WWS7-10YR Win Win ULTIMATE WWUL

Win Win Ultimate Who Are BNP Paribas? Top Ten World Rankings*, AA+ rated Bank (S&P) Award Winning Derivatives designer and issuer *By Assets. Source: The Banker July 2007 – Annual Report

Win Win Ultimate The Win Win Ultimate was designed in response to individual and institutional investors’ requests for a product with a better risk / return profile. We were asked to design a capital-guaranteed product with opportunities for exceptional bonuses, and suitable for a risk-averse investor.

Win Win Ultimate’s Key Features A 10-year Certificate issued and guaranteed by BNP Paribas. 100% capital-guaranteed at maturity plus potential for Annual Bonus Payments of 15%. Protects Capital. Creates Growth.  Available in USD (GBP, EUR on demand)  Guaranteed coupons also available (on demand)

Win Win Ultimate – How Does it Work? A basket of 20 blue chip stocks is used as a reference and a barrier price (typically 80%) is established. A 15% Annual Bonus Payment is made to the investor provided none of those stocks breaches the barrier during each 12-month Observation Period. Missed Annual Bonus Payments are not lost. They are ROLLED OVER to the next period in which an Annual Bonus Payment is made and added to that year’s payment. This effectively gives a Second Chance of gaining the Annual Bonus Payment, each year.

Example of Quality International Stocks* (*Stocks may vary between issues) ORACLE Cisco Systems EMC CORP/MASS Royal Dutch Shell E.ON AG Intel Corp GlaxoSmithKline Wal-Mart Stores Inc Nokia AB OY Coca Cola Valero Energy Corp Total Apple Inc Exxon Mobil Corp Vodafone Airtouch Siemens AG ENI SpA BP plc Google A T & T

Sector & Geographic Distribution Creates Diversity

80% BONUSES 25% BONUS 2nd CHANCE FEATURE n You would receive no Annual Bonus Payments in the first year. You would receive an Annual Bonus Payment in the second year. PLUS, with Second Chance, you would receive an additional 15% bonus payment rolled over from year one. 15% 30% 15% 0% Lowest performing stock in basket (% of Issue Date Closing-Price) Win Win Ultimate: An Example

80% BONUSES 25% BONUS 2nd CHANCE FEATURE 15% 30%15%45% Total Bonus Payments = 150% 15% 0% 15% 0% You would receive an Annual Bonus Payment in the fifth year. PLUS, with Second Chance, you would receive an additional 30% bonus payment rolled over from years three and four. Lowest performing stock in basket (% of Issue Date Closing-Price) Win Win Ultimate: An Example n You would receive no Annual Bonus Payments in the next two years.

And Again, Remember Second Chance! Annual Bonus Payments missed in any year are not necessarily lost. They are rolled over to the next period in which an Annual Bonus Payment is made and added to that payment. Original Invested Capital is always guaranteed and returned, in full, at the end of year 10.

Advantages and Risks ADVANTAGES RISKS  100% capital-guaranteed at maturity  High Potential Annual Bonus Payments.  A Basket of top quality stocks.  Investors can earn back the Annual Bonus Payments that have been rolled over in previous years, at the next period in which an Annual Bonus Payment is made.  Good historical results.  BNP Paribas guarantee liquidity.  Rated as a Low risk investment.  Structured products are core markets for BNP Paribas, an AA+ rated bank (by S&P), and one of the Largest Global Banks.  Win Win Ultimate, like most protected structured products, is only capital- guaranteed at maturity.  The past is no guarantee of the future.

Back-Testing Methodology (based on the first series prior to issuing the original Win Win Note) At the launch of Win Win, by collating daily closing levels of the stocks in the original basket, BNP Paribas undertook 1245 simulations based on prices from: –January 4 th 1988 through to January 4 th 1998, –January 5 th 1988 through to January 5 th 1998, –January 6 th 1988 through to January 6 th 1998, and so on until –October 22 nd 1992 through to October 2002 That’s equivalent to over 4,500,000 individual stock price checks being used to back-test Win Win

And the Solid Back-Testing Results Were Number of ‘bonus payments’ years (% of occurrences over 1,245 simulations) 0% 20% 40% 60% 80% 100% 4 or more 5 or more 6 or more 7 or more 8 or more 9 or more % 19.13% 39.15% 58.52% 97.43% 98.23% 99.60% Historical results : Second chance 100 % 97% - 7 or more Annual Bonus Payments 100% of Annual Bonus Payments with Second Chance Remember, Win Win Ultimate would be even better!

Comparitive Risk / Return Profile Low High YIELD RISK RETURN Low High FLOATING RATE BONDS CALLABLE NOTES & REVERSE FLOATERS FIXED RATE BONDS WIN RISK Low High LIQUIDITY RISK RETURN Low High STRU- CTURED NOTES HEDGE FUNDS & FUND LINKED NOTES BONDS WIN RISK Low High EQUITY RISK RETURN Low High EQUITY LINKED REDEMPTION NOTES WIN RISK INDICES & INDEXED FUNDS EQUITIES OPTIONS & WARRANTS Low High CREDIT RISK RETURN AAA C CREDIT DEFAULT NOTES BONDS WIN RISK

Summary Capital fully guaranteed at maturity by BNP Paribas. 15% Annual Bonus Payments potential. Second Chance feature to receive any rolled-over Annual Bonus Payments at the next period in which an Annual Bonus Payment is made. Available in USD (GBP and EURO on demand). 5% placement fee at outset and a 12.5% performance fee chargeable on any Annual Bonus Payments. All payments guaranteed by BNP Paribas, an AA+ rated bank, and a top ten Global Bank.

Disclaimer The information contained within this presentation is provided to you by BNP Paribas on a strictly confidential basis. Any prices or examples of possible transactions contained in this document are set out for illustrative purposes only and do not constitute any form of offer from BNP Paribas to trade on such terms or constitute an indication that it is possible to trade on those precise terms. It is also understood that all information given by BNP Paribas related to the terms and conditions of a financial transaction shall not be considered investment advice or as a recommendation to enter into that transaction. Actual prices will depend on market conditions at the time the transaction is concluded. BNP Paribas will not assume any responsibility for the financial consequences of the client trading in the financial transactions described in this document. Third Party and counter-party fees not exceeding 1% p.a. for 10 year Notes/Certificates and 1.8% p.a. for 5 year Notes/Certificates, payable by BNP Paribas do not affect the clients 100% Capital Guaranteed at maturity. * All returns are dependent upon terms of a Warrants & Certificates Programme as issued by BNP Paribas. All returns, interest payments, stocks and the barrier level will vary according to market conditions. PCP will revert before issuing a note should prevailing conditions cause any (or all) of the features and benefits to be adversely affected by more than 10% from the illustrated key features of this product, the pricing supplement, and the indicative conditions and pricing.

Contact Details: Win c/o P.O. Box Limassol 3312 Cyprus Tel: Fax: Web Site: