Wealth Management APAC Disclaimer 2024

2024 Disclaimer /免責聲明

Disclaimer

This document/communication/information (“document”) is provided in Hong Kong by BNP Paribas, acting through its Hong Kong branch, in Singapore by BNP Paribas, acting through its Singapore branch, and in Thailand by BNP Paribas, acting through its Singapore branch via BNP Paribas Securities (Thailand) Limited. BNP Paribas is a public limited company (société anonyme) incorporated in France with liability of its members limited. BNP Paribas, acting through its Hong Kong branch is a licensed bank regulated by the Hong Kong Monetary Authority, a Registered Institution under the Securities and Futures Ordinance of Hong Kong (Cap. 571), and registered with the Securities and Futures Commission (SFC) to carry on Types 1, 4, 6 and 9 regulated activities in Hong Kong (SFC CE Reference: AAF564). BNP Paribas, acting through its Singapore branch (UEN/Registration No: S71FC2142G), is a licensed bank regulated by the Monetary Authority of Singapore. BNP Paribas Wealth Management is the business line name for the Wealth Management activity conducted by BNP Paribas. “BNP Paribas Wealth Management” (UEN/Registration No 53347235X) is a business name registered in Singapore under the Business Names Registration Act 2014. BNP Paribas Securities (Thailand) Limited (Registration Number 0105565019213) is a private company incorporated in Thailand, and registered with the Ministry of Finance and the Securities and Exchange Commission to provide securities and derivatives services. For the purposes of this disclaimer, “BNP Paribas” shall refer to BNP Paribas (including its branches) and BNP Paribas Securities (Thailand) Limited.

This document is produced for general information only and should not be used as sole reference for entering into any specific transaction, and the information and opinions contained herein should not be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient or the seeking of independent professional advice (such as financial, legal, accounting, tax or other advice) by any recipient. This document is not intended to be an offer or a solicitation to buy or to sell or to enter into any transaction. In addition, this document and its contents is not intended to be an advertisement, inducement or representation of any kind or form whatsoever. BNP Paribas reserves the right (but is not obliged) to vary the information in this document at any time without notice and, save to the extent provided otherwise in Clause 6.5 of BNP Paribas Wealth Management’s Terms and Conditions (“T&Cs”) and/or Clause 9 of BNP Paribas Securities (Thailand) Limited’s Terms and Conditions for Offshore Investment (“Offshore Investment T&Cs”) applicable to your account, BNP Paribas shall not be responsible for any consequences arising from such variation.

Where this document is provided to you by BNP Paribas, acting through its Singapore branch via BNP Paribas Securities (Thailand) Limited, to the extent of (i) any conflict or inconsistency between this particular disclaimer and other disclaimer(s) in the document, and/or (ii) any conflict or inconsistency between this particular disclaimer and the Acknowledgement for Transactions and Investments in the Products that you may sign and provide to BNP Paribas, the provisions of this particular disclaimer shall prevail.

The terms set forth herein are intended for discussion purposes only and are subject to the final expression of the terms of the transaction, if the investor decides to proceed with the transaction. It does not represent (a) the actual terms on which a transaction would be entered into, (b) the actual terms on which any existing transactions could be unwound, (c) the calculation or estimate of an amount that would be payable following an early termination of the transactions, or (d) the actual valuations given to the transactions by BNP Paribas in its books of account for financial reporting. The final terms of the transaction will be set forth in the final term sheet, any applicable agreement and/or confirmation. Please also refer to the disclaimer statements contained in the relevant documents, and disclosure and other important information concerning our fees, charges and/or commissions as set out in the Fee Schedule.

If this document is a post-trade/transaction confirmation, please examine the information as set out in this document carefully and contact us immediately if you notice any discrepancy. The content of this document is subject to the final transaction(s) details / information in our official bank statements and/or advices (if any) which may follow by mail. This document contains confidential information intended only for the use of the addressee(s) named above. If you are not the addressee(s), you must not disseminate, copy or take any action in reliance on it. If you have received this document by error, please notify BNP Paribas and delete/destroy this document immediately.

Although the information and opinions provided herein may have been obtained or derived from published or unpublished sources considered to be reliable and while all reasonable care has been taken in the preparation of this document, BNP Paribas does not make any representation or warranty, express or implied, as to its accuracy or completeness and, save to the extent provided otherwise in Clause 6.5 of the T&Cs and/or Clause 9 of the Offshore Investment T&Cs applicable to your account, BNP Paribas shall not be responsible for any inaccuracy, error or omission. All analysis, estimates and opinions contained in this document constitute BNP Paribas’ own judgments as of the date of this document, and such expressions of opinion are subject to change without notice. Information provided herein may contain forward-looking statements. The words "believe", "expect", anticipate", "project", "estimate", "predict", "is confident", "has confidence" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements are not historical facts but based on the current beliefs, assumptions, expectations, estimates, and projections of BNP Paribas in light of the information presently available, and involve both known and unknown risks and uncertainties. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond control and are difficult to predict. Consequently, actual results could differ materially from those expressed, implied or forecasted in these forward looking statements. Investors should form their own independent judgment on any forward-looking statements and seek their own advice from professional advisers to understand such forward-looking statements. BNP Paribas does not undertake to update these forward looking statements. Where investors take into account any theoretical historical information regarding the performance of the product/investment, investors should bear in mind that any reference to past performance should not be taken as an indication of future performance. BNP Paribas is not giving any warranties, guarantee or representation as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit of any investment/ transaction. Save to the extent provided otherwise in Clause 6.5 of the T&Cs and/or Clause 9 of the Offshore Investment T&Cs applicable to your account, no BNP Paribas group company or entity therefore accepts any liability whatsoever for any loss arising, whether direct or indirect, from the use of or reliance on this document or any part of the information provided.

