BNP Paribas also concluded the first major Islamic Equity Derivatives (EQD) deal under the Islamic Certificate issuance programme agreed in 2007, with a major Kuwaiti corporate the largest Islamic EQD ever awarded to the Bank.

In 2006, the Group s relationship with the Kuwait Projects Company KIPCO - was developing well with the Bank appointed in February of that year as joint mandated lead arranger for its Euro Medium Term Notes (EMTN) programme. Three years later, in 2009, BNP Paribas was mandated to arrange a seven-year bond as part of its EMTN programme.

In October 2009, BNP Paribas Securities Services obtained a global custody mandate for a Kuwaiti client, investing exclusively in Sharia-compliant equities in over 30 markets across the United States, Europe and Asia.

By March 2010, the Kuwaiti government was working closely with the Bank, and the Kuwaiti Ministry of Finance appointed BNP Paribas Paris-based team as transaction advisor for its first independent water and power project (IWPP). This involved construction of a 1500 MW power plant and desalination plant, capable of producing 100 million imperial gallons per day (MIGD) of fresh water.

The branch also played a major role in the sale by Zain, the Kuwaiti mobile telecoms operator, of its businesses in Africa.

In 2011, the Bank s relationship with the government grew even closer, and they became involved in an infrastructure project known as Jamal Abdul Nasser Street in Kuwait City,

BNP PARIBAS KUWAIT BRANCH CLIENT DINNER,

26 MAY 2010

156 T H E H I S T O R Y O F B N P PA R I B A S I N T H E G U L F S TAT E S