Common use of FINANCIAL SECURITIES Clause in Contracts

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting right, as well as investment certificates which include entitlement to profit and dividends but no voting right. The value of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value impacted by market fluctuations; its price may therefore vary upwards as well as downwards, by a substantial amount; equity investment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which will not allow them to sell or buy the desired quantity of securities at the desired price.  Debt securities - Bonds Bonds are debt securities representing a portion of loan issued by a Government, local authority, Bank, public or private business. They are characterised by a nominal amount (issue value), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event of major financial difficulties, a private issuer may be unable to repay its loan. It should be noted that Government bonds, as for Treasury bonds issued by the French State are guaranteed for reimbursement. A bond-holder periodically receives interest calculated in relation to the face value of the bond. If it is a fixed-interest bond, the issuer pays out a regular income; if it is a floating rate note, the issuer will pay out an income which will depend on market fluctuations. - Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year and the minimum amount is 150,000 euros or its equivalent in another currency. They may be issued at a different price than par and carry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market rate). Such securities present the same risks as those mentioned previously for bonds. Investors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before any investment decision.  CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for commercialisation in France, are approved, authorised or declared with the French financial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor must without fail take careful cognisance of the French version of the Key Investor Information Document (KIID) and, as applicable, its prospectus. For CIUs marketed by the Bank, these regulatory documents are available at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxx. Prior to any investment decision, it is incumbent on the Investor to ensure that the CIU or CIUs under consideration correspond to its financial situation, it investment goals, its sensitivity to risk and also to the legislation under which it falls. Such investments, subject to market fluctuations, may vary both upwards and downwards, and present a risk of capital loss The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting right, as well as investment certificates which include entitlement to profit and dividends but no voting right. The value of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value impacted by market fluctuations; its price may therefore vary upwards as well as downwards, by a substantial amount; equity investment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which that will not allow them to sell or buy the desired quantity of securities at the desired price.  Debt securities - Bonds Bonds are debt securities representing a portion of loan issued by a Government, local authority, Bank, public or private business. They are characterised by a nominal amount (issue value), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event of major financial difficulties, a private issuer may be unable to repay its loan. It should be noted that Government bonds, as for Treasury bonds issued by the French State are guaranteed for reimbursement. A bond-holder periodically receives interest calculated in relation to the face value of the bond. If it is a fixed-interest bond, the issuer pays out a regular income; if it is a floating floating-rate note, the issuer will pay out an income which will depend on market fluctuations. - Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - – Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year and the minimum amount is €150,000 euros or its equivalent in another currency. They may be issued at a different price than par and carry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market rate). Such securities present the same risks as those mentioned previously for bonds. Investors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before any investment decision.  CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for commercialisation marketing in France, are approved, authorised or declared with the French financial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor must without fail take careful cognisance of carefully review the French version of the Key Investor Information Document (KIID) and, as applicable, its prospectus. For CIUs marketed by the Bank, these regulatory documents are available at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxx. Prior to any investment decision, it is incumbent on the Investor investor to ensure that the CIU or CIUs CIU(s) under consideration correspond to its is/are suitable for his/her financial situation, it investment goals, its goals and sensitivity to risk and also as well as the regulations applicable to the legislation under which it fallsit. Such investments, subject to market fluctuations, may vary both upwards and downwards, downwards and present a risk of capital loss loss. The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial f inancial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year y ear the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting v oting right, as well as investment certificates which include entitlement to profit and dividends div idends but no voting right. The value v alue of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance cognis ance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value itsvalue impacted by market fluctuations; its price may therefore vary v ary upwards as well as downwards, by a substantial amount; equity investment inv estment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which that will not allow them to sell or buy the desired quantity of securities at the desired price.  • Debt securities - Bonds Bonds are debt securities representing a portion of loan issued by a Government, local authorityauthority , Bank, public or private business. They are characterised by a nominal amount (issue valuev alue), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event ev ent of major financial difficultiesf inancial dif f iculties, a private issuer may be unable to repay its loan. It should be noted that Government Gov ernment bonds, as for Treasury bonds issued by the French State are guaranteed for f or reimbursement. A bond-holder periodically receives interest calculated in relation to the face value of the bond. If it is a fixed-interest bond, the issuer pays out a regular income; if it is a floating f loating-rate note, the issuer will pay out an income which whic h will depend on market fluctuationsf luctuations. - Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - – Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governmentsgov ernments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year y ear and the minimum amount is €150,000 euros or its equivalent in another currencycurrency . They may be issued at a different price than par and carry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial f inancial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market rate). Such securities present the same risks as those mentioned previously for prev iously f or bonds. Investors Inv estors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before bef ore any investment inv estment decision.  • CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for commercialisation f or marketing in France, are approved, authorised or declared with the French financial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor inv estor must without fail take careful cognisance of carefully review the French version v ersion of the Key Investor Information Document (KIID) and, as applicable, its prospectus. For CIUs marketed by the Bank, these regulatory documents are available av ailable at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxxwww.hsbcpriv xxxxxxxxxxxxx.xxx. Prior to any investment decision, it is incumbent on the Investor inv estor to ensure that the CIU or CIUs CIU(s) under consideration correspond to its financial is/are suitable for his/her f inancial situation, it investment goals, its goals and sensitivity to risk and also as well as the regulations applicable to the legislation under which it fallsit. Such investmentsinv estments, subject to market fluctuationsf luctuations, may vary v ary both upwards and downwards, downwards and present a risk of capital loss loss. The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investorinv estor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial f inancial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year y ear the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting v oting right, as well as investment certificates which include entitlement to profit and dividends div idends but no voting right. The value v alue of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value itsvalue impacted by market fluctuations; its price may therefore vary v ary upwards as well as downwards, by a substantial amount; equity investment inv estment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which that will not allow them to sell or buy the desired quantity of securities at the desired pricepric e. The share’s perf ormance is dependent on the development of the market price and, as applicable, the amount of dividends distributed.  - Debt securities - • Bonds Bonds are debt securities representing a portion of a loan issued by a Government, local authority, Bank, public or private business. They are characterised by a nominal amount (issue valuev alue), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event ev ent of major financial difficultiesf inancial dif f iculties, a private issuer may be unable to repay its loan. It should be noted that Government Gov ernment bonds, as for Treasury bonds issued by the French State are guaranteed for f or reimbursement. A bond-holder bondholder periodically receives interest calculated in relation to the face f ace value of the bond. If it is a fixedf ixed-interest bond, the issuer pays out a regular income; if it is a floating f loating rate note, the issuer will pay out an income which will depend on market fluctuations. - • Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - – Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governmentsgov ernments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year and the minimum amount is 150,000 euros or its equivalent in another currencycurrency . They may be issued at a different price than par and carry c arry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial f inancial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market m arket rate). Such securities present the same risks as those mentioned previously for prev iously f or bonds. Investors Inv estors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before bef ore any investment inv estment decision.  The perf ormance of a fixed-interest bond is determined from the time of issuance and throughout its term by the rate of return. The perf ormance of a f loating rate note is dependent on market fluctuations. - CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for f or commercialisation in France, are approved, authorised or declared with the French financial f inancial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor Client must without fail take careful cognisance of the French version of the Key Investor Information Document (KIID) and, as applicable, and its prospectus, where appropriate. For CIUs marketed by the Bank, these regulatory documents are available at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxxxxx.xxxx.xx. Prior to any investment decision, it is incumbent on the Investor Client to ensure that the CIU or CIUs under consideration correspond to its financial situation, it investment inv estment goals, its sensitivity to risk and also to the legislation under which it falls. Such investments, Inv estments that are subject to market fluctuations, f luctuations may vary v ary both upwards and downwards, and present a risk of capital loss The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investorinv estor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting right, as well as investment certificates which include entitlement to profit and dividends but no voting right. The value of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value impacted by market fluctuations; its price may therefore vary upwards as well as downwards, by a substantial amount; equity investment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which that will not allow them to sell or buy the desired quantity of securities at the desired price.  The share’s performance is dependent on the development of the market price and, as applicable, the amount of dividends distributed. - Debt securities -  Bonds Bonds are debt securities representing a portion of loan issued by a Government, local authority, Bank, public or private business. They are characterised by a nominal amount (issue value), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event of major financial difficulties, a private issuer may be unable to repay its loan. It should be noted that Government bonds, as for Treasury bonds issued by the French State are guaranteed for reimbursement. A bond-holder periodically receives interest calculated in relation to the face value of the bond. If it is a fixed-interest bond, the issuer pays out a regular income; if it is a floating rate note, the issuer will pay out an income which will depend on market fluctuations. -  Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - – Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year and the minimum amount is 150,000 euros or its equivalent in another currency. They may be issued at a different price than par and carry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market rate). Such securities present the same risks as those mentioned previously for bonds. Investors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before any investment decision.  