Structured transactions are complex and may involve a high risk of loss including possible loss of the principal invested. If any product mentioned in this document is a structured product which involves derivatives, do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you are in any doubt about the risks involved in any product/transaction, you should seek independent professional advice.

Prior to entering into any transaction, each investor/subscriber should fully understand the terms, conditions and features of the product/investment as well as the risks, the merits and the suitability of entering into any transaction/investment including any market risk associated with the issuer, and consult with their own independent legal, regulatory, tax, financial and accounting advisors before making the investment. Investors/subscribers should fully understand the features of the investment, be financially able to bear a loss of their investment and be willing to accept all risks involved. Save as otherwise expressly agreed in writing, (a) where BNP Paribas does not solicit the sale of or recommend any financial product to the investor/subscriber, BNP Paribas is not acting as financial adviser of the investor/subscriber in any transaction, and (b) in all cases, BNP Paribas is not acting as fiduciary of the investor/subscriber with respect to any transaction.

BNP Paribas and/or persons associated or connected with it may effect or have effected a transaction for their own account in a product/an investment described in this document or any related product before or after this document is published. On the date of this document, BNP Paribas and/or persons associated or connected with it and their respective directors and/or representatives and/or employees may take proprietary positions and may have a long or short position or other interests or make a market in a product mentioned in this document, or in derivative instruments based thereon, and may purchase and/or sell the investment(s) at any time in the open market or otherwise, whether as principal or as agent or as market maker. Additionally, BNP Paribas and/or persons associated or connected with it may have within the previous twelve months acted as an investment banker or may have provided significant advice or investment services to the companies or in relation to a product mentioned in this document.

This document is confidential and intended solely for the use of BNP Paribas and its affiliates, their respective directors, officers and/or employees and the persons to whom this document has been delivered. It may not be distributed, published, reproduced or disclosed by any recipient to any other person, nor may it be quoted or referred to in any document, without the prior written consent of BNP Paribas.

Hong Kong: This document is distributed in Hong Kong by BNP Paribas, acting through its Hong Kong branch only to Professional Investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571). The products or transactions described in this document may not be authorised in Hong Kong and may not be available to Hong Kong investors.

Singapore: This document is distributed in Singapore by BNP Paribas, acting through its Singapore branch only to Accredited Investors within the meaning of the Securities and Futures Act 2001 only and is not intended for investors in Singapore who are not such Accredited Investors and should not be passed on to any such persons. Some products or transactions described in this document may not be authorised in Singapore and may not be available to Singapore investors.

Where this document is distributed by BNP Paribas to a person in Singapore who is not an Accredited Investor, Expert Investor or an Institutional Investor, BNP Paribas, acting through its Singapore branch accepts legal responsibility for the contents of this document to such person only to the extent required by applicable law.

Thailand: This document is distributed in Thailand by BNP Paribas, acting through its Singapore branch via BNP Paribas Securities (Thailand) Limited only to ultra-high net worth investors within the meaning of Securities and Exchange Act B.E. 2535 and is not intended for investors in Thailand who are not such ultra-high net worth investors and should not be passed on to any such persons. Such products or transactions described in this document may not be authorised in Thailand and may not be available to Thailand investors.

Save to the extent provided otherwise in Clause 6.5 of the T&Cs and/or Clause 9 of the Offshore Investment T&Cs applicable to your account, information in this document is for general circulation to the intended recipients only and is not intended to be a recommendation or investment advice to recipients hereof. A recipient of this document should seek advice from its/his/her own professional adviser regarding the suitability of the products or transactions (taking into account the recipient's specific investment objectives, financial situation and particular needs) as well as the risks involved in such products or transactions before a commitment to purchase or enter into any product or transaction is made.

Please note that this document may relate to a product or products where BNP Paribas is issuer, and in such instance this document or certain information contained therein may have been prepared by BNP Paribas in its capacity as product issuer (“Issuer Document”). Where an Issuer Document is provided to you by BNP Paribas, acting through its Hong Kong branch or BNP Paribas, acting through its Singapore branch in its capacity as distributor, or BNP Paribas, acting through its Singapore branch via BNP Paribas Securities (Thailand) Limited, it shall also be subject to Clause 6.5 of the T&Cs and/or Clause 9 of the Offshore Investment T&Cs. To the extent that there is any inconsistency between the terms of an Issuer Document and Clause 6.5 of the T&Cs and/or Clause 9 of the Offshore Investment T&Cs, the latter shall prevail.

