BNP Paribas CIB Investor Day

CIB on the move
CIB Investor Day

Jacques dEstais
Global Head of Corporate and
Investment banking
CIB Investor Day

Disclaimer
This presentation includes forward-looking statements based on current beliefs and expectations
about future events. Forward-looking statements include financial projections and estimates and
their underlying assumptions, statements regarding plans, objectives and expectations with respect
to future events, operations, products and services, and statements regarding future performance
and synergies. Forward-looking statements are not guarantees of future performance and are
subject to inherent risks, uncertainties and assumptions about BNP Paribas and its subsidiaries and
investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future
capital expenditures and acquisitions, changes in economic conditions globally or in BNP Paribas
principal local markets, the competitive market and regulatory factors. Those events are uncertain;
their outcome may differ from current expectations which may in turn significantly affect expected
results. Actual results may differ materially from those projected or implied in these forward-looking
statements. Any forward-looking statement contained in this presentation speaks as of the date of
this presentation: BNP Paribas undertakes no obligation to publicly revise or update any forward-
looking statements in light of new information or future events.
The information contained in this presentation as it relates to parties other than BNP Paribas or
derived from external sources has not been independently verified and no representation or
warranty expressed or implied is made as to, and no reliance should be placed on the fairness,
accuracy, completeness or correctness of, the information or opinions contained herein. None of
BNP Paribas or its representatives shall have any liability whatsoever in negligence or otherwise for
any loss however arising from any use of this presentation or its contents or otherwise arising in
connection with this presentation or any other information or material discussed.
Please note that 2003 and 2004 figures are based on French accounting standards, while 2005,
2006 and 2007 figures are based on IFRS accounting standards.
CIB Investor Day Disclaimer 2

CIB: A Key Business for BNP Paribas
Global reach: 14,800 employees in 53 countries
High growth: revenues +26,0% in 2006
Increasing profitability: pre-tax ROE 39% in 2006
Revenues Pre-tax Income Allocated Equity

8.1bn 3.9bn 10.7bn*
29% 37% 26%
2006 figures including BNL activities transferred to CIB from 01/04/2006

* In % of allocated capital to core businesses , including goodwills
Around
Around30%
30%of
ofBNP
BNPParibas
Paribas
CIB Investor Day CIB Overview 3

A Track Record of Strong Financial Performance
Revenues Cost/Income Ratio
-1.2pts -5.6pts
CAGR 60.9%
+12% 8 090 58.2% 57.0% 57.8%
5 818 55.3%
2003 2006 2003 2004 2004 2005 2006

French IFRS
GAAP EU
Pre tax ROE Cost of risk in bp of RWA
+4pts +10pts 39.0%

33.0% 32.0% 62 62
29.0% 51
27.0%
5 -9 -17
2003 2004 2004 2005 2006 2001 2002 2003 2004 2005 2006
French IFRS
GAAP EU
BNL activities transferred to CIB included from 01/04/2006

Key Messages for Today
A powerful franchise An integrated business model
European CIB powerhouse Client driven model

Global leadership in key
areas Leveraging Groups strengths
Derivatives
One bank approach
Specialised Finance
An ambitious strategy
Pan-European leader
With a second home market in Italy
Global reach
Rolling out key areas of strength in high growth markets

A Profitable European Powerhouse
European CIB revenues (2006)
16.5
13.8 13.0
9.2 8,1* 7.0
5.5
In bn
Deutsche Bank UBS Credit Suisse Barclays BNP Paribas SG Calyon

CBS Capital
European CIB pre-tax profit (2006)
5.1
3,9* 3.8 3.8
3.3 3.3
2.3
In bn
Deutsche Bank BNP Paribas Credit Suisse UBS SG Barclays Calyon

CBS Capital
Source : company data
*BNP Paribas CIB scope does not include Exane BNP Paribas (418mn revenues) nor Private Equity
(BNP Paribas Capital: 287mn revenues), BNL activities transferred to CIB included from 01/04/2006

With a Global Reach
NORTH
AMERICA EMEA JAPAN
NORTH EAST ASIA

2,200 8,500 600
1,500
SOUTH EAST ASIA

LATIN AMERICA
1,200
700 AUSTRALIA
100
14,800
14,800staff
staffin
in53
53countries
countries
April 30, 2007

and a Global Footprint
Client revenues by region (2006)
Europe accounts for 51%
of client revenues
Mature
After BNL acquisition, Europe
Economies
opportunity to build a 51%
excl. Europe
second home base in 25% France
North
Italy America 17%
21%
Fast growing emerging Italy 5%
Japan 4%
markets already account
for 24% of revenues Other
Europe
Emerging Markets 24% 29%
Latin America 3%
Greater China 5%
Other Asia 7%
Middle East Africa 5%
Russia, CIS, Eastern Europe 4%
BNL activities transferred to CIB included from 01/04/2006
Distinctive
Distinctiveglobal
globalfootprint
footprintwith
withhigh
highgrowth
growthpotential
potential

A Client Focused Model
A client driven business model
Breakdown of CIB revenues (2006)
Client revenue account for 74% of
total CIB revenues
Majority of trading revenues derived
also from client activities
Steady growth of client revenues
2003-2006 CAGR = 14.2%
Corporate clients: 52% of client
revenues 74% Client
Large corporates: focus on value Revenues
added products
Midcaps: targeted for cross-selling
potential Breakdown of CIB client revenues (2006)
Institutional clients: 48% of client Sovereign and quasi-sov. Corporate

revenues Midcaps
Faster growing segment for BNP Real Money 2%
Paribas Managers 18% 9%
Mainly capital markets driven Insurance 5%
Strong growth potential with real
money managers, including hedge 58% 42%
43%
funds +72% in 2006 23%
Banks Large
Corporates

CIB: a Different Perspective
Breakdown of CIB revenues (2006)
Fixed Income Specialised Other Capital

Financing Markets 13%
businesses Finance
25%
33% 37%
Fixed
Income
Corporate Derivatives
Banking 20%
30% 8%
Investment
Banking Derivatives
Equity and advisory 8% Equity 46%
Derivatives 26%
Investment Banking: ECM, DCM, M&A, Securitisation

Other Capital Markets: spot and forward FX, cash rates & credit, Asia cash equities, Treasury
Fixed Income Derivatives: rates, credit and FX derivatives, commodity derivatives
Corporate Banking: vanilla lending, cash management, and Global Trade services
Strong
Strongin
inboth
bothEquity
Equityand
andFixed
FixedIncome
IncomeDerivatives
Derivatives
Financing
Financingfranchise
franchisefocused
focusedon
onSpecialised
SpecialisedActivities
Activities
Client Focused
But Not Balance-Sheet Driven
Deep restructuring of "corporate Large Corporates revenue mix - Europe
banking activity into a higher value-
added business
+25%
Upgrade of client coverage structure Investment Banking
Upgrade of RMs and Client
Management systems Derivatives
Implementation of cross business +50%
client action plans Specialised Finance
Cross-selling incentive plans
Review / segmentation of client base Other Corp. Banking
Restructured towards clients offering - 4%
highest cross sell potential Vanilla Lending
Systematic review of relationship
potential 2004 2006
Loan Screening Committee to ensure Financing businesses RWA
discipline in loan origination, pricing
and help achieve RoE targets
Specialised
63% 70%
finance
-7pts
Increased
Increasedcross-selling
cross-sellingand
and 37% 30%
Corporate vanilla
loan book
reduced
reducedvanilla
vanillalending
lending
2004 2006

Derivatives: a Fast Growing Industry
New clients
Search for alpha, asset and liabilities 46%
matching for pension funds and insurers
Growing activity by Hedge Funds
BNP Paribas
Increasingly sophisticated risk management Derivatives revenues
needs of corporate clients
New underlyings CAGR +20% 172
Credit derivatives, Equity derivatives and Base
Commodity derivatives the fastest growing 100
Innovation constantly fuelling new product
development : longevity, property etc.
New markets
Asia and Emerging Markets 2003 2006
AAkey
keygrowth
growthdriver
driverfor
forCIB
CIB

A Leading Edge in Derivatives
Recognised derivatives excellence across
underlyings
Global Awards
# 2 Equity Derivatives player worldwide 46%
Leadership in structured products
Fast growing flow business
Leading player in rates and FX options

Equity Derivatives House - 2007
Investing in credit and commodity derivatives
FI and EQD mutual strength

Ability to offer multi-underlying solutions
Interest Rates Derivatives House - 2006
No dependence on one specific market
Well integrated platform

Leveraging extensive client franchise and
coverage infrastructure
Best Structured Products House - 2006
Economies of scale
An
Anestablished
establishedleader
leaderacross
acrossasset
assetclasses
classes

A Leading Edge in Derivatives
Accumulated know-how managing derivatives risks
Over 20 years experience in all market environments
Strong quantitative culture across the organisation
46%
Highly skilled independent risk department with ~290
dedicated professionals
Focus on innovation Headcounts (Q1 2007)
Senior management involvement Derivatives Front line
professionals
Over 1,700 front office professionals Europe 990
28% of CIB total front office staff; Americas 345
~42% outside of Europe Asia 370
Total 1705
Industrialised infrastructure to support the
business Support Capital Markets
professionals
Dedicated resources and specialised
expertise in key functions: Compliance & Legal 280
compliance, legal expertise Risk management 290
Massive IT capabilities requirements, IT & operations 4500
Yearly IT & operations spend = ~ 800 M Total 5070
High
Highbarriers
barriersto
toentry
entry
A Leading Player in Specialised Finance
Leading positions in 2006 Specialised financing revenues 2006
Global leader in
E&C specialised finance Asset Finance (incl.
#1 Global Export Finance Export)
14%
#3 Global MLA Project Finance Acquisition
Finance 9% 25%
#3 Syndicated Shipping Loans
50%
#5 Bookrunner leveraged loans Europe
27%
Aircraft Innovator of the Year 2006 (Janes) Leverage Energy &
Finance Commodities
Focus on lead / arranger roles to ensure
lions share of cross-selling revenues
Higher standalone profitability Revenues on RWA by product line
from fees
Global solutions including advisory,
underwriting, syndication, risk hedging
X8
Contributing to overall high level of return on
equity for financing businesses
30% pre-tax ROE in 2006
2006 Vanilla loans Acquisition Project Commodity Commodity Leveraged Export
Finance Finance Structured Trade Finance Finance
Finance Finance
AAhighly
highlyprofitable
profitablefinancing
financingfranchise
franchise
Investment Banking (1/2)
A Significant Player in Europe
Gradually deepening our M&A League tables M&A and ECM Europe
and Equity Capital Market footprint
Consistent leader in France: # 1 in both M&A
2003 2004 2005 2006
and ECM over 2003-2006
M&A # 11 #7 # 10 #8
Renewed focus and ambition in Italy after
BNL acquisition ECM #8 # 12 # 10 #9
- o/w Eurozone #7 #9 #6 #4
Focused build-up in Europe
Leveraging award winning Exane BNP Source: Dealogic
Paribas European Equity research for ECM
Leading player
in European Debt Capital Markets
Consistent top tier presence in investment
grade corporates League tables DCM Europe
A leader in capital raising for financial
institutions, governments and supra-national 2003
2003 2004
2004 2005
2005 2006
2006
agencies
Euro
EuroCorporates
CorporatesIG
IG ##22 ##22 ##22 ##44
Established presence in Swiss Franc
Euro
EuroCorporates
CorporatesHY
HY ##88 ##77 ##66 ##99
Best High Grade Corporate Bond House 2006
(Credit Magazine) Euro
EuroAgencies
Agencies ##44 ##88 ##33 ##88
Best provider of investment grade credit Euro

EuroSovereigns
Sovereigns ##88 ##66 ##22 ##55
research 2004, 2005, 2006 (Euromoney) Euro
EuroSubordinated
Subordinated ##11 ##55 ##44 ##11
Swiss
SwissFranc
Franc ##55 ##55 ##44 ##44
Source: Thomson IFR, Bondware