The performance of a fixed-interest bond is determined from the time of issuance and throughout its term by the rate of return. The performance of a floating rate note is dependent on market fluctuations. - CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for commercialisation in France, are approved, authorised or declared with the French financial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor Client must without fail take careful cognisance of the French version of the Key Investor Information Document (KIID) and, as applicable, and its prospectus, where appropriate. For CIUs marketed by the Bank, these regulatory documents are available at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxxxxx.xxxx.xx. Prior to any investment decision, it is incumbent on the Investor Client to ensure that the CIU or CIUs under consideration correspond to its financial situation, it investment goals, its sensitivity to risk and also to the legislation under which it falls. Such investments, Investments that are subject to market fluctuations, fluctuations may vary both upwards and downwards, and present a risk of capital loss The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial f inancial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year y ear the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting v oting right, as well as investment certificates which include entitlement to profit and dividends div idends but no voting right. The value v alue of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance cognis ance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value itsvalue impacted by market fluctuations; its price may therefore vary v ary upwards as well as downwards, by a substantial amount; equity investment inv estment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which that will not allow them to sell or buy the desired quantity of securities at the desired price.  Debt securities - Bonds Bonds are debt securities representing a portion of loan issued by a Government, local authorityauthority , Bank, public or private business. They are characterised by a nominal amount (issue valuev alue), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event ev ent of major financial difficultiesf inancial dif f iculties, a private issuer may be unable to repay its loan. It should be noted that Government Gov ernment bonds, as for Treasury bonds issued by the French State are guaranteed for f or reimbursement. A bond-holder periodically receives interest calculated in relation to the face value of the bond. If it is a fixed-interest bond, the issuer pays out a regular income; if it is a floating f loating-rate note, the issuer will pay out an income which whic h will depend on market fluctuationsf luctuations. - Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - – Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governmentsgov ernments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year y ear and the minimum amount is €150,000 euros or its equivalent in another currencycurrency . They may be issued at a different price than par and carry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial f inancial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market rate). Such securities present the same risks as those mentioned previously for prev iously f or bonds. Investors Inv estors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before bef ore any investment inv estment decision.  CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for commercialisation f or marketing in France, are approved, authorised or declared with the French financial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor inv estor must without fail take careful cognisance of carefully review the French version v ersion of the Key Investor Information Document (KIID) and, as applicable, its prospectus. For CIUs marketed by the Bank, these regulatory documents are available av ailable at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxxwww.hsbcpriv xxxxxxxxxxxxx.xxx. Prior to any investment decision, it is incumbent on the Investor inv estor to ensure that the CIU or CIUs CIU(s) under consideration correspond to its financial is/are suitable for his/her f inancial situation, it investment goals, its goals and sensitivity to risk and also as well as the regulations applicable to the legislation under which it fallsit. Such investmentsinv estments, subject to market fluctuationsf luctuations, may vary v ary both upwards and downwards, downwards and present a risk of capital loss loss. The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investorinv estor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial f inancial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year y ear the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting v oting right, as well as investment certificates which include entitlement to profit and dividends div idends but no voting right. The value v alue of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value itsvalue impacted by market fluctuations; its price may therefore vary v ary upwards as well as downwards, by a substantial amount; equity investment inv estment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which that will not allow them to sell or buy the desired quantity of securities at the desired pricepric e. The share’s perf ormance is dependent on the development of the market price and, as applicable, the amount of dividends distributed.  - Debt securities -  Bonds Bonds are debt securities representing a portion of a loan issued by a Government, local authority, Bank, public or private business. They are characterised by a nominal amount (issue valuev alue), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event ev ent of major financial difficultiesf inancial dif f iculties, a private issuer may be unable to repay its loan. It should be noted that Government Gov ernment bonds, as for Treasury bonds issued by the French State are guaranteed for f or reimbursement. A bond-holder bondholder periodically receives interest calculated in relation to the face f ace value of the bond. If it is a fixedf ixed-interest bond, the issuer pays out a regular income; if it is a floating f loating rate note, the issuer will pay out an income which will depend on market fluctuations. -  Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - – Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governmentsgov ernments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year and the minimum amount is 150,000 euros or its equivalent in another currencycurrency . They may be issued at a different price than par and carry c arry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial f inancial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market m arket rate). Such securities present the same risks as those mentioned previously for prev iously f or bonds. Investors Inv estors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before bef ore any investment inv estment decision.  The perf ormance of a fixed-interest bond is determined from the time of issuance and throughout its term by the rate of return. The perf ormance of a f loating rate note is dependent on market fluctuations. - CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for f or commercialisation in France, are approved, authorised or declared with the French financial f inancial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor Client must without fail take careful cognisance of the French version of the Key Investor Information Document (KIID) and, as applicable, and its prospectus, where appropriate. For CIUs marketed by the Bank, these regulatory documents are available at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxxxxx.xxxx.xx. Prior to any investment decision, it is incumbent on the Investor Client to ensure that the CIU or CIUs under consideration correspond to its financial situation, it investment inv estment goals, its sensitivity to risk and also to the legislation under which it falls. Such investments, Inv estments that are subject to market fluctuations, f luctuations may vary v ary both upwards and downwards, and present a risk of capital loss The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investorinv estor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend divident over other types of shares but which do not confer any voting right, as well as investment certificates which include entitlement to profit and dividends but no voting right. The value of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value impacted by market fluctuations; its price may therefore vary upwards as well as downwards, by a substantial amount; equity investment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which will not allow them to sell or buy the desired quantity of securities at the desired price.  The share’s performance is dependent on the development of the market price and, as applicable, the amount of dividends distributed. - Debt securities -  Bonds Bonds are debt securities representing a portion of loan issued by a Government, local authority, Bank, public or private business. They are characterised by a nominal amount (issue value), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event of major financial difficulties, a private issuer may be unable to repay its loan. It should be noted that Government bonds, as for Treasury bonds issued by the French State are guaranteed for reimbursement. A bond-holder periodically receives interest calculated in relation to the face value of the bond. If it is a fixed-interest bond, the issuer pays out a regular income; if it is a floating rate note, the issuer will pay out an income which will depend on market fluctuations. -  Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year and the minimum amount is 150,000 euros or its equivalent in another currency. They may be issued at a different price than par and carry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market rate). Such securities present the same risks as those mentioned previously for bonds. Investors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before any investment decision.  The performance of a fixed-interest bond is determined from the time of issuance and throughout its term by the rate of return. The performance of a floating rate note is dependent on market fluctuations. - Equities admitted for listing on an unregulated market (e.g. Euronext AccessTM) Issuing companies are not subject to disclosure obligations equivalent to those of regulated markets and their securities are not the subject of an admission procedure. Transactions on the exchange, withdrawal or redemption of securities are carried out outside of the control of the Market authorities. This type of market does not offer the same level of liquidity, information and security as a regulated market. These equities require caution and are intended more for well-informed investors. - Share subscription warrants and rights Subscription warrants are warrants attached to a share or a bond entitling its owner to subscribe to one or more shares or to one or more bonds, at a price set in advance and until a fixed date. The issuance of subscription warrants may be linked to the creation of new shares (unlike stock purchase warrants) or may be autonomous. Subscription warrants are listed separately. They are accompanied by a maturity date beyond which they lose any value if they are not exercised. Share subscription warrants and rights amplify the variations in price of the shares to which they relate (leverage effect). They present a strong volatility and therefore a high risk. Find out about the characteristics of the transaction. - Bonds and other debt securities containing a derivative instrument (example: Convertible bonds): The price of such instruments varies in line with the evolution of rates and in accordance with the price of the underlying share. They also present a high volatility risk. - CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for commercialisation in France, are approved, authorised or declared with the French financial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor Client must without fail take careful cognisance of the French version of the Key Investor Information Document (KIID) and, as applicable, and its prospectus, where appropriate. For CIUs marketed by the Bank, these regulatory documents are available at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxxxxx.xxxx.xx. Prior to any investment decision, it is incumbent on the Investor Client to ensure that the CIU or CIUs under consideration correspond to its financial situation, it investment goals, its sensitivity to risk and also to the legislation under which it falls. Such investments, Investments that are subject to market fluctuations, fluctuations may vary both upwards and downwards, and present a risk of capital loss The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investor’s goals and requirements. This classification is summarised in the KIID.

