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BNP Paribas Guru Range of Equity ETNs

Investment without capital protection Marketing documentation

Why Guru?

What is Guru? Guru is an investment methodology, launched in 2008, which combines the advantages

of active and passive management to achieve an optimal investment solution.

This investment methodology is not new. The Guru strategy is a synthesis of century-old established asset management techniques used by some of the most successful fund managers (such as Benjamin Graham, Warren Buffet and Peter Lynch), hence its name. The methodology implements the basic rules of active investment via stock selection

based on value, profitability and prospects. This selection relies on similar indicators identified by the “Gurus” to evaluate a

company. These indicators are monitored systematically according to clearly defined rules.

What constitutes the investment universe? The investment universe consists of the most liquid stocks from various major

geographical regions: U.S., Europe, Asia (ex. Japan) and Global Markets, totalling over 2,500 companies in the world.

Is the strategy robust?

Guru is an investment methodology that has a proven track record and an overall positive performance across all regions. As an example, the THEAM Quant Equity US Guru fund outperformed its benchmark, the S&P 500 TR Index, by +13% in 2013. The fund is also 5-star rated by Morningstar as of the end of December 2013. The strategy showed similar outperformance in other areas such as Europe and Emerging Markets.

What makes this strategy different?

The Guru investment methodology is simple and completely objective. It goes “back to basics” through a fundamental approach to company selection. It looks at three sets of characteristics: the company should be profitable, it should have good prospects and be correctly valued.

In addition, the Guru strategy offers an opportunity to diversify exposure to the equity market. The Guru portfolio is less concentrated than that of a traditional "stock picking" methodology (or standard market cap weighted index) and can be composed of many different companies.

GURU RANGE OF EQUITY ETNS 2

The investment process: A uniform methodology for all regions

Universe Selection 1

Liquidity Selection of the most liquid stocks US Europe Asia ex Japan All Country

Company Selection 2

Profitability Is the business working?

Prospects Is it going the right way?

Valuation Is the company correctly valued?

Portfolio Construction 3

Liquidity Monthly rebalancing of a fraction of the portfolio

Risk control Volatility of the strategy is maintained below a certain threshold

The advantage of active asset management:

Company selection

The advantage of passive asset management:

A systematic rebalancing and a risk control

A simple and objective methodology.

A stock selection based on criteria such as profitability, prospects and value rather than the company size.

A systematic investment methodology combining the respective strengths of active and passive asset management.

A systematic and transparent approach for equity stock picking:


Volatility refers to the variability of the strategy’s returns.

A high volatility means that the value of the asset is more likely to go up or down by a large amount in a short space of time.

Volatility is an indicator of the level of risk of an asset. An asset with high volatility could be considered riskier than an asset with low volatility.

What is volatility?

Focus on the Guru strategy

1/3

1/3

1/3

Simplicity Profitability, perspectives and valuation are of equal importance in the company selection process

The THEAM Quant Equity US Guru fund applies the Guru investment methodology to the US market with the objective of outperforming the main US market indices over the long term.

The investment universe is composed of : The most liquid North American company stocks. This

means the stocks with an average daily trading volume of at least 20 million US dollars (approximately 850 companies).

The firms with the best economic profiles from the selection universe.

The Guru portfolio is well diversified, being composed on average of about 160(1) different companies.

The ETN is denominated and traded in South African Rands. You will be exposed to the US Dollar/South African Rand exchange rate while invested in this product.

The Guru US ETN issued by BNP Paribas will track the performance of the THEAM Quant Equity US Guru fund (ISIN: FR0010971648).

The THEAM Quant Equity US Guru fund tracks the performance of the BNP Paribas Guru Equity US Long Index (launched in December 2008) minus current management and admin fees of 0.75% per annum(2). The performance of the Index is displayed below since it has a longer track record than the fund.

BNP Paribas Guru Equity US Long Index S&P 500 TR Index

Sources: BNP Paribas, Bloomberg as of 31 January 2014. Performances stated are Total Return, in USD. Performance simulations over 2 January 1995 to 30 November 2008, historical thereafter. Past performance is not necessarily a guide to future performance. No company of the BNP Paribas Group will be liable for any direct or indirect loss resulting from the use of the contents of this report. These simulations are the result of estimates made by BNP Paribas at a given moment on the basis of the parameters selected by BNP Paribas, of market conditions at this given moment and of historical data, which should not be used as guidance, in any way, of the future results of BNP Paribas GURU Equity US Long Index. Consequently the figures and prices indicated in this document have an indicative value only and do not constitute in any way an offer on behalf of BNP Paribas.

