Limited offer

Issued by: BNP Paribas Arbitrage Issuance BV

Promoted by:

ObjectiveThe objective of the Certificates issued by BNP Paribas Arbitrage Issuance B.V. is to offer capital growth over a period of 5 years by participating in the performance of a weighted basket of two Asian Indexes and a mutual fund. The investment provides the higher of a minimum return of 10% of the capital invested if held until the redemption date or 100% participation on the average performance of the basket components if held until the redemption date.

Benefits100% of the investors’ initial investment if Certificates are held until the redemption date and a minimum return of the greater of (a) 10% of that capital or (b) 100% participation in the performance of the basket comprising of the Nikkei and Taiwan indexes together with the Baring Hong Kong China Fund where such emerging markets can offer attractive returns over the long term without any risk to the capital invested.

The Certificates are aimed at cautious investors who intend to hold their Certificates until the redemption date.

L-GħanL-għan ta’ dawn iċ-Ċertifikati maħrugin minn BNP Paribas Arbitage Issuance B.V. hu Ii jkun hemm zieda fil-kapital fuq medda ta’ 5 snin billi dan jipparteċipa fl-andament ta’ basket b’firxa ta’ żewġ indiċi fil-kontinent ażjatiku kif ukoll skema ta’ investiment kollettiv. L-investiment jiggarantixxi l-għola bejn dħul minimu ta’ 10% fuq il-kapital jew parteċipazzjoni ta‘ 100% fuq il-medja ta’ tlett komponenti tal-baskett jekk dan jinzamm sad-data tal-fidwa.

Benefiċċji100% tal-kapital investit jekk iċ-Ċertifikati jinżammu sad-data tal-fidwa’, flimkien ma l-aħjar dħul minn (a) dħul ta’ 10% fuq il-kapital investit, jew (b)100% parteċipażżjoni fl-andament ta’ baskett li huwa kompost minn l-indiċi Nikkei, l-indiċi ta’ Tajwan u l-Baring Hong Kong China Fund, fejn l-investituri ser ikollhom l-opportunita` li jieħdu vantaġġi minn opportunitajiet f’dawn is-swieq u fl-istess ħin jitħarsilhom il-kapital minkejja li jkunu esposti għal dawn is-swieq emerġenti.

Dawn ic-Ċertifikati huma adatti għal investituri ġodda li jixtiequ jibdew jinvestu b’mod kawt u li għandhom l-intenzjoni li jżommuhom sad-data tal-fidwa.

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Investiment huwa Maħruġ minn BNP Paribas Arbitrage Issuance BV (“BNPPArb”) u huwa Garantit minn BNP Paribas (AA+; Aa1)(sors: S&P / Moody’s)

* The investment is only repaid in full if the Certificates are held until Redemption Date, and such repayment does not apply in the event of an early redemption pursuant to an Extraordinary Fund Event, or if the Certificates are sold or redeemed by the investor before the Redemption Date.

* L-investiment jitħallas kollu jekk dawn iċ-ċertifikati jinżammu sad-data tal-fidwa. Dan ma japplikax jekk iċ-ċertifikati jinbiegħu jew jigu mifdija mill-investitur qabel iż-żmien u lanqas f’każ fejn hemm ‘Extraordinary Fund Event’.

Investment is Issued byBNP Paribas Arbitrage Issuance BV (“BNPPArb”) and is Guaranteed by

BNP Paribas (AA+; Aa1)(source: S&P / Moody’s)

L-Offerta Tiftaћ: 3 ta’ Settembru 2007L-Offerta Tagћlaq: 24 t’ Ottubru 2007 jew qabel jekk jinbiegћ kollu. Data tal-Ħruġ: 5 ta’ Novembru 2007Data tal-Fidwa: 5 ta’ Settembru 2012

Prezz tad-Dћul: 100% Kapital Garantit: 110% ta’ l-ammont investit*Denominazzjoni: EWRO 1,000Munita: EWRO L-anqas Investiment: EURO 5,000 jew Lm2,146.50Daqs tal-Ħruġ: Minimu EURO 1,500,000Spejjeż: Mingћajr spejjeż inizjali

Opening of offering period: 3rd September 2007 End of offering period: 24th October 2007 or earlier if fully subscribed. Issue Date: 5th November 2007 Redemption date: 5th September 2012

Issue Price: 100% Capital Guarantee: 110% of nominal amount*Denominated: EURO 1,000Currency: EURO Minimum Investment: EURO 5,000 or Lm2,146.50Issue Size: Minimum EURO 1,500,000 Charges: No initial fees

Why JapanJapan is the centre of new trends and creativity and is a preferred testing ground for new products. Today increasing numbers of companies around the world are partnering with Japanese companies to develop products and services, create innovative technologies and conduct R&D projects. Japan has become the worlds’ second-largest economy with a high level of demand, opportunities for technological and other business tie-ups, a geographical location within the fast-growing Asian region, plentiful of high quality labour force that can take part in management, and the availability of well maintained infrastructure which all offer an excellent potential for Japan as an investment market.

