Fixed Income 13 June 2018 Euro Medium Term Note Callable Zero Coupon Non Linear TRADED TERMSHEET Terms and Conditions (the Term Sheet ) Instrument Type: Issuer: Issuer s Rating: Calculation Agent: Paying Agent: Selling Entity: Trading Entity: Method of Distribution: Lead Manager: Manager: ISIN code: Specified Currency: Aggregate Nominal Amount of issue: Euro Medium Term Note ( Note ) to be issued under the EUR 10,000,000,000 Debt Issuance Programme of the Issuer (the Base Prospectus ) (as further supplemented from time to time). NATIXIS Incorporated under the laws of France, with registered office at 30, avenue Pierre-Mendes France, 75013 Paris, France. Long Term Debt : Standard & Poor's: A / Moody's: A2 / Fitch: A NATIXIS - Calculation Agent Department, 40 avenue des Terroirs de France, 75012 Paris, France BNP Paribas Securities Services, Luxembourg Branch NATIXIS NATIXIS Syndicated Bank Sinopac Company Limited 5F., No. 306, Bade Road, Sec. 2, Taipei, Taiwan, R.O.C. E.SUN Commercial Bank, Ltd. 3F, No.117, Sec. 3, MinSheng E. Road, Taipei, Taiwan Cathay United Bank Company Limited 1F., No. 7, Songren Road, Taipei 11073, Taiwan, ROC Fubon Securities Co., Ltd 15F., No.169, Sec. 4, Ren' ai Rd., Da' an Dist. Taipei City, Taiwan R.O.C. Taipei Fubon Commercial Bank Co., Ltd 12F, No.169, Sec.4, Ren ai Rd., Da'an Dist., Taipei City 106, Taiwan R.O.C. XS1763364129 USD USD 350,000,000 Specified Denomination: USD 200,000 Issue Price: 100% Trade Date: 13 June 2018 Issue Date: 29 June 2018
Maturity Date: 29 June 2048 ISSUER CALL OPTION PROVISIONS Redemption at the Option of the Issuer Optional Redemption Date Optional Redemption Amount Notice period Applicable according to the Callable Zero Coupon Redemption Provision described below See the table below See the table below At least 5 Business Days prior any Optional Redemption Date REDEMPTION PROVISIONS Final Redemption Amount Day Count Fraction: Callable Zero Coupon Redemption Provision Applicable according to the Callable Zero Coupon Redemption Provision described below 30/360, Unadjusted In respect of each Optional Redemption Date i: Redemption Price(i) = (1 + FXR) ^ D(i) On the Maturity Date, if the Issuer s Option has not been exercised: Redemption Price = (1 + FXR) ^ M Where: M means the number of years in the period from, and including, the Issue Date to, but excluding, the Maturity Date. And in respect of each Optional Redemption Date i: D(i) means the number of years in the period from, and including, the Issue Date to, but excluding, the Optional Redemption Date i. FXR means 5.00% D(i) Optional Redemption Dates Optional Redemption Amount (expressed in per cent.) Optional Redemption Amount per Note (expressed in nominal) Accreting of Aggregate Nominal Amount of Issue (expressed in nominal) 5 29/06/2023 127.628156% 255,256.31 446,698,546.88 6 29/06/2024 134.009564% 268,019.13 469,033,474.22 7 29/06/2025 140.710042% 281,420.08 492,485,147.93 8 29/06/2026 147.745544% 295,491.09 517,109,405.33 9 29/06/2027 155.132822% 310,265.64 542,964,875.60 10 29/06/2028 162.889463% 325,778.93 570,113,119.38 11 29/06/2029 171.033936% 342,067.87 598,618,775.35 12 29/06/2030 179.585633% 359,171.27 628,549,714.12 13 29/06/2031 188.564914% 377,129.83 659,977,199.83 14 29/06/2032 197.993160% 395,986.32 692,976,059.82 15 29/06/2033 207.892818% 415,785.64 727,624,862.81 16 29/06/2034 218.287459% 436,574.92 764,006,105.95 17 29/06/2035 229.201832% 458,403.66 802,206,411.25 18 29/06/2036 240.661923% 481,323.85 842,316,731.81 19 29/06/2037 252.695020% 505,390.04 884,432,568.40 20 29/06/2038 265.329771% 530,659.54 928,654,196.82
21 29/06/2039 278.596259% 557,192.52 975,086,906.66 22 29/06/2040 292.526072% 585,052.14 1,023,841,251.99 23 29/06/2041 307.152376% 614,304.75 1,075,033,314.59 24 29/06/2042 322.509994% 645,019.99 1,128,784,980.32 25 29/06/2043 338.635494% 677,270.99 1,185,224,229.34 26 29/06/2044 355.567269% 711,134.54 1,244,485,440.81 27 29/06/2045 373.345632% 746,691.26 1,306,709,712.85 28 29/06/2046 392.012914% 784,025.83 1,372,045,198.49 29 29/06/2047 411.613560% 823,227.12 1,440,647,458.41 M Maturity Date Final Redemption Amount (expressed in per cent.) Final Redemption Amount per Note (expressed in nominal) Accreting of Aggregate Nominal Amount of Issue (expressed in nominal) 30 29/06/2048 432.194238% 864,388.48 1,512,679,831.33 The information contained in the columns Accreting of Aggregate Nominal Amount of Issue may not be relevant if the initial subscriber has resold Notes on the secondary market and if he is not the sole holder of the Notes on the relevant Optional Redemption Date or on the Maturity Date. To determine the Optional