This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or
subscribe for the Warrants described below.


Launch Announcement for Warrants
issued by
BNP PARIBAS ARBITRAGE ISSUANCE B.V.

(incorporated in the Netherlands with its statutory seat in Amsterdam)
unconditionally and irrevocably guaranteed by
BNP Paribas (“Guarantor”)
(incorporated in France)
Sponsor
Paribas Asia Equity Limited
Particulars of Warrants

We intend to issue the following Warrants:

Warrants
Stock Code 1817
Issue size 400,000,000
Type European style cash settled call warrants
Trust iShares FTSE/Xinhua A50 China Tracker
#
Units Existing issued ordinary units of the Trust
Board Lot 1,000 Warrants
Issue Price (HK$) 0.45
Exercise Price (HK$) 32.88
Issue Date 13 December 2007
Expected listing date 14 December 2007
Expiry Date 29 September 2008
Entitlement One Unit
Number of Warrants
per Entitlement
Ten Warrants
Implied Volatility 80.0%
Effective Gearing 2.6x
Gearing 5.5x
Premium 52.0%

# The name of the Trust is included here for identification purposes only. “iShares” is a trademark of Barclays Global Investors,
N.A. (“BGI”). “FTSE” is a trade mark jointly owned by the London Stock Exchange PLC (“LSE”) and The Financial Times
Limited (“FTL”). “Xinhua” is a service mark and trade mark of Xinhua Finance Limited (“XFL”). The Warrants are not in any
way sponsored, endorsed, sold or promoted by BGI, LSE, FTL or XFL. BGI, LSE, FTL and XFL make no representations or
warranties with respect to the Warrants or this document.

This data may not be comparable to similar information provided by other issuers of derivative warrants. Each issuer may use
different pricing models.

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How much will you receive on expiry?

You are not required to deliver any exercise notice and the Warrants will be automatically exercised on the Expiry
Date. You will receive a Cash Settlement Amount in Hong Kong dollars calculated as follows (if positive):

Entitlement x (Closing Price - Exercise Price) - Exercise Expenses

If the Cash Settlement Amount is zero or a negative amount, the Warrants will expire worthless on the Expiry Date.

“Closing Price” means the arithmetic mean of the closing prices of one Unit (as derived from the Daily Quotation
Sheet of the Stock Exchange) for each of the five business days immediately preceding the Expiry Date, subject to
adjustment in accordance with the terms and conditions of the Warrants.

“Exercise Expenses” means any charges or expenses including any taxes or duties which are incurred in respect
of the exercise of the Warrants.

Listing of the Warrants

We will make an application to the Stock Exchange for listing of and permission to deal in the Warrants on the
Stock Exchange.

Where do you obtain quotes?

You may request to obtain a quote for the Warrants by calling the following telephone number:

Liquidity Provider: BNP Paribas Securities (Asia) Limited
Broker ID Number: 9553
Telephone number: +852 2108 5600
Address 59th-63rd Floors, Two International Finance Centre, 8 Finance Street, Central, Hong
Kong

We do not have any special arrangements in place with any brokers with respect to our Warrants.

Where can you inspect the relevant documents?

The following documents (“Listing Documents”), each in separate English and Chinese versions, are available for
inspection until the Expiry Date at the office of Mallesons Stephen Jaques, which is presently at 37th Floor, Two
International Finance Centre, 8 Finance Street, Central, Hong Kong:

1 our base listing document dated 2 May 2007, as supplemented by an addendum to our base listing document
dated 12 October 2007; and
2 the relevant supplemental listing document for each series of the Warrants to be dated on or about 13
December 2007.




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IMPORTANT INFORMATION

Unsecured nature of the Warrants
The issue of the Warrants was authorised by our board of directors on 22 May 2006. The Warrants constitute
general unsecured contractual obligations of us and the Guarantor and of no other person and will rank equally
among themselves and with all other unsecured obligations of us and the Guarantor (save for those obligations
preferred by law) upon liquidation. You are relying upon our creditworthiness and have no rights under the
Warrants against the trustee or manager of the Trust.

Guarantor

Our obligations in relation to the Warrants will be unconditionally and irrevocably guaranteed by the
Guarantor.

The Guarantor’s long term debt ratings are:

Rating agency Rating as of 7 December 2007
Moody’s Investors Service, Inc.

Aa1
Standard and Poor’s Ratings Group

AA+
Fitch IBCA Ltd AA

Are we regulated by any bodies referred to in Rule 15A.13(2) or (3)?
We are not regulated by any of the bodies referred to in Rule 15A.13(2) or (3) of the Rules Governing the Listing
of the Securities on The Guarantor is regulated by the Hong Kong
Monetary Authority. The Guarantor is also regulated by Banque de France.

Selling restriction
The Warrants have not been and will not be registered under the United States Securities Act of 1933, as
amended (the “Securities Act”), and will not be offered, sold, delivered or traded, at any time, indirectly or
directly, in the United States or to, or for the account or benefit of, any U.S. person (as defined in the Securities
Act).

Investment risk
The price of the Warrants may fall in value as rapidly as it may rise and you may sustain a total loss of your
investment. If the Cash Settlement Amount is less than or equal to zero, all Warrants will expire worthless on the
Expiry Date.

We or the Liquidity Provider may be the only market participant for the Warrants. The secondary market for the
Warrants may be limited.

You must:
• carefully study the risk factors set out in the relevant Listing Documents;
• fully understand the potential risks and rewards and independently determine whether the Warrants are
appropriate for you given your objectives, experience, financial and operational resources, and other
relevant circumstances; and
• consult with such advisers as you deem necessary to assist yourself in making these determinations.

Hong Kong, 10 December 2007