AVVISO n SeDeX - INV. CERTIFICATES. 14 Febbraio Mittente del comunicato : Borsa Italiana. Societa' oggetto dell'avviso

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1 AVVISO n Febbraio 2014 SeDeX - INV. CERTIFICATES Mittente del comunicato : Borsa Italiana Societa' oggetto dell'avviso : BNP PARIBAS ARBITRAGE ISSUANCE Oggetto : Ammissione alle negoziazioni ed avvio della fase di distribuzione di 'Investment Certificates - Classe B' BNP PARIBAS ARBITRAGE ISSUANCE (NL ) Testo del comunicato Si veda allegato. Disposizioni della Borsa

2 Oggetto: Strumenti finanziari: Emittente: Garante: AMMISSIONE ALLE NEGOZIAZIONI ED AVVIO DELLA FASE DI CONCLUSIONE DEI CONTRATTI CONDIZIONATI ALL'EMISSIONE DEI TITOLI Bonus Protection Certificates su indice Eurostoxx50 BNP PARIBAS ARBITRAGE ISSUANCE BNP Paribas Rating: Società di Rating Long Term Data Report Moody's A2 17/07/2013 Standard & Poor's A+ 20/06/2013 Fitch Ratings A+ 17/07/2013 Mercato di quotazione: Borsa - Comparto SEDEX 'Investment Certificates - Classe B' CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI DISTRIBUZIONE Bonus Protection Certificates su indice Eurostoxx50 Tipo di liquidazione: Modalità di esercizio: monetaria europeo DESCRIZIONE DELLA FASE DI CONCLUSIONE DEI CONTRATTI CONDIZIONATI ALL'EMISSIONE DI TITOLI Prezzo fisso dei contratti condizionati (Prezzo di Emissione) 100 Periodo di distribuzione 17 febbraio marzo 2014 (salvo chiusura anticipata) il primo e l'ultimo giorno del periodo sono inclusi Data di regolamento dei contratti condizionati conclusi nel periodo di distribuzione 06/03/2014 Operatori incaricati alla distribuzione BNP Paribas Arbitrage SNC (Member ID Specialist IT0540)

3 Proposte di negoziazione inseribili dagli altri operatori esclusivamente ordini in acquisto senza limite di prezzo (market order) o con limite di prezzo (limit order) che deve essere pari al Prezzo di Emissione. Gli ordini devono essere immessi con parametri Fill-or-Kill (FOK), Immediate or Cancel (IOC ) o DAY. Gli ordini con limite di prezzo e con modalità di esecuzione DAY permarranno sul book anche in caso di temporanea assenza dell'operatore incaricato alla distribuzione. Modalità di distribuzione unica fase di mercato a negoziazione continua dalle 9.00 alle EMS 20 DISPOSIZIONI DELLA BORSA ITALIANA Borsa italiana dispone l'ammissione alle negoziazioni dei certificates 'Bonus Protection Certificates su indice Eurostoxx50' e l'avvio della fase di conclusione dei contratti condizionati all'emissione degli strumenti finanziari (vedasi scheda riepiogativa delle caratteristiche dei securitised derivatives) nel 17 febbraio marzo 2014 (salvo chiusura anticipata). Allegati: - Scheda riepilogativa delle caratteristiche dei securitised derivatives; - Estratto del prospetto di quotazione dei Securitised Derivatives

4 Num. Serie Codice Isin Trading Code Instrument Id Descrizione Sottostante Tipologia Data Scadenza Valore Nominale Quantità Lotto Negoziazione EMS Prima Barriera % Bonus/Strike % 1 NL P BPAEUS50CCPBON100%B55%E Eurostoxx 50E Index Inv 05/03/

5 FINAL TERMS DATED 17 FEBRUARY 2014 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas (incorporated in France) (as Guarantor) (Note, Warrant and Certificate Programme) Up to 100,000 Bonus Protection Certificates relating to the EURO STOXX 50 Index BNP Paribas Arbitrage S.N.C. (as Manager) Any person making or intending to make an offer of the Securities may only do so: (ii) in those Public Offer Jurisdictions mentioned in Paragraph 47 of Part A below, provided such person is of a kind specified in that paragraph and that the offer is made during the Offer Period specified in that paragraph; or otherwise in circumstances in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. None of the Issuer, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State) and includes any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending Directive" means Directive 2010/73/EU. Investors should note that if a supplement to or an updated version of the Base Prospectus referred to below is published at any time during the Offer Period (as defined below), such supplement or updated base prospectus, as the case may be, will be published and made available in accordance with the arrangements applied to the original publication of these Final Terms. Any investors who have indicated acceptances of the Offer (as defined below) prior to the date of publication of such supplement or updated version of the Base Prospectus, as the case may be, (the "Publication Date") have the right within two working days of the Publication Date to withdraw their acceptances. PART A CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 3 June 2013, each Supplement to the Base Prospectus published and approved on or before the date of these Final Terms (copies of which are available as described below) and any other Supplement to the Base Prospectus which may have been published and approved before the issue of any additional amount of

6 Securities (the "Supplements") (provided that to the extent any such Supplement is published and approved after the date of these Final Terms and (ii) provide for any change to the Conditions of the Securities such changes shall have no effect with respect to the Conditions of the Securities to which these Final Terms relate) which together constitute a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). The Base Prospectus and any Supplements to the Base Prospectus have been passported into Italy in compliance with Article 18 of the Prospectus Directive. This document constitutes the Final Terms of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on BNP Paribas Arbitrage Issuance B.V. (the "Issuer"), BNP Paribas (the "Guarantor") and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Securities (which comprises the Summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus, any Supplements to the Base Prospectus and these Final Terms are available for viewing on and copies may be obtained free of charge at the specified offices of the Security Agents. The Base Prospectus and the Supplements to the Base Prospectus will also be available on the AMF website References herein to numbered Conditions are to the terms and conditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as they relate to such series of Securities, save as where otherwise expressly provided. These Final Terms relate to the series of Securities as set out in "Specific Provisions for each Series" below. References herein to "Securities" shall be deemed to be references to the relevant Securities that are the subject of these Final Terms and references to "Security" shall be construed accordingly. SPECIFIC PROVISIONS FOR EACH SERIES SERIES NUMBER NO. OF SECURITIE S ISSUED NO OF SECURITIE S ISIN COMMON CODE ISSUE PRICE PER SECURITY EXERCISE DATE Trading Code CE1509UR Up to 100,000 Up to 100,000 NL EUR March 2018 P99150 GENERAL PROVISIONS The following terms apply to each series of Securities: 1. Issuer: BNP Paribas Arbitrage Issuance B.V. 2. Guarantor: BNP Paribas 3. Trade Date: 3 March Issue Date 6 March Consolidation: Not applicable 6. Type of Securities: (a) Certificates (b) The Securities are Index Securities The Certificates are European Style Certificates. Automatic Exercise applies. The Exercise Date is 5 March 2018 or, if such day is not a Business Day, the immediately succeeding Business Day. The Exercise Date will be subject to the same adjustments 2

7 provided for the Redemption Valuation Date. For the purposes of Borsa Italiana, the Exercise Date shall be deemed to be also the expiration date of the Securities. The Exercise Settlement Date is 12 March 2018 The minimum number of Securities that may be exercised by the Holder is (1) one Security and in excess thereof by multiples of (1) one Security. The provisions of Annex 2 (Additional Terms and Conditions for Index Securities) shall apply. 7. Form of Securities: Italian Dematerialised Securities 8. Business Day Centre(s): The applicable Business Day Centre for the purposes of the definition of "Business Day" in Condition 1 is TARGET2. 9. Settlement: Settlement will be by way of cash payment (Cash Settled Securities) 10. Rounding Convention for Cash Settlement Amount: 11. Variation of Settlement: Issuer's option to vary settlement: Not applicable The Issuer does not have the option to vary settlement in respect of the Securities. 12. Final Payout SPS Payout: NA x SPS Payout Certi plus: Bonus Securities (A) if a Knock-out Event has occurred: (Down Final Redemption Value); or (B) if no Knock-out Event has occurred: Max ( Bonus Percentage, Up Final Redemption Value) "Bonus Percentage" means 100%. "Down Final Redemption Value" means the Underlying Reference Value on the SPS Redemption Valuation Date; "Up Final Redemption Value" means the Underlying Reference Value on the SPS Redemption Valuation Date "Underlying Reference Value" means, in respect of an Underlying Reference and a SPS Valuation Date, the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price, where: "SPS Valuation Date" means the SPS Redemption Valuation Date; "SPS Redemption Valuation Date" means the Redemption Valuation Date; "Underlying Reference" is as set out in item 24(a) below; 3

8 "Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Closing Level in respect of such day; Strike Price Closing Value : Applicable "Underlying Reference Strike Price" means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date. In respect of the Strike Date: Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price in respect of such day; Where: SPS Valuation Date means the Strike Date Payout Switch: Aggregation: Cap is not available Not applicable Not applicable 13. Relevant Asset(s): Not applicable 14. Entitlement: Not applicable 15. Exchange Rate Not applicable 16. Settlement Currency: The settlement currency for the payment of the Cash Settlement Amount is Euro ("EUR") 17. Syndication: The Securities will be distributed on a non-syndicated basis. 18. Minimum Trading Size: The minimum trading size will be established by Borsa Italiana S.p.A. with the notice communicating the first day of trading. 19. Principal Security Agent: BNP Paribas Securities Services, Milan Branch 20. Registrar: Not applicable 21. Calculation Agent: BNP Paribas Arbitrage S.N.C. 22. Governing law: English law 23. Masse provisions (Condition 9.4): Not applicable PRODUCT SPECIFIC PROVISIONS (ALL SECURITIES) 24. Index Securities: Applicable boulevard MacDonald, Paris, France. (a) Index/Basket of Indices/Index Sponsor(s): EURO STOXX 50 Index (Reuters Code:.STOXX50E/ Bloomberg Code: SX5E < Index >) The Index Sponsor is STOXX Limited or any successor thereto. The Index is a Composite Index. 4

