Your SlideShare is downloading. ×
BNP Paribas Investor Day - April 6th, 2006 - Asset Management ...
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

BNP Paribas Investor Day - April 6th, 2006 - Asset Management ...

1,780
views

Published on


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,780
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
39
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. AMS A growth driver for BNP Paribas Alain PAPIASSE Member of BNP Paribas’ Executive Committee Head of AMS 6 April 2006 1
  • 2. Disclaimer Some information contained in this presentation and other information or material may include forward-looking statements based on current beliefs and expectations about future events. These 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, including developments of BNP Paribas’ business, 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 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. This document does not constitute or form part of any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of BNP Paribas or BNL, nor shall it or any part of it, nor shall the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. This presentation is not an offer to sell or the solicitation of an offer to purchase securities in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. BNP Paribas does not intend to register any offering in the United States or to conduct a public offering of securities in the United States. Figures for the year 2002 and 2003 results are based on French GAAP excluding goodwill amortisation. Figures for the year 2005 results are based on the IFRS accounting standards, as adopted by the European Union. Figures for 2004 results are a simulated restatement of the year 2004 applying the same standards. The corresponding simulated figures have not been audited. Asset Management & Services Disclaimer 2
  • 3. Presentation overview AMS Key Figures Business Model Market Dynamics 3
  • 4. AMS: a Major Asset for BNP Paribas l A substantial part of the Group* n 17% of NBI n 16% of pre-tax income AMS n 16% of allocated capital n Presence in over 40 countries l A major presence in the asset gathering and management business n Assets under management €430bn n Assets under custody €3,058bn n Assets under administration €520bn * Excluding BNP Paribas Capital and other activities Asset Management & Services Key Figures 4
  • 5. Accelerated Net Asset Inflows Net Asset Inflows Assets under Management (End of period) +25% 430 34.1 343 322 295 12.7 13.6 14.2 9.9% +7% 4.0% 4.6% 4.4% +9% in €bn in €bn 2002 2003 2004 2005 2002 2003 2004 2005 % of assets managed l Net inflows more than doubled in 2005, both in volume and as a percentage of assets under management n All business lines have contributed to this performance l Assets under management : +25% in one year n 55% of this is attributable to organic growth and acquisitions and 45% to performance and foreign exchange impact Asset Management & Services Key Figures 5
  • 6. Sharp Rise in Revenues and Results NBI Pre-tax Income CAGR 2005-2002 CAGR 2005-2002 1,266 +13.5% 3,552 +12.5% 3,044 1,059 2,616 890 857 2,428 32% 33% 29% 28% in €mn in €mn 2002 2003 2004 2005 2002 2003 2004 2005 Pre-Tax ROE l Robust and profitable growth n Revenues, 2002-2005 CAGR* +13.5% n Pre-tax income, 2002-2005 CAGR* +12.5% l Acceleration in 2005 n Revenue of €3.6bn in 2005 +16.7% / 2004 n Pre-tax income of €1.3 bn +19.5% / 2004 l High profitability n Pre-Tax ROE 33% in 2005 *Figures are restated, see appendices Asset Management & Services Key Figures 6
  • 7. Organisation Around Six Business Lines NBI 2005 €3.6bn Real Estate Services 12% Cortal Insurance Consors 29% 7% Wealth and Asset Private Management Banking 18% Securities Services Asset 21% Management 13% Asset Management & Services Key Figures 7
  • 8. Covering the Entire Investment Cycle Gather Manage Retail network Advisory & discretionary portfolio External distribution management Independent advisors Sophisticated solutions On-line distribution Real estate funds Multi-management Administrate Protect Custody and fund Life insurance administration Creditor insurance Employee savings plans Protection Property management Property & Casualty Asset Management & Services Business Model 8
  • 9. High Brand Recognition and Image l A brand policy based on the BNP Paribas brand n BNP Paribas Asset Management n BNP Paribas Assurance n BNP Paribas Private Banking n BNP Paribas Real Estate n BNP Paribas Securities Services l Specialist brands to facilitate business development n Atisreal n Cardif n Cortal Consors n Specialised asset management activities: Fauchier Partners, Overlay Asset Management, FFTW, FundQuest Asset Management & Services Business Model 9
