1. S10Yr200109 Win ULTIMATE Islamic

2. Who Are BNP? Top Ten World Rankings*, AA+ rated Bank (S&P). Award Winning Derivates designer and issuer. A Pioneer in Islamic Banking, active in the industry since the 1980s. Established BNP Paribas Najmah in Bahrain in 2003, to provide ‘Islamic solutions within its chart of excellence worldwide.’ In 2005 BNP Paribas received the Euromoney’s award for Best Islamic Finance House, recognising their achievements in Islamic Project and acknowledging the creative solutions BNP Paribas Najmah’s had developed, putting one of the largest Islamic offerings on the map.

3. BNP Paribas has a board of three Islamic scholars forming a Sharia Supervisory Committee. Sheikh Nizam Yaguby - Bahrain (Chairman) Educated at the McGill University in Canada and the University of Wales, he studied under the guidance of some of the world's most pre-eminent Islamic scholars, gaining over twenty years experience in teaching Islamic business subjects and has written several research papers on these topics. Dr. Nizam Yaguby is considered a Sharia advisor to many international financial institutions and insurance including, the Dow Jones Islamic index. Dr. Abdul Sattar Abu Ghuddah – Syria (based in Saudi Arabia) Educated in both Damascus and Al Azhar University, Egypt, and a member of several Sharia Boards of financial institutions, including that of The Dow Jones Islamic Index. Dr. Abu Ghuddah has published numerous studies on Islamic banking. And is a member of the International Islamic Fiqh Academy as well as the Islamic Accounting & Auditing Standards Board. Dr. Mohamed Daud Bakar - Malaysia An Islamic scholar educated at the University of Kuwait and at the University of St. Andrews in Scotland, Dr Daud Bakar is the Deputy Rector and an Associate Professor in Islamic Law at the International Islamic University in Malaysia. An appointed member of the National Shari’ah Advisory Council of Bank Negara Malaysia Dr. Daud Bakar is also a Shari’ah consultant and advisor for several financial institutions around the world. BNP Paribas Sharia Board

4. Win Win Ultimate Islamic The Win Win Ultimate Islamic was designed in response to individual and institutional investors’ requests for a product with a better risk / return profile. The global market is experiencing an inflow of investors from the Middle East seeking financial and investment vehicles which comply with Islamic religious principles. The Win Win Ultimate Islamic Certificate serves as a great comfort to investors who need to know that their financial interests are catered for whilst in observance of Sharia law.

5. Principles of Islamic Finance Islamic Law Encourages: The undertaking of business risks in return for reward, with the underlying principle that the rewards should be commensurate with the level of risk taken. The use of money for ‘lawful’ projects The earning of Profits Islamic Law Discourages: Leaving funds inactive Islamic Law Forbids: “Risk-free” reward – (Islamic principles do not recognise the time value of money) The charging or paying of interest (‘Riba’) Uncertainty or deceit (‘Gharar’). All business transactions which cause injustice in any form to any of the parties are forbidden. Speculation or Gambling (‘Maysir’) Investing in certain market sectors (e.g Alcohol, Arms, Cinematography, Financial Services, Gaming, Tobacco, and Pornography)

6. Sharia Pronouncement

7. Key Features A 10-year Islamic Certificate issued and guaranteed by BNP Paribas. 100% capital-protected at maturity plus potential for Annual Profit Payments of 15%. Protects Capital. Creates Growth. Available in USD, EUR, GBP

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

9. EXAMPLE OF QUALITY INTERNATIONAL STOCKS FROM ISLAMIC INDEX (*Stocks may vary between issues) ORACLE Cisco Systems Inc EMC CORP/MASS ENEL E.ON AG Intel Corp GlaxoSmithKline Roche Nokia AB OY Coca Cola Valero Energy Corp Total Microsoft Exxon Mobil Corp Vodafone Airtouch Siemens AG ENI Novartis Google A T & T

10. Sector & Geographic Distribution Creates Diversity

11. 80% PROFIT PAYMENTS 25% PROFIT 2nd CHANCE FEATURE n You would receive no Annual Profit Payments in the first year. You would receive an Annual Profit Payment in the second year. PLUS, with Second Chance, you would receive an additional 15% profit payment rolled over from year one. 15% 30% 15% 0% Lowest performing stock in basket (% of Issue Date Closing-Price) Win Win Ultimate Islamic: An Example

12. 80% PROFIT PAYMENTS 25% Profit 2nd CHANCE FEATURE 15% 30%15%45% Total Profit Payments = 150% 15% 0% 15% 0% You would receive an Annual Profit Payment in the fifth year. PLUS, with Second Chance, you would receive an additional 30% profit payment rolled over from years three and four. Lowest performing stock in basket (% of Issue Date Closing-Price) Win Win Ultimate Islamic: An Example n You would receive no Annual Profit Payments in the next two years.

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

14. Advantages and Risks ADVANTAGES RISKS  100% capital-protected at maturity  High Potential Annual Profit Payments.  A Basket of top quality stocks.  Investors can earn back the Annual Profit Payments that have been rolled over in previous years, at the next period in which an Annual Profit 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 Islamic, like most protected structured products, is only capital-protected at maturity.  The past is no guarantee of the future.

15. 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

16. And the Solid Back-Testing Results Were Number of ‘profit 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 10 99.92% 19.13% 39.15% 58.52% 97.43% 98.23% 99.60% Historical results : Second chance 100 % 97% - 7 or more Annual Profit Payments 100% of Annual Profit Payments with Second Chance

17. 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

18. Summary Capital fully protected at maturity by BNP Paribas. 15% Annual Profit Payments potential. Second Chance feature to receive any rolled-over Annual Profit Payments at the next period in which an Annual Profit Payment is made. Minimum investment of USD 70,000. Lower investment level through major life companies USD 20,000 5% placement fee at outset and a 12.5% performance fee chargeable on any Annual Profit Payments. All payments guaranteed by BNP Paribas, an AA+ rated bank, and a top ten Global Bank.

19. 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 Certificates and 1.8% p.a. for 5 year 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, profit payments, stocks and the barrier level will vary according to market conditions. PCP will revert before issuing a certificate 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.

20. Contact Details: Win c/o P.O. Box 57108 Limassol 3312 Cyprus Tel: +357 25817488 Fax: +357 25749755 Email: marketing@pcpfunds.com Web Site: www.pcpfunds.com