01/10/2008

• BNP Paribas Asset Management is at the heart of the BNP Paribas Investment Partners platform, and delivers the core of fundamental investment management.

Fundamental investments form the cornerstone of BNP Paribas Asset Management's culture and development. The responsiveness of its teams, focused on common goals and inventive projects, keeps BNPP AM one step ahead of the competition.

BNP Paribas Asset Management has chosen an innovative model that is a precursor in the world of asset management. The development of new investment products, the growth of indexed investments, and the use of hedge funds and private equity funds has created a growing need for resources, expertise and a wider range of investment profiles. For these reasons, BNPP AM has organised itself into three major investment units:

• Alpha: which groups Money Market Investments, European bonds, European, US, Japanese, International and Emerging Market Equities. This recognised pool of expertise forms the core business of BNPP AM.
• SIGMA (S tructured, I ndexed and M ulti- A lpha G eneration): close ties between the various investment teams helps strengthen BNPP AM's capabilities in the areas of risk allocation and multi-strategy overlay techniques.
• IBS (Investment & Business Solutions): brings together knowledge and solutions that are of benefit to all investment approaches and which create new sources of added value.

This structure encourages our teams to work together and share resources in their efforts to generate performance. It also enables BNPP AM to take full advantage of market opportunities, for you.

Sustainable and Responsible Investment (SRI) is one of BNP Paribas Asset Management's key investment themes, and the company is a globally recognised player in this field. With a dedicated team and a range of Socially Responsible funds across all asset classes, BNPP AM has also been awarded Novethic's top rating (AAA).

The overall excellence of BNP Paribas Asset Management is reflected in Fitch's second-highest rating: AM2+

• CooperNeff Alternative Managers, based in Paris, has some thirty specialists in alternative management and in qualitative strategies who take an innovative multi-strategy approach.

The group specialises in absolute performance products that focus on the quality of individual strategies, diversified risk profiles, and the complementary benefits of using both qualitative and quantitative approaches.

The CooperNeff Multi-Strategy (MS5) flagship offshore fund is listed in Dublin.

• Fauchier Partners is one of Europe's leading managers of funds of hedge funds. Established in 1994, we have a long track record of achieving strong, stable returns.

Fauchier Partners currently manages and advises on in excess of US$ 8.8 billion with approximately 60 professionals based in London, New York and Guernsey.

• BNP Paribas Private Equity enjoys m ore than 20 years of acknowledged expertise in private equity management for mid-sized companies in all phases of development: venture capital, takeover/LBO, mezzanine financing, etc.

BNP Paribas PE offers funds of Private Equity, funds of funds of Private Equity and administrative services for private equity funds.

BNP Paribas PE 's long track record has been established by highly specialised teams, some of them now independent.

• Fischer Francis Trees & Watts ( FFTW) is a specialist manager of credit and global fixed income portfolios for institutional clients. With over 30 years' experience in portfolio management, it has full-service offices in Paris, London, Singapore and Tokyo.

FFTW aims to opportunistically exploit structural inefficiencies that arise from time to time in global capital markets so as to consistently generate incremental returns relative to a benchmark. As one of the leading international fixed income managers, FFTW has developed a well-balanced portfolio of specialist products targeting specific requirements and more aggressive risk profiles. It enjoys recognised excellence in managing interest rates in global sovereigns and structured credit products.

• FundQuest is a leading global specialist in active multi-management investment solutions and services.

It offers best-in-class investment advice as well as multi-asset class investment solutions and services delivered via a tailored program.

• Overlay Asset Management (OAM) is our dedicated currency management specialist and offers a complete range of currency management solutions.

With a staff of 30, it is fully dedicated to identifying market anomalies and to extracting value from the currency market using mathematical and statistical methods.

OAM received the distinction of 'Currency Manager of the Year' from Global Investor Magazine in 2003 and was nominated 'Currency Overlay Manager of the year' at the Global Pensions Awards in 2004, 2005 and 2006.

• Cardif Asset Management is an autonomous asset management company which offers a range of mutual funds, dedicated funds and mandates covering the main asset classes.

Its investment management philosophy consists of generating the best possible performance within pre-defined risk parameters, in any given market environment.

This is why CAM 's investment management style sets itself apart from the usual benchmarking approaches and is based on firmly held convictions.

