BNP PARIBAS ARBITRAGE ISSUANCE

AVVISO n.16435

22 Settembre 2014

SeDeX - INV. CERTIFICATES

Mittente del comunicato : Borsa Italiana

Societa' oggetto dell'Avviso

: BNP PARIBAS ARBITRAGE ISSUANCE

Oggetto : Inizio negoziazione 'Investment Certificates

Testo del comunicato

- Classe B' 'BNP PARIBAS ARBITRAGE ISSUANCE'

Si veda allegato.

Disposizioni della Borsa

Strumenti finanziari: 1 "Athena Double Relax Fast Plus" relating to

FIAT SpA due 6 August 2018; 1 "Athena Plus" relating to ENEL S.p.A. due 14 July 2016

Emittente: BNP PARIBAS ARBITRAGE ISSUANCE

Garante: BNP Paribas

Rating Emittente: Società di Rating Long Term Data Report Standard & Poor's A+ 03/07/2014

Oggetto: INIZIO NEGOZIAZIONI IN BORSA

Data di inizio negoziazioni: 23/09/2014

Mercato di quotazione: Borsa - Comparto SEDEX 'Investment Certificates -

Classe B'

Orari e modalità di negoziazione: Negoziazione continua e l'orario stabilito dall'art. IA.7.3.1

delle Istruzioni

Operatore incaricato ad assolvere l'impegno di quotazione:

BNP Paribas Arbitrage SNC Member ID Specialist: IT0540

CARATTERISTICHE SALIENTI DEI TITOLI OGGETTO DI QUOTAZIONE

1 "Athena Double Relax Fast Plus" relating to FIAT SpA due 6 August 2018; 1 "Athena Plus" relating to ENEL S.p.A. due 14 July 2016

Tipo di liquidazione: monetaria

Modalità di esercizio: europeo

Modalità di negoziazione: per lo strumento finanziario con ISIN NL0010831111 la

data di negoziazione ex-diritto al pagamento dell'importo periodico, per le record date pari o antecedenti al 7 ottobre 2014, decorre dal secondo giorno di mercato aperto antecedente le rispettive record date, mentre per le record date successive al 7 ottobre 2014, decorre dal primo giorno di calendario TARGET aperto antecedente le rispettive record date. Qualora tale giorno risulti essere di Borsa chiusa, la data di negoziazione ex-diritto al pagamento dell'importo periodico decorre dalla relativa record date.

DISPOSIZIONI DELLA BORSA ITALIANA

Dal giorno 23/09/2014, gli strumenti finanziari '1 "Athena Double Relax Fast Plus" relating to FIAT SpA due 6 August 2018; 1 "Athena Plus" relating to ENEL S.p.A. due 14 July 2016' (vedasi scheda riepilogativa delle caratteristiche dei securitised derivatives) verranno inseriti

nel Listino Ufficiale, sezione Securitised Derivatives.

Allegati:

- Scheda riepilogativa delle caratteristiche dei securitised derivatives;

- Estratto del prospetto di quotazione dei Securitised Derivatives

Num. Serie	Codice Isin	Trading Code	Instrument Id	Descrizione	Sottostante	Tipologia	Strike	Data Scadenza	Valore Nominale	Quantità	Lotto Negoziazione	EMS	Secondo Strike	Rebate	Livello Iniziale
1	NL0010832218	P32218	764740	BPAENELCCPXP4,306AE050716	ENEL S.p.a	Inv	4,306	05/07/16	100	100000	1	26	2,7989		4,306
2	NL0010831111	P31111	764741	BPAFCCPXP7,8AE260718	FIAT S.p.a	Inv	7,8	26/07/18	100	100000	1	26	4,68	4,5	7,8

FINAL TERMS DATED 9 JULY 2014

BNP Paribas Arbitrage Issuance B.V.

(incorporated in The Netherlands) (as Issuer)

BNP Paribas

(incorporated in France) (as Guarantor)

(Note, Warrant and Certificate Programme)

Up to 100,000 EUR “Athena Plus” Certificates relating to ENEL S.p.a due 14 July 2016 ISIN Code: NL0010832218

BNP Paribas Arbitrage S.N.C.

(as Manager)

The Certificates are offered to the public in the Republic of Italy from 3 July 2014 to 4 July 2014

Any person making or intending to make an offer of the Securities may only do so:

(i) in those Non-exempt Offer Jurisdictions mentioned in Paragraph 48 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defined in the Base Prospectus) and that the offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or

(ii) otherwise in circumstances in which no obligation arises for the Issuer or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer.

None of the Issuer, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances.

Investors should note that if a supplement to or an updated version of the Base Prospectus referred to below is published at any time during the Offer Period (as defined below), such supplement or updated base prospectus, as the case may be, will be published and made available in accordance with the arrangements applied to the original publication of these Final Terms. Any investors who have indicated acceptances of the Offer (as defined below) prior to the date of publication of such supplement or updated version of the Base Prospectus, as the case may be, (the "Publication Date") have the right within two working days of the Publication Date to withdraw their acceptances.

PART A – CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 5 June 2014 which constitutes a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). The Base Prospectus has been passported into Italy in compliance with Article 18 of the Prospectus Directive. This document constitutes the Final Terms of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on BNP Paribas Arbitrage Issuance B.V. (the "Issuer"), BNP Paribas (the "Guarantor") and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Securities (which comprises the Summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus and these Final Terms are available for viewing at xxx.xxxxxxxxxxxxxxx.xxx and copies may be obtained free of charge at the specified offices of the Security Agents. The Base Prospectus will also be available on the AMF website xxx.xxx-xxxxxx.xxx

References herein to numbered Conditions are to the terms and conditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as they relate to such series of Securities, save as where otherwise expressly provided.

These Final Terms relate to the series of Securities as set out in "Specific Provisions for each Series" below. References herein to "Securities" shall be deemed to be references to the relevant Securities that are the subject of these Final Terms and references to "Security" shall be construed accordingly.

SPECIFIC PROVISIONS FOR EACH SERIES

SERIES

NO. OF

NO OF

ISIN COMMON ISSUE

EXERCISE

REDEMPTION

NUMBER

SECURITIE S ISSUED

SECURITIES

CODE

PRICE PER SECURITY

DATE

CE3345AC 100,000 100,000 NL0010832218 107953051 EUR 100 5 July 2016 14 July 2016

GENERAL PROVISIONS

The following terms apply to each series of Securities:

1. Issuer: BNP Paribas Arbitrage Issuance B.V.

2. Guarantor: BNP Paribas

3. Trade Date: 13 June 2014.

4. Issue Date 9 July 2014.

5. Consolidation: Not applicable.

6. Type of Securities: (a) Certificates

(b) The Securities are Share Securities

Automatic Exercise of Certificates applies to the Certificates.

The Exercise Date is 5 July 2016 or, if such day is not a Business Day, the immediately succeeding Business Day

The Exercise Date will be subject to the same adjustments provided for the Redemption Valuation Date. For the purposes of Borsa Italiana, the Exercise Date shall be deemed to be also the maturity date, i.e. the date on which

the Securities expire.

The Exercise Settlement Date is 14 July 2016.

The minimum number of Securities that may be exercised by the Holder is (1) one Security and in excess thereof by multiples of (1) one Security.

The provisions of Annex 3 (Additional Terms and Conditions for Share Securities) shall apply.

7. Form of Securities: Clearing System Global Security.

8. Business Day Centre(s): The applicable Business Day Centre for the purposes of the

definition of "Business Day" in Condition 1 is TARGET 2.

9. Settlement: Settlement will be by way of cash payment (Cash Settled Securities)

10. Rounding Convention for Cash Settlement Amount:

11. Variation of Settlement:

Not applicable

Issuer's option to vary settlement: The Issuer does not have the option to vary settlement in

respect of the Securities.

12. Final Payout

SPS Payouts:

NA x SPS Payout

NA means the Nominal Amount.

SPS Reverse Convertible Securities

(A) if no Knock-in Event has occurred:

Constant Percentage 1 ; or

(B) if a Knock-in Event has occurred:

Max (Constant Percentage 2 + Gearing x Option; 0%)

“Constant Percentage 1” means 103.6%

“Constant Percentage 2” means 100% “Option” means Forward

“Forward”means Final Redemption Value – Strike Percentage

“Gearing” means 100%

“Strike Percentage” means 100%

"Final Redemption Value" means the Underlying Reference Value;

"Underlying Reference Value" means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price;

"Underlying Reference" is as set out in item 26 (a) below;

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

“SPS Valuation Date” means the SPS Redemption Valuation Date;

“SPS Redemption Valuation Date” means the Redemption Valuation Date;

“Underlying Reference Strike Price” means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date.

In respect of the Strike Date:

“Underlying Reference Closing Price Value” means in respect of a SPS Valuation Date, the Closing Price in respect of such day.

Where:

“SPS Valuation Date” means the Strike Date.

Payout Switch: Not applicable

Aggregation: Not applicable

13. Relevant Asset(s): Not applicable

14. Entitlement: Not applicable

15. Exchange Rate/Conversion Rate Not applicable

16. Settlement Currency: The settlement currency for the payment of the Cash Settlement Amount is euro ("EUR").

17. Syndication: The Securities will be distributed on a non-syndicated basis.

18. Minimum Trading Size: Not applicable.

19. Principal Security Agent: BNP Paribas Securities Services, Luxembourg Branch

20. Registrar: Not applicable

21. Calculation Agent: BNP Paribas Arbitrage S.N.C.

000-000 xxxxxxxxx XxxXxxxxx, 00000 Xxxxx Xxxxxx

22. Governing law: English law

23. Masse provisions (Condition 9.4): Not Applicable

PRODUCT SPECIFIC PROVISIONS (ALL SECURITIES)

24. Hybrid Securities: Not applicable

25. Index Securities: Not applicable

26. Share Securities: Applicable

(a) Share(s)/Share Company/Basket An ordinary share in the share capital of ENEL SpA (the

Company/GDR/ADR: "Share Company"), (ISIN: IT0003128367/ Bloomberg

Code: ENEL IM) (the "Underlying Share").

For the purposes of the Conditions, the Underlying Share shall be deemed to be the Share.

(b) Relative Performance Basket: Not applicable

(d) ISIN of Share(s): ISIN: IT0003128367

(e) Exchange(s): Italian Stock Exchange.

(f) Related Exchange(s): All Exchanges

(g) Exchange Business Day: Per Share Basis

(h) Scheduled Trading Day: Per Share Basis

(i) Weighting: Not applicable

(j) Settlement Price: Not applicable.

(k) Specified Maximum Days of Disruption:

Three (3) Scheduled Trading Days

(l) Valuation Time: Conditions apply.

(m) Delayed Redemption on Occurrence of an Extraordinary Event (in the case of Certificates only):

Not applicable

(n) Share Correction Period As per Conditions

(o) Dividend Payment: Not applicable

(p) Listing Change: Not applicable

(q) Listing Suspension: Not applicable

(r) Illiquidity: Not applicable

(s) Tender Offer: Applicable

27. ETI Securities Not applicable

28. Debt Securities: Not applicable

29. Commodity Securities: Not applicable

30. Inflation Index Securities: Not applicable

31. Currency Securities: Not applicable

32. Fund Securities: Not applicable

33. Futures Securities: Not applicable

34. Credit Securities: Not applicable

35. Underlying Interest Rate Securities: Not applicable

36. Preference Share Certificates: Not Applicable

37. OET Certificates: Not applicable

38. Additional Disruption Events: Applicable

Hedging Disruption does not apply to the Securities.

39. Optional Additional Disruption Events: (a) The following Optional Additional Disruption

Events apply to the Securities:

Insolvency Filing

(b) Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event (in the case of Certificates): Not applicable

40. Knock-in Event: Applicable

If the Knock-in Value is less than the Knock-in Level on the Knock-in Determination Day

(a) SPS Knock-in Valuation: Applicable.

"Knock-in Value" means the Underlying Reference Value;

(ii) divided by the relevant Underlying Reference Strike Price,

"Underlying Reference" is as set out in § 26 (a)

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

"SPS Valuation Date" means the Knock-in Determination Day;

“Underlying Reference Strike Price” means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date.

In respect of the Strike Date:

“Underlying Reference Closing Price Value” means in respect of a SPS Valuation Date, the Closing Price in respect of such day.

Where:

“SPS Valuation Date” means the Strike Date.

(b) Level: Not applicable

(d) Knock-in Period Beginning Date: Not applicable

(e) Knock-in Period Beginning Date Day Convention:

Not applicable.

(f) Knock-in Determination Period: Not applicable.

(g) Knock-in Determination Day(s): The Redemption Valuation Date.

(h) Knock-in Period Ending Date: Not applicable.

(i) Knock-in Period Ending Date Day Convention:

Not applicable.

(j) Knock-in Valuation Time: Valuation Time.

(k) Knock-in Observation Price Source: Not applicable

(l) Disruption Consequences: Not applicable.

41. Knock-out Event: Not applicable

PROVISIONS RELATING TO WARRANTS

42. Provisions relating to Warrants: Not applicable

PROVISIONS RELATING TO CERTIFICATES

43. Provisions relating to Certificates: Applicable

(a) Notional Amount of each Certificate:

EUR 100

(b) Partly Paid Certificates: The Certificates are not Partly Paid Certificates.

(d) Payment of Premium Amount(s):

Not applicable

(e) Instalment Certificates: The Certificates are not Instalment Certificates.

(f) Issuer Call Option: Not applicable

(g) Holder Put Option: Not applicable

(h) Automatic Early Redemption: Applicable

(i) Automatic Early Redemption:

(i) Automatic Early Redemption Event:

(ii) Automatic Early Redemption Payout:

(iii) Automatic Early Redemption Date(s):

Applicable

Single Standard Automatic Early Redemption:

If on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic Early Redemption Level

SPS Automatic Early Redemption Payout:

NA x (AER Redemption Percentage + AER Exit Rate)

AER Redemption Percentage means 100%

AER Exit Rate means AER Rate

16 July 2015 (i = 1).

(iv) Observation Price Not applicable

Source:

(v) Underlying Reference Level:

Not applicable

SPS AER Valuation: Applicable

"SPS AER Value" means the Underlying Reference Value; “Strike Price Closing Value”: Applicable;

“Underlying Reference Value” means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date

(ii) divided by the relevant Underlying Reference Strike Price.

"Underlying Reference" is as set out in § 26 (a);

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

"SPS Valuation Date" means each Automatic Early Redemption Valuation Date;

“Underlying Reference Strike Price” means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date.

In respect of the Strike Date:

“Underlying Reference Closing Price Value” means in respect of a SPS Valuation Date, the Closing Price in respect of such day.

Where:

“SPS Valuation Date” means the Strike Date.

(vi) Automatic Early Redemption Level:

(vii) Automatic Early

Redemption Percentage:

(viii) Automatic Early

Redemption Percentage Up:

(ix) Automatic Early Redemption Percentage Down:

(x) AER Rate:

100 per cent.

Not applicable

i × 3.60%

i representing the Automatic Redemption Valuation Date.

(xi) AER Exit Rate: AER Rate

(xii) Automatic Early

Redemption Valuation Date(s)/Period(s):

5 July 2016 (i = 1).

(j) Renouncement Notice Cut-off Time:

Not applicable

(k) Strike Date: 4 July 2014.

(l) Strike Price: Not applicable.

(m) Redemption Valuation Date: Exercise Date.

(n) Averaging: Averaging does not apply to the Securities.

(o) Observation Dates: Not applicable.

(p) Observation Period: Not applicable.

(q) Settlement Business Day: Not applicable.

(r) Cut-off Date: Not applicable.

(s) Identification information of Holders as provided by Condition 29:

Not applicable.

DISTRIBUTION AND US SALES ELIGIBILITY

44. U.S. Selling Restrictions: Not applicable

45. Additional U.S. Federal income tax consequences:

Not applicable

46. Registered broker/dealer: Not applicable

47. TEFRA C or TEFRA Not Applicable: TEFRA Not Applicable

48. Non-exempt Offer: Applicable.

(i) Non-exempt Offer Jurisdictions:

Republic of Italy

(ii) Offer Period: From 3 July 2014 to 4th July 2014.