Generally, please take note that various potential and actual conflicts of interest may arise from the overall investment activities or the roles of the parties involved in any investment product or transaction, their investment professionals and/or their affiliates. In particular, the counterparty / issuer / provider or its related entities or affiliates can offer or manage other investments which interests may be different to the interest of your investments in that investment product or transaction; or for cases where the product counterparty or issuer is BNP Paribas or its related entity or affiliate, BNP Paribas may also act as distributor, guarantor, calculation agent and/or arranger of the same product. BNP Paribas and its affiliates and persons associated or connected with it (collectively "BNP Paribas Group") may make a market in, or may, as principal or agent, buy or sell securities mentioned in this document or derivatives thereon. BNP Paribas Group may have a financial interest in the issuers mentioned in this document, including a long or short position in their securities, and/or options, futures or other derivative instruments based thereon. BNP Paribas Group, including its officers and employees may serve or have served as an officer, director or in an advisory capacity for any issuer mentioned in this document. BNP Paribas Group may, from time to time, solicit, perform or have performed investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months for any issuer referred to in this document. BNP Paribas Group may, to the extent permitted by law, have acted upon or used the information contained herein, or the research or analysis on which it was based, before its publication. Members of the BNP Paribas Group may face possible conflicts of interest in connection with certain duties under structured products. For example, it and its affiliates may trade an underlying for their own account or for the account of others. It or its affiliates may receive a portion of the management or other fees charged with any of the underlyings. BNP Paribas may offer other services to entities associated with an underlying, for which they may be remunerated. All of these activities may result in conflicts of interest with respect to certain financial interests of BNP Paribas.

Where this document includes a reference to real estate, please note that real estate service offered in Hong Kong by BNP Paribas, acting through its Hong Kong branch exclusively relates to real estate properties outside Hong Kong. Specifically, BNP Paribas, acting through its Hong Kong branch is not licensed to deal with any real estate property situated in Hong Kong. BNP Paribas, acting through its Singapore branch and BNP Paribas Securities (Thailand) Limited are not licensed to and do not offer real estate service, and nothing herein should be construed as such.

BNP Paribas clients and counterparties are responsible for ensuring that they comply with applicable provisions of Executive Order (EO) 13959, as amended (and any subsequent official guidance). For the full details of the EO, you may want to consult the following websites: For the EO itself, https://home.treasury.gov/system/files/126/13959.pdf, and for the latest guidance on this EO provided by the OFAC, https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions.

By accepting this document, you agree to be bound by the foregoing limitations. In case there is a Chinese version and there is any ambiguity or difference of meaning between the English version and the Chinese versions, the English version shall prevail. In respect of any transactions or arrangement with BNP Paribas, acting through its Singapore branch, the English version is the only operative version and the Chinese version shall be disregarded.

You may contact BNP Paribas, acting through its Singapore branch at 20 Collyer Quay #01-01 Singapore 049319; Tel: (65) 6210 3888; Fax: (65) 6210 3861 in respect of any matters arising from, or in connection with, this document. This paragraph does not apply to you if you are (a) not resident in Singapore and you are (b) served by a Relationship Manager in Hong Kong. If you satisfy (a) and (b), you may contact BNP Paribas, acting through its Hong Kong branch at 63/F Two International Finance Centre, 8 Finance Street, Central, Hong Kong; Tel: (852) 2909 8888, in respect of any matters arising from, or in connection with, this document.

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免責聲明

本文件/通訊/資料（統稱「文件」）由法國巴黎銀行，透過其香港分行在香港提供，由法國巴黎銀行，透過其新加坡分行在新加坡提供，以及由法國巴黎銀行，透過其新加坡分行經BNP Paribas Securities (Thailand) Limited（「法國巴黎銀行證劵（泰國）有限公司」）提供。法國巴黎銀行是一家在法國成立的公眾有限公司(société anonyme)，其成員承擔有限法律責任。法國巴黎銀行，透過其香港分行為受香港金融管理局監管的持牌銀行，及《證券及期貨條例》（香港法例第571章）所指的註冊機構; 於香港證券及期貨事務監察委員會（「證監會」）註冊，獲准進行第1、4、6及9類受規管活動（證監會中央編號：AAF564）。法國巴黎銀行，透過其新加坡分行（單一機構識別號碼/註冊編號：S71FC2142G）為受新加坡金融管理局監管的持牌銀行。「法國巴黎銀行財富管理」乃法國巴黎銀行營運之財富管理業務之名稱。「法國巴黎銀行財富管理」（單一機構識別號碼/註冊編號：53347235X）是根據Business Names Registration Act 2014在新加坡註冊之企業名稱。法國巴黎銀行證劵（泰國）有限公司（註冊編號：0105565019213））是一間於泰國成立的私人公司，並經泰國財政部和泰國證券交易委員會註冊，以提供證券及衍生工具服務。就本免責聲明而言，「法國巴黎銀行」是指法國巴黎銀行（包括其分行）及法國巴黎銀行證劵（泰國）有限公司。

本文件僅供一般參考，不應用作訂立任何特定交易的唯一參考。閣下不應對本文件的資料和意見加以依賴，亦不應用以取替閣下的任何決定或尋求獨立專業意見（如不論是財務、法律、會計、稅務或其他意見）的需要。本文件不擬作為進行買賣或訂立交易的要約或游說。此外，本文件及其內容不擬作為任何類別或形式的廣告、誘因或聲明。法國巴黎銀行保留權利（但並無責任）隨時在不發出通知的情況下更改本文件的資料，而且，除非適用於閣下帳戶的法國巴黎銀行財富管理條款及條件（「財富管理條款及條件」）第6.5條及/或法國巴黎銀行證劵（泰國）有限公司條款及條件（「境外條款及條件」）第9條另有規定，否則法國巴黎銀行毋須對有關變動所引致的任何後果負責。