(1) Average calculated since index launch date (2) Those fees are subject to change but will not exceed 1% per annum. (3) The Sharpe Ratio is a way to examine the performance of an investment by adjusting for its risk.

Guru US ETN

Performance of the BNP Paribas Guru Equity US Long Index (simulations until 30 November 2008) vs. S&P 500 TR Index


Jan. 95 – Jan. 14 BNP Paribas GURU Equity US Long Index

S&P 500 TR Index

Annualised Return 16.52% 9.40%

Volatility 19.10% 19.66%

Sharpe Ratio(3) 0.70 0.32

Max Drawdown -50.88% -55.25%

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Fund launch date 29 December 2010

(ISIN: ZAE000188330)

Morningstar rating(1)

Top 10: Composition and weights(2)

Company Name ISIN Sector Country MKT Cap (EURm) Weight

PACKAGING CORP OF AMERICA US6951561090 Industrial Goods & Services United States 4,691 2.61%

BLACKSTONE GROUP LP/THE US09253U1088 Financial Services United States 27,080 2.44%

BOEING CO/THE US0970231058 Industrial Goods & Services United States 69,698 2.24%

DELPHI AUTOMOTIVE PLC JE00B783TY65 Automobiles & Parts Britain 13,874 2.19%

TYSON FOODS INC-CL A US9024941034 Food & Beverage United States 9,424 2.03%

SEALED AIR CORP US81211K1007 Industrial Goods & Services United States 4,531 1.90%

PRICELINE.COM INC US7415034039 Travel & Leisure United States 43,598 1.79%

AMERIPRISE FINANCIAL INC US03076C1062 Financial Services United States 15,218 1.78%

RYDER SYSTEM INC US7835491082 Industrial Goods & Services United States 2,772 1.75%

AMERISOURCEBERGEN CORP US03073E1055 Retail United States 11,527 1.70%

(1) As of 31 January 2014 (2) Market Capitalisation as of 31 January 2014. Sources: BNP Paribas, Bloomberg as of 31 January 2014.

Guru portfolio

Sector Distribution


23%

14%

10% 8%

9%

6%

6%

6%

5%

13% Industrial Goods & Services

Travel & Leisure

Financial Services

Media

Retail

Oil & Gas

Personal & Household Goods

Automobiles & Parts

Food & Beverage

Others

The THEAM Quant Equity Europe Guru fund applies the Guru investment methodology to the European market with the objective of outperforming the main European market indices over the long term.

The investment universe is composed of : The most liquid European company stocks. This means

the stocks with an average daily trading volume of at least 10 million euros (approximately 500 companies)



The ETN is denominated and traded in South African Rands. You will be exposed to the Euro/South African Rand exchange rate while invested in this product.

The Guru Europe ETN issued by BNP Paribas will track the performance of the THEAM Quant Equity Europe Guru Fund (ISIN: FR0010730077).

The THEAM Quant Equity Europe Guru fund tracks the performance of the BNP Paribas Guru Equity Europe Long Index (launched in December 2008) minus current fund management and admin fees of 0.75% per annum(2). The performance of the Index is displayed below since it has a longer track record than the fund.

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BNP Paribas Guru Equity Europe Long Index Stoxx Europe 600 Euro Stoxx 50

Sources: BNP Paribas, Bloomberg as of 31 January 2014. Performances stated are Total Return, in EUR. Performance simulations over 10 January 1995 to 30 November 2008, historical thereafter. Past performance is not necessarily a guide to future performance. No company of the BNP Paribas Group will be liable for any direct or indirect loss resulting from the use of the contents of this report. These simulations are the result of estimates made by BNP Paribas at a given moment on the basis of the parameters selected by BNP Paribas, of market conditions at this given moment and of historical data, which should not be used as guidance, in any way, of the future results of BNP Paribas GURU Equity Europe Long Index. Consequently the figures and prices indicated in this document have an indicative value only and do not constitute in any way an offer on behalf of BNP Paribas.

