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CONFIDENTIALITY RESTRICTIONS

	THE COUNTRY RISK REPORTS ARE AVAILABLE FOR HIGH LEVEL CLIENTS IN A SEMI-CONFIDENTIAL VERSION

The country risk reports written by the Emerging Economies and Country risk team are available in two versions: - a confidential version. In this case, the mention "CONFIDENTIAL" appears on the top right of the first page. This version is strictly for internal use i.e. for orienting the credit policy of the bank vis a vis the country considered; - a "semi-confidential". In this case, the mention "CONFIDENTIAL" does not appear. This version is available to BNP Paribas staff, who can, if they wish, give it to their preferred clients for the purpose of solidifying their relationship. This "semi-confidential" version mention on the bottom of the first page "DOCUMENT INTENDED FOR INTERNAL CIRCULATION. REPRODUCTION WITHOUT PRIOR AUTHORISATION FROM BNP PARIBAS IS FORBIDDEN". This semi-confidential version is not a public version (specifically, it does not appear on the BNP Paribas Internet site) because: - the frankness of the analysis of the countries studied is only possible if the country report is not in the public domain; - this frankness is a non negligible part of the value-added of the document; - the recipient of the document will be all the more satisfied knowing that its distribution is strictly limited to a privileged clientele. We hope that the "semi-confidential" version will be distributed by yourself and not directly by the economic research department. If you wish to be on a mailing list to receive our country risk reports upon publication directly in your mail, please contact our department secretary : Christine Liard (Tel. : 33 (0)1-43-16-95-49)