  • 10. Businesses Leaders in their Markets #2 in mutual fund promotion in France Asset Management Leader in multi-management in Europe #1 in France Private Banking #3 in Europe #1 in France Cortal Consors #3 in Germany Leader in Europe Real Estate Services #1 in France in commercial real estate Leader in real estate services in Continental Europe Insurance #4 in life insurance in France #2 in creditor insurance worldwide #1 in France Securities Services #1 in Europe #5 worldwide Sources in appendix Asset Management & Services Business Model 10
  • 11. A European Leader with an Extensive Global Presence Asset Management Cortal Consors Private Banking Securities Services Insurance Real Estate Services Russia Korea Japan United-States China Kuwait India Hong Kong Morocco Vietnam Mexico Bahamas Bahrain Taiwan Thailand Panama Singapore Brazil Australia Uruguay South-Africa Argentina New Zealand Chile Presence in over 40 countries Presence in over 40 countries 16,600 employees at end 2005 16,600 employees at end 2005 Asset Management & Services Business Model 11
  • 12. Recognised Expertise in Product Development and Performance l Ability to innovate n A pioneer in open architecture and multi-management n Global leadership in individual protection thanks to a unique model of partnerships n Continuous enhancement of alternative and structured products offering l Wide product range n BNP Paribas AM offering covers all asset classes n BNP Paribas Real Estate offers a complete business mix n BNP Paribas Securities Services offering covers the whole of Europe l Award-winning performance n European Chief Investment Officer of the Year n BNP Paribas Securities Services European Fund Administrator of the Year n BNP Paribas AM Lauriers d’Or (Investir Magazine) in 2004 and 2005 Asset Management & Services Business Model 12
  • 13. Powerful Distribution Platform Dedicated sales teams 4 customer segments Estimated contribution to 2005 NBI Corporates & Group Relationship Managers Specialised Relationship Managers Institutional clients (B to B) 35% 1,000 customers Partners (B to B to C) Dedicated sales forces 1,000 customers 15% High Net Worth Private bankers 180,000 customers 25% Specialised AMS sales forces Mass affluent backed by network sales staff 7 million customers 25% Asset Management & Services Business Model 13
  • 14. Effective and Well Co-ordinated Product Development and Distribution l Specialised product-development teams to improve n Market response n Innovation capability n Intrinsic product performance n Quality of service l Distribution channels organised to n Increase sales teams’ efficiency n Increase customer satisfaction: advisory, diversified offering n Promote cross-selling n Increase wallet-share A business development-oriented organisation A business development-oriented organisation Asset Management & Services Business Model 14
  • 15. Strong Business Complementarities within AMS Asset Management Multi-management Life-insurance offering Fund offering Private Life-insurance offering Banking Insurance Fund administration Multi- Real estate management Real estate funds Fund offering funds Fund administration Life-insurance offering IFA distribution Real estate investments in insurance funds Securities Cortal Services Consors Real estate Real estate funds funds Real Estate Services Revenue synergies Revenue synergies Enhanced capability to meet complex customer needs Enhanced capability to meet complex customer needs Asset Management & Services Business Model 15
  • 16. A Powerful Engine for Cross-Selling with other BNP Paribas Businesses With International Retail With French Retail Banking and Financial Services n Cardif creditor insurance FRB n JV with Private Banking in France with Cetelem and UCB n Distribution of BNP Paribas AM n JV with Private Banking funds and BNP Paribas Insurance in the Middle East life-insurance products n Partnerships and contribution to n Real estate agencies international development AMS IRFS CIB With Corporate and Investment Banking n New private banking and corporate clients n Design of structured products for private banking and institutional clients n Custody and securities services n Real estate funds Asset Management & Services Business Model 16