Investment Banking (2/2)
A Valuable Footprint in Asia
Distinctive Equity Capital Markets franchise in Greater China
Unchallenged leader in bringing Mainland China midcap corporations to the Hong
Kong stock market
Only research house to cover full universe of Chinese stocks: A-shares, H-shares,
US and Singapore listed stocks - 150 Chinese Companies stocks covered
Leveraging platform in M&A: high profile team in South East Asia with strong focus
on FIG and E&C
Platform now fully integrated both regionally and globally with CIB
Asia Mid-cap Equity House

2003, 2004, 2005, 2006
Asian Currencies Bonds (2006)

Strong Asian DCM franchise
Leveraging longstanding presence
Pos. Bookrunner Amt US$ m Issues %
in Asia and extensive client franchise 1 HSBC 11,690.8 275 11.1
Local currencies capabilities in: HKD, 2 Standard Chartered Bank 9,062.0 258 8.6
3 Citigroup 7,680.9 202 7.3
SGD, JPY
3 CITIC 4,632.7 11 4.4
#6 Bookrunner USD Bank Capital 5 CICC 4,293.7 8 4.1
Asia ex-Japan (2006) 6 BNP Paribas 4,024.8 66 3.8
7 Daew oo Corp 3,698.5 55 3.5
8 Bank of China 3,346.1 9 3.2
Source: Thomson Financial

One Bank : An Integrated Business Model
COVERAGE OPTIMISATION INNOVATION & SOLUTIONS
Worldwide product neutral Dedicated derivatives teams for

coverage as a rule specialised finance offering
Specialised coverage through Convergence of asset
business lines where relevant : distribution and syndication
E&C etc. platforms
Coordinated specialist coverage: Hybrids product offering
Hedge Funds etc.
FIXED EQUITY
INCOME DERIVATIVES
Corporate FIG
coverage coverage
SPECIALISED CORPORATE
FINANCE FINANCE
RISK MANAGEMENT INFRASTRUCTURE
Integrated Capital Markets Economies of scale for support

approach for Counterparty functions
and Market risk management

In the USA:
Focus on What we Do Best
1900 staff in 6 cities: NY, Houston, Dallas,
Los Angeles, San Francisco, Chicago CIB US client revenues (2006)
Targeting lead positions with Corporates to Specialised

effectively cross-sell product strengths Finance
Restructured client base and coverage 37%
focus around high potential 53%
opportunities for CIB core strengths
Rolling out Specialised Finance and 10% Capital Markets &
Corporate
Derivatives Advisory
Banking
Deep footprint in Energy & Commodities

Innovation of the Year 2006
#2 US Oil and Gas Agent (Q12007)
In Houston since 1979; 30
professionals, extensive relationships Hewlett Packard
Prepaid Variable
with large and midcap players Share Repurchase
Breakthrough in Equity Derivatives

Adapted product platform:
listed derivatives, flow products
U.S.
U.S.Client
Clientrevenues
revenuesup
up27%
27%in
in2006
2006
In Emerging Markets:
Strong Presence in Fast Growing Regions
Present since 1980; 5 cities; 200 CIB staff in Mainland China
China
China Client revenues +27% in 2006/2005
BNP Paribas ZAO in Moscow (subsidiary); 130 CIB people

Russia
Russia -- Leader in Energy & Commodities sector in Russia, Kazakhstan and Ukraine
CIS
CIS Client revenues +32% in 2006/2005
BNP Paribas leading foreign bank with longstanding presence

480 people; full banking licences in Bahrein, Kuwait, Saudi Arabia, Dubai
Gulf
Gulf Client revenues +33% in 2006 /2005
Region
Region Best Project Finance - Middle East 2006 (Euromoney)
BNP Paribas Najmah frontrunner in sharia-compliant capital markets
structured finance and structured investment products
Longstanding presence in 8 cities; 370 CIB staff

India Client revenues +43% in 2006/2005
India Extensive client base in fast growing midcaps segment,
with large corporates and local financial institutions

Focus Areas for CIB Investor Day
Leadership
LeadershipininDerivatives
Derivatives
focus
focuson
onFixed
FixedIncome
IncomeDerivatives
Derivatives
Leadership
Leadershipin
inSpecialised
SpecialisedFinance
Finance
focus
focuson
onEnergy
Energy&&Commodities
Commodities
Global
Globalroll
rollout
outof
ofplatforms
platformsininstrong
strongproduct
productareas
areas
focus
focusononEquity
EquityDerivatives
Derivativesin
inthe
theUS
US
Strong
Strongbase
basein
inAsia
Asiaand
andEmerging
EmergingMarkets
Marketsto
tobuild
buildon
on
focus
focuson
onJapan
Japan
focus
focuson
onChina
China

CIB on the move
Fixed Income
Leadership in
Derivatives
Frdric Janbon
Global Head of Fixed Income
CIB Investor Day

CIB on the move
Derivatives Markets:
Trends & Challenges
A Global Derivatives Powerhouse
A Decisive Competitive Advantage
Strong Growth Potential
CIB Investor Day

OTC Derivatives: A Fast-Growing Market
A large and fast-growing derivative OTC Interest Rate derivatives
market Notional outstanding
Outstandings over USD 400 trillions,
ie 5 times the exchange traded market
CAGR 27% 292
(70 trillions)
28% CAGR since 2003 191 212
142
Credit derivatives fastest growing
107% increase on 2005 and fourfold in $Tn
increase on 2004
Growth of multi-name CDS outpacing
single-name 2003 2004 2005 2006
OTC Credit derivatives OTC FX derivatives

Notional outstanding Notional outstanding
CAGR 18%
CAGR 120% 40
29
31
29
24
14
in $Tn
in $Tn 6
2004 2005 2006 2003 2004 2005 2006

Source: Bank for International Settlements Credit Derivatives were not surveyed in 2003
CIB Investor Day Fixed Income Leadership in Derivatives 24

Four Key Trends
Creating Opportunities & Challenges
Dramatic growth of credit derivatives markets
Huge growth Increased use of derivatives by asset managers of all types
New clients in emerging markets
Cash Traded and risk managed as integrated asset classes

and Derivatives Greater liquidity created, giving access to a larger
convergence number of investors
Accelerating Weighs on margins

commoditisation Pressure to innovate
Increasing Need for sophisticated risk management and modelling

complexity Need for solid control framework
Significant
Significant opportunities
opportunities
for
for the
the most
most sophisticated
sophisticated players
players
CIB on the move
Trends and Challenges
A Global Derivatives
Powerhouse
CIB Investor Day

A World-Class Derivatives House
at the Core of Fixed Income
A regional, client driven, sales and origination set up

Four regional hubs organised along client types (Corporates,
Financials, Hedge Funds, Supra and Sovereigns)
Three globally managed product
lines*: IR, FX, Credit
Derivatives activities integrated within Europe: 377
each product line together Japan: 70
120 209 48
with cash products 21 41 8
Americas: 125 Asia ex. Japan: 103

60 54 11 30 72 1
A global quantitative research A global structuring and product

team dedicated to all Fixed Income innovating team integrated within
derivative products sales and origination
231 Trading
Total Front office 376 Sales & Organisation
Headcount** : 695
68 Quant Research
*Does not include Commodity Derivatives and Treasury **includes management

Derivatives:
60% of Fixed Income Revenues
IR Derivatives are the largest revenue Fixed Income Revenues 2006*
source
Other Sales Primary Credit and
Revenues up 13% CAGR and Trading Securitisation
from the highs of 2003. 22% 14%
18% from 2002 Risk advisory
4%
Exotic > 2/3 of Derivatives revenues
(CAGR: 18%)
Credit derivatives revenues are now Derivatives
growing faster (x2.8 between FY2005 60%
and FY2006)
Revenues Growth
Flow
CAGR +13% 31%
Interest
Rates
67%
Exotic Client
69% revenues
Forex 10% 69%
Credit
23%
2003 2004 2005 2006
Flow Derivatives Exotic Derivatives **Does
Does not
not include
include Commodity
Commodity Derivatives
Derivatives

A Client Franchise Focused on Europe and Asia
Client revenues by Geographical Origin
376 expert marketers
Japan of 30 nationalities servicing
13%
clients in 60 countries
Asia ex-Japan
17% 44% of client revenues
Europe
56%
generated outside Europe
Americas Banks / Financial Institutions are

14%
dominant client sector (incl.
Client revenues by Type retail distributors)
Official Institutions/
Central Banks Growth potential with:
5%
Real Money Managers Hedge Funds
(incl. Asset Managers,
Hedge Funds) Asset Managers
19%
Corporates
Banks/ Americas
Financial
Corporates Italy
Institutions
22% 54%

A Diversified Business Model
Businesses Clients
Large volume of vanilla IRS, CRS, Banks, hedge funds, asset

Flow CDS, FX Options traded within liquid managers, pension funds,
markets at low margin corporates, insurance
companies, govt. entities, .
Yield enhanced structured Retail distributors (bank

investments based on complex networks, private banks,
derivatives insurance companies)
Synthetic structured credit Banks, insurance
companies, asset managers,
Exotic investments (CDOs, CPPIs, pension funds
CPDOs, etc)
Corporates, pension funds,
Bespoke derivative hedging banks ALMs, insurance
solutions involving IR, FX, inflation companies, government
or credit underlyings entities, hedge funds
Hedge products in local currencies Local clients and global

(IRDs, CCS, FXO, Exotics, Hybrids) corporates
Local currencies derivatives (IR, FX, Specialised global hedge
Emerging Credit, Hybrids) funds and asset managers
Markets Complex credit derivatives packages Global distribution to banks
indexed on local names, often mixed insurance companies,
hedge funds and asset
with a IR or FX component managers

Re-inventing the Flow Derivatives Model
Turning flow derivatives into a profitable business
Volume Risk Taking
X +
Access to liquidity
Bid/offer spread
and information
From
From scale-driven
scale-driven to
to smart
smart trading
trading

Re-inventing the Flow Derivatives Model
Changing organisation and focus
Combined trading and risk management

Integrating combined for both cash and derivatives products
Targeting clients in order to maximise access to liquidity,

Targeting flow of information and critical mass in each market
Regrouping Via integrated virtual teams with common governance across

Governance sales, trading and analysts dedicated to each market
Quantitative research: Complex modelling of simple products to

Leveraging
optimise risk management and detect arbitrage opportunities
Research
(non objective) Desk strategists specialising in single name credit, FX and IR
research
Delivery: e-execution (FXAII, Market Access, Bloomberg)

Increasing Of processing through STP and full use of market place
Automation platforms (DTCC, Swapswire, etc.)
Trade processing costs divided by 2.5 over the past three years
A Leader in Exotics and Hybrids
Typical examples:
Design, 10 billion USD yield curve volatility swap indexed on
structure the 30 year 2 year spread sold to a US hedge fund
and distribute Axiom: the largest ever public CPPI, a principal-
a wide range protected leveraged credit strategy, actively
of complex managed by AIG/GIG (size $1.125bn)
derivatives Amongst a long list of CMS range accruals, Power
Duals, TARNs, CDO2, CPDO, etc.
Use superior modelling capabilities to replicate the

risks of each exotic product by a portfolio of liquid
Model-based instruments
replication
and Hedge the replicating portfolio at inception using simple
Risk derivatives and manage it dynamically over time
management Risk manage exotic trades and their hedges as one
book, aggregating their multidimensional risks (greeks,
model specific risk parameters)

A leader in exotics and hybrids
Client Price An efficient value creation process,
leveraging on :
- Cost of replicating
hedge portfolio (MidMkt) Cutting edge product design and
structuring
- Execution Costs Superior model-based risk
(bid/offer) aggregation leading to efficient
hedging
Access to large distribution
- Reserves for valuation
channels
uncertainty: Model risk,
Illiquidity Ability to redistribute complex,
second order risks away to
specialised professional
- Credit reserves accounts (i.e. Hedge Funds)
Robust and precise controls at
= Client Revenue all levels