(iii) Financial intermediaries granted specific consent to use the Base Prospectus in accordance

Not applicable. See “Placing and Underwriting” of Part B.

with the

Conditions in it:

(iv) General Consent:

(v) Other Authorised Offeror Terms:

Not Applicable

PROVISIONS RELATING TO COLLATERAL AND SECURITY

49. Collateral Security Conditions: Not applicable

Responsibility

The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge of the Issuer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information.

Signed on behalf of BNP Paribas Arbitrage Issuance B.V.

As Issuer:

By: ..Xxxxx XXXXXXX.. Duly authorised

PART B – OTHER INFORMATION

1. Listing and Admission to trading

Application will be made for the Securities to be listed on the Italian Stock Exchange and admitted for trading on the electronic “Securitised Derivatives Market” (“SeDeX”), organised and managed by Borsa Italiana S.p.A.

2. Ratings

The Securities have not been rated.

The rating of the Issuer is A+ from Standard and Poor's.

The rating of the Guarantor is A1 from Moody's and A+ from Standard and Poor's.

As defined by Moody's, an "A" rating means that the obligations of the Issuer and the Guarantor under the Programme are judged to be upper-medium grade and are subject to low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aaa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category.

As defined by Standard & Poor's, an obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the relevant Issuer and Guarantor's capacity to meet its financial commitment on the obligation is still strong. The addition of a plus (+) or minus (-) sign shows relative standing within the major rating category"

Moody's and Standard & Poor's are established in the European Union and are registered under Regulation (EC) No. 1060/2009 (as amended).

3. Interests of Natural and Legal Persons Involved in the Offer

Investors shall be informed of the fact that Banca Nationale Del Lavoro S.p.A (the "Distributor") will receive from the Issuer placement fees implicit in the Issue Price of the Securities equal to a maximum annual amount of 0.75% of the Issue Amount. All placement fees will be paid out upfront

Save as discussed in the "Potential Conflicts of Interest" paragraph in the "Risk Factors" in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

4. Performance of Underlying/Formula/Other Variable and Other Information concerning the Underlying Reference

See Base Prospectus for an explanation of effect on value of Investment and associated risks in investing in Securities.

Past and further performances of the Share are available on the relevant website xxx.xxxxxxxxxxxxx.xx and its volatility may be obtained at the office of the Calculation Agent by mail to the following address: xxxxxxxxxxxxxxx@xxxxxxxxxx.xxx

The Issuer does not intend to provide post-issuance information.

5. Operational Information

Relevant Clearing System(s): Monte Titoli

6. Terms and Conditions of the Public Offer

Offer Period: See paragraph 48 above

Offer Price: The Issue Price (of which a maximum annual amount of 0.75% is represented by commissions payable to the Distributor).

Conditions to which the offer is subject: The Offer of the Securities is conditional on their

issue.

The Issuer reserves the right to withdraw the offer and cancel the issuance of the Securities for any reason, in accordance with the Distributor at any time on or prior to the Issue Date. For the avoidance of doubt, if any application has been made by a potential investor and the Issuer exercises such a right, each such potential investor shall not be entitled to subscribe or otherwise acquire the Securities.

The Issuer will in its sole discretion determine the final amount of Securities issued up to a limit of EUR 10,000,000. The final amount that are issued on Issue Date will be listed on the electronic “Securitised Derivatives Market” (“SeDeX”), organised and managed by Borsa Italiana S.p.A.. Securities will be allotted subject to availability in the order of receipt of investors' applications. The final amount of the Securities issued will be determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been agreed to be purchased as of the Issue Date.

Description of the application process: From 3 July 2014 to 4 July 2014 such earlier

time as the Issuer determines as notified on or around such earlier date by loading the following link xxxx://xxx.xxxxxxxxxxxxxxx.xxx (the Offer End Date).

Application to subscribe for the Securities can be made in Italy through the Authorised Offeror. The distribution activity will be carried out in accordance with the usual procedures of the Authorised Offeror.

Prospective investors will not be required to enter into any contractual arrangements directly

Details of the minimum and/or maximum amount of application

Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:

Details of the method and time limits for paying up and delivering the Securities:

Manner in and date on which results of the offer are to be made public:

Procedure for exercise of any right of pre- emption, negotiability of subscription rights and treatment of subscription rights not exercised:

Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made:

with the Issuer in relation to the subscription for the Securities.

Minimum subscription amount per investor: EUR 100.

Maximum subscription amount per investor: 100,000 * Notional Amount.

The maximum amount of application of Securities will be subject only to availability at the time of the application.

There are no pre-identified allotment criteria.

The Distributor will adopt allotment criteria that ensure equal treatment of prospective investors. All of the Securities requested through the Distributor during the Offer Period will be assigned up to the maximum amount of the Offer.

In the event that during the Offer Period the requests exceed the total amount of the offer destined to prospective investors the Issuer, in accordance with the Distributor, will proceed to early terminate the Offer Period and will immediately suspend the acceptance of further requests.

Not applicable

The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys.

The Securities are cleared through the clearing systems and are due to be delivered through the Distributor on or around the Issue Date.

Publication by loading the following link (xxxx://xxx.xxxxxxxxxxxxxxx.xxx) in each case on or around the Issue Date.

Not applicable

Each investor will be notified by the Distributor of its allocation of Securities after the end of the Offer Period.

No dealings in the Securities may take place prior to the Issue Date.

Amount of any expenses and taxes specifically charged to the subscriber or purchaser:

The Issuer is not aware of any expenses and taxes specifically charged to the subscriber.

For the Offer Price which includes the commissions payable to the Distributor see above "Offer Price".

7. Placing and Underwriting

Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place:

Name and address of the co-ordinator(s) of the global offer and of single parts of the offer:

None

Not applicable.

Name and address of any paying agents and depository agents in each country (in addition to the Principal Security Agent):

Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements:

BNP Paribas Securities Services, Xxxxx Xxxxxx Xxx Xxxxxxxx 0, 00000, Xxxxxx, Xxxxx.

The placement activity will be carried out by:

Banca Nationale Del Lavoro S.p.A

Xxx Xxxxxxxxx, 00 - 00000 Xxxx

Xxxxx

(the Distributor)

No underwriting commitment is undertaken by the Distributor

When the underwriting agreement has been or will be reached:

Not applicable.

8. Yield (in the case of Certificates)

Not applicable.

9. Form of Renouncement Notice

Applicable.

RENOUNCEMENT NOTICE

(to be completed by the Holder of the Security) BNP Paribas Arbitrage Issuance B.V.

Up to 100,000 EUR “Athena Plus” Certificates relating to ENEL S.p.a due 14 July 2016 ISIN Code: NL0010832218

BNP Paribas Arbitrage S.N.C.

To: BNP Paribas Securities Services, Xxxxx Xxxxxx

Xxx Xxxxxxxx 0, 00000 Xxxxxx, Xxxxx

Fax No: (00) 00 00000 000

We/I the undersigned Holder(s) of the Securities

hereby communicate that we are renouncing the automatic exercise on the Exercise of the rights granted by the Securities in accordance with the Terms and Conditions of the Securities, as amended and/or supplemented by the applicable Final Terms (the "Security Terms").

Series No. of the Securities:

Number of Securities the subject of this notice:

The undersigned understands that if this Renouncement Notice is not completed and delivered as provided in the Security Terms or is determined to be incomplete or not in proper form (in the determination of the Italian Security Agent), it will be treated as null and void.

If this Renouncement Notice is subsequently corrected to the satisfaction of the Italian Security Agent, it will be deemed to be a new Renouncement Notice submitted at the time such correction was delivered to the Italian Security Agent.

Expressions defined in the Security Terms shall bear the same meanings in this Renouncement Notice. Place and date:

Signature of the Holder

Name of beneficial owner of the Securities Signature

ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS

Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in Sections A – E (A.1 – E.7). This Summary contains all the Elements required to be included in a summary for this type of Securities, Issuer and Guarantor. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of Securities, Issuer and Guarantor(s), it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element should be included in the summary explaining why it is not applicable.

Section A - Introduction and warnings

Element	Title
A.1	Warning that the summary should be read as an introduction and provision as to claims	• This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms. In this summary, unless otherwise specified and except as used in the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014 as supplemented from time to time. In the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014.
		• Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms.
		• Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated.
		• No civil liability will attach to the Issuer [or the Guarantor] in any such Member State solely on the basis of this summary, including any translation hereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms or, following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information (as defined in Article 2.1(s) of the Prospectus Directive) in order to aid investors when considering whether to invest in

Element	Title
		the Securities.
A.2	Consent as to use the Base Prospectus, period of validity and other conditions attached	Not applicable. See Section E.3 “Terms and conditions of the offer”.

Section B - Issuer and Guarantor

Element

Title

B.1

Legal and

commercial name of the Issuer

BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V." or the "Issuer").

B.2

Domicile/ legal form/ legislation/ country of incorporation

The Issuer was incorporated in the Netherlands as a private company with limited liability under Dutch law having its registered office at Xxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, the Netherlands.

B.4b

Trend information

BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as Notes, Warrants or Certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments from BNP Paribas and BNP Paribas entities as described in Element D.2 below. As a consequence, the Trend Information described

with respect to BNPP shall also apply to BNPP B.V.

B.5

Description of the Group

BNPP B.V. is a wholly owned subsidiary of BNP Paribas. BNP Paribas is the ultimate holding company of a group of companies and manages financial operations for those subsidiary companies (together the "BNPP

Group").

B.9

Profit forecast or estimate

The Group's 2014-2016 business development plan confirms the universal bank business model centred on its three pillars: Retail Banking, CIB and Investment Solutions. The goal of the 2014-2016 business development plan is to support clients in a changing environment. It targets a return on equity of at least 10% by 2016.

The Group has defined the five following strategic priorities for 2016:

• enhance client focus and services

• simple: simplify our organisation and how we operate

• efficient: continue improving operating efficiency

• adapt certain businesses to their economic and regulatory environment

• implement business development initiatives

B.10

Audit report qualifications

Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus.

Element	Title
B.12	Selected historical key financial information: Comparative Annual Financial Data - In EUR
		31/12/2013	31/12/2012
	Revenues	397,608	337,955
	Net income, Group share	26,749	22,531
	Total balance sheet	48,963,076,836	37,142,623,335
	Shareholders' equity (Group share)	416,163	389,414

	Statements of no significant or material adverse change There has been no significant change in the financial or trading position of the BNPP Group since 31 December 2013. Save as disclosed in the following paragraph, there has been no material adverse change in the prospects of the BNPP Group since 31 December 2013. Following discussions with the U.S. Department of Justice and the New York County District Attorney’s Office, among other U.S. regulators and law enforcement and other governmental authorities, the Bank conducted over several years an internal, retrospective review of certain U.S. dollar payments involving countries, persons and entities that could have been subject to economic sanctions under U.S. law in order to determine whether the Bank had, in the conduct of its business, complied with such laws. The review identified a significant volume of transactions that, even though they were not prohibited by the laws of the countries of the Bank entities that initiated them, were denominated in U.S. dollars and therefore potentially considered impermissible under U.S. regulations, in particular, those of the Office of Foreign Assets Control (OFAC). Having presented the findings of this review to the U.S. authorities in December, in accordance with IFRS requirements the Bank recorded a provision of USD 1.1 billion (EUR 0.8 billion) in its financial statements for the fourth quarter of 2013. The U.S. authorities had not passed upon the adequacy or reasonableness of such provision. The discussions that have taken place since then demonstrate that a high degree of uncertainty exists as to the nature and amount of penalties that the U.S. authorities could impose on the Bank following completion of the ongoing process. The amount of the fines is likely to be far in excess of the amount of the provision. The Bank continues the discussions. There has been no significant change in the financial or trading position of BNPP B.V. since 31 December 2013 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December 2013.
B.13	Events impacting the Issuer's solvency	To the best of the Issuer's knowledge, there have not been any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency since 31 December 2013, save as disclosed in the penultimate paragraph of Element B.12 of this Summary.
B.14	Dependence upon other group entities	The Issuer is dependent upon BNPP and other members of the BNPP

Element

Title

Group. See also Element B.5 above.

Element D.2 below.

B.15

Principal activities

The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the

account of various entities within the BNPP Group.

B.16

Controlling shareholders

BNP Paribas holds 100 per cent. of the share capital of the Issuer.

B.17

Solicited ratings

credit

BNPP B.V.'s long term credit ratings are A+ with a negative creditwatch (Standard & Poor's Credit Market Services France SAS) and BNPP B.V.'s short term credit ratings are A-1 (Standard & Poor's Credit Market Services France SAS).

The Securities have not been rated

A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.

B.18

Description Guarantee

the

The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an English law deed of guarantee executed by BNPP on or around 5 June 2014 (the "Guarantee").

The obligations under the guarantee are direct unconditional, unsecured and unsubordinated obligations of BNPP and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of BNPP (save

for statutorily preferred exceptions).

B.19

Information about the Guarantor

B.19/ B.1

Legal and

commercial name of the Guarantor

BNP Paribas

B.19/ B.2

Domicile/ legal form/ legislation/ country of incorporation

The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 00, xxxxxxxxx xxx Xxxxxxxx – 00000 Xxxxx, Xxxxxx.

Element

Title

B.19/ B.4b

Trend information

Macro-economic environment

Market and macroeconomic conditions affect BNPP’s results. The nature of BNPP’s business makes it particularly sensitive to market and macroeconomic conditions in Europe, which have been difficult and volatile in recent years.

In 2013, the global economy began to move towards equilibrium, with several emerging countries slowing down and a slight recovery in the developed countries. In 2013, global economic conditions remained generally stable as compared to 2012. IMF and OECD economic forecasts1 for 2014 generally indicate a renewal of moderate growth in developed economies albeit less strong and uniform in the Euro-Zone. Their analysts consider that uncertainties remain regarding the strength of the recovery, particularly in light of the U. S. Federal Reserve’s announcement in December 2013 that it would gradually reduce (“taper”) its stimulus program, and in the Euro-zone, where a risk of deflation exists.

Within the Euro-zone, sovereign credit spreads continued to decrease in 2013 following the decrease recorded in 2012 from the previous historically high levels. The financial condition of certain sovereigns has markedly improved but there remains uncertainty as to the solvency of some others.

Laws and Regulations Applicable to Financial Institutions

Laws and regulations applicable to financial institutions that have an impact on BNPP have significantly evolved in the wake of the global financial crisis. The measures that have been proposed and/or adopted in recent years include more stringent capital and liquidity requirements (particularly for large global banking groups such as the BNP Paribas Group), taxes on financial transactions, restrictions and taxes on employee compensation, limits on the types of activities that commercial banks can undertake and ring-fencing or even prohibition of certain activities considered as speculative within separate subsidiaries, restrictions on certain types of financial products, increased internal control and reporting requirements, more stringent conduct of business rules, mandatory clearing and reporting of derivative transactions, requirements to mitigate risks in relation to over-the-counter derivative transactions and the creation of new and strengthened regulatory bodies. The measures that were recently adopted, or in some cases proposed and still under discussion, that have or are likely to affect BNPP, include in particular the French Ordinance of 27 June 2013 relating to credit institutions and financing companies (“Sociétés de financement”), which came into force on 1 January 2014 and the French banking law of 26 July 2013 on the separation and regulation of banking

activities and the Ordinance of 20 February 2014 for the adaptation of

1 See in particular: IMF – World Economic Outlook Update – January 2014 and G20 Note on Global Prospects and Policy Challenges – February 2014, OECD – The Global Economic Outlook – November 2013

Element

Title

French law to EU law with respect to financial matters; the EU Directive and Regulation on prudential requirements “CRD IV” dated 26 June 2013 and many of whose provisions have been applicable since 1 January 2014; the proposals of technical regulatory and execution rules relating to the Directive and Regulation CRD IV published by the EBA; the designation of BNPP as a systemically important financial institution by the FSB; the public consultation for the reform of the structure of the EU banking sector of 2013 and the European Commission’s proposed regulation on structural measures designed to improve the strength of EU credit institutions of 29 January 2014; the proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts; the European single supervisory mechanism; the European proposal for a single resolution mechanism and the proposal for a European Directive on bank recovery and resolution; the final rule for the regulation of foreign banks imposing certain liquidity, capital and other prudential requirements adopted by the

U.S. Federal Reserve; the proposal of the U.S. Federal Reserve relating to liquidity ratios of large banks; and the “Xxxxxxx” Rule imposing certain restrictions on investments in or sponsorship of hedge funds and private equity funds and proprietary trading activities (of U.S. banks and to some extent non-U.S. banks) that was recently adopted by the U.S. regulatory authorities. More generally, regulators and legislators in any country may, at any time, implement new or different measures that could have a

significant impact on the financial system in general or BNPP in particular.

