ZOETIS (+) : Dog fight

Research evidence excerpt

ZOETIS (+) : Dog fight

prudentiel et de

résolution. BNP Paribas is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited

regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on

request. BNP Paribas London Branch is registered in the UK under number FC13447. UK establishment number: BR000170. UK establishment office

address: 10 Harewood Avenue, London NW1 6AA. This report is intended for distribution to, and is directed at: (a) persons in the UK having professional

experience in matters relating to investments and who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and

Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (b) high net worth companies, unincorporated associations and partnerships and

trustees of high value trusts as described in Article 49(2) of the Order; or (c) other persons to whom it may otherwise be communicated lawfully (all such

persons being “Relevant Persons”). Any investment or investment activity to which this communication relates is only available to and will only be engaged

in with Relevant Persons. Any other persons who receive this communication should not rely on or act upon it.

United States and Canada: BNP Paribas Securities Corp. is registered and regulated by the Financial Industry Regulatory Authority ("FINRA") (CRD#

15794) and the U.S. Securities and Exchange Commission. BNP Paribas Securities Corp is a FINRA member firm and broker-dealer registered with

U.S. Securities Exchange Commission. With respect to any United States persons who are institutional investors BNP Paribas Securities Corp.