  • 17. Selective Acquisition Policy l Acquisitions of customer portfolios n Private Banking: Société Monégasque de Banque Privée and Bank von Ernst in Monaco, Caïxa and CitiGold Wealth Management in Switzerland n Cortal Consors: portfolio of customers in Belgium n Real Estate Services: Chesterton in the UK n Insurance: JPMorgan's network of IFAs in France, strategic partnership with distributor Magazine Luiza in Brazil n Securities Services: Invesco’s custody business in Germany l Expertise enhancing n Asset Management: FundQuest in the US (multi-management) and investment in Fauchier Partners in the UK (funds of hedge funds) n Real Estate Services: Atisreal in Europe (services), Studelites in France (student housing) l Geographic expansion n Asset Management: joint-venture with Sundaram Finance in India n Private Banking: Banque Nachenius and Tjeenk & Co in the Netherlands n Real Estate Services: Opera RE in Italy An additional growth driver An additional growth driver Asset Management & Services Business Model 17
  • 18. Favourable Market Dynamics in Developed Economies... l Aging populations and deficits in public pension and health schemes n Need to increase individual and/or corporate savings for retirement purposes l Unemployment risk n Need to save "for a rainy day" l Growth of intermediate age groups with higher incomes n Considerable savings potential Asset Management & Services Market Dynamics 18
  • 19. … and in Emerging Countries l Emergence of a middle class in many countries with fast-growing populations n New savings potential l Increasing number of high net-worth individuals n Demand for higher value-added services and products l More open and stable economies, gradual decrease in inflation and development of financial markets n Development of a broader and more sophisticated range of savings products for investors Asset Management & Services Market Dynamics 19
  • 20. Key Points A powerful, innovative and fast-growing A powerful, innovative and fast-growing distribution platform distribution platform Strong and complementary businesses Strong and complementary businesses An objective: grow faster than the market An objective: grow faster than the market Asset Management & Services Key Points 20
  • 21. AMS BNP Paribas Asset Management Gilles GLICENSTEIN Chairman 6 April 2006 21
  • 22. Presentation overview BNP Paribas Asset Management Key Figures Business Model Market Dynamics Growth Perspectives 22
  • 23. A Major Player the in Asset Management Industry Assets under Management Assets under Management and Advisory +40% +31% 274 193 141 147 196 132 160 168 In €bn In €bn 2002 2003 2004 2005 2002 2003 2004 2005 l #7 promoter in the Euro zone (Feri FundFile) l #2 promoter of French funds (Europerformance) l One of the European leaders in external distribution with Parvest, representing assets under management of €22bn Strong net asset inflows in 2005: €17bn Strong net asset inflows in 2005: €17bn BNP Paribas Asset Management Key Figures 23
  • 24. Balanced Mix of Assets and of Client Types Breakdown of assets under management By asset class By client type Money Markets External 27 % distribution Retail & 12 % Private Equity Banking 18 % 43 % Balanced 13 % Institutional Fixed Income 45 % Structured, 28 % alternative, & index-based 14 % l Diversification by asset class l Balanced client base makes it possible to smooth out impact of market swings Figures at 31/12/2005 BNP Paribas Asset Management Key Figures 24
  • 25. Profitable Growth NBI 473 432 398 373 l Strong growth in revenues since 2003 In €mn 2002 2003 2004 2005 Pre-tax net income and cost / income ratio +12% 250 223 l Sharp rise in profitability supported 180 180 by strict financial discipline 54 54 49 48 In €mn 2002 2003 2004 2005 Cost / income ratio (in %) BNP Paribas Asset Management Key Figures 25
  • 26. Global Coverage Supported by an International Network Europe Paris Lisbon London Luxembourg Americas Madrid Milan Amsterdam Prague Frankfurt Vienna Asia New York Boston Geneva Tokyo Philadelphia Hong Kong Sao Paulo Mumbai /Madras Buenos Aires Seoul Montevideo Shanghai Beijing Middle East and Africa Singapore Main management Sydney centres Casablanca Taipei Bahrain Other Kuwait management/distribution centres l Streamlined production: 5 specialised management centres l Rep. offices in 26 countries ensuring local service l Significant positions outside France: 3rd-ranked foreign promoter in Spain, 4th-ranked in Italy (CNMV, Assogestioni) l More than 1,400 employees worldwide, of which half outside France BNP Paribas Asset Management Business Model 26
  • 27. A Multi-Specialist Approach Within an Integrated Framework Multi-Management Currency Management Global Fixed Income Funds of Hedge Funds Hedge Funds Funds for IFAs and Institutional Investors BNP Paribas Asset Management Business Model 27
  • 28. Our Response: a Pro-Active Development Strategy in Tune with Market Trends India 2005 Extension of geographic China 2003 2005 coverage FundQuest (multi-management) EasyETF (trackers, with AXA IM) 2003 Cooper Neff Advisors (single hedge funds) 2001 Taiwan Overlay Asset Management (FX) 1999 Fauchier Partners (funds of hedge funds) Argentina / Brazil / Morocco / South Korea 2000 1998 Multi-management and alternative & structured investments Singapore 1999 Germany / Hong Kong 1993 Fischer Francis Trees & Watts (Global Fixed Income) United Kingdom 1992 Australia / Japan 1989 1986 United-States 1984 Product offer enhancement BNP Paribas Asset Management Growth Perspectives 28