Gћaliex il-ĠappunIl-Ġappun huwa ċentru ta’ innovazzjonijiet u pajjiz imfittex ħafna għal invenzjonijiet ta’ prodotti ġodda. Illum ħafna kumpaniji minn madwar id-dinja qegħdin jingħaqdu ma kumpaniji Ġappunizi biex flimkien jizviluppaw prodotti u servizzi ġodda, joħolqu teknolġija moderna u anke jaħdmu fuq progetti ta’ riċerka u żvilupp. L-ekonomija Ġappuniza hija meqjusa t-tieni l-akbar fid-dinja, toffri opportunitajiet għal zviluppi teknoloġiċi, filwaqt li tattira lejha negozji godda. Il-pożizzjoni ġeografika tal-Ġappun, fir-regjun Azjatiku li qiegħed dejjem jikber, il-ħila għolja tan-nies imharrġa fil-qasam tal-management, l-infrastruttura eċċellenti, kollha joffru potenzjal tajjeb biex jagħmlu s-suq Ġappuniz attrajenti għall-investiment.

This graph shows the performance of the Nikkei 225(leading stocks traded on the Tokyo Stock Exchange) for the past five years. This index has grown by 70.79% over the last five years (source: Reuters). Past performance cannot be taken as an indication of future performance.

Din il-grafika turi l-andament tan-Nikkei 225 (il-kumpaniji ewlenin fuq il-Borża ta’ Tokyo) fuq medda ta’ ħames snin. Dan l-indiċi kellu tkabbir kapitali ta’ 70.79% fuq l-aħħar ħames snin (sors Reuters). Il-passat mhux garanzija tal-futur.

Why TaiwanOver the last 30 years, Taiwan has developed into an advanced economy of global stature. Taiwanese companies now provide 70% of the world’s semiconductor foundry manufacturing services and have a dominant market share in the design and manufacturing of numerous other electronic products. Taiwan companies were among the first to take advantage of China as a global manufacturing base. Years of experience, as well as language and cultural factors, have made Taiwan-headquartered companies some of the most adaptable and successful investors in the mainland. Additionally, these companies have benefited from a more developed market infrastructure in terms of corporate governance, transparency and regulatory oversight, when compared to their mainland counterparts.

Taiwan corporate investment in mainland China has been estimated at approximately $100 billion, and over one million Taiwan citizens now live in China. Of China’s top 10 foreign-invested exporters, seven are majority-owned subsidiaries of Taiwan companies. Taiwan entities account for approximately 15% of China’s total exports and an estimated 60-70% of its exports of information technology related hardware. Global market leadership, significant China experience and the relatively sophisticated market structure in Taiwan all combine to make Taiwan-listed companies a unique way to access the world’s most dynamic economy.

Gћaliex Tajwan Fl-aħħar tletin sena t-Tajwan irnexxielu jiżviluppa f’ekonomija avvanzata fost l-ekonomiji mondjali. Il-kumpaniji fit-Tajwan jipprovdu sebgħin fil-mija tal manifattura tal-fonderija tas-semiconductors u għandhom suq dominanti fid-dizinn u manifattura ta’ prodotti oħra teknoloġiċi. Kumpaniji minn dan il-pajjiż kienu minn ta’ l-ewwel li ħadu vantaġġ mis-suq Ċiniż billi bdew joperaw f’dan il-pajjiż. Is-snin ta’ esperjenza flimkien ma l-aspetti kulturali u lingwistiċi, huma l-fatturi ewlenin li jgħinu biex kumpaniji f’dan il-pajjiż jistgħu jkunu bażi ta’ ċentri għal pajjiżi oħra, dan peress li jistgħu jkunu aktar aċċessibli kif ukoll jadattaw faċilment għall-ambjent. Il-pajjiż kien strumentali biex l-iżvilupp f’saħħtu fil-pajjiż minn naħa ta’ governabilita` trasparenza u regolazzjoni kienet instrumentali biex kumpaniji f’dan il-pajjiż jimirħu f’din il-parti tad-dinja.

