BNP Paribas Arbitrage Issuance B.V. BNP Paribas

Transcription

1 First Supplement dated 4 August 2016 to the Base Prospectus for the issue of Certificates dated 9 June 2016 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas (incorporated in France) (as Issuer and Guarantor) Note, Warrant and Certificate Programme This first supplement (the "First Supplement") is supplemental to, and should be read in conjunction with, the base prospectus dated 9 June 2016 (the "Base Prospectus"), in respect of Certificates issued under the Note, Warrant and Certificate Programme (the "Programme") of BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V."), BNP Paribas ("BNPP") and BNP Paribas Fortis Funding. The Base Prospectus constitutes a base prospectus for the purposes of Article 5.4 of the Prospectus Directive. The "Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU) and includes any relevant implementing measure in a relevant Member State of the European Economic Area. The Autorité des marchés financiers (the "AMF") granted visa no on 9 June 2016 in respect of the Base Prospectus. Application has been made to the AMF for approval of this First Supplement in its capacity as competent authority pursuant to Article of its Règlement Général which implements the Prospectus Directive in France. BNPP (in respect of itself and BNPP B.V.) and BNPP B.V. (in respect of itself) accept responsibility for the information contained in this First Supplement, save that BNPP B.V. accepts no responsibility for the Second Update to the BNPP 2015 Registration Document. To the best of the knowledge of BNPP and BNPP B.V. (who have taken all reasonable care to ensure that such is the case), the information contained herein is, subject as provided in the preceding sentence, in accordance with the facts and does not omit anything likely to affect the import of such information. Unless the context otherwise requires, terms defined in the Base Prospectus shall have the same meanings when used in this First Supplement. To the extent that there is any inconsistency between (i) any statement in this First Supplement and (ii) any statement in, or incorporated by reference in, the Base Prospectus the statement referred to in (i) above will prevail. Copies of this First Supplement may be obtained free of charge at the specified offices of BNP Paribas Securities Services, Luxembourg Branch and BNP Paribas Arbitrage S.N.C. and will be available on the website of BNP Paribas ( and on the website of the AMF ( 1

2 This First Supplement has been prepared in accordance with Article 16.1 of the Prospectus Directive and pursuant to Article of the AMF s Règlement Général, for the purposes of giving information which amends or is additional to the information already contained in the Base Prospectus. This First Supplement has been prepared for the purposes of: (A) (B) (C) (D) (E) (F) (G) (H) (I) (J) (K) amending the cover pages; incorporating by reference the Actualisation du Document de référence 2015 et rapport financier semestriel déposée auprès de l'amf le 1 er août 2016 (in English); amending the "Programme Summary in relation to this Base Prospectus" and the "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus"; amending the "Programme Summary in relation to this Base Prospectus (in French)" and the "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus (in French)"; amending the "Terms and Conditions of the Securities"; amending the "Form of Final Terms for Certificates"; amending "Annex 13 Additional Terms and Conditions for Secured Securities"; amending the "Taxation" section; amending the "Offering and Sale" section; amending the "General Information" section; and amending the "Common Conditions to Consent". The amendments referred to in (A), (C), (D), (H), (I) and (K) above have been made to introduce disclosure in respect of Hungary. The incorporation by reference referred to in (B) above has been made to update the BNPP disclosure. The amendments referred to in (C), (D) and (J) above have also been made to reflect the updated disclosure referred to in (B) above. The amendments referred to in (E) above have been made to amend the "Waiver of Set-Off" provision. The amendments referred to in (F) and (G) above have been made to amend the provisions relating to secured securities. In accordance with Article 16.2 of the Prospectus Directive, in the case of an offer of Securities to the public, investors who, before this First Supplement is published, have already agreed to purchase or subscribe for Securities issued under the Programme which are affected by the amendments made in this First Supplement, have the right, exercisable before the end of the period of two working days beginning with the working day after the date of publication of this First Supplement to withdraw their acceptances. This right to withdraw shall expire by close of business on 9 August

3 TABLE OF CONTENTS Page Amendments to the Cover Pages... 4 Amendments to the Programme Summary in relation to this Base Prospectus and the Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus... 5 Amendments to the Programme Summary in relation to this Base Prospectus (in French) and the Pro Forma Issue Specific Summary of the Programme in relation to the Base Prospectus (in French)... 9 Documents Incorporated by Reference Amendments to the Terms and Conditions of the Securities Amendments to the Form of Final Terms for Certificates Amendments to Annex 13 Additional Terms and Conditions for Secured Securities Amendments to the Taxation Section Amendments to the Offering and Sale Section Amendments to the General Information Section Common Conditions to Consent Responsibility Statement

4 AMENDMENTS TO THE COVER PAGES In relation to the amendments to the cover pages set out in this section, text which, by virtue of this First Supplement, is added thereto is shown underlined. The fourth paragraph on page 4 of the Base Prospectus is amended as follows: The Issuers have requested the AMF to provide the competent authorities in Belgium, Denmark, Finland, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Spain, Sweden, the Czech Republic and the United Kingdom with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Prospectus Directive. 4

5 AMENDMENTS TO THE PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS AND THE PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS 1. The "Programme Summary in relation to this Base Prospectus" on pages 10 to 56 of the Base Prospectus is amended as follows: (a) Element B.12 is amended by the deletion of the table entitled "Comparative Interim Financial Data In millions of EUR" under the heading "In relation to BNPP:" and immediately above the heading "Statements of no significant or material adverse change" and its replacement with the following: Comparative Interim Financial Data for the six-month period ended 30 June 2016 In millions of EUR 1H16 (unaudited) 1H15 (unaudited) Revenues 22,166 22,144 Cost of risk (1,548) (1,947) Net income, Group share 4,374 4,203 30/06/ /12/2015 Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4) 11.1% 10.9% 30/06/2016 (unaudited) 31/12/2015 (audited) Total consolidated balance sheet 2,171,989 1,994,193 Consolidated loans and receivables due from customers Consolidated items due to customers Shareholders' equity (Group share) 693, , , ,309 97,509 96,269 (b) In Element B.12, the first sentence of the first paragraph under the heading "Statements of no significant or material adverse change" is deleted and replaced with the following: "There has been no significant change in the financial or trading position of the BNPP Group since 30 June 2016 (being the end of the last financial period for which interim financial statements have been published)." (c) Element B.13 is deleted in its entirety and replaced with the following: B.13 Events impacting Not applicable, as at 4 August 2016 and to the best of the relevant 5

6 the Issuer's solvency Issuer's knowledge, there have not been any recent events which are to a material extent relevant to the evaluation of the relevant Issuer's solvency since 31 December 2015 (in the case of BNPP B.V.) or 30 June 2016 (in the case of BNPP). (d) Element C.5 is deleted in its entirety and replaced with the following: C.5 Restrictions on free transferability The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Spain, Sweden, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in which the relevant Securities are offered or sold. (e) In Element E.3, the first paragraph is deleted and replaced with the following: "Under this Base Prospectus, the Securities may be offered to the public in a Non-Exempt Offer in Belgium, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Spain, Sweden, The Czech Republic and The United Kingdom." 2. The "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus" on pages 112 to 170 of the Base Prospectus is amended as follows: (a) Element B.12 is amended by the deletion of the table entitled "Comparative Interim Financial Data In millions of EUR" in relation to BNPP immediately above the heading "Statements of no significant or material adverse change" and its replacement with the following: Comparative Interim Financial Data for the six-month period ended 30 June 2016 In millions of EUR 1H16 (unaudited) 1H15 (unaudited) Revenues 22,166 22,144 Cost of risk (1,548) (1,947) Net income, Group share 4,374 4,203 Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4) 30/06/ /12/ % 10.9% 30/06/2016 (unaudited) 31/12/2015 (audited) Total consolidated balance sheet 2,171,989 1,994,193 Consolidated loans and receivables due from customers 693, ,497 Consolidated items due to customers 725, ,309 Shareholders' equity (Group share) 97,509 96,269] 6

7 (b) In Element B.12, the first paragraph under the heading "Statements of no significant or material adverse change" is deleted and replaced with the following: "There has been no significant change in the financial or trading position of the BNPP Group since 30 June 2016 (being the end of the last financial period for which interim financial statements have been published)." (c) Element B.13 is deleted in its entirety and replaced with the following: B.13 Events impacting the Issuer's solvency [Not applicable, as at [ ] and 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 [insert in the case of BNPP B.V.: 31 December 2015]/[insert in the case of BNPP: 30 June 2016]. [Specify any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency.] (d) Element B.19/B.12 is amended by the deletion of the table entitled "Comparative Interim Financial Data In millions of EUR" in relation to BNPP immediately above the heading "Statements of no significant or material adverse change" and its replacement with the following: Comparative Interim Financial Data for the six-month period ended 30 June 2016 In millions of EUR 1H16 (unaudited) 1H15 (unaudited) Revenues 22,166 22,144 Cost of risk (1,548) (1,947) Net income, Group share 4,374 4,203 Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4) 30/06/ /12/ % 10.9% 30/06/2016 (unaudited) 31/12/2015 (audited) Total consolidated balance sheet 2,171,989 1,994,193 Consolidated loans and receivables due from customers 693, ,497 Consolidated items due to customers 725, ,309 Shareholders' equity (Group share) 97,509 96,269 (e) Element B.19/B.13 is deleted in its entirety and replaced with the following: 7

8 B.19/ B.13 Events impacting the Guarantor's solvency [As at [ ] and 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 30 June 2016].] [Specify any recent events which are to a material extent relevant to the evaluation of the Guarantor's solvency.] (f) Element C.5 is deleted in its entirety and replaced with the following: C.5 Restrictions on free transferability The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Spain, Sweden, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in which the relevant Securities are offered or sold. 8

9 AMENDMENTS TO THE PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS (IN FRENCH) AND THE PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THE BASE PROSPECTUS (IN FRENCH) 1. Le "Résumé du Programme en relation avec le Prospectus de Base" figurant aux pages 57 à 111 du Prospectus de Base est modifié comme suit: (a) L Elément B.12, est modifié par la suppression du tableau intitulé "Données Financières Intermédiaires Comparées En millions d EUR" sous le titre "En relation avec BNPP :" et immédiatement au-dessus du titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" et son remplacement par ce qui suit : Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En millions d EUR 1S16 (non audités) 1S15 (non audités) Produit Net Bancaire Coût du Risque (1.548) (1.947) Résultat Net, part du Groupe /06/ /12/2015 Ratio Common Equity Tier 1 (Bâle 3 pleinement appliqué, CRD4) 11,1% 10,9% 30/06/2016 (non audités) 31/12/2015 (audités) Total du bilan consolidé Total des prêts et créances sur la clientèle Total des dettes envers la clientèle Capitaux Propres (part du Groupe) (b) Dans l Elément B.12, la première phrase du paragraphe sous le titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" est supprimée et remplacée par ce qui suit : "Il ne s est produit aucun changement significatif dans la situation financière ou commerciale du Groupe BNPP depuis le 30 juin 2016 (date de clôture de la dernière période comptable pour laquelle des états financiers intermédiaires ont été publiés)." 9

10 (c) L Elément B.13 est entièrement supprimé et remplacé par ce qui suit : B.13 Evènements impactant solvabilité l Emetteur la de Sans objet, au 4 août 2016 et à la connaissance de l Emetteur, il ne s est produit aucun évènement récent qui présente un intérêt significatif pour l évaluation de la solvabilité de l Emetteur depuis le 31 décembre 2015 (s agissant de BNPP B.V.) et le 30 juin 2016 (s agissant de BNPP). (d) L Elément C.5 est supprimé dans son intégralité et remplacé par ce qui suit : C.5 Restrictions à la libre négociabilité Les Titres seront librement négociables, sous réserve des restrictions d offre et de vente en vigueur aux États-Unis, dans l Espace Economique Européen, en Belgique, en République Tchèque, au Danemark, en Finlande, en France, en Allemagne, en Hongrie, en Irlande, en Italie, au Luxembourg, en Norvège, en Pologne, en Espagne, en Suède, au Royaume-Uni, au Japon et en Australie, et conformément à la Directive Prospectus et aux lois de toutes juridictions dans lesquelles les Titres concernés sont offerts ou vendus. (e) Dans l Elément E.3, le premier paragraphe est supprimé et remplacé par ce qui suit : "Les titres émis en vertu de ce Prospectus de Base peuvent être offerts au public dans le cadre d une Offre Non-exemptée en Belgique, au Danemark, en Finlande, en France, en Allemagne, en Hongrie, en Irlande, en Italie, au Luxembourg, en Norvège, En Pologne, en Espagne, en Suède, en République Tchèque et au Royaume-Uni." 2. Le "Modèle de Résumé du Programme Spécifique à l Emission en relation avec le Prospectus de Base" figurant aux pages 171 à 239 du Prospectus de Base est modifié comme suit : (a) L Elément B.12, est modifié par la suppression du tableau intitulé "Données Financières Intermédiaires Comparées En millions d EUR" en relation avec BNPP et immédiatement audessus du titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" et son remplacement par ce qui suit : Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En millions d EUR 1S16 (non audités) 1S15 (non audités) Produit Net Bancaire Coût du Risque (1.548) (1.947) Résultat Net, part du Groupe /06/ /12/2015 Ratio Common Equity Tier 1 (Bâle 3 pleinement appliqué, CRD4) 11,1% 10,9% 10