(1) Average calculated since index launch date (2) Those fees are subject to change but will not exceed 1% per annum. (3) The Sharpe Ratio is a way to examine the performance of an investment by adjusting for its risk.

Guru Europe ETN

Performance of the BNP Paribas Guru Equity Europe Long Index (simulations until 30 November 2008) vs. Stoxx Europe 600 and Euro Stoxx 50 Indices


Jan. 95 – Jan. 14 BNP Paribas GURU Equity Europe Long

Index

STOXX Europe 600

EURO STOXX 50

Annualised Return 15.53% 7.93% 7.23%

Volatility 17.79% 19.45% 23.36%

Sharpe Ratio(3) 0.72 0.27 0.20

Max Drawdown -55.87% -58.69% -64.64%

0100200300400500600700800900

10001100120013001400150016001700

Fund launch date 7 May 2009

(ISIN: ZAE000188678)



NEXT PLC GB0032089863 Retail Britain 11,809 4.10%

ITV PLC GB0033986497 Media Britain 9,640 4.09%

SAFRAN SA FR0000073272 Industrial Goods & Services France 22,002 3.21%

EASYJET PLC GB00B7KR2P84 Travel & Leisure Britain 7,946 3.16%

SHIRE PLC JE00B2QKY057 Health Care Ireland 21,796 3.01%

WHITBREAD PLC GB00B1KJJ408 Travel & Leisure Britain 8,285 2.95%

REED ELSEVIER NV NL0006144495 Media Netherlands 11,883 2.80%

DISTRIBUIDORA INTERNACIONAL ES0126775032 Retail Spain 3,974 2.77%

ASTRAZENECA PLC GB0009895292 Health Care Britain 59,118 2.76%

CONTINENTAL AG DE0005439004 Automobiles & Parts Germany 31,951 2.60%

(1) As of 31 January 2014 (2) Market Capitalisation as of 31 January 2014 Sources: BNP Paribas, Bloomberg as of 31 January 2014.

Guru portfolio


Morningstar rating(1)

Sector Distribution

18%

14%

12%

12%

12%

9%

7%

4%

3%

9% Industrial Goods & Services

Travel & Leisure

Media

Health Care

Retail

Automobiles & Parts

Telecommunications

Insurance


Others

The THEAM Quant Guru Asia Equity fund applies the Guru investment methodology to the Asian market with the objective of outperforming the main Asian market indices over the long term.

The investment universe is composed of : The most liquid Asian company stocks excluding Japan.

This means the stocks with an average daily trading volume of at least 10 million US dollars (approximately 350 companies).




The Guru Asia ETN issued by BNP Paribas will track the performance of the THEAM Quant Guru Asia Equity Fund (ISIN: FR0011067065).

The THEAM Quant Guru Asia Equity fund tracks the performance of the BNP Paribas Guru Equity Asia Long Index (launched in December 2008) minus current fund management and admin fees of 2% per annum(2). The performance of the Index is displayed below since it has a longer track record than the fund.

Sources: BNP Paribas, Bloomberg, as of 31 January 2014. Performances stated are Total Return, in USD. Performance simulations over 1 January 1997 to 01 December2008, historical thereafter. Past performance or proforma performance is not necessarily a guide to future performance. No company of the BNP Paribas Group will be liable for any direct or indirect loss resulting from the use of the contents of this report. These simulations are the result of estimates made by BNP Paribas at a given moment on the basis of the parameters selected by BNP Paribas, of market conditions at this given moment and of historical data, which should not be used as guidance, in any way, of the future results of BNP Paribas GURU Equity Asia Long Index. Consequently the figures and prices indicated in this document have an indicative value only and do not constitute in any way an offer on behalf of BNP Paribas.

(1) Average calculated since index launch date (2) Those fees are subject to change but will not exceed 2% per annum. (3) MSCI AC Daily TR net Asia ex Japan Index (NDUECAXJ Index) (4) The Sharpe Ratio is a way to examine the performance of an investment by adjusting for its risk.

Guru Asia ETN

Performance of the BNP Paribas Guru Equity Asia Long Index vs. MSCI AC Daily TR Net Asia ex. Japan Index


Jan 97– Jan. 14 BNP Paribas Guru

Equity Asia Long Index

MSCI AC Daily TR Net Asia ex Japan Index(3)




Max Drawdown -62.29% -64.32%

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(ISIN: ZAE000188348)

0

200

400

600

800

1000

1200BNP Paribas Guru Equity Asia Long Index

MSCI AC Daily TR Net Asia ex Japan Index

Fund launch date 22 July 2011



SK TELECOM KR7017670001 Telecommunications South Korea 11,205 2.89%

COUNTRY GARDEN HOLDINGS CO KYG245241032 Real Estate China 7,245 2.88%

SK HOLDINGS CO LTD KR7003600004 Oil & Gas South Korea 5,692 2.69%

LARGAN PRECISION CO LTD TW0003008009 Personal & Household Goods Taiwan 3,766 2.63%

CHINA LONGYUAN POWER GROUP CNE100000HD4 Oil & Gas China 7,024 2.57%

SAMSUNG ELECTRONICS CO LTD KR7005930003 Personal & Household Goods South Korea 128,509 2.45%

LENOVO GROUP LTD HK0992009065 Technology China 9,694 2.31%

MGM CHINA HOLDINGS LTD KYG607441022 Travel & Leisure Macau 11,178 2.25%

ENN ENERGY HOLDINGS LTD KYG3066L1014 Utilities China 5,163 2.23%

GALAXY ENTERTAINMENT GROUP L HK0027032686 Travel & Leisure Hong Kong 29,403 2.13%

(1) Market Capitalisation as of 31 January 2014. Sources: BNP Paribas, Bloomberg as of 31 January 2014.

Guru portfolio


Sector Distribution

14%

11%

11%

11% 9%

8%

7%

6%

6%

17% Banks

Oil & Gas

Telecommunications

Automobiles & Parts


Construction & Materials

Utilities

Travel & Leisure

Technology

Others

The Parworld Quant Equity World Guru fund applies the Guru investment methodology to the global market with the objective of outperforming the main world equity indices over the long term.

The investment universe is composed of : The most liquid global company stocks. This means the

stocks with an average daily trading volume of at least 10 million US dollars (approximately 2,700 companies).


The Guru portfolio is well diversified, being composed on average of about 1,230(1) different companies.


The Guru Equity World ETN issued by BNP Paribas will track the performance of the Parworld Quant Equity World Guru fund (ISIN: LU0774755325).

The Parworld Quant Equity World Guru fund tracks the performance of the BNP Paribas Guru Equity All Country Index (launched in July 2011) minus current fund management and admin fees of 0.87% per annum. The performance of the Index is displayed below since it has a longer track record than the fund.

Fund launch date 18 July 2012

BNP Paribas GURU Equity All Country Long TR Index MSCI World All Country TR Net USD Index

Sources: BNP Paribas, Bloomberg, as of 31 January 2014. Performances stated are Total Return, in USD. The Guru methodology was launched on 01 December 2008. Performance simulations of the BNP Paribas GURU Equity All Country Long Index from 01 March 2001 to 30 June 2011, historical thereafter.

(1) Average calculated since index launch date (2) The Sharpe Ratio is a way to examine the performance of an investment by adjusting for its risk.

Guru Equity World ETN

Performance of the BNP Paribas Guru Equity All Country Index (simulations until 30 June 2011) vs. MSCI World All Country TR Net USD Index


Mar. 01 – Jan. 14 BNP Paribas GURU Equity All Country

Long TR Index

MSCI World All Country TR Net

USD Index




Max Drawdown -50.12% -58.38%

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100

200

300

400

500

600

700

800

900

1000

(ISIN: ZAE000188355)



JAZZ PHARMACEUTICALS IE00B4Q5ZN47 Health Care Ireland 6,677 2.07%

BLACKSTONE GROUP LP/THE US09253U1088 Financial Services United States 26,558 2.00%

TYSON FOODS INC-CL A US9024941034 Food & Beverage United States 8,750 1.87%

ALASKA AIR GROUP INC US0116591092 Travel & Leisure United States 3,951 1.78%

GALAXY ENTERTAINMENT GROUP HK0027032686 Travel & Leisure Hong Kong 30,619 1.73%

DELTA AIR LINES INC US2473617023 Travel & Leisure United States 19,305 1.71%

PRICELINE.COM INC US7415034039 Travel & Leisure United States 44,020 1.68%

SANDS CHINA LTD KYG7800X1079 Travel & Leisure Macau 45,848 1.60%

UNITED CONTINENTAL US9100471096 Travel & Leisure United States 12,398 1.53%

TAKE-TWO INTERACTIVE SOFTWRE US8740541094 Personal & Household Goods United States 1,365 1.36%

(1) Market Capitalisation as of 31 January 2014. Sources: BNP Paribas, Bloomberg as of 31 January 2014

Guru portfolio


Sector Distribution

20%

13%

10%

6% 6% 5%

6%

6%

6%

22% Travel & Leisure

Retail

Media

Oil & Gas

Financial Services

Food & Beverage

Telecommunications

Construction & Materials


Others

ETNs at a glance

What is an ETN? Exchange Traded Notes (ETNs) are transparent, liquid instruments listed on an exchange which can provide access to

different asset classes, markets and strategies. They are a contractual obligation from an issuer to an investor to pay a return linked to the performance of the underlying asset (less any fees or charges).

ETNs aim to offer simple, liquid and cost-effective exposure to various markets. They are convenient building blocks for portfolio allocation according to individual market views.


Issued by BNP Paribas Arbitrage Issuance B.V. (A+ / A2 / A+ as of 31 January 2014) and guaranteed by BNP Paribas S.A. (A+ / A2 / A+ as of 31 January 2014).

BNP Paribas ETNs are inward listed securities with a legal form of certificates listed on the JSE ETN segment. South African retail investors, including corporates and trusts, do not use their foreign allowance limits. For institutional clients, investment in the ETNs will form part of their foreign investment limits and the prudential limits under Regulation 28(1) apply to investment by retirement funds.

Daily liquidity.

Linked to the return of an index or other underlying.

Aim to provide access to markets that might otherwise be difficult to enter.

Fixed term (details on relevant ETN termsheets). At maturity the ETN will be redeemed at the value reflecting the underlying fund and currency performances and BNP Paribas will endeavour to provide a new equivalent ETN for the investor to roll into.

Costs are detailed on the relevant factsheets.

The Guru ETNs are denominated and traded in South African Rands, but do give exposure to the offshore currency in addition to the underlying equity exposure.

Key characteristics of the BNP Paribas range of ETNs

(1) For more information on Regulation 28, please visit the Financial Services Board website, www.fsb.co.za


Advantages Easy market access.

Liquid and transparent products – the underlying funds factsheets are made visible to all investors.

Flexible – an investor can buy and sell ETNs at any time – they do not need to be held to maturity.

The offshore currency appreciation will benefit the investor in a Rand denominated ETN.

Disadvantages Not principal protected – as with a traditional equity fund investors are exposed to partial or total loss of capital.

Underlying investments are equities which are subject to market and economic influences which could negatively impact performance.

Underlying Guru funds presented in the brochure may underperform their benchmarks in certain market situations.

Counterparty risk – ETNs are exposed to the credit risk of BNP Paribas Arbitrage Issuance B.V. (A+ / A2 / A+) and BNP Paribas S.A. (A+ / A2 / A+).

The offshore currency depreciation will have a negative impact on the value of the Rand denominated ETN.

Scenarios for illustrative purposes

Positive scenario 1

Positive equity performance and positive currency movements

An investor buys R100 worth of the Guru US ETN on 1 January 2014 when the underlying fund is trading at 1,800 and the South African Rand/US Dollar exchange rate is R10.20 to the US Dollar.

A year later, the fund has increased by 10% to 1,980 and the South African Rand/US Dollar exchange rate is now R10.50 to the US dollar.

The investment is now worth R100 * (1,980 / 1,800) * (10.5 / 10.2) = R113.24.

Notice: ETNs are not principal protected and investors may lose some or all of their investment. Investors are exposed to the credit risk of the ETN Issuer and Guarantor. For more details about BNP Paribas please refer to page 16.

Negative scenario 4

Small negative equity performance and negative currency movements


A year later, the fund has decreased by 5% to 1,710 and the South African Rand/US Dollar exchange rate is now R9.50 to the US dollar.


Positive scenario 2

Small negative equity performance and positive currency movements


A year later, the fund has decreased by 5% to 1,710 and the South African Rand/US Dollar exchange rate is now R11.50 to the US dollar.


Negative scenario 3

Small positive equity performance and negative currency movements


A year later, the fund has increased by 2% to 1,836 and the South African Rand/US Dollar exchange rate is now R9.50 to the US dollar.

The investment is now worth R100 * (1,836 / 1,800) * (9.5 / 10.2) = R95.

Q&A

What are the risks when investing in a Guru ETN? Investing in a Guru ETN may result in a loss for the investor if equity markets perform badly.

The ETNs are exposed to the credit risk of the Issuer and the Guarantor.

When investing in a Guru ETN, you are exposed to a risk of loss if the South African Rand strengthens against the relevant foreign currency of the ETN.

These risks are not exhaustive and you should consult your financial advisor before investing.

Is there any currency risk when investing in a Guru ETN? The ETN is denominated and traded in South African Rands. Depending on which Guru ETN you invest in, you will be

exposed to the related currency exchange rate. For instance, you will be exposed to the US Dollar/South African Rand exchange rate while invested in US Guru ETN.

When investing in a Guru ETN, you may experience negative returns if the South African Rand strengthens against the relevant foreign currency of the ETN.

Where can I find price information about the Guru ETNs? The market price of Guru ETNs may be found on http://bnpparibascadiz.com/ETN.

The JSE publishes daily values for all ETNs listed on the exchange.

What is the current investor fee for Guru ETNs? The investment in the ETN charges no fee but the underlying fund already includes management and administration

fees. If the investors pays R100 for ETNs, R100 will be invested in the ETN and the equivalent foreign currency amount will be invested in the fund.


How do I invest in the Guru ETNs? The Guru ETNs are listed on the Johannesburg Stock Exchange ETN segment and can be bought or sold through a

registered stockbroker.

What happens to my Guru ETNs at maturity? At maturity the ETN will be redeemed at the value reflecting the underlying fund and currency performance and BNP

Paribas will endeavour to provide a new equivalent ETN for the investor to roll into.

What will be the price of my Guru ETNs: During the subscription period?

After the subscription period? After the subscription period, investors can purchase or sell Guru ETNs through a registered stockbroker. BNP Paribas,

as market maker, will provide a bid and ask price daily to your stockbroker. Your ETN will then be purchased or sold at the secondary market bid or ask price and no additional fees or costs will be payable to BNP Paribas.

The price of a Guru ETN during the subscription period is set at R1 per Certificate

BNP Paribas at a glance

A partner of choice BNP Paribas is one of the world’s largest banking group with domestic markets in France, Italy, Belgium, Luxembourg

and retail operations in the USA, Turkey and Africa.


A balanced and diversified business model BNP Paribas operates a diversified business model composed of three core areas: Retail Banking, investment Solutions,

Corporate & Investment Banking.

Key Figures (as at 31.12.2013): Employees: 185,000 Retail clients: 22 million CIB clients: 15,000 Net Income 2013: €4,832 million Country presence: 75 Common Equity Tier 1 Capital: 10.3% Credit rating: A+/A2/A+

BNP Paribas is one of the most solid banks in Europe, ahead of the new Basel 3 rules.

The target of a Basel 3 (fully loaded) Common Equity Tier 1 ratio at 9% is surpassed, with a ratio at 10.3%.(2)

Strong Foundations to serve our clients around the world

(2) As of December 31st 2013, CRD4 (fully loaded) as applied by BNP Paribas

Source: BNP Paribas, December 31st 2013

Americas 18,670

North America 15,160

South America 3,510

Europe 141,500

Headquarters in Paris

Africa 9,050

Middle East 590 Asia Pacific

14,730

(1) Including 100% of Private Banking of the domestic markets in France (excluding PEL/CEL effects), Italy, Belgium and Luxembourg

2013 Revenues

Retail Banking €24,462 m(1)

Corporate & Investment Banking €8,662 m

Investment Solutions €6,344 m

22%

16%

62%


Confidence from the market A strong counterparty for today’s markets

With credit ratings of A+/A2/A+, BNP Paribas brings robustness, stability and confidence to our clients in challenging market conditions.

Source: BNP Paribas, Bloomberg, as at November 15th, 2013. For S&P, rating for Long Term Foreign Issuer Credit is quoted. For Moody’s, rating for Senior Unsecured Debt is quoted. For Fitch, rating for Senior Unsecured Debt is quoted.

