#1BNP PARIBAS BNP Paribas Private Banking Olivier Cœnon Head of Development & Partnerships BNP Paribas Private Banking May 2007#2BNP PARIBAS Disclaimer This presentation includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future events, operations, products and services, and statements regarding future performance and synergies. Forward-looking statements are not guarantees of future performance and are subject to inherent risks, uncertainties and assumptions about BNP Paribas and its subsidiaries and investments, developments of BNP Paribas and its subsidiaries, banking industry trends, future capital expenditures and acquisitions, changes in economic conditions globally or in BNP Paribas' principal local markets, the competitive market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn significantly affect expected results. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this presentation speaks as of the date of this presentation: BNP Paribas undertakes no obligation to publicly revise or update any forward- looking statements in light of new information or future events. The information contained in this presentation as it relates to parties other than BNP Paribas or derived from external sources has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. None of BNP Paribas or its representatives shall have any liability whatsoever in negligence or otherwise for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with this presentation or any other information or material discussed. Please note that 2005 and 2006 figures are based on IFRS accounting standards while 2004 figures are a simulated restatement applying the same standards. The corresponding simulated figures have not been audited. BNP Paribas Private Banking Disclaimer 2#3BNP PARIBAS Presentation Overview BNP Paribas Private Banking Market Dynamics Key Figures Business Model Rolling Out the Model Across Regions Going Forward 3#4BNP PARIBAS A Fast-Growing Private Banking Market • Huge and fast-growing global HNW wealth pot Mature Economies: still the largest contributors to the increase in global wealth ■New Wealth Markets: strong momentum generating opportunities domestically and in international centers Minority portion of HNW wealth yet managed by private banks despite their increasing importance Industry consolidation and continuous investments driving up private banks' market share Complex family situations and breadth of investment options requiring the assistance of an advisory-driven private bank Global Financial Assets Held by HNWIs and Share of Top 10 Global Private Banks 44.6 35 +6% p.a. Global Market 30.7 +7% p.a. Top 10 Private Banks 10% +16% p.a. 12% 2004 2006e 2010e In USD trillion Cap Gemini Merrill Lynch; Wealth Partnership Review; estimates BNP Paribas Private Banking Strong growth potential for private banks committed to a true advisory-driven model Market Dynamics 4#5BNP PARIBAS The Permanence of Strong Revenue Characteristics Evolution of HNW financial offering Progressive commoditization in the past of once key sources of revenues for private banks (brokerage on listed securities, long- only mutual funds, etc.) Similar trends now at work on key revenue generators of recent years such as structured products Less low-hanging fruits with traditional asset classes now providing tremendous opportunities for the promotion of high- margin alternative investments solutions (Hedge Funds, Private Equity, Real Assets) Private Equity 2000s Hedge Funds Global Asset Derivative Structured Allocation Products Real Assets Products Currency Management Liability-Driven Investment Cross-Border Booking Real Estate Products International Equity Small Caps 1990s High Yield Mutual Funds Emerging Markets Global Bonds Attractive and sustainable margins through product innovation Government Bonds Domestic Large Caps 1980s Cash BNP Paribas Private Banking Market Dynamics 5#6BNP PARIBAS Presentation Overview BNP Paribas Private Banking Market Dynamics Key Figures Business Model Rolling Out the Model Across Regions Going Forward 6#7BNP PARIBAS Evolution of Client Assets* 99 99 BNP Paribas Private Banking A Major and Fast-Growing Player €145bn of client assets* Operations in 30 countries 3,800 employees Breakdown of Client Assets* (1Q07) +19% p.a. 145 131 117 137 37 In € billion 2004 2005 2006 1Q07 BNL