Huwa kkalkulat li kumpaniji Tajwaniżi investew fiċ-Ċina 100 biljun dollaru Amerikan u aktar minn miljun ċittadin mit-Tajwan illum jgħixu fiċ-Ċina. Sebgħa minn kull għaxar kumpaniji barranin li jesportaw barra miċ-Ċina huma kumpaniji sussidjarji mit-Tajwan. Ħmistax fil-mija ta’ l-esportazzjoni miċ-Ċina ssir minn entitajiet Tajwaniżi u huwa stmat li bejn 60% u 70% ta’ l-esportazzjoni tat-teknoloġija ta’ l-informatika ssir ukoll minn entitijiet Tajwaniżi. Dawn il-fatturi jagħmlu l-kumpaniji kwotati fuq il-borża tat-Tajwan attrazzjoni unika biex taċċessa l-akbar suq dinamiku li huwa ċ-Ċina.

This graph shows the performance of the Morgan Stanley Capital International (MSCI) Taiwan Index over the last five years. This index has grown by 66.94% over the last five years (source Reuters). Past performance cannot be taken as an indication of future performance.

Din il-grafika turi l-andament tal-indiċi Morgan Stanley Capital International (MSCI) Taiwan fuq medda ta’ l-aħħar ħames snin. Dan l-indiċi kellu tkabbir kapitali ta’ 66.94% fuq l-aħħar ħames snin (sors Reuters). Il-passat mhux garanzija tal-futur.

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Why China

The rapid growth of China is one of the great economic success stories of recent history. The on-going transformation of China’s planned economy into a vibrant market economy, as well as the change from an agrarian to urban society, offers growth opportunities in virtually every sector, from electronics and automobiles to construction materials and consumer products. But like most emerging economies, the ride has not always been smooth for investors.

Hong Kong which is perfectly situated geographically to benefit from trade with Mainland China, has served as its gateway. There is nowhere better than Hong Kong to obtain the expertise, information and facilities needed to tap into the im-mense Mainland Chinese market. Mainland China is now Hong Kong’s largest trad-ing partner. Thousands of international companies involved in China trade have chosen to establish their head offices in Hong Kong.

Għaliex ĊinaIl-progress magħġġel li għamlet iċ-Ċina huwa wieħed storiku għal dawn iż-żminijiet; il-bidla fl-ekonomija Ċiniża għal waħda ta’ swieq diversi, kif ukoll il-bidla minn soċjeta` agrikola għal dik urbana toffri opportunitajiet fis-swieq ta’ l-elettronika; dak tal-karozzi; f’dak tal-kostruzzjoni kif ukoll f’ħafna oġġetti oħra li huma ta’ użu għal kuljum. Izda bħal ekonomiji oħra emerġenti mhux kollox kien dejjem sabiħ għall-investitur.

Il-pożizzjoni ġeografika ta’ Hong Kong hija waħda ferm tajba biex dan il-pajjiz jibbenifika minn negozju li jsir ġewwa ċ-Ċina, għaliex jinsab fuq l-għatba ta’ dan il-pajjiz. Hong Kong joffri dak kollu li hu meħtieġ biex is-suq Ċiniż ikun milħuq. Iċ-Ċina llum hija meqjusa s-sieħba fin-negozju ma Hong Kong u dan għaliex eluf ta’ kumpaniji internazzjonali, li llum jagħmlu n-negozju maċ-Ċina, stabilixxew ruhom f’Hong Kong.

This graph shows the performance of the Baring Hong Kong China Fund over the last five years. This fund has grown by 487.62% over the last five years ( source Reuters). Past per-formance cannot be taken as an indication of future performance

Din il-grafika turi l-andament tal-Baring Hong Kong China Fund fuq medda ta’ l-aħħar ħames snin. Dan il-fond kellu tkab-bir kapitali ta’ 487.62% fuq l-aħħar ħames snin (sors Reuters). Il-passat mhux garanzija tal-futur.

Japan

World’s second-largest market ■World’s centre for technological innovation and product ■

developmentAccess to new Asian markets ■

Taiwan

A leading source of venture capital in Asia ■Strong industrial research & development capabilities ■Chinese & International market experiences ■

China

A great economic success ■Vibrant market economy ■Offers growth potential ■

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ChargesAlthough there are no initial or exit fees, if an investor decides to redeem or transfer the Certificates before Redemption date this may result in a loss on some or all of the total amount invested. The same applies in the event of an early redemption (including pursuant to an Extraordinary Fund Event). In such circumstances an investor may not receive back the original capital invested and the minimum guaranteed return.