Redemption Amount or the Redemption Amount, each holder should refers to the Optional Redemption Amount Per Note or Final Redemption Amount per Note and multiply it by the number of Notes held. OTHER PROVISIONS & INFORMATION Business Day Convention: Business Days: Governing law: Settlement: TPEx Filing Agent: Liquidity Provider: Listing: Modified Following Business Day Convention London, New York, Target and Taipei English Law Euroclear / Clearstream Bank Sinopac Company Limited Bank Sinopac Company Limited Application will be made by the Issuer for the Notes to be listed on the Taipei Exchange (the "TPEx") in the Republic of China (the "ROC"). The Notes will be traded on the TPEx pursuant to the applicable rules of the TPEx. Effective date of listing and trading of the Notes on TPEx is on or about Issue Date. TPEx is not responsible for the content of the Offering Documents (as defined below) and no representation is made by TPEx as to the accuracy or completeness of the Offering Documents. TPEx expressly disclaims any and all liability for any losses arising from, or as a result of the reliance on, all or part of the contents of the Offering Documents. Admission to the listing and trading of the Notes on TPEx shall not be taken as an indication of the merits of the Issuer or the Notes. Offering Documents means the Base Prospectus of the Issuer s Programme as supplemented by its supplements and by the Final Terms to be issued by the Issuer in relation to the Notes contemplated herein (if and when issued). TEFRA Rules: Intended to be eligible in Eurosystem : TEFRA D No
Form of Notes: Early Redemption Amount (s) per Note payable on redemption for taxation reasons (Condition 6(b)or upon the occurrence of an Event of Default (Condition 10) or an Illegality Event (Condition 6(c)): Documentation: Indicative Valuation: Secondary Market: Selling Restrictions: Applicable Exemption from the Prospectus Directive: Commercialisation Bearer Form : Classic Global Notes Market Value where "Market Value" means, in respect of any Note, an amount determined by the Calculation Agent, in its sole and absolute discretion, in the Specified Currency to be the fair market value of a Note based on the market conditions prevailing at the date of determination, and adjusted to account fully for any reasonable expenses and costs of unwinding any underlying and/or related hedging and funding arrangements of NATIXIS (including, without limitation, the level of prevailing interest rates, any derivatives options, swaps or other instruments of any type whatsoever hedging the Issuer s obligations under the Notes). Final Terms to be produced by the Issuer supplementing the Base Prospectus and supercedes the terms outlined in this Termsheet. Certain capitalised terms used in this Termsheet which are not defined shall have the meanings given to them in the Base Prospectus (see www.bourse.lu). Under normal market conditions, Natixis may provide a valuation of the Notes every month until the redemption of the Notes. Notes may have no established trading market when issued, and one may never develop. If a market does develop, it may not be liquid. Therefore, investors may not be able to sell their Notes easily or at prices that will provide them with a yield comparable to similar investments that have a developed secondary market. This is particularly the case for Notes that are especially sensitive to interest rate, currency or market risks, are designed for specific investment objectives or strategies or have been structured to meet the investment requirements of limited categories of investors. These types of Notes generally would have a more limited secondary market and more price volatility than conventional debt securities. Illiquidity may have a severely adverse effect on the market value of Notes. For detail please refer to the condition set out in the Base Prospectus. The Notes have not been, and shall not be, offered, sold or re-sold, directly or indirectly, in the ROC, to investors other than "professional institutional investors" as defined under Paragraph 2, Article 4 of the Financial Consumer Protection Act of the ROC." Such selling restrictions will supersede the selling restrictions set forth under the heading "Subscription and Sale - Taiwan" in the Base Prospectus. No action has been or will be taken in any jurisdiction that would permit a public offering of the securities described herein, save where explicitly stated in the Base Prospectus. The securities must be sold in accordance with all applicable selling restrictions in the jurisdictions in which they are sold. Not for distribution in the United States or to U.S. persons. PROHIBITION OF SALES TO EEA RETAIL INVESTORS The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (EEA). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, MiFID II); or (ii) a customer within the meaning of Directive 2002/92/EC (IMD), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the Prospectus Directive). Consequently no key information document required by Regulation (EU) No 1286/2014 (the PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation For details, please refer to the applicable selling restrictions as set out in the Issuer s Base Prospectus. The offer is exclusively available for investors outside the European Economic Area. The denominations of the Notes are greater than or equal to EUR 100,000 (or equivalent). The offering of the Notes is addressed solely to Qualified Investors. The offering of the Notes is addressed to fewer than 150 natural or legal persons per Member State, other than Qualified Investors. The offering of the Notes is addressed to investors who acquire a total consideration of at least EUR 100,000 per investor, for each separate offer. The counterparty is purchasing the Notes:
typology: for its own account for its clients under a discretionary investment management mandate Suitability Assessment: for distributing them, in which case the provisions of the Master Distribution Agreement entered into between Natixis and the counterparty (if any) shall apply in relation to the distribution of the Notes. Investing in such product or entering into the transaction described here (where applicable) could lead to a significant risk level. This term sheet does not intend to identify all these risks (whether direct or indirect) nor any other factor you may consider relevant which could be associated to the product or transaction. Before investing in such product or entering into any transaction, potential investors or the transaction s counterparty (where such exists) shall make their own review independently and consult (where applicable) their own external financial advisors in order to assess (1) the specific risks associated to the product or transaction; (2) the legal, accounting fiscal and regulatory implications; (3) the suitability and appropriateness of the product or transaction to their investment objectives, financial situation or any other constraint. Natixis generally considers that it does not provide any investment advice. In the event in which it might, Natixis must inform its client on the risk/return/liquidity aspects of the product and collects information on its client s investment objectives in accordance with the regulations in force. Having regard to this product, Natixis considers that it corresponds to the following characteristics: Long term (>5 years maximum maturity) Short or Medium term ( 5 years maximum maturity) Investment / Hedging Speculation / Arbitraging Low risk investment (e.g. Nominal value redemption by the Issuer at maturity or maximum loss capped to paid premium) High or medium risk investment (e.g. No guaranteed redemption amount or loss potentially above paid premium) High Liquidity Low or medium Liquidity Inducement: Disclosure of Commissions or Fees Commissions and fees The purchaser or, if applicable, introducing broker of these securities acknowledges and agrees that it shall fully disclose to its clients the existence, nature and amount of any commission or fee paid or payable to it by Natixis (including, if applicable, by way of discount) as required in accordance with laws and regulations applicable to it, including any legislation, regulation and/or rule implementing the Markets in Financial Instruments Directive (as amended (2014/65/UE) (MiFID II), or as otherwise may apply in any non-eea jurisdictions. A commission can be paid by Natixis to a third party. This commission can be paid either by an upfront fee or/and a running commission. Further details of the commission element are available upon request. Please be informed that standard information on costs and charges associated with some of our products and services is available on Natixis CIB s website (https://cib.natixis.com). Please also note that detailed information about the financial products you are willing to deal with us, underlying risks, performance scenarios and, if required by MiFID II / PRIIPS regulation, additional information on costs and charges are available on our customer portal (access upon request to your usual Natixis correspondent). An up-front commission will be paid up to 0.10% of the nominal (all taxes included). This commission can be paid either by an