9 (b) Index Currency: EUR (c) Exchange(s): W&C Security Conditions apply. (d) Related Exchange(s): All Exchanges (e) Exchange Business Day: Single Index Basis (f) Scheduled Trading Day: Single Index Basis (g) Weighting: Not applicable (h) Settlement Price: Not applicable Specified Maximum Days of Disruption: Three (3) Scheduled Trading Days (j) Valuation Time: As per the W&C Security Conditions (k) Delayed Redemption on occurrence of an Index Adjustment Event (in the case of Certificates only): Not applicable (l) Index Correction Period: As per the W&C Security Conditions (m) (n) Additional provisions applicable to Custom Indices: Additional provisions applicable to Futures Price Valuation: Not applicable Not applicable 25. Share Securities: Not applicable 26. ETI Securities Not applicable 27. Debt Securities: Not applicable 28. Commodity Securities: Not applicable 29. Inflation Index Securities: Not applicable 30. Currency Securities: Not applicable 31. Fund Securities: Not applicable 32. Futures Securities: Not applicable 33. Credit Securities: Not applicable 34. Underlying Interest Rate Securities: Not applicable 35. Preference Share Certificates: Not applicable 36. OET Certificates: Not applicable 37. Additional Disruption Events: Applicable Hedging Disruption does not apply to the Securities. 38. Optional Additional Disruption Events: Not applicable 39. Knock-in Event: Not applicable 5

10 40. Knock-out Event: Applicable (a) SPS Knock-out Valuation: Applicable. If the Knock-out Value is less than the Knock-out Level on the Knock-out Determination Day "Knock-out Value" means the Underlying Reference Value; "Underlying Reference" is as set out in item 24(a) above; "Underlying Reference Value" means, in respect of an Underlying Reference and a SPS Valuation Date, the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price, where: "SPS Valuation Date" means the Knock-out Determination Day; "Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Closing Level in respect of such day; Strike Price Closing Value : Applicable "Underlying Reference Strike Price" means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date. In respect of the Strike Date: Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price in respect of such day; Where: (b) Level: Not applicable SPS Valuation Date means the Strike Date (c) Knock-out Level/Knock-out Range Level: (d) Knock-out Period Beginning Date: (e) Knock-out Period Beginning Date Day Convention: 55% Not applicable Not applicable (f) Knock-out Determination Period: Not applicable (g) Knock-out Determination Day(s): (h) Knock-out Period Ending Date: Redemption Valuation Date Not applicable 6

11 Knock-out Period Ending Date Day Convention: (j) Knock-out Valuation Time: (k) Knock-out Observation Price Source: (l) Disruption Consequences: Not applicable Not applicable Not applicable Not applicable PROVISIONS RELATING TO WARRANTS 41. Provisions relating to Warrants: Not applicable PROVISIONS RELATING TO CERTIFICATES 42. Provisions relating to Certificates: Applicable (a) Notional Amount of each Certificate: EUR 100 (b) Partly Paid Certificates: The Certificates are not Partly Paid Certificates. (c) Interest: Not applicable (d) Payment of Premium Amount(s): Not applicable (e) Instalment Certificates: The Certificates are not Instalment Certificates. (f) Issuer Call Option: Not applicable (g) Holder Put Option: Not applicable (h) Automatic Early Redemption: Not applicable Renouncement Notice Cut-off Time: 5.00 p.m. (Milan time) (j) Strike Date: 3 March 2014 (k) Strike Price: Not applicable (l) Redemption Valuation Date: The Exercise Date (m) Averaging: Averaging does not apply to the Securities (n) Observation Dates: Not applicable (o) Observation Period: Not applicable (p) Settlement Business Day: Not applicable (q) Cut-off Date: Not applicable DISTRIBUTION AND US SALES ELIGIBILITY 43. Selling Restrictions: Not applicable 44. Additional U.S. Federal income tax consequences: Not applicable 45. Registered broker/dealer: Not applicable 46. TEFRA C or TEFRA Not Applicable: TEFRA Not Applicable 7