11 30/06/2016 (non audités) 31/12/2015 (audités) Total du bilan consolidé Total des prêts et créances sur la clientèle Total des dettes envers la clientèle Capitaux Propres (part du Groupe) ] (b) Dans l Elément B.12, le premier paragraphe sous le titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" est supprimé et remplacé par ce qui suit : "Il ne s est produit aucun changement significatif dans la situation financière ou commerciale du Groupe BNPP depuis le 30 juin 2016 (date de clôture de la dernière période comptable pour laquelle des états financiers intermédiaires ont été publiés)." (c) L Elément B.13 est entièrement supprimé et remplacé par ce qui suit : B.13 Evènements impactant solvabilité l Emetteur la de Sans objet, au [ ] et à la connaissance de l Emetteur, il ne s est produit aucun évènement récent qui présente un intérêt significatif pour l évaluation de la solvabilité de l Emetteur depuis le [A insérer si BNPP B.V. est l Emetteur : 31 décembre 2015]/[A insérer si BNPP est l Emetteur : 30 juin 2016]. [Préciser tout événement récent présentant un intérêt significatif pour l évaluation de la solvabilité de l Emetteur.] (d) L Elément B.19/B.12, est modifié par la suppression du tableau intitulé "Données Financières Intermédiaires Comparées En millions d EUR" en relation avec BNPP et immédiatement audessus du titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" et son remplacement par ce qui suit : Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En millions d EUR 1S16 (non audités) 1S15 (non audités) Produit Net Bancaire Coût du Risque (1.548) (1.947) Résultat Net, part du Groupe /06/ /12/2015 Ratio Common Equity Tier 1 (Bâle 3 11,1% 10,9% 11

12 pleinement appliqué, CRD4) 30/06/2016 (non audités) 31/12/2015 (audités) Total du bilan consolidé Total des prêts et créances sur la clientèle Total des dettes envers la clientèle Capitaux Propres (part du Groupe) (e) Dans l Elément B.19/B.12, le paragraphe sous le sous-titre "[A insérer quand BNPP est le Garant :" sous le titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" est supprimé et remplacé par ce qui suit : "Il ne s est produit aucun changement défavorable significatif dans les perspectives de BNPP depuis le 31 décembre 2015 (date de clôture de la dernière période comptable pour laquelle des états financiers audités ont été publiés).]" (f) L Elément B.19/B.13 est entièrement supprimé et remplacé par ce qui suit : B.13 Evènements impactant solvabilité Garant la du [Au [ ] et à la connaissance du Garant, il ne s est produit aucun évènement récent qui présente un intérêt significatif pour l évaluation de la solvabilité du Garant depuis le 30 juin 2016.] [Préciser tout événement récent présentant un intérêt significatif pour l évaluation de la solvabilité du Garant.] (g) L Elément C.5 est supprimé dans son intégralité et remplacé par ce qui suit : C.5 Restrictions à la libre négociabilité Les Titres seront librement négociables, sous réserve des restrictions d offre et de vente en vigueur aux États-Unis, dans l Espace Economique Européen, en Belgique, en République Tchèque, au Danemark, en Finlande, en France, en Allemagne, en Hongrie, en Irlande, en Italie, au Luxembourg, en Norvège, en Pologne, en Espagne, en Suède, au Royaume-Uni, au Japon et en Australie, et conformément à la Directive Prospectus et aux lois de toutes juridictions dans lesquelles les Titres concernés sont offerts ou vendus. 12

13 DOCUMENTS INCORPORATED BY REFERENCE On 1 August 2016, BNPP filed with the AMF the Actualisation du Document de référence 2015 et rapport financier semestriel déposée auprès de l'amf le 1 er août 2016 including (i) the half year management report of BNPP and (ii) the unaudited financial information of BNPP as at and for the six-month period ended 30 June 2016 and the review report thereon. A free English translation of Actualisation du Document de référence 2015 et rapport financier semestriel déposée auprès de l'amf le 1 er août 2016 has been filed with the AMF on 1 August 2016 for the purposes of the Prospectus Directive and, by virtue of this First Supplement and other than the sections entitled "Persons Responsible for the Update to the Registration Document" and the "Table of Concordance", is incorporated in, and forms part of, the Base Prospectus. The section "DOCUMENTS INCORPORATED BY REFERENCE" in the Base Prospectus is updated as follows: (a) (b) (c) the word "and" at the end of paragraph (f) is deleted; the "," at the end of paragraph (g) is deleted and replaced with "; and"; the following new paragraph (h) is added under paragraph (g): "(h) the BNPP Actualisation du Document de référence 2015 et rapport financier semestriel déposée auprès de l'amf le 1 er août 2016 (in English) (other than the sections entitled "Persons Responsible for the Update to the Registration Document" and the "Table of Concordance") with filing number D A02 (the "Second Update to the BNPP 2015 Registration Document")," (d) the following new table is inserted immediately following the table entitled "First Update to the BNPP 2015 Registration Document" and above the heading "BNP PARIBAS ARBITRAGE ISSUANCE B.V.": Second Update to the BNPP 2015 Registration Document Half year management report Group presentation Pages 3 to 67 of the Second Update to the BNPP 2015 Registration Document Page 3 of the Second Update to the BNPP 2015 Registration Document 2016 first half results Pages 4 to 65 of the Second Update to the BNPP 2015 Registration Document Long term and short term credit ratings Related parties Risk factors Page 67 of the Second Update to the BNPP 2015 Registration Document Page 67 of the Second Update to the BNPP 2015 Registration Document Pages 67 and 154 of the Second Update to the BNPP 2015 Registration Document 13

14 Recent events Financial information as at 30 June 2016 Consolidated financial report as at 30 June 2016 Profit and loss account for the first half of 2016 Statement of net income and changes in assets and liabilities recognised directly in equity Balance sheet at 30 June 2016 Cash flow statement for the first half of 2016 Statement of changes in shareholders' equity between 1 January 2015 and 30 June 2016 Notes to the financial statements (prepared in accordance with IFRS as adopted by the European Union) Statutory auditors' review report on the 2016 interim financial information Additional information Ownership structure at 30 June 2016 Changes in BNP Paribas' capital Significant changes Trends Pages 4 to 13 of the Second Update to the BNPP 2015 Registration Document Pages 69 to 153 of the Second Update to the BNPP 2015 Registration Document Pages 69 to 151 of the Second Update to the BNPP 2015 Registration Document Page 70 of the Second Update to the BNPP 2015 Registration Document Page 71 of the Second Update to the BNPP 2015 Registration Document Page 72 of the Second Update to the BNPP 2015 Registration Document Page 73 of the Second Update to the BNPP 2015 Registration Document Pages 74 to 75 of the Second Update to the BNPP 2015 Registration Document Pages 76 to 151 of the Second Update to the BNPP 2015 Registration Document Pages 152 to 153 of the Second Update to the BNPP 2015 Registration Document Pages 164 to 175 of the Second Update to the BNPP 2015 Registration Document Page 164 of the Second Update to the BNPP 2015 Registration Document Pages 165 to 166 of the Second Update to the BNPP 2015 Registration Document Page 175 of the Second Update to the BNPP 2015 Registration Document Page 175 of the Second Update to the BNPP 2015 Registration Document (e) the penultimate sentence in the penultimate paragraph is deleted and replaced with the following: "Each of the documents incorporated by reference in (d) to (h) above will only be made available by the relevant Issuer or the Guarantor (if applicable) to which such document relates." 14

15 AMENDMENTS TO THE TERMS AND CONDITIONS OF THE SECURITIES In relation to the amendments to the third paragraph of Condition 3 (Status of the Securities and Guarantee) in the Terms and Conditions of the Securities set out in this section: (i) text which, by virtue of this First Supplement, is deleted therefrom is shown with a line drawn through the middle of the deleted text, and (ii) text which, by virtue of this First Supplement is added thereto is shown underlined. The third paragraph of Condition 3 (Status of the Securities and Guarantee) in the Terms and Conditions of the Securities on pages 464 to 565 of the Base Prospectus is amended as follows: 15

16 AMENDMENTS TO THE FORM OF FINAL TERMS FOR CERTIFICATES In relation to the amendments to paragraph 49(m) of Part A Contractual Terms in the Form of Final Terms for Certificates set out in this section text which, by virtue of this First Supplement, is added thereto is shown underlined. Paragraph 49(m) of Part A Contractual Terms of the Form of Final Terms for Certificates, as set out on pages 372 to 463 of the Base Prospectus is amended as follows: "(m) Related Agreement[s]: [Applicable/Not applicable] [Delete remaining sub-paragraphs if not applicable] (i) Swap Agreement: [Applicable/Not applicable][delete remaining sub-paragraphs if not applicable] Swap Counterparty: Credit Support Document: Swap Agreement Termination Payment: [BNP Paribas] /[specify] [As set out in Collateral Security Condition 1]/[specify]/ [Not applicable] [Recovery Access: [Applicable][Not applicable[: Extinguisher of All Swap Flows is applicable]]] (ii) Repurchase Agreement: [Applicable/Not applicable] Repo Counterparty: Repo Collateral Securities [BNP Paribas] / [Not applicable]/[specify] [Specify] (iii) Collateral Exchange Agreement: [Applicable/Not applicable] Collateral Exchange Counterparty: Replacement Collateral Assets: Over Collateralisation Level: [BNP Paribas ]/[Specify] [Specify] [Specify]" 16

17 AMENDMENTS TO ANNEX 13 ADDITIONAL TERMS AND CONDITIONS FOR SECURED SECURITIES In relation to the amendments to Annex 13 Additional Terms and Conditions for Secured Securities set out in this section: (i) text which, by virtue of this First Supplement, is deleted therefrom is shown with a line drawn through the middle of the deleted text, and (ii) text which, by virtue of this First Supplement is added thereto is shown underlined. Annex 13 Additional Terms and Conditions for Secured Securities on pages 833 to 986 of the Base Prospectus is amended as follows: (a) (b) each reference in Part D of Annex 13 to "Part A-1 of Annex 12 (Additional Terms for Credit Securities)" shall be deleted and replaced with a reference to "Part A of Annex 12 (Additional Terms for Credit Securities)"; the definition of Early Redemption Costs in Collateral Security Condition 1 shall be amended as follows: (c) the definition of Early Redemption Event in Collateral Security Condition 1 shall be amended as follows: "Early Redemption Event" means the occurrence of one or more of the following events as specified as applicable in the applicable Final Terms in respect of the relevant Secured Securities: (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) Annex Early Redemption Event; Asset Payment Default Event; Asset Default Event; Asset Redemption Event; Asset Payment Shortfall Event; CDS Credit Event; MTM Trigger Redemption Event; RCA Change in Law Event; RCA Regulatory Event; RCA Repudiation/Moratorium Event; 17

18 (k) (l) (m) (n) (o) (p) (q) (r) (s) (t) RCA Restructuring Event; RCA Tax Event; RCA Issuer Bankruptcy Event; RCA Issuer/Parent Bankruptcy Event; RCA Issuer/Parent Payment Default Event; RCA Issuer/Parent Restructuring Event; RCA Issuer/Parent Governmental Intervention Event; RCA Issuer/Parent Obligation Acceleration Event; RCA Issuer/Parent Repudiation/Moratorium Event; and Related Agreement Termination Event, (d) the definition of Swap Agreement Termination Payment in Collateral Security Condition 1 shall be amended as follows: 18