Asia 12% Italy 7% France 40% Europe Offshore, Middle East & LatAm 35% Europe Onshore ex France & Italy 6% *Not including the acquisitions of Dexia Banque Privée France (€2.7bn) and KAS Bank's private banking activities (€0.7bn) closed in 2Q07 BNP Paribas Private Banking Key Figures 7#8BNP PARIBAS Strong Growth on Both Top and Bottom Lines Revenues* and Return on Client Assets ● Active strategy to grow client base ■ Strengthening of commercial forces. ■ Systematized marketing approaches Add-on acquisitions Switch to higher-margin products and services ■ Development of managed assets Structured and alternative assets: x3 in 3 years ⚫ Significant investments to fuel future growth Recruitment of talents (private bankers, experts) New locations, notably in Asia and the Middle East Platform upgrades to improve service quality in €mn 94 92 22 890 98 1188 1023 +16% +17% 322 376 2004 Revenues 2005 2006 1Q07 Return on Client Assets (bps) Pre-Tax Income* and Cost / Income Ratio 70 67 63 449 337 +33% 269 • Steady improvement of profitability +20% 142 170 in €mn 2004 2005 2006 1Q07 | Pre-tax income C/I ratio (%) *Including 100% of joint ventures with FRB (France and Monaco), IRFS (Middle East), CIB (Premium Group), and BNL (from 1Q07) BNP Paribas Private Banking Key Figures 8#9BNP PARIBAS Presentation Overview BNP Paribas Private Banking Market Dynamics Key Figures Business Model Rolling Out the Model Across Regions Going Forward 6#10BNP PARIBAS A Clear Client Value Proposition 4. Implement the agreed-upon strategy through expert selection of securities/products and/or asset managers 5. Regularly review investment portfolio and adjust to market evolutions and client needs 3. Determine jointly an appropriate long-term asset allocation and investment holding structure Assembling and delivering bespoke wealth management and banking solutions to wealthy families and their financial advisors 2. Clarify client expectations and requirements BNP Paribas Private Banking Business Model 1. Understand the asset and liability base of the client 10#11BNP PARIBAS Strategy Upper Affluent A Segmented Client Approach HNWI UHNWI Focus on profitability through semi-industrialized processes Focus on net new assets and return on client assets Focus on net new assets and absolute P&L contribution Commercial Approach Customized relationship-driven Standardized approach approach Key Offering Characteristics Portfolio management with extensive use of funds Product solutions Tax and estate planning Global asset allocation Tailor-made Tailor-made innovative solutions Comprehensive wealth management Preferred access to Capital Markets capabilities Alternative offering portfolio management + Dedicated approach for the development of key client segments Business Owners Family Offices BNP Paribas Private Banking Business Model Financial Intermediaries 11#12BNP PARIBAS A Flexible Business Model Leveraging on BNP Paribas' Integrated Approach Client Approach Business Drivers Stand-Alone Development Model Direct Indirect (Intermediaries) RM recruitments and business developers on key client segments Optimized costs through implementation of regional hubs FRB Joint with Retail Networks Development Model Joint IRFS Europe New Wealth Markets Southern Europe Greater China Benelux Switzerland South-East Asia India UK & Jersey Latin America Banque Privée France Private Bank Monaco BNL bc Leverage on existing client relationships (individual and corporate) Optimized costs through shared platforms BNL-BNP Paribas Private Banking Private Banking Middle East with Corporate & Investment Banking CIB BNP Paribas Private Banking Business Model Premium Group Hong Kong 12#13BNP PARIBAS Corporate & Investment Banking Significant Synergies with the CIB and AMS Core Businesses Asset Management & Services Corporate Finance Energy Commodities Export Project Equity Derivatives Fixed Income Structured Finance Client Referrals (both ways) BNP Paribas Asset Management BNP Paribas Real Estate BNP Paribas Personal Investors Cross Selling of Products & Services BNP Paribas Asset Management Insurance BNP Paribas Real Estate Execution ALM & Cash Management Sharing of Platforms BP2S BNP Paribas Asset Management BNP Paribas Private Banking A connected business line benefiting from BNP Paribas' competitive strengths Business Model 13#14BNP PARIBAS