當法國巴黎銀行透過其新加坡分行經法國巴黎銀行證劵（泰國）有限公司向閣下提供本文件，若：(1)本免責聲明與本文件所載的任何其它免責聲明之間存有衝突或不一致性，及/或(2)本免責聲明與閣下簽署並向法國巴黎銀行提供的產品交易和投資認可書（Acknowledgment for Transactions）之間存有衝突或不一致性，概以本免責聲明的條文為準。

本文件所載資料僅擬作討論用途，若投資者決定進行有關交易，將受制於有關交易的最終條款所約束。它並不代表 (1) 交易的實際條款，(2) 任何現有交易可以解除的實際條款，(3) 交易提早終止後應支付金額的計算或估算，或(4) 法國巴黎銀行在其財務報告賬目中給出的交易實際估值。交易的最終條款將載於條款清單、適用條款合同和/或確認書。另請參閱有關文件所載之免責聲明，以及本行收費表中有關費用、收費及/或佣金的披露及其他重要資料。

若本文件是交易完成/交易確認書，請仔細檢查本文件中所列出的資料，如發現任何差異，請閣下立即與我們聯絡。本文件的内容取決於我們隨後以郵件形式寄出之銀行結單中的最終交易詳情/資料及/或建議（如有）。本文件包含僅供上述收件人使用之機密資料。若閣下並非收件人，請勿傳播、複製或依據本文件採取任何行動。若閣下誤收到本文件，請立即通知法國巴黎銀行並刪除/銷毀本文件。

儘管本文件提供的資料和意見可能取自或源自被視為可靠的已發佈或未發佈的來源，而且在擬備本文件時已採取一切合理審慎的措施，但法國巴黎銀行並無就其準確性或完整性作出任何明示或隱含的陳述、聲明或擔保，而且，除非適用於閣下帳戶的財富管理條款及條件第6.5條及/或境外條款及條件第9條另有規定，否則法國巴黎銀行毋須就任何不確資料、誤差或遺漏承擔責任。本文件所載的所有估計及意見構成法國巴黎銀行在截至本文件刊發日期的判斷，而所表達的意見可予更改，毋須另行通知。本文所載資料可能包含前瞻性陳述。「認為」、「預期」、「預計」、「預測」、「估計」、「預估」、「有信心」、「具信心」等字詞和其他類似用語亦旨在表明前瞻性陳述。此等前瞻性陳述並非歷史事實，而是法國巴黎銀行根據當前可用資料所建立的現行信念、假設、預期、估計和預測，並包括已知和未知風險及不確定因素。此等前瞻性陳述並非未來表現的保證，並附帶各種風險、不確定因素和其他因素，部份無法控制及難以預估。因此，實際結果可能與此等前瞻性陳述所表達、暗示或預測顯著有別。投資者應自行獨立判斷任何前瞻性陳述，並自行諮詢專業意見以理解該等前瞻性陳述。法國巴黎銀行概不保證更新有關前瞻性陳述。當投資者考慮關於產品/投資表現的任何理論歷史資料時，投資者應注意有關過往表現的任何提述不應被視為未來表現的指標。法國巴黎銀行並無就任何投資/交易的預期或預計成效、盈利能力、回報、表現、結果、影響、後果或利益作出任何擔保、保證或聲明。除非適用於閣下帳戶的財富管理條款及條件第6.5條及/或境外條款及條件第9條另有規定，否則法國巴黎銀行集團公司或實體概不會就使用或依賴本文件或所提供的資料的任何部份而直接或間接引致的任何損失承擔任何責任。

結構性交易為複雜的交易，可能涉及的損失風險甚高，包括可能損失所投資的本金。若本文件所述的任何產品是涉及衍生工具的結構性產品，除非閣下已完全了解並同意接受所有風險，否則閣下不應對該產品進行投資。若閣下對任何產品/交易有任何疑問，應尋求獨立專業意見。

各投資者/認購方在訂立任何一項交易前，應充份了解產品/投資的條款、條件及特點，以及訂立交易/投資的風險、優點及適用性（包括與發行人相關的任何市場風險），並在作出投資前諮詢其本身獨立的法律、監管、稅務、財務及會計顧問。投資者/認購方應充份了解有關投資的特點，而且具有承擔投資損失的財力，和願意承擔所有相關風險。除非另有明確書面協定，否則 (1) 若法國巴黎銀行無向投資者/認購方游說出售或建議任何金融產品，其於任何交易中均非以財務顧問的身份為投資者/認購方行事，以及 (2) 無論如何，法國巴黎銀行於任何交易中均非以受信人的身份為投資者/認購方行事。

在本文件刊發之前或之後，法國巴黎銀行及/或它的聯繫人或關連人士可能或經已為其本身進行有關本文件所述的產品或任何相關產品的交易。在本文件刊發當日，法國巴黎銀行、它的聯繫人或關連人士及其各自的董事及/或代表及/或僱員可能就本文件所述的產品，或以該產品為基礎的衍生工具進行坐盤交易，並可能持有長倉或短倉或其他權益，或進行莊家活動，及可能隨時在公開市場或其他市場以主事人或代理或市場莊家的身份購入及/或沽售投資。此外，法國巴黎銀行及/或它的聯繫或關連人士在過去十二個月內可能擔任投資銀行，或可能已向本文件所述的公司或就本文件所述的產品提供重要的意見或投資服務。