19 AMENDMENTS TO THE TAXATION SECTION In relation to the amendments to the first paragraph under the heading "Taxation" in the Taxation section set out in this section, text which, by the virtue of this First Supplement, is added thereto is shown underlined. The Taxation section on pages 1140 to 1177 of the Base Prospectus is amended as follows: 1. The first paragraph under the heading "Taxation" section on page 1140 of the Base Prospectus is amended as follows: 2. The the following new sub-section is inserted, immediately preceding the sub-section on page 1159 of the Base Prospectus entitled "Irish Taxation": "HUNGARIAN TAXATION The following is a general discussion of certain Hungarian tax consequences relating to the acquisition and ownership of Securities. It does not purport to be a comprehensive description of all tax considerations which may be relevant to a decision to purchase Securities, and, in particular, does not consider any specific facts or circumstances that may apply to a particular purchaser. It is based on laws currently in force in Hungary and applicable on the date of this Base Prospectus, but subject to change, possibly with retrospective effect. The acquisition of the Securities by non-hungarian holders of Securities, or the payment of interest under the Securities may trigger additional tax payments in the country of residence of the holder of Securities, which is not covered by this summary, but where the provisions of the treaties on the avoidance of double taxation should be taken into consideration. Prospective purchasers of Securities are advised to consult their own tax advisers as to the tax consequences of the purchase, ownership and disposition of Securities, including the effect of any state or local taxes, under the tax laws of Hungary and each country of which they are residents. Withholding tax (foreign resident individual holders of Securities) The payments of interest on and yield realised upon the redemption or sale of publicly offered and traded Securities ("Interest Income") is taxed at 15 per cent. Securities listed on a regulated market of an EEA member state are considered publicly offered and traded Securities. The proceeds paid on privately placed Securities which are not listed on a regulated market of an EEA member state is considered as other income ("Other Income") which is taxable as part of the individual's aggregated income (the tax payable is 15 per cent.). The capital gains realised on the sale of such Securities is considered, as a general rule, capital gains income ("Capital Gains Income"). The tax rate applicable to Capital Gains Income is 15 per cent. 19

20 Foreign resident individual holders of Securities are subject to tax in Hungary if they realise Interest Income from Hungarian sources or income that is otherwise taxable in Hungary if the international treaty or reciprocity so requires. Interest Income should be treated as having a Hungarian source where: (a) (b) (c) the Issuer is resident in Hungary for tax purposes; the Issuer has a permanent establishment in Hungary and Interest Income realised on the basis of the Securities is paid by the Hungarian permanent establishment of the Issuer; the foreign resident individual holder of Securities has a permanent establishment in Hungary to which the Interest Income is attributable. The tax on payments of the Interest Income is to be withheld by the "Payor" (kifizető) (as defined below). Pursuant to Act XCII of 2003 on the Rules of Taxation ("ART") a "Payor" means a Hungarian resident legal person, organisation, or private entrepreneur who provides taxable income, irrespective of whether such payment is made directly or through an intermediary (post office, credit institution). In respect of interest, "Payor" shall mean the borrower of a loan or, the issuer of a note, including, the investment service provider or credit institution providing the interest instead of it. In respect of revenues originating from a transaction concluded with the involvement of a licensed stockbroker, "Payor" shall mean such stockbroker. The Hungarian permanent establishment of a foreign resident entity is also considered as a "Payor". Interest, as defined by Schedule 7 of the ART (which implements the provisions of the Savings Directive), realised on the Securities by citizens of any other Member State of the European Union is not subject to Hungarian tax where a paying agent based in Hungary is obliged to provide data to the Hungarian state tax authority on the basis of Schedule 7 of the ART. A foreign resident individual holder who does not have a permanent establishment in Hungary is not subject to tax in Hungary if he realises Capital Gains Income from Hungary since such income is not considered as Hungarian source income. Please note that the provisions of the applicable double tax convention, if any, should be considered when assessing the Hungarian tax liabilities of a foreign resident individual holder. Withholding tax (foreign resident corporate holders of Securities) Interest on Securities paid to foreign resident corporate holders of Securities who do not have a permanent establishment in Hungary, by resident legal entities or other persons and any capital gains realised by such foreign resident holders of Securities on the sale of the Securities is not subject to tax in Hungary. The tax liability of a foreign resident corporate holder of Securities, which has a permanent establishment in Hungary is limited, in general, to the income from business activities realised through its Hungarian permanent establishment. Taxation of Hungarian resident individual holders of Securities Act CXVII of 1995 on Personal Income Tax (the "Personal Income Tax Act") applies to the tax liability of Hungarian and foreign private individuals. The tax liability of Hungarian resident private individuals covers the worldwide income of such persons. According to the provisions of the Personal Income Tax Act, in the case of individual holders of Securities, Interest Income is the income paid as interest and the capital gains realised upon the redemption or the sale of publicly offered and publicly traded debt securities. The withholding tax on Interest Income is 15 per cent. Securities listed on a regulated market of an EEA member state are considered publicly offered and traded Securities. 20

21 The proceeds paid on privately placed Securities which are not listed on a regulated market of an EEA member state is considered as Other Income which is taxable as part of the individual's aggregated income (the tax payable is 15 per cent.). The capital gains realised on the sale or redemption of such Securities is considered, as a general rule, Capital Gains Income. The tax rate applicable to Capital Gains Income is 15 per cent. Pursuant to Act LXVI of 1998 on Healthcare Contributions (the "Healthcare Contributions Act"), Interest Income and Capital Gains Income realised by Hungarian resident individuals subject to further conditions is generally subject to 6 per cent. and 14 per cent. healthcare contributions respectively. The rules of the Personal Income Tax Act may in certain circumstances impose a requirement upon the "Payor" (kifizető) (as defined below) to withhold tax on the interest payments to individual holders of Securities. In certain circumstances, the Healthcare Contributions Act also imposes a requirement upon the "Payor" to withhold healthcare contributions on the interest payments to individual holders of Securities. Pursuant to the ART the definition of a "Payor" covers a Hungarian resident legal person, other organisation, or private entrepreneur that (who) provides taxable income, irrespective of whether such payment is made directly or through an intermediary (post office, credit institution). In respect of interest, "Payor" shall mean the borrower of a loan or the issuer of a note including, the investment service provider or credit institution providing the interest instead of it. In respect of revenues originating from a transaction concluded with the involvement of a licensed stockbroker, "Payor" shall mean such stockbroker. In respect of income that is earned in a foreign country and taxable in Hungary, "Payor" shall mean the "paying agent" (megbízott) (legal person, organisation, or private entrepreneur) having tax residency in Hungary, except in cases where the role of a financial institution is limited to performing the bank transfer or payment. Taxation of Hungarian resident corporate holders of Securities Under Act LXXXI of 1996 on Corporate Tax and Dividend Tax (the "Corporation Tax Act"), Hungarian resident taxpayers have a full, all-inclusive tax liability. In general, resident entities are those established under the laws of Hungary (i.e. having a Hungarian registered seat). Foreign persons having their place of management in Hungary are also considered as Hungarian resident taxpayers. In general, interest and capital gains realised by Hungarian resident corporate holders of Securities on the Securities will be taxable in the same way as the regular income of the holders of Securities. The corporation tax rate in Hungary is 10 per cent. up to the first HUF 500 million of the taxpayer's annual before tax income and 19 per cent. for the part exceeding the HUF 500 million threshold." 21

22 AMENDMENTS TO THE OFFERING AND SALE SECTION In relation to the amendments to the first paragraph under the sub-section "European Economic Area" in the "Offering and Sale" section set out in this section, text which, by virtue of this First Supplement, is added thereto is shown underlined. The Offering and Sale section on pages 1202 to 1215 of the Base Prospectus is amended as follows: (a) the first paragraph under the sub-section "European Economic Area" on page 1204 is amended as follows: (b) the following new sub-section is inserted immediately following the sub-section on page 1207 of the Base Prospectus entitled "Hong Kong": "Hungary In addition to the rules applicable to the European Economic Area as described above, in connection with any private placement in Hungary, (i) all investors are required to receive the same information which is material or necessary to the evaluation of the relevant Issuer's current market, economic, financial and legal situation and its expected development, including that which was discussed in any personal consultation with an investor, and (ii) the following standard wording is required to be included in all written communication in relation to the private placement: "PURSUANT TO SECTION 18 OF ACT CXX OF 2001 ON THE CAPITAL MARKETS, THIS [NAME OF DOCUMENT] WAS PREPARED IN CONNECTION WITH A PRIVATE PLACEMENT IN HUNGARY."." Please 22

23 AMENDMENTS TO THE GENERAL INFORMATION SECTION The General Information section on pages 1216 to 1223 of the Base Prospectus is amended as follows: (a) the paragraphs under the heading "4. Documents Available" on pages 1216 and 1217 of the Base Prospectus are amended as follows: (i) (ii) (iii) the word "and" at the end of sub-paragraph (xi) is deleted; the "." at the end of sub-paragraph (xii) is deleted and replaced with "; and"; the following new sub-paragraph (xiii) is added under sub-paragraph (xii): "(xiii) the Second Update to the BNPP 2015 Registration Document."; and (iv) the sentence beginning "In the case of (iii), (v), (x), (xi) and (xii)" in the penultimate subparagraph is amended by the deletion of "and (xii)" and the insertion of ", (xii) and (xiii)" in its place; (b) the first paragraph under the heading "6. Legal and Arbitration Proceedings" on page 1217 of the Base Prospectus is deleted and replaced with the following: "Save as disclosed on pages 158, 211, 212 and 411 of the BNPP 2015 Registration Document, page 87 of the First Update to the BNPP 2015 Registration Document and pages 140 to 141 of the Second Update to the BNPP 2015 Registration Document, there have been no governmental, legal or arbitration proceedings (including any such proceedings which are pending or threatened of which BNPP is aware), during the period covering at least the twelve (12) months prior to the date of this Base Prospectus which may have, or have had in the recent past, significant effects on BNPP and/or the Group's financial position or profitability."; (c) the first paragraph under the heading "7. Significant Change" on page 1217 of the Base Prospectus is deleted and replaced with the following: "There has been no significant change in the financial or trading position of BNPP or the Group since 30 June 2016 (being the end of the last financial period for which interim financial statements have been published)."; and (d) the table under the heading "18. Capitalization of BNPP and the BNP Paribas Group" on pages 1222 and 1223 of the Base Prospectus is deleted and replaced with the following: TABLE OF CAPITALIZATION AND MEDIUM-TO-LONG TERM INDEBTEDNESS Millions of Euros BNP PARIBAS GROUP BNP PARIBAS GROUP Medium-and Long Term Debt of which unexpired term to maturity is more than one year December 31, 2015 (audited) June 30, 2016 (unaudited) Debt securities at fair value through profit or lost 34,889 34,090 Other debt securities 65,756 61,725 Subordinated debt 12,070 14,956 23

24 Total Medium and Long-Term Debt , ,771 Shareholders' Equity and Equivalents Issued Capital... 2,493 2,493 Additional paid-in capital... 24,404 24,510 Preferred shares and equivalent instruments.. 7,855 7,969 Retained earnings... 51,906 53,563 Unrealised or deferred gains and losses attributable to shareholders 6,736 7,043 Undated participating subordinated notes Undated Subordinated FRNs... 1,811 1,808 Total Shareholders' Equity and Equivalents 95,427 97,608 Minority Interest... 3,719 3,876 Total Capitalization and Medium-to-Long Term Indebtedness 211, ,255 (e) a new paragraph "19. Events impacting the solvency of BNPP" is added immediately below the table under the heading "18. Capitalization of BNPP and the BNP Paribas Group" on pages 1222 and 1223 of the Base Prospectus as follows: "19. Events impacting the solvency of BNPP To the best of BNPP's knowledge, there have not been any recent events which are to a material extent relevant to the evaluation of BNPP's solvency since 30 June 2016." 24

25 COMMON CONDITIONS TO CONSENT In relation to the amendments to the sub-section "Common Conditions to Consent" set out in this section, text which, by virtue of this First Supplement, is added thereto is shown underlined. The last paragraph under the sub-section "Common Conditions to Consent" on pages 1230 and 1231 of the Base Prospectus is amended as follows: 25

26 RESPONSIBILITY STATEMENT I hereby certify on behalf of BNPP and BNPP B.V. having taken all reasonable care to ensure that such is the case that, to the best of my knowledge, the information contained in this First Supplement is in accordance with the facts and contains no omission likely to affect its import. The consolidated financial statements as of and for the year ended 31 December 2014 of BNPP were audited by statutory auditors who issued an audit report which is incorporated by reference in the Base Prospectus. This report contains an emphasis of matter paragraph (paragraphe d'observations) which can be found on page 241 of the BNPP 2014 Registration Document referring to note 3.g to the consolidated financial statements which outlines the costs related to the comprehensive settlement with US authorities. The consolidated financial statements as of and for the year ended 31 December 2015 of BNPP were audited by statutory auditors who issued an audit report which is incorporated by reference in the Base Prospectus. This report contains an emphasis of matter paragraph which can be found on page 231 of the BNPP 2015 Registration Document. BNP Paribas 16 boulevard des Italiens Paris France Represented by Alain Papiasse in his capacity as Deputy Chief Operating Officer Dated 4 August

