New Business Organisation

BNP PARIBAS Gross Revenue Synergies Revenue Synergies Revised Timing Cumulative Revenue Synergies 2007-2009 380 Marginal Costs 224 79 210 Net Revenue Synergies 109 in Єmn 19 -60 -116 -170 2007 2008 2009 BNL Grupp BNP PARIBAS To be added to cost and revenue baselines • First wave of revenue synergies to be achieved by 2009 ■2007: include negative revenue synergies ( 24mn in CIB) ■2008: in line with initial forecasts; 2009: ahead Marginal costs include "Piano Sportelli" net implementation costs ■"Piano Sportelli": 100 new branches by end 2009 ■ Expected revenues to fuel a second wave of revenue generation beyond 2009 Financial Elements 39

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