12 47. Non-exempt Offer: An offer of the Securities will be made by the Issuer other than pursuant to Article 3(2) of the Prospectus Directive in Italy through the electronic Securitised Derivatives Market ( SeDeX ) during the period from and including 17 February 2014 starting from 9:00am until and including 3 March 2014 until 5:25pm subject to early closing in the cases set out in Paragraph 6 of Part B below (the "Offer Period" or the Distribution Period ). General Consent: Other Conditions to consent: Not applicable Not applicable PROVISIONS RELATING TO COLLATERAL AND SECURITY 48. Collateral Security Conditions: Not applicable Responsibility The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge of the Issuer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information. Signed on behalf of BNP Paribas Arbitrage Issuance B.V. As Issuer: By:.. Duly authorised 8

13 1. Listing and Admission to trading PART B OTHER INFORMATION Application has been made for the Securities to be listed on the Italian Stock Exchange and admitted for a distribution phase and subsequent trading on the SeDeX, organised and managed by Borsa Italiana S.p.A. The Securities have already been admitted to listing preceded by the distribution phase on the SeDeX and the final amount of Securities that are issued on the Issue Date will be admitted to trading on the SeDeX on the date specified by means of a notice of the Italian Stock Exchange. 2. Ratings The Securities have not been rated. Issuer's long-term credit ratings are A+ with a negative outlook (Standard & Poor's) and Issuer's short term credit ratings are A-1 (Standard & Poor's). The rating of the Guarantor is A2 from Moody's and A+ from Standard and Poor's. As defined by Moody's, an "A" rating means that the obligations of the Issuer and the Guarantor under the Programme are judged to be upper-medium grade and are subject to low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aaa through Caa. The modifier 2 indicates a mid-range ranking. As defined by Standard & Poor's, an obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the relevant Issuer and Guarantor's capacity to meet its financial commitment on the obligation is still strong. The addition of a plus (+) or minus (-) sign shows relative standing within the major rating category Moody's and Standard & Poor's are established in the European Union and are registered under Regulation (EC) No. 1060/2009 (as amended). 3. Interests of Natural and Legal Persons Involved in the Offer Investors must be informed of the fact that the Distributors (if any), will receive from the Issuer placement fees equal to a maximum amount of 2% of the amount of Securities placed through the same. All placement fees will be paid out upfront by the Issuer. Investors must also consider that such fees are not included in the price of the Securities on the secondary market and, therefore, if the Securities are sold on the secondary market, fees embedded in the Issue Price will be deducted from the sale price. No fees will be paid by the Issuer to intermediaries performing the investment services of the collection and transmission of orders or of the mere execution of orders in the context of the distribution of the Securities during the Distribution Period and directly or indirectly connected to the SeDeX through which investors will apply for the Securities. Save as discussed in the "Potential Conflicts of Interest" paragraph in the "Risk Factors" in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer. 9

14 4. Performance of Underlying Reference Explanation of Effect on Value of Investment and Associated Risks and Other Information concerning the Underlying Reference See the Base Prospectus for an explanation of effect on value of Investment and associated risks in investing in Securities. Past and further performances of the Underlying Index are available on the dedicated website: and its volatility may be obtained at the office of the Calculation Agent by mail to the following address: The Issuer does not intend to provide post-issuance information. General Disclaimer Neither the Issuer nor the Guarantor shall have any liability for any act or failure to act by an Index Sponsor in connection with the calculation, adjustment or maintenance of an Index. Except as disclosed prior to the Issue Date, neither the Issuer, the Guarantor nor their affiliates has any affiliation with or control over an Index or Index Sponsor or any control over the computation, composition or dissemination of an Index. Although the Calculation Agent will obtain information concerning an Index from publicly available sources it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by the Issuer, the Guarantor, their affiliates or the Calculation Agent as to the accuracy, completeness and timeliness of information concerning an Index. Index Disclaimer EURO STOXX 50 Index STOXX and its licensors (the Licensors) have no relationship to BNP PARIBAS, other than the licensing of the EURO STOXX 50 Index and the related trademarks for use in connection with the Certificates. STOXX and its Licensors do not: Sponsor, endorse, sell or promote the Certificates. Recommend that any person invest in the Certificates or any other securities. Have any responsibility or liability for or make any decisions about the timing, amount or pricing of Certificates. Have any responsibility or liability for the administration, management or marketing of the Certificates. Consider the needs of the Certificates or the owners of the Certificates in determining, composing or calculating the EURO STOXX 50 Index or have any obligation to do so. STOXX and its Licensors will not have any liability in connection with the Certificates. Specifically, STOXX and its Licensors do not make any warranty, express or implied and disclaim any and all warranty about: The results to be obtained by the Certificates, the owner of the Certificates or any other person in connection with the use of the EURO STOXX 50 Index and the data included in the EURO STOXX 50 Index; The accuracy or completeness of the EURO STOXX 50 Index and its data; The merchantability and the fitness for a particular purpose or use of the EURO STOXX 50 Index and its data; 10