B.19/B.5

Description of the Group

BNPP is a European leading provider of banking and financial services and has four domestic retail banking markets in Europe, namely in Belgium, France, Italy and Luxembourg. It is present in 75 countries and has almost 185,000 employees, including over 141,000 in Europe. BNPP is the parent

company of the BNP Paribas Group (the "BNPP Group").

B.19/B.9

Profit forecast or estimate

The Group has defined the five following strategic priorities for 2016:

• enhance client focus and services

• simple: simplify our organisation and how we operate

• efficient: continue improving operating efficiency

• adapt certain businesses to their economic and regulatory environment

• implement business development initiatives

B.19/ B.10

Audit report

Not applicable, there are no qualifications in any audit report on the

Element	Title
	qualifications	historical financial information included in the Base Prospectus.
B.19/ B.12	Selected historical key financial information: Comparative Annual Financial Data - In millions of EUR
		31/12/2013*	31/12/2012
	Revenues	38,409	39,072
	Cost of risk	(3,801)	(3,941)
	Net income, Group share	4,818	6,564
	* Restated
		31/12/2013	31/12/2012
	Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4)	10.3%	9.9%
	Total consolidated balance sheet	1,810,535*	1,907,200
	Consolidated loans and receivables due from customers	612,455*	630,520
	Consolidated items due to customers	553,497*	539,513
	Shareholders' equity (Group share)	87,447*	85,444
	* Restated following the application of accounting standards IFRS10, IFRS11 and IAS 32 revised
	Comparative Interim Financial Data - In millions of EUR
		31/03/2014	31/03/2013*
	Revenues	9,913	9,972
	Cost of risk	(1,084)	(911)
	Net income, Group share	1,668	1,585
	* Restated
		31/03/2014	31/12/2013
	Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4)	10.6%	10.3%
	Total consolidated balance sheet	1,882,756	1,810,535*
	Consolidated loans and receivables due from customers	618,791	612,455*
	Consolidated items due to customers	566,833	553,497*
	Shareholders' equity (Group share)	89,969	87,447*
	* Restated following the application of accounting standards IFRS10, IFRS11 and IAS32 revised
	Statements of no significant or material adverse change

Element

Title

See Element B.12 above in the case of the BNPP Group.

Save as disclosed in the following paragraph, there has been no material adverse change in the prospects of BNPP since 31 December 2013.

Following discussions with the U.S. Department of Justice and the New York County District Attorney’s Office, among other U.S. regulators and law enforcement and other governmental authorities, the Bank conducted over several years an internal, retrospective review of certain U.S. dollar payments involving countries, persons and entities that could have been subject to economic sanctions under U.S. law in order to determine whether the Bank had, in the conduct of its business, complied with such laws. The review identified a significant volume of transactions that, even though they were not prohibited by the laws of the countries of the Bank entities that initiated them, were denominated in U.S. dollars and therefore potentially considered impermissible under U.S. regulations, in particular, those of the Office of Foreign Assets Control (OFAC). Having presented the findings of this review to the U.S. authorities in December, in accordance with IFRS requirements the Bank recorded a provision of USD 1.1 billion (EUR 0.8 billion) in its financial statements for the fourth quarter of 2013. The U.S. authorities had not passed upon the adequacy or reasonableness of such provision. The discussions that have taken place since then demonstrate that a high degree of uncertainty exists as to the nature and amount of penalties that the U.S. authorities could impose on the Bank following completion of the ongoing process. The amount of the fines is

likely to be far in excess of the amount of the provision. The Bank continues the discussions.

B.19/ B.13

Events impacting the Guarantor's solvency

To the best of the Guarantor's knowledge there have not been any recent events which are to a material extent relevant to the evaluation of the Guarantor's solvency since 31 December 2013, save as disclosed in the

penultimate paragraph of Element B.12 of this Summary

B.19/ B.14

Dependence upon other Group entities

Subject to the following paragraph, BNPP is not dependent upon other members of the BNPP Group.

In April 2004, BNPP began outsourcing IT Infrastructure Management Services to the "BNP Paribas Partners for Innovation" (BP²I) joint venture set up with IBM France at the end of 2003. BP²I provides IT Infrastructure Management Services for BNPP and several BNPP subsidiaries in France, Switzerland, and Italy. In mid-December 2011 BNPP renewed its agreement with IBM France for a period lasting until end-2017. At the end of 2012, the parties entered into an agreement to gradually extend this arrangement to BNP Paribas Fortis as from 2013. BP²I is 50/50-owned by BNPP and IBM France; IBM France is responsible for daily operations, with a strong commitment of BNPP as a significant shareholder.

Section C – Securities

Element

Title

C.1

Type and class of Securities/ISIN

The Securities are certificates ("Certificates") and are issued in Series.

The Series Number of the Securities is CE3345AC. The Tranche number is 1.

Element

Title

The ISIN is NL0010832218

The Common Code is 107953051

The Securities are cash settled Securities.

C.2

Currency

The currency of this Series of Securities is Euro (“EUR”).

C.5

Restrictions on free transferability

The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Austria, Belgium, the Czech Republic, France, Germany, Hungary, Ireland, Portugal, Spain, Sweden, the Republic of Italy, the Netherlands, Poland, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in which the relevant

Securities are offered or sold.

C.8

Rights attaching to the Securities

Securities issued under the Programme will have terms and conditions relating to, among other matters:

Status

The Certificates are issued on a unsecured basis. Securities issued on an unsecured basis constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of the Issuer

(save for statutorily preferred exceptions).

Taxation

The Holder must pay all taxes, duties and/or expenses arising from the exercise and settlement or redemption of the W&C Securities and/or the delivery or transfer of the Entitlement. The Issuer shall deduct from amounts payable or assets deliverable to Holders certain taxes and expenses not previously deducted from amounts paid or assets delivered to Holders, as the Calculation Agent determines are attributable to the W&C

Securities.

Negative pledge

The terms of the Securities will not contain a negative pledge provision.

Events of Default

The terms of the Securities will not contain events of default.

Meetings

The terms of the Securities will contain provisions for calling meetings of holders of such Securities to consider matters affecting their interests

generally. These provisions permit defined majorities to bind all holders,

Element

Title

including holders who did not attend and vote at the relevant meeting and

holders who voted in a manner contrary to the majority.

C.9

Interest/Redemption

Governing law

The W&C Securities, the English Law Agency Agreement (as amended or supplemented from time to time), the Related Guarantee in respect of the W&C Securities and any non-contractual obligations arising out of or in connection with the W&C Securities, the English Law Agency Agreement (as amended or supplemented from time to time) and the Guarantee in respect of the W&C Securities will be governed by and shall be construed in accordance with English law.

Interest

The Securities do not bear or pay interest or premium amount.

Redemption

Unless previously redeemed or cancelled, each Security will be redeemed as set out in Element C.18.

The Certificates may also be redeemed early on occurrence of an Additional Disruption Event, an Optional Additional Disruption Event, an Extraordinary Event, a Potential Adjustment Event or if performance of the Issuer's obligations under the Securities becomes illegal, or becomes illegal or impractical by reason of force majeure or act of state. The amount payable under the Securities on early redemption will be the fair

market value of each Security less hedge costs.

Representative of Holders

No representative of the Holders has been appointed by the Issuer. Please also refer to item C.8 above for rights attaching to the Securities.

C.10

Derivative component in the

interest payment

Not Applicable

C.11

Admission to Trading

Application will be made by the Issuer (or on its behalf) for the Securities to be admitted to trading on the electronic "Securitised Derivatives

Market" ("SeDeX"), organised and managed by Borsa Italiana S.p.A .

C.15

How the value of the investment in the derivative securities is affected by the value of the

underlying assets

The amount payable on redemption is calculated by reference to the “Underlying Reference(s). See item C.9 above and C.18 below.

Element

Title

C.16

Maturity of the derivative Securities

The Exercise Date of the Securities is 5 July 2016 and the Redemption Date is 14 July 2016.

C.17

Settlement Procedure

This Series of Securities is cash settled.

The Issuer does not have the option to vary settlement.

C.18

Return on derivative securities

See Element C.8 above for the rights attaching to the Securities.

Final Redemption

The Certificates will be automatically exercised on the Exercise Date. Upon automatic exercise each Certificate entitles the Holder to receive on the Exercise Settlement Date a Cash Settlement Amount equal to the Final Payout.

The Final Payout is an amount equal to:

Notional Amount multiplied by the SPS Payout

SPS Reverse Convertible Securities

Constant Percentage1 ; or

(D) if a Knock-in Event has occurred:

Max (Constant Percentage 2 + Gearing x Option; 0%)

Description of Payout

• if no Knock-in Event has occurred, a fixed percentage equal to the Constant Percentage 1;

• if a Knock-in Event has occurred and Option is Forward, indexation to the value of the Underlying Reference(s);

Notional Amount is 100 EUR

Constant Percentage 1 means 103.6%

Constant Percentage 2 means 100%

Option means Forward

Forwardmeans Final Redemption Value – Strike Percentage

Gearing means 100%

Strike Percentage means 100%

Element

Title

Final Redemption Value means the Underlying Reference Value;

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price;

Underlying Reference is as set out in item C.20 below;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means the SPS Redemption Valuation Date;

SPS Redemption Valuation Date means the Redemption Valuation Date;

Strike Price Closing Value is applicable;

Underlying Reference Strike Price” means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means in respect of a SPS Valuation Date, the Closing Price in respect of such day.

Where:

SPS Valuation Date means the Strike Date.

Strike Date means 4 July 2014.

Provisions for the purposes of determining the Knock-in Event

Applicable.

If the Knock-in Value is less than the Knock-in Level on the Knock-in Determination Day

Knock-in Value means the Underlying Reference Value;

Underlying Reference is as set out in item C.20 below;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date" means the Knock-in Determination Day;

Knock-in Determination Day means the Redemption Valuation Date

Strike Price Closing Value is applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date.

In respect of the Strike Date:

Element

Title

Underlying Reference Closing Price Value means in respect of a SPS Valuation Date, the Closing Price in respect of such day.

Where:

“SPS Valuation Date” means the Strike Date.

Strike Date means 4 July 2014.

Knock-in Level means 65%

Redemption Valuation Date means 4 July 2016.

Automatic Early Redemption

If on any Automatic Early Redemption Valuation Date an Automatic Early Redemption Event occurs, the Securities will be redeemed early at the Automatic Early Redemption Amount (if any) on the Automatic Early Redemption Date

Automatic Early Redemption Event: If on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic Early Redemption Level

Standard Automatic Early Redemption: Applicable

SPS Automatic Early Redemption Payout:

Notional Amount x (AER Redemption Percentage + AER Exit Rate)

AER Redemption Percentage: 100%

Automatic Early Redemption Date(s): 16 July 2015 (i = 1).

SPS AER Valuation: Applicable

SPS AER Value: Underlying Reference Value

Underlying Reference is as set out in item C.20 below;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means each Automatic Early Redemption Valuation Date;

Strike Price Closing Value is applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date.

Element

Title

In respect of the Strike Date:

Underlying Reference Closing Price Value means in respect of a SPS Valuation Date, the Closing Price in respect of such day.

Where:

SPS Valuation Date means the Strike Date.

Strike Date means 4 July 2014.

Automatic Early Redemption Level: 100%

AER Exit Rate is the AER Rate

AER Rate: i × 3.60% (for i=1)

Automatic Early Redemption Valuation Date(s): 6 July 2016 (i = 1).

C.19

Final reference price of the Underlying

The final reference price of the underlying will be determined in accordance with the valuation mechanics set out in Element C.9 and C.18 above

C.20

Underlying

The Underlying References specified in Element C.18 above are:

ENEL S.p.a

Website: xxx.xxxx.xxx

Information on the Underlying Reference can be obtained from xxx.xxxxxxxxxxxxx.xx.

Section D – Risks

Element	Title
D.2	Key risks regarding the Issuer [and the Guarantor]	There are certain factors that may affect the Issuer's ability to fulfil its obligations under the Securities issued under the Programme [and the Guarantor's obligations under the Guarantee.
		Twelve main categories of risk are inherent in BNPP's activities:
		• Credit Risk;
		• Counterparty Risk;
		• Securitisation;
		• Market Risk;
		• Operational Risk;
		• Compliance and Reputation Risk;
		• Concentration Risk;

Element

Title

• Asset-liability management Risk;

• Breakeven Risk;

• Strategy Risk;

• Liquidity and refinancing Risk;

• Insurance subscription Risk.

Difficult market and economic conditions could have a material adverse effect on the operating environment for financial institutions and hence on BNPP's financial condition, results of operations and cost of risk.

Legislative action and regulatory measures taken in response to the global financial crisis may materially impact BNPP and the financial and economic environment in which it operates.

BNPP's access to and cost of funding could be adversely affected by a resurgence of the Euro-zone sovereign debt crisis, worsening economic conditions, further rating downgrades or other factors.

A substantial increase in new provisions or a shortfall in the level of previously recorded provisions could adversely affect BNPP's results of operations and financial condition.

BNPP may incur significant losses on its trading and investment activities due to market fluctuations and volatility.

BNPP may generate lower revenues from brokerage and other commission and fee-based businesses during market downturns.

Protracted market declines can reduce liquidity in the markets, making it harder to sell assets and possibly leading to material losses.

Significant interest rate changes could adversely affect BNPP's revenues or profitability.

The soundness and conduct of other financial institutions and market participants could adversely affect BNPP.

BNPP's competitive position could be harmed if its reputation is damaged.

An interruption in or a breach of BNPP's information systems may result in lost business and other losses.

Unforeseen external events can interrupt BNPP's operations and cause substantial losses and additional costs.

BNPP is subject to extensive and evolving regulatory regimes in the countries and regions in which it operates notably as referred to in the

Element

Title

penultimate paragraph of Element B.12 of this Summary.

Notwithstanding BNPP's risk management policies, procedures and methods, it could still be exposed to unidentified or unanticipated risks, which could lead to material losses.

BNPP's hedging strategies may not prevent losses.

BNPP may experience difficulties integrating acquired companies and may be unable to realise the benefits expected from its acquisitions.

Intense competition, especially in France where it has the largest single concentration of its businesses, could adversely affect BNPP's revenues and profitability.

The following risk factors relate to BNPP B.V.: BNPP B.V. is an operating company. BNPP B.V.'s sole business is the raising and borrowing of money by issuing securities such as Notes, Warrants or Certificates or other obligations. BNPP B.V. has, and will have, no assets other than hedging agreements (OTC contracts mentioned in the Annual Reports), cash and fees payable to it, or other assets acquired by it, in each case in connection with the issue of securities or entry into other obligations related thereto from time to time. BNPP B.V. has a small equity and limited profit base. The net proceeds from each issue of Securities issued by the Issuer will become part of the general funds of BNPP B.V. BNPP

B.V. uses such proceeds to hedge its market risk by acquiring hedging instruments from BNP Paribas and BNP Paribas entities ("Hedging Agreements") and/or, in the case of Secured Securities, to acquire Collateral Assets. The ability of BNPP B.V. to meet its obligations under Securities issued by it will depend on the receipt by it of payments under the relevant Hedging Agreements. Consequently, Holders of BNPP B.V. Securities will, subject to the provisions of the relevant Guarantee, be exposed to the ability of BNP Paribas and BNP Paribas entities to perform their obligations under such Hedging Agreements. Securities sold in the

United States or to U.S. Persons may be subject to transfer restrictions.

