With Government market-making teams based in London, Tokyo and New York, and additional capabilities in Paris and Milan, BNP Paribas is committed to four major market-making sectors: - EMU-INS - EMU-OUTS - US Treasuries (Primary Dealer) - JGB (Primary Dealer)

BNP PARIBAS: A PRIMARY DEALER/MARKET-MAKER IN 12 EUROPEAN GOVERNMENT BOND MARKETS BOTH EUROS-INS AND EUROS-OUTS

BNP PARIBAS CREDENTIALS

BNP Paribas is clearly a premier house in the major European markets, but it also has a significant presence in UST and JGB. In EMU - France’s leading OAT Primary dealer; - First Foreign Bank German primary dealer (average since the creation of the auction process); - Italian Government Bond Super-primary dealer (7%+ market share); - Primary dealer in 9 other Euro-government markets.

Government bonds: EUROPE - France: ranked 2nd among primary dealers, primary market share of 10%; - Germany: 5% market share in auctions, Top 3 foreign bank; - Italy: ranked 2nd-3rd primary dealer, primary market share of 6%; - Spain: no ranking available, overall among the Top 6; - Belgium: ranked 4th among primary dealers, market share of 8.7% in auctions; - Portugal: ranked 3rd among primary dealers, primary market share of 10%. Government bonds: USA - US Primary Dealer; - Adviser to the Federal Reserve on quarterly refunding; - Key strategic market for BNP Paribas; - Ranked within Top 8 in terms of market share in US auctions; - Significant US Agency presence; - Active underwriter of Agency debt ranked within Top 10 on a number of programmes. Government bonds: JAPAN - Top 3 Foreign participant in JGB Auctions; - Only one of two foreign dealers with full access to BoJ and MoF primary & secondary operations; - One of only two foreign firms to have non-branch manager presentation on Standing Committee of Japan Securities Dealers Association; - 5% market share, ranked within Top 10 in JGB auctions; - BNP Paribas selected by Bank of Japan to act as Repo Operational Dealer.

OUR PRIORITIES

Crucial to our client franchise, our Government business is Research-driven. A recent Extel survey, covering 118 fund managers, ranked BNP Paribas within the Top 2 for best analysis of European Government Bonds. BNP Paribas actively participates in the development of electronic trading for institutional clients through BondClick. BNP Paribas' commitment to global government products is reflected in a comprehensive, multi-centred approach. BNP Paribas's commitment to excellence is demonstrated by consistent, attentive client service.