  • 29. Strong Beliefs in Three Major Trends l Demand is increasingly diversified n Traditional forms of asset management are being challenged by new approaches n Specialisation is a necessity l Distribution is becoming a full-fledged business n Demand for diversification is strong but implementing it is complex n Providing services to distributors and investors is increasingly costly l Penetrating new growing regions requires local operations and global discipline n Strong local expertise is a condition for success n Achievement of synergies is based on global integration BNP Paribas Asset Management Market Dynamics 29
  • 30. Global Asset Manager Business Model Comes into Question Polarisation of the asset management offer + Alternative Index-based and structured investment Multi- Market growth management Fundamental active management Margins + l Fundamental active management now competes with alternative investment approaches (index-based, structured, hedge funds, illiquid assets, etc.) and multi-management BNP Paribas Asset Management Market Dynamics 30
  • 31. Production and Distribution Increasingly Decoupled Weight of external distributors in Europe as a % of assets under management Italy Germany Europe +28% 23% 18% +25% 15% 12% +75% 7% 4% 2003 2004 2003 2004 2003 2004 Source: McKinsey report, October 2005 External distribution networks External distribution networks are growing rapidly in Europe are growing rapidly in Europe BNP Paribas Asset Management Market Dynamics 31
  • 32. An Offer Geared to High Value-Added Products (1/2) 2002 * 2005 * Structured, Structured, alternative alternative & index-based Money Markets & index-based Money Markets 14% 27% 7% 31% Equity 17% Equity 18% Fixed Income Balanced Balanced 33% Fixed Income 12% 13% 28% 27.6 Alternative, structured and index- based assets 19.4 Structured and index-based 16.0 15.0 Alternative investment 12.8 and currency overlay 9.8 10.2 * As a % of assets under 9.1 11.6 management at 31/12 0.7 4.8 6.6 In €bn 2002 2003 2004 2005 Very sharp ramp-up in alternative and structured assets Very sharp ramp-up in alternative and structured assets BNP Paribas Asset Management Growth Perspectives 32
  • 33. An Offer Geared to High Value-Added Products (2/2) l Structured funds: continuous growth and innovation n More than 170 such funds currently, including 65 new funds in 2005 n BNP Paribas AM expertise exported abroad: 40 new funds in 2005 n Constant innovation to meet market expectations: actively managed open-ended funds, multiple underlyings, high-alpha bond funds l Index-based funds: rapid increase since entering into partnership agreement with AXA IM for the EasyETF range n Assets under management at end-February 2006: €2.75bn, x7 since early 2005 n Top 5 in Europe l Alternative investment funds: development in all segments n Funds of hedge funds with Fauchier Partners n Hedge funds with CooperNeff Advisors n Currency overlay with Overlay Asset Management BNP Paribas Asset Management Growth Perspectives 33
  • 34. Multi-Management A Fast-Growing Market l The provision of advisory and services has become an essential factor of choice for distributors and investors Trends in distributor and investor expectations Quality of Quality of Fee retro- Fee retro- Performance Performance Advice Advice TAMP* TAMP* client service client service cessions cessions * Turn-key Asset Management Provider l Open architecture is one of the fastest-growing segments of the asset management industry n Global market estimated at $950bn in 2004 n Compound annual growth rate: 32% since 2002 BNP Paribas Asset Management Growth Perspectives 34
  • 35. A Worldwide Leader in Multi-Management l Worldwide leader in multi-management n Assets under management and advisory: €32.7bn at 31 December 2005 l Successful integration of FundQuest (US) since acquisition in August 2005 n Two harmonised platforms, in the United States and Europe n Extension of European coverage n Staff increased to 165, including 30 portfolio managers and analysts FundQuest: a single brand name FundQuest: a single brand name BNP Paribas Asset Management Growth Perspectives 35