本文件屬機密性質，並僅擬供法國巴黎銀行、它的聯營公司、其各自的董事、高級職員及/或僱員和本文件的收件人使用。在未獲得法國巴黎銀行的事先書面同意前，本文件不可由任何收件人向任何其他人士派發、發佈、複製或披露，亦不可在任何文件中引用或提述。

香港：本文件由法國巴黎銀行，透過其香港分行在香港派發。本文件在香港僅派發予專業投資者（定義見《證券及期貨條例》（香港法例第571章）附表1第1部）。本文件所述的部份產品或交易在香港可能未經許可，及不可向香港投資者發售。

新加坡：本文件由法國巴黎銀行，透過其新加坡分行在新加坡僅派發予認可投資者 (Accredited Investors) （定義見新加坡法例《證券及期貨法》(Securities and Futures Act 2001)），並且不擬向非認可投資者的新加坡投資者派發，亦不應供任何該等人士傳閱。本文件所述的部份產品或交易在新加坡可能未經許可，及不可向新加坡投資者發售。

如本文件由法國巴黎銀行在新加坡派發予非認可投資者、非專家投資者 (Expert Investor) 或非機構投資者 (Institutional Investor) 人士，法國巴黎銀行（透過其新加坡分行）僅就本文件內容向該人士承擔相關法例所規定的法律責任。

泰國：本文件由法國巴黎銀行，透過其新加坡分行經法國巴黎銀行證劵（泰國）有限公司，僅提供給於泰國境内《Securities and Exchange Act》B.E.2535定義中的超高淨值投資者。本文不適用於非超高淨值的投資者，亦不應被供任何該等人士傳閱。本文件所述的部份產品或交易在泰國可能未經許可，及不可向泰國投資者發售。

除非適用於閣下帳戶的財富管理條款及條件第6.5條及/或法境外條款及條件第9條另有規定，否則本文件的資料僅供擬定收件人傳閱，不擬作為向本文件的收件人提供的建議或投資意見。本文件的收件人在作出購買或訂立任何產品或交易的承約前，應就產品或交易的合適性（經考慮收件人的特定投資目標、財務狀況和特別需要），以及有關產品或交易所涉及的風險，諮詢其本身的專業顧問的意見。

請注意，本文件可能與法國巴黎銀行作為發行人的產品有關，在此情況下，本文件或本文件所載資料可能由法國巴黎銀行作為產品發行人的身份編制（「發行人文件」）。當發行人文件由法國巴黎銀行，透過其香港分行，或由法國巴黎銀行，透過其新加坡分行，以分銷商的身份提供給閣下時，或由法國巴黎銀行，透過其新加坡分行經法國巴黎銀行證劵（泰國）有限公司提供給閣下時，該發行人文件亦受制於適用於閣下賬戶的財富管理條款及條件第6.5條及 / 或境外條款及條件第9條。如發行人文件的條款與適用於閣下賬戶的財富管理條款及條件第6.5條及 / 或境外條款及條件第9條之間存在任何不一致，概以後者為準。

請注意：任何投資產品或交易所涉及各方、其投資專業人士和/或其聯營公司的整體投資活動或角色，可能會導致各種潛在和實際利益衝突。具體而言，交易對手/發行人/提供商或其相關實體或聯營公司可能提供或管理其他投資，其利益可能與閣下在該投資產品或交易中的投資利益有所不同；或當產品交易對手或發行人是法國巴黎銀行或其相關實體或聯營公司時，法國巴黎銀行亦可能是同一產品的分銷商、擔保人、計算代理人和/或安排人。法國巴黎銀行及其聯屬公司以及與其有聯繫或有關連的人士(統稱「法國巴黎銀行集團」)可能以莊家身份或可作為委託人或代理人買賣本文件所述證券或有關衍生産品。法國巴黎銀行集團可能於本文件所載的發行人中擁有財務權益,包括於持有其證券的長倉或短倉及/或有關期權、期貨或其他衍生工具。法國巴黎銀行集團(包括其高級職員及雇員)可能或已經出任本文件所述任何發行人的高級職員、董事或顧問。法國巴黎財銀行集團可能於過去12個月內不時為本文件所提述的任何發行人招攬、進行或已進行投資銀行、包銷或其他服務(包括作為顧問、經辦人、包銷商或放款人)。法國巴黎銀行集團可在法律准許的情况下,於本文件所載的資料刊發之前,依據有關資料或據此進行的研究或分析行事,或使用有關資料或據此進行的研究或分析。法國巴黎銀行集團的成員公司可能對於有關結構性産品項下若干責任有利益衝突。例如,其及其聯屬公司可能為其本身或為其他人士進行相關産品的交易。其或其聯屬公司可能收取任何相關産品的部分管理或其他費用。法國巴黎銀行可向與相關産品有關的實體提供其他服務並獲支付酬金。所有此等活動均可能導致有關法國巴黎銀行的若干財務權益出現利益衝突。