Emerging Markets Derivatives
Blending Local Knowledge and Global Expertise
Longstanding presence locally
Good market intelligence
Asian IR & FX development
Inside understanding of regulatory
environment
Identification of potential new market 2003-2006
participants Start Revenue
Growth
Roll out of global systems infrastructure
well standardised Singapore 2001 x 2.9
Local platform aligned with sales forces Hong Kong 2002 x 1.7
Distribution of local product via local Bangkok 2003 x 4.0
sales force
Local product to global clients via Mumbai 2003 x 1.7
dedicated Emerging Market global sales Seoul 2003 x 2.1
force
Activities extended as market matures China 2004 x 2.7
and becomes more liquid Total x 2.5

Exotic products in local currencies
Additional platforms in Vietnam (since 2006)
Solution driven approach and Indonesia (since 2007)
New underlyings

CIB on the move
A Decisive Competitive
Advantage
CIB Investor Day

Derivatives Excellence Based on
Strong Competitive Advantages
Cutting-edge quantitative research (and IT systems)
Robust risk-management culture and efficient controls
Access to the best human resources and skill sets
A constant drive to innovate
Leader in a business with high barriers to entry

Quantitative Research
A Foundation of our Derivative Excellence
Fixed Income Research and Very efficient recruitment channel
STrategies (FIRST), headed by
leading academic Marek Musiela, Training ground for future top
has three broad missions: quality structurers, traders and
sales people
Model research leading to
consistent pricing and revaluation Alma mater of many Fixed Income
tools for both vanilla and exotic managers
products in all underlyings
Risk management techniques and
arbitrage detection
New product development
A global multi-product team with a FIRSTs constant interaction with IT

decentralised approached attuned to systems development teams
local market and client needs contributes to the excellence of Fixed
68 people Incomes pricing and risk
management infrastructure

Strong Risk Management Culture
First order risks (vanilla): directional, volatility, yield
curve, credit spreads, etc
An Industrial, Hedged frequently in the market
Integrated Offset through client trades
Global Second order risks (exotic): correlation, mean
Platform reversion, credit idiosyncratic, etc.
Aggregated, warehoused and managed over time
Often offset by the creation of new products which risk is in
the opposite direction or by risk transfer
Exotic Risk Systems Market Risk System

Vanilla Risk Systems (VaR & Reporting)
Risk Aggregation System:

Risk reports Market Risk
Vanilla risks Limit Checking &
Exotic risks Reporting
Trader &
Management
Trader Mgmt
Reporting
Limit Checking
Hedging and
managing residual risks

Strong Risk Management Culture:
An Independently-Controlled Risk Framework
Market Risks Counterparty Risks
All new pricing and re-evaluation Credit limits defined at counterparty

models validated by Group Risk level by relevant credit committees
Management (GRM) Credit risk exposures recomputed daily
GRM sets, together with Fixed across the term structure (as the most
Income management, VAR limits unfavourable scenario with 90%
and nominal limits; monitors confidence interval). GRM monitors
limits usage limit usage
GRM defines illiquid parameters Credit reserves deducted from
and complex risk valuation revenues on each trade and
reserves and monitors them subsequently re-valued monthly
Independent reporting of Credit reserve and counterparty risks
aggregated risk positions and subject to dynamic hedging (use of IR,
limits usage to senior FX and CDS)
management High quality portfolio with 75% of
outstanding trades signed with
counterparties rated A- or better

Unique Access to the
Best Human Resources and Skill Sets
Aggressive graduate recruitment policy, Graduate recruits in derivatives activities
2003 to 2006
leveraging on derivatives excellence
106
From the French connection to China 88
Tsinghua:
Access to the best parts of the French 33
23
educational system
2003 2004 2005 2006
Strong ties with the best OECD
universities (MIT, LSE, Tokyo University,
Graduate recruitment by country of origin
etc) Japan
6%
Building ties to the best schools in the
Europe
New World (Indian Institute of USA ex-France
Management, China Tsinghua, etc...) 15% 28%
Young recruits integrated into producing

Asia
activities (Research, Sales, Trading) with 23%
France
29%
comprehensive training programme
Growing
Growing young
young diversified
diversified talent
talent
Creating
Creating aa homogeneous
homogeneous quantitative
quantitative culture
culture
A Constant Drive to Innovate
Sales; i.e.: client enquiry leading to new idea
Channelling
Traders; i.e.: specific market opportunities
diverse sources
of innovation Research; i.e.: breakthrough in term structure modelling
unveiling new arbitrage situation
Critical role of the Gather all product / package new ideas and analyse feasibility
and potential client demand in tight cooperation with Sales,
global structuring
Trading and Research
and new product
team Once approved, ensure fast roll out of pricing tools, training
sessions and marketing campaigns
Packaging derivative products into bespoke holistic debt

Innovative management, capital management or portfolio optimisation
delivery models solutions: Key role of Corporate & FIG Advisory teams
Precise Each exceptional trade or new activity is subject to a

validation TAC or NPC independently validated by GRM and
process involving all CIB functions (legal, compliance, tax,
accounting )

A Constant Drive to Innovate
Impressive firsts (amongst many):
First to use stochastic volatility model
First Power Range Accrual (Dec 2004)
(SABR) for pricing OTM swaptions (1999)
First to issue CPPI on a worldwide basis

First Option on basket of European
and via syndication (Dynamo July & Nov
property (May 2007)
2005 & Axiom May 2006)
Recognised by our peers and the press:
One of the Worlds most

talented and well staffed
derivatives teams BNP
Paribas commitment to
help corporate and
Dynamo:
Dynamo: Best
Best investment clients apply
Hybrids
Hybrids House
House of
of Structured Interest
InterestRate
Rate
Structured and understand
the Year
the Year Credit Derivatives
Derivatives structured products has
Credit
Innovation House
House of
ofthe
the won praise world-wide.
Structured
Structured Innovation
Year
Year
Products
Products Euromoney
Euromoney RISK Magazine,
(Oct
(Oct2006)
2006) (Feb Risk
Risk (Jan
(Jan2006)
2006)
(Feb2006)
2006) January 2006

CIB on the move
CIB Investor Day

Existing Competitive Positions
and Development Plans
Europe US Japan Asia EEMEA LATAM
Flow derivatives: Selective strategy to ensure profitability
Interest
Rates
FX
Options
Single
Name
Credit
Exotic derivatives: Leading positions with strong opportunities in EMK
IR and
hybrids
FX options
Structured
Credit
Current position (BNP Paribas assessment) Target position
Top 3 Top 5 Top 10 Top 15 Not active

Flow IRDs in Europe, flow credit derivatives and exotic

FX options in the US, Structured Credit in Japan
Close gaps in All derivatives in emerging markets located in Eastern
Europe, CIS, Middle East, Africa and LatAm
existing
All exotic derivatives with Asset Managers and Hedge
business mix Funds
IR/FX hedging products with MidCap Corporates
Leverage Group retail networks (FRB, BNL bc, TEB,

Ukrsibbank, etc.)
Maximise Leverage franchise at specialised financing activities
(LBOs, Project Finance, Energy & Commodities,
synergies within Acquisition Finance.)
BNP Paribas Joint development of hybrid products together with other
CIB activities (EQD/IRDs, CRD/EQD, Commodities/IRD,
etc.)

New clients
New emerging market clients (corporates and banks)

Defined benefit pension funds (for ALM purposes)
Small enterprises & Private Equity funds

Expand New delivery modes

our From product pusher to solution provider (Balance sheet restructuring,
business Basel 2 opportunities, strategic derivatives, etc.)
Distributing structured investments packaged as insurance policies
space
New products and markets
Property derivatives (underway)

Mortality/longevity?
Insurance derivatives?

Conclusion
60%
60%of
ofFixed
FixedIncome
Incomerevenues
revenueson
onderivatives,
derivatives,
the
thefastest-growing
fastest-growingand
andmost
mostprofitable
profitablesegment
segment
AAculture
cultureof
ofexcellence:
excellence:
from
fromproduct
productinnovation
innovationto
torisk
riskmanagement
management
AAclient-driven
client-drivenbusiness
businessmodel
modelensuring
ensuringsustainable
sustainable
growth
growthand
andrecurrent
recurrentvalue
valuecreation
creation

CIB on the move
Equity Derivatives:
Breakthrough
in the Americas
Todd Steinberg
Head of Equities & Derivatives Americas
CIB InvestorDay
CIB Investor Day
CIB on the move
Presentation Overview
Overview of the Market
Overview of the Platform
Breakthrough
Way Forward
CIB Investor Day

EQD Americas Market Overview
The US Equity Derivatives revenue pool
Approximately 40%* of the global revenue pool
50% growth in 2006*
20% planned growth rate in 2007 and 15% annually through 2009**
Global Equity Derivatives by Americas Equity Derivatives

Region 2006 (bn)* Market (bn)*
10,4
Europe Americas CAGR +38%
11.6 10.4
7,4
5,5
2004 2005 2006

Asia 3.0
Growth
Growthopportunities
opportunitiesin
inthe
theUS
USare
arecompelling
compelling
* Mercer Oliver Wyman analysis, ** BCG analysis
CIB Investor Day Equity & Derivatives: Breakthrough in the Americas 51
EQD Global Market Overview
US market is driven by flow and equity finance
EQD Industry Revenues (2006, Euro in Billions)*
Structured Prime Brokerage/
2006 (bn) Flow Total revenues
Products Finance
Europe 5.1 3.8 2.7 11.6
Americas 1.0 3.9 5.5 10.4
Asia 1.2 1.0 0.8 3.0
Total 7.3 8.7 9.0 25
US market is dominated by hedge funds

Share of Wallet by Client Type (2006)*
Institutional Hedge Funds Retail/Third-Party
Europe 47% 16% 37%

Americas 25% 55% 20%
Asia 32% 32% 36%
Opportunities
Opportunitiesin
inthe
theUS
USare
aredistinct
distinctfrom
fromEurope
Europe
* Source BNP Paribas research
Successful Adaptation to the Local Market
Tailor strategy to the Americas Market
Client-focused with Hedge Funds
EQD at the center
Innovative Flow with a structured product accent
Prod. Breadth Equity Finance as core activity
Global Execution
Excellent EQD Adapt products that are most relevant
Mgt. Experience to the US
Complex flow
CIB (dispersion, correlation, dividends)
Global Presence
Listed Options (single stock, index, ETF)
Strong Global Client Base
Synthetic prime brokerage
Risk Expertise
(basket swaps, CFDs)
Solid US platform
Investment-themed structured products
Support Culture and Teams
Value both product expertise and local
BNP Paribas
market knowledge
Credit Rating (Aa1/AA)
European experts together with local flow
Balance Sheet (Assets: 1.4 Trillion EUR) sales and trading
Strong Management Support Innovation and flow as complementary
Strong risk management culture
Leveraged
Leveragedand
andadapted
adaptedour
ourstrengths
strengthsto
topenetrate
penetratethe
themarket
market

EQD Americas Platform Overview
Americas Headcount (Front Office)

Over 150 front-office professionals
in EQD
Trading (74), sales (66) and structuring and
client service (11) 150
In 2007, aim to increase headcount by
an additional 15% +76%
108
Over 175 support staff dedicated to
EQD (IT, legal, compliance and ops)
84
Comprehensive US territory
infrastructure
Client Coverage: 142
Credit risk: 48
Market risk: 41
2004 2005 2006
Combine
Combinelocal
localtalent
talentand
andEuropean
Europeanexpertise
expertise

