New Business Organisation

BNP PARIBAS Creating Value from BNL Synergies target (2009, pre-tax) revised upwards to 480mn ■ Cost: 270mn ■ Revenues: 210mn A value-adding transaction Reasonable price paid for BNL, given the synergies and the subsequent transactions in the Italian market ■ EPS impact accretive as of 2008, even post restructuring costs. A new impulse for all our businesses ■ BNL banca commerciale ■ Asset Management and Services International Retail Banking and Financial Services ■ Corporate and Investment Banking ■French Retail Banking BNL Grupp BNP PARIBAS BNP Paribas 178

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