D.3

Key risks regarding the Securities

There are certain factors which are material for the purposes of assessing the market risks associated with Securities issued under the Programme, including that Securities are unsecured obligations;

the trading price of the Securities is affected by a number of factors including, but not limited to, the price of the relevant Underlying Reference;

time to redemption and volatility and such factors mean that the trading price of the Securities may be below the Cash Settlement Amount;

exposure to the Underlying Reference in many cases will be achieved by the relevant Issuer entering into hedging arrangements and potential investors are exposed to the performance of these hedging arrangements

Element

Title

and events that may affect the hedging arrangements and consequently the occurrence of any of these events may affect the value of the Securities,

the occurrence of an additional disruption event or optional additional disruption event may lead to an adjustment to the Securities, early redemption or may result in the amount payable on scheduled redemption being different from the amount expected to be paid at scheduled redemption and consequently the occurrence of an additional disruption event and/or optional additional disruption event may have an adverse effect on the value or liquidity of the Securities;

expenses and taxation may be payable in respect of the Securities;

the Securities may be redeemed in the case of illegality or impracticability and such cancellation or redemption may result in an investor not realising a return on an investment in the Securities;

the meetings of Holders provisions permit defined majorities to bind all Holders;

any judicial decision or change to an administrative practice or change to English law after the date of the Base Prospectus could materially adversely impact the value of any Securities affected by it;

a reduction in the rating, if any, accorded to outstanding debt securities of the Issuer or Guarantor by a credit rating agency could result in a reduction in the trading value of the Securities;

certain conflicts of interest may arise (see Element E.4 below);

the only means through which a Holder can realise value from the Security prior to its Redemption Date is to sell it at its then market price in an available secondary market and that there may be no secondary market for the Securities (which could mean that an investor has to wait until redemption of the Securities to realise a greater value than its trading value)

an active secondary market may never be established or may be illiquid and this may adversely affect the value at which an investor may sell its Securities (investors may suffer a partial or total loss of the amount of their investment).

In addition, there are specific risks in relation to Securities which are linked to an Underlying Reference and an investment in such Securities will entail significant risks not associated with an investment in a conventional debt security. Risk factors in relation to Underlying Reference linked Securities include:

exposure to the Shares in that investors are exposed to similar market risks as in a direct equity investment, potential adjustment events, extraordinary

Element

Title

events affecting Shares and market disruption and failure to open of an exchange which may have an adverse effect on the value and liquidity of the Securities;

that the Certificates may be early redeemed in certain circumstances and that the Issuer will not provide post-issuance information in relation to the Underlying Reference.

In certain circumstances Holders may lose the entire value of their investment

In certain circumstances Holders may lose the entire value of their investment.

D.6

Risk warning

See Element D.3 above.

In the event of the insolvency of the Issuer or if it is otherwise unable or unwilling to repay the Securities when repayment falls due, an investor may lose all or part of his investment in the Securities.

If the Guarantor is unable or unwilling to meet its obligations under the Guarantee when due, an investor may lose all or part of his investment in the Securities.

In addition, investors may lose all or part of their investment in the Securities as a result of the terms and conditions of the Securities.

Section E – Offer

Element

Title

E.2b

Reasons for the offer and use of proceeds

The net proceeds from the issue of the Securities will become part of the general funds of the Issuer. Such proceeds may be used to maintain

positions in options or futures contracts or other hedging instruments

E.3

Terms and conditions of the offer

This issue of Securities is being offered in a Non-Exempt Offer in Italy. Offer will take place from 3 July 2014 to 4 July 2014.

The issue price of the Securities is EUR 100

E.4

Interest of natural and legal persons involved in the issue/offer

Any Manager and its affiliates may also have engaged, and may in the future engage, in investment banking and/or commercial banking transactions with, and may perform other services for, the Issuer and the Guarantor and their affiliates in the ordinary course of business.

Other than as mentioned above, and save for the fact that Banca Nationale Del Lavoro S.p.A will receive from the Issuer placement fees included in the Issue Price of the Securities equal to a maximum annual amount of 0.75% of the issue proceeds, so far as the Issuer is aware, no person involved in the issue of the Securities has an interest material to the offer,

including conflicting interests.

Element

Title

E.7

Expenses charged to the investor by the

Issuer

No expenses are being charged to an investor by the Issuer.

NOTICE TO THE HOLDERS

Up to 100,000 EUR “Athena Plus” Certificates relating to ENEL S.p.a due 14 July 2016 ISIN Code: NL0010832218

This Notice is dated 7th July 2014 and should be read in conjunction with the Final Terms dated 9 July 2014 in respect of the Securities. Any information not updated or amended herein should be regarded as unchanged.

Further to the public offer in Italy by BNP Paribas Arbitrage Issuance B.V. (the Issuer) of Up to 100,000 EUR “Athena Plus” Certificates relating to ENEL S.p.a due 14 July 2016, referred to here above, the total number of Securities to be issued is 100,000 Securities (i.e. EUR 10,000,000) at an issue price of EUR 100 per Security. The Issue Date of the Securities is 9 July 2014.

The Holders are informed that on page 3 of the Final Terms in § 12 Final Payout and on page 6 in § 40 Knock-in Event it should be noted that:

"Underlying Reference Strike Price" means 4.306.

Holders are also informed that, for the avoidance of doubt and for the purposes of listing the Certificates on SeDeX only:

for the purposes of determining the occurrence of a Knock-in Event pursuant to the provisions in § 40, the Knock-in Level means 65 per cent (i.e. 2.7989).

Copies of such Notice may be downloaded on the following website: xxxx://xxx.xxxxxxxxxxxxxxx.xxx

Application will be made as soon as possible to list the Securities on the Italian Stock Exchange and to admit the Securities for trading described herein on the electronic “Securitised Derivatives Market” (the SeDeX”) (a regulated market for the purposes of the Markets in financial instruments Directive 2004/39/ CE, the “Regulated Market”) organised and managed by Borsa Italiana S.p.A

Signed on behalf of BNP Paribas Arbitrage Issuance B.V. As Issuer:

12 August 2014

NOTICE

Notice to Holders of:

100,000 EUR “Athena Plus” Certificates relating to ENEL S.p.a due 14 July 2016 ISIN Code: NL0010832218

(the “Certificates”)

issued by BNP Paribas Arbitrage Issuance B.V. (the “Issuer”) and guaranteed by BNP Paribas

pursuant to the Warrant and Certificate Programme of

BNP Paribas Arbitrage Issuance B.V. and BNP Paribas (the “Programme”)

Holders are informed that the Issuer, in accordance with Condition 9.5, Modifications, has modified the Terms and Conditions to correct a manifest error in the Final Terms.

The Automatic Early Redemption Valuation Date as stated on pages 9 and 32 of the Final Terms as quoted below:

5 July 2016

is amended to read as follows:

5 July 2015

Unless they have been otherwise defined in this notice, capitalised terms used herein shall have the meanings given to them in the Base Prospectus.

BNP Paribas Arbitrage Issuance B.V.

Acting in its capacity as Issuer

29 August 2014

NOTICE

Notice to Holders of:

100,000 EUR “Athena Plus” Certificates relating to ENEL S.p.a due 14 July 2016 ISIN Code: NL0010832218

(the “Certificates”)

issued by BNP Paribas Arbitrage Issuance B.V. (the “Issuer”) and guaranteed by BNP Paribas

pursuant to the Warrant and Certificate Programme of

BNP Paribas Arbitrage Issuance B.V. and BNP Paribas (the “Programme”)

Holders are informed that the Issuer, in accordance with Condition 9.5, Modifications, has modified the Terms and Conditions to correct some manifest errors in the Final Terms.

The following provisions as stated in the Final Terms in Part A on page 3 in paragraph 7, on page 3 in paragraph 12, on page 5 in paragraph 26(l), on page 9 in paragraph 43(i) (xii), on page 9 in paragraph 43(m), in the Issue Specific Summary on page 32 in Element C.18 as quoted below:

Form of Securities:

Clearing System Global Security.

12.

Final Payout

NA x SPS Payout

NA means the Nominal Amount.

26.

(l) Valuation Time:

Conditions apply.

43 (xii) Automatic Early Redemption Valuation Date(s)/Period(s):

5 July 2016 (i = 1).

43 (m) Redemption Valuation

Date:

Exercise Date.

Automatic Early Redemption Valuation Date(s): 6 July 2016 (i = 1).

are amended to read as follows:

7.	Form of Securities:	Italian Dematerialised Securities
12.	Final Payout	NA x SPS Payout
		NA means the Notional Amount.
26.	(l) Valuation Time:	The Valuation Time will be the time when the Italian Securities Reference Price of the Underlying Share is determined by the Exchange

43 (xii) Automatic Early Redemption Valuation Date(s)/Period(s):

6 July 2015 (i = 1).

43 (m) Redemption Valuation

Date:

4 July 2016

Automatic Early Redemption Valuation Date(s): 6 July 2015 (i = 1).

Unless they have been otherwise defined in this notice, capitalised terms used herein shall have the meanings given to them in the Base Prospectus.

BNP Paribas Arbitrage Issuance B.V.

Acting in its capacity as Issuer

By: ..Xxxxx XXXXXXX.. Duly authorised

FINAL TERMS DATED 1 JULY 2014

BNP Paribas Arbitrage Issuance B.V.

(incorporated in The Netherlands) (as Issuer)

BNP Paribas

(incorporated in France) (as Guarantor)

(Note, Warrant and Certificate Programme)

Up to 100,000 EUR “Autocallable Reverse Convertible” Certificates relating to the shares of FIAT SpA due 6 August 2018

ISIN Code: NL0010831111

BNP Paribas Arbitrage S.N.C.

(as Manager)

The Certificates are offered to the public in the Republic of Italy from 1 July 2014 to 25 July 2014

Any person making or intending to make an offer of the Securities may only do so:

None of the Issuer, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances.

PART A – CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 5 June 2014 which constitutes a base prospectus for the purposes of Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). The Base Prospectus has been passported into Italy in compliance with Article 18 of the Prospectus Directive. This document constitutes the Final Terms of the Securities described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in conjunction with the Base Prospectus. Full information on BNP Paribas Arbitrage Issuance B.V. (the "Issuer"), BNP Paribas (the "Guarantor") and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the Securities (which comprises the Summary in the Base Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The Base Prospectus and these Final Terms are available for viewing on xxx.xxxxxxxxxxxxxxx.xxx and copies may be obtained free of charge at the specified offices of the Security Agents. The Base Prospectus will also be available on the AMF website xxx.xxx-xxxxxx.xxx .

SPECIFIC PROVISIONS FOR EACH SERIES

SERIES NUMBER

NO. OF SECURITIES ISSUED

NO OF ISIN SECURITIES

COMMON CODE

ISSUE PRICE PER SECURITY

EXERCISE DATE

CE3423AC Up to 100,000 Up to 100,000 NL0010831111 107802819 EUR 100 25 July 2018 GENERAL PROVISIONS

The following terms apply to each series of Securities:

1. Issuer: BNP Paribas Arbitrage Issuance B.V.

2. Guarantor: BNP Paribas

3. Trade Date: 6 June 2014

4. Issue Date 30 July 2014

5. Consolidation: Not applicable

6. Type of Securities: (a) Certificates

(b) The Securities are Share Securities

Automatic Exercise of Certificates applies to the Certificates The Exercise Date is 25 July 2018 or, if such day is not a Business Day, the immediately succeeding Business Day. The Exercise Date will be subject to the same adjustments

provided for the Redemption Valuation Date. The Exercise Settlement Date is 6 August 2018.

The minimum number of Securities that may be exercised by the Holder is (1) one Security and in excess thereof by multiples of (1) one Security.

The provisions of Annex 3 (Additional Terms and Conditions for Share Securities) shall apply.

7. Form of Securities: Italian Dematerialised Securities

8. Business Day Centre(s): The applicable Business Day Centre for the purposes of the

definition of "Business Day" in Condition 1 is TARGET2.

9. Settlement: Settlement will be by way of cash payment (Cash Settled Securities).

10. Rounding Convention for Cash Settlement Amount:

11. Variation of Settlement:

Not applicable

respect of the Securities.

Issuer's option to vary settlement: The Issuer does not have the option to vary settlement in

12. Final Payout NA x SPS Payout

NA means the Nominal Amount.

SPS Reverse Convertible Securities

(A) if no Knock-in Event has occurred:

Constant Percentage 1 ; or

(B) if a Knock-in Event has occurred:

Max (Constant Percentage 2 + Gearing x Option; 0%)

“Constant Percentage 1” means 115%

“Constant Percentage 2” means 100% “Option” means Forward

“Forward”means Final Redemption Value – Strike Percentage

“Gearing” means 100%

“Strike Percentage” means 100%

"Final Redemption Value" means the Underlying Reference Value;

"Underlying Reference Value" means, in respect of an

Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date

(ii) divided by the relevant Underlying Reference Strike Price;

"Underlying Reference" is as set out in item 26 (a) below;

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

“SPS Valuation Date” means the SPS Redemption Valuation Date;

“SPS Redemption Valuation Date” means the Redemption Valuation Date;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

Payout Switch: Not applicable

Aggregation: Not applicable

13. Relevant Asset(s): Not applicable

14. Entitlement: Not applicable

15. Exchange Rate Not applicable

16. Settlement Currency: The settlement currency for the payment of the Cash Settlement Amount is Euro ("EUR")

17. Syndication: The Securities will be distributed on a non-syndicated basis.

18. Minimum Trading Size: Not applicable

19. Principal Security Agent: BNP Paribas Securities Services, Xxxxx Xxxxxx

20. Registrar: Not applicable

21. Calculation Agent: BNP Paribas Arbitrage S.N.C.

000-000 xxxxxxxxx XxxXxxxxx, 00000 Xxxxx, Xxxxxx.

22. Governing law: English law

23. Masse provisions (Condition 9.4): Not applicable

PRODUCT SPECIFIC PROVISIONS (ALL SECURITIES)

24. Hybrid Securities Not applicable

25. Index Securities: Not applicable

26. Share Securities: Applicable.

(a) Share(s)/Share Company/Basket An ordinary shares capital of Fiat S.p.A. (the "Share

	Company/GDR/ADR:	Company"), (Bloomberg Code: F IM <Equity> (the
(b)	Relative Performance Basket:	“Underlying Share"). Not applicable
(c)	Share Currency:	EUR
(d)	ISIN of Share(s):	IT0001976403
(e)	Exchange(s):	Italian Stock Exchange
(f)	Related Exchange(s):	All Exchanges
(g)	Exchange Business Day:	Single Share Basis
(h)	Scheduled Trading Day:	Single Share Basis
(i)	Weighting:	Not applicable
(j)	Settlement Price:	Not applicable

(k) Specified Maximum Days of Disruption:

Three (3)Scheduled Trading Days

(l) Valuation Time: The Valuation Time will be the time when the Italian Securities Reference Price of the Underlying Share is determined by the Exchange.

(m) Delayed Redemption on Occurrence of an Extraordinary Event (in the case of Certificates only):

Not applicable

(n) Share Correction Period As per Conditions

(o) Dividend Payment: Not applicable

(p) Listing Change: Not applicable

(q) Listing Suspension: Not applicable

(r) Illiquidity: Not applicable

(s) Tender Offer: Applicable

27. ETI Securities Not applicable

28. Debt Securities: Not applicable

29. Commodity Securities: Not applicable

30. Inflation Index Securities: Not applicable

31. Currency Securities: Not applicable

32. Fund Securities: Not applicable

33. Futures Securities: Not applicable

34. Credit Securities: Not applicable

35. Underlying Interest Rate Securities: Not applicable

36. Preference Share Certificates: Not applicable

37. OET Certificates: Not applicable

38. Additional Disruption Events: Applicable

Hedging Disruption does not apply to the Securities.

39. Optional Additional Disruption Events: (a) The following Optional Additional Disruption

Events apply to the Securities: Insolvency Filing

(b) Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event (in the case of Certificates): Not applicable

40. Knock-in Event: Applicable

If the Knock-in Value is less than the Knock-in Level on the Knock-in Determination Day

(a) SPS Knock-in Valuation: Applicable.

"Knock-in Value" means the Underlying Reference Value;

(ii) divided by the relevant Underlying Reference Strike Price,

"Underlying Reference" is as set out in § 26 (a)

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

"SPS Valuation Date" means the Knock-in Determination Day;

“Strike Price Closing Value”: Applicable;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

(b) Level: Not applicable

60%

(d) Knock-in Period Beginning Date: Not applicable

(e) Knock-in Period Beginning Date Day Convention:

Not applicable.