FINANCIAL SECURITIES.  Capital securities issued by joint stock companies A share is a financial security which represents a fraction of the capital in the company that has issued it and the possession of which confers rights over the company that issued said securities (voting rights in annual general meeting; right to receive every year the share of profit distributed by the company (dividend); preferential subscription right as applicable). There are other categories of shares such as preference shares which enjoy a priority dividend over other types of shares but which do not confer any voting right, as well as investment certificates which include entitlement to profit and dividends but no voting right. The value of a share may be affected by the status of the issuing company itself hence the importance for investors to take cognisance of information published periodically by the company. Shares may be listed on so-called regulated or unregulated markets (the latter do not offer the same guarantees in terms of information, liquidity or security). A listed share may see its value impacted by market fluctuations; its price may therefore vary upwards as well as downwards, by a substantial amount; equity investment presents a risk of capital loss. Investors may also be faced with liquidity problems (i.e. the absence of counterparties on the market) which will not allow them to sell or buy the desired quantity of securities at the desired price.  The share’s performance is dependent on the development of the market price and, as applicable, the amount of dividends distributed. - Debt securities -  Bonds Bonds are debt securities representing a portion of loan issued by a Government, local authority, Bank, public or private business. They are characterised by a nominal amount (issue value), an interest rate and conditions for issuance and reimbursement. A bond is usually reimbursed at maturity. However, in the event of major financial difficulties, a private issuer may be unable to repay its loan. It should be noted that Government bonds, as for Treasury bonds issued by the French State are guaranteed for reimbursement. A bond-holder periodically receives interest calculated in relation to the face value of the bond. If it is a fixed-interest bond, the issuer pays out a regular income; if it is a floating rate note, the issuer will pay out an income which will depend on market fluctuations. -  Short-term (XXX XX Negotiable EUropean Commercial Paper) or medium-term (NEU MTN - Negotiable EUropean Medium Term Note) marketable securities Short-term and medium-term marketable securities may be issued by credit institutions, governments, local authorities, securitisation undertakings, etc. Their term is less than or equal to 1 year and the minimum amount is 150,000 euros or its equivalent in another currency. They may be issued at a different price than par and carry a redemption premium. If the issue does not guarantee reimbursement of the entire capital, a disclaimer shall be carried in the financial presentation dossier. Remuneration is unrestricted, it may, for example, be indexed on a market rate (interbank market rate). Such securities present the same risks as those mentioned previously for bonds. Investors will need to refer to the issuance programme and the issuer’s presentation that can be accessed on the Banque de France website before any investment decision.  The performance of a fixed-interest bond is determined from the time of issuance and throughout its term by the rate of return. The performance of a floating rate note is dependent on market fluctuations. - CIUs Collective Investment Undertakings (CIUs) are savings products that, when authorised for commercialisation in France, are approved, authorised or declared with the French financial markets authority (AMF). Before investing in a CIU under French or foreign law, the investor Client must without fail take careful cognisance of the French version of the Key Investor Information Document (KIID) and, as applicable, and its prospectus, where appropriate. For CIUs marketed by the Bank, these regulatory documents are available at the Client’s branch or on xxx.xxxxxxxxxxxxxxxxxxxxx.xxxxxx.xxxx.xx. Prior to any investment decision, it is incumbent on the Investor Client to ensure that the CIU or CIUs under consideration correspond to its financial situation, it investment goals, its sensitivity to risk and also to the legislation under which it falls. Such investments, Investments that are subject to market fluctuations, fluctuations may vary both upwards and downwards, and present a risk of capital loss The AMF has set out a classification of CIUs into 6 families depending on the nature of exposure to risks with an indicator making it possible to check if the CIU is in line with the investor’s goals and requirements. This classification is summarised in the KIID.