Marketing Document

For advised sales only

MULTI-ASSET DIVERSIFIED GLOBAL

CERTIFICATE 18 Gain exposure to a broadly diversified investment universe through the

BNP Paribas Multi-Asset Diversified vol 8 USD FX Hedged Future Index

Issued by BNP Paribas Issuance B.V.

Available in Old Mutual International portfolio bonds

NOVEMBER 2018

2

ABOUT

CTF INVESTMENTSTM

Introducing BNP Paribas’ product range - Committed to The

Future (CTF) Investments. The objective of this product range is

to provide a competitive offering of structured products to the

offshore advisory market. These investments have been

designed to meet Old Mutual International acceptability criteria

and are available via Old Mutual International portfolio bonds.

Both BNP Paribas, as manufacturer, and Old Mutual

International, as distributor, have made a commitment to

reduce the costs involved in the creation and distribution of the

CTF INVESTMENTSTM range of products.

Investors can access CTF INVESTMENTSTM with the help of a

financial advisor through Old Mutual International portfolio

bonds. Investors will own the Old Mutual International portfolio

bond and its value will be linked to the assets held within the

bond, chosen by the investor but owned by Old Mutual

International.

This brochure contains key details of how the Multi-Asset Diversified

Global Certificate 18 works. This brochure should be read in conjunction

with the Base Prospectus and associated Supplements for Certificates

issued under the BNP Paribas Issuance B.V. Note, Warrant and

Certificate Programme dated 5 June 2018 as supplemented from time to

time, and the Key Information Document available at the following

respective websites:

https://ratesglobalmarkets.bnpparibas.com/gm/Public/LegalDocs.aspx

https://ctf-investments.com/

IMPORTANT TERMS Annualised Return - the return earned in a year after accounting

for the effects of compounding

Certificate – this investment is a Certificate. A Certificate is

effectively a loan from an investor who holds the Certificate to the

issuer of the Certificate (in this case BNP Paribas Issuance B.V). The

Issuer agrees to pay the investor a return, if applicable, as

described in the documentation of the Certificate. The exception

to this is if the Issuer and Guarantor default and are unable to

make these payments to the investor. In this case, the investor

could lose some or all of their investment in the Certificate.

Distribution Fee – the amount of the Initial Investment that is

payable to a third party. See page 9 for more information.

Final Index Level – the official closing level of the Index on the

Final Valuation Date

Final Valuation Date – the date on which the Final Index Level is

recorded. See page 9 for dates.

Guarantor – BNP Paribas

Index – the BNP Paribas Multi-Asset Diversified vol 8 USD FX

Hedged Future Index (Bloomberg Code: BNPID8UF Index)

Index Performance – the percentage change from the Initial

Index Level to the Final Index Level

Initial Index Level – the closing level of the Index on the Start

Date

Initial Investment – the total amount invested into this product

before deduction of the Distribution Fee

Issuer – BNP Paribas Issuance B.V.

Maturity Date – the date on which any proceeds that are due

from the investment are payable. See page 9 for dates.

Maximum Drawdown – a measure of the largest single drop from

top to bottom in the value of an asset for the period shown

Sharpe Ratio – a measure for calculating risk-adjusted return. It is

calculated as the average return earned per unit of volatility or

total risk. Comparatively, a higher Sharpe Ratio indicates a better

return is obtained for the same level of risk, or the same return is

obtained with a lower level of risk.

Start Date – the date on which the Initial Index Level is recorded.

See page 9 for dates.

Volatility – a measure of price movements, or of the amount by

which the level of an asset moves around its average level over a

set period of time. Volatility is an indicator of the level of risk of an

asset. High volatility equates to high risk.

3

The Multi-Asset Diversified Global Certificate 18 (the Certificate) is a five year Certificate issued by BNP

Issuance B.V. (the Issuer) and guaranteed by BNP Paribas (the Guarantor). It offers:

Exposure to the performance of the BNP Paribas Multi-Asset Diversified vol 8 USD FX Hedged Future Index

(the Index) - a broadly diversified index made up of a range of global assets, that benefits from an efficient

allocation methodology and daily risk management.

