 Additional Terms and Conditions for Payouts ............................................................................... 662
ANNEX 2 Additional Terms and Conditions for Index Securities .................................................................. 767
ANNEX 3 Additional Terms and Conditions for Share Securities .................................................................. 794
ANNEX 4 Additional Terms and Conditions for ETI Securities ..................................................................... 808
ANNEX 5 Additional Terms and Conditions for Debt Securities .................................................................... 838
ANNEX 6 Additional Terms and Conditions for Commodity Securities ........................................................ 844
ANNEX 7 Additional Terms and Conditions for Inflation Index Securities .................................................... 854
ANNEX 8 Additional Terms and Conditions for Currency Securities ............................................................. 861
ANNEX 9 Additional Terms and Conditions for Fund Securities ................................................................... 872
ANNEX 10 Additional Terms and Conditions for Futures Securities ............................................................. 889
ANNEX 11 Additional Terms and Conditions for Underlying Interest Rate Securities .................................. 894
ANNEX 12 Additional Terms and Conditions for Credit Securities ............................................................... 898
ANNEX 13 Additional Terms and Conditions for Secured Securities ............................................................. 984
ANNEX 14 Additional Terms and Conditions for Preference Share Certificates .......................................... 1209
ANNEX 15 Additional Terms and Conditions for OET Certificates ............................................................. 1214
INDEX OF DEFINED TERMS IN RESPECT OF THE SECURITIES ...................................................................... 1219
USE OF PROCEEDS ................................................................................................................................................... 1291
DESCRIPTION OF BNPP INDICES........................................................................................................................... 1292
CONNECTED THIRD PARTY INDICES .................................................................................................................. 1361
FORM OF THE BNPP ENGLISH LAW GUARANTEE FOR UNSECURED SECURITIES ................................... 1362
FORM OF THE BNPP ENGLISH LAW GUARANTEE FOR SECURED SECURITIES......................................... 1366
FORM OF THE BNPP FRENCH LAW GUARANTEE FOR UNSECURED SECURITIES .................................... 1371
FORM OF THE BNPP FRENCH LAW GUARANTEE FOR SECURED SECURITIES .......................................... 1374
FORM OF THE SECURITIES .................................................................................................................................... 1378
DESCRIPTION OF BNPP B.V .................................................................................................................................... 1380
DESCRIPTION OF BNPP ........................................................................................................................................... 1384
BOOK-ENTRY CLEARANCE SYSTEMS ................................................................................................................ 1385
BOOK-ENTRY SYSTEMS ......................................................................................................................................... 1385
TAXATION ................................................................................................................................................................. 1392
BELGIAN TAXATION ............................................................................................................................................... 1393
CZECH REPUBLIC TAXATION ............................................................................................................................... 1398
DANISH TAXATION ................................................................................................................................................. 1399
FINNISH TAXATION ................................................................................................................................................. 1401
FRENCH TAXATION ................................................................................................................................................. 1404
GERMAN TAXATION ............................................................................................................................................... 1408
HUNGARIAN TAXATION ........................................................................................................................................ 1413
IRISH TAXATION ...................................................................................................................................................... 1415
ITALIAN TAXATION ................................................................................................................................................ 1416
LUXEMBOURG TAXATION .................................................................................................................................... 1422
NORWEGIAN TAXATION ........................................................................................................................................ 1423
POLISH TAXATION ................................................................................................................................................... 1426
PORTUGUESE TAXATION ....................................................................................................................................... 1432
ROMANIAN TAXATION ........................................................................................................................................... 1435
SPANISH TAXATION ................................................................................................................................................ 1439
SWEDISH TAXATION ............................................................................................................................................... 1442
UNITED KINGDOM TAXATION.............................................................................................................................. 1443
U.S. FEDERAL INCOME TAXATION ...................................................................................................................... 1446

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U.S. DIVIDEND EQUIVALENT WITHHOLDING ................................................................................................... 1456
FOREIGN ACCOUNT TAX COMPLIANCE ACT .................................................................................................... 1458
OTHER TAXATION ................................................................................................................................................... 1459
CERTAIN CONSIDERATIONS FOR ERISA AND OTHER EMPLOYEE BENEFIT PLANS ............................... 1460
NOTICE TO PURCHASERS AND HOLDERS OF U.S. SECURITIES AND TRANSFER RESTRICTIONS ........ 1463
OFFERING AND SALE .............................................................................................................................................. 1482
GENERAL INFORMATION ....................................................................................................................................... 1500
RESPONSIBILITY STATEMENT .............................................................................................................................. 1516

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