如本文件涉及房地產，請注意，法國巴黎銀行透過其香港分行在香港提供的房地產服務僅限香港以外的物業。具體而言，法國巴黎銀行，透過其香港分行並未持有牌照處理位於香港的任何物業。法國巴黎銀行，透過其新加坡分行及法國巴黎銀行證劵（泰國）有限公司並未持有牌照處理及不提供房地產服務，本文件亦不可這樣被詮釋。

法國巴黎銀行之客戶及交易對手有責任確保自身遵守美國第13959號行政命令(EO) （經修訂）適用之規定（及後續所有官方指引）。有關該行政命令的全部詳情，請閣下參閲以下網頁：如需查閲該行政命令全文，請訪問 https://home.treasury.gov/system/files/126/13959.pdf，如需了解美國財政部外國資產管理辦公室(OFAC)就該行政命令發佈之最新指引，請訪問https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions。

閣下一經接納本文件，即同意受以上限制所約束。如中英文版本有任何含糊不清或歧異，概以英文版本為準。在與法國巴黎銀行透過其新加坡分行進行的任何交易或安排中，英文版是唯一有效版本，中文版將不予以考慮。

就任何有關本文件或因本文件產生的事宜，閣下可與法國巴黎銀行（透過其新加坡分行）（20 Collyer Quay #01-01 Singapore 049319（電話：(65) 6210 3888；傳真：(65) 6210 3861））聯絡。如閣下 (a) 並非新加坡居民，及 (b) 由在香港的客戶經理提供服務，則本段落不適用於閣下。如閣下符合 (a) 及 (b) 條件，閣下可就任何有關本文件或因本文件產生的事宜與法國巴黎銀行（透過其香港分行）（香港中環金融街8號國際金融中心二期63樓（電話：(852) 2909 8888））聯絡。

圖片源自© Getty Images。

免责声明

本文件/通讯/信息（统称“文件”）由法国巴黎银行，透过其香港分行在香港提供，由法国巴黎银行，透过其新加坡分行在新加坡提供，以及由法国巴黎银行，透过其新加坡分行经BNP Paribas Securities (Thailand) Limited（“法国巴黎银行证劵（泰国）有限公司”）提供。法国巴黎银行是一家在法国成立的公众有限公司(société anonyme)，其成员承担有限法律责任。法国巴黎银行，透过其香港分行为受香港金融管理局监管的持牌银行，及《证券及期货条例》（香港法例第571章）所指的注册机构; 于香港证券及期货事务监察委员会（“证监会”）注册，获准进行第1、4、6及9类受规管活动（证监会中央编号：AAF564）。法国巴黎银行，透过其新加坡分行（单一机构识别号码/注册编号：S71FC2142G）为受新加坡金融管理局监管的持牌银行。“法国巴黎银行财富管理”乃法国巴黎银行营运之财富管理业务之名称。“法国巴黎银行财富管理”（单一机构识别号码/注册编号：53347235X）是根据Business Names Registration Act 2014在新加坡注册之企业名称。法国巴黎银行证劵（泰国）有限公司（注册编号：0105565019213））是一间于泰国成立的私人公司，并经泰国财政部和泰国证券交易委员会注册，以提供证券及衍生工具服务。就本免责声明而言，“法国巴黎银行”是指法国巴黎银行（包括其分行）及法国巴黎银行证劵（泰国）有限公司。

本文件仅供一般参考，不应用作订立任何特定交易的唯一参考。阁下不应对本文件的资料和意见加以依赖，亦不应用以取替阁下的任何决定或寻求独立专业意见（如不论是财务、法律、会计、税务或其他意见）的需要。本文件不拟作为进行买卖或订立交易的要约或游說。此外，本文件及其内容不拟作为任何類别或形式的广告、诱因或声明。法国巴黎银行保留权利（但并无责任）随时在不发出通知的情况下更改本文件的资料，而且，除非适用于阁下帐户的法国巴黎银行财富管理条款及条件（“财富管理条款及条件”）第6.5条及/或法国巴黎银行证劵（泰国）有限公司条款及条件（“境外条款及条件”）第9条另有规定，否则法国巴黎银行毋须对有关变动所引致的任何后果负责。

当法国巴黎银行透过其新加坡分行经法国巴黎银行证劵（泰国）有限公司向阁下提供本文件，若：(1)本免责声明与本文件所载的任何其它免责声明之间存有冲突或不一致性，及/或(2)本免责声明与阁下签署并向法国巴黎银行提供的产品交易和投资认可书（Acknowledgment for Transactions）之间存有冲突或不一致性，概以本免责声明的条文为准。

本文件所载资料仅拟作讨论用途，若投资者决定进行有关交易，将受制于有关交易的最终条款所约束。它并不代表 (1) 交易的实际条款，(2) 任何现有交易可以解除的实际条款，(3) 交易提早终止后应支付金额的计算或估算，或(4) 法国巴黎银行在其财务报告账目中给出的交易实际估值。交易的最终条款将载于条款清单、适用条款合同和/或确认书。另请参阅有关文件所载之免责声明，以及本行收费表中有关费用、收费及/或佣金的披露及其他重要资料。