  • 36. FundQuest A Complete Range of Products and Services l Universe of more than 60,000 funds worldwide Fund selection Fund selection § Quantitative screening l Access to the best fund managers and § Quantitative screening boutiques with more than 800 visits and § Qualitative analysis § Qualitative analysis interviews a year Integrated services Integrated services l Strengthening of the integrated services § § Advice and reporting Advice and reporting platform dedicated to institutional investors § Training and their advisors § Training l Retirement management solutions for independent advisors Product range Product range l Innovative fixed-income funds of funds: more than €200 million gathered two months after launch BNP Paribas Asset Management Growth Perspectives 36
  • 37. Accelerated Development in Fast-Growing Regions Assets in Emerging Markets * 14.3 +47% 9.7 +47% 6.6 5.6 In €bn 2002 2003 2004 2005 Emerging markets development expertise Emerging markets development expertise * Entities owned directly or through partnership in South Korea, China, Brazil, Argentina, Uruguay, Morocco; India not included BNP Paribas Asset Management Growth Perspectives 37
  • 38. BNP Paribas AM in Asia Successful Deployment l Multi-local model deployed regionally with a presence in fast-growing countries Seoul n China: SYWG-BNP Paribas AM joint venture n India: Sundaram-BNP Paribas AM joint venture Shanghai Tokyo Beijing n Hong Kong, Singapore: BNP Paribas AM, FFTW, Overlay AM Taiwan Hong Kong n South Korea: Shinhan-BNP Paribas ITMC joint venture Bombai / Madras l Organisation geared to promoting synergies within Singapore BNP Paribas and with partners n Broadening of the Parvest range: Parvest India, Parvest BRIC Equities Sydney n Development of a local offer based on the overall BNP Paribas AM expertise: Chinese equities fund in South Korea, structured funds Subsidiary Joint-venture n Increased local penetration facilitated by the presence of other BNP Paribas entities Representative office €24bn in assets €24bn in assets BNP Paribas Asset Management Growth Perspectives 38
  • 39. Numerous Cross-Selling Opportunities With other BNP Paribas Business Lines Insurance Advisory on reserves management Management of life insurance products Securities Services Private Banking Centralised dedicated portfolio Fund management in France administration BNP International offering of Parvest and of alternative investment products Paribas AM Distribution of investment Fund selection and distribution products through networks Cortal Consors Retail Banking BNP Paribas Asset Management Growth Perspectives 39
  • 40. Conclusion A large and profitable asset manager, benefiting from a balanced business A large and profitable asset manager, benefiting from a balanced business model and a robust organisation model and a robust organisation Comprehensive business model integrated around centres of expertise Comprehensive business model integrated around centres of expertise meeting clients’ increasingly sophisticated needs meeting clients’ increasingly sophisticated needs Development momentum in terms of products, distribution channels Development momentum in terms of products, distribution channels and entering high-potential markets and entering high-potential markets BNP Paribas Asset Management Conclusion 40
  • 41. AMS BNP Paribas Private Banking François DEBIESSE Head of Private Banking Marie-Claire CAPOBIANCO Head of French Private Banking 6 April 2006 41
  • 42. Presentation overview BNP Paribas Private Banking Key Figures Business Model Market Dynamics Growth Perspectives 42
  • 43. Fast Growing Business Line l Active strategy to grow client base Client assets* 117 n Increase wallet-share n Boost sales efforts 99 n Make selective acquisitions and partnerships 95 96 +19% l Favourable market conditions in 2005 In €bn n Strong equity markets 2002 2003 2004 2005 n Steady bond markets n Favourable €/$ exchange rate 1,006 Revenues** 895 886 873 l Constant improvement in return on assets n 2005 ROA of 93 bps, up from 90 bps in 2002 +14% n Shifting client assets to higher value-added products and services In €mn 2002 2003 2004 2005 Accelerating growth momentum Accelerating growth momentum *End of period; **Including 100% of joint ventures with FRB (France and Monaco) and including B*Capital in 2002 and 2003 BNP Paribas Private Banking Key Figures 43
  • 44. High Margins as a Result of Steady Productivity Improvements Growth and profitability in 2005 2005 gross operating margin (before head office expenses) >50% l Combination of entities and locations geared France to growth and profitability 25-50% l Optimisation of back office and IT platforms Asia/Americas/ < 25% to boost operating efficiency Europe Off-shore Europe On-shore n France: resource pooling with the retail network, <10% >10% dedicated staff and specific client filtering NBI growth 2005/2004 n International: 3 global hubs (Luxembourg, Geneva, Singapore) processing 93% of volumes Pre-tax income and cost / income ratio* through a common application 76 331 72 267 70 l Simplified structures at the major off-shore 225 67 205 centres in €mn 2002 2003 2004 2005 Pre-tax income C / I ratio (%) * Including 100% of France and Monaco BNP Paribas Private Banking Key Figures 44