27 In accordance with Articles L and L of the French Code monétaire et financier and with the General Regulations (Règlement général) of the French Autorité des marchés financiers ("AMF"), in particular Articles to 216-1, the AMF has granted to this First Supplement the visa n 16-[ ] on 4 August This First Supplement has been prepared by BNPP and BNPP B.V. and BNPP's signatories assume responsibility for it on behalf of BNPP and BNPP B.V.. This First Supplement and the Base Prospectus may only be used for the purposes of a financial transaction if completed by Final Terms. In accordance with Article L I of the French Code monétaire et financier, the visa has been granted following an examination by the AMF of "whether the document is complete and comprehensible, and whether the information in it is coherent". It does not imply that the AMF has verified the accounting and financial data set out in it. This visa has been granted subject to the publication of Final Terms in accordance with Article of the AMF's General Regulations, setting out the terms of the securities being issued. 27

28 Second Supplement dated 12 October 2016 to the Base Prospectus for the issue of Certificates dated 9 June 2016 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas (incorporated in France) (as Issuer and Guarantor) Note, Warrant and Certificate Programme This second supplement (the "Second Supplement") is supplemental to, and should be read in conjunction with, the base prospectus dated 9 June 2016 (the "Base Prospectus") and the first supplement to the Base Prospectus dated 4 August 2016 (the "First Supplement"), in each case in respect of Certificates issued under the Note, Warrant and Certificate Programme (the "Programme") of BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V."), BNP Paribas ("BNPP") and BNP Paribas Fortis Funding. The Base Prospectus and the First Supplement together constitute a base prospectus for the purposes of Article 5.4 of the Prospectus Directive. The "Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU) and includes any relevant implementing measure in a relevant Member State of the European Economic Area. The Autorité des marchés financiers (the "AMF") granted visa no on 9 June 2016 in respect of the Base Prospectus and visa no on 4 August 2016 in respect of the First Supplement. Application has been made to the AMF for approval of this Second Supplement in its capacity as competent authority pursuant to Article of its Règlement Général which implements the Prospectus Directive in France. BNPP (in respect of itself and BNPP B.V.) and BNPP B.V. (in respect of itself) accept responsibility for the information contained in this Second Supplement. To the best of the knowledge of BNPP and BNPP B.V. (who have taken all reasonable care to ensure that such is the case), the information contained herein is, subject as provided in the preceding sentence, in accordance with the facts and does not omit anything likely to affect the import of such information. Unless the context otherwise requires, terms defined in the Base Prospectus shall have the same meanings when used in this Second Supplement. To the extent that there is any inconsistency between (i) any statement in this Second Supplement and (ii) any statement in, or incorporated by reference in, the Base Prospectus, as amended by the First Supplement, the statement referred to in (i) above will prevail. References in this Second Supplement to paragraphs of the Base Prospectus are to the Base Prospectus as amended by the First Supplement. References in this Second Supplement to page numbers in the Base Prospectus are to the page numbers in the Base Prospectus without taking into account any amendments made in the First Supplement. 1

29 Copies of this Second Supplement may be obtained free of charge at the specified offices of BNP Paribas Securities Services, Luxembourg Branch and BNP Paribas Arbitrage S.N.C. and will be available on the website of BNP Paribas ( and on the website of the AMF ( This Second Supplement has been prepared in accordance with Article 16.1 of the Prospectus Directive and pursuant to Article of the AMF s Règlement Général, for the purposes of giving information which amends or is additional to the information already contained in the Base Prospectus. This Second Supplement has been prepared for the purposes of: (A) (B) (C) (D) (E) (F) (G) (H) (I) (J) amending the cover pages; incorporating by reference BNPP B.V. s interim financial statements for the six-month period ended 30 June 2016; amending the "Programme Summary in relation to this Base Prospectus" and the "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus"; amending the "Programme Summary in relation to this Base Prospectus (in French)" and the "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus (in French)"; amending the "Description of BNPP Indices"; amending the "Description of BNPP B.V."; amending the "Taxation" section; amending the "Offering and Sale" section; amending the "General Information" section; and amending the "Common Conditions to Consent." The amendments referred to in (A), (C), (D), (G), (H) and (J) have been made to introduce disclosure in respect of Romania. The incorporation by reference referred to in (B) above has been made to update the BNPP B.V. disclosure. The amendments referred to in (C), (D), (F) and (I) above have been made to reflect the updated disclosure in respect of BNPP B.V. referred to in (B) above. The amendments referred to in (E) above have been made to correct (i) the name of one BNPP Thematic Mutual Fund Index, (ii) the disclosure of the Max Exposure in respect of four BNPP Thematic Mutual Fund Indices and (ii) the Bloomberg Code and Cinergy Code in respect of one BNPP Thematic Mutual Fund Index. The amendments referred to in (J) above have been made to correct a typographical error in the list of passported jurisdictions. In accordance with Article 16.2 of the Prospectus Directive, in the case of an offer of Securities to the public, investors who, before this Second Supplement is published, have already agreed to purchase or subscribe for Securities issued under the Programme which are affected by the amendments made in this Second Supplement, have the right, exercisable before the end of the period of two working days beginning with the working day after the date of publication of this Second Supplement to withdraw their acceptances. This right to withdraw shall expire by close of business on 17 October

30 TABLE OF CONTENTS Page Amendments to the Cover Pages... 4 Amendments to the Programme Summary in relation to this Base Prospectus and the Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus... 5 Amendments to the Programme Summary in relation to this Base Prospectus (in French) and the Pro Forma Issue Specific Summary of the Programme in relation to the Base Prospectus (in French)... 8 Documents Incorporated by Reference Amendments to the Description of BNPP Indices Amendment to the Description of BNPP B.V Amendments to the Taxation Section Amendments to the Offering and Sale Section Amendments to the General Information Section Amendments to Common Conditions to Consent Responsibility Statement

31 AMENDMENTS TO THE COVER PAGES In relation to the amendments to the cover pages set out in this section, text which, by virtue of this Second Supplement is added thereto is shown underlined. The fourth paragraph on page 4 of the Base Prospectus is amended as follows: 4

32 AMENDMENTS TO THE PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS AND THE PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS 1. The "Programme Summary in relation to this Base Prospectus" on pages 10 to 56 of the Base Prospectus is amended as follows: (a) In Element B.4b, the penultimate sentence in the paragraph under the sub-heading "In respect of BNPP B.V." is deleted in its entirety and replaced with the following: "The securities are hedged by acquiring hedging instruments and/or collateral from BNP Paribas and BNP Paribas entities as described in Element D.2 below." (b) (c) In Element B.5, the number "75" in relation to the number of countries BNPP is present in is deleted and replaced with the number "74"; In Element B.12, the following new table in relation to BNPP B.V. is inserted immediately above the heading "In relation to BNPP:" and immediately below the table in relation to BNPP B.V. entitled "Comparative Interim Financial Data in EUR": Comparative Interim Financial Data for the six-month period ended 30 June 2016 In EUR 30/06/2016 (unaudited) 30/06/2015 (unaudited) Revenues 183, ,063 Net Income, Group Share 12,506 10,233 30/06/2016 (unaudited) 31/12/2015 (audited) Total balance sheet 49,514,864,240 43,042,575,328 Shareholders equity (Group share) 477, ,992 (d) In Element B.12, the final paragraph is deleted in its entirety and replaced with the following: "There has been no significant change in the financial or trading position of BNPP B.V. since 30 June 2016 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December 2015."; (e) Element B.13 is deleted in its entirety and replaced with the following: B.13 Events impacting the Issuer's solvency Not applicable, as at 12 October 2016 (in the case of BNPP B.V.) and 4 August 2016 (in the case of BNPP) and to the best of the relevant Issuer's knowledge, there have not been any recent events which are to a material extent relevant to the evaluation of the relevant Issuer's solvency since 30 June

33 (f) In Element B.14, the final sentence in the sixth paragraph is deleted in its entirety and replaced with the following: "The securities are hedged by acquiring hedging instruments and/or collateral from BNP Paribas and BNP Paribas entities as described in Element D.2 below." (g) In Element B.21, the second sentence in the first paragraph is deleted in its entirety and replaced with the following: "The issuances are backed by matching derivative contracts and/or collateral contracts with, BNP Paribas Arbitrage S.N.C. or BNPP ensuring a match of BNPP B.V.'s assets and liabilities." (h) Element C.5 is deleted in its entirety and replaced with the following: C.5 Restrictions on free transferability The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Romania, Spain, Sweden, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in which the relevant Securities are offered or sold. (i) In Element E.3, the first sentence is deleted and replaced with the following: "Under this Base Prospectus, the Securities may be offered to the public in a Non-Exempt Offer in Belgium, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Romania, Spain, Sweden, The Czech Republic and The United Kingdom." 2. The "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus" on pages 112 to 170 of the Base Prospectus is amended as follows: (a) In Element B.4b, the penultimate sentence in the paragraph under the sub-heading "[Insert where BNPP B.V. is the Issuer:" is deleted in its entirety and replaced with the following: "The securities are hedged by acquiring hedging instruments and/or collateral from BNP Paribas and BNP Paribas entities as described in Element D.2 below." (b) (c) (d) In Element B.5, the number "75" in relation to the number of countries BNPP is present in is deleted and replaced with the number "74"; In Element B.12, the "]" following the text "445,206" in the table entitled "Comparative Annual Financial Data In EUR" under the heading "[Insert where BNPP B.V. is the Issuer:" is deleted; In Element B.12, the following table in relation to BNPP B.V. is inserted immediately above the heading "[Insert where BNPP is the Issuer: " and immediately below the table in relation to BNPP B.V. entitled "Comparative Annual Financial Data In EUR": Comparative Interim Financial Data for the six-month period ended 30 June 2016 In EUR 30/06/2016 (unaudited) 30/06/2015 (unaudited) Revenues 183, ,063 6

34 Net Income, Group Share 12,506 10,233 30/06/2016 (unaudited) 31/12/2015 (audited) Total balance sheet 49,514,864,240 43,042,575,328 Shareholders (Group Share) equity 477, ,992] (e) In Element B.12, the final paragraph under the heading "Statements of no significant or material adverse change" is deleted and replaced with the following: "[Insert where BNPP B.V. is the Issuer: There has been no significant change in the financial or trading position of BNPP B.V. since 30 June 2016 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December 2015.]"; (f) Element B.13 is deleted in its entirety and replaced with the following: B.13 Events impacting the Issuer's solvency [Not applicable, as at [insert in the case of BNPP B.V.: 12 October 2016]/[insert in the case of BNPP: 4 August 2016] and 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 30 June 2016.] [Specify any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency.] (g) In Element B.14, the penultimate sentence in the paragraph under the sub-heading "[Insert where BNPP B.V. is the Issuer:" is deleted in its entirety and replaced with the following: "The securities are hedged by acquiring hedging instruments and/or collateral from BNP Paribas and BNP Paribas entities as described in Element D.2 below." (h) (i) In Element B.19/B.5, the number "75" in relation to the number of countries BNPP is present in is deleted and replaced with the number "74". In Element B.21, the second sentence in the paragraph in the first paragraph is deleted in its entirety and replaced with the following: "The issuances are backed by matching derivative contracts and/or collateral contracts with, BNP Paribas Arbitrage S.N.C. or BNPP ensuring a match of BNPP B.V.'s assets and liabilities." (j) Element C5 is deleted in its entirety and replaced with the following: C.5 Restrictions on free transferability The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Norway, Poland, Romania, Spain, Sweden, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in which the relevant Securities are offered or sold. 7