Accessibility before the redemption dateAlthough the minimum guaranteed return on one’s investment is only applicable if the Certificates are held until the redemption date, BNP Paribas Arbitrage SNC will endeavour to make a secondary market, subject to market conditions, by indicating prices for the Certificates during open business hours with a bid-ask spread no larger than 1%. As a result, the investor may be able to redeem the investment at the prevailing market price that will be calculated by BNP Paribas Arbitrage SNC.

Potential GrowthThe investor will get the higher of a minimum guaranteed return of (a) 10% or (b) 100% participation of the arithmetic average of the three components of the basket as shown in the examples below.

Basket components:

Component Bloomberg Code Weighting

Nikkei 225 NKY Index 40%

MSCI Taiwan Index TWY Index 40%

Baring Hong Kong China Fund

BRGHKGE ID Equity 20%

The amount to be paid on redemption is calculated as follow:

SpejjesL-investiment huwa diżinjat li jrodd lura l-ammont kollu investit fid-data tal-fidwa. Għalkemm l-investiment m’għandux spejjeż jekk investitur jiddeċiedi, fejn huwa possibli, li jbiegħ jew jittrasferixxi l-investiment qabel id-data tal-fidwa, dan jista’ jirrizulta f’telf parzjali jew ta’ l-ammont kollu investit. Dan ifisser li l-ammont investit m’huwiex garantit f’każ li l-investiment jinbiegħ qabel id-data ta’ fidwa. Dan japplika wkoll f’każ ta bejgħ taċ-Ċertifikat qabel id-data tal-fidwa (anke minħabba ċirkostanzi straordinarji li jista’ jseħħu fil-Fond). F’dawn il-każijiet l-investitur jista’ ma jieħux lura l-kapital investit kif ukoll l-ammont garantit tad-dħul.

Aċċessibilita` għall-InvestimentGħalkemm id-dħul minimu flimkien mal-kapital investit huwa garantit biss jekk iċ-Ċertifikati jinżammu sad-data tal-fidwa, BNP Paribas Arbitrage SNC ser jipprova jagħmel suq sekondarju għall-investiment tiegħek. Dan jiddependi fuq il-kundizzjonijiet tas-suq, u li l-prezz ta’ l-investiment ma’ jvarjax aktar minn 1% bejn il-prezz biex tixtri u l-prezz biex tbiegħ. Għalhekk investitur jista’ jkollu l-possibilta` li jbiegħ l-investiment tiegħu għall-prezz tas-suq tal-mument li jigi kkalkulat minn BNP Paribas Arbitrage SNC.

Il-Potenzjal tat-Tkabbir L-investitur ħa jircievi l-għola minn (a) 10% ġarantit jew (b) parteċipazzjoni ta’ 100% fuq it-tlett komponenti tal-baskett msemmijin fuq medja aretmetika bbżata fuq ħames osservazzjonijiet indikati fl-eżempju hawn taħt.

Il-komponenti tal-baskett huma:

Komponent Il-Kodici ta’ Bloomberg Firxa

Nikkei 225 NKY Index 40%

MSCI Taiwan Index TWY Index 40%

Baring Hong Kong China Fund

BRGHKGE ID Equity 20%

L-ammont li jitħallas fid-data tal-maturita` jigi kkalkulat b’dan il-mod:

Definizzjonijiet:

Redemption Amount (for each Denomination) D x [ Max ( 10% ; Participation x Basket (f) )] Paid on Redemption Date

The definitions are as stated below:

Definitions

Participation : 100%

Basket (f) : Arithmetic average of Basket (t) on the 5 Observation Dates (t):

Basket (t) :

w(i): w(i) is the weight of the component (i) in the Basket

Component i (0) : The NAV of the Fund i on Strike Date if Component i is a fund, or the closing price of Component i on Strike Date if Component i is an index

Component i (t) : The NAV of the Fund i on Observation Date (t) if Component i is a fund or the closing price of Component i on Observation Date (t) if Component i is an index

Observation Dates (t): 1 29 October 2008

2 29 October 2009

3 29 October 2010

4 31 October 2011

5 - Maturity Date 29 October 2012

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These examples are not based on past performance or any future predictions and are for illustrative purposes only. Please remember that the value of the stocks can go up as well as down and is likely to fluctuate during the investment period.

Dawn l-eżempji mhux ibbażati fuq andament tal-passat jew fuq andament tal-futur, iżda huma illustrazzjoni biss. L-investituri għandhom jiftakru li l-valur tal-ishma jista’ jitla’ kif ukoll jinżel u l-andament tal-indiċi u l-fond probabilment li jvarjaw matul il-perjodu ta’ dan l-investiment.