  • 45. Major Global Player Client Assets - December 2005 2006 Rankings Asia & Middle East France 13% 42% France #1 Western Europe #3 Latin America 3% Europe Asia Latin #7 America #7 Europe Off-shore On-shore 34% 8% €117bn in client assets €117bn in client assets Structured Foreign Exchange products Fixed Income DPM Operations in 26 countries Operations in 26 countries #2 Global #8 Global 3,400 employees 3,400 employees High brand awareness and recognition High brand awareness and recognition Source: Euromoney 2006 rankings BNP Paribas Private Banking Key Figures 45
  • 46. Comprehensive and Innovative Financial Offer l Advice is at the heart of the commercial approach n Clear investment strategy with recommendations broken down by asset class Breakdown of invested assets 2005 n Offer systematically adjusted to each client segment l Open architecture without precluding privileged partnerships within the Group Life insurance Mutual Funds 23% 31% l Comprehensive and innovative offer n Sophisticated investment mandates: Absolute performance, Alternative investment, Capital protected, etc. Structured products n Structured and derivative products covering all types Fixed Income 6% of underlyings 14% n Rapid ramp-up of the alternative investment offer: funds of hedge funds, Private Equity funds, Real Equities Estate Investment funds 26% BNP Paribas Private Banking Business Model 46
  • 47. Offer Adapted to Key Moments in the Client's "Wealth History" l Global Asset Allocation approach to win clients and build loyalty l Network of tax and estate planning specialists and fiduciary experts l Support for the key stages in investing and monetising assets l Solution centres: multidisciplinary expertise to assist private bankers in managing and developing Ultra High Net Worth clients Solution centre organisation Investment services Solution Financing n Portfolio Management centre n Investment Financing and leveraging n Securities/Fund Advisory n Real Estate Financing n Alternative Investment Private n Yacht Financing n Derivatives & Structured Products n Foreign Exchange n Capital Markets Execution Client Advisory & Wealth structuring Other services n Global Asset Allocation n Art Advisory n Tax & Estate Planning Banker n Property/Real Estate Advisory n Trust & Corporate Services n Philanthropy Services n Custody Services Specialists n Corporate Advisory n Family Governance BNP Paribas Private Banking Business Model 47
  • 48. Fast-Growing and Attractive Market l Steadily growing €25,000 billion market l New centres of wealth l Fragmented industry l Rising barriers to entry n Increasingly sophisticated client expectations: multi-booking, loans, wealth management services n More stringent regulatory environment n High fixed costs: IT, offer, support services Critical mass, specialised approach and flexibility: Critical mass, specialised approach and flexibility: pre-requisites to fully benefit from the market’s growth potential pre-requisites to fully benefit from the market’s growth potential BNP Paribas Private Banking Market Dynamics 48
  • 49. Three-Pronged Client Acquisition Strategy Selective Organic growth Partnerships acquisitions Recruitment of Private Bankers in Achieve economies of scale for Joint ventures with retail banking all regions existing operations and corporate and investment banking activities Organic development of new Enter new markets operations in markets with high Partnerships covering client potential origination, commercial management, product and service offer BNP Paribas Private Banking Growth Perspectives 49
  • 50. Rapid Growth of the Commercial Organisation Number of private bankers by region (Base 100 in 2003 for the regional breakdown ) Global France Europe off-shore Europe on-shore 1,530 1,333 123 108 111 100 100 100 12/03 12/05 12/03 12/05 12/03 12/05 12/03 12/05 Americas Gulf Asia 300 177 124 100 100 100 12/03 12/05 12/03 12/05 12/03 12/05 BNP Paribas Private Banking Growth Perspectives 50
  • 51. Strong Organic Growth for On-Shore Business Client assets - Europe on-shore* Markets with high growth potential India Brazil Mainland (since 2000) (since 2001) China 8.8 Mumbai São Paulo Hong Kong Delhi Rio de Janeiro (since 1984) Calcutta Belo Horizonte +27% p.a. Bangalore Curitiba Taiwan Puna (since 2005) Ahmedabad 4.3 Chennai Shanghai Hyderabad (planned for 2006) In €bn 2002 2005 l Strong momentum in net new cash for Europe on-shore: Southern Europe, Belgium, the Netherlands l Active development strategy for three regions outside Europe with very high growth potential: India, Brazil, Mainland China l Cross-selling potential with other business lines that have local operations: Atisreal, BNP Paribas AM, Corporate Finance * excluding France BNP Paribas Private Banking Growth Perspectives 51