At maturity:

1. Repayment of the Initial Investment plus a fixed return of 5% on the Initial Investment, irrespective of the

performance of the Index;

2. If the Index closes above 105% of the Initial Index Level, payment of an amount equal to the growth in the

Index in excess of 5%, from the Start Date to the Final Valuation Date (the Index Performance).

There is a risk of partial or total loss of the Initial Investment and any potential payment due in the event of

bankruptcy or payment default by the Issuer and the Guarantor.

4

PRODUCT AT A GLANCE A quick overview

Is the Certificate right for investors?

would like to benefit from the positive

performance of an index linked to a wide range

of diversified asset classes;

require a minimum return from their

investments;

do not need access to their money during the

investment term;

do not need a regular income from their

investment;

are comfortable with the risks associated with

this Certificate;

are comfortable with the credit risk of the Issuer

and Guarantor;

want to make an investment in USD;

understand how the Certificate works.

are not comfortable with the investment strategy of

the Index or think the Index may fall over the

investment term;

need access to their money during the investment

term;

want a regular income from their investment;

are not comfortable with the risks associated with

this Certificate;

do not wish to be exposed to the credit risk of the

Issuer and Guarantor;

do not want to make an investment in USD;

do not understand how the Certificate works.

May be right for investors who: May not be right for investors who:

An investment in the Certificate may expose investors to risks which are different to those normally

associated with investment in traditional asset classes. Please see a summary of risk factors on page 8.

Investors should consult their own professional advisors prior to making a decision to invest in the Certificate.

5

The Index is made up of underlying assets which give access to equity, commodity and government bond

markets, in a variety of geographical locations. It includes a total of ten, liquid, underlying assets.

The portion of the Index allocated to each asset is calculated based on the price trend for each asset (today’s

price compared to daily prices in the past year), volatility and correlation (how assets move in relation to each

other).

The portion of the index allocated to each asset is rebalanced daily, offering a highly reactive strategy in all

market conditions.

The sum of weights of the assets in the Index is not restricted to 100%, which means that through leveraging

and deleveraging a more efficient portfolio can be obtained.

The sum of all the weights of all assets must range from 0% to 300%, even if some individual weights are

negative. A negative weight indicates the Index will grow if the asset falls in value.

An additional risk control mechanism is applied to the Index in order to help limit the impact of extreme

market moves on returns. This is done by limiting exposure to the assets comprising the Index in volatile

markets, in order to keep volatility close to 8%.

The Index directly tracks the performance of the BNP Paribas Multi-Asset Diversified vol 8 EUR Future Index,

converted each day from EUR into USD. The Index can be composed of assets expressed in different currencies

and protection against the evolution of these currencies against the USD is embedded in the Index.

The performance of the Index is calculated after fees have been deducted. Fees include an annual 0.5%

adjustment factor deducted from the Index level, and the costs for re-balancing of the Index daily.

A summary of the methodology of the BNP Paribas Multi-Asset

Diversified vol 8 USD FX Hedged Future Index

* The Custom Equity and Commodity Indices activity of BNP Paribas Global Markets has been attested in accordance with SOC1 / ISAE 3402 standard as of 30-Sep-2016.

THE INDEX

Index Components and Weights

Assets Minimum possible target weight

in Index

Maximum possible target weight

in Index

Actual weight in Index at end of

October 2018

Equity Europe -50% 50% -30%

Equity US -50% 50% 19%

Equity Japan -50% 50% 20%

Equity China -10% 10% -7%

Equity Emerging Markets -5% 5% -4%

Gov. Bonds Germany -100% 100% 73%

Gov. Bonds US -100% 100% -73%

Gov. Bonds Japan -25% 25% 18%

Gold -25% 25% -10%

Commodities -25% 25% 18%

Total 24%

Source: BNP Paribas, Bloomberg, 31 October 2018. Past performance is not indicative of future performance.