15 STOXX and its Licensors will have no liability for any errors, omissions or interruptions in the EURO STOXX 50 Index or its data; Under no circumstances will STOXX or its Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if STOXX or its Licensors knows that they might occur. The licensing agreement between BNP PARIBAS and STOXX is solely for their benefit and not for the benefit of the owners of the Certificates or any other third parties. 5. Operational Information Relevant Clearing System(s): Monte Titoli 6. Terms and Conditions of the Public Offer Offer Period: From 17 February 2014 to, and including, 3 March 2014 during the SeDeX market s trading hours (i.e. from 9:00am until 5:25pm) or such earlier date as the Issuer determines in the case that the Securities are distributed for an amount equal to EUR 10,000,000, and (ii) at any time during the Distribution Period provided that an amount of Securities at least equal to EUR 2,000,000 has been distributed. In the case of early closure set out under above, the Dealer (as defined below) will cease to display sell orders on the SeDeX market as soon as the Securities have been distributed for an amount of EUR 10,000,000. Following this occurrence, the Issuer will promptly inform the public of the Distribution Period s early closure by means of a notice to be sent to Borsa Italiana and published on the website In the case of early closure set out under (ii) above, the Issuer will inform the public by means of a notice to be sent to Borsa Italiana and published on the website by 10.30am of the same Distribution Period s early closure date. In such a case, the Distribution Period will end at 5.25pm of the the Distribution Period s early closure date as indicated in the relevant notice. The Securities will be placed through door-todoor selling pursuant to Article 30 of the Italian Financial Services Act from (and including) 17 February 2014 to (and including) 24 February Offer Price: Conditions to which the offer is subject: The Issue Price The Offer of the Securities is conditional on their 11

16 issue. The Issuer reserves the right to withdraw the Offer and cancel the issuance of the Securities at any time before 7:59am of the second open market day following the last day of the Distribution Period (i.e. 5 March 2014) in the case that any extraordinary changes in the economic and politic situation or in the capital, currency and exchange rates markets, either at a national or international level, or (ii) any change, or any development or event involving a prospective change, in the condition (financial or otherwise), business, properties or results of operations of the Issuer and its subsidiaries which, in the judgment of the Issuer, is material and adverse and makes it impractical or inadvisable to proceed with completion of the distribution or the payment for the Securities, will have occurred. The Issuer will inform the public of the withdrawal of the the Offer and the cancelation of the issuance of the Securities by means of a notice to be sent to Borsa Italiana and published on the website For the avoidance of doubt, if any contract has been entered into on behalf of a potential investor and the Issuer exercises such a right, each such potential investor will not be entitled to receive the relevant Securities. The Issuer reserves the right to increase the amount of Securities to be issued over EUR 10,000,000 during the Distribution Period but in any case within the open market day before the Distribution Period s closure date. The Issuer will inform the public of the increase of the issuance s size by means of a notice to be sent to Borsa Italiana and published on the website The Issuer will also publish a revised version of these Final Terms including the increased number and amount of Securities to be issued on the website In any case, the Dealer will cease to display sell orders on the SeDeX market as soon as the Securities have been distributed for an amount of EUR 10,000,000 and will start again to display sell orders on the SeDeX market at the date and time indicated in the notice relating to the increase of 12

17 the issuance s size. The Issuer will determine the final amount of Securities issued up to a limit of EUR 10,000,000 save as provided above also depending on the number of the buy orders transmitted to the SeDeX during the Distribution Period. Description of the application process: Prospective investors intending to apply for the Securities during the Distribution Period are required to contact their own intermediaries for the purpose of transmitting their buy orders directly or indirectly through the market s participants to the SeDeX. BNP Paribas Arbitrage S.N.C. as the dealer (the Dealer ) will display continuously during the Distribution Period a price equal to the Issue Price for the sale and will display sell orders to match buy orders displayed by the intermediaries connected to the SeDeX and transmitted to them directly or indirectly by investors. Prospective investors will not enter into any contractual arrangements directly with the Issuer in relation to the distribution for the Securities. In fact, the relationship between intermediaries and prospective investors will be regulated by intermediaries policies applicable to their carrying out investment services vis-à-vis their clients, also with reference to expenses/commissions to be borne by prospective investors and information provided to them, including that concerning the withdrawal right (to the extent applicable in case of application made through the Distributor(s) (if any). Details of the minimum and/or maximum amount of application: Description of possibility to reduce subscriptions Minimum amount per buy order: one Certificate (EUR 100). There is no maximum number of buy orders which can be transmitted on behalf of a single prospective investor. The irrevocable buy orders of Securities that have been transmitted to the SeDeX and caused the relevant contracts be entered into according to the SeDeX s rules within the date and time of the Distribution Period s closure (even early) will be accepted for the entire amount of such contracts, subject to the issue of the Securities up to their maximum amount. Not applicable 13