Platform Overview
Fund-Linked Derivatives
Customers Products Innovations
Fund of Funds ASBT Alpha Warrants
Family Offices Credit Facility Sharpe Note
Private Banks Warrants Blue Chip
Institutions Warrants
Leading provider in the US for fund-linked financing (Risk Magazine, June 07)
#2 Hedge Fund Derivatives (Risk - Institutional Investor End-User Survey 07)
Diversified, multi-billion euro portfolio
Strong connection to structured products
An MD at Thomas H. Lee Capital says:
We continue to be impressed with BNP Paribas' capabilities relative to its
peers in the fund derivatives business."
Leader
Leaderin
inFund-Linked
Fund-LinkedDerivatives
Derivatives

Platform Overview
Flow Derivatives
Hedge Funds Variance Swaps Conditional
Insurance Conditional Variance Swaps
Companies Variance Custom Dispersion
Mutual/pension Dispersion Swaps
funds Listed options
Received top rankings in Greenwich Associates Survey (2006)

#1 in flow sales capability, tied for #2 in flow trading capability
#1 in dispersion/correlation trading
Tied for #1 in single stock variance
SAC Capital PM, refers to BNP Paribas as the go to dealer on

dispersion trading
Leader
Leaderin
inComplex
ComplexFlow
Flow

Platform Overview
Structured Products
Third-party Equity-linked Dispersion
distributors Index-linked Spectrum
Private banks Dispersion Titanium
Corporate Alpha
customers Custom baskets
Fund-linked
North American Structurer of the Year
2007 and Innovation of the Year 2006
awards from Structured Products
Magazine
Citibank Private Bank says BNP Paribas
is the benchmark for every third-party
structured provider we use in the future
Importing
Importingour
ourStructured
StructuredProducts
Productsexpertise
expertise

Platform Overview
Other Initiatives
Equity Finance
Sizeable securities lending business
#2 dividend swaps provider (Greenwich survey 2006)
Recently established synthetic prime brokerage group
Equity Execution
Global execution platform with trading in 33 countries
US is execution only, no research or origination
Asian research sales covering US investors
Proprietary Trading
Complex high frequency/mean reversion trading
Complex statistical arbitrage
Limited fundamental trading
Broad
Broadproduct
productline
line

Breakthrough in the Americas
Annual Revenue Annual Pretax Profit
For EQD North America For EQD North America
336
2x 211 3x
Base 100 Base 100
2005 2006 2005 2006
Revenue by Business Line 2005 Revenue by Business Line 2006
Flow & Structured Derivatives

7% 4% 5%3%
Fund-linked Derivatives
10%
16% 61% Proprietary Trading 35%
12% Equity Execution
Equity Finance
47%
Investments
Investmentsare
arepaying
payingoff
off

Way Forward
Become a recognised leader across EQD activities in America
Keep the business model balanced across the market and product
cycles
Continue to diversify the client base (long only, mutual and pension
funds)
Increase size and scope of trading activities
Ensure that management and technical culture thrive
Ambition to grow revenues at 20% per annum
Building
Buildingon
onthe
theinvestment
investment

Conclusion
Compelling
CompellingEQD
EQDopportunity
opportunityin
inthe
theAmericas
Americas
but
butdistinct
distinctfrom
fromEurope
Europe
EQD
EQDAmericas
Americasapproach
approachtailored
tailoredto
tothe
theUS
USmarket
market
while
whileleveraging
leveragingglobal
globalstrengths
strengths
Breakthrough
Breakthroughachieved
achievedand
andBNP
BNPParibas
Paribas
now
nowrecognised
recognisedas
asan
animportant
importantplayer
playerin
inthe
theUS
US
Well
Wellpositioned
positionedto
tobuild
buildon
onthe
theinvestment
investment
and
andgenerate
generatestrong
strongrevenue
revenuegrowth
growth

CIB on the move
A Worldwide
Leadership in the
Energy &
Commodities
Industry
Lincoln Payton
Global Head
Energy & Commodities
CIB
CIBInvestor
InvestorDay
Day
CIB on the move
Booming Sector
Longstanding Leadership
Financing the E&C Sector
Global Reach
Future Growth Opportunities
CIB Investor Day

Energy & Commodities: a Booming Sector
Growing significantly faster than the global economy
Strong growth in value of Energy and Metals markets
Traded volumes growing even faster than production and
consumption
Strong demand in commodities appears sustainable over the
medium term
Market value growth
53%
29% 30%
27%
10%
Annual average Nominal GDP MER*
growth rate 2002/2006
OECD Gas Aluminium Oil Copper
*Source IMF; MER: Market Exchange Rate
CIB Investor Day A Worldwide Leadership in the Energy & Commodities Industry 64
CIB on the move
Booming Sector
Global Reach
CIB Investor Day

A strategic focus of each BNP Paribas pre-merger component
BNP UEB (*) Paribas
Highly complementary strategies
BNP Paribas: a leader in the E&C sector
500 staff, almost 400M in revenues in 1999
Key Dedicated teams

competitive Broad client base
advantages Strong execution capabilities
(*) United European Bank, located in Switzerland, in which BNP increased its share from 50% to 100% in 1998.
Global Leadership in Key Businesses
Global network and Best Commodity Bank (1)
consistent presence in Leadership in oil export
the E&C market financing with ~ 6 to 8 million
In-depth industry knowledge barrels per day financed under
documentary operations
Emerging market experience
Best Project Finance house (2)
Combination of debt structuring
Top 3 Global Project Finance
skills and client coverage
Mandated Lead Arrangers
Risk management, advisory with a 3.8% market share (3)
and underwriting capabilities
Best Structured Commodity
High capacity to engineer Bank (4)
creative structured solutions
7 "Deals of the Year" Awards
Extracting value from the more granted in 2006 in Nigeria,
mature markets Russia, Zambia, Azerbaijan,
Turkey, Ukraine and Brazil (5)
Expertise
Expertiseand
andstrength
strengthcombined
combined
(1) Trade Finance Magazine 2005; (2) Euromoney - 2005; (3) Dealogic 2006; (4) Trade Finance Magazine 2007;
(5) Trade & Forfaiting Review, Global Trade Review and Trade Finance Magazine
A Track Record of Growth and Profitability
An impressive growth track record in financing
Purely organic
Financing Revenues
173
CAGR +20%
148
Base 115
100
Base
Base100
100
2003 2004 2005 2006
A very profitable financing business
Structured products Pre-tax ROE Risk-Adjusted Return

Value-added approach 34% On Capital* > 60%
*RAROC: (Revenues on zero equity basis Expected loss) / Economic Capital for Credit Risk
CIB on the move
Booming Sector
Global Reach
CIB Investor Day

Financing the Energy & Commodities Sector
Global specialised financing product group

Coverage responsibility to cross-sell all BNP Paribas products
Covering all commodities across the value chain

Oil, gas, petrochemicals, non-ferrous metals, steel, soft
commodities, pulp & paper
Exploration, production, logistics, transformation
Large range of clients from majors to new entrants
Worldwide reach from producing countries to consumers
Technically demanding financial structures

High barriers to entry
Competitive expertise leads to high return/low risk
Highly Specialised Financing Solutions
Along the Commodity Value Chain
Exploration Production Logistics Transformation
Producers Producers Trading and Refiners

marketing
Service Utilities companies Smelters
companies Majors Crushers
Transporters
Miners Exporters
Reserve- Structuring Transactional Project

based advisory products Finance
Lending (for financing
or capital Structured
Project markets Working capital Inventory
Finance solutions) optimisation Products
Pre-Export
financing
Financial and Industrial
Engineering Skills at Work
2 examples
Reserve-Based Lending Structured Inventory Products
Analysis of reserve replacement Legal documentation

and drilling success
Collateral Management
Reservoir valuation to quantify Valuation
proven reserves On-site due diligence
Sectorial macro-and Logistics
micro-economic research Control over transportation
Dedicated sectorial modelling and delivery capabilities
Mitigation of country risks
Complex structures provide BNP Paribas with capital optimisation and

high return
High
Highbarriers
barriersto
toentry
entry
Track Record of Managing Distinctive Risks
Focus on strategic commodities in Emerging Markets
No loss recorded on the E&C sector during South-East Asia and
Russia crises
Highly collateralised Commodity Finance transactions
Collateral Management segregated from front-office and controlled
by an independent Collateral Control Team
Attention given to the control of Operational Risk
Documentation monitoring
Importance granted to procedural and regulatory compliance
Know Your Customer rules strictly applied
Regular staff training
Hands-on management of sensitive assets
This has led to the complete recovery of Project Finance US
doubtful portfolio (Merchant Power sector)
860
860professionals
professionalsin
inlegal,
legal, compliance,
compliance, risk,
risk,
and
andother
othersupport
support functions
functions
CIB on the move
Booming Sector
Global Reach
CIB Investor Day

Global Reach
2006 Financing Revenues Hubs in Paris, New York, and Singapore
Eastern EMEA
Europe 400
Americas NORTH AMERICA
22%
35%
140
ASIA PACIFIC
Western 90
Europe
15% LATAM
Asia 30
8%
MEA
20%
660 dedicated front-office staff

High level of geographical diversification
Presence
Presencein
inover
over 40
40countries
countries
Prime Position in the US Market
Deep knowledge of the sector through 30 years of consistent support to
the E&C world
More than 100 front-office professionals in New York
and almost 30 in Houston
Broad base of more than 370 clients
Leading player on mid-market names and Tier 1 Bank on majors
Market leader position in Commodity Finance
2nd US Oil & Gas Agent, 1st non-US
1Q2007 U.S. Oil & Gas Agent Only
Rank Bank Holding Company
1 JP Morgan
2 BNP Paribas
3 Bank of America
4 Citigroup
Source: Loan Pricing Corporation
Sustained growth over recent years with dedicated CIB product teams to
support the E&C franchise
Successfully launched a sectorial M&A team
Highly
Highlysuccessful
successful deployment
deployment
of
of global
globalE&C
E&Cexpertise
expertise
A Pioneering Role in Emerging Markets
Most underground reserves of commodities are located

in emerging countries while consumption is in industrialised
countries
Commodity producers in emerging countries need tailor-made

financing solutions as they initially have a limited access
to international capital markets
Extensive relationships have been built with large strategic

commodity producers located in emerging countries
(Russia, Brazil, Indonesia, Azerbaijan, Mexico)
Half
Half of
ofrevenues
revenuesgenerated
generatedfrom
from
emerging
emergingmarkets
markets
A Pioneering Role in Emerging Markets
Know-how enables BNP Paribas to move forward through the
range of financing products, as the country and the clients
become more sophisticated
Transactional finance
Strategic Exports and imports
Hard currency link
Structured debt
Longer term
First access to capital markets
Full CIB product range
CIB on the move
Booming Sector
Global Reach
CIB Investor Day

Enhancing Client Base Value
Equity
Derivatives
Corporatisation of commodity
traders Corporate Equity finance, Share Asset
Finance buy-back for cash-rich Management
Development clients
of multi-product solutions
M&A and Financing Corporate investment
within E&C suite needs (Convertibles) products
Cash-rich industry
Higher liquidity levels in
privately-held companies
Fixed Income Private Banking
Concentration in the E&C sector
and internationalisation of Financing needs (DCM),
Commodity
emerging market clients Hedging (interest rate
and foreign exchange Derivatives
Relationships with
wealthy clients
Need for financing solutions derivatives)
and advisory services Listed futures, Swaps,

Composite hedging
strategies, Exotic options
Client
Clientbase
basewith
withincreasingly
increasinglydiversified
diversifiedneeds
needs
Promising Success
in Multi-Product Solutions
USA
USA USA
USA
Credit Facility
with: US Municipal
Gas Revenue
Exclusive WTI Bonds Issue
crude oil swaps
European
European Commodity Swap Middle-
Middle-
Purchase/ and IRS provider
sponsor
sponsor East
East
transportation/
delivery of crude oil Co-underwriter
Largest Private Refinery Financing
Power and Water combining:
Project Finance Commodity
Islamic tranche Structured Financing
ECA-backed tranche Export Financing
Equity bridge loan Commodity
Commercial tranche Hedging Products
Strong
Strong innovation
innovation culture
culture and
and global
global execution
execution
capabilities
capabilities to
to deliver
deliver high
high value-added
value-added solutions
solutions
Maintaining Competitive Edge
in a Changing World
Opportunities BNP Paribas strengths
A new generation of players Ability to evolve business

