WWS7-10YR300107

Win Win ULTIMATE

WWUL 16.01.09

Win Win Ultimate

Who Are BNP Paribas?

• Top Ten World Rankings*, AA+ rated Bank (S&P)

• Award Winning Derivatives designer and issuer

*By Assets. Source: The Banker July 2007 – Annual Report

Win Win Ultimate

The Win Win Ultimate was designed in response to individual and institutional investors’ requests for a product with a better risk / return profile.

We were asked to design a capital-guaranteed product with opportunities for exceptional bonuses, and suitable for a risk-averse investor.

• •

Win Win Ultimate’s Key Features

• A 10-year Certificate issued and guaranteed by BNP Paribas.

• 100% capital-guaranteed at maturity plus

potential for Annual Bonus Payments of 15%.

• Protects Capital.

• Creates Growth.

Available in USD (GBP, EUR on demand) Guaranteed coupons also available (on demand)

Win Win Ultimate – How Does it Work?

• A basket of 20 blue chip stocks is used as a reference and a barrier price (typically 80%) is established.

• A 15% Annual Bonus Payment is made to the investor provided none of those stocks breaches the barrier during each 12-month Observation Period.

• Missed Annual Bonus Payments are not lost. They are ROLLED OVER to the next period in which an Annual Bonus Payment is made and added to that year’s payment. This effectively gives a Second Chance of gaining the Annual Bonus Payment, each year.

Example of QualityInternational Stocks*

(*Stocks may vary between issues)

• ORACLE

• Cisco Systems

• EMC CORP/MASS

• Royal Dutch Shell

• E.ON AG

• Intel Corp

• GlaxoSmithKline

•Wal-Mart Stores Inc

• Nokia AB OY

• Coca Cola

• Valero Energy Corp

• Total

• Apple Inc

• Exxon Mobil Corp

•Vodafone Airtouch • Siemens AG

• ENI SpA

• BP plc

• Google

• A T & T

Sector & Geographic Distribution Creates Diversity

Win Win Ultimate Series 10Sector Distribution

4% 11%

17%

39%

21%

4% 4%

Diversified Retail TelecomsOil and Related Computers/Internet PharmaceuticalsEnergy

Win Win Ultimate Series 10Geographical Distribution

56%

44%

US EUR

0%

50%

100%

150%

200%

250%

300%

350%

May-2002

May-2003

May-2004

May-2005

May-2006

May-2007

May-2008

May-2009

May-2010

May-2011

May-2012

80%

BONUSES

25% BONUS

2nd CHANCEFEATURE

You would receive no Annual Bonus Payments in the first year.

You would receive an Annual Bonus Payment in the second year.

PLUS, with Second Chance, you would receive an additional 15% bonus payment rolled over from year one.

15%

30%

15%

0%

Lowest performing stock in basket

(% of Issue DateClosing-Price)

Win Win Ultimate: An Example

0%

50%

100%

150%

200%

250%

300%

350%

May-2002

May-2003

May-2004

May-2005

May-2006

May-2007

May-2008

May-2009

May-2010

May-2011

May-2012

80%

BONUSES

25% BONUS

2nd CHANCEFEATURE

15% 15%15% 15% 15% 15%15%

15% 15% 15% 15%30% 15%45%

Total Bonus Payments = 150%

15%

0%

15% 15%

0%0%

You would receive an Annual Bonus Payment in the fifth year.

PLUS, with Second Chance, you would receive an additional 30% bonus payment rolled over from years three and four.

Lowest performing stock in basket

(% of Issue DateClosing-Price)

Win Win Ultimate: An Example

You would receive no Annual Bonus Payments in the next two years.

And Again, Remember Second Chance!

• Annual Bonus Payments missed in any year are not necessarily lost. They are rolled over to the next period in which an Annual Bonus Payment is made and added to that payment.

• Original Invested Capital is always guaranteed and returned, in full, at the end of year 10.

Advantages and RisksADVANTAGES RISKS

100% capital-guaranteed at maturity

High Potential Annual Bonus Payments.

A Basket of top quality stocks.