35 AMENDMENTS TO THE PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS (IN FRENCH) AND THE PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THE BASE PROSPECTUS (IN FRENCH) 1. Le "Résumé du Programme en relation avec le Prospectus de Base" figurant aux pages 57 à 111 du Prospectus de Base est modifié comme suit: (a) Dans l Elément B.4b, l avant-dernière phrase dans le paragraphe sous le sous-titre "Concernant BNPP B.V. :" est supprimée dans son intégralité et remplacée par la suivante : "Les titres sont couverts par l acquisition d instruments de couverture et/ou de sûretés auprès de BNP Paribas et d entités de BNP Paribas tels que décrits dans l Elément D.2 ci-dessous." (b) (c) Dans l Elément B.5, le chiffre "75" relatif au nombre de pays dans lesquels BNPP est présent est supprimé et remplacé par le chiffre "74"; Dans l Elément B.12, le nouveau tableau ci-dessous relatif à BNPP B.V. est inséré immédiatement au-dessus du titre "En relation avec BNPP :" et immédiatement en-dessous du tableau relatif à BNPP B.V. intitulé "Données Financières Annuelles Comparées - En EUR" : Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En EUR 30/06/2016 (non-auditées) 30/06/2015 (non-auditées) Produit Net Bancaire Résultat Net, part du Groupe /06/2016 (non-auditées) 31/12/2015 (auditées) Total du bilan Capitaux Propres (part du Groupe) (d) Dans l Elément B.12, le dernier paragraphe est supprimé dans son intégralité et remplacé par ce qui suit : "Il ne s est produit aucun changement significatif dans la situation financière ou commerciale de BNPP B.V. depuis le 30 juin 2016 et il ne s est produit aucun changement défavorable significatif dans les perspectives de BNPP B.V depuis le 31 décembre 2015." (e) L Elément B.13 est supprimé dans son intégralité et remplacé par ce qui suit : B.13 Evénements impactant la solvabilité de l Emetteur Sans objet, au 12 octobre 2016 (s agissant de BNPP B.V.) et au 4 août 2016 (s agissant de BNPP) et à la connaissance de l Emetteur concerné, il ne s est produit aucun événement récent qui présente un intérêt significatif pour l évaluation de la solvabilité de l Emetteur concerné depuis le 30 juin

36 (f) Dans l Elément B.14, la dernière phrase du sixième paragraphe est supprimée dans son intégralité et remplacée par la suivante : "Les titres sont couverts par l acquisition d instruments de couverture et/ou de sûretés auprès de BNP Paribas et d entités de BNP Paribas tels que décrits dans l Elément D.2 ci-dessous." (g) Dans l Elément B.21, la deuxième phrase du premier paragraphe est supprimée dans son intégralité et remplacée par la suivante : "Les émissions sont couvertes par des contrats de dérivés et/ou de garanties financières conclus avec BNP Paribas Arbitrage S.N.C. ou BNPP assurant une correspondance entre les actifs et les passifs de BNPP B.V.." (h) L Elément C.5 est supprimé dans son intégralité et remplacé par ce qui suit : C.5 Restrictions à la libre négociabilité Les Titres seront librement négociables, sous réserve des restrictions d offre et de vente en vigueur aux États-Unis, dans l Espace Economique Européen, en Belgique, en République Tchèque, au Danemark, en Finlande, en France, en Allemagne, en Hongrie, en Irlande, en Italie, au Luxembourg, en Norvège, en Pologne, en Roumanie, en Espagne, en Suède, au Royaume- Uni, au Japon et en Australie, et conformément à la Directive Prospectus et aux lois de toutes juridictions dans lesquelles les Titres concernés sont offerts ou vendus. (i) Dans l Elément E.3, la première phrase est supprimée dans son intégralité et remplacée par la suivante : "Les titres émis en vertu de ce Prospectus de Base peuvent être offerts au public dans le cadre d une Offre Non-exemptée en Belgique, au Danemark, en Finlande, en France, en Allemagne, en Hongrie, en Irlande, en Italie, au Luxembourg, en Norvège, En Pologne, en Roumanie, en Espagne, en Suède, en République Tchèque et au Royaume-Uni." 2. Le "Modèle de Résumé du Programme Spécifique à l Emission en relation avec le Prospectus de Base" figurant aux pages 171 à 239 du Prospectus de Base est modifié comme suit : (a) Dans l Elément B.4b, l avant-dernière phrase dans le paragraphe sous le sous-titre "[A indiquer si BNPP B.V. est l Emetteur :" est supprimée dans son intégralité et remplacée par la suivante : "Les titres sont couverts par l acquisition d instruments de couverture et/ou de sûretés auprès de BNP Paribas et d entités de BNP Paribas tels que décrits dans l Elément D.2 ci-dessous." (b) (c) (d) Dans l Elément B.5, le chiffre "75" relatif au nombre de pays dans lesquels BNPP est présent est supprimé et remplacé par le chiffre "74"; Dans l Elément B.12, le "]" suivant le chiffre " " dans le tableau intitulé "Données Financières Annuelles Comparées - En EUR" sous le titre "[A insérer si BNPP B.V. est l Emetteur" est supprimé ; Dans l Elément B.12, le nouveau tableau ci-dessous relatif à BNPP B.V. est inséré immédiatement au-dessus du titre "[A insérer si BNPP est l Emetteur :" et immédiatement en-dessous du tableau relatif à BNPP B.V. intitulé "Données Financières Annuelles Comparées - En EUR" : 9

37 Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En EUR 30/06/2016 (non-auditées) 30/06/2015 (non-auditées) Produit Net Bancaire Résultat Net, part du Groupe /06/2016 (non-auditées) 31/12/2015 (auditées) Total du bilan Capitaux Propres (part du Groupe) ] (e) Dans l Elément B.12, le dernier paragraphe sous le titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" est supprimé et remplacé par ce qui suit : "[A insérer si BNPP B.V. est l Emetteur : Il ne s est produit aucun changement significatif dans la situation financière ou commerciale de BNPP B.V. depuis le 30 juin 2016 et il ne s est produit aucun changement défavorable significatif dans les perspectives de BNPP B.V depuis le 31 décembre 2015.]" (f) L Elément B.13 est supprimé dans son intégralité et remplacé par ce qui suit : B.13 Evénements impactant la solvabilité de l Emetteur [Sans objet, au [A insérer si BNPP B.V. est l Emetteur : 12 octobre 2016]/[A insérer si BNPP est l Emetteur : 4 août 2016] et à la connaissance de l Emetteur, il ne s est produit aucun événement récent qui présente un intérêt significatif pour l évaluation de la solvabilité de l Emetteur depuis le 30 juin [Préciser tout événement récent présentant un intérêt significatif pour l évaluation de la solvabilité de l Emetteur.] (g) Dans l Elément B.14, l avant-dernière phrase du paragraphe sous le sous-titre "[A indiquer, si BNPP B.V. est l Emetteur :" est supprimée dans son intégralité et remplacée par la suivante : "Les titres sont couverts par l acquisition d instruments de couverture et/ou de sûretés auprès de BNP Paribas et d entités de BNP Paribas tels que décrits dans l Elément D.2 ci-dessous." (h) (i) Dans l Elément B.19/B.5, le chiffre "75" relatif au nombre de pays dans lesquels BNPP est présent est supprimé et remplacé par le chiffre "74"; Dans l Elément B.21, la deuxième phrase du premier paragraphe est supprimée dans son intégralité et remplacée par la suivante : "Les émissions sont couvertes par des contrats de dérivés et/ou de garanties financières conclus avec BNP Paribas Arbitrage S.N.C. ou BNPP assurant une correspondance entre les actifs et les passifs de BNPP B.V.." 10

38 (j) L Elément C.5 est supprimé dans son intégralité et remplacé par ce qui suit : C.5 Restrictions à la libre négociabilité Les Titres seront librement négociables, sous réserve des restrictions d offre et de vente en vigueur aux États-Unis, dans l Espace Economique Européen, en Belgique, en République Tchèque, au Danemark, en Finlande, en France, en Allemagne, en Hongrie, en Irlande, en Italie, au Luxembourg, en Norvège, en Pologne, en Roumanie, en Espagne, en Suède, au Royaume- Uni, au Japon et en Australie, et conformément à la Directive Prospectus et aux lois de toutes juridictions dans lesquelles les Titres concernés sont offerts ou vendus. 11

39 DOCUMENTS INCORPORATED BY REFERENCE BNPP B.V.'s unaudited interim financial statements for the six-month period ended 30 June 2016 (including the review report thereon issued by Mazars Paardekooper Hoffman Accountants N.V. represented by J.C. van Oldenbeek) have been filed with the AMF on 4 October 2016 for the purposes of the Prospectus Directive and, by virtue of this Second Supplement are incorporated in, and form part of, the Base Prospectus. The section "DOCUMENTS INCORPORATED BY REFERENCE" in the Base Prospectus is updated as follows: (a) (b) (c) the word "and" at the end of paragraph (g) is deleted; the "," at the end of paragraph (h) is deleted and replaced with "; and"; the following new paragraph (i) is added under paragraph (h): "(i) the unaudited interim financial statements for the six-month period ended 30 June 2016 of BNPP B.V. (including the review report thereon issued by Mazars Paardekooper Hoffman Accountants N.V. represented by J.C. Van Oldenbeek) (the "BNPP B.V Interim Financial Statements"),"; (d) (e) the cross-references to page "171" of the BNPP 2015 Registration Document under the sub-heading "Business Overview" are deleted and replaced with page "161"; the following new table is inserted immediately following the table entitled "2015 BNPP B.V. Annual Report": BNPP B.V Interim Financial Statements Managing Director s Report Balance Sheet Profit and loss account Cash flow statement Shareholder's equity Notes to the Financial Statements Other Information Review Report Pages 3 to 4 of the BNPP B.V Interim Financial Statements Page 5 of the BNPP B.V Interim Financial Statements Page 6 of the BNPP B.V Interim Financial Statements Page 7 of the BNPP B.V Interim Financial Statements Page 8 of the BNPP B.V Interim Financial Statements Pages 9 to 16 of the BNPP B.V Interim Financial Statements Page 17 of the BNPP B.V Interim Financial Statements Page 18 of the BNPP B.V Interim Financial Statements (f) the penultimate sentence in the penultimate paragraph is deleted and replaced with the following: 12

40 "Each of the documents incorporated by reference in (d) to (i) above will only be made available by the relevant Issuer or the Guarantor (if applicable) to which such document relates.". 13

41 AMENDMENTS TO THE DESCRIPTION OF BNPP INDICES In relation to the amendments to the rows in the table under the heading "2. Thematic Mutual Fund Indices" starting on page 1064 of the Base Prospectus set out in this section: (i) text which, by virtue of this Second Supplement is added thereto is shown underlined, (ii) text which, by virtue of this Second Supplement is deleted therefrom is shown with a line drawn through the middle of the deleted text. The section "Description of BNPP Indices" on pages 1060 to 1109 of the Base Prospectus is amended as follows: (a) the following rows under the heading "2. Thematic Mutual Fund Indices" starting on page 1064 are amended as follows: 14

42 AMENDMENT TO THE DESCRIPTION OF BNPP B.V. The section "Description of BNPP B.V." on pages 1129 to 1132 of the Base Prospectus is amended as follows: (a) the penultimate sentence of sub-paragraph (c) under the heading "Business Overview" on page 1129 of the Base Prospectus is deleted in its entirety and replaced as follows: "The securities are hedged by matching derivative contracts and/or collateral contracts with BNP Paribas Arbitrage S.N.C. or BNP Paribas SA." (b) the following new information is inserted at the end of the information under the heading "11. Historical Financial Information Concerning BNPP B.V.'s Assets and Liabilities, Financial Position and Profits and Losses": Selected interim financial information BALANCE SHEET IN SUMMARY (before appropriation of the net result) (unaudited) EUR (audited) EUR Financial fixed assets 32,209,558,049 30,238,524,334 Current assets 17,305,306,191 12,804,050,994 TOTAL ASSETS 49,514,864,240 43,042,575,328 Shareholder's equity 477, ,992 Long term liabilities 32,209,558,049 30,238,524,334 Current liabilities 17,304,828,693 12,803,586,002 TOTAL EQUITY AND LIABILITIES 49,514,864,240 43,042,575,328 PROFIT AND LOSS ACCOUNT in summary to (unaudited) EUR to (unaudited) EUR Income including interest received 183, ,063 Costs, including interest paid and the tax charge (166,663) (143,694) Profit after taxation 12,506 10,233 15

43 CASH FLOW STATEMENT in summary to (unaudited) EUR to (unaudited) EUR Cash flow from operating activities (4,819) (566,626) Cash flow from financing activities 0 0 Increase/Decrease cash at banks (4,819) (566,626) Cash at bank at 30 June 71,193 85,827 16