Hedge funds looking for alternative model
asset classes
Proven creativity and sophistication
Private Equity Sponsors
A high return/low risk
A next round of emerging business tailored to enter
countries difficult markets
Indonesia, Vietnam, Kazakhstan, BNP Paribas already active
Azerbaijan, Nigeria, South Africa
Sustainable growth in
Important investment needs in business activity
traditional energies
Due to close to maximum production
Innovation and industry
capacities expertise as key
differentiating factors
New energies (wind, bio-fuels) Avoid margin erosion
are also thriving Reduce proportion of short term trade
Due to environmental constraints and and minimise sensitivity to oil price
diversification wishes
A New Frontier
Green energies (Carbon trading, wind, ethanol, bio diesel )
constitute a privileged axis of development for BNP Paribas
Full Carbon Trading & Finance team providing Carbon Risk
management to BNP Paribas customers
Prime position in trading and clearing contracts under the European Trading
Scheme
Structuring of financing solutions for projects developed under the Clean
Development Mechanism and Joint Implementation defined by the Kyoto
Protocol
Landmark deals closed
First US private placement for a wind generation project financing
Mandated Lead Arranger and Technical Bank on the largest European solar
project financing
Early market recognition
BNP Paribas topped the MLA league table for Wind Projects worldwide
BNP Paribas was the Winner of Renewable Energy 2006 Business Gold
Awards (Energy Business Awards Dec 2006)
Conclusion
An
Anindustry
industrywith
withsustainable
sustainablegrowth
growthprospects
prospects
and
andexpanding
expandingfinancing
financingneeds
needs
BNP
BNPParibas
Paribasestablished
establishedleader
leaderin
inaaprofitable
profitablebusiness
business
with
withhigh
highbarriers
barriersto
toentry
entry
Increasing
Increasingsophistication
sophisticationof
ofclient
clientbase
base
offering
offeringfurther
furtheropportunities
opportunitiesfor
forvalue
valuecreation
creation
CIB on the move
Asia:
A Key Market
for CIB
Jacques dEstais
Global Head of
Corporate and Investment Banking
CIB
CIBInvestor
InvestorDay
Day
Asias Challenges & Opportunities
Opportunities for growth
High economic growth

Local companies active in global markets
Development of local capital markets and investment banking
International investors appetite for global products
High savings and increasing wealth: structured products, asset management
Huge infrastructure needs: project finance etc.
Specific challenges
Diversity of development Need to differentiate strategies while

stages optimising regional operating
infrastructure
Regulated capital markets
Need for local presence and local
Fragmented regional product capabilities
markets
Need to understand specific risks
CIB Investor Day Asia: A Key Market for CIB 86

Longstanding Commitment to the Region
Long establishment in the region
Hong Kong 1958
Singapore 1968
Beijing 1980
Vietnam 1989
A history of Commercial Banking in North An already strong platform

and South East Asia Invaluable client access
BNP network
Paribas commodity and trade finance Understanding of risk
environment
Consistent presence throughout the cycle Local products capabilities
Maintained presence during the Asian
Crisis of 1997
Diversified client base

Longstanding relationships
Public and private sector
An
Anopportunity
opportunityfor
forCIB
CIBto
toleverage
leverage

CIB: 16%
A Powerful Presence in Asia
CIB Client revenues Beijing Tokyo

(2006) Seoul
Osaka
Taipei
New Delhi Shanghai
Mumbai Hong Kong
Hanoi
Bangkok Manilla
Ho Chi Minh City
Asia 16% Kuala Lumpur

Singapore
Jakarta
Specialised Finance
Fixed Income
Sydney
EQD Melbourne
Corporate Finance
Presence in 12 countries
3,300 employees, 22% of CIBs workforce
Full product offering with regional hubs in Hong Kong, Singapore and Tokyo

Franchise Repositioned
Around CIB Strengths
Very strong position in Export Finance with Korean,
Specialised Finance Chinese and Japanese ECAs
Energy & Commodities expertise
Onshore platforms in Bangkok, Beijing, Ho Chi Minh

Fixed Income City, Hong Kong, Jakarta, Manila, Mumbai, Seoul,
Shanghai, Singapore and Taipei
#6 Asian currencies Debt Capital Markets (2006)
Ranked #3 in Asia (after Citi and HSBC) for structured
products in G3 FX, Local Currencies FX and G3 Interest
Rates (AsiaMoney)
Equity Derivatives Leading provider of structures in the wholesale market

in Japan, Korea, Taiwan, Hong Kong
Frontrunner in nascent markets: China etc.
Expanding former Peregrine China ECM franchise to

Corporate Finance M&A, in Greater China and South East Asia

Strategy:
Dealing With Diversity
Client revenues (2006)
Emerging SE Asia
New emerging markets: Specialised Finance (export,

Indonesia, Vietnam commodities, project)
Growth stories
Growth stories: Enter onshore Fixed Income

India, China markets (short term rates, FX)
Developed - Mature
Developed markets: Leverage international

Taiwan, Korea execution capabilities
Gradual deployment of onshore
product capabilities
Capital markets &
advisory
Mature markets: Japan, Full service regional hubs
Specialised Finance Hong Kong, Singapore across business lines
Corporate banking

Conclusion
Strong
Strongexisting
existingregional
regionalplatforms
platforms
Long
Longestablished
establishedCorporate
CorporateBanking
Bankingfranchise
franchise
repositioned
repositionedas
asaasource
sourceof
ofclient
clientaccess
accessfor
forCIB
CIBproducts
products
Growth
Growthstrategy
strategyfocused
focusedon
onwhat
whatwe
wedo
dobest
best

CIB on the move
A Capital Markets
Leader in Japan
Hikaru Ogata
General Manager
BNP Paribas Securities (Japan)
CIB InvestorDay
CIB Investor Day
Overview
A growth story
Client-driven approach
First-class product capability
New growth opportunities
Ambition
Ambition::double
doublerevenues
revenuesby
by2010
2010
CIB Investor Day A Capital Markets Leader in Japan 93

CIB on the move
A Growth Story
First-Class Product
Capability
Opportunities & Strategy
CIB Investor Day

Japan: Key Figures
GDP 2006 Japan GDP Growth
4.0
2.7
2.0 2.2
1.9
1.4
1.0
0.3 0.2 0.3
US$ Tn %
Japan China Korea India HK 2002 2003 2004 2005 2006
Source: ADB, BNP Paribas Source: ESRI
Top 5 Bond Market 2006 Top 5 Market Capitalization 2006

9.2 4.6
1.7
1.0 0.7 0.9 0.8 0.8
0.1 0.1
US$ Tn US$ Tn
Japan China Korea Malaysia HK TSE SEHK SSE KSE BSE
Source: ADB, BNP Paribas Source: ADB, BNP Paribas
Largest
Largesteconomy
economyand
andcapital
capitalmarkets
marketsin
inAsia
Asia
BNP Paribas in Japan
Corporate and Investment Banking
Capital Markets & Advisory

BNPP Securities (Japan) Limited
Financing business & ALM/FX
BNPP, Tokyo Branch
Asset Management and Services
Asset Management
BNPP AM Japan Ltd and Fischer Francis KK
Insurance
Cardif Seimei (Life) and Cardif Sompo (Casualty)
AAcomprehensive
comprehensivewholesale
wholesaleset-up
set-up

Capital Markets in Japan
Financial performance
400 400
2x 3x Organic & disciplined growth

300 300
291
Constant focus on product
202 Innovation
200 200
Base Base Expansion in key markets
100 100
100 100
0 0
2002 2006 2002 2006
Revenues Pre-Tax Income
Strong
Stronggrowth
growthof
ofrevenues
revenuesand
andprofitability
profitability

Capital Markets in Japan
Client Revenues
Institutional Clients
Ambition 40%
Corporate Clients 2x
21%
2x
3%
97% 79% 60%
2002 2006 2010 Target
Growing
GrowingCorporate
CorporateFranchise
Franchise

CIB on the move
A Growth Story
First-Class Product
Capability
CIB Investor Day

Revenues by Product
Interest Rate & Equity Derivatives
400 CAGR +33%

315 Main competitive advantage
300
200 Base 100 and driver of growth
100
0
2002 2006
Fixed Income & Equity Flow
200 CAGR +13% 161 Recurring revenues

100
Base 100 and key for client business
0
2002 2006
Primary Markets
400
410 Breakthrough in league tables
CAGR +50%
300
200 Base 100 and revenues
100
0
2002 2006
Strong
Stronggrowth
growthin
inall
allproduct
productlines
lines

Leadership in Derivatives
Investing in intellectual Front-line headcount
capital and distribution
#1 foreign house in 2002
2002
2006
2006

Structured Notes issues Research

Research&&Structuring
14 29 107%
Structuring 14 29 107%
First mover in Inflation Sales
Sales
71
71
108
108
52%
52%
Linked products Trading
Trading
61
61
72
72
18%
18%
Total 146 209 43%
Major player in Fund Total 146 209 43%
Derivatives
Derivatives House Equity Derivatives Credit Derivatives House of the Year

of the Year House of the Year House of the Year Japan Structured
Japan Asia Pacific Asia Pacific Products
At
Atthe
theforefront
forefrontof
ofinnovation
innovation

Strong Flow Franchise
Secondary JGB Volume
400
JGB Special Market participant / 300 276
352 362
427
215
Primary Dealer since 1998 200
100
Notional
JPY Trn 0
2002 2003 2004 2005 2006 Source: BB
JGB: Top 5 overall and #1
Foreign House for Secondary CDS Market Domestic Volume
Volume, 2006 (source: BB) 100
183
98
45
24
CDS: 10% market share (source: Notional 0
12
Totan) US$ Bn
2002 2003 2004 2005 2006 Source: BOJ
Listed Nikkei Option Volume

Listed Nikkei Options: 10% 100 39
market share (source: OSE) 9 9 12
24
Trading
Value JPY 0
Trn 2002 2003 2004 2005 2006 Source: Quick
Active
Activeintermediation
intermediationin
inFlow
FlowMarkets
Markets

Key Player in Primary Bond Markets
International issues
Long-term commitment Rank Book Runner 2002 - 2006

Amount
Amount
Mkt.
Mkt. #
Rank Book Runner 2002 - 2006 (US$ Mil) Share #
to Primary Business 11BNP Paribas
(US$ Mil)
4,695
Share
16.4 13
BNP Paribas 4,695 16.4 13
22Citigroup 4,237 14.8 16
Leader for international Citigroup
33Nomura
4,237
4,054
14.8
14.2
16
15
Nomura 4,054 14.2 15
issues for Japanese issuers 44Deutsche
DeutscheBank
Bank 3,598
3,598 12.6
12.6 12
12
(Thomson) 55Merrill
MerrillLynch
Lynch 3,494
3,494 12.2
12.2 14
14
66UBS
UBS 2,534
2,534 8.9
8.9 10
10
# 4 foreign house for 77Mizuho
Mizuho 1,318
1,318 4.6
4.6 66
88Mitsubishi
MitsubishiUFJ 1,056 3.7 55
Domestic Issues, 2006 99Goldman
UFJ
Sachs
1,056
947
3.7
3.3 33
Goldman Sachs 947 3.3
(Thomson) 10
10 MorganStanley
Morgan Stanley 878
878 3.1
3.1 33
Source: Thomson Financial
Mizuho JR East Tokyo Electric Power JFM

EUR 500,000,000 350,000,000 CHF 300,000,000 USD 1,000,000,000
Joint Lead Sole Bookrunner Joint Bookrunner Joint Bookrunner
March 2006 November 2006 January 2007 May 2007
Proven
Provenprimary
primaryexpertise
expertise