Investors can earn back the Annual Bonus Payments that have been rolled over in previous years, at the next period in which an Annual Bonus Payment is made.

Good historical results.

BNP Paribas guarantee liquidity.

Rated as a Low risk investment.

Structured products are core markets for BNP Paribas, an AA+ rated bank (by S&P), and one of the Largest Global Banks.

Win Win Ultimate, like most protected structured products, is only capital-guaranteed at maturity.

The past is no guarantee of the future.

Back-Testing Methodology(based on the first series

prior to issuing the original Win Win Note)

At the launch of Win Win, by collating daily closing levels of the stocks in the

original basket, BNP Paribas undertook 1245 simulations based on prices from:

– January 4th 1988 through to January 4th 1998,

– January 5th 1988 through to January 5th 1998,

– January 6th 1988 through to January 6th 1998,

and so on until

– October 22nd 1992 through to October 2002

That’s equivalent to over 4,500,000 individual stock price checks being used to back-test Win Win

And the Solid Back-Testing Results WereNumber of ‘bonus payments’ years

(% of occurrences over 1,245 simulations)

0%

20%

40%

60%

80%

100%

4 ormore

5 ormore

6 ormore

7 ormore

8 ormore

9 ormore

10

99.92%

19.13%

39.15%

58.52%

97.43%98.23%99.60%

Historical results :

Secondchance

100%

97% - 7 or more Annual Bonus Payments

100% of Annual Bonus Payments with Second Chance

Remember, Win Win Ultimate would be even better!

Comparitive Risk / Return Profile

Low

High

YIELD RISKRETURN

Low High

FLOATING RATE

BONDS

CALLABLE NOTES & REVERSE FLOATERS

FIXEDRATE

BONDS

WINWIN

RISK

Low

High

LIQUIDITY RISKRETURN

Low High

STRU-CTURED NOTES

HEDGE FUNDS& FUNDLINKED NOTES

BONDS

WIN WIN

RISKLow

High

EQUITY RISKRETURN

Low High

EQ

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WIN

RISK

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EQ

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Low

High

CREDIT RISKRETURN

AAA C

CREDITDEFAULT NOTESBONDS

WINWIN

RISK

Summary

• Capital fully guaranteed at maturity by BNP Paribas.

• 15% Annual Bonus Payments potential.

• Second Chance feature to receive any rolled-over Annual Bonus Payments at the next period in which an Annual Bonus Payment is made.

• Available in USD (GBP and EURO on demand).

• 5% placement fee at outset and a 12.5% performance fee chargeable on any Annual Bonus Payments.

• All payments guaranteed by BNP Paribas, an AA+ rated bank, and a top ten Global Bank.

DisclaimerThe information contained within this presentation is provided to you by BNP Paribas on a strictly confidential basis. Any prices or examples of possible transactions contained in this document are set out for illustrative purposes only and do not constitute any form of offer from BNP Paribas to trade on such terms or constitute an indication that it is possible to trade on those precise terms. It is also understood that all information given by BNP Paribas related to the terms and conditions of a financial transaction shall not be considered investment advice or as a recommendation to enter into that transaction. Actual prices will depend on market conditions at the time the transaction is concluded. BNP Paribas will not assume any responsibility for the financial consequences of the client trading in the financial transactions described in this document.

Third Party and counter-party fees not exceeding 1% p.a. for 10 year Notes/Certificates and 1.8% p.a. for 5 year Notes/Certificates, payable by BNP Paribas do not affect the clients 100% Capital Guaranteed at maturity.

* All returns are dependent upon terms of a Warrants & Certificates Programme as issued by BNP Paribas.

All returns, interest payments, stocks and the barrier level will vary according to market conditions.

PCP will revert before issuing a note should prevailing conditions cause any (or all) of the features and benefits to be adversely affected by more than 10% from the illustrated key features of this product, the pricing supplement, and the indicative conditions and pricing.

Contact Details:

Win Win c/o P.O. Box 57108Limassol 3312 Cyprus

Tel: +357 25817488Fax: +357 25749755Email: marketing@pcpfunds.comWeb Site: www.pcpfunds.com