18 and manner for refunding excess amount paid by applicants: Details of the method and time limits for paying up and delivering the Securities: The Securities will be issued on the Issue Date against payment to the Issuer by the intermediaries, including the Distributor(s) (if any), directly or indirectly connected to the SeDeX through which prospective investors have transmitted their buy orders of such buy orders moneys. The Securities are cleared through Monte Titoli on the Issue Date. Manner in and date on which results of the offer are to be made public: Procedure for exercise of any right of preemption, negotiability of subscription rights and treatment of subscription rights not exercised: Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made: Amount of any expenses and taxes specifically charged to the subscriber or purchaser: Publication by means of a notice to be sent to Borsa Italiana and published on the website on the Issue Date. Not applicable Each intermediary, including Distributors (if any) will notify the relevant investors of its Securities in accordance with their own applicable policies and procedures. The Issuer is not aware of any expenses and taxes specifically charged by the intermediaries, including the Distributor(s] (if any), to the applicant. See section Italian Taxation in the Base Prospectus. 7. Placing and Underwriting Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place: Name and address of the co-ordinator(s) of the global offer and of single parts of the offer: Name and address of any paying agents and depository agents in each country (in addition to the Principal Security Agent): Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements: None Not applicable BNP Paribas Securities Services, Milan Branch Via Ansperto 5, 20123, Milano, Italy The Dealer is BNP Paribas Arbitrage S.N.C. The Issuer reserves the right to appoint intermediaries to act as distributors during the Distribution Period. Such appointment will be 14

19 notified to the public by means of a notice published on the website Docs.aspx The Distributors will receive from the Issuer placement fees equal to a maximum amount of 2% of the amount of Securities placed through the same. All placement fees will be paid out upfront by the Issuer. No underwriting commitment will be undertaken by the Distributor(s). BNP Paribas Arbitrage Issuance B.V. will act as Responsabile del Collocamento (as defined under article 93-bis of the Legislative Decree of 24 February 1998, n. 58) in relation to any placement activities carried out by the Distibutors (if any) but will not act itself as Distributor and, accordingly, will not place any Securities to the public in Italy. The Dealer is BNP Paribas Arbitrage S.N.C. In particular, in the context of the collection of buy orders on behalf of their clients and the direct or indirect transmission of buy orders on behalf of their clients or on their own account for the purpose of transmitting all such orders to the SeDeX, the intermediaries involved in the distribution of the Securities; other than the Distributors (if any), will perform the investment services of the collection and transmission of orders or of the mere execution of orders, as defined by Italian Legislative Decree No. 58/1998 as amended. When the underwriting agreement has been or will be reached: Not applicable 8. Yield (in the case of Certificates) Not applicable. 9. Form of Renouncement Notice 15

20 RENOUNCEMENT NOTICE (to be completed by the Holder of the Security) BNP Paribas Arbitrage Issuance B.V. Up to 100,000 Bonus Protection Certificates relating to the EURO STOXX 50 Index ISIN: NL (the "Securities") To: BNP Paribas Securities Services, Milan Branch Via Ansperto 5, Milano, Italy Fax No: (39) We/I the undersigned Holder(s) of the Securities hereby communicate that we are renouncing the automatic exercise on the Exercise of the rights granted by the Securities in accordance with the Terms and Conditions of the Securities, as amended and/or supplemented by the applicable Final Terms (the "Security Terms"). Series No. of the Securities: Number of Securities the subject of this notice: The undersigned understands that if this Renouncement Notice is not completed and delivered as provided in the Security Terms or is determined to be incomplete or not in proper form (in the determination of the Italian Security Agent), it will be treated as null and void. If this Renouncement Notice is subsequently corrected to the satisfaction of the Italian Security Agent, it will be deemed to be a new Renouncement Notice submitted at the time such correction was delivered to the Italian Security Agent. Expressions defined in the Security Terms shall bear the same meanings in this Renouncement Notice. Place and date: Signature of the Holder Name of beneficial owner of the Securities Signature 16

21 ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A E (A.1 E.7). This Summary contains all the Elements required to be included in a summary for this type of Securities, Issuer and Guarantor. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of Securities, Issuer and Guarantor(s), it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable. Section A - Introduction and warnings Element Title A.1 Warning that the summary should be read as an introduction and provision as to claims This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms. In this summary, unless otherwise specified and except as used in the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 3 June 2013 as supplemented from time to time. In the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 3 June Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms. Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated. No civil liability will attach to the Issuer or the Guarantor in any such Member State solely on the basis of this summary, including any translation hereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms or, following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not 17

