New Business Organisation

BNP PARIBAS BNP Paribas Competitive Advantages in Italy Leading European positions in major product areas (consumer credit, leasing, CIB...) • Proven commercial know-how distribution skills, relying on cross-selling and incentivised sales forces Strong brand policy, capitalising on BNL recognised franchise and BNP Paribas European leadership • Worldwide presence, facilitating the international development of Italian clients ◆ Financial strength: ■ Tier One ratio at 7.8% by end 3Q06 ■ Outstanding ratings: S&P = AA (positive outlook), Fitch = AA, Moody's = Aa2 BNL Grupp BNP PARIBAS BNP Paribas 175

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