44 AMENDMENTS TO THE TAXATION SECTION In relation to the amendments in the paragraph under the heading "Taxation" on page 1140 of the Base Prospectus set out in this section, text which, by virtue of this Second Supplement is added thereto is shown underlined. 1. The paragraph on page 1140 in the "Taxation" section on pages 1140 to 1183 of the Base Prospectus as amended by the Previous Supplements, is amended as follows: 2. The "Taxation" section on pages 1140 to 1183 of the Base Prospectus is also amended by the insertion of the following new sub-section, immediately after the sub-section starting on page 1168 entitled "Polish Taxation": "ROMANIAN TAXATION The following is a general description of certain Romanian tax considerations relating to the Certificates. It does not purport to be a complete analysis of all tax considerations relating to the Certificates and it is not intended to be, nor should it be construed to be, local or tax advice. Prospective purchasers of Certificates should consult their own tax advisers as to which countries' tax laws could be relevant to acquiring, holding and disposing of Certificates and receiving payments of interest, principal and/or other amounts under the Certificates and the consequences of such actions under the tax laws of those countries. This summary is based upon the laws and practice in force as of the date of this Prospectus and is subject to any change in law and the interpretation and application thereof that may take effect after such date and could be made with retroactive effect. A new Romanian Fiscal Code was brought into force with effect from 1 January 2016 (by virtue of Law no. 227/2015 regarding the Fiscal Code as subsequently amended and supplemented (the "Romanian Fiscal Code")) introducing important changes in the taxation of financial transactions, especially regarding the taxation of individuals. Accordingly, there is limited precedent experience as to the application of this new Fiscal Code. Also, a new Romanian Fiscal Procedure Code was brought into force with effect from 1 January 2016 (by virtue of Law no. 207/2015 regarding the Fiscal Procedure Code as subsequently amended and supplemented (the "Romanian Fiscal Procedure Code")). In this respect, please be aware that there are uncertainties regarding the practical application of some provisions. For the purposes of the Romanian Fiscal Code: (a) a "resident individual" is defined as any individual who meets at least one of the following conditions: (i) (ii) they are domiciled in Romania; or their centre of vital interests (Romanian language: "centrul intereselor vitale") is located in Romania. An individual's centre of vital interests is the place in which they are deemed to have the strongest personal and economic ties. When analysing personal ties, particular significance will be placed on (inter alia): the location of family members (i.e. spouse, children, dependants), membership of any charitable or religious organisations and 17

45 participation in cultural activities. When analysing economic ties, particular significance will be placed on (inter alia): whether an individual is employed by a Romanian employer, whether the individual undertakes business in Romania, whether the individual owns real estate in Romania, whether the individual has bank accounts in Romania and whether the individual has debit or credit cards issued by Romanian banks; or (iii) they are present in Romania for a period or several periods exceeding in aggregate 183 days during any twelve-month period ending in the fiscal year concerned; or (b) (c) (d) (e) (f) (g) (h) (iv) they are a Romanian citizen working abroad as an officer or an employee of the Romanian state; a "Romanian legal entity" is defined as any legal entity established in accordance with Romanian law; a "legal entity established pursuant to European law" is defined as any legal entity established in accordance with and by the mechanics contemplated by European regulations; a "resident" in Romania is defined as: (a) any Romanian entity, (b) any foreign entity which has its place of effective management in Romania, (c) any entity having its headquarters in Romania, incorporated according to European legislation or (d) any tax resident individual; a "foreign legal entity" is defined as any legal entity which is not a Romanian legal entity and any legal entity established pursuant to European law which is not headquartered in Romania; a "non-resident individual" is defined as any individual who does not meet the conditions in order to qualify as a tax resident individual as well as foreign citizens whose diplomatic or consular statute is in Romania, foreign citizens who are employees or officers of an international or intergovernmental organization registered in Romania, foreign citizens who are officers or employees of a foreign state in Romania, as well as their family members; a "non-resident" is defined as any foreign legal entity, any tax non-resident individual, and any other foreign entities, including undertakings for collective investment in transferable securities without legal personality, which are not registered in Romania according to the Romanian Fiscal Code and the Romanian Fiscal Procedure Code; and a "Permanent Establishment" is defined as a location in which the activity of a non-resident is wholly or partly carried out, either directly or through a dependent agent. When defining the Permanent Establishment of a non-resident, the provisions of Article 5 (Permanent Establishment) OECD Model Convention with Respect to Taxes on Income and on Capital should be taken into account. Taxation of interest Taxation of Holders not resident in Romania for tax purposes Individuals and companies who are deemed Romanian tax non-residents are liable to Romanian income tax only on the Romanian source income. As the Issuers are Dutch and French entities, the Certificates would not qualify as Romanian source income, thus non-resident individuals and companies would not have the obligation to report in Romania the interest income obtained through holding the Certificates, with the exception of the case where the interest income is attributable to a Permanent Establishment of the nonresident Holder located in Romania. Taxation of Holders resident in Romania for tax purposes Legal entities Income received on the Certificates by resident legal entities in the form of interest on the Certificates will be subject to corporate income tax (profit tax) at a rate of 16 per cent. The income recipient is responsible for declaring and paying the tax in Romania on foreign sourced income on an annual basis. 18

46 Where income tax was withheld at source, based on the tax law of another country, generally a tax credit can be claimed upon the submission of the tax return. According to the provisions of the Romanian Fiscal Code, the tax credit can be claimed if the following cumulative conditions are fulfilled: - the provisions of a double tax treaty concluded between Romania and a foreign country in which the tax was paid are applicable; and - the tax credit is applied on the corporate income tax calculated for the year in which the tax was paid in the foreign country if the legal entity presents documentation attesting the payment of tax abroad. The method of remedying any double taxation (i.e. credit method or exemption method) may vary depending on the specific provisions of the applicable double tax treaty. Individuals Individuals who are deemed Romanian tax residents are liable to Romanian income tax on their worldwide income. The Romanian income tax rate on interest income is 16% flat, applied to the gross interest obtained. Tax resident individuals have an obligation to declare interest income received abroad, by submitting a Romanian annual tax return by 25th May of the year following the year during which the income is obtained (i.e. interest income received during 2016 has to be declared by 25 May 2017). Where interest income is received from more than one country, separate tax returns have to be submitted for each source country (e.g. interest income obtained both from The Netherlands and France), has to be declared through separate annual tax returns (i.e. one for The Netherlands and another one for the France). The income recipient is responsible for declaring and paying the tax in Romania on foreign sourced interest income, on an annual basis. The Romanian income tax due is assessed by the Romanian tax authorities through issuing tax assessments for each tax return submitted. The income tax has to be paid within 60 days as of the communication date of the tax assessments. Where income tax was withheld at source, generally a tax credit can be claimed upon the submission of the tax return. A tax credit can be claimed if the following cumulative conditions are fulfilled: - the provisions of a double tax treaty concluded between Romania and a foreign country in which the tax was paid are applicable; and - the tax for the income received abroad has been paid by the individual. The payment of the tax is evidenced by a document issued by the competent authority of that country. Investment income (including interest income and capital gains) is also subject to Romanian health insurance contribution at a rate of 5.5% applied on the tax base. However for the year 2016, where the individual also receives other types of income (e.g. salary/pension income, income from independent activities taxable in Romania), he/she would be exempted for health insurance contribution on the investment income obtained. As of 2017, health insurance contribution is due on investment income, regardless of whether the individual also receives other types of income, such as employment/pension income, income from independent activities, etc. Taxation of capital gains Taxation of Holders not resident in Romania for tax purposes Individuals and companies who are deemed Romanian tax non-residents are liable for Romanian income tax only on the Romanian source income. As the Issuers are Dutch and French entities, the Certificates would not qualify as Romanian source income, thus the non-resident individuals and companies would not have the obligation to report in Romania the capital gain obtained through holding or selling the Certificates, with the exception of the case where the capital gain income is derived by a Permanent Establishment of the nonresident Holder located in Romania and the income is attributable to such Permanent Establishment. Taxation of Holders resident in Romania for tax purposes 19

47 Legal entities Income received by resident legal entities as capital gains from the transfer of Certificates, will be subject to corporate income tax (profit tax) at the rate of 16 per cent. The income recipient is responsible for declaring and paying the tax in Romania on foreign sourced income, on an annual basis. Where income tax was withheld at source, generally a tax credit can be claimed upon the submission of the tax return. The tax credit can be claimed if certain cumulative conditions are fulfilled (please see "Taxation of Holders resident in Romania for tax purposes Legal entities" above). Individuals As mentioned above, individuals who are deemed Romanian tax residents are liable to Romanian income tax on their worldwide income. The Romanian income tax rate on capital gains is 16% flat, applied to the net annual capital gain. Individuals are obliged to declare the capital gains obtained from abroad, by submitting a Romanian annual tax return to the Romanian tax authorities by 25th May of the year following the year during which the income is obtained (i.e. capital gains obtained during 2016 must be reported by 25 May 2017). As described above, separate tax returns must be submitted depending the source of the capital gains obtained. The capital gain must be determined on each transaction; however, only the annual capital gain/capital loss (calculated as the sum of all the gains and losses incurred during the year) must be reported on the Romanian annual tax return. Capital losses should also be declared through the annual tax returns, in order to be able to carry them forward during the following 7 years and decrease the tax base during the following years. The Romanian income tax due is assessed by the Romanian tax authorities by issuing tax assessments for each tax return submitted. The income tax has to be paid within 60 days of the communication date of the tax assessments. The income recipient is responsible for declaring and paying the tax in Romania on foreign sourced capital gain, on an annual basis. Where income tax is withheld at source, generally a tax credit can be claimed upon the submission of the tax return. The tax credit can be claimed if certain cumulative conditions are fulfilled (please see "Taxation of Holders resident in Romania for tax purposes Individuals" above)." 20

48 AMENDMENTS TO THE OFFERING AND SALE SECTION In relation to the amendments to the first paragraph under the sub-section "European Economic Area" in the "Offering and Sale" section set out in this section: (i) text which, by virtue of this Second Supplement, is added thereto is shown underlined, (ii) text which, by virtue of this Second Supplement is deleted therefrom is shown with a line drawn through the middle of the deleted text. The "Offering and Sale" section on pages 1202 to 1215 of the Base Prospectus, as amended by the Previous Supplements, is amended as follows: (a) The first paragraph under the sub-section "European Economic Area" on page 1204 is amended as follows: (b) The "Offering and Sale" section on pages 1202 to 1215 of the Base Prospectus is also amended by the insertion of the following new sub-section, immediately before the sub-section starting on page 1214 entitled "Singapore": "Romania The Securities may not be offered or sold, directly or indirectly, in Romania and neither this Base Prospectus, the Final Terms nor any other offering material or advertisement in connection with the Securities may be distributed or published in Romania, except in circumstances which: (a) constitute a public offering of securities in Romania made on the basis of the Base Prospectus, the Final Terms and any other supplement thereto approved by or, following the approval by the AMF, notified to the Romanian Financial Supervisory Authority (formerly the National Securities Commission) in accordance with article 49 of Regulation No. 1/2006 on issuers and securities operations in the period beginning and ending on the dates specified in the Base Prospectus or the Final Terms, as applicable, and if the relevant Issuer has consented in writing to its use for carrying out a public offering of securities in Romania. For the purpose of this paragraph, the expression public offering of securities in relation to any of the Securities means the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Securities; or (b) constitute an exempt offering which shall not require the relevant Issuer or any broker/dealer to draw up and publish a prospectus or supplement a prospectus in accordance with article 3(2) of the Prospectus Directive as implemented under article 183 (3) of Law No. 297/2004 on capital markets and article 15 of Regulation No. 1/2006 on issuers and securities operations. Please note that any subsequent sale or distribution of the Securities on the secondary market in Romania must be made in compliance with the public offer and the prospectus requirement rules and a new assessment of the application of any exemption from the requirement to prepare and publish a prospectus must be made. 21

49 No action has been taken or will be taken which would result in the issue or offering of the Securities being considered an intention to offer or market in Romania fund units or shares or manage investment funds as regulated by Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as implemented by Romanian Government Emergency Ordinance No. 32/2012 on UCITS and by Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) as implemented by Romanian Law No. 74/2015 on AIFM. Any issue, offer, sale or marketing of the Securities to that effect has been or will be carried out in accordance with the aforementioned pieces of Romanian legislation." 22