This management philosophy is put into effect by an experienced and independent management team. It has found the optimum balance between personal conviction and shared expertise and enjoys considerable decision-making leeway.

Cardif Asset Management operates as a boutique so is able to develop a real teamwork approach that is applied to all its investment management processes and allows it to create personalised products for exacting clients.

• Gestion Privée sous Mandat (GPM), or Private Banking Discretionary Management, manages the securities portfolios and life insurance assets of Banque Privée France (Private Banking-France) clients. This centralised entity, which is unique in Europe , comprises a Paris-based team of nearly 170 people, of which about 100 are portfolio managers. Today, GPM manages about 60,000 accounts totalling assets of €15 billion in directly-held securities and mutual funds.

Its objective is to offer private clients world-class expertise through a rigorous investment process which has obtained the widely recognised ISO 9001 quality label. With a clearly defined strategy that respects the risk/return profile of the client, this approach guarantees an optimal performance while complying with strict risk-control measures.

What is original about this approach is the way the GPM portfolio manager shares his or her skills and cooperates closely with the private banker who is in direct contact with the client and is responsible for portfolio advice.

GPM is split into two subdivisions: Gestion des Portefeuilles Privés or GPP (Private Portfolio Management) for the clients of Banque Privée France and Gestion des Grandes Fortunes (High Net Worth Management) for clients with financial assets, with BNP Paribas, in excess of €5million.

• BNP Paribas Epargne & Retraite Entreprises, the BNP Paribas specialist savings unit, was awarded a "Label d'Excellence 2006" for three of its savings plans in 2006.

It brings together specialists in company saving plans and collective insurance to offer a horizontal approach to employee savings, shareholding, and collective life insurance.

• SYWG BNP Paribas Asset Management (China) is a fund management joint-venture set up by Shenyin & Wanguo Securities Corporation Limited and BNP Paribas Asset Management and is registered in Shanghai .

Using state-of-the-art management technology and sophisticated investment and risk management techniques, SYWG BNP Paribas Asset Management provides investors with quality financial services through a sound, effective customer service system.

• Shinhan BNP Paribas AMC (South Korea) is a joint-venture between BNP Paribas Asset Management and Shinhan Financial Group, one of the most important Korean banks. The company is now the fifth largest foreign investment management company in Korea .

• TEB Asset Management (Turkey) is a pioneer in the Turkish mutual fund market. It has a strong local reputation, experienced fund managers and a track record of more than 10 years in mutual funds, which are distributed through TEB and its external distributors. TEB AM is the specialised branch of TEB Bank which is 50% owned by BNP Paribas.

• Sundaram BNP Paribas Asset Management (India) is a joint venture between Sundaram Finance and BNP Paribas Asset Management that was launched in 2005.
The fund house manages a wide bouquet of products; several have been top performers in the respective category over the past decade. In February 2007, the company was the winner of awards for Best Large-Cap Fund (CNBC TV 18-CRISIL), Best Mid-Cap Fund (ICrAOnline) and Best Diversified Fund (CNBC TV18-CRISIL) for 2006.
A top-notch team of financial experts tracks global and domestic trends with the objective of delivering consistent performance.

• BNPP AM Argentina's specialists provide solutions that optimise asset management for companies and institutions. It boasts specific expertise in the local financial market and it is noted for its innovative approach to market requirements for Pension Funds, Government and non-Government organisations, non-profit organisations, banks and insurance companies.

• Since its beginnings in 1998, BNPP AM Brasil has had a history of growth, based on the dedication and expertise of its specialised teams. Its strong points are consistency of performance, the experience of its teams, a customer-focused organisation, a rigorous investment philosophy and an expert risk-management system.

• BMCI Gestion (Morocco) manages 18 mutual funds, with six investment schemes marketed across its BMCI network, and 12 funds dedicated to institutional clients and large enterprises. Aligning its processes with international standards and reducing risk to a minimum, the company delivers custom-tailored services.

• Impax was founded in 1994 as a specialist finance house focusing on the rapidly expanding markets for cleaner or more efficient delivery of basic services of energy, water and waste.

Impax's dedicated team of professionals, with many years of experience in the financial and environmental sectors, is ideally placed to understand and take advantage of the investment opportunities arising from these growing markets.

Impax is listed on the Alternative Investment Market of the London Stock Exchange. BNP Paribas AM owns s a 29.4 stake in Impax Group PLC.