Example of calculation

Example 1 Year 1 Year 2 Year 3 Year 4 Year 5 Average Total Growth

Weighted Basket of Nikkei/Taiwan/Baring Hong Kong China Fund

7% 11% 13% 20% 42% 19%

Client's Return 100% of Average Return 19%

Example 2 Year 1 Year 2 Year 3 Year 4 Year 5 Average Total Growth

Weighted Basket of Nikkei/Taiwan/Baring Hong Kong China Fund

35% 55% 40% 70% 48% 50%

Client's Return 100% of Average Return 50%

Example 3 Year 1 Year 2 Year 3 Year 4 Year 5 Average Total Growth

Weighted Basket of Nikkei/Taiwan/Baring Hong Kong China Fund

25% 45% 34% 28% 41% 35%

Client's Return 100% of Average Return 35%

Example 4 Year 1 Year 2 Year 3 Year 4 Year 5 Average Total Growth

Weighted Basket of Nikkei/Taiwan/Baring Hong Kong China Fund

-20% -10% -10% 35% 40% 7%

Client's Return minimum guaranteed. 10%

Example 5 Year 1 Year 2 Year 3 Year 4 Year 5 Average Total Growth

Weighted Basket of Nikkei/Taiwan/Baring Hong Kong China Fund

-5% -10% -10% -5% -2% -6%

Client's Return minimum guaranteed. 10%

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Valuation Statement during the five-year period

Jesmond Mizzi Financial Services Limited will issue a valuation statement every six months. However, if you wish to follow the price of your investment you may call at our Valletta office (8007 2206) where you will be given the current market price.

Valutazzjoni ta’ l-investiment tul il-perjodu ta’ ħames sninJesmond Mizzi Financial Services Limited jieħdu ħsieb jibagħtulek valutazzjoni kull sitt xhur. Madanakollu, jekk tkun tixtieq li ssegwi l-prezz ta’ l-investiment tiegħek tista’ ċċempel l-ufficju tagħna l-Belt Valletta (8007 2206) biex tingħata l-prezz tas-suq tal-mument.

TaxThe following is a general discussion of certain Maltese tax consequences related to the acquisition and ownership of Certificates. It does not purport to be a comprehensive description of all tax considerations which may be relevant to a decision to purchase Certificates, and, in particular, does not consider any specific facts or circumstances that may apply to a particular purchaser. It is based on laws currently in force in the Republic of Malta and as applied on the date of this Prospectus, which are subject to change, possibly with retroactive effect. Prospective purchasers of Certificates are advised to consult their own tax advisers as to the tax consequences of the purchase, ownership and disposition of Certificates, including the effect of any state or local taxes, under the tax laws of the Republic of Malta and each country of which they are residents.

On the basis that (i) the Certificates fall within the definition of securities in terms of the Income Tax Act and (ii) investors qualify as recipients in terms of the said Act, investors may:- a) opt to pay final withholding tax at the rate of 15% on gains arising on the redemption, cancellation or liquidation of the Certificates on Redemption Date, in which case an investor shall receive the investment income net of 15% withholding tax; or b) otherwise opt to receive the investment income without deduction of tax, in which case investment income is received gross. Such income will need to be declared in the investor’s tax return for the relevant year, and shall be subject to the investor’s personal rates of tax.

In the event that these Certificates are deemed to be securities in terms of the aforementioned Act, capital gains tax at one’s personal rates of tax may arise in the event that the Certificates are transferred prior to Redemption Date.

Non residents in Malta should not be taxable provided they satisfy relevant terms and conditions applicable at law.

Offer This offer is being co-ordinated and promoted by Jesmond Mizzi Financial Services Limited, which is licensed by the Malta Financial Services Authority. The Certificates are being promoted in Malta in accordance with the Prospectus Directive.

NotesInvestors should note that the minimum guaranteed return of one’s investment only applies if the investment is held until the redemption date. Early redemption of the Certificates even if due to an Extraordinary Fund Event or any re-sale of the Certificates on the secondary market may attract losses and investors should note that they may lose part of the principal amount invested. There can be no assurance as to how the Certificates will trade on the secondary market or whether such market will be liquid or illiquid.

This offer is being made by BNP Paribas Arbitrage Issuance BV (the “Issuer”) which is incorporated in the Netherlands, to the general public in Malta pursuant to the Warrant and Certificate Programme (the “Programme”). Investments are documented under the Base Prospectus dated 30 May 2007 and the First Supplement dated 11 July 2007 and issued by BNP Paribas Arbitrage Issuance B.V. in relation to the Programme and the Prospectus dated 17th August 2007 (which has been approved as a Unitary Prospectus by the Commission du Secteur Financier (the “CSSF”) in Luxembourg), a copy of which is available from Jesmond Mizzi Financial Services Limited (JMFS). Investments are subject to the External Transactions Act. The value of investments can go up and down and past performance is not necessarily indicative of future performance. Depending on the investor’s currency of reference, currency fluctuations may adversely affect the value of your investments and the income derived there from. Jesmond Mizzi Financial Services Limited is licensed to conduct investment services business by the MFSA. BNP Paribas S.A. (the Guarantor) is incorporated in France by CECEI.

BNP Paribas Arbitrage SNC and Jesmond Mizzi Financial Services Limited assume no fiduciary responsibility or liability for any consequences, financial or otherwise arising from the implementation of this proposal. Investors should consult their own independent, competent, legal, financial and other professional advisors, to ensure that any decision they make is suitable for them in line with their circumstances and financial position.

The BNP Paribas Group (being the Guarantor together with its consolidated subsidiaries, the ‘ Group’) is one of the top global players in financial services, conducting retail, corporate and investment banking, private banking, asset management, insurance and specialised and other financial activities throughout the world. The Group is a leading European provider of corporate and investment banking products and services and a leading provider of private banking and asset management products and services throughout the world. It provides retail banking

TaxxaDan li ġej huwa diskussjoni ġenerali rigward it-taxxa Maltija fejn tirrigwarda il-pussess ta’ dawn it-tip ta’ Ċertifikati. Dan m’għandux jittieħed bħala informazzjoni kompleta in kwantu għall-finijiet ta’ taxxa fejn huwa relevanti biex wieħed jiddeċiedi jekk jixtri Ċertifikati; partikolarment ukoll, dan li qed ikun diskuss, ma’ jindirizza l-ebda ċirkostanzi jew fatti speċifiċi li jistgħu japplikaw għal xi investitur. Dan li qed jingħad huwa bbazat fuq il-ligijiet ezistenti Maltin u kif huwa applikabbli fid-data ta’ dan il-prospett, bil-possibilita’ li jistgħu jinbidlu anke b’effett retroattiv. Investituri prospettivi f’dawn iċ-Ċertifikati huma mħegga biex jikkonsultaw mal-konsulenti tat-taxxa tagħhom dwar konsegwenzi ta xiri, pusses u bejgħ ta dawn iċ-Ċertifikati għar-rigward ta’ ligijiet Maltin tat-taxxa jew ligijiet ta fejn huma residenti.

Fuq il-bażi li (i) ċ-Ċertifikati jitqiesu bħala titoli għall-fini tal-liġi tat-taxxa u (ii) l-investituri huma eliġbli għal-fini ta’ l-istess Att, l-investituri jistgħu:

a) jaġħżlu li jħallsu taxxa minn ras il-għajn bir-rata ta’ 15% fuq il-qliegħ mill-bejgħ jew kanċellament ta’ dawn iċ-Ċertifikati fid-data tal-fidwa, u għalhekk l-investitur jirċevi d-dħul fuq dan l-investiment bit-taxxa ta’ 15% diġa mnaqqsa jew b) jagħzlu li jirċievu d-dħul mill-investiment mingħajr taxxa mnaqqsa, f’liema każ jirċievu d-dħul gross fuq l-investiment. F’dan il-każ id-dħul irid ikun dikjarat fil-karta tat-taxxa ta’ l-investitur għas-sena bażi relevanti, liema dħul ikun taxxabli bir-rata applikabbli eżistenti ta’ l-individwu konċernat.

Jekk dawn iċ-Ċertifikati jitqiesu bħala titoli għall-fini tal-liġi tat-taxxa msemmija aktar il-fuq, taxxa fuq qliegħ kapitali bir-rata applikabbli ta’ l-individwu konċernat tista’ tapplika fil-każ li ċ-Ċertifikati jiġu trasferiti qabel id-data tal-fidwa.

Investituri li m’humiex residenti Malta m’għandhomx jiġu intaxxati sa kemm huma jissodisfaw it-termini u l-kundizzjonijiet applikabbli fil-liġi.

OffertaIl-koordinatur u il-promotur ta’ dan iċ-Ċertifiċat hija Jesmond Mizzi Financial Services Limited li hija liċenzjata mill-Malta Financial Services Authority. Iċ-Ċertifikati huma riklamati f’Malta skond id-Direttiva dwar Prospetti.

NotiL-investitur għandu jifhem li d-dħul minimu garantit ta’ l-investiment jogħod biss jekk l-investiment jinżamm sad-data tal-fidwa. Tmiem bikri jew fidwa qabel iż-żmien taċ-Ċertfikat, anke minħabba ċirkostanzi straordinarji li jista’ jseħħu fil-Fond, u l-bejgħ mill-ġdid taċ-Ċertfikati fuq is-suq sekondarju jistgħu jwasslu għal xi telf u l-investitur għandu jifhem li jista’ ma’ jirċiviex lura l-ammont prinċipali kollhu investit. Ma jista’ jkun hemm l-ebda assigurazzjoni fuq kif dawn iċ-Ċertifikati jmorru fis-suq sekondarju jew kif jew kemm se jkun fluwidu dan is-suq. L-istqarrijiet dwar benefiċċji tat-taxxa kif preżentati f’dan il-fuljett huma msejsa fuq il-ligi tat-tassazzjoni eżistenti u jistgħu jinbidlu.

Din l-offerta` qed issir minn BNP Paribas Arbitrage Issuance BV. lill-pubbliku inġenerali f’Malta kif mitlub bħala parti mill-programm ta’ Warrant u Certificate Programme (il-Programm). L-investimenti huma dokumentati abbażi tal-Base Prospectus datat 30 ta’ Mejju 2007 u l-First Supplement datat 11 ta’ Lulju 2007 u maħruġin minn BNP Paribas Arbitrage Issuance BV b’rabta mal-Programm u l-Prospett datat 17 ta’ Awissu (fejn dan kien approvat bħala Prospett Unitarju mill-Kummissjoni ta ‘Secteur Financier (CSSF) gewwa l-Lussimburgu; kopja ta’ dan tista’ tinkiseb mingħand Jesmond Mizzi Financial Services Limited. L-investimenti huma suġġetti għar-regolamenti tal-ExternalTransactions Act. Il-valur ta’ l-investimenti jista’ jitla’ jew jinzel u l-passat mhux garanzija tal-futur.

Jesmond Mizzi Financial Services Limited hija liċenzjata mill-MFSA biex toffri servizzi ta’ investiment. BNP Paribas Arbitrage SNC u Jesmond Mizzi Financial Services Limited ma jassumu l-ebda responsabbilta` fiduċjarja jew oħrajn, fuq konsegwenzi finanzjarji jew mod ieħor, li jinqalgħu bl-implimentazzjoni ta’ din il-proposta. L-investitur għandu jirrikorri għand il-konsulenti indipendenti, kompetenti, legali, finanzjarji u professjonali tiegħu, sabiex jaċċerta ruħu li kull decizjoni li tittieħed tkun xierqa għaċ-ċirkustanzi u qagħda finanzjarja tiegħu.

BNP Paribas Group (Il-Garanti flimkien ma’ s-sussidjarji tiegħu, il-Grupp) huwa wieħed mill-għola istituzzjonijiet finanzjarji mondjali, li jaħdem fl-oqsma bankarji kollha, investimenti, assikurazzjoni, asset management u attivatijiet finanzjarji u oħrajn speċjalizzati madwar id-dinja. Il-Grupp huwa wieħed mill-ewlenin fl-Ewropa għas-servizzi bankarji u dawk ta’ l-investimenti kif ukoll huwa wieħed mill-ewlenin fil-qasam bankarju kif ukoll fis-servizzi ta’ l-investimenti madwar id-dinja. Il-Grupp jipprovdi wkoll servizzi finanzjarji lill-aktar minn 20 miljun klijent madwar id-dinja, partikolarment fl-Ewropa u fil-punent ta’ l-Istati Uniti. Għandu ufficini mferxa f’aktar minn 85 pajjiz. Kemm il-Garanti kif ukoll minn qed joħroġ dawn iċ-Ċerifikati jagħmlu

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67/3, South Street, Valletta, VLT1105, MaltaFreephone: 8007 2206 Tel: +356 21224410 Fax: +356 21223810 Email: info@jmfs.net Web: www.jmfs.net

Jesmond Mizzi Financial Services Limted is licensed to conduct investment services business by the Malta Financial Services Authority.

and financial services to over 20 million individual customers worldwide, in particular in Europe and the western United States, and has offices in more than 85 countries. The Guarantor and the Issuer form part of the same Group.

The Guarantor guarantees payment of any sums due by the Issuer if the Issuer for any reason fails to pay sums payable when due. The guarantee given by the Guarantor is pursuant to a Deed of Guarantee regulated under English Law, further details of which are contained in the Prospectus.