up- front fee or by an appropriate discount on the issue price. Risk Factors: THE NOTES MAY REDEEM BELOW PAR AND THE REDEMPTION AMOUNT MAY VARY CONSIDERABLY DUE TO MARKET CONDITIONS AND WILL LIKELY BE VALUED AT A CONSIDERABLE DISCOUNT TO ITS PAR VALUE. ANY AMOUNT SCHEDULED AND DUE UNDER THE TERMS OF THE NOTES BEARS THE CREDIT RISK OF THE ISSUER. Prospective investors should be aware that in case of early redemption of the Notes for taxation reasons or for illegality or in case of an Event of Default or in certain circumstances relating to the underlying the Notes may be redeemed at their fair market value as determined by the Calculation Agent and accordingly at an amount below par (subject to a minimum of zero and no accrued unpaid interest will be payable but will be taken into
account in calculating the fair market value of each Note. In these circumstances the shortfall will be borne by Noteholders and no further amount shall be payable by the Issuer). PROSPECTIVE INVESTORS SHOULD HAVE SUFFICIENT KNOWLEDGE AND EXPERIENCE IN FINANCIAL AND BUSINESS MATTERS TO EVALUATE THE MERITS AND RISKS OF INVESTING IN THE NOTES AS WELL AS ACCESS TO, AND KNOWLEDGE OF, APPROPRIATE ANALYTICAL TOOLS TO EVALUATE SUCH MERITS AND RISK IN THE CONTEXT OF THEIR FINANCIAL SITUATION. There is not, at present, an active and liquid secondary market for any Notes, and it is unlikely that an active secondary market for the Notes will develop. Even if a secondary market does develop, it may not continue for the life of the Notes, or it may leave Noteholders with illiquidity of investment. Illiquidity means that a Noteholder may not be able to realize a desired yield. Illiquidity can have an adverse effect on the market value of the Notes. THE CALCULATION AGENT IS THE SAME ENTITY AS THE ISSUER AS THE CALCULATION AGENT IS THE SAME ENTITY AS THE ISSUER, POTENTIAL CONFLICTS OF INTEREST MAY EXIST BETWEEN THE CALCULATION AGENT AND THE PURCHASERS, INCLUDING WITH RESPECT TO THE EXERCISE OF THE VERY BROAD DISCRETIONARY POWERS OF THE CALCULATION AGENT. THE CALCULATION AGENT HAS THE AUTHORITY (I) TO DETERMINE WHETHER CERTAIN SPECIFIED EVENTS AND/OR MATTERS SO SPECIFIED IN THE CONDITIONS RELATING TO A SERIES OF SECURITIES HAVE OCCURRED, AND (II) TO DETERMINE ANY RESULTING ADJUSTMENTS AND CALCULATIONS AS DESCRIBED IN SUCH CONDITIONS. PROSPECTIVE PURCHASERS SHOULD BE AWARE THAT ANY DETERMINATION MADE BY THE CALCULATION AGENT MAY HAVE AN IMPACT ON THE VALUE AND FINANCIAL RETURN OF THE SECURITIES. ANY SUCH DISCRETION EXERCISED BY, OR ANY CALCULATION MADE BY, THE CALCULATION AGENT (IN THE ABSENCE OF MANIFEST OR PROVEN ERROR) SHALL BE BINDING ON THE ISSUER AND ALL PURCHASERS OF THE SECURITIES. Other Information : For more details, see Base Prospectus. ROC TAXATION The following summary of certain taxation provisions under ROC law is based on current law and practice. It does not purport to be comprehensive and does not constitute legal or tax advice. Investors (particularly those subject to special tax rules, such as banks, dealers, insurance companies and tax-exempt entities) should consult with their own tax advisers regarding the tax consequences of an investment in the notes. Interest on the Notes As the Issuer of the notes is not a ROC statutory tax withholder, there is no ROC withholding tax on the interest to be paid on the notes. Payments of interest under the notes to a ROC individual holder are not subject to ROC income tax as such payments received by him/her are not considered to be ROC sourced income. However, such holder must include the interest in calculating his/her basic income for the purpose of calculating his/her alternative minimum tax (the AMT ), unless the sum of the interest and other non-roc sourced income received by such holder and the person(s) who is (are) required to jointly file the tax return in a calendar year is below 1 million New Taiwan Dollar ("NT$"). If the amount of the AMT exceeds the annual income tax calculated pursuant to the AMT Act, the excess becomes such holder's AMT payable. ROC corporate holders must include the interest receivable under the notes as part of their taxable income and pay income tax at a flat rate of 20 per cent. (unless the total taxable income for a fiscal year is under NT$120,000), as they are subject to income tax on their worldwide income on an accrual basis. The AMT is not applicable. Sale of the Notes In general, the sale of corporate bonds or financial bonds is subject to 0.1 per cent securities transaction tax ( STT ) on the transaction price. However, Article 2-1 of the ROC Securities Transaction Tax Act prescribes that STT will not be levied on the sale of corporate bonds and financial bonds from 1 January 2010 to 31 December 2026. Therefore, the sale of the notes will be exempt from STT if the sale is conducted on or before 31 December 2026. Starting from 1 January 2027, any sale of the notes will be subject to STT at 0.1 per cent of the transaction price, unless otherwise provided by the tax laws that may be in force at that time. Capital gains generated from the sale of bonds are exempt from income tax. Accordingly, ROC individual and corporate holders are not subject to income tax on any capital gains generated from the sale of the notes. In
