ExhibitReferring to the exhibit, where should next-hop-self-policy be applied to alter the next-hop value?

The next-hop-self-policy policy is used to alter the next-hop attribute of BGP routes. When you apply it as an export policy to an external BGP (eBGP) group, it changes the next-hop attribute of the routes being advertised to eBGP neighbors so that the next-hop IP address is the IP address of the router itself. This ensures that the eBGP neighbors use the local router as the next hop to reach these routes.

References

Juniper Networks Technical Documentation on BGP Policies