(f) Knock-in Determination Period: Not applicable.

(g) Knock-in Determination Day(s): The Redemption Valuation Date.

(h) Knock-in Period Ending Date: Not applicable.

(i) Knock-in Period Ending Date Day Convention:

Not applicable.

(j) Knock-in Valuation Time: Valuation Time.

(k) Knock-in Observation Price Source: Not applicable

(l) Disruption Consequences: Not applicable.

41. Knock-out Event: Not applicable

PROVISIONS RELATING TO WARRANTS

42. Provisions relating to Warrants: Not applicable

PROVISIONS RELATING TO CERTIFICATES

43. Provisions relating to Certificates: Applicable

(a)	Notional	Amount	of	each	EUR 100
	Certificate:
(b)	Partly Paid Certificates:				The Certificates are not Partly Paid Certificates.
(c)	Interest:				Not applicable
(d)	Fixed Rate Provisions				Not Applicable
(e)	Floating Rate Provisions				Not Applicable
(f)	Screen rate Determination				Not applicable.
(g)	ISDA Determination				Not applicable.
(h)	FBF Determination				Not applicable.
(i)	Linked Interest Certificates				Not applicable.
(j)	Payment of Premium Amount(s):				Applicable.

(i) Premium Amount(s) EUR 4.50

(ii) Linked Premium Amount Certificates:

Not applicable

(iii) Premium Amount

Payment Date(s):

6 August 2015 (i=1) and 4 August 2016 (i=2)

(iv) Premium Amount Rate : Not applicable

(v) Premium Amount Record Date(s):

31 July 2015 (i=1) and 29 July 2016 (i=2)

(k) Index Linked Premium Amount Certificates:

Not applicable

(l) Share Linked Premium Amount Certificates:

Not applicable

(m) ETI Linked Premium Amount Certificates:

Not applicable

(n) Debt Linked Premium Amount Certificates:

Not applicable

(o) Commodity Linked Premium Amount Certificates:

Not applicable

(p) Inflation Index Linked Premium Amount Certificates

Not applicable

(q) Currency Linked Premium Amount Certificates:

Not applicable

(r) Fund Linked Premium Amount Certificates:

Not applicable

(s) Futures Linked Premium Amount Certificates:

Not applicable

(t) Underlying Interest Rate Linked Interest Provisions

Not applicable

(u) Instalment Certificates: The Certificates are not Instalment Certificates.

(v) Issuer Call Option: Not applicable

(w) Holder Put Option: Not applicable

(x) Automatic Early Redemption

Applicable

(i) Automatic Early Redemption Event:

(ii) Automatic Early Redemption Payout:

(iii) Automatic Early Redemption Date(s):

Single Standard Automatic Early Redemption:

If on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic Early Redemption Level

SPS Automatic Early Redemption Payout:

NA x (AER Redemption Percentage + AER Exit Rate)

AER Redemption Percentage means 100%

6 August 2015 (i=1); 4 August 2016 (i=2) and 4

August 2017 (i=3).

(iv) Observation Price Source: Not applicable

(v) Underlying Reference

Level: Not applicable

SPS AER Valuation: Applicable

"SPS AER Value" means the Underlying Reference Value;

“Strike Price Closing Value”: Applicable;

“Underlying Reference Value” means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price.

"Underlying Reference" is as set out in § 26 (a);

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

"SPS Valuation Date" means each Automatic Early Redemption Valuation Date;

“Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

(vi) Automatic Early Redemption Level:

in respect of (i=1) and (i=2) : 100% in respect of (i=3) : 85%

(vii) Automatic Early

Redemption Percentage:

Not applicable

(viii) Automatic Early

Redemption Percentage Up:

Not applicable

(ix) Automatic Early Redemption Percentage Down:

Not applicable

i	AER Rate
1	4.5%
2	4.5%
3	10%

(x) AER Rate:

i is a number from 1 to 3 representing the relevant Automatic Redemption Valuation Date.

(xi) AER Exit Rate: AER Rate

(xii) Automatic Early

Redemption Valuation Date(s)/Period(s):

27 July 2015 (i=1); 25 July 2016 (i=2) and 25 July 2017 (i=3).

(y) Renouncement Notice Cut-off Time:

10.00 pm (Milan Time) on the Exercise Date

(z) Strike Date: 25 July 2014.

(aa) Strike Price: Not applicable. (bb) Redemption Valuation Date: The Exercise Date

(cc)	Averaging:	Averaging does not apply to the Securities
(dd)	Observation Dates:	Not applicable
(ee)	Observation Period:	Not applicable
(ff)	Settlement Business Day:	Not applicable
(gg)	Cut-off Date:	Not applicable

DISTRIBUTION AND US SALES ELIGIBILITY

44. U.S. Selling Restrictions: Not applicable

45. Additional U.S. Federal income tax consequences:

Not applicable

46. Registered dealer: Not applicable

47. TEFRA C or TEFRA Not Applicable: TEFRA Not Applicable

48. Non-exempt Offer: Applicable

49. (a) Non-exempt Offer Jurisdictions: Republic of Italy

(b) Offer Period: From 1 July 2014 until and including 25 July 2014

(c) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it:

Not applicable. See “Placing and Underwriting” of Part B.

(d) General Consent: Not applicable.

(e) Other Conditions to consent Not applicable.

PROVISIONS RELATING TO COLLATERAL AND SECURITY

50. Collateral Security Conditions: Not applicable

Responsibility

Signed on behalf of BNP Paribas Arbitrage Issuance B.V. As Issuer:

By: .. Xxxxx XXXXXXX ... Duly authorised

PART B – OTHER INFORMATION

1. Listing and Admission to trading

Application will be made for the Securities to be admitted to trading on the Multilateral Trading Facility EuroTLX (managed by EuroTLX SIM S.p.A.) (the "Euro TLX"). The Issuer is not a sponsor of, nor is it responsible for, the admission and trading of the Securities on the EuroTLX and no assurance can be given that any such application will be successful.

2. Ratings

The Securities have not been rated.

The rating of the Issuer is A+ from Standard and Poor's.

The rating of the Guarantor is A1 from Moody's and A+ from Standard and Poor's.

Moody's and Standard & Poor's are established in the European Union and are registered under Regulation (EC) No. 1060/2009 (as amended).

3. Interests of Natural and Legal Persons Involved in the Offer

Investors shall be aware of the fact that Banca Nazionale del Lavoro S.p.A. (the “Distributor”), belongs to the same Group as the Issuer, the BNP Paribas Group. In this respect, investors shall also be informed of the fact that the Distributor will receive from the Issuer placement fees implicit in the Issue Price of the Securities equal to a maximum annual amount of 1% of the Issue Amount. All placement fees will be paid out upfront.

Save as described above and discussed in the "Potential Conflicts of Interest" paragraph in the "Risk Factors" in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

4. Performance of Underlying / Formula / Other Variable and Other Information concerning the Underlying Reference

See the Base Prospectus for an explanation of effect on value of Investment and associated risks in investing in Securities.

Past and further performances of the Underlying Share are available on the relevant Exchange website xxx.xxxxxxxxxxxxx.xx and its volatility may be obtained at the office of the Calculation Agent by mail to the following address: xxxxxxxxxxxxxxx@xxxxxxxxxx.xxx

The Issuer does not intend to provide post-issuance information.

5. Operational Information

Relevant Clearing System(s): Monte Titoli

6. Terms and Conditions of the Public Offer

Offer Price: The Issue Price (of which a maximum amount of 1.50% is represented by commissions payable to the Distributor).

Conditions to which the offer is subject: The Offer of the Securities is conditional on their

issue.

subject to availability in the order of receipt of investors' applications. The final amount of the Securities issued will be determined by the Issuer in light of prevailing market conditions, and in its sole and absolute discretion depending on the number of Securities which have been agreed to be purchased as of the Issue Date.

Description of the application process: From 1 July 2014 to, and including 25 July 2014,

or such earlier time as the Issuer determines as notified on or around such earlier date by loading the following link xxxx://xxx.xxxxxxxxxxxxxxx.xxx (the Offer End Date).

Application to subscribe for the Securities can be made in Italy through the Distributor. The distribution activity will be carried out in accordance with the usual procedures of the Distributor.

Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the subscription for the Securities.

Details of the minimum and/or maximum amount of application:

Description of possibility to reduce subscriptions and manner for refunding excess amount paid by applicants:

Minimum subscription amount per investor: EUR 100.

Maximum subscription amount per investor: 20,000 * Notional Amount.

The maximum amount of application of Securities will be subject only to availability at the time of the application.

There are no pre-identified allotment criteria.

Not applicable

Details of the method and time limits for paying up and delivering the Securities:

Manner in and date on which results of the offer are to be made public:

Procedure for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:

Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made:

The Securities will be issued on the Issue Date against payment to the Issuer by the Distributor of the gross subscription moneys.

The Securities are cleared through the clearing systems and are due to be delivered through the Distributor on or around the Issue Date.

Publication by means of a notice by loading the following link (xxxx://xxx.xxxxxxxxxxxxxxx.xxx) in each case on or around the Issue Date.

Not applicable

Each investor will be notified by the Distributor of its allocation of Securities after the end of the Offer Period.

No dealings in the Securities may take place prior to the Issue Date.

Amount of any expenses and taxes specifically charged to the subscriber or purchaser:

7. Placing and Underwriting

Name(s) and address(es), to the extent known to the Issuer, of the placers in the various countries where the offer takes place:

The Issuer is not aware of any expenses and taxes specifically charged to the subscriber.

For the Offer Price which includes the commissions payable to the Distributor see above "Offer Price".

See section “Italian Taxation” in the Base Prospectus.

None

Name and address of the co-ordinator(s) of the global offer and of single parts of the offer:

Name and address of any paying agents and depository agents in each country (in addition to the Principal Security Agent):

Not applicable

BNP Paribas Securities Services, Xxxxx Xxxxxx Xxx Xxxxxxxx 0, 00000, Xxxxxx, Xxxxx

Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements:

The placement activity will be carried out by:

Banca Nazionale del Lavoro S.p.A.

Xxx X. Xxxxxx, 000 00000 Xxxx, Xxxxx.

(the “Distributor”)

No underwriting commitment is undertaken by the Distributor.

When the underwriting agreement has been or will be reached:

8. Yield (in the case of Certificates)

Not applicable.

9. Form of Renouncement Notice

Not applicable

RENOUNCEMENT NOTICE

(to be completed by the Holder of the Security) BNP Paribas Arbitrage Issuance B.V.

Up to 100,000 EUR “Autocallable Reverse Convertible” Certificates relating to the shares of FIAT SpA due 6 August 2018

ISIN Code: NL0010831111

(the "Securities") To: BNP Paribas Securities Services, Xxxxx Xxxxxx

Xxx Xxxxxxxx 0, 00000 Xxxxxx, Xxxxx

Fax No: (00) 00 00000 000

We/I the undersigned Holder(s) of the Securities

Series No. of the Securities:

Number of Securities the subject of this notice:

Expressions defined in the Security Terms shall bear the same meanings in this Renouncement Notice. Place and date:

Signature of the Holder

Name of beneficial owner of the Securities Signature

Di seguito è riportato in lingua italiana il contenuto dei Final Terms (cd. Condizioni Definitive), applicabili agli strumenti finanziari di seguito individuati, fermo restando che (i) il testo di lingua inglese prevarrà in caso di eventuale divergenza con, od omissioni nella, presente traduzione, (ii) ai sensi della vigente normativa applicabile in materia di prospetti, non sussiste alcun obbligo di effettuare, ovvero consegnare, la presente traduzione ai potenziali investitori, né di trasmetterla ad alcuna autorità, (iii) la presente traduzione è effettuata esclusivamente al fine di agevolare la lettura da parte dei potenziali investitori del testo in lingua inglese dei Final Terms redatto ai sensi dell’Articolo 5.4 della Direttiva Prospetti (come di seguito definita), e, in tal senso, (iv) i potenziali investitori sono invitati, ai fini di avere una informativa completa sull'Emittente e sull’offerta degli strumenti finanziari, di seguito individuati, a leggere attentamente le informazioni contenute nei Final Terms e nel Prospetto di Base ed in ogni relativo supplemento e documentazione di offerta di seguito individuata.

CONDIZIONI DEFINITIVE DATATE 1 July 2014

BNP Paribas Arbitrage Issuance B.V.

(società di diritto olandese)

(in qualità di Emittente)

BNP Paribas

(società di diritto francese) (in qualità di Garante)

(Programma di Notes, Warrant e Certificate)

Fino a 100.000 EUR “Autocallable Reverse Convertible” Certificates legati alle azioni di Fiat Spa con scadenza 6 agosto 2018

Codice ISIN: NL0010831111

BNP Paribas Arbitrage S.N.C.

(in qualità di Manager)

I Xxxxxx sono offerti al pubblico in Italia dal 1 luglio 2014 al 25 luglio. 2014

Ogni persona che promuova o che intenda promuovere un'offerta dei Titoli può farlo esclusivamente:

(i) In quelle Giurisdizioni dell’Offerta non Esente indicate al Paragrafo 48 della Parte A che segue, posto che tale persona sia un Manager oppure un Collocatore Autorizzato (come tale termine definito nel Prospetto di Base) e che l’offerta sia promossa durante il Periodo di Offerta specificato in tale paragrafo e che qualsiasi condizione relativa all’utilizzo del Prospetto di Base sia rispettata; o

(ii) in circostanze in cui non sorge l'obbligo per l'Emittente o per qualsiasi Manager di pubblicare un prospetto ai sensi dell'Articolo 3 della Direttiva Prospetti o di pubblicare un supplemento ad un prospetto ai sensi dell'Articolo 16 della Direttiva Prospetti, in ciascun caso, in relazione a tale offerta.

Né l'Emittente, né il Garante, né alcuno dei Manager ha autorizzato, né autorizza, lo svolgimento di alcuna offerta di Xxxxxx in alcuna altra circostanza.

Il termine "Direttiva Prospetti" indica la Direttiva 2003/71/CE (e le relative modifiche alla stessa, inclusa la Direttiva di Modifica della Direttiva Prospetti del 2010, nella misura in cui è stata attuata nello Stato Membro Rilevante), ed include ciascuna relativa misura di recepimento nello Stato Membro Rilevante ed il termine Direttiva di Modifica della Direttiva Prospetti del 2010 si riferisce alla Direttiva 2010/73/UE.

Gli investitori dovrebbero considerare che, ove un supplemento al, o una versione aggiornata del, Prospetto di Base menzionato di seguito sia pubblicato in qualsiasi momento durante il Periodo di Offerta (come di seguito definito), tale supplemento o Prospetto di Base aggiornato, a seconda del caso, sarà pubblicato e reso disponibile con le medesime modalità adottate per la pubblicazione delle presenti Condizioni Definitive. Qualsiasi investitore che abbia aderito all'Offerta (come di seguito definita) prima della data di pubblicazione di tale supplemento o

versione aggiornata del Prospetto di Base, a seconda del caso, (la Data di Pubblicazione) ha il diritto entro due giorni lavorativi dalla Data di Pubblicazione di revocare la propria adesione.

PARTE A – CONDIZIONI CONTRATTUALI

I termini utilizzati nel presente documento sono definiti ai fini delle Condizioni di cui al Prospetto di Base datato 5 giugno 2014 i quale costituisce un prospetto di base ai sensi della Direttiva 2003/71/CE (la Direttiva Prospetti). Il Prospetto di Base e ciascun Supplemento al Prospetto di Base sono stati passaportati in Italia in conformità all’Articolo 18 della Direttiva Prospetti. Il presente documento costituisce le Condizioni Definitive dei Titoli qui descritti ai fini dell’Articolo 5.4 della Direttiva Prospetti e va letto unitamente al Prospetto di Base. L'informativa completa su BNP Paribas Arbitrage Issuance B.V. (l'Emittente), BNP Paribas (il Garante) nonché sull'offerta dei Titoli è ricavabile solo sulla base della consultazione congiunta delle presenti Condizioni Definitive e del Prospetto di Base. Una sintesi dei Titoli (che comprende la Sintesi del Prospetto di Base come modificata al fine di riflettere le previsioni delle presenti Condizioni Definitive) è allegata alle presenti Condizioni Definitive. Il Prospetto di Base e le presenti Condizioni Definitive sará disponibile per la consultazione presso il sito internet xxx.xxxxxxxxxxxxxxx.xxx e copie possono essere ottenute gratuitamente presso gli uffici indicati dell'Agente dei Titoli. Il Prospetto di Base sará inoltre disponibile sul sito internet dell'AFM xxx.xxx-xxxxxx.xxx.