50 AMENDMENTS TO THE GENERAL INFORMATION SECTION The General Information section on pages 1216 to 1223 of the Base Prospectus is amended as follows: (a) the paragraphs under the heading "4. Documents Available" on pages 1216 and 1217 of the Base Prospectus are amended as follows: (i) (ii) (iii) the word "and" at the end of sub-paragraph (xii) is deleted; the "." at the end of sub-paragraph (xiii) is deleted and replaced with "; and"; the following new sub-paragraph (xiv) is added under sub-paragraph (xiii): "(xiv) the BNPP B.V Interim Financial Statements."; and (iv) the first sentence in the first paragraph beneath the numbered list is deleted and replaced with the following: "In the case of (iii), (v), (x), (xi), (xii), (xiii) and (xiv) above, the documents are also available via BNPP s website: " (b) the second paragraph under the heading "7. Significant Change" on page 1217 of the Base Prospectus is deleted and replaced with the following: "There has been no significant change in the financial or trading position of BNPP B.V. since 30 June 2016 (being the end of the last financial period for which interim financial statements have been published).". 23

51 AMENDMENTS TO COMMON CONDITIONS TO CONSENT In relation to the amendments to the sub-section "Common Conditions to Consent" on page 1230 of the Base Prospectus set out in this section, text which, by virtue of this Second Supplement, is added thereto is shown underlined. (a) The text in sub-paragraph (ii) under the sub-section "Common Conditions to Consent" on pages 1230 and 1231 of the Base Prospectus, is amended as follows: (b) The last paragraph under the sub-section "Common Conditions to Consent" on pages 1230 and 1231 of the Base Prospectus, as amended by the First Supplement, is amended as follows: 24

52 RESPONSIBILITY STATEMENT I hereby certify on behalf of BNPP and BNPP B.V. having taken all reasonable care to ensure that such is the case that, to the best of my knowledge, the information contained in this Second Supplement is in accordance with the facts and contains no omission likely to affect its import. The consolidated financial statements as of and for the year ended 31 December 2014 of BNPP were audited by statutory auditors who issued an audit report which is incorporated by reference in the Base Prospectus. This report contains an emphasis of matter paragraph (paragraphe d'observations) which can be found on page 241 of the BNPP 2014 Registration Document referring to note 3.g to the consolidated financial statements which outlines the costs related to the comprehensive settlement with US authorities. The consolidated financial statements as of and for the year ended 31 December 2015 of BNPP were audited by statutory auditors who issued an audit report which is incorporated by reference in the Base Prospectus. This report contains an emphasis of matter paragraph which can be found on page 231 of the BNPP 2015 Registration Document. BNP Paribas 16 boulevard des Italiens Paris France Represented by Alain Papiasse in his capacity as Deputy Chief Operating Officer Dated 12 October

53 In accordance with Articles L and L of the French Code monétaire et financier and with the General Regulations (Règlement général) of the French Autorité des marchés financiers ("AMF"), in particular Articles to 216-1, the AMF has granted to this Second Supplement the visa n on 12 October This Second Supplement has been prepared by BNPP and BNPP B.V. and BNPP's signatories assume responsibility for it on behalf of BNPP and BNPP B.V.. This Second Supplement and the Base Prospectus may only be used for the purposes of a financial transaction if completed by Final Terms. In accordance with Article L I of the French Code monétaire et financier, the visa has been granted following an examination by the AMF of "whether the document is complete and comprehensible, and whether the information in it is coherent". It does not imply that the AMF has verified the accounting and financial data set out in it. This visa has been granted subject to the publication of Final Terms in accordance with Article of the AMF's General Regulations, setting out the terms of the securities being issued. 26

54 Third Supplement dated 9 November 2016 to the Base Prospectus for the issue of Certificates dated 9 June 2016 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas (incorporated in France) (as Issuer and Guarantor) Note, Warrant and Certificate Programme This third supplement (the "Third Supplement") is supplemental to, and should be read in conjunction with, the base prospectus dated 9 June 2016 (the "Base Prospectus"), the first supplement to the Base Prospectus dated 4 August 2016 (the "First Supplement") and the second supplement to the Base Prospectus dated 12 October 2016 (the "Second Supplement" and, together with the First Supplement, the "Previous Supplements"), in each case in respect of Certificates issued under the Note, Warrant and Certificate Programme (the "Programme") of BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V."), BNP Paribas ("BNPP") and BNP Paribas Fortis Funding. The Base Prospectus and the Previous Supplements together constitute a base prospectus for the purposes of Article 5.4 of the Prospectus Directive. The "Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU) and includes any relevant implementing measure in a relevant Member State of the European Economic Area. The Autorité des marchés financiers (the "AMF") granted visa no on 9 June 2016 in respect of the Base Prospectus, visa no on 4 August 2016 in respect of the First Supplement and visa no on 12 October in respect of the Second Supplement. Application has been made to the AMF for approval of this Third Supplement in its capacity as competent authority pursuant to Article of its Règlement Général which implements the Prospectus Directive in France. BNPP (in respect of itself and BNPP B.V.) and BNPP B.V. (in respect of itself) accept responsibility for the information contained in this Third Supplement, save that BNPP B.V. accepts no responsibility for the information contained in the Third Update to the BNPP 2015 Registration Document. To the best of the knowledge of BNPP and BNPP B.V. (who have taken all reasonable care to ensure that such is the case), the information contained herein is, subject as provided in the preceding sentence, in accordance with the facts and does not omit anything likely to affect the import of such information. Unless the context otherwise requires, terms defined in the Base Prospectus shall have the same meanings when used in this Third Supplement. To the extent that there is any inconsistency between (i) any statement in this Third Supplement and (ii) any statement in, or incorporated by reference in, the Base Prospectus, as amended by the Previous Supplements, the statement referred to in (i) above will prevail. 1

55 References in this Third Supplement to paragraphs of the Base Prospectus are to the Base Prospectus as amended by the Previous Supplements. References in this Third Supplement to page numbers in the Base Prospectus are to the page numbers in the Base Prospectus without taking into account any amendments made in the Previous Supplements. Copies of this Third Supplement may be obtained free of charge at the specified offices of BNP Paribas Securities Services, Luxembourg Branch and BNP Paribas Arbitrage S.N.C. and will be available on the website of BNP Paribas ( and on the website of the AMF ( This Third Supplement has been prepared in accordance with Article 16.1 of the Prospectus Directive and pursuant to Article of the AMF s Règlement Général, for the purposes of giving information which amends or is additional to the information already contained in the Base Prospectus. This Third Supplement has been prepared for the purposes of: (A) incorporating by reference the BNPP Troisième actualisation du Document de référence 2015 déposée auprès de l'amf le 28 octobre 2016 (in English); (B) (C) (D) (E) (F) amending the "Programme Summary in relation to this Base Prospectus" and the "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus"; amending the "Programme Summary in relation to this Base Prospectus (in French)" and the "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus (in French)"; amending "Annex 1 Additional Terms and Conditions for Payouts"; amending "Annex 13 Additional Terms and Conditions for Secured Securities"; and amending the "General Information" section. The incorporation by reference referred to in (A) above has been made to update the BNPP disclosure. The amendments referred to in (B), (C) and (F) above have been made to reflect the updated disclosure in respect of BNPP referred to in (A) above. The amendments referred to in (B) and (C) above have also been made to correct the description of the status of the BNPP Guarantee and the Status of Securities issued by the relevant Issuer. The amendment referred to in (D) above has been made to correct typographical errors in respect of ETS Final Payout 1300 in the Base Prospectus. The amendments referred to in (E) above have been made to correct typographical errors in Part D of Annex 13. In accordance with Article 16.2 of the Prospectus Directive, in the case of an offer of Securities to the public, investors who, before this Third Supplement is published, have already agreed to purchase or subscribe for Securities issued under the Programme which are affected by the amendments made in this Third Supplement, have the right, exercisable before the end of the period of two working days beginning with the working day after the date of publication of this Third Supplement to withdraw their acceptances. This right to withdraw shall expire by close of business on 15 November

56 TABLE OF CONTENTS Page Amendments to the Programme Summary in relation to this Base Prospectus and the Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus... 4 Amendments to the Programme Summary in relation to this Base Prospectus (in French) and the Pro Forma Issue Specific Summary of the Programme in relation to the Base Prospectus (in French)... 9 Documents Incorporated by Reference Amendments to Annex 1 Additional Terms and Conditions for Payouts Amendments to Annex 13 Additional Terms and Conditions for Secured Securities Amendments to the General Information Section Responsibility Statement

57 AMENDMENTS TO THE PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS AND THE PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS In relation to the amendments to B.18 and C.8 in "the Programme Summary in relation to this Base Prospectus" and "the Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus" set out in this section: (i) text which, by virtue of this Third Supplement, is deleted therefrom is shown with a line drawn through the middle of the relevant deleted text; and (ii) text which, by virtue of this Third Supplement, is added thereto is shown underlined. 1. The "Programme Summary in relation to this Base Prospectus" on pages 10 to 56 of the Base Prospectus is amended as follows: (a) In Element B.12, the following new table in relation to BNPP is inserted immediately below the table in relation to BNPP entitled "Comparative Interim Financial Data for the six-month period ended 30 June 2016 in millions of EUR" and immediately above the heading "Statements of no significant or material adverse change": Comparative Interim Financial Data for the nine-month period ended 30 September 2016 In millions of EUR 9M16 (unaudited) 9M15 (unaudited) Revenues 32,755 32,489 Cost of risk (2,312) (2,829) Net Income, Group Share 6,260 6,029 30/09/ /12/2015 Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4) 11.4% 10.9% 30/09/2016 (unaudited) 31/12/2015 (audited) Total consolidated balance sheet 2,173,877 1,994,193 Consolidated loans and receivables due from customers 690, ,497 Consolidated items due to customers 741, ,309 Shareholders' equity (Group Share) 98,711 96,269 (b) Element B.13 is deleted in its entirety and replaced with the following: B.13 Events impacting the Issuer's solvency Not applicable, as at 12 October 2016 (in the case of BNPP B.V.) and 9 November 2016 (in the case of BNPP) and to the best of the relevant Issuer's knowledge, there have not been any recent 4

58 events which are to a material extent relevant to the evaluation of the relevant Issuer's solvency since 30 June (c) In Element B.18, the second sentence in each of the first two paragraphs is amended as follows: (d) In Element B.18, the second sentence in each of the last two paragraphs is amended as follows: (e) In Element C.8, the paragraph under the sub-heading "In the case of Securities issued by BNPP B.V.:" under the section entitled "Status" is amended as follows: (f) In Element C.8, the paragraph under the sub-heading "In the case of Securities issued by BNPP:" under the section entitled "Status" is amended as follows: 2. The "Pro Forma Issue Specific Summary of the Programme in relation to this Base Prospectus" on pages 112 to 170 of the Base Prospectus is amended as follows: (a) (b) In Element B.12, the "]" following the text "96,269" in the table entitled "Comparative Interim Financial Data for the six-month period ended 30 June 2016 In millions of EUR" under the heading "[Insert where BNPP is the Issuer:" is deleted; In Element B.12, the following table in relation to BNPP is inserted immediately below the table in relation to BNPP entitled "Comparative Interim Financial Data for the six-month period ended 30 June 2016 In millions of EUR" and immediately above the heading "Statements of no significant or material adverse change": Comparative Interim Financial Data for the nine-month period ended 30 September 2016 In millions of EUR 9M16 (unaudited) 9M15 (unaudited) Revenues 32,755 32,489 5

59 Cost of risk (2,312) (2,829) Net Income, Group Share 6,260 6,029 30/09/ /12/2015 Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4) 11.4% 10.9% 30/09/2016 (unaudited) 31/12/2015 (audited) Total consolidated balance sheet Consolidated loans and receivables due from customers Consolidated items due to customers 2,173,877 1,994, , , , ,309 Shareholders' (Group Share) equity 98,711 96,269] (c) Element B.13 is deleted in its entirety and replaced with the following: B.13 Events impacting the Issuer's solvency [Not applicable, as at [insert in the case of BNPP B.V.: 12 October 2016]/[insert in the case of BNPP: 9 November 2016] and 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 30 June 2016.] [Specify any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency.] (d) In Element B.18, the text following the words "[Insert in the case of English law unsecured Securities, English law secured Securities, French law unsecured Securities and French law secured Securities issued by BNPP B.V.:" is amended as follows: (e) In Element B.19/B.12, the following table in relation to BNPP is inserted immediately below the table entitled "Comparative Interim Financial Data for the six month period ended 30 June 2016 in millions of EUR" and immediately above the heading "Statements of no significant or material adverse change": Comparative Interim Financial Data for the nine-month period ended 30 September 2016 In 6