6

Historical performance of the Index (simulated until 14 June 2016)

HOW IS THE INVESTMENT

RETURN CALCULATED?

On the Final Valuation Date, the Final Index Level is checked and compared to the Initial Index Level:

If the Final Index Level is at or below 105% of the Initial Index Level, the Initial Investment is repaid in full to

Certificate holders on the Maturity Date in addition to a fixed return of 5% on the Initial Investment;

Otherwise, if the Final Index Level is above 105% of the Initial Index Level, the Initial Investment plus an amount

equal to the Index Performance, is paid to Certificate holders on the Maturity Date.

Calculating the amount payable at maturity

Sample calculations

Example Initial Investment

(100%)

Index Performance

on Final Valuation Date

% Initial Investment

payable at maturity

Amount payable

at maturity

Annualised

Return

1 USD 1,000 +70% 170.00% USD 1,700.00 11.20%

2 USD 1,000 +35% 135.00% USD 1,350.0 6.19%

3 USD 1,000 +5% 105.00% USD 1,050.00 0.98%

4 USD 1,000 0% 105.00% USD 1,050.00 0.98%

5 USD 1,000 -35% 105.00% USD 1,050.00 0.98%

6 USD 1,000 -70% 105.00% USD 1,050.00 0.98%

Source: BNP Paribas. The above sample calculations assume no bankruptcy or payment default by the Issuer and Guarantor. Sample calculations are for illustrative purposes only and are not indicative of future performance. Annualised Return calculated on an IRR basis (Internal Rate of Return).

7 November 2013 – 7 November 2018 BNP Paribas Multi-Asset

Diversified vol 8 USD FX Hedged Future Index

Annualised return 4.51%

Annualised volatility 7.80%

Sharpe Ratio 0.58

Maximum drawdown -10.97%

Source: Bloomberg, BNP Paribas, 7 November 2018. The Index performance is simulated from 7 November 2013 to 14 June 2016, with actual performance thereafter. Simulated past performance and past performance are not indicative of future performance.

Ind

ex

set

eq

ual to

100%

on

7 N

ove

mb

er

2013

80%

100%

120%

140%

160%

180%

200%

Nov-13 Nov-14 Nov-15 Nov-16 Nov-17 Nov-18

BNP Paribas Multi-Asset Diversified vol 8 USD FX Hedged Future Index

Index live since 15 June 2016

MARKET SCENARIOS

Final Index Level

Index Performance

100% Initial Investment LEGEND

Index level during Certificate term

On the Final Valuation Date, the Final Index

Level is 50% higher than the Initial Index Level.

The Certificate pays

100% of the Investment + 5% fixed return

+ 45% return (in excess of 5%) = 150% on

the Maturity Date

Positive scenario

Investors receive an annualised return of 8.45%

On the Final Valuation Date, the Final Index

Level is the same as the Initial Index Level.

The Certificate pays

100% of the Investment + 5% fixed return =

105% on the Maturity Date

Neutral scenario

Investors receive an annualised return of 0.98%

On the Final Valuation Date, the Final Index

Level is the same as the Initial Index Level.

The Certificate pays

100% of the Investment + 5% fixed return =

105% on the Maturity Date

Negative scenario

Investors receive an annualised return of 0.98%

Source: BNP Paribas. The above scenarios assume no bankruptcy or payment default by the Issuer and Guarantor. Scenarios are for illustrative purposes only and are not indicative of future performance. Annualised Return calculated on an IRR basis (Internal Rate of Return).

7

100%

100%

Payment on Maturity Date of 105% of the Initial Investment + 45%

Year

150%

100%

100%

Payment on Maturity Date of 105% of the Initial Investment

Year

45%

100%

Payment on Maturity Date of 105% of the Initial Investment

Index Level

Index Level

Index Level

4 3 1 2

Year

45%

5

4 3 1 2 5

4 3 1 2 5

100%

5%

100%

5%

5%

Exposure to an Index which contains a range of

diversified assets classes and geographies, and

benefits from a sophisticated asset allocation

methodology and rigorous risk management.