Presentation Overview BNP Paribas Private Banking Market Dynamics Key Figures Business Model Rolling Out the Model Across Regions Going Forward 14#15BNP PARIBAS France: Delivering Growth with "Best-in-Class" Efficiency Ratio Undisputed market leader thanks to its JV model 100+ centres covering all key wealth areas ■Strongly segmented offering and services. Dedicated V/U-HNW department Sustained track record of business growth Over 10,000 new relations per year Continuous flow of referrals from retail and corporate Solid external client acquisition High penetration of managed assets (discretionary management or life insurance) enabling resilient, recurrent revenue base Shared platform with the retail network ensuring low cost/income ratio Client Assets +14% p.a. 58 56 43 550 in € billion 2004 2005 2006 1Q07 Revenues and cost / income ratio 424 55 592 489 +21% 50 50 ith 44 +13% 166 187 in €mn 2004 2005 2006 1Q07 Revenues C/I ratio (%) 15 Add-on acquisition of Dexia Banque Privée France BNP Paribas Private Banking Rolling Out the Model Across Regions#16BNP PARIBAS Italy: Building a Second Domestic Market Established franchise 150 Private Bankers in 18 dedicated centers ■■ 12 500 private banking clients 10 bn of client assets New model 5m financial assets Private 0.5m Rolling out the joint development model financial assets Retail Alignment of interests with BNL bc ■Refining of client segmentation ■Improved breadth of products/services offered Expansion of the number of PB centers Creation of a V-UHNW department in Milan and Rome Ambitious objectives for the coming three years Doubling of client assets ■Rapid development of the revenue and profitability base Previous model Private 1m financial assets Retail BNP Paribas Private Banking Rolling Out the Model Across Regions V-UHNWI segmentation with dedicated service model 16#17BNP PARIBAS Western Europe: Combining Growth Onshore and Critical Size Offshore Sizeable and fast growing onshore franchise Reaching 10bn* of client assets Focus on Southern Europe and Benelux Comprehensive presence in key offshore centers 45 bn of client assets with high penetration of mandates/managed assets Streamlined organization following BNPP/UEB merger in 2006 and BNL integration in 2007 Add-on acquisitions in Monaco, Switzerland, and in the Netherlands in the past three years Complementary businesses and shared platforms allowing attractive growth/profitability mix excluding France and Italy, including portfolio acquired from KAS Bank BNP Paribas Private Banking Rolling Out the Model Across Regions 17#18BNP PARIBAS Asia: Powerful Platforms with Growth Momentum Significant regional franchise ■Two marketing hubs (Hong-Kong, Singapore) Sizeable onshore network in India ■Growing domestic presence (Shanghai, Taiwan) ■Sophisticated range of products and services Client Assets +27% p.a. Hong Kong: successful JV with CIB (Premium Group) 22 14 15 224 ■Strong visibility among HK Tycoons > USD 4 bn of client assets in USD billion 2004 2005 2006 1Q07 Revenues Huge new inflows. ■Rapid organic growth of commercial capabilities ~ USD 4 bn of net new cash in 2006 Strong profitability while investing substantially in a fast-growing market 89 99 94 == 110 110 +17% +36% 41 30 in USD mn 2004 2005 2006 1Q07 BNP Paribas Private Banking Rolling Out the Model Across Regions 18#19BNP PARIBAS .0 Fast Growing Exposure to New Wealth Markets Onshore International Eastern Europe AuM < $5 bn Greater China AuM > $10 bn Latin America AuM $10 bn Middle East AuM > $5 bn South East Asia 2 and India AuM $10 bn Over USD 35 bn originating from new wealth developing markets Strengthening of domestic coverage in selected new wealth areas Leverage on key international centers. BNP Paribas Private Banking Rolling Out the Model Across Regions 19#20BNP PARIBAS Presentation Overview BNP Paribas Private Banking Market Dynamics Key Figures Business Model Rolling Out the Model Across Regions Going Forward 20 20#21BNP PARIBAS Going Forward Successful French business model being deployed in Italy Well positioned to capture future growth: markets, offering, talents Leveraging and contributing to BNP Paribas' integrated business model BNP Paribas Private Banking Going Forward 21#22BNP PARIBAS BNP Paribas Private Banking Olivier Cœnon Head of Development & Partnerships BNP Paribas Private Banking May 2007