Resilient through crises The three stable engines of our business, Retail Banking, Investment Solutions and Corporate & Investment Banking, have allowed BNP Paribas to remain profitable throughout the crisis years.

(3) Including 100% of Private Banking in France (excluding PEL/CEL effects), Italy and Belgium; as of 31st December 2013

Revenues in €bn(3)

BNP Paribas’ expertise in indices BNP Paribas Global Equity and Commodity Derivatives (GECD) is one of the world leaders in the development of

systematic strategies thanks to its 20-year expertise in derivatives, highly experienced research teams and an in house state-of-the-art infrastructure.

BNP Paribas has developed considerable experience in the construction of systematic strategy indices that provides stability and transparency. This is achieved through the leveraging of in-house fully integrated quantitative capabilities.

2007 2008 2009 2010 2011 2012 2013

29.9 27.4

40.0 42.2 40.6 40.8 38.8

S&P Credit Rating Moody's Credit Rating Fitch Credit Rating

RABOBANK AA- Aa2 AA ROYAL BANK OF CANADA AA- Aa3 AA HSBC BANK PLC AA- Aa3 AA- BNP PARIBAS A+ A2 A+ CREDIT SUISSE A A1 A DEUTSCHE BANK A A2 A+ BARCLAYS BANK PLC A A2 A UBS A A2 A JPMORGAN CHASE & Co A A3 A+ RBS PLC A A3 A COMMERZBANK A- Baa1 A+ ABSA - Baa1 A- STANDARD BANK BBB Baa1 BBB INVESTEC - Baa3 BBB-

A global business with a local footprint


The Bank has a presence in South Africa with a Full Commercial Branch in Johannesburg, and holds a majority stake in a local stockbroker, BNP Paribas Cadiz Securities, in Cape Town. Through its presence on the ground and with the expertise of a team of talented and diverse individuals, the Bank offers a wide range of high quality Corporate and Investment Banking solutions. Services offered include: trade finance, cash management and forex, fixed income solutions including risk management and debt capital markets, equities both cash and derivatives, debt and capital advisory services and specialised financing to meet the needs of South African Corporates with a regional and global reach, Multi-National Corporations and Financial Institution clients. The South African branch also serves as a regional hub for Corporate Investment Banking business in the Southern African Development Community (SADC).

BNP Paribas in South Africa

With nearly 190,000 employees globally, BNP Paribas is present in every region and in all major markets.

We aim to help our clients – individuals, corporations, institutions – discover new opportunities, fine tune their investment strategies and grow their assets.

BNP Paribas BNP Paribas Cadiz Securities

Europe: 141,500

Headquarters in Paris Middle East:

590

Africa: 9,050

Asia Pacific: 14,730

Americas: 18,670

North America: 15,160

South America: 3,510

We have been in South Africa for a long time, and were granted permission to set up a full branch in South Africa by SARB (South African Reserve Bank) in 2012.