若本文件是交易完成/交易确认书，请仔细检查本文件中所列出的资料，如发现任何差异，请阁下立即与我们联系。本文件的内容取决于我们随后以邮件形式寄出之银行结单中的最终交易详情/资料及/或建议（如有）。本文件包含仅供上述收件人使用之机密资料。若阁下并非收件人，请勿传播、复制或依据本文件采取任何行动。若阁下误收到本文件，请立即通知法国巴黎银行并删除/销毁本文件。

尽管本文件提供的资料和意見可能取自或源自被视为可靠的已发布或未发布的來源，而且在拟备本文件时已采取一切合理审慎的措施，但法国巴黎银行并无就其准确性或完整性作出任何明示或隐含的陈述、声明或担保，而且，除非适用于阁下帐户的财富管理条款及条件第6.5条及/或境外条款及条件第9条另有规定，否则法国巴黎银行毋须就任何不确资料、误差或遗漏承担责任。本文件所载的所有估计及意見构成法国巴黎银行在截至本文件刊发日期的判断，而所表达的意見可予更改，毋须另行通知。本文所载资料可能包含前瞻性陈述。“认为”、“预期”、“预计”、“预测”、“估计”、“预估”、“有信心”、“具信心”等字词和其他类似用语亦旨在表明前瞻性陈述。此等前瞻性陈述并非历史事实，而是法国巴黎银行根据当前可用资料所建立的现行信念、假设、预期、估计和预测，并包括已知和未知风险及不确定因素。此等前瞻性陈述并非未来表现的保证，并附带各种风险、不确定因素和其他因素，部份无法控制及难以预估。因此，实际结果可能与此等前瞻性陈述所表达、暗示或预测显著有别。投资者应自行独立判断任何前瞻性陈述，并自行咨询专业意见以理解该等前瞻性陈述。法国巴黎银行概不保证更新有关前瞻性陈述。当投资者考虑关于产品/投资表现的任何理论历史资料时，投资者应注意有关过往表现的任何提述不应被视为未來表现的指标。法国巴黎银行并无就任何投资/交易的预期或预计成效、盈利能力、回报、表现、结果、影响、后果或利益作出任何担保、保证或声明。除非适用于阁下帐户的财富管理条款及条件第6.5条及/或境外条款及条件第9条另有规定，否则法国巴黎银行集团公司或实体概不会就使用或依赖本文件或所提供的资料的任何部份而直接或间接引致的任何损失承担任何责任。

结构性交易为复杂的交易，可能涉及的损失风险甚高，包括可能损失所投资的本金。若本文件所述的任何产品是涉及衍生工具的结构性产品，除非阁下已完全了解并同意接受所有风险，否则阁下不应对该产品进行投资。若阁下对任何产品/交易有任何疑问，应寻求独立专业意见。

各投资者/认购方在订立任何一项交易前，应充份了解产品/投资的条款、条件及特点，以及订立交易/投资的风险、优点及适用性（包括与发行人相关的任何市场风险），并在作出投资前咨询其本身独立的法律、监管、税务、财务及会计顾问。投资者/认购方应充份了解有关投资的特点，而且具有承担投资损失的财力，和愿意承担所有相关风险。除非另有明确书面协定，否则 (1) 若法国巴黎银行无向投资者/认购方游说出售或建议任何金融产品，其于任何交易中均非以财务顾问的身份为投资者/认购方行事，以及 (2) 无论如何，法国巴黎银行于任何交易中均非以受信人的身份为投资者/认购方行事。

在本文件刊发之前或之后，法国巴黎银行及/或它的联系人或关連人士可能或经已为其本身进行有关本文件所述的产品或任何相关产品的交易。在本文件刊发当日，法国巴黎银行、它的联系人或关連人士及其各自的董事及/或代表及/或雇员可能就本文件所述的产品，或以该产品为基础的衍生工具进行坐盘交易，并可能持有长仓或短仓或其他权益，或进行庄家活动，及可能随时在公开市场或其他市场以主事人或代理或市场庄家的身份购入及/或沽售投资。此外，法国巴黎银行及/或它的联系或关连人士在过去十二个月内可能担任投资银行，或可能已向本文件所述的公司或就本文件所述的产品提供重要的意見或投资服务。

本文件属机密性质，并仅拟供法国巴黎银行、它的聯营公司、其各自的董事、高级职员及/或雇员和本文件的收件人使用。在未获得法国巴黎银行的事先书面同意前，本文件不可由任何收件人向任何其他人士派发、发布、复制或披露，亦不可在任何文件中引用或提述。

香港：本文件由法国巴黎银行，透过其香港分行在香港派发。本文件在香港仅派发予专业投资者（定义見《证券及期货条例》（香港法例第571章）附表1第1部）。本文件所述的部份产品或交易在香港可能未经许可，及不可向香港投资者发售。

新加坡：本文件由法国巴黎银行，透过其新加坡分行在新加坡仅派发予认可投资者 (Accredited Investors) （定义见新加坡法例《证券及期货法》(Securities and Futures Act 2001)），并且不拟向非认可投资者的新加坡投资者派发，亦不应供任何该等人士传阅。本文件所述的部份产品或交易在新加坡可能未经许可，及不可向新加坡投资者发售。

如本文件由法国巴黎银行在新加坡派发予非认可投资者、非专家投资者 (Expert Investor) 或非机构投资者 (Institutional Investor) 人士，法国巴黎银行（透过其新加坡分行）仅就本文件内容向该人士承担相关法例所规定的法律责任。