RisksPrincipal Protection at Maturity-Return is only guaranteed if Certificates are held up to the redemption date and in the event the Certificates are redeemed early for any reason including an Extraordinary Fund Event investors may lose some if not all of the principal invested as the Certificates are exposed to the fluctuations of the market and may be subject to liquidity risk in the market

- ReturnInvestors should note the returns in respect of the certificates may be less than returns linked to direct investments in the Basket components

- Credit RiskInvestors assume the credit risk of the Issuer of the Certificates whose obligations are guaranteed under the Warrant and Certificate Programme by BNP Paribas SA.

- Events RiskInvestors should note that there may be adjustments to the terms of the Certificates due to events such as market disruption, mergers, replacement, cancellation or suspension of underlying indices, nationalisation, insolvency, changes in taxation law and Extraordinary Fund Events.

BNP Paribas makes no representation as to any return a certificate holder will achieve in relation to the Certificates and there can be no assurance that information relates to the investment manager and/or the investment adviser, any underlying hedge fund managers (if relevant) or any other service level providers or the investment approaches set out in the Fund Prospectus will be in any respect indicative of how the Fund will perform in the future. The Fund is exposed to investments and/or markets that are volatile and/or can become illiquid and certificate holders should note that any return in relation to the Certificates will be affected by any investment, including but not limited to the complex nature and frequency of market opportunities, asset concentration, the use of fx, derivative transactions or borrowing decisions by the Fund

Disclaimers

For disclaimers regarding the Nikkei 225 and MSCI Taiwan indices, see the Prospectus

parti minn dan il-Grupp.

Il-Garanti jiggarantixxi l-ammont dovut minn min ħareg iċ-Ċertifikati jekk għal xi raġuni dan ta’ l-aħħar ma jħallasx l-ammont dovut fid-data tal-fidwa taċ-Ċertifikati . Il-garanzija li qed jagħti il-Garanti hija skond kuntratt ta’ granzija taħt il-ligi Ingliża, liema dettalji wieħed jista’ jsibhom fil-prospett.

RiskjiProtezzjoni tal-kapital fid-data tal-fidwa. Id-dħul kif ukoll 100% protezzjoni tal-kapital huwa biss garantit jekk iċ-Ċertifikati jinżammu sad-data tal-fidwa u fil-kaz li ċ-Ċertifikati jinbiegħu qabel, anke minħabba ċirkostanzi straordinarji li jista jseħħu fil-Fond, l-investituri jistgħu jitilfu l-kapital investit jew parti minnu minħabba ċ-ċaqliq tas-swieq kif ukoll minħabba l-likwiditaċ tal-prodott fis-suq.

-DħulL-investituri għandhom jifhmu li qliegħ minn dawn iċ-Ċertifikati jista’ jkun inqas minn investimenti li jsiru diretti fil-komponimenti tal-baskett ta’ dawn l-istess investimenti.

-Riskju tal-KredituL-investituri jassumu r-riskju tal-kreditu ta’ minn qed joħrog iċ-Ċertifikati, fejn l-obligazzjonijiet ta’ minn qed joħrog dawn iċ-Ċertifikati huma garantiti minn BNP Paribas S.A.

-Riskju tal-eventwalita`L-investituri għandhom jagħrfu li jista’ jkun hemm tibdil fil-kundizzjonijiet taċ-Ċertifikati minħabba xi taqlib fis-swieq, mergers, kanċellament jew sospensjoni ta’ l-indiċijiet marbuta, tibdil fl-liġijiet tat- taxxa u affarijiet oħra straordinarji.

BNP Paribas ma’ jista’ jagħti l-ebda indikazzjoni ta’ l-andament ta’ dawn iċ-Ċertfikati, u ma tista’ tingħata l-ebda assikurazzjoni li kwalunkwe informazzjoni dwar l-investimenti li huma msemmija fil-prospett tal-Fond jistgħu b’ xi mod jindikaw kif ser imur fil-futur dan il-Fond. Il-Fond huwa espost għal investimenti u swieq volatili u jista’ wkoll ikun illikwidu; il-qliegħ minn dawn iċ-Ċertifikati huwa suġġett għall-andament ta’ dawn l-investimenti iżda mhux limitat għal opportunitajiet fis-swieq u deċiżjonijiet li jista’ jieħu l-Fond.

Dikjarazzjonijiet

Dikjarazzjonijiet dwar l-indiċi Nikkei 225 u MSCI Taiwan indices, jinsabu fil-Prospett