  • 52. Acquisitions in Order to Foster Growth 2002: takeover of Chase’s Private Banking business in Spain 2005: Acquisition of Nachenius, Tjeenk & Co. in the Netherlands Total client assets acquired * > €5bn 2003: Takeover of BEAL (WestLB group) clients in Luxembourg 2004: Acquisition of Société Monégasque de Banque Privée and Bank von Ernst (Monaco) 2005: Integration of Citigold Switzerland and Caixabank Banque Privée (Switzerland) 2004: Integration of the Private Banking business of Sudameris in Miami 2006: Takeover of Bank of America’s non-resident clients in the US Economies of scale at existing sites Economies of scale at existing sites Penetration of new markets Penetration of new markets * Including the Bank of America deal, signed in 2006 and which will close in the second half of this year BNP Paribas Private Banking Growth Perspectives 52
  • 53. Innovative and Efficient Internal Joint Ventures French Retail Network French Private Banking - Private Banking Monaco • Joint venture since 2001 in France and since 2003 in Monaco • Highly recognised Business model: #1 in France and #1 in Monaco (Euromoney 2006) Private Banking Premium Group Hong Kong • Joint venture since 2002 for the Private Banking Middle East Hong Kong tycoon market • Joint venture since 2005 in the Gulf • 38% penetration rate in the region targeted clientele segment • Promising initial results CIB IRFS Pragmatic approach Pragmatic approach Potential for internal and external replication Potential for internal and external replication BNP Paribas Private Banking Growth Perspectives 53
  • 54. French Private Banking Powerful Organisation based on an Innovative Model French Private Banking organisation l Alignment of interests with the retail network French Private Banking Network n P&L shared between the retail network and AMS Regional n Organisation mirroring the network’s Head Office & Regional Private Divisions structure Very / Ultra HNW teams Banking Teams n Client synergies at the heart of organisational culture and sales Region-based Private Banking Groups promotion Wealth Management centres of Branches Advisors l Strong differentiation in the client Advisors specialised Client relationship to guarantee satisfaction by client line Lines and loyalty l Segmentation according Executives & Business Owners to medium-term potential Market Share French Private Relationship with l Dedicated staff for Very High Banking clients BNP Paribas and Ultra High Net Worth clients Shareholders in the Top 700 French companies 24% 32% CAC 40 companies Executive Committee 14% 40% members BNP Paribas Private Banking Growth Perspectives 54
  • 55. French Private Banking A Commercial and Financial Success Network Potential l Sustained business growth Annual target – New business relationships n Network potential regularly renewed enabling steady new client flow Private individuals 6,000 n Increasing ability to win outside clients Professionals 2,000 n Substantial synergies with other Group business lines Entrepreneurs 700 n 10,000 new business relationships a year Companies 500 and constant growth in assets assigned per household Average client assets – 2005 l Recurrent revenues n Significant proportion of mutual funds and life Life insurance Securities insurance 39% 23% n High proportion of discretionary mandates l Cost base optimised through the use of the network’s IT and back office operations Cash 11% Mutual funds 27% BNP Paribas Private Banking Growth Perspectives 55
  • 56. Private Banking Middle East Unique Joint Venture Model with IRFS in the Gulf l Region with high growth potential l Leverage BNP Paribas’ strengths in the London region Luxembourg n Significant local operations Paris n Very positive brand image Switzerland l Overall approach to client needs n Domestic and international asset management n Access to the Private Banking centres of expertise (offer, solution centres) Kuwait n Development of a range of local products Qatar Dubai l Innovative business model enabling faster Saudi Arabia Bahrain Abu Dhabi growth n Local presence guarantees close client monitoring n Operations set up at minimal cost n Cross-selling with other business lines BNP Paribas Private Banking Growth Perspectives 56
  • 57. Significant Competitive Advantages for the Future l Leader with high brand awareness and strong presence in high potential markets l Ongoing adaptation of the offer to changes in client expectations l Robust, replicable partnership models l Operating efficiency as a way to continuously improve margins An attractive combination of profitability and growth An attractive combination of profitability and growth BNP Paribas Private Banking Conclusion 57