泰国：本文件由法国巴黎银行，透过其新加坡分行经法国巴黎银行证劵（泰国）有限公司，仅提供给于泰国境内《Securities and Exchange Act》B.E.2535定义中的超高净值投资者。本文不适用于非超高净值的投资者，亦不应被供任何该等人士传阅。本文件所述的部份产品或交易在泰国可能未经许可，及不可向泰国投资者发售。

除非适用于阁下帐户的财富管理条款及条件第6.5条及/或法境外条款及条件第9条另有规定，否则本文件的资料仅供拟定收件人传阅，不拟作为向本文件的收件人提供的建议或投资意見。本文件的收件人在作出购买或订立任何产品或交易的承约前，应就产品或交易的合适性（经考虑收件人的特定投资目标、财务狀况和特别需要），以及有关产品或交易所涉及的风险，咨询其本身的专业顾问的意見。

请注意，本文件可能与法国巴黎银行作为发行人的产品有关，在此情况下，本文件或本文件所载资料可能由法国巴黎银行作为产品发行人的身份编制（“发行人文件”）。当发行人文件由法国巴黎银行，透过其香港分行，或由法国巴黎银行，透过其新加坡分行，以分销商的身份提供给阁下时，或由法国巴黎银行，透过其新加坡分行经法国巴黎银行证劵（泰国）有限公司提供给阁下时，该发行人文件亦受制于适用于阁下账户的财富管理条款及条件第6.5条及 / 或境外条款及条件第9条。如发行人文件的条款与适用于阁下账户的财富管理条款及条件第6.5条及 / 或境外条款及条件第9条之间存在任何不一致，概以后者为准。

请注意：任何投资产品或交易所涉及各方、其投资专业人士和/或其联营公司的整体投资活动或角色，可能会导致各种潜在和实际利益冲突。具体而言，交易对手/发行人/提供商或其相关实体或联营公司可能提供或管理其他投资，其利益可能与阁下在该投资产品或交易中的投资利益有所不同；或当产品交易对手或发行人是法国巴黎银行或其相关实体或联营公司时，法国巴黎银行亦可能是同一产品的分销商、担保人、计算代理人和/或安排人。法国巴黎银行及其联属公司以及与其有联系或有关连的人士(统称“法国巴黎银行集团”)可能以庄家身份或可作为委托人或代理人买卖本文件所述证券或有关衍生产品。法国巴黎银行集团可能于本文件所载的发行人中拥有财务权益,包括于持有其证券的长仓或短仓及/或有关期权、期货或其他衍生工具。法国巴黎银行集团(包括其高级职员及雇员)可能或已经出任本文件所述任何发行人的高级职员、董事或顾问。法国巴黎财银行集团可能于过去12个月内不时为本文件所提述的任何发行人招揽、进行或已进行投资银行、包销或其他服务(包括作为顾问、经办人、包销商或放款人)。法国巴黎银行集团可在法律准许的情况下,于本文件所载的资料刊发之前,依据有关资料或据此进行的研究或分析行事,或使用有关资料或据此进行的研究或分析。法国巴黎银行集团的成员公司可能对于有关结构性产品项下若干责任有利益冲突。例如,其及其联属公司可能为其本身或为其他人士进行相关产品的交易。其或其联属公司可能收取任何相关产品的部分管理或其他费用。法国巴黎银行可向与相关产品有关的实体提供其他服务并获支付酬金。所有此等活动均可能导致有关法国巴黎银行的若干财务权益出现利益冲突。

如本文件涉及房地产，请注意，法国巴黎银行透过其香港分行在香港提供的房地产服务仅限香港以外的物业。具体而言，法国巴黎银行，透过其香港分行并未持有牌照处理位于香港的任何物业。法国巴黎银行，透过其新加坡分行及法国巴黎银行证劵（泰国）有限公司并未持有牌照处理及不提供房地产服务，本文件亦不可这样被诠释。

法国巴黎银行之客户及交易对手有责任确保自身遵守美国第13959号行政命令(EO) （经修订）适用之规定（及后续所有官方指引）。有关该行政命令的全部详情，请阁下参阅以下网页：如需查阅该行政命令全文，请访问 https://home.treasury.gov/system/files/126/13959.pdf，如需了解美国财政部外国资产管理办公室(OFAC)就该行政命令发布之最新指引，请访问https ://home.treasury.gov/policy-issues/financial-sanctions/recent-actions。

阁下一经接纳本文件，即同意受以上限制所约束。如中英文版本有任何含糊不清或歧异，概以英文版本为准。在与法国巴黎银行透过其新加坡分行进行的任何交易或安排中，英文版是唯一有效版本，中文版将不予以考虑。

就任何有关本文件或因本文件产生的事宜，阁下可与法国巴黎银行（透过其新加坡分行）（20 Collyer Quay #01-01 Singapore 049319（电话：(65) 6210 3888；传真：(65) 6210 3861））联系。如阁下 (a) 并非新加坡居民，及 (b) 由在香港的客户经理提供服务，则本段落不适用于阁下。如阁下符合 (a) 及 (b) 条件，阁下可就任何有关本文件或因本文件产生的事宜与法国巴黎银行（透过其香港分行）（香港中环金融街8号国际金融中心二期63楼（电话：(852) 2909 8888））联系。