CIB on the move
A Growth Story
First-Class Product
Capability
CIB Investor Day

Third Party Distribution
Shifting to risky assets Baby boomers retiring
1,438trn 1,541trn
14% 250
21%
26% 28%
50% 52% 26% 200

26%
26%
150
52%
21% 100
31%
59%
53%
45%
50
27%
19% 22%
0
'0 000 0
France
Germany
England
Japan
Japan
US
0 20 40 60 80
Source: BOJ Source: Ministry of Internal Affairs

and Communications
2000 2006
Equity, Fund & Insurance & Cash & Cash
Others Pensions Equivalent
Increasing
IncreasingRisk
RiskAppetite
Appetiteby
byJapanese
JapaneseInvestors
Investors

Third Party Distribution
Structured Investment Fund Variable Annuity Market
Notional JPY Bn AUM JPY Bn
1,750 14,815
1,500
10,961
995
5,784
490
240
276 1,147
2002 2003 2004 2005 2006 2002 2003 2004 2005 2006
Source: Lipper Source: Hoken Mainichi
Our strengths to grasp this opportunity: Third Party Distribution Revenues

Leadership in Derivatives
Regional & Securities Houses base CAGR +26%
400 250
Comprehensive wholesale setup 300
200 Base 100
Retail business track record 100
0
in Europe
2002 2006
Already
AlreadyOne
Oneof
ofthe
theLeaders
Leaders

Capital Market Solutions
Corporates Debt / Equity Private CBs Issue Amount
JPY Bn
4.5 x
840 840
2.7 x
331
50
1999 2000 2001 2002 2003 2004 2005 2006 2003 2004 2005 2006
Source: BOJ Source: Thomson
Strong
Strongmomentum
momentumfor
forgrowth
growthin
inthe
theCorporate
Corporatesector
sector

Capital Market Solutions
M&A Market Volume Evolution Capital Market Solution Team
105
81 ECM DCM
66
57 60
Strategic
Securitisation
Equity
Risk Corporate
Advisory Solutions
Bn
2002 2003 2004 2005 2006
Corporate Clients Revenues

Our strengths to grasp this opportunity:
1,350
Capital Market solution team 1400
1300
1200
Primary recognition 1100
1000
900
800
700
Derivatives skills 600
500
400
300 BASE 100
Existing portfolio of corporate clients 200
1000
2002 2006
An
Anintegrated
integratedteam
teamto
todeliver
deliverhigh
highvalue
valueadded
addedsolutions
solutions

Conclusion
Complete
Completewholesale
wholesaleset-up
set-up
in
inthe
thelargest
largesteconomy
economyand
andcapital
capitalmarkets
marketsin
inAsia
Asia
Strong
Stronggrowth
growthachieved
achievedby
bydeveloping
developingthe
theclient
clientfranchise
franchise&&
investing
investingin
ininnovation
innovation
Recognised
Recognisedasasmajor
majorplayer
playerin
inDerivatives,
Derivatives,
Flow
Flowand
andPrimary
PrimaryMarkets
Markets
Strong
Strongposition
positionto
tocapture
capturegrowth
growthopportunities:
opportunities:
ambition
ambitiondouble
doublerevenues
revenuesby
by2010
2010

CIB on the move
China: Seizing
the Opportunity
Mignonne Cheng,
Head of North & East Asia
CIB Investor Day

CIB on the move
CIBs Successful
Achievements in China
Well Positioned
for New Opportunities
CIB Investor Day

China
Unrivalled Opportunities
Chinas opportunities BNP Paribas assets
Double-digit GDP growth for Longstanding presence

more than two decades
Markets deregulated in
Well-established network
conformity with WTO
commitments
Growing shift from bank-credit Extensive client franchise
to capital market financing
Increasing internationalisation Strong product house
of Chinese corporates
BNP
BNPParibas
Paribasrelied
reliedon
onits
itsstrong
strongassets
assetsto
tosuccessfully
successfully
capture
capturethese
theseopportunities
opportunities
CIB Investor Day China: Seizing the Opportunity 112

Greater China
Longstanding Presence
Almost half a centurys presence
58 Hong Kong branch
80 Beijing rep office
84 Taipei branch Beijing
Suzhou
96 Beijing and Shanghai branches
Suzhou
98 Acquired Peregrine Investments
Chengdu Shanghai
Recent developments in China Guangzhou
Taipei
Obtained new licenses to expand Kaohsiung
product range, including FCY, RMB, Macau Hong Kong
and Derivatives products
04 Opened the 1st dealing room among
foreign players in China Subsidiary
04 Formed an Asset Management JV Branch

in China (SYWG BNP Paribas AM Co.) Rep. Office
05 Acquired 19.2% of Bank of Nanjing *RMB license
06 Launched BNP Paribas Private *FCY license

Banking in Shanghai *Derivatives license
1,800
1,800total
totalstaff
staffin
inGreater
GreaterChina
Chinaof
ofwhich
which200
200in
inChina
China

Greater China
Extensive Client Franchise
Corporates
Hong Kong: top-ranking positions with all blue-chip
names and mid-caps
Taiwan: top tier firms
Over 1,000
China: from SOEs to POEs; upper mid-caps corporate
Multinational corporates: BNP Paribas regional and relationships
global client base across
Greater China
Entrepreneurs
Honk Kong tycoons within the Premium Group
Wealthy individuals from the Private Bank
Access to top
Financial institutions level
Top-tier regional banks and insurance companies representatives
Wealth management firms, private banks
Asset managers, pension funds
Leveraging
Leveragingthe
theclient
clientfranchise
franchise

China
Strong Product House
Cash Pioneer in trading mainland B shares, two decades of experience
Equities One of the few equity houses to cover the whole universe of
Chinese stocks (listed in Shanghai, Hong Kong, Singapore and in
the US)
Among the key foreign banks to advise local regulators on

Derivatives
derivatives regulatory environment
One of the major interest rate and FX provider to Chinese
institutions
Leading supplier of equity linked structures for Chinese banks
wealth management business
Structured #4 Bookrunner for China syndicated loans in 2006 (IFR Asia)

Finance Investing in on-shore specialised E&C capabilities
Investment DCM : leader for EUR denominated international issues

Banking ECM : leader in bringing Chinese mid-caps to HK Stock Exchange
Best Mid-Cap Equity House for 4 consecutive years since 2003
(Asset Asian Awards)
Full
Fullproduct
productoffering
offeringand
andleading
leadingexpertise
expertise
China
Proven ECM Capabilities
Working closely with industry leaders and achieving outstanding results in capital markets
China
Sunny Optical Haitian Jin Jiang Dalian Port Nine Dragons Paper China Ting
Largest Worlds Largest Largest Largest
Largest
2007 2006 2006 2006 2006 2005
Largest Optical World largest Largest hotel Largest port Largest Largest silk
component Plastic injection operator operator containerboard apparel
manufacturer in moulding in China in North-eastern products OEM in China
China machinery China producer in China
manufacturer
Great Wall Auto Weiqiao Textile

Shenzhou HK Economic Times
Largest Largest
2005 2005 2004 2003 2003 2002
# 1 knitwear # 1 financial Largest Largest Largest cotton Largest producer
manufacturer in newspaper in department store SUV pick-up textile producer of rechargeable
China Hong Kong in Hong Kong manufacturer in in China batteries in China
China
Pioneer in bringing new concepts to the market
Lianhua Hengan
CITIC 1616 Mengniu Supermarket International
Top Telecom hubbing service First First First
2007 2006 2005 2004 2003 1998
Top telecom First hotel First Chinese First First Chinese First Chinese
hubbing service REIT in Asia department store Chinese dairy supermarket private enterprise
provider in Asia listed in producer listed in chain listed in listed in Hong
International Hong Kong Hong Kong Kong
Market

China
Track Record of Success
Rising Opportunities
Accompany Participate
Provide local companies in the
Finance access expanding development
large to international abroad of local
infrastructure and capital (export, financial
development markets (DCM, acquisition markets
projects ECM) finance )
1986 Corporate Finance closed

Daya Bay I Nuclear Power 33 IPOs since 2000,
Plant representing a total
Lead Manager for the FRF
amount of USD 6bn Lenovo Group Limited Strong projected
USD 600,000,000
14bio Coface Export Credit Term Loan / Revolving Credit growth in
Facility
derivatives
1997 VOTED AS
and structured
3 Gorges Hydro Power SYNDICATED LOAN
Plant Export-Import OF THE YEAR
products, securities
Bank of China business
Lead Manager and Agent IN
$1,000,000,000
for the USD 315mio IFR Asia Awards 2005
Coface and Brazilian 4.875% due July 2015
The Asset 2005
Export Credits July 2005
Repeatedly
Repeatedlytook
tookadvantage
advantageof
ofmarket
marketdevelopments
developments

CIB on the move
CIBs Successful
Achievements in China
Well Positioned
for New Opportunities
CIB Investor Day

Increasing Demand for Investment Products
Market trends BNP Paribas strengths
China represents a huge Leverage on our strong global

opportunity for the investment franchise in structured
industry products and derivatives
Fast growing wealth and rising
retirement savings At the forefront of regulatory
Reinvestment of foreign currency opening of Chinese derivatives
reserves market
Appetite of foreign institutional
investors for exposure to global Well positioned in Asset
growth engine Management with our onshore
Regulatory dynamics gradually JV and Private Banking set up
unlocking the potential
Reform of domestic capital markets QFII license since 2004
Gradual deregulation of on-shore
RMB denominated structures Pending approval for QDII
Creation of QDII; extension from fixed license in the coming weeks
income to equities
Expansion of QFII
Well
Wellpositioned
positionedto
totake
takeadvantage
advantageof
ofmarket
markettrends
trends

Fast Maturing Corporate Environment
Market trends BNP Paribas strengths
Chinese Corporates Good client knowledge through

increasingly require expert longstanding relationships
solutions
Cross-border advisory Global execution capabilities
Global execution capabilities for Distinct E&C sector global
capital raising (DCM, acquisition
finance etc.) expertise
Sophisticated hedging solutions Structured Finance specialties
Growing importance of private On-shore capital markets/
sector mid-caps segment derivatives platform
Jumbo IPO pipeline running out Unrivalled mid-cap investment
(most major Chinese companies
have already been IPOed) banking footprint
Well
Wellpositioned
positionedto
totake
takeadvantage
advantageof
ofmarket
markettrends
trends

Well Positioned to Address the Challenges
Recognised brand name across Greater China
Compete for
human capital Good leverage on strong human resources pool in
Greater China, including Chinese-speaking professionals
Longstanding experience of dealing with Chinese

Manage a distinctive corporate risk and mid-cap environment
risk environment
Dynamic and proactive risk policies that anticipate
change and capitalise on the new opportunities
Adapt swiftly to Good relationships with Chinese authorities and

regulators
regulatory changes
Proven track record of having taken advantage of market
openings
High cost synergies potential with our regional platform

Grow profitably Ability to provide high added value products/solutions to
clients

Building the Future
Build up
Setup Coverage
Build a fully integrated set up onshore: Use regional coverage to strengthen Chinese
locally incorporated subsidiary client base
Extend our branch network in key
Enhance key sectorial Coverage around CIB
selected cities
areas of expertise (Oil & Gas, Metal & Mining,
Establish a domestic securities platform Media Telecom, Shipping, Consumers and
Infrastructure)
Develop
Capital Markets ECM, Fixed Income

Pursue all options to develop Provide seamless access to domestic and
domestic investment banking offshore equity markets
capabilities, leveraging positive
regulatory evolutions Take advantage of the potentially biggest
Debt Capital Market in the world
Be
Beone
oneof
ofthe
thetop
topCIB
CIBplayers
playersin
inChina
China

Significantly Boosting Revenues
Ambition: triple revenues in China by 2010
0%
Hong Kong & Taiwan 45%
China
26%
15%
55%
74%
85%
2003 2006 2010
Capital markets activities are the main drivers, accounting

for more than 2/3 of our revenue
Commitment
Commitmentto
toChina
Chinais
ispaying
payingoff
off

