HBX GROUP (+) : De-risked?

Research evidence excerpt

HBX GROUP (+) : De-risked?

New Zealand: BNP Paribas SA is not a registered bank in New Zealand and does not have a place of business in New Zealand. This report is

directed only to wholesale investors/clients (as defined in the Financial Markets Conduct Act 2013) and is not intended for retail investors/clients. By

accepting this document you agree to be bound by the foregoing limitations, and acknowledge that information and opinions in this document relate

to financial products or financial services which are delivered solely to wholesale clients. This report is being distributed in New Zealand by BNP

Paribas, acting through its Australia Branch, registered in Australia as ABN 23 000 000 117 at 60 Castlereagh Street Sydney NSW 2000. BNP

Paribas, acting through its Australia Branch is licensed under the Banking Act 1959 and the holder of Australian Financial Services Licence no.

238043.

Oman: BNP Paribas neither has a registered business presence nor a representative office in Oman and does not undertake banking business or

provide financial services in Oman. Consequently BNP Paribas is not regulated by either the Central Bank of Oman or Oman’s Financial Services

Authority. No authorization, licence or approval has been received by BNP Paribas from the Financial Services Authority or any other regulatory

authority in Oman, to provide such advice or service within Oman. BNP Paribas does not solicit business in Oman and does not market, offer, sell or

distribute any financial or investment products or services in Oman and no subscription to any securities, products or financial services may or will be

consummated within Oman. The recipient of this material represents that he/she is a sophisticated investor (as described in Article 139 of the