60 millions of EUR 9M16 (unaudited) 9M15 (unaudited) Revenues 32,755 32,489 Cost of risk (2,312) (2,829) Net Income, Group Share 6,260 6,029 30/09/ /12/2015 Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4) 11.4% 10.9% 30/09/2016 (unaudited) 31/12/2015 (audited) Total consolidated balance sheet Consolidated loans and receivables due from customers Consolidated items due to customers 2,173,877 1,994, , , , ,309 Shareholders' (Group Share) equity 98,711 96,269] (f) Element B.19/B.13 is deleted in its entirety and replaced with the following: B.19/B.13 Events impacting Guarantor's solvency the [As at 9 November 2016 and 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 30 June 2016.] [Specify any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency.] (g) In Element C.8, the paragraph under the sub-heading "[In the case of Securities issued by BNPP B.V.:" under the section entitled "Status" is amended as follows: 7

61 (h) In Element C.8, the paragraph under the sub-heading "[In the case of Securities issued by BNPP:" under the section entitled "Status" is amended as follows: 8

62 AMENDMENTS TO THE PROGRAMME SUMMARY IN RELATION TO THIS BASE PROSPECTUS (IN FRENCH) AND THE PRO FORMA ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THE BASE PROSPECTUS (IN FRENCH) S agissant des modifications apportées à B.18 et C.8 dans le "Résumé du Programme" et dans le "Modèle de Résumé du Programme Spécifique à l Emission en relation avec le Prospectus de Base" indiquées dans cette section : (i) le texte qui y est supprimé en application de ce troisième supplément correspond ici au texte barré en son milieu ; et (ii) le texte qui y est ajouté en application de ce troisième supplément correspond ici au texte surligné. 1. Le "Résumé du Programme en relation avec le Prospectus de Base" figurant aux pages 57 à 111 du Prospectus de Base est modifié comme suit: (a) Dans l Elément B.12, le tableau suivant est inséré immédiatement en-dessous du tableau intitulé "Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En millions d EUR" et immédiatement au-dessus du titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" : Données Financières Intermédiaires Comparées pour la période de 9 mois se terminant le 30 septembre 2016 En millions d EUR 9M16 (non audités) 9M15 (non audités) Produit Net Bancaire Coût du Risque (2.312) (2.829) Résultat Net, part du Groupe /09/ /12/2015 Ratio Common Equity Tier 1 (Bâle 3 pleinement appliqué, CRD4) 11,4% 10,9% 30/09/2016 (non audités) 31/12/2015 (audités) Total du bilan consolidé Total des prêts et créances sur la clientèle Total des dettes envers la clientèle Capitaux Propres (part du Groupe)

63 (b) L Elément B.13 est supprimé dans son intégralité et remplacé par ce qui suit : B.13 Evénements impactant la solvabilité de l Emetteur Sans objet, au 12 octobre 2016 (s agissant de BNPP B.V.) et au 9 novembre 2016 (s agissant de BNPP) et à la connaissance de l Emetteur concerné, il ne s est produit aucun événement récent qui présente un intérêt significatif pour l évaluation de la solvabilité de l Emetteur concerné depuis le 30 juin (c) Dans l Elément B.18, la deuxième phrase de chaque paragraphe est modifiée comme suit : (d) Dans l Elément C.8, le paragraphe immédiatement en-dessous du sous-titre "Dans le cas de Titres émis par BNPP B.V. :" sous la section intitulée "Rang de Créance des Titres" est modifié comme suit : (e) Dans l Elément C.8, le paragraphe immédiatement en-dessous du sous-titre "Dans le cas de Titres émis par BNPP :" sous la section intitulée "Rang de Créance des Titres" est modifié comme suit : 2. Le "Modèle de Résumé du Programme Spécifique à l Emission en relation avec le Prospectus de Base" figurant aux pages 171 à 239 du Prospectus de Base est modifié comme suit : (a) (b) Dans l Elément B.12, le "]" suivant le nombre "96.269" dans le tableau intitulé "Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En millions d EUR" est supprimé ; Dans l Elément B.12, le tableau suivant est inséré immédiatement en-dessous du tableau intitulé "Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En millions d EUR" et immédiatement au-dessus du titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif": Données Financières Intermédiaires Comparées pour la période de 9 mois se terminant le 30 septembre 2016 En millions d EUR 9M16 (non audités) 10 9M15 (non audités)

64 Produit Net Bancaire Coût du Risque (2.312) (2.829) Résultat Net, part du Groupe /09/ /12/2015 Ratio Common Equity Tier 1 (Bâle 3 pleinement appliqué, CRD4) 11,4% 10,9% 30/09/2016 (non audités) 31/12/2015 (audités) Total du bilan consolidé Total des prêts et créances sur la clientèle Total des dettes envers la clientèle Capitaux Propres (part du Groupe) ] (c) L Elément B.13 est supprimé dans son intégralité et remplacé par ce qui suit : B.13 Evénements impactant la solvabilité de l Emetteur [Sans objet, au [A insérer si BNPP B.V. est l Emetteur : 12 octobre 2016]/[A insérer si BNPP est l Emetteur : 9 novembre 2016] et à la connaissance de l Emetteur, il ne s est produit aucun événement récent qui présente un intérêt significatif pour l évaluation de la solvabilité de l Emetteur depuis le 30 juin [Préciser tout événement récent présentant un intérêt significatif pour l évaluation de la solvabilité de l Emetteur.] (d) Dans l Elément B.18, le texte suivant les mots "[A indiquer dans le cas de Titres de droit anglais non assortis de sûretés, de Titres de droit anglais assortis de sûretés, de Titres de droit français non assortis de sûretés et de Titres de droit français assortis de sûretés émis par BNPP B.V. : " est modifié comme suit : (e) Dans l Elément B.19/B.12, le tableau suivant est inséré immédiatement en-dessous du tableau intitulé "Données Financières Intermédiaires Comparées pour la période de 6 mois se terminant le 30 juin 2016 En millions d EUR" et immédiatement au-dessus du 11

65 titre "Déclarations relatives à l absence de changement significatif ou de changement défavorable significatif" : Données Financières Intermédiaires Comparées pour la période de 9 mois se terminant le 30 septembre 2016 En millions d EUR 9M16 (non audités) 9M15 (non audités) Produit Net Bancaire Coût du Risque (2.312) (2.829) Résultat Net, part du Groupe /09/ /12/2015 Ratio Common Equity Tier 1 (Bâle 3 pleinement appliqué, CRD4) 11,4% 10,9% 30/09/2016 (non audités) 31/12/2015 (audités) Total du bilan consolidé Total des prêts et créances sur la clientèle Total des dettes envers la clientèle Capitaux Propres (part du Groupe) ] (f) L Elément B.19/B.13 est supprimé dans son intégralité et remplacé par ce qui suit : B.19/ B.13 Evénements impactant solvabilité Garant la du [Au 9 novembre 2016 et à la connaissance du Garant, il ne s est produit aucun évènement récent qui présente un intérêt significatif pour l évaluation de la solvabilité du Garant depuis le 30 juin 2016.] [Préciser tout événement récent présentant un intérêt significatif pour l évaluation de la solvabilité du Garant.] (g) Dans l Elément C.8, le paragraphe immédiatement en-dessous du sous-titre "Dans le cas de Titres émis par BNPP B.V. :" sous la section intitulée "Rang de Créance des Titres" est modifié comme suit : 12

66 (h) Dans l Elément C.8, le paragraphe immédiatement en-dessous du sous-titre "Dans le cas de Titres émis par BNPP :" sous la section intitulée "Rang de Créance des Titres" est modifié comme suit : 13

67 DOCUMENTS INCORPORATED BY REFERENCE On 28 October 2016, BNPP filed with the AMF the Troisième actualisation du Document de référence 2015 déposée auprès de l'amf le 28 octobre 2016 including the unaudited financial information of BNPP as at and for the nine-month period ended 30 September A free English translation of the Troisième actualisation du Document de référence 2015 déposée auprès de l'amf le 28 octobre 2016 has been filed with the AMF on 28 October 2016 for the purposes of the Prospectus Directive and, by virtue of this Third Supplement and other than the sections entitled "Persons Responsible for the Update to the Registration Document", the "Table of Concordance" and any reference to a completion letter (lettre de fin de travaux) therein, is incorporated by reference in, and forms part of, the Base Prospectus. The section "DOCUMENTS INCORPORATED BY REFERENCE" in the Base Prospectus is updated as follows: (a) (b) (c) the word "and" at the end of paragraph (h) is deleted; the "," at the end of paragraph (i) is deleted and replaced with "; and"; the following new paragraph (j) is added under paragraph (i): "(j) BNPP's Troisième actualisation du Document de référence 2015 déposée auprès de l'amf le 28 octobre 2016 (in English) (other than the sections entitled "Persons Responsible for the Update to the Registration Document", the "Table of Concordance" and any reference to a completion letter (lettre de fin de travaux) therein) with filing number D A03 (the "Third Update to the BNPP 2015 Registration Document"),"; (d) the following new table is inserted immediately following the table entitled "Second Update to the BNPP 2015 Registration Document": Third Update to the BNPP 2015 Registration Document Quarterly Financial Information Pages 3 to 73 of the Third Update to the BNPP 2015 Registration Document Group Presentation Page 3 of the Third Update to the BNPP 2015 Registration Document Third Quarter 2016 Results Pages 4 to 69 of the Third Update to the BNPP 2015 Registration Document Balance Sheet as at 30 September 2016 Page 72 of the Third Update to the BNPP 2015 Registration Document Long term and short term credit ratings Page 73 of the Third Update to the BNPP 2015 Registration Document Related Parties Page 73 of the Third Update to the BNPP 2015 Registration Document Risk Factors Page 73 of the Third Update to the BNPP 2015 Registration Document 14

68 Recent Events Page 73 of the Third Update to the BNPP 2015 Registration Document Corporate Governance Page 74 of the Third Update to the BNPP 2015 Registration Document Risks and Capital Adequacy (unaudited) Additional Information Pages 75 to 79 of the Third Update to the BNPP 2015 Registration Document Pages 80 and 81 of the Third Update to the BNPP 2015 Registration Document Documents on Display Page 80 of the Third Update to the BNPP 2015 Registration Document Contingent Liabilities Pages 80 and 81 of the Third Update to the BNPP 2015 Registration Document Significant Changes Page 81 of the Third Update to the BNPP 2015 Registration Document Trends Page 81 of the Third Update to the BNPP 2015 Registration Document Statutory Auditors Page 82 of the Third Update to the BNPP 2015 Registration Document (e) the penultimate sentence in the penultimate paragraph is deleted and replaced with the following: "Each of the documents incorporated by reference in (d) to (j) above will only be made available by the relevant Issuer or the Guarantor (if applicable) to which such document relates.". 15

69 AMENDMENTS TO ANNEX 1 ADDITIONAL TERMS AND CONDITIONS FOR PAYOUTS In relation to the amendments to Payout Condition 1.1(s) ("ETS Final Payout 1300") in "Annex 1 Additional Terms and Conditions for Payouts" set out in this section text which, by virtue of this Third Supplement, is added thereto, is shown underlined. Annex 1 Additional Terms and Conditions for Payouts on pages 566 to 653 of the Base Prospectus is amended as follows: (a) the definition of "fees factor (t) " in Payout Condition 1.1(s) ("ETS Final Payout 1300") is amended as follows: (b) the definition of "div reinvested factor (t) " in Payout Condition 1.1(s) ("ETS Final Payout 1300") is amended as follows: 16

70 AMENDMENTS TO ANNEX 13 ADDITIONAL TERMS AND CONDITIONS FOR SECURED SECURITIES In relation to the amendments to "Annex 13 Additional Terms and Conditions for Secured Securities" set out in this section: (i) text which, by virtue of this Third Supplement, is deleted therefrom is shown with a line drawn through the middle of the relevant deleted text; and (ii) text which, by virtue of this Third Supplement, is added thereto is shown underlined. Annex 13 Additional Terms and Conditions for Secured Securities on pages 833 to 986 of the Base Prospectus is amended as follows: (a) the definition of "RCA Issuer/Parent Obligation Acceleration Event" in Collateral Security Condition 1 of Part D of Annex 13 is amended as follows: (b) the definition of "RCA Issuer/Parent Payment Default Event" in Collateral Security Condition 1 of Part D of Annex 13 is amended as follows: (c) paragraph (a) of the definition of "RCA Issuer/Parent Restructuring Event" in Collateral Security Condition 1 of Part D of Annex 13 is amended as follows: 17

71 (d) the first paragraph of Collateral Security Condition 5.6 of Part D of Annex 13 is amended as follows: 18