Conclusion
Build
Buildon
onlongstanding
longstandingrelationships
relationshipsto
toroll
rollout
outCIB
CIB
areas
areasof
ofexcellence
excellence
Leverage
Leverageaadistinctive
distinctiveInvestment
InvestmentBanking
Bankingfootprint
footprintin
inthe
the
rising
rising mid-caps
mid-capssegment
segment
Capture
Capturethe
theincreasing
increasingdemand
demandforforwealth
wealthmanagement
management
through
throughinnovative
innovative&&tailor-made
tailor-madederivative
derivativeproducts
products
Ambition:
Ambition:revenues
revenuesx3
x3by
by2010
2010

CIB on the move
CIB
On the move
Jacques dEstais
Global Head of CIB
CIB Investor Day

CIB on the move
Key Challenges
Cost Efficiency
Risk Management
Capital Management
Strategy for Growth
CIB Investor Day

Cost Efficiency
BNP Paribas CIB at the best level in the industry
Cost income ratio (2006)
73%
71% 70%
67% 67%
64%
62% 61%
56% 55%
USB Credit Deutsche JP BoA Barclays Citigroup Calyon SG BNP

Suisse Bank Morgan Paribas *
* Figures include BNL activities transferred to CIB from 01/04/2006
Efficiency initiatives to free up investment capacity

Regional Finance and B/O platforms
Convergence of Capital Markets platforms
Process optimisation outsourcing - offshoring
Remain
Remainamong
amongthe
thebest
bestperformers
performersin
ineach
eachbusiness
business
CIB Investor Day CIB On the Move 127

A High Quality Portfolio
Corporate Exposure Distribution 2006 upgrade to downgrade ratio
by Internal Rating (Dec. 06) S&P vs BNP Paribas
7.4
25% Investment grade Non-investment grade
> 1: More
20% upgrades
15%
< 1: More 3.9
downgrades
10% 1.9
1.4 1.1
0.7 0.7 0.9
5%
0%
1 2 3 4 5 6 7 8 9 10
Europe US Emerging Global
Mkts
BNP Paribas Clients
S&P Universe
rated by S&P
71% of exposure on clients rated investment-grade or equivalent

No downgrading trend observed at this stage in the BNP Paribas portfolio
Study over a sample of 1253 BNP Paribas clients rated by S&P
S&P rating actions on BNP Paribas clients still show a majority of upgrades
Consistently prudent in sensitive sectors (Real Estate, Subprime, LBO)
Remain
Remainvigilant
vigilantin
inthe
thecurrent
currentcycle
cycle

Focus on LBOs
LBO final take portfolio
Moderate increase in LBO final
131 125
take portfolio in the last 3 years Base 100 *
112
Final takes limited almost

exclusively to senior debt
Aggressive distribution strategy
2004 2005 2006 2007
Leveraging increased
participation of institutional Originate - Underwrite - Distribute
investors in primary Total Debt U/W Final Take
Warehousing and underwriting Deal 1 100% 37% 2%

Deal 2 100% 24% 3%
portfolio closely monitored at Deal 3 100% 100% 3%
Deal 4 100% 35% 5%
senior management level Deal 5 100% 20% 3%
5 Largest European LBO deals with BNP Paribas

as a Bookrunner/MLA over the last 12 months,
with total debt ranging from 1.5bn to 4bn

Limited Concentration Risk
Average Top 20 exposures Average Top 20 exposures
BNP Paribas vs Peers CIB 2004-2006
70%
29.1%
53%
18.3% 40%
21%
5.4% 17% 13%
5.0%
Source: S&P
(May 2006)
in % of Adjusted Tangible in % of Group Net 2004 2005 2006

Equity Operating Income
Median 100 Gross Loss Given
BNP Paribas
European Banks Exposure Default
In % of CIB Gross operating income
Single name concentrations less pronounced than at peer group

Portfolio concentration reduced in recent period
Specialised finance generates lower Loss Given Default than plain vanilla

Strong Market Risk Discipline
Risks kept at a low level Actual loss experience
High diversification across
asset classes 2004
2004 2005
2005 2006
2006 Q1
Q10707
Ability to recycle exotic risks of Number
Numberof oflosing
losingdays
days 46
46 23
23 17
17 00
structured products to hedge Largest
Largest loss
loss (m)
(m) -29.5
-29.5 -25.4
-25.4 -21.0
-21.0 NS
NS
funds Number
Numberof
oflosses
losses above
above 44 44 55 NS
10mn NS
10mn
Benchmarking with actual P&L Number
Numberof
oflosing
losingmonths
months 00 00 00 00
over 2004-2006 Number
Numberofoflosing
losingweeks
weeks 11 22 11 00
Average
AverageWeekly
Weekly loss -8.8 -12.6 -5 NS
Only 13 daily losses above loss -8.8 -12.6 -5 NS
10mn
4 losing weeks
No losing months Stress testing
Potential loss of Capital Markets revenues
Benchmarking with stress tests
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
15 scenarios of severe market Scenarios
shocks
Worst stress scenario: Worst
-10% overnight across all stress
equity markets worldwide scenario
would lead to loss of 13% of
Capital Markets revenues -13% of Capital
Markets Revenues

Optimising Capital Management
Continue reallocation of allocated
capital to higher ROE businesses Risk Weighted Assets - CIB
Derivatives and specialised
finance 172
13.0
Focus on cross-selling and 153 6.9
selectivity in use of balance sheet 6.4
136
8.7
Build on market trends to increase 48.9 56.5
+22.7%/2004
capital velocity in specialised 37.5
finance
Institutional investors appetite for 62.7 +10.5%/2004
specialised credit assets: 56.0 67.8
leveraged loans, E&C, emerging
markets etc.
33.4 34.9 28.6 -7.2%/2004
Increasingly position CIB as a
global debt solutions provider in bn
2004 2005 2006
Market risk capital very low Credit Risk - Specialised
Credit Risk Vanilla
Room for managed increase Counterparty Risk Market Risk
of risk appetite Risk-Weighted Assets - Transferred from BNL to CIB
AAstrategy
strategygeared
gearedtowards
towards
Return
Returnon onEquity
Equityimprovement
improvement
Positive Growth Dynamics
Revenue Trends : BNP Paribas vs Market
Derivatives: among the fastest
growing businesses in our
Next five
industry Last five years
years
Established leadership
BNPP 2007-
CAGR Market
Specialised financing: resilient, (03-06) 2011E
real-economy-based growth Rates Derivatives 12% 12%
drivers Credit Derivatives 22% 17%
Leadership position in E&C, FX Derivatives 15% 20% 15%
and Infrastructure Finance Equity Derivatives 20% 14%
Asia and emerging markets: Commodity Derivatives 30% 20%
Fast growing corporate and Project Finance 7% 16% 8%
investment banking revenue Energy & Commodities 7% 20% 7%
pools: Asia +30% over 2004-
2006 (Source: BCG) Source: Oliver Wyman; BNP Paribas
17%
Strong presence with client
access and local
infrastructure
Italy: leveraging on BNL

Strategy for Growth in Europe
Deepen our footprint in Europe Italy: Become the CIB Italian leader
Leading CIB with broad access to

France: maintain #1 position domestic client base: a unique set
and increase penetration on up in Italy
international business
Attack mid-market across
Germany: boost investment specialised finance activities
banking capabilities and grow Specialised M&A team to serve
tier 1 & 2 FIG franchise;
small and mid-corporate clients
continue Midcap initiative
Fixed Income joint-venture with
UK: further improve positioning Corporate Division to boost cross-
with local Corporates; strong
selling
push on banks and insurers
Distribution of EQD products to
Retail & Private clients
Europe
Europeas
asour
ourdomestic
domesticmarket
market

Strategy for Growth in our Core Franchises
Maintain leadership in global franchises Address current gaps
Derivatives European Corporate Finance

Deepen European footprint Remain the leader in France
through systematic marketing Become top 5 in Italy
New clients segments Expand European reach
BRICs and Emerging Markets
Commodity derivatives
Focus on product innovation
Build on derivatives trading and
Specialised Finance structuring skills
Roll out franchises in key markets: On corporate side, leverage the
China and India global E&C franchise more
Infrastructure Finance systematically
Further shift from lending to On institutional side, leverage

integrated debt solutions provider EQD and Fixed Income
extensive relationships
Leverage
Leverageand
andcombine
combineour
ourstrengths
strengths

Strategy for Growth in Emerging Markets
Key countries Strategy
China
Continue to invest in local set-up
Leverage large portfolio of existing
relationships
Russia - CIS
In particular, excellent E&C franchise
(Russia, Gulf Region)
Gulf Seize opportunities as regulation

evolves in derivatives
Region
Address international investors appetite
for emerging market exposure (equities,
derivatives, structured credit)
India
High
Highmedium
mediumterm
termpotential
potential
as
as markets are opening to moresophisticated
markets are opening to more sophisticatedproducts
products

Strategy for Growth in our Client Franchise
Corporates Financial Institutions
Continue to up-tier relationships Strong push with Asset

with Large Corporates globally Managers globally
through increased ability to Deepen specific effort on Hedge
provide integrated cross- Funds by leveraging success of
product solutions current initiatives ; build global
Leverage global relationships in synthetic equity platform
Energy & Commodities and Targeted initiatives on Pension
deliver full CIB offering Funds with solutions-based
Midcaps in Europe: selectively teams
enlarge client base and deepen
existing relationships
Build
Buildon
onextensive
extensiveexisting
existingbase
baseand
andleverage
leveragehigh
high
growth
growthpotential
potentialwith
withkey
keysegments
segments

Leveraging BNP Paribas Group
Retail Banking
Growing mid-cap financial sophistication = increasing
cross-selling synergy opportunities
Dedicated capital markets teams for product
coverage of Group networks
Industrialisation of cross-selling practices: France,
Fully Italy, Middle East
leverage New initiatives in Turkey, Ukraine
Group
synergies Asset Management & Services
Premium Group initiative in Hong Kong between
Private Banking, EQD, and Fixed Income
Duplicate model in Middle East
Cross-selling with Asset Management
Convergence of asset management and capital
markets
Strong
Strongpotential
potentialfor
forfurther
furthergrowth
growth
duplicating
duplicatingand
andimproving
improvingcross-selling
cross-sellingbest
bestpractices
practices
Key Takeaways
AAEuropean
Europeanleader
leaderwith
withaasecond
secondhome
homemarket
marketin
inItaly
Italy
Valuable
Valuableglobal
globalproduct
productleadership
leadershipareas:
areas:
Derivatives,
Derivatives,Specialised
SpecialisedFinance
Finance
Strong
Strongpresence
presenceand
andbroad
broadclient
clientfranchise
franchise
in
inEmerging
EmergingMarkets
Marketsand
andAsia
Asia
AAfocused
focusedstrategy
strategyto
totap
taphigh
highgrowth
growthin
inkey
keyareas
areas

CIB on the move
Conclusion
Baudouin Prot
Chief Executive Officer
CIB InvestorDay
CIB Investor Day
CIB: A key Part of Group Strategy
Revenues Pre-Tax Income Allocated Equity

8.1bn 3.9bn 10.7bn*
29% 37% 26%
2006 figures including BNL activities transferred to CIB from 01/04/2006

* In % of allocated equity to core businesses , including goodwills
CIB
CIBatatthe
theheart
heartof
ofBNP
BNPParibas
Paribas
profitable
profitablegrowth
growthstrategy
strategy
CIB Investor Day Conclusion 141

CIB: Key Success Factors
A pan-European Leader with a global reach
Selected leading edge franchises
Broad client base and highly sophisticated product platforms
Competing on innovation and value-added solutions for clients
Fostering cross-selling within C&IB and across the Group
Delivering sustainable returns
through best-in-class cost efficiency and risk management