Nel presente documento, i riferimenti alle Condizioni numerate sono fatti ai termini e condizioni della relativa serie di Titoli e i termini e le espressioni definiti nei predetti termini e condizioni avranno lo stesso significato nelle presenti Condizioni Definitive, nei limiti in cui si riferiscano a tale serie di Xxxxxx e salvo ove diversamente ed espressamente specificato.

Le presenti Condizioni Definitive riguardano la serie di Xxxxxx indicata al paragrafo "Disposizioni Specifiche relative ad ogni Serie" che segue. Nel presente documento, con "Xxxxxx" si intende fare riferimento ai Titoli oggetto delle presenti Condizioni Definitive. Pertanto, ogni riferimento a "Titolo" deve essere interpretato di conseguenza.

DISPOSIZIONI SPECIFICHE RELATIVE AD OGNI SERIE

Numero di serie

N. di Xxxxxx emessi

N. di Titoli

Codice ISIN

Common Code

Prezzo di emissione per Certificate

Data di Esercizio:

CE3423AC

Fino a 100.000

NL0010831111

107802819

EUR 100

25 luglio2018

DISPOSIZIONI GENERALI

Ad ogni Serie di Xxxxxx si applicano le seguenti condizioni:

1. Emittente: BNP Paribas Arbitrage Issuance B.V.

2. Garante: BNP Paribas

3. Data di Trade: 6 giugno 2014

4. Data di Emissione: 30 luglio 2014

5. Consolidamento: Non applicabile.

6. Tipo di Titoli: (a) Certificates.

(b) I Titoli sono Titoli legati ad Azioni.

L’Esercizio dei Certificates si applica ai Certificates.

La Data di Esercizio (Exercise Date) è il 25 luglio 2018 o, qualora tale giorno non sia un Xxxxxx Xxxxxxxxxx, il Giorno Lavorativo immediatamente successivo.

Alla Data di Xxxxxxxxx si applicheranno i medesimi aggiustamenti applicabili alla Data di Valutazione della Liquidazione.

La Data di Liquidazione (Exercise Settlement Date) è il 6 agosto 2018.

Il numero minimo di Xxxxxx che possono essere esercitati dal Portatore è

(1) un Titolo, e multipli di (1) un Titolo.

Si applicano le previsioni dell'Annex 3 (Ulteriori termini e condizioni per Titoli legati ad Azioni).

7. Forma dei Titoli: Titoli italiani dematerializzati.

8. Centro(i) del Giorno Lavorativo (Business Day Center):

Il Centro del Giorno Lavorativo applicabile ai fini della definizione di "Giorno Lavorativo" di cui alla Condizione 1 è TARGET2

9. Liquidazione (Settlement): La liquidazione avverrà mediante pagamento in contanti (Titoli con

Liquidazione in Contanti).

10. Convenzione di Arrotondamento per l'Importo di Liquidazione in Contanti

Non applicabile

11. Variazione della modalità di Liquidazione:

Opzione dell'Emittente di variare la modalità di liquidazione:

L'Emittente non ha la possibilità di variare la liquidazione con riferimento ai Titoli.

12. Payout Finale NA x SPS Payout

NA significa Ammontare Nominale

Titoli SPS Reverse Convertible

(A) Qualora non si sia verificato alcun evento di Knock-in:

Percentuale Costante1

(B) Qualora si sia verificato un evento di Knock-in:

Max( Percentuale Costante 2 + Gearing x Opzione; 0%)

Percentuale Costante1” significa 115% Percentuale Costante2” significa 100% Opzione” significa Forward

Forward significaValore di Liquidazione Finale - Percentuale di Esercizio

Gearing significa 100%

Percentuale di Esercizio significa 100%

Valore di Liquidazione Finale significa Valore del Sottostante di Riferimento

Valore del Sottostante di Riferimento significa, con riferimento ad un Sottostante di Riferimento e ad una Data di Valutazione SPS, (i) il Valore del Prezzo di Chiusura del Sottostante di Riferimento per tale Sottostante di Riferimento in relazione a tale Data di Valutazione SPS

(ii) diviso per il relativo Prezzo di Strike del Sottostante di Riferimento.

Sottostante di Riferimento è indicato alla voce 26(a) che precede;

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Riferimento dei Titoli Italiani in tale giorno;

Data di Valutazione SPS significa la Data di Valutazione della Liquidazione SPS;

Data di Valutazione della Liquidazione SPS significa la Data di Valutazione della Liquidazione;

Prezzo di Strike del Sottostante di Riferimento significa, in relazione ad un Sottostante di Riferimento, il Valore del Prezzo di Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Chiusura in tale giorno;

Dove:

Data di Valutazione SPS" significa la Data di Strike;

Modifica del Payout: Non applicabile Aggregazione (Aggregation): Non applicabile

13. Asset(s) Rilevanti: Non applicabile.

14. Entitlement: Non applicabile.

15. Tasso di Cambio: Non applicabile.

16. Valuta di Liquidazione: La valuta di liquidazione per il pagamento dell'Importo di

Liquidazione in Contanti è l’Euro ("EUR").

17. Sindacazione (Syndacation): I Titoli saranno distribuiti su base non sindacata.

18. Taglio Minimo di Negoziazione: Non applicabile.

19. Agente Principale per i Titoli: BNP Paribas Securities Services, Succursale di Milano.

20. Registro: Non applicabile.

21. Agente di Calcolo BNP Paribas Arbitrage S.N.C. 000-000 xxxxxxxxx XxxXxxxxx 00000 Xxxxxx

Xxxxxxx

22. Legge Applicabile: Legge inglese.

23. Previsioni sulla Massa (Masse provisions) (Condizione 9.4):

Non applicabile.

DISPOSIZIONI SPECIFICHE PER IL PRODOTTO (TUTTI I TITOLI)

24. Titoli legati ad Ibridi: Not applicabile.

25. Titoli legati ad Indici: Non applicabile.

26. Titoli legati ad Azioni Applicabile.

(a) Azione(i)/Società Emittente l'Azione/Paniere di Società/GDR/ADR:

Azioni ordinarie di Fiat S.p.A. (Codice Bloomberg: F IM Equity) (l'"Azione Sottostante").

(b) Performance Relativa del Paniere Non applicabile.

(d) ISIN dell'Azione(i) IT0001976403

(e) Borsa: Borsa Italiana S.p.A.

(f) Borsa(e) Correlata: Tutte le Borse.

(g) Giorno Lavorativo di Borsa: Single Share Basis

(h) Giorno di Negoziazione Programmato: Single Share Basis

(i) Ponderazione: Non applicabile.

(j) Prezzo di Liquidazione: Non applicabile.

(k) Numero Massimo di Giorni di Turbativa:

Tre (3) Giorni di Negoziazione Programmati.

(l) Orario di Valutazione: L’Orario di Valutazione é l’orario in cui il Prezzo di Riferimento dei

Titoli Italiani del Sottostante di Riferimento è determinato dalla Borsa

(m) Liquidazione Ritardata al verificarsi di un Evento Straordinario:

Non applicabile

(n) Periodo di Correzione dell'Azione: Come da Condizioni.

(o) Pagamento dei Dividendi: Non applicabile

(p) Modifica della quotazione: Non applicabile

(q) Sospensione della quotazione: Non applicabile

(r) Illiquidità: Non applicabile

(s) Offerta pubblica d'acquisto: Applicabile

27. Titoli legati a ETI: Non applicabile.

28. Titoli legati a Strumenti di Debito:

Non applicabile.

29. Titoli legati a Commodity: Non applicabile.

30. Titoli legati a Indici Inflazione: Non applicabile.

31. Titoli legati a Valute: Non applicabile.

32. Titoli legati a Fondi: Non applicabile.

33. Titoli legati a Futures: Non applicabile.

34. Titoli legati a Crediti: Non applicabile.

35. Titoli legati al Tasso di Interesse del Sottostante:

Non applicabile.

36. Certificates legati ad Azioni Privilegiate (Preference Share

Certificates):

Non applicabile.

37. Certificates legati ad OET: Non applicabile.

38. Eventi di Turbativa Aggiuntivi Applicabile

La Turbativa della Copertura non si applica ai Titoli.

39. Eventi di Turbativa Aggiuntivi Opzionali:

(a) Xx Xxxxxx si applicano i seguenti Eventi di Turbativa Aggiuntivi Opzionali: Dichiarazione di Insolvenza

(b) Liquidazione Ritardata al Verificarsi di un Evento di Turbativa Aggiuntivo e/o di un Evento di Turbativa Aggiuntivo Opzionale (nel caso di Certificates): Non applicabile.

40. Evento Knock-in: Applicabile.

Se il Valore di Knock-in è inferiore al Livello di Knock-in alla Data di Determinazione del Knock-in.

(a) Valutazione di Knock-in SPS: Applicabile

Valore di Knock-in significa il Valore del Sottostante di Riferimento;

Valore del Sottostante di Riferimento significa, con riferimento ad un Sottostante di Riferimento e ad una Data di Valutazione SPS, (i) il Valore del Prezzo di Chiusura del Sottostante di Riferimento per tale Sottostante di Riferimento in relazione a tale Data di Valutazione SPS, (ii) diviso per il relativo Prezzo di Strike del Sottostante di Riferimento;

Sottostante di Riferimento è indicato alla voce 26(a) che precede;

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Chiusura in tale giorno;

Data di Valutazione SPS significa la Data di Determinazione del Knock-in;

Valore di Chiusura di Prezzo di Strike: Applicabile

Prezzo di Strike del Sottostante di Riferimento significa, in relazione ad un Sottostante di Riferimento, il Valore del Prezzo di Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Chiusura in tale giorno;

Dove:

Data di Valutazione SPS significa la Data di Strike;

(b) Livello: Non applicabile

del Range di Knock-in.

(d) Data Iniziale del Periodo di Knockin

Non applicabile

(e) Convenzione giornaliera della Data Iniziale del Periodo di Knock-in:

Non applicabile

(f) Periodo di Determinazione di Knock-in

Non applicabile

(g) Data(e) di Determinazione del Knock-in

Data di Valutazione della Liquidazione.

(h) Data Finale del Periodo di Knock-in

Non applicabile

(i) Convenzione giornaliera della Data Finale del Periodo di Knock-in

Non applicabile

(j) Orario di Valutazione di Knock-in

Orario di Valutazione

(k) Fonte del Prezzo di Osservazione di

Knock-in

Non applicabile

(l) Conseguenze di Turbativa: Non applicabile

41. Evento Knock-out: Non applicabile.

DISPOSIZIONI RELATIVE AI WARRANTS

42. Previsioni relative a Warrants: Non applicabile.

DISPOSIZIONI RELATIVE AI CERTIFICATES

43. Previsioni relative ai Certificates: Applicabile.

(a) Importo Nozionale di ogni

Certificate:

EUR 100

(b) Certificates a pagamento parziale: I Certificates non sono Certificates a pagamento parziale.

(d) Previsioni relative al Tasso Fisso: Non applicabile.

(e) Previsioni relative al Tasso Variabile:

Applicable

(f) Determinazione Tasso Screen Non applicable

(g) Determinazione ISDA Non applicabile.

(h) Determinazione FBF Non applicabile.

(i) Certificates legali all’Interesse Non applicabile.

(j) Pagamento di Importo(i) Premio: Non applicabile

(i) Importo(i) Premio: 4.50 EUR per Certificate

(ii) Certificates legati all'Importo Premio:

Non applicabile.

(iii) Giorno(i) di Pagamento dell'Importo Premio:

6 augusti 2015 (i=1) e 4 augusti 2016 (i=2)

(iv) Tasso dell’Importo Premio: Non applicabile.

(v) Giorno(i) di Registrazione dell'Importo Premio

31 luglio 2015 (i=1) e 31 luglio 2016 (i=2)

(k) Certificates con Importo Premio legato a Indici:

(l) Certificates con Importo Premio legato ad Azioni:

(m) Certificates con Importo Premio legato a ETI:

(n) Certificates con Importo Premio legato a Strumenti di Debito:

(o) Certificates con Importo Premio legato a Commodity:

(p) Certificates con Importo Premio legato ad Indici di Inflazione:

(q) Certificates con Importo Premio legato a Valute:

Non applicabile.

(r) Certificates con Importo Premio legato a Fondi:

Non applicabile.

(s) Certificates con Importo Premio legato a Futures:

Non applicabile.

(t) Disposizioni degli Interessi legati al Tasso di Interesse Sottostante:

Non applicabile.

(u) Certificates a pagamento rateale I Certificates non sono Certificates a pagamento rateale.

(v) Opzione Call dell'Emittente: Non applicabile.

(w) Opzione Put del Portatore: Non applicabile.

(x) Liquidazione Anticipata Automatica:

Applicabile.

(i) Evento di Liquidazione Anticipata Automatica

Liquidazione Anticipata Automatica Standard Singola.

Se in qualunque Data di Valutazione della Liquidazione Anticipata Automatica il Valore SPS AER è maggiore o uguale al Livello di Liquidazione Anticipata Automatica.

(ii) Calcolo della Liquidazione Anticipata Automatica

(iii) Data(e) di Liquidazione Anticipata Automatica:

Calcolo della Liquidazione Anticipata Automatica SPS:

NA x (Percentuale di Liquidazione AER + Tasso d’uscita AER) Percentuale di Liquidazione AER significa 100%

Percentuale di Liquidazione AER significa 100%

6 augusti 2015 (i=1); 4 augusti 2016 (i=2) e 4 augisti 2017 (i=3).

(iv) Fonte del Prezzo di Osservazione: Non applicabile

(v) Livello del Sottostante di Riferimento:

Non applicabile.

Valutazione SPS AER: Applicabile

Valore SPS AER significa il Valore del Sottostante di Riferimento;

Valore del Sottostante di Riferimento significa, con riferimento ad un Sottostante di Riferimento e ad una Data di Valutazione SPS, (i) il Valore del Prezzo di Chiusura del Sottostante di Riferimento per tale Sottostante di Riferimento in relazione a tale Data di Valutazione SPS,

(ii) diviso per il relativo Prezzo di Strike del Sottostante di Riferimento;

Sottostante di Riferimento è come indicato alla voce 26(a) che

precede;

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa con riferimento ad una Data di Valutazione SPS, il Prezzo di Chiusura in relazione a tale giorno;

Data di Valutazione SPS significa ciascuna delle Date di Valutazione della Liquidazione Anticipata Automatica.

Valore di Chiusura del Prezzo di Strike: Applicabile

Prezzo di Strike del Sottostante di Riferimento significa, con riferimento ad un Sottostante di Riferimento, il Valore del Prezzo di

Chiusura del Sottostante di Riferimento alla Data di Strike;

Con riferimento alla Data di Strike:

Valore del Prezzo di Chiusura del Sottostante di Riferimento significa in relazione ad una Data di Valutazione SPS, il Prezzo di Chiusura in tale giorno;

Dove:

(vi) Livello di Liquidazione Anticipata Automatica:

Data di Valutazione SPS significa la Data di Strike; Con riferimento ai (i=1) e (i=2) : 100%

Con riferimento ai (i=3) : 85%

(vii) Percentuale di Liquidazione Anticipata Automatica:

Non applicabile

(viii) Percentuale Up di Liquidazione Anticipata Automatica:

Non applicabile

(ix) Percentuale Down di Liquidazione Anticipata Automatica:

Non applicabile

(x) Tasso d’uscita AER:

i	AER Rate
1	4.5%
2	4.5%
3	10%

i = 1 a 3, significa la Data di Valutazione della Liquidazione Anticipata Automatica:

(xi) Periodo(i)/Data(e) di Valutazione della Liquidazione Anticipata Automatica:

(i) Ora di Cut-off della Notifica di Rinuncia:

27 giugno 2015 (i=1); 25 giugno 2016 (i=2) e 25 giugno 2017 (i=3).

10.00 a.m. ora di Milan

(j) Data di Strike: 25 luglio 2014

(k) Prezzo di Strike: Non applicabile.