Even if the Index performs poorly over the term of the

Certificate, 100% of the Initial Investment will be

repaid in full at maturity plus a fixed return of 5%.

Potential for a return at maturity in addition to the

fixed return, on any positive Index Performance in

excess of 5%.

Benefits

BENEFITS &

RISKS OF INVESTING

Risk of partial or total loss of Initial Investment in the case of bankruptcy or payment default by the

Issuer and Guarantor.

Exiting the investment before the Maturity Date may result in a loss to the investor on their Initial

Investment. The value of the Certificate changes not only according to the performance of the Index,

but also according to other market parameters such as FX rates, interest rates and the credit

worthiness of the Issuer and Guarantor.

Certificates are not listed on any exchange. BNP Paribas may (but is under no obligation to) provide a

bid price, upon request, on the Certificates on a reasonable efforts basis subject to normal market

conditions.

Investors are not investing directly in the equities, bonds or commodities that make up the Index and

will not receive any dividends.

Tax treatment may change during the term of the investment, which may affect the tax treatment of

any return investors receive.

The Subscription Period may be shortened or the offer may be withdrawn if Old Mutual International

or BNP Paribas determine that the market conditions make a successful completion of the offer more

difficult. If an application to invest or monies are received after the Certificate is closed to

subscriptions, investors will be informed and their contribution will be returned to them.

Key Risks

For a more comprehensive disclosure and more detailed information of the risks attached to the

Certificates, please refer to the Issuer’s Base Prospectus and associated Supplements available at:

https://rates-globalmarkets.bnpparibas.com/gm/public/legaldocs.aspx; and the Final Terms or Pricing

Supplement for the Certificate, available on request from Old Mutual International or available to

financial advisers at www.ctf-investment.com.

8

9

INDICATIVE SUMMARY

OF TERMS & CONDITIONS

Issue type Certificate

ISIN Code XS1867915925

Issuer BNP Paribas Issuance B.V.

(rated A by Standard & Poor's, as at 7/11/2018)

Guarantor BNP Paribas

(rated A (Standard & Poor’s), Aa3 (Moody’s), A+ (Fitch), as at 7/11/2018)

Listing This Certificate will not be listed on any exchange

Subscription Period 12 November 2018 – 18 December 2018

Subscription Period may end early if the Certificate is oversubscribed.

Investment Term 5 years

Start Date 21 December 2018

Final Valuation Date 21 December 2023

Maturity Date 28 December 2023

Index BNP Paribas Multi-Asset Diversified vol 8 USD FX Hedged Future Index

(Bloomberg Code: BNPID8UF Index)

Currency USD

Initial Investment USD 1,000 (1 Certificate)

Capital Protection Yes

Distribution Fee

A maximum fee equivalent to 1.00% for each year of the Investment

Term of an investor’s Initial Investment is payable by BNP Paribas to Old

Mutual International, of which Old Mutual International will pay

equivalent to 0.80% for each year to a third party financial advisor.

Details of this third party payment available on request from Old Mutual

International.

Any complaint regarding the conduct of the person advising on or selling the product can be

submitted directly to that person. Any complaint regarding the product can be submitted by writing

to the following address: BNP Paribas CLM Regulations - Complaints Management, 10 Harewood

Avenue, LONDON NW1 6AA, UK, by sending an e-mail to cib.priips.complaints@bnpparibas.com, or

by using the online form available at the following website https://kid.bnpparibas.com/cib.

How can investors complain?

