New Business Organisation

BNP PARIBAS Italy: Growing Asset Gathering Market Large and attractive Asset Management market Second retail market in Europe, getting more sophisticated Institutionals are moving from conservative asset allocation to performance products • Lower life insurance penetration compared to other European countries Positive impact on life insurance expected from future reforms on pensions & retirement services and tax inheritance Evolution of AuM per investment type CAGR 2002-2005 Life insurance premiums +23.9% 1,053 CAGR 1999-2005 911 851 +12.8% 73.5 65.6 62.8 55.3 553 46.3 39.8 35.6 in €bn in €bn 2002 2003 2004 2005 1999 2000 2001 2002 2003 2004 2005 Collective funds Life insurance - Retail GPM & GPF Others BNL Grupp BNP PARIBAS Asset Management and Services Sources Assogestioni, ANIA 79

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