Source: BNP Paribas, December 31st 2013

This document is CONFIDENTIAL AND FOR DISCUSSION PURPOSES ONLY and has been prepared for professional investors by a Sales and Marketing function within BNP Paribas ("BNPP"). This document does not constitute an offer or a solicitation to engage in any trading strategy or to purchase or sell any financial instruments. Given its general nature, the information included in this document does not contain all the elements that may be relevant for a recipient to make an informed decision in relation to any strategies or financial instruments discussed herein. The information and opinions contained in this document have been obtained from sources believed to be reliable, but BNPP makes no representation, express or implied, that such information and opinions are accurate or complete. Other financial institutions or persons may have different opinions or draw different conclusions from the same facts or ideas analysed in this document. Any scenarios, assumptions, historical or simulated performances, indicative prices or examples of potential transactions or returns are included for illustrative purposes only, and BNPP gives no assurance that any favourable scenarios described are likely to happen, nor that it is possible to trade on the terms described herein or that any of the potential returns illustrated can be achieved. BNPP has used historical information in order to provide an illustration of how certain parameters may have performed over a defined period. This document also contains certain performance data based on back-testing, i.e., calculations of the hypothetical performance of a strategy, index or asset as if it had actually existed during a defined period of time and may in certain circumstances contain simulated performance information where the index or asset described has recently been established or issued. The scenarios, simulations, development expectations and forecasts contained in this document are for illustrative purposes only. This type of information has inherent limitations which you must consider carefully. While the information has been prepared in good faith in accordance with BNPP's own internal models and other relevant sources, an analysis based on different models or assumptions may yield different results. Therefore, this analysis may vary significantly from an analysis obtained from other sources or market participants. Further, you must note that such analysis is based on a number of working assumptions that may not be capable of duplication in actual trading terms. Unlike actual performance records, hypothetical or simulated performances, returns or scenarios may not necessarily reflect certain market factors such as liquidity constraints, fees and transaction costs. Actual historical or backtested past performance does not constitute an indication of future results. This document contains only a summary description of the main features of certain Certificates, Notes or Warrants (the “Securities”). The Securities have no Principal Protection at any time and investors should be aware that there can be a partial or total loss of any capital invested. Investment in the Securities is highly speculative and should only be considered by investors who can afford to lose the entire capital invested. In providing this document, BNPP gives no financial, legal, tax or any other type of advice to recipients. Certain strategies and/or potential transactions discussed in this document involve the use of derivatives, which may be complex in nature and may give rise to substantial risk, including the risk of partial or total loss of any investment. BNPP makes no representation as to whether any of the strategies discussed herein may be suitable for any recipients’ financial needs, circumstances or requirements. Recipients must make their own assessment of the strategies and/or potential transactions, using such professional advisors as they make require. BNPP accepts no liability for any direct or consequential losses arising from any action taken in connection with the information contained in this document. As an investment bank with a wide range of activities, BNPP may face conflicts of interest, which are resolved under legal provisions and internal guidelines. You should be aware, however, that BNPP may engage in transactions in a manner inconsistent with the views expressed in this document, either for its own account of for the account of its clients. This document is prepared for eligible counterparties and professional clients only and is not intended for, and should not be circulated to, retail clients (as such terms are defined in the Markets in Financial Instruments Directive 2004/39/EC (“MiFID”)).In relation to any issuance of securities using a BNPP custom index (an “Index”) as a reference or underlying, prospective investors should note that the index calculation agent (the “Index Calculation Agent”) and index sponsor (the “Index Sponsor”) of such Index, and the sponsors of any index constituent of the Index (together with the Index Sponsor, the “Index Sponsors”), do not in any way sponsor, endorse, sell or promote such securities. The Index Calculation Agent and Index Sponsor(s) do not make any representation whatsoever, either as to the results to be obtained from the use of the Index, the levels at which the Index stands or may stand on any particular date or otherwise, and/or any use of an index constituent or the level at which any such constituent may stand on any particular date or otherwise. Prospective investors should also be aware that the methodology for calculating the Index embeds certain costs in running the Index, the level of which may vary over time in accordance with market conditions and that potential conflicts of interest could arise due to the fact that BNP Paribas and/or its affiliates may act in a number of different capacities in relation to the Index and/or such securities.. In addition, it should be noted that neither the Index Calculation Agent nor any of the Index Sponsor(s) has any obligation to: (a) maintain the calculation of the Index or the publications thereof; (b) advise any party of any change in methodology, errors or omissions; or (c) provide information as to Index levels or as to the methodology used for their calculation. Potential investors should also be aware that the Index Calculation Agent has a number of significant discretions in relation to the calculation of the Index, including the suspension of calculation and the substitution or replacement of index components in certain circumstances. The Index Sponsor does not guarantee the accuracy or completeness of the index methodology or the calculation methods, and accepts no liability for any errors or omissions in computing or disseminating the Index, nor for any use made of the Index. Prospective investors should note that they have no direct recourse to the Index Calculation Agent or the Index Sponsor(s) at any time in connection with such securities.© BNP Paribas. All rights reserved. BNP Paribas London Branch (registered office: 10 Harewood Avenue, London NW1 6AA; tel: [44 20] 7595 2000; fax: [44 20] 7595 2555) is authorised by the Autorité de Contrôle Prudentiel et de Résolution and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from BNP Paribas upon request. BNP Paribas London Branch is registered in England and Wales under no. FC13447.www.bnpparibas.com. BNP Paribas Cadiz Securities (Pty) Ltd (Registration number 1998/007073/07) (FSP 13062) and BNP Paribas Cadiz Stockbroking (Registration number 1996/009716/07) (FSP 29451) are authorised Financial Services Providers in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002


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