10

DISCLAIMERS

This document/communication may contain "Research" as defined under MiFID II unbundling rules; any such Research is intended either (i) for

those firms who are in scope of the MiFID II unbundling rules and have signed up to a BNP Paribas Global Markets Research package, or (ii) for

firms that are out of scope of the MiFID II unbundling rules and therefore are not required to pay for Research under MiFID II. Please note that it is

your firm's responsibility to ensure that you do not view or use any Research in this document if your firm has not signed up to a BNP Paribas

Global Markets Research package, unless your firm is out of scope of the MiFID II unbundling rules. This document may also be regarded as a

minor non-monetary benefit (MNMB) and it is your firm's responsibility to consider its own regulatory obligations in relation to inducements and

accepting MNMBs.

This document is CONFIDENTIAL AND FOR DISCUSSION PURPOSES ONLY. This document does not constitute an offer or a solicitation to

engage in any trading strategy or to purchase or sell any financial instruments. Given its general nature, the information included in this document

does not contain all the elements that may be relevant for a recipient to make an informed decision in relation to any strategies or financial

products discussed herein.

The information contained in this document has been obtained from sources believed to be reliable, but BNP Paribas makes no representation,

express or implied, that such information, or any opinions based thereon and contained in this document, are accurate or complete. Other

financial institutions or persons may have different opinions or draw different conclusions from the same facts or ideas analysed in this document.

Any scenarios, assumptions, historical or simulated performances, indicative prices or examples of potential transactions or returns are included for

illustrative purposes only, and BNPP gives no assurance that any favourable scenarios described are likely to happen, nor that it is possible to trade

on the terms described herein or that any of the potential returns illustrated can be achieved. BNPP is further under no obligation to update or

keep current the information contained in this document.

BNPP has used historical information in order to provide an illustration of how certain parameters may have performed over a defined period. This

document also contains certain performance data based on back-testing, i.e., calculations of the hypothetical performance of a strategy, index or

asset as if it had actually existed during a defined period of time and may in certain circumstances contain simulated performance information

where the index or asset described has recently been established or issued. The scenarios, simulations, development expectations and forecasts

contained in this document are for illustrative purposes only. This type of information has inherent limitations which you must consider carefully.

While the information has been prepared in good faith in accordance with BNPP's own internal models and other relevant sources, an analysis

based on different models or assumptions may yield different results. Therefore, this analysis may vary significantly from an analysis obtained from

other sources or market participants. Further, please note that such analysis is based on a number of working assumptions that may not be

capable of duplication in actual trading terms. Unlike actual performance records, hypothetical or simulated performances, returns or scenarios

may not necessarily reflect certain market factors such as liquidity constraints, fees and transaction costs. Actual historical or backtested past

performance and forecasts are not reliable indicators of future performance.

This document contains only a summary description of the main features of certain Notes, Warrants or Certificates (the “Securities”). A proposed

investment in the Securities cannot be fully assessed without full knowledge and understanding of the relevant Final Terms and the Terms and

Conditions contained in the relevant Base Prospectus for such Securities (as supplemented from time to time), which is publicly available on the

website of the Autorité des marchés financiers (the "AMF") in France (www.amf-france.org). A proposed investment in the Securities cannot be fully

assessed without full knowledge and understanding of the relevant Final Terms and the Terms and Conditions contained in the relevant Base

Prospectus for such Securities (as supplemented from time to time), which is available from BNPP. In particular, potential investors should carefully

read the section headed “Risk Factors” for a full description of the potential risks associated with the Securities and the section entitled “Offering and

Sale” for certain limitations on the purchase and onward sales of the Securities.

The Securities are structured to provide capital protection at maturity. This applies to the nominal value of the Securities only, providing the

Securities are held until maturity. If the Securities are not held until maturity then this protection does not apply, and investors should be aware that

there is risk of partial or total loss of the invested capital.

Capital protection is designed to protect the investor from certain market risks, but not counterparty risk. The investor is still exposed to the risk of

counterparties entering insolvency or defaulting on their obligations. Capital protection is provided by BNP Paribas Issuance BV (“IBV”), as issuer of

the Securities. As IBV’s payment obligations under the Securities are guaranteed by BNPP, an investment in the Securities is subject to the credit risk

of the BNPP Group.