addition, ROC individual holders are not subject to AMT on any capital gains generated from the sale of the notes. However, ROC corporate holders should include the capital gains in calculating their basic income for the purpose of calculating their AMT. If the amount of the AMT exceeds the annual income tax calculated pursuant to the AMT Act, the excess becomes the ROC corporate holders' AMT payable. Capital losses, if any, incurred by such holders could be carried over 5 years to offset against capital gains of same category of income for the purposes of calculating their AMT. ROC SETTLEMENT AND TRADING Initial subscription of the notes by investors will be settled directly through Euroclear or Clearstream, Luxembourg. In order to purchase the notes, an investor must have an account with Euroclear or Clearstream, Luxembourg and settle the notes through such account with Euroclear or Clearstream, Luxembourg. For any ROC investor having its own account with Euroclear or Clearstream, Luxembourg, the distributions of principal and/or interest for the notes to such holders will be made to its own account with Euroclear or Clearstream, Luxembourg. As of the date of this Termsheet, the Issuer has not entered into any settlement agreement with the Taiwan Depository & Clearing Corporation (the "TDCC") and has no intention to do so. In the future, if the Issuer enters into a settlement agreement with TDCC, an investor, if it has a securities book-entry account with a Taiwan securities broker and a foreign currency deposit account with a Taiwan bank, may settle the notes through the account of TDCC with Euroclear or Clearstream, Luxembourg if it applies to TDCC (by filing in a prescribed form) to transfer the notes in its own account with Euroclear or Clearstream, Luxembourg to such TDCC account with Euroclear or Clearstream, Luxembourg for trading in the domestic market or vice versa for trading in overseas markets. For settlement through TDCC, TDCC will allocate the respective notes position to the securities bookentry account designated by such investor in the ROC. The notes will be traded and settled pursuant to the applicable rules and operating procedures of TDCC and the GreTai as domestic bonds. For such investors who hold their interest in the notes through an account opened and held by TDCC with Euroclear or Clearstream, Luxembourg, distributions of principal and/or interest for the notes to such holders may be made by payment services banks whose systems are connected to TDCC to the foreign currency deposit accounts of the holders. Such payment is expected to be made on the second Taiwanese business day following TDCC's receipt of such payment (due to time difference, the payment is expected to be received by TDCC one Taiwanese business day after the distribution date). However, when the holders will actually receive such distributions may vary depending upon the daily operations of the Taiwan banks with which the holder has the foreign currency deposit account. Disclaimer: This document is a definitive term sheet it is highly confidential, the property of Natixis and should not be transmitted to any person other than its original addressee(s) without the prior written consent of Natixis. It should not be copied or provided to any other person than the original addressee for any purpose. For the avoidance of doubt, Natixis does not make any representation or warranty that it intends to accept or be bound to any of the terms herein nor shall Natixis be obliged to enter into any further discussion or negotiation pursuant hereto. The terms and conditions will be confirmed in the definitive Term sheet which will be available as of the Trade Date, and will be set out in full in the Final terms prepared by the Issuer, which will be available as of Issue Date, if the Notes are issued. This document shall only be intended to eligible counterparties or professional clients or qualified investors. It is hereby expressly acknowledged by the addressee(s) that this document is