(l) Data di Valutazione della Liquidazione:

La Data di Esercizio.

(m) Averaging: L’Averaging non si applica ai Titoli.

(n) Date di Osservazione: Non applicabile.

(o) Periodo di Osservazione: Non applicabile.

(p) Giorno Lavorativo di Liquidazione: Non applicabile.

(q) Data di Cut-off: Non applicabile.

DISTRIBUZIONE ED IDONEITA' ALLA VENDITA NEGLI STATI UNITI

44. Restrizioni alla VenditaU.S. Non applicabile.

45. Conseguenze fiscali aggiuntive ai sensi della legge federale statunitense:

Non applicabile.

46. Broker/dealer registrato: Non applicabile.

47. TEFRA C o TEFRA non applicabile

TEFRA non applicabile

48. Offerta non esente: Applicabile

(i) Giurisdizioni dell’Offerta

Non-esente: Italia

Dal 1 luglio 2014 al 25 luglio 2014, a condizione di qualsiasi chiusura

(ii) Periodo di Offerta:

anticipata

(iii) Financial intermediaries granted specific consent to use the Base Prospectus in accordance with the Conditions in it:

Non applicabile. Si vedala sezione “Collocamento e Sottoscrizione”.

(iv) Consenso Generale: Non applicabile

(v) Condizioni per altri Collocatori Autorizzati:

Non applicabile

(iv) Giurisdizioni dell’Offerta

Non-esente: Italia

DISPOSIZIONI RELATIVE AL COLLATERAL E ALLA GARANZIA

45. Condizioni del Collateral Security:

Non applicabile.

Responsabilità

L'Emittente si assume la responsabilità per le informazioni contenute nelle presenti Condizioni Definitive. Per quanto a conoscenza dell'Emittente (che ha adottato ogni ragionevole attenzione per assicurare che questo sia il caso), le informazioni contenute nelle presenti Condizioni Definitive sono conformi ai fatti e non presentano omissioni tali da alterarne il senso.

Sottoscritto per conto di BNP Paribas Arbitrage Issuance B.V.

In qualità di Emittente:

Da: _ debitamente autorizzato.

PARTE B – ULTERIORI INFORMAZIONI

1. Quotazione ed Ammissione alla negoziazione

Sarà presentata richiesta di ammissione alla negoziazione dei Titoli sul sistema multilaterale di negoziazione EuroTLX (gestito da EuroTLX SIM S.p.A.). L’Emittente non si fa garante, né è responsabile per, l’ammissione alla negoziazione dei Titoli sul mercato EuroTLX, e non può essere fornita alcuna garanzia che tale richiesta di ammissione sarà accettata.

2. Rating

I Titoli non sono stati oggetto di rating.

I rating del credito a lungo termine del Emittente. è A+

Il rating assegnato al Garante è A1 da parte di Moody’s e A+ da parte di Standard and Poor’s.

Come definito da Moody's un giudizio "A" implica che le obbligazioni dell'Emittente e del Garante ai sensi del Programma sono di grado medio-alto e sono soggette ad un rischio di credito basso. Moody's utilizza i modificatori 1, 2 e 3 per specificare ogni generica classe di rating da Aaa a Caa. Il numero 1 indica che le obbligazioni hanno un posizionamento superiore all’interno della loro generica classe di rating

Come definito da Standard and Poor’s un obbligazione con giudizio "A" è più suscettibile agli effetti negativi dei cambiamenti delle circostanze e delle condizioni economiche delle obbligazioni con rating più elevato. Tuttavia, la capacità dell'Emittente e del Garante di onorare i propri impegni finanziari sulle obbligazioni è ancora forte. L'aggiunta di un più (+) o di un meno (-) indica la relativa posizione all'interno della categoria di rating.

Moody's e Standard & Poor's sono costituite nell'Unione Europea e registrate ai sensi del Regolamento (CE) n. 1060/2009 (come modificato).

3. Interessi di Persone Xxxxxxx e Giuridiche Coinvolte nell'Offerta

Gli investitori devono considerare che Banca Nazionale del Lavoro S.p.A. (il “Collocatore”), appartiene al medesimo Gruppo dell’Emittente, il Gruppo BNP Paribas. In tal senso, gli investitori devono considerare che il

Collocatore, riceverà dall'Emittente una commissione di collocamento implicita nel Prezzo di Emissione dei Titoli pari ad un ammontare massimo annuo dello 1% dell'Ammontare Emesso. Tutte le commissioni di collocamento verranno pagate in anticipo.

Salvo quanto indicato nel paragrafo "Potenziali Conflitti di Interesse" nei "Fattori di Rischio" del Prospetto di Base, per quanto a conoscenza dell’Emittente, nessun soggetto coinvolto nell’offerta dei Titoli ha un interesse rilevante nella medesima.

4. Andamento del Sottostante/Formula/Altre Variabili, Spiegazioni circa gli Effetti sul Valore dell'Investimento e Rischi Associati e altre Informazioni relative al Sottostante

Si veda il Prospetto di Base per una illustrazione degli effetti sul valore dell'Investimento e i rischi associati all'investimento nei Titoli.

Informazioni circa l'andamento passato e futuro dell’Azione sono disponibili sul sito xxx.xxxx.xxx e informazioni relative alla loro volatilità possono essere ottenute presso gli uffici dell'Agente di Calcolo ovvero tramite mail al seguente indirizzo: xxx.xxxxxxx@xxxxxxxxxx.xxx

L'Emittente non intende fornire informazioni successive all'emissione.

5. Informazioni Operative

Sistema(i) di accentramento rilevante: Euroclear e Clearstream, Lussemburgo

6. Regolamento dell’Offerta Pubblica

Prezzo di Offerta: Il Prezzo di Emissione (di cui un ammontare massimo annuo pari allo 1% è rappresentato da commissioni pagabili al Collocatore).

Condizioni alle quali l’offerta è soggetta: L'Offerta dei Titoli è condizionata alla loro emissione.

L’Emittente si riserva il diritto di revocare l’offerta o cancellare l'emissione dei Titoli per qualsiasi motivo in accordo con il Collocatore Autorizzato in qualsiasi momento, anteriormente o alla Data di Emissione. Resta inteso che, qualora un potenziale investitore abbia presentato una richiesta di sottoscrizione e l’Emittente eserciti il proprio diritto di revocare l'offerta, tale potenziale investitore non avrà il diritto di sottoscrivere o acquistare in altro modo i Xxxxxx.

L’Emittente si riserva il diritto esercitabile a sua discrezione di determinare l'ammontare finale dei Titoli emessi fino ad un limite di EUR 10.000.000. L'ammontare finale emesso alla data di Emissione sarà negoziato presso sul sistema multilaterale di negoziazione EuroTLX (gestito da EuroTLX SIM S.p.A.). I Titoli saranno collocati a seconda della disponibilità in ordine di ricezione delle domande degli investitori. L'ammontare finale dei Titoli emessi sarà determinato dall'Emittente sulla base delle condizioni di mercato prevalenti, e a sua sola ed assoluta discrezione a seconda del numero dei Titoli che si è deciso di acquistare alla Data di Emissione.

Descrizione della procedura di adesione: Dal 1 luglio 2014 al 25 luglio 2014, incluso, o la

precedente data stabilita dall’Emittente e comunicata all’incirca in tale data precedente, mediante pubblicazione sul sito internet xxxx://xxx.xxxxxxxxxxxxxxx.xxx (la Data di Chiusura dell'Offerta).

Le domande di sottoscrizione dei Titoli possono essere presentate in Italia attraverso il Collocatore. L’attività di collocamento sarà svolta nel rispetto delle usuali procedure del Collocatore.

Ai potenziali investitori non sarà richiesto di entrare in alcun rapporto contrattuale diretto con l'Emittente con riferimento alla sottoscrizione dei Titoli.

Dettagli dell’importo di adesione minimo e/o massimo:

Descrizione della possibilità di ridurre le adesioni e delle modalità di rimborso degli importi eccedenti versati dagli aderenti:

Dettagli della modalità e scadenze per il pagamento a saldo e la consegna dei Titoli:

Modalità e data di pubblicazione dei risultati dell’offerta:

Procedura per l'esercizio dei diritti di prelazione, negoziabilità dei diritti di adesione e trattamento dei diritti di adesione non esercitati:

Processo di comunicazione agli aderenti dell’importo assegnato e indicazione della possibilità di avviare le contrattazioni prima di tale comunicazione:

Ammontare di qualsiasi tassa o spesa addebitata al sottoscrittore o acquirente:

Importo minimo di adesione per singolo investitore: EUR 100.

Importo massimo di adesione per singolo investitore: 200.000*Ammontare Nominale.

L'ammontare massimo di adesione per i Xxxxxx sarà soggetto solo alla disponibilità al momento dell'adesione.

Non sono previsti criteri di riparto predeterminati.

Il Collocatore Autorizzato adotterà criteri di riparto che assicurino la parità di trattamento dei potenziali investitori. Tutti i Xxxxxx richiesti attraverso il Collocatore durante il Periodo di Offerta saranno assegnati fino al raggiungimento dell'ammontare massimo dell'Offerta.

Nel caso in cui durante il Periodo di Offerta le richieste eccedano l'ammontare totale dell'Offerta destinato ai potenziali investitori, l'Emittente, di intesa con il Collocatore, procederà alla chiusura anticipata del Periodo di Offerta e sospenderà immediatamente l'accettazione di ulteriori richieste.

Non applicabile

I Titoli saranno emessi alla Data di Emissione a fronte del pagamento all'Emittente da parte del Collocatore dell'ammontare lordo di sottoscrizione.

I Titoli sono regolati tramite le clearing systems e verranno consegnati attraverso il Collocatore Autorizzato alla, o attorno alla, Data di Emissione.

Pubblicazione attraverso l'accesso al seguente sito web (xxxx://xxx.xxxxxxxxxxxxxxx.xxx), in ciascun caso alla, o attorno alla, Data di Emissione.

Non applicabile

L'allocazione dei Titoli sarà comunicata a ciascun investitore dai Collocatori successivamente alla chiusura del Periodo di Offerta.

Nessuna negoziazione sui Xxxxxx potrà avere luogo prima della Data di Emissione.

L'Emittente non è a conoscenza di alcuna spesa o tassa addebitata al sottoscrittore.

Con riferimento al Prezzo di Offerta, che include le commissioni pagabili ai Collocatori, si veda il paragrafo "Prezzo di Offerta" che precede.

7. Collocamento e Sottoscrizione

Nome(i) ed indirizzo(i), per quanto a conoscenza dell'Emittente, dei luoghi nei vari paesi ove l'offerta si svolge:

Nome ed indirizzo del/i coordinatore/i dell’offerta globale e delle singole parti dell’offerta:

Nome ed indirizzo degli agenti per il pagamento e degli agenti per il deposito in ciascun Paese (in aggiunta al Principal Paying Agent)

Soggetti che acconsentono a sottoscrivere l’emissione in base a preventiva sottoscrizione, e soggetti che acconsentono a collocare l’emissione senza preventiva sottoscrizione o su base “best effort”.

Non applicabile

Non applicabile.

Annex 1BNP Paribas Securities Services, Succursale di Milano

Xxx Xxxxxxxx 0, 00000 Xxxxxx, Xxxxxx Il collocamento sarà effettuato da Banca Nazionale del Lavoro S.p.A.

Xxx X. Xxxxxx, 000 00000 Xxxx, Xxxxxx.

(il “Collocatore”)

Nessun obbligo di sottoscrizione è assunto dal Collocatore.

Quando l’accordo di sottoscrizione è stato o sarà stato raggiunto:

8. Rendimento

Non applicabile.

9. Form della notifica di rinuncia

Non applicabile.

NOTIFICA DI RINUNCIA

(da compilarsi a cura del Portatore del Titolo)

BNP Paribas Arbitrage Issuance B.V.

Fino a 100.000 EUR “Autocallable Reverse Convertible” Certificates legati alle azioni di Fiat Spa con

scadenza 6 agosto 2018 Codice ISIN: NL001083111

(i Titoli)

A: BNP Paribas Securities Services, Succursale di Milano Xxx Xxxxxxxx 0, 00000 Xxxxxx, Xxxxxx

Fax: (00) 00 00000 000

Il sottoscritto Portatore dei Titoli

comunica con la presente di rinunciare all’esercizio automatico, all'Esercizio, dei diritti conferiti dai Titoli secondo il Regolamento dei Titoli, come modificato e/o integrato dalle Condizioni Definitive applicabili (i "Termini dei Titoli").

Numero di Serie dei Titoli:

Numero dei Titoli oggetto della presente notifica:

Il sottoscritto riconosce che, qualora la presente Notifica di Rinuncia non sia compilata e consegnata come previsto nei Termini dei Titoli o sia ritenuta incompleta o non avente una forma appropriata (secondo la determinazione dell’Agente Italiano per i Xxxxxx), sarà ritenuta nulla.

Qualora la presente Notifica di Rinuncia sia successivamente corretta a soddisfacimento dell’Agente Italiano per i Titoli, la stessa sarà considerata come una nuova Notifica di Rinuncia presentata al momento della consegna di tale correzione all’Agente Italiano per i Xxxxxx.

Le espressioni definite nei Termini dei Titoli avranno lo stesso significato alle stesse attribuito nella presente Notifica di Rinuncia.

Luogo e data:

Firma del Portatore

Firma dell’investitore nei Titoli

ISSUE SPECIFIC SUMMARY OF THE PROGRAMME IN RELATION TO THIS BASE PROSPECTUS

Section A - Introduction and warnings

Element	Title
A.1	Warning that the summary should be read as an introduction and provision as to claims	• This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms. In this summary, unless otherwise specified and except as used in the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014 as supplemented from time to time. In the first paragraph of Element D.3, "Base Prospectus" means the Base Prospectus of BNPP B.V., BNPP, BP2F, BNPPF and BGL dated 5 June 2014.
		• Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms.
		• Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated.
		• No civil liability will attach to the Issuer or the Guarantor in any such Member State solely on the basis of this summary, including any translation hereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms or, following the implementation of the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information (as defined in Article 2.1(s) of the Prospectus Directive) in order to aid investors when considering whether to invest in the Securities.

Element

Title

A.2

Consent as to use the Base Prospectus, period of validity and other conditions

attached

Not applicable. See Section E.3 “Terms and conditions of the offer”.