CIB On the Move
From a balance-sheet driven While maintaining the
commercial bank to a leading relationship-driven client
Capital Market player focus
An entrepreneurial culture Without compromising with

to embrace market risk standards
opportunities
An ambitious growth strategy With a clear focus on key

differentiating strengths
A track record of delivering Through a consistent flow of

profitable growth organic investments

CIB: Leveraging the Groups strengths
Further deepen penetration in midcap segment

FRB Expand distribution of EQD structured products
Leverage the Retail, Private & Corporate

BNL bc franchise
To become the leader of CIB in Italy
CIB
Emerging Extend cross selling best practices to

corporates and FIG clients in Turkey, Ukraine
markets and Middle East
Jointly approach entrepreneurs with Private

Asset Banking
Management
& Services Distribution of structured products through mutual
funds and life insurance

CIB: A Major Growth Driver For BNP Paribas
Profitability
2006 Pre-Tax ROE
Size, growth, and
45%
BancWest profitability
Cetelem
40% AMS CIB
35%
FRB* EM
30%
RFS Manage for

25%
Growth
Manage for
20%
Profitability 67%
15%
33% BNL bc**
10%
0% 5% 10% 15% 20% 25% 30%
Growth
*Excluding PEL/CEL Organic Revenue 2006/2005
Size equals 2006 Pre-tax Profit
**1Q07 / 1Q06 pro forma

A Growing CIB in a Growing BNP Paribas
CIB: a major growth driver

Fuel high grow potential with organic investments in staff and capital
Maintain the focus on ROE optimisation
Asset Management and Services: another growth engine

Superior inflows and strong performance
Mainly organic growth complemented with targeted acquisitions to
accelerate international expansion
Retail: lower but recurring growth potential

Over performance through innovation and customer satisfaction in the
French Retail, and RFS
High growth potential at BNL and in Emerging Markets
Accelerate growth by value-creating acquisitions
Combining
Combininggrowth
growthmomentum
momentumand
andresilience
resilience
BNP Paribas: Conclusion
Earnings per Share Dividend per share
CAGR = +23.3%
CAGR = +28.8%
8.03
6.96 +14.7% 3.10
5.51 2.60
4.28 2.00
2.38 2.73 1.45
in in
2003 * 2004 * 2005 * 2006 1Q06 1Q07 2003 2004 2005 2006
Undiluted EPS calculated based on the
average number of shares oustandings
AATrack
TrackRecord
Recordof
ofGrowth
Growthand
andValue
ValueCreation
Creation
CIB Investor Day Conclusion Restated from the impact of the rights issue in March 2006 147
CIB on the move
CIB
On the Move
Appendix
Figures
CIB Investor Day

CIB:
Overall Corporate and Investment Banking Results
1Q07 1Q06 1Q07/ 4Q06 1Q07/
In millions of euros 1Q06 4Q06
Revenues 2 396 2 282 +5,0% 1 988 +20,5%
Operating Ex penses and Dep. -1 271 -1 244 +2,2% -1 031 +23,3%
Gross Operating Income 1 125 1 038 +8,4% 957 +17,6%
Prov isions 56 18 n.s. 34 +64,7%
Operating Income 1 181 1 056 +11,8% 991 +19,2%
Associated Companies 6 1 n.s. 7 n.s.
Other Non Operating Items 4 7 n.s. -8 n.s.
Pre-Tax Income 1 191 1 064 +11,9% 990 +20,3%
Cost / Income 53,0% 54,5% -1,5 pt 51,9% +1,1 pt
Allocated Equity (Ebn) 10,9 9,4 +15,3% 10,4 +5,0%
4Q06 4Q05 4Q06 / 3Q06 4Q06 / 2006 2005 2006 /

In millions of euros 4Q05 3Q06 2005
Revenues 1 904 1 600 +19,0% 1 761 +8,1% 7 859 6 422 +22,4%
Operating Expenses and Dep. -1 004 -926 +8,4% -996 +0,8% -4 397 -3 711 +18,5%
Gross Operating Income 900 674 +33,5% 765 +17,6% 3 462 2 711 +27,7%
Provisions 30 -16 n.s. 82 n.s. 253 130 n.s.
Operating Income 930 658 +41,3% 847 +9,8% 3 715 2 841 +30,8%
Non Operating Items -1 13 n.s. 5 n.s. 42 49 -14,3%
Pre-Tax Income 929 671 +38,5% 852 +9,0% 3 757 2 890 +30,0%
Cost / Income 55,9% 57,8% -1,9 pt
Allocated Equity (Ebn) 9,4 9,1 +3,9%
Pre-Tax ROE 0% 0% +0,0 pt 40%
0% 32%
0% +8 pt
CIB Investor Day Appendix 149

CIB:
Advisory and Capital Markets Results
1Q07 1Q06 1Q07/ 4Q06 1Q07/
Revenues 1 672 1 623 +3,0% 1 260 +32,7%
Incl. Equity & Advisory 814 761 +7,0% 491 +65,8%
Incl. Fixed Income 858 862 -0,5% 769 +11,6%
Operating Ex penses and Dep. -981 -974 +0,7% -726 +35,1%
Gross Operating Income 691 649 +6,5% 534 +29,4%
Prov isions 0 0 n.s. -16 n.s.
Operating Income 691 649 +6,5% 518 +33,4%
Associated Companies 6 1 n.s. 7 -14,3%
Other Non Operating Items 4 7 -42,9% 5 -20,0%
Pre-Tax Income 701 657 +6,7% 530 +32,3%
Cost / Income 58,7% 60,0% -1,3 pt 57,6% +1,1 pt
4Q06 4Q05 4Q06 / 3Q06 4Q06 / 2006 2005 2006 /

Revenues 1 224 987 +24,0% 1 146 +6,8% 5 274 3 890 +35,6%
Operating Expenses and Dep. -710 -658 +7,9% -719 -1,3% -3 284 -2 683 +22,4%
Gross Operating Income 514 329 +56,2% 427 +20,4% 1 990 1 207 +64,9%
Provisions -16 -1 n.s. 0 n.s. -16 -1 n.s.
Non Operating Items 12 13 -7,7% 4 n.s. 54 45 +20,0%
Pre-Tax Income 510 341 +49,6% 431 +18,3% 2 028 1 251 +62,1%
Cost / Income 62,3% 69,0% -6,7 pt
Pre-Tax ROE 57% 39% +18 pt

CIB:
Financing Businesses Results
1Q07 1Q06 1Q07/ 4Q06 1Q07/
Revenues 724 659 +9,9% 728 -0,5%
Operating Ex penses and Dep. -290 -270 +7,4% -305 -4,9%
Gross Operating Income 434 389 +11,6% 423 +2,6%
Prov isions 56 18 n.s. 50 +12,0%
Operating Income 490 407 +20,4% 473 +3,6%
Amortisation of Goodw ill 0 0 n.s. -13 n.s.
Pre-Tax Income 490 407 +20,4% 460 +6,5%
Cost / Income 40,1% 41,0% -0,9 pt 41,9% -1,8 pt
4Q06 4Q05 4Q06 / 3Q06 4Q06 / 2006 2005 2006 /

Revenues 680 613 +10,9% 615 +10,6% 2 585 2 532 +2,1%
Operating Expenses and Dep. -294 -268 +9,7% -277 +6,1% -1 113 -1 028 +8,3%
Gross Operating Income 386 345 +11,9% 338 +14,2% 1 472 1 504 -2,1%
Provisions 46 -15 n.s. 82 n.s. 269 131 n.s.
Non Operating Items -13 0 n.s. 1 n.s. -12 4 n.s.
Pre-Tax Income 419 330 +27,0% 421 -0,5% 1 729 1 639 +5,5%
Cost / Income 43,1% 40,6% +2,5 pt
Pre-Tax ROE 30% 28% +2 pt

Cost of Risk
CIB : Cost of Risk
Net prov isions / Av erage Risk Weighted Assets
62 62
-9 -14
-17
2002 2003 2004 2005 2006 1Q07
Moderate
Moderatecost
costof
ofrisk
riskin
inlatest
latestyears
years

CIB: RWA Impact of Protection Bought
Average Risk Weighted Assets
5,7 +11% 20,2
-3.4%
95,8 92,5
in bn
2005 2006
Protection bought
Average net weighted assets

Value at Risk
VaR (1 day - 99%) by Type of Risk
25 28 27 19 19 36 25 28 16 19 21 20 25
2 5 Commodities
5
2 2 2
5 4 3
2 3 2 17 4 Change & others
4 4 1
2 18 2 2 3 3 4 21
40 29
2 14 4 22
14 3 2 Equities
15 6 19 9
31 28
26 11 25 25 15 14
24 18 21 23 14 13 21 23 Interest rate
18 16
14
23 15 20 25
14 11 15
21
20 18 22
14 12 15 14 17 12 13 16 15 Credit
11
Netting
-25 -23 -22 -24 -27
-31 -30 -30 -28 -29
-37 -41
-45 Quarterly
average VaR
31.03.04
30.06.04
30.09.04
31.12.04
31.03.05
30.06.05
30.09.05
31.12.05
31.03.06
30.06.06
30.09.06
31.12.06
31.03.07
in millions of euros
*
Bar chart: data from the last market trading day of the period *Excl. BNL

BNP Paribas CIB Investor Day

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BNP Paribas CIB Investor Day

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CIB on the move

CIB Investor Day

CIB Investor Day

CIB Investor Day Disclaimer 2

Revenues Pre-tax Income Allocated Equity

29% 37% 26%

2006 figures including BNL activities transferred to CIB from 01/04/2006

CIB Investor Day CIB Overview 3

2003 2006 2003 2004 2004 2005 2006

Pre tax ROE Cost of risk in bp of RWA

+4pts +10pts 39.0%

CIB Investor Day CIB Overview 4

European CIB powerhouse Client driven model

CIB Investor Day CIB Overview 5

Deutsche Bank UBS Credit Suisse Barclays BNP Paribas SG Calyon

European CIB pre-tax profit (2006)

Deutsche Bank BNP Paribas Credit Suisse UBS SG Barclays Calyon

CIB Investor Day CIB Overview 6

NORTH EAST ASIA

SOUTH EAST ASIA

CIB Investor Day CIB Overview 7

CIB Investor Day CIB Overview 8

Institutional clients: 48% of client Sovereign and quasi-sov. Corporate

CIB Investor Day CIB Overview 9

Fixed Income Specialised Other Capital

Investment Banking: ECM, DCM, M&A, Securitisation

CIB Investor Day CIB Overview 11

CIB Investor Day CIB Overview 12

Leading player in rates and FX options

FI and EQD mutual strength

Well integrated platform

CIB Investor Day CIB Overview 13

Yearly IT & operations spend = ~ 800 M Total 5070

Best provider of investment grade credit Euro

CIB Investor Day CIB Overview 16

Asia Mid-cap Equity House

Asian Currencies Bonds (2006)

Source: Thomson Financial

CIB Investor Day CIB Overview 17

Worldwide product neutral Dedicated derivatives teams for

Integrated Capital Markets Economies of scale for support

CIB Investor Day CIB Overview 18

Targeting lead positions with Corporates to Specialised

Deep footprint in Energy & Commodities

Breakthrough in Equity Derivatives

BNP Paribas ZAO in Moscow (subsidiary); 130 CIB people

BNP Paribas leading foreign bank with longstanding presence

Longstanding presence in 8 cities; 370 CIB staff

CIB Investor Day CIB Overview 20

CIB Investor Day CIB Overview 21

CIB Investor Day

A Decisive Competitive Advantage

Strong Growth Potential

CIB Investor Day

OTC Credit derivatives OTC FX derivatives

2004 2005 2006 2003 2004 2005 2006

CIB Investor Day Fixed Income Leadership in Derivatives 24

Cash Traded and risk managed as integrated asset classes

Accelerating Weighs on margins

Increasing Need for sophisticated risk management and modelling

A Decisive Competitive Advantage

Strong Growth Potential

CIB Investor Day

A regional, client driven, sales and origination set up