not provided to such addressee(s) in relation to: any investment advice (conseil en investissements) given by Natixis; any portfolio management investment services for the account of third parties (gestion de portefeuille pour compte de tiers) provided by Natixis; any solicitation or direct selling activities undertaken by Natixis (démarchage bancaire et financier); or more generally, any banking or investment services. The distribution, possession or delivery of this document in, to or from certain jurisdictions may be restricted or prohibited by law. Accordingly, the recipients of this document are therefore required to ensure and represent that they are aware of, and comply with, all such applicable restrictions or prohibitions. Neither
Natixis, nor any of its affiliates, directors, employees, agents or advisers nor any other person accepts any liability to anyone in relation to the distribution, possession or delivery of this document in, to or from any jurisdiction. This document does not constitute an offer or solicitation or a personalized or any other form of investment recommendation with respect to the purchase, sale or subscription of any interest or security or as an undertaking by Natixis to complete a transaction subject to the terms and conditions described in this document. Investors should have sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of investing in Notes as well as access to, and knowledge of, appropriate analytical tools to evaluate such merits and risks of their financial situation. In doubt, potential investors are strongly recommended to consult with their independent legal and financial advisers before making any investment decision. Natixis shall not be liable for any financial loss or any direct or indirect loss suffered as a result of any decision taken on the basis of the information contained in this document, Natixis does not hold itself out as providing any advice, particularly in relation to investment services. In any event, you should obtain all any internal and/or external advice that you consider necessary or desirable to obtain, including from financial, legal, regulatory, tax or accounting advisors, or any other specialist advisors, in order to verify in particular that the investment(s) described in this document meets your investment and commercial objectives and constraints, and to obtain an independent valuation of such investment(s), its risks and rewards. Past performance and simulations of past performance are not reliable indicators of the future and do not predict future results. Information may be changed or withdrawn by Natixis at any time without notice. No, responsibility (whether in contract, tort (including negligence) or otherwise) is accepted by Natixis, nor by any of its holding companies, subsidiaries, associated undertakings or controlling persons, or any of their respective directors, officers, partners, employees, agents, representatives or advisors as to or in relation to the characteristics of this information. Natixis assumes no duty to update this document at any time or inform its recipient or any other person about any change in respect of the information contained herein or about any circumstances that may have any impact on the information contained herein. Natixis is authorized in France by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) as a Bank Investment Services Provider and subject to its supervision. Natixis is regulated by the Autorité des Marchés Financiers (AMF) in respect of its investment services activities. Natixis is authorised by the ACPR and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. NATIXIS is is authorised by the ACPR and regulated by the BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) for the conduct of investment business in Germany. The transfer / distribution of this document in Germany is done by / under the responsibility of NATIXIS Zweigniederlassung Deutschland. Natixis is authorized by the ACPR and regulated by Bank of Spain and the CNMV (Comisión Nacional de Mercado de Valores) for the conduct of its business in Spain. Natixis is authorised by the ACPR and regulated by Bank of Italy and the CONSOB (Commissione Nazionale per le Società e la Borsa) for the conduct of its business in Italy. Natixis is regulated throughout the European Union on a crossborder basis. This document is not intended for distribution in the United States or to any US person, or in Canada, Australia, the Republic of South Africa or Japan, or in any other jurisdiction in which the distribution of this document would be prohibited or restricted by applicable law.