In providing this document, BNPP gives no financial, legal, tax or any other type of advice to, nor has any fiduciary duties towards, recipients.

Certain strategies and/or potential transactions discussed in this document involve the use of derivatives, which may be complex in nature

and may give rise to substantial risks, including the risk of partial loss of any investment. BNPP makes no representation as to whether any of

the strategies or transactions discussed herein may be suitable for investors’ financial needs, circumstances or requirements. Investors must

make their own assessment of the strategies and/or potential transactions, using such professional advisors as they may require. BNPP

accepts no liability for any direct or consequential losses arising from any action taken in connection with or reliance on the information

contained in this document.

As an investment bank with a wide range of activities, BNPP may face conflicts of interest, which are resolved under legal provisions and

internal guidelines. You should be aware, however, that BNPP may engage in transactions in a manner inconsistent with the views expressed

in this document, either for its own account or for the account of its clients. Laws and regulations of countries may restrict the distribution of

this document. Persons in possession of this document should inform themselves about possible legal restrictions and observe them

accordingly.

Any investment to which this document relates is only available to such persons as this document may be lawfully distributed and other

classes of persons should not rely on this document.

The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the

“Securities Act”), and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of

the Securities Act.

BNP Paribas London Branch (registered office: 10 Harewood Avenue, London NW1 6AA; tel: +44 20 7595 2000; fax: +44 20 7595 2555) is

lead supervised by the European Central Bank (ECB) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). BNP Paribas London

Branch is authorised by the ECB, the ACPR and the Prudential Regulation Authority and subject to limited regulation by the Financial

Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential

Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. BNP Paribas London Branch is

registered in England and Wales under no. FC13447. www.bnpparibas.com

The methodology of and rules governing the index (the "Index Methodology" and the "Index") are proprietary. None of the sponsor of the

Index (the "Index Sponsor"), the index calculation agent (where such party is not also the Index Sponsor, the "Index Calculation Agent") nor,

where applicable, the index Investment Advisor (the "Index Investment Advisor") guarantee that there will be no errors or omissions in

computing or disseminating the Index.

The Index Methodology is based on certain assumptions, certain pricing models and calculation methods adopted by the Index Sponsor, the

Index Calculation Agent and, where applicable, the Index Investment Advisor, and may have certain inherent limitations. Information

prepared on the basis of different models, calculation methods or assumptions may yield different results. You have no authority to use or

reproduce the Index Methodology in any way, and neither BNP Paribas nor any of its affiliates shall be liable for any loss whatsoever,

whether arising directly or indirectly from the use of the Index or Index Methodology or otherwise in connection therewith.

The Index Sponsor reserves the right to amend or adjust the Index Methodology from time to time in accordance with the rules governing

the Index and accepts no liability for any such amendment or adjustment. Neither the Index Sponsor nor the Index Calculation Agent are

under any obligation to continue the calculation, publication or dissemination of the Index and accept no liability for any suspension or

interruption in the calculation thereof which is made in accordance with the rules governing the Index. None of the Index Sponsor, the Index

Calculation Agent nor, where applicable, the Index Investment Advisor accept any liability in connection with the publication or use of the

level of the Index at any given time.

The Index Methodology embeds certain costs in the strategy which cover amongst other things, friction, replication and repo costs in

running the Index. The levels of such costs (if any) may vary over time in accordance with market conditions as determined by the Index

Sponsor acting in a commercially reasonable manner.

BNP Paribas and/or its affiliates may act in a number of different capacities in relation to the Index and/or products linked to the Index, which

may include, but not be limited to, acting as market-maker, hedging counterparty, issuer of components of the Index, Index Sponsor and/or

Index Calculation Agent. Such activities could result in potential conflicts of interest that could influence the price or value of a Product. ©

BNP Paribas. All rights reserved.

CTF INVESTMENTS and the three triangles is a trade mark of BNP Paribas.

11