Our Products

We offer: - A wide range of derivatives including all the vanilla and exotic products on interest rates; - A high reactivity to new kinds of products (hybrid, inflation etc.). Example of products: - Liability management: Knock-Out Swap, Cancellable Swap, LIBOR-in-arrears Swap, Optional Basis Swap. - Asset Management: Corridor Swap, Steepening Play. Most of the products and concepts can be executed as swaps, deposits or Notes (e.g., EMTN's), and may be applicable in all major currencies.

The market recognises our excellence

- Structured Products European awards (Nov 06): BNP Paribas wins two awards, Hybrids House of the Year and Interest Rates House of the Year. The magazine praises our quantitative and modelling expertise, which has allowed us to price and structure complex hybrids. - The Banker awards (Oct 2006): The Banker magazine names BNP Paribas Bank of the Year for Interest Rate Derivatives. “Judges were rightly impressed by the pace and breadth of its product innovation,” The Banker said. We won the award thanks to our ability to extend our G7 currency technologies to offer the same sort of derivatives solutions in emerging market currencies and our leadership in the development of path dependent products. - Structured Products European Distributor Survey (Oct 06): European distributors of derivatives-based investments vote BNP Paribas best structurer and technology provider for interest rates. BNP Paribas ranks 2nd for CPPI. - Global Finance awards (Sept 06): BNP Paribas is named Best Interest Rate Derivatives Provider in Europe and Best Credit Derivatives Provider in Asia. We were selected on the basis of our position on league tables, geographic reach, new business development, innovation in products and the opinions of analysts, rating agencies, consultants, customers and other industry experts. - Risk Inter-Dealer rankings (Sept 06): Brokers and dealers vote BNP Paribas into 2nd place overall for exotic interest rate and structured credit products. We come 2nd for CMS spread options in euro and US dollar and 1st for first-to-default baskets and iTraxx Asia/Australia/Japan tranches. - Euromoney awards for excellence (Jul 06): BNP Paribas wins the Best Structured Product House award, in recognition of our success in taking the lead in developing structured notes and innovating in products linked to inflation, FX, rates and equity. According to Euromoney, BNP Paribas’ “performance over the past year in particular has been outstanding, making it a worthy recipient of this inaugural structured product award”. - Risk awards (Jan 06): For the first time, BNP Paribas wins Risk’s Interest Rate Derivatives House of the Year award. The magazine says: “BNP Paribas’ scaling up and

Research

- The BNP PARIBAS derivatives research team is a leading and quantitative research team comprising more than 20 people in London; - Our focus consists on expanding technology on exotic products, such as a resetable range floater; - Consistent improvement of internal knowledge and models; - Pioneering research headed by Marek Musiela.

Market and Risk Analysis

- The Market Analytics Group (MAG) specializes in data-intensive research in fixed income markets; - Interactive tools allow clients to graph rates and prices from thousands of instruments and markets; - The tools facilitate the understanding of volatility and correlation analysis, risk modeling and strategy building.

Internet Capabilities

- The Fixed Income e-commerce group develops and expands Internet sites devoted to its clients; - BNP PARIBAS, as board member of both Swapclear and Swapswire, is actively involved in the development of Internet-based derivatives platforms.