22 Element Title provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information (as defined in Article 2.1(s) of the Prospectus Directive) in order to aid investors when considering whether to invest in the Securities. A.2 Consent as to use the Base Prospectus, period of validity and other conditions attached The Issuer acting through the Manager is the offeror of the Securities. An offer of the Securities will be made by the Issuer other than pursuant to Article 3(2) of the Prospectus Directive in Italy through the electronic Securitised Derivatives Market ( SeDeX ) during the period from and including 17 February 2014 starting from 9:00am until and including 3 March 2014 until 5:25pm subject to early closing in the cases set out in Paragraph 6 of Part B below (the "Offer Period" or the Distribution Period ). Section B - Issuer and Guarantor Element Title B.1 Legal and commercial name of the Issuer BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V." or the "Issuer"). B.2 Domicile/ legal form/ legislation/ country of incorporation The Issuer was incorporated in the Netherlands as a private company with limited liability under Dutch law having its registered office at Herengracht 537, 1017 BV Amsterdam, the Netherlands. B.4b Trend information Not applicable, there are no trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on BNPP B.V.and the industries in which it operates for at least the current financial year. B.5 Description of the Group BNPP B.V. is a wholly owned subsidiary of BNP Paribas. BNP Paribas is the ultimate holding company of a group of companies and manages financial operations for those subsidiary companies (together the "BNPP Group"). B.9 Profit forecast or estimate Not applicable, the Issuer has not made a profit forecast or estimate. B.10 Audit report qualifications Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus. 18

23 Element Title B.12 Selected historical key financial information: Comparative Annual Financial Data - In EUR 31/12/ /12/2012 Revenues 317, ,955 Net income, Group share 21,233 22,531 Total balance sheet 32,347,971,221 37,142,623,335 Shareholders equity (Group share) 366, ,414 Comparative Interim Financial Data In EUR 30/06/ /06/2013 Revenues 180, ,051 Net Income, Group Share 11,989 9,831 Total Balance Sheet 35,550,297,750 39,988,616,135 Shareholder s Equity (Group share) 378, ,245 Statements of no significant or material adverse change There has been no significant change in the financial or trading position of the BNPP Group since 30 September 2013 and there has been no material adverse change in the prospects of the BNPP Group since 31 December There has been no significant change in the financial or trading position of the Issuer since 30 June 2013 and there has been no material adverse change in the prospects of the Issuer since 31 December B.13 Events impacting the Issuer's solvency Not applicable, to the best of the Issuer's knowledge there have not been any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency since 31 December B.14 Dependence upon other The Issuer is dependent upon BNPP and other members of the BNPP Group. See also Element B.5 above. 19

24 Element Title group entities B.15 Principal activities The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the account of various entities within the BNPP Group. B.16 Controlling shareholders BNP Paribas holds 100 per cent. of the share capital of the Issuer. B.17 Solicited credit ratings BNPP B.V. s long term credit rating is A+ with a negative outlook (Standard & Poor's Credit Market Services France SAS) and BNPP B.V.'s short term credit ratings are A-1 (Standard & Poor's). The Securities have not been rated. 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. B.18 Description of the Guarantee The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an English law deed of guarantee executed by BNPP on 3 June 2013 (the "Guarantee"). The obligations under the guarantee are direct unconditional, unsecured and unsubordinated obligations of BNPP and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of BNPP (save for statutorily preferred exceptions). B.19 Information about the Guarantor B.19/ B.1 Legal and commercial name of the Guarantor BNP Paribas B.19/ B.2 Domicile/ legal form/ The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 16, boulevard des Italiens 20

25 Element Title legislation/ country of incorporation Paris, France. B.19/ B.4b Trend information Macroeconomic Conditions. BNPP's results of operations are affected by the macroeconomic and market environment. Given the nature of its business, BNPP is particularly susceptible to macroeconomic and market conditions in Europe, which have experienced disruptions in recent years. While global economic conditions generally improved over the course of 2012, growth prospects diverge for advanced and developing economies in 2013 and going forward. In the Euro-zone, sovereign spreads came down in 2012 from historically high levels, although uncertainty remains over the solvability of certain sovereigns and the extent to which E.U. member states are willing to provide additional financing. Legislation and Regulations Applicable to Financial Institutions. BNPP is affected by legislation and regulations applicable to global financial institutions, which are undergoing significant change in the wake of the global financial crisis. New measures that have been proposed and adopted include more stringent capital and liquidity requirements, taxes on financial transactions, restrictions and taxes on employee compensation, limits on commercial banking activities, restrictions of types of financial products, increased internal control and transparency requirements, more stringent business conduct rules, mandatory reporting and clearing of derivative transactions, requirements to mitigate risks relating to OTC derivatives and the creation of new and strengthened regulatory bodies. New or proposed measures that affect or will affect BNPP include the Basel 3 and CRD4 prudential frameworks, the related requirements announced by the EBA, the designation of BNPP as a systemically important financial institution by the FSB, the French banking law, the E.U. Liikanen proposal and the Federal Reserve s proposed framework for the regulation of foreign banks. B.19/B.5 Description of the Group BNPP is a European leading provider of banking and financial services and has four domestic retail banking markets in Europe, namely in Belgium, France, Italy and Luxembourg. It is present in 78 countries and has almost 190,000 employees, including over 145,000 in Europe. BNPP is the parent company of the BNP Paribas Group (the "BNPP Group"). B.19/B.9 Profit forecast Not applicable, the Guarantor has not made a profit forecast or estimate. 21

