2007 REGISTRATION DOCUMENT

CONSOLIDATED FINANCIAL STATEMENTS5Notes to the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >➤GUARANTEE COMMITMENTS GIVENIn millions of euros 31 December 2007 31 December 2006Guarantee commitments given:to credit institutions 10,436 11,723to customers: 80,663 69,222- Property guarantees 2,142 1,610- Sureties provided to tax and other authorities, other sureties 36,172 27,459- Other guarantees 42,349 40,153TOTAL GUARANTEE COMMITMENTS GIVEN (Note 4.a) 91,099 80,9456.c CUSTOMER SECURITISATIONPROGRAMMESThe BNP Paribas Group carries out securitisation programmes involvingthe creation of special-purpose entities on behalf of its customers. Theseprogrammes have liquidity facilities and, where appropriate, guaranteefacilities. Special-purpose entities over which the Group does not exercisecontrol are not consolidated.6.c.1The financial instruments held by these entities have the following characteristics:Short-term refinancingAt 31 December 2007, six non-consolidated multiseller conduits (Eliopée,Thésée, Starbird, J Bird, J Bird 2 and Matchpoint) were managed bythe Group on behalf of customers. These entities are refinanced onthe local short-term commercial paper market. The Group has issuedletters of credit guaranteeing the secondary default risk on securitisedreceivables managed for customers by these entities up to an amountof EUR 655 million (EUR 580 million at 31 December 2006), and hasgranted liquidity facilities totalling EUR 15,012 million to these entities(EUR 12,518 million at 31 December 2006).Securitisation entities at 31 December 2007 Starbird Matchpoint Eliopee Thesee J Bird 1 & 2 TotalIssuing country United States Europe Europe Europe JapanRatings (1) A1/P1 A1/P1 P1 A1/P1/F1 A1/P1Assets (in millions of euros) 4,232 3,364 1,944 875 475 10,890Portion invested in the United States (%) 100% 4% - - - 40%Liquidity facilities granted by BNP Paribas(in millions of euros) 7,579 3,789 2,256 904 484 15,012Breakdown by type of assets heldAutomobile loans 38% 35% - - - 26%Trade receivables 7% 8% 100% 58% - 28%CDOs et CLOs (2) (3) 17% 24% - - - 14%CMBS (4) - 18% - - - 5%Consumer credit 23% 6% - 29% 100% 18%Capital goods loans 9% - - - - 3%Mortgages (5) 5% 7% - - - 4%Insurance - - - 13% - 1%Other assets 1% 2% - - - 1%TOTAL 100% 100% 100% 100% 100% 100%(1)Ratings regularly confirmed by rating agencies.(2)CDOs & CLOs: Collateralised debt and loan obligations.(3)100% of the CDOs held by Starbird are AAA rated, 90% of the CLOs held by Starbird are AA or AAA rated.100% of the CDOs and CLOs held by Matchpoint are structured by BNP Paribas and are AAA rated.(4)CMBS: Commercial mortgage backed securities.(5)Starbird’s exposure to subprime loans is limited to EUR 5 million, i.e. 0.2% of assets.12345678910112007 Registration document - BNP PARIBAS 167