Section B - Issuer and Guarantor

Element	Title
B.1	Legal and commercial name of the Issuer	BNP Paribas Arbitrage Issuance B.V. ("BNPP B.V." or the "Issuer").
B.2	Domicile/ legal form/ legislation/ country of incorporation	The Issuer was incorporated in the Netherlands as a private company with limited liability under Dutch law having its registered office at Xxxxxxxxxxx 000, 0000 XX Xxxxxxxxx, the Netherlands.
B.4b	Trend information	BNPP B.V. is dependent upon BNPP. BNPP B.V. is a wholly owned subsidiary of BNPP specifically involved in the issuance of securities such as Notes, Warrants or Certificates or other obligations which are developed, setup and sold to investors by other companies in the BNPP Group (including BNPP). The securities are hedged by acquiring hedging instruments from BNP Paribas and BNP Paribas entities as described in Element D.2 below. As a consequence, the Trend Information described with respect to BNPP shall also apply to BNPP B.V.
B.5	Description of the Group	BNPP B.V. is a wholly owned subsidiary of BNP Paribas. BNP Paribas is the ultimate holding company of a group of companies and manages financial operations for those subsidiary companies (together the "BNPP Group").
B.9	Profit forecast or estimate	The Group's 2014-2016 business development plan confirms the universal bank business model centred on its three pillars: Retail Banking, CIB and Investment Solutions. The goal of the 2014-2016 business development plan is to support clients in a changing environment. It targets a return on equity of at least 10% by 2016.
		The Group has defined the five following strategic priorities for 2016:
		• enhance client focus and services
		• simple: simplify our organisation and how we operate
		• efficient: continue improving operating efficiency
		• adapt certain businesses to their economic and regulatory environment
		• implement business development initiatives

Element	Title
B.10	Audit report qualifications	Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus.
B.12	Selected historical key financial information: Comparative Annual Financial Data - In EUR
		31/12/2013	31/12/2012
	Revenues	397,608	337,955
	Net income, Group share	26,749	22,531
	Total balance sheet	48,963,076,836	37,142,623,335
	Shareholders’ equity (Group share)	416,163	389,414
	Statements of no significant or material adverse change There has been no significant change in the financial or trading position of the BNPP Group since 31 December 2013. Save as disclosed in the following paragraph, there has been no material adverse change in the prospects of the BNPP Group since 31 December 2013. Following discussions with the U.S. Department of Justice and the New York County District Attorney’s Office, among other U.S. regulators and law enforcement and other governmental authorities, the Bank conducted over several years an internal, retrospective review of certain U.S. dollar payments involving countries, persons and entities that could have been subject to economic sanctions under U.S. law in order to determine whether the Bank had, in the conduct of its business, complied with such laws. The review identified a significant volume of transactions that, even though they were not prohibited by the laws of the countries of the Bank entities that initiated them, were denominated in U.S. dollars and therefore potentially considered impermissible under U.S. regulations, in particular, those of the Office of Foreign Assets Control (OFAC). Having presented the findings of this review to the U.S. authorities in December, in accordance with IFRS requirements the Bank recorded a provision of USD 1.1 billion (EUR 0.8 billion) in its financial statements for the fourth quarter of 2013. The U.S. authorities had not passed upon the adequacy or reasonableness of such provision. The discussions that have taken place since then demonstrate that a high degree of uncertainty exists as to the nature and amount of penalties that the U.S. authorities could impose on the Bank following completion of the ongoing process. The amount of the fines is likely to be far in excess of the amount of the provision. The Bank continues the discussions. There has been no significant change in the financial or trading position of BNPP B.V. since 31 December 2013 and there has been no material adverse change in the prospects of BNPP B.V. since 31 December 2013.
B.13	Events impacting the Issuer's solvency	To the best of the Issuer's knowledge, there have not been any recent events which are to a material extent relevant to the evaluation of the Issuer's solvency since 31 December 2013, save as disclosed in the penultimate paragraph of Element B.12 of this Summary.
B.14	Dependence upon other	The Issuer is dependent upon BNPP and other members of the BNPP Group. See also Element B.5 above.

Element

Title

group entities

BNP Paribas entities as described in Element D.2 below.

B.15

Principal activities

The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the account of various

entities within the BNPP Group.

B.16

Controlling shareholders

BNP Paribas holds 100 per cent. of the share capital of the Issuer.

B.17

Solicited credit ratings

The Securities have not been rated.

A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.

B.18

Description of the Guarantee

The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an English law deed of guarantee executed by BNPP on or around 5 June 2014 (the "Guarantee").

The obligations under the guarantee are direct unconditional, unsecured and unsubordinated obligations of BNPP and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of BNPP (save for statutorily preferred

exceptions).

B.19

Information about the Guarantor

B.19/ B.1

Legal and commercial name of the

Guarantor

BNP Paribas

B.19/ B.2

Domicile/ legal form/ legislation/ country of incorporation

The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 00, xxxxxxxxx xxx Xxxxxxxx – 00000 Xxxxx, Xxxxxx.

Element

Title

B.19/ B.4b

Trend information

Macro-economic environment

In 2013, the global economy began to move towards equilibrium, with several emerging countries slowing down and a slight recovery in the developed countries. In 2013, global economic conditions remained generally stable as compared to 2012. IMF and OECD economic forecasts 1 for 2014 generally indicate a renewal of moderate growth in developed economies albeit less strong and uniform in the Euro-Zone. Their analysts consider that uncertainties remain regarding the strength of the recovery, particularly in light of the U. S. Federal Reserve’s announcement in December 2013 that it would gradually reduce (“taper”) its stimulus program, and in the Euro-zone, where a risk of deflation exists.

Laws and Regulations Applicable to Financial Institutions

“CRD IV” dated 26 June 2013 and many of whose provisions have been

Element

Title

applicable since 1 January 2014; the proposals of technical regulatory and execution rules relating to the Directive and Regulation CRD IV published by the EBA; the designation of BNPP as a systemically important financial institution by the FSB; the public consultation for the reform of the structure of the EU banking sector of 2013 and the European Commission’s proposed regulation on structural measures designed to improve the strength of EU credit institutions of 29 January 2014; the proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts; the European single supervisory mechanism; the European proposal for a single resolution mechanism and the proposal for a European Directive on bank recovery and resolution; the final rule for the regulation of foreign banks imposing certain liquidity, capital and other prudential requirements adopted by the U.S. Federal Reserve; the proposal of the

U.S. Federal Reserve relating to liquidity ratios of large banks; and the “Xxxxxxx” Rule imposing certain restrictions on investments in or sponsorship of hedge funds and private equity funds and proprietary trading activities (of U.S. banks and to some extent non-U.S. banks) that was recently adopted by the U.S. regulatory authorities. More generally, regulators and legislators in any country may, at any time, implement new or different measures that could have a

significant impact on the financial system in general or BNPP in particular.

B.19/B.5

Description of the Group

Paribas Group (the "BNPP Group").

B.19/B.9

Profit forecast or estimate

The Group has defined the five following strategic priorities for 2016:

• enhance client focus and services

• simple: simplify our organisation and how we operate

• efficient: continue improving operating efficiency

• adapt certain businesses to their economic and regulatory environment

• implement business development initiatives

B.19/ B.10

Audit report qualifications

Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus

B.19/ B.12

Selected historical key financial information:

Comparative Annual Financial Data - In millions of EUR

Element	Title
		31/12/2013*	31/12/2012
	Revenues	38,409	39,072
	Cost of risk	(3,801)	(3,941)
	Net income, Group share	4,818	6,564
	* Restated
		31/12/2013	31/12/2012
	Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4)	10.3%	9.9%
	Total consolidated balance sheet	1,810,535*	1,907,200
	Consolidated loans and receivables due from customers	612,455*	630,520
	Consolidated items due to customers	553,497*	539,513
	Shareholders' equity (Group share)	87,447*	85,444
	* Restated following the application of accounting standards IFRS10, IFRS11 and IAS 32 revised
	Comparative Interim Financial Data - In millions of EUR
		31/03/2014	31/03/2013*
	Revenues	9,913	9,972
	Cost of risk	(1,084)	(911)
	Net income, Group share	1,668	1,585
	* Restated
		31/03/2014	31/12/2013
	Common equity Tier 1 ratio (Basel 3 fully loaded, CRD4)	10.6%	10.3%
	Total consolidated balance sheet	1,882,756	1,810,535*
	Consolidated loans and receivables due from customers	618,791	612,455*
	Consolidated items due to customers	566,833	553,497*
	Shareholders' equity (Group share)	89,969	87,447*
	* Restated following the application of accounting standards IFRS10, IFRS11 and IAS32 revised

Element

Title

Statements of no significant or material adverse change

See Element B.12 above in the case of the BNPP Group.

Save as disclosed in the following paragraph, there has been no material adverse change in the prospects of BNPP since 31 December 2013.

likely to be far in excess of the amount of the provision. The Bank continues the discussions.

B.19/ B.13

Events impacting the Guarantor's

solvency

of Element B.12 of this Summary

B.19/ B.14

Dependence upon other Group entities

Subject to the following paragraph, BNPP is not dependent upon other members of the BNPP Group.

Section C – Securities

Element

Title

C.1

Type and class of Securities/ ISIN

The Securities are certificates ("Certificates") and are issued in Series.

The Series Number of the Securities is CE3423ACPRI. The Tranche number is 1. The ISIN is NL001083111

The Common Code is 107802819

Element

Title

The Securities are cash settled Securities.

C.2

Currency

The currency of this Series of Securities is Euro (“EUR”).

C.5

Restrictions on free transferabili ty

The Securities will be freely transferable, subject to the offering and selling restrictions in the United States, the European Economic Area, Austria, Belgium, the Czech Republic, France, Finland, Germany, Hungary, Ireland, Portugal, Spain, Sweden, the Republic of Italy, the Netherlands, Poland, the United Kingdom, Japan and Australia and under the Prospectus Directive and the laws of any jurisdiction in

which the relevant Securities are offered or sold.

C.8

Rights attaching to the Securities

Securities issued under the Programme will have terms and conditions relating to, among other matters:

Status

The Certificates are issued on an unsecured basis. Securities issued on an unsecured basis constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and rank and will rank pari passu among themselves and at least pari passu with all other direct, unconditional, unsecured and unsubordinated indebtedness of the

Issuer (save for statutorily preferred exceptions).

Taxation

W&C Securities.

Negative pledge

The terms of the Securities will not contain a negative pledge provision.

Events of Default

The terms of the Securities will not contain events of default.

Meetings

The terms of the Securities will contain provisions for calling meetings of holders of such Securities to consider matters affecting their interests generally. These provisions permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manner contrary to

the majority.

Governing law

Element

Title

C.9

Interest/ Redemptio n

Interest

The Securities do not bear or pay interest, but pay a premium amount of EUR 4.5 on 6 August 2015 and 4 August 2016.

Redemption

Unless previously redeemed or cancelled, each Security will be redeemed as set out in Element C.18.

Representative of Holders

No representative of the Holders has been appointed by the Issuer. Please also refer to item C.8 above for rights attaching to the Securities.

C.10

Derivative component in the interest

payment

Not applicable

C.11

Admission to Trading

Application is expected to be made for the Securities to be admitted to trading on the Multilateral Trading Facility EuroTLX (managed by EuroTLX SIM S.p.A.).

C.15

How the value of the investment in the derivative securities is affected by the value of

the

The amount payable on redemption is calculated by reference to the common shares of Fiat S.p.A (Reuters code: FIA.MI / Bloomberg Code: F IM) (the “Underlying Reference”).

See item C.9 above and C.18 below.

Element

Title

underlying

assets

C.16

Maturity of the derivative

Securities

The Exercise Date of the Securities is 26 July 2018 and the Redemption Date is 6 August 2018

C.17

Settlement Procedure

This Series of Securities is cash settled.

The Issuer does not have the option to vary settlement.

C.18

Return on derivative securities

See Element C.8 above for the rights attaching to the Securities.

Final Redemption

The "Final Payout" is an amount equal to:

Notional Amount multiplied by the SPS Payout

SPS Reverse Convertible Securities

(a) if no Knock-in Event has occurred:

Constant Percentage1 ; or

(b) if a Knock-in Event has occurred:

Max (Constant Percentage 2 + Gearing x Option; 0%)

Description of Payout

• if no Knock-in Event has occurred, a fixed percentage equal to the Constant

Percentage 1;

• if a Knock-in Event has occurred and Option is Forward, indexation to the value of the Underlying Reference(s);

“Notional Amount” is 100 EUR

. “Constant Percentage 1” means 115%

“Constant Percentage 2” means 100% “Option” means Forward

“Forward”means Final Redemption Value – Strike Percentage

Element

Title

“Gearing” means 100%

“Strike Percentage” means 100%

"Final Redemption Value" means the Underlying Reference Value;

"Underlying Reference" is as set out in item C.20 below;

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

“SPS Valuation Date” means the SPS Redemption Valuation Date;

“SPS Redemption Valuation Date” means the Redemption Valuation Date;

"Underlying Reference Strike Price" means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date.

In respect of the Strike Date:

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

“SPS Valuation Date” means the Strike Date.

Strike Date means 25 July 2014

Provisions for the purposes of determining the Knock-in Event

Konck-in Event is applicable.

If the Knock-in Value is less than the Knock-in Level on the Knock-in Determination Day

"Knock-in Value" means the Underlying Reference Value;

"Underlying Reference" is as set out in item C.20 below;

"Underlying Reference Closing Price Value" means, in respect of a SPS Valuation

Element

Title

Date, the Italian Securities Reference Price in respect of such day; "SPS Valuation Date" means the Knock-in Determination Day;

“Knock-in Determination Day” means the Redemption Valuation Date

“Underlying Reference Strike Price” means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.

In respect of the Strike Date:

“Underlying Reference Closing Price Value” means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

“SPS Valuation Date” means the Strike Date

“Knock-in Level” means 60%;

“Strike Date” means 25 July 2014

“Redemption Valuation Date” means 25 July 2018.

Automatic Early Redemption

Automatic Early Redemption Event: If on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic Early Redemption Level

Standard Automatic Early Redemption: Applicable SPS Automatic Early Redemption Payout:

NA x (AER Redemption Percentage + AER Exit Rate)

AER Redemption Percentage : 100%

Automatic Early Redemption Date(s): 27 July 2015 (i = 1); 25 July 2016 (i=2) and

27 July 2017 (i = 2).

SPS AER Valuation: Applicable

SPS AER Value: Underlying Reference Value

Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such

Element

Title

Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price.

Underlying Reference is as set out in item C.20 below;

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

SPS Valuation Date means each Automatic Early Redemption Valuation Date;

Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value on the Strike Date

In respect of the Strike Date:

Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Italian Securities Reference Price in respect of such day;

Where:

SPS Valuation Date means the Strike Date

Strike Date means 25 July 2014.

AER Exit Rate is the AER Rate

i is a number from 1 to 3 representing the relevant Automatic Redemption Valuation Date.

Automatic Early Redemption Valuation Date(s): 27 July 2015 (i = 1); 25 July 2016

(i=2) and 27 July 2017 (i = 3).

C.19

Final reference

The final reference price of the underlying will be determined in accordance with the valuation mechanics set out in Element C.9 and C.18 above

Automatic Early Redemption Level

100%

85%

i	AER Rate
1	4.5%
2	4.5%
3	10%

Element

Title

price of the

Underlying

C.20

Underlying

The Underlying Reference specified in Element C.9 above.Information on the Underlying Reference can be obtained from the following website

xxx.xxxxxxxxxxxxx.xx .

Section D – Risks

Element	Title
D.2	Key risks regarding the Issuer and the Guarantor	There are certain factors that may affect the Issuer's ability to fulfil its obligations under the Securities issued under the Programme and the Guarantor's obligations under the Guarantee Twelve main categories of risk are inherent in BNPP's activities:
		• Credit Risk;
		• Counterparty Risk;
		• Securitisation;
		• Market Risk;
		• Operational Risk
		• Compliance and Reputation Risk;
		• Concentration Risk
		• Asset-liability management Risk;
		• Breakeven Risk;
		• Strategy Risk;
		• Liquidity and refinancing Risk;
		• Insurance subscription Risk.
		Difficult market and economic conditions could have a material adverse effect on the operating environment for financial institutions and hence on BNPP's financial condition, results of operations and cost of risk.
		Legislative action and regulatory measures taken in response to the global financial crisis may materially impact BNPP and the financial and economic environment in which it operates.
		BNPP's access to and cost of funding could be adversely affected by a resurgence of the Euro-zone sovereign debt crisis, worsening economic conditions, further rating downgrades or other factors.

Element

Title

A substantial increase in new provisions or a shortfall in the level of previously recorded provisions could adversely affect BNPP's results of operations and financial condition.

BNPP may incur significant losses on its trading and investment activities due to market fluctuations and volatility.

BNPP may generate lower revenues from brokerage and other commission and fee-based businesses during market downturns.

Protracted market declines can reduce liquidity in the markets, making it harder to sell assets and possibly leading to material losses.

Significant interest rate changes could adversely affect BNPP's revenues or profitability.

The soundness and conduct of other financial institutions and market participants could adversely affect BNPP.

BNPP's competitive position could be harmed if its reputation is damaged.

An interruption in or a breach of BNPP's information systems may result in lost business and other losses.

Unforeseen external events can interrupt BNPP's operations and cause substantial losses and additional costs.

BNPP is subject to extensive and evolving regulatory regimes in the countries and regions in which it operates notably as referred to in the penultimate paragraph of Element B.12 of this Summary.

Notwithstanding BNPP's risk management policies, procedures and methods, it could still be exposed to unidentified or unanticipated risks, which could lead to material losses.

BNPP's hedging strategies may not prevent losses.

BNPP may experience difficulties integrating acquired companies and may be unable to realise the benefits expected from its acquisitions.

Intense competition, especially in France where it has the largest single concentration of its businesses, could adversely affect BNPP's revenues and profitability.

proceeds from each issue of Securities issued by the Issuer will become part of the

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BNP PARIBAS ARBITRAGE ISSUANCE

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