26 Element Title or estimate B.19/ B.10 Audit report qualifications Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus B.19/ B.12 Selected historical key financial information: Comparative Annual Financial Data - In millions of EUR 31/12/ /12/2012 Revenues 42,384 39,072 Cost of risk (6,797) (3,941) Net income, Group share 6,050 6, 564 Common Equity Tier 1 Ratio (Basel 2.5) 9.6% 11.8% Tier 1 Ratio 11.6% 13.6% Total consolidated balance sheet 1,965,283 1,907, 200 Consolidated loans and receivables due from customers 665, ,520 Consolidated items due to customers 546, ,513 Shareholders equity (Group share) 75,370 85, 444 Comparative Interim Financial Data for the six month period ended 30 June In millions of EUR- In millions of EUR 30/06/ /06/

27 Revenues 19,984 19,972 Cost of risk (1,798) (2,087) Net income, Group share 4,719 3,347 Common Equity Tier 1 Ratio (Basel 2.5) 10.9% 12.2% Tier 1 Ratio 12.7% 13.6% Total consolidated balance sheet 1,969,943 1,861,338 Consolidated loans and receivables due from customers 657, ,587 Consolidated items due to customers 535, ,198 Shareholders equity (Group share) 81,172 86,136 Comparative Interim Financial Data for the nine month period ended 30 September In millions of EUR 30/09/ /09/2013 Revenues 9,693 9,287 Cost of risk (944) (892) Net income, Group share 1,326 1,358 31/12/ /09/2013 Common Equity Tier 1 Ratio (Basel 2.5) 11.8% 12.6% Tier 1 Ratio 13.6% 13.8% Total consolidated balance sheet 1,907,200 1,855,621 Consolidated loans and receivables due from customers Consolidated items due to customers Shareholders equity (Group share) 630, , , ,547 85,444 86,644 23

28 Statements of no significant or material adverse change See Element B.12 above in the case of the BNPP Group. There has been no material adverse change in the prospects of BNPP since 31 December B.19/ B.13 Events impacting the Guarantor's solvency Not applicable, to the best of the Guarantor's knowledge there have not been any recent events which are to a material extent relevant to the evaluation of the Guarantor's solvency since 31 December B.19/ B.14 Dependence upon other Group entities Subject to the following paragraph, BNPP is not dependent upon other members of the BNPP Group. In April 2004, BNPP began outsourcing IT Infrastructure Management Services to the BNP Paribas Partners for Innovation (BP²I) joint venture set up with IBM France at the end of BP²I provides IT Infrastructure Management Services for BNPP and several BNPP subsidiaries in France, Switzerland, and Italy. In mid-december 2011 BNPP renewed its agreement with IBM France for a period lasting until end At the end of 2012, the parties entered into an agreement to gradually extend this arrangement to BNP Paribas Fortis as from BP²I is 50/50-owned by BNPP and IBM France; IBM France is responsible for daily operations, with a strong commitment of BNPP as a significant shareholder. See also Element B.5 above. B.19/ B.15 Principal activities BNP Paribas holds key positions in its three activities: Retail Banking, which includes: a set of Domestic Markets, comprising: French Retail Banking (FRB), BNL banca commerciale (BNL bc), Italian retail banking, Belgian Retail Banking (BRB), Other Domestic Markets activities, including Luxembourg Retail Banking (LRB); 24

29 International Retail Banking, comprising: Europe-Mediterranean, BancWest; Personal Finance; Investment Solutions; Corporate and Investment Banking (CIB). B.19/ B.16 Controlling shareholders None of the existing shareholders controls, either directly or indirectly, BNPP. The main shareholders are Société Fédérale de Participations et d Investissement (SFPI) a public-interest société anonyme (public limited company) acting on behalf of the Belgian government holding 10.3% of the share capital as at 30 June 2013; AXA holding 2.9% of the share capital as at 30 June 2013 and Grand Duchy of Luxembourg holding 1.0% of the share capital as at 30 June To BNPP's knowledge, no shareholder other than SFPI owns more than 5% of its capital or voting rights. B.19/ B.17 Solicited credit ratings BNPP's long term credit ratings are A+ with a negative outlook (Standard & Poor's Credit Market Services France SAS), A2 with a stable outlook (Moody's Investors Service Ltd.) and A+ with a stable outlook (Fitch France S.A.S.). 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. Section C Securities Element Title C.1 Type and class of Securities/ ISIN The Securities are certificates ("Certificates") and are issued in Series. The Series Number of the Securities is CE1509UR. The Tranche number is 1. The ISIN is NL The Common Code is The Trading Code is P