  • 58. AMS BNP Paribas Real Estate Philippe ZIVKOVIC Chairman 6 April 2006 58
  • 59. Presentation overview BNP Paribas Real Estate Key Figures Business Model Market Dynamics Growth Perspectives 59
  • 60. Unique Business Model l Complete range of Real Estate services n Combining formerly separate businesses to function as a real estate producer, distributor and asset manager l Integration of Banking business and Real Estate services n The #1 real estate services business among Continental European banks – a source of synergies l Unique combination n A major competitive advantage for establishing relationships with new clients and fostering customer loyalty BNP Paribas Real Estate Key Figures 60
  • 61. Rapid Growth in Services NBI Pre-tax income 434 Pre-tax ROE 111 319 92 141% 60 60 110% 136 140 Of which 250 Atisreal 64% 165 45% In €mn 2002 2003 2004 2005 2002 2003 2004 2005 Pre-tax income (in €mn) Pre-tax ROE (%) l Acquisition of Atisreal in 2004 n Switch in business mix : now ¾ services - ¼ property development n Recurring revenues n Less capital intensive than property development BNP Paribas Real Estate Key Figures 61
  • 62. Four Complementary Business Lines Real Estate Asset Management Transactions and Advisory Property Development Property Management l Significant revenue synergies l Unique market positioning as a producer, distributor and asset manager BNP Paribas Real Estate Business Model 62
  • 63. Services for all Economic Players Transactions Property Property Asset and Advisory Management Development Management Large corporations ü ü ü SME ü ü Institutional investors and real estate funds ü ü ü ü Public sector ü ü ü Individual customers ü ü ü ü Property developers ü ü BNP Paribas Real Estate Business Model 63
  • 64. Highly Complementary Real Estate Business Lines l Development of the Property management activity through the Atisreal network in France l Creation of investment funds that purchase buildings n Built by Meunier n Managed by Comadim or Gérer n Commercialised by Atisreal n Launch of a second Euro Zone / United Kingdom investment fund, sourced by Atisreal BNP Paribas Real Estate Business Model 64
  • 65. Integrated European Network Property management l 2,500 employees in 7 European Transaction - Advisory countries Real estate asset management Commercial real estate development l In-depth knowledge of each Residential real estate market to assist clients as they development internationalise their property strategies l Alliances in North America and Asia through Atisreal BNP Paribas Real Estate Business Model 65
  • 66. Leading Positions l Transactions and advisory services n #1 in commercial real estate advisory services in Continental Europe n #1 in France (transactions and valuations) 4.8 million sq. m. placed in 2005 n #1 in Germany 22,000 valuations carried out in 2005 n #1 in Luxembourg n Among the top 10 in the United Kingdom 13 million sq. m. of commercial l Property management property managed in Europe n #1 in commercial Property management in France 26,500 residential units managed in France n #3 in serviced residential property management in France 115,000 sq. m. and 1,800 residential l Property development units started per year n #3 in France €4.5 billion in assets under l Real estate asset management management in Europe n #3 in France in managing real estate investment funds (SCPI) Sources: Estates gazette, Rankings of developers - Innovapresse, IEIF BNP Paribas Real Estate Business Model 66
  • 67. Balanced Business Model Real estate services Revenue breakdown – 2005 l Leading business line: Transactions Property Management Property l Development of other services with 15% Development recurring fees Asset 25% n Property management Management n Asset management 5% n Advisory Property development Advisory and Transactions valuations 40% 15% l Commercial real estate: pre-placement of almost the entire production prior to the start of construction 2/3 in France 2/3 in France l Residential properties: balance between the 1/3 in the rest of Europe 1/3 in the rest of Europe greater Paris region and the other regions in France 80% in commercial real estate 80% in commercial real estate 20% in residential properties 20% in residential properties BNP Paribas Real Estate Business Model 67
  • 68. Commercial Real Estate, a Buoyant Market Take-up in Europe 2,165,000 l Dynamic activity: the greater Paris region ranks #1 among major European cities in terms of take-up in 2005 985,000 665,000 609,000 586,000 530,000 464,000 413,000 in m² Paris - IDF London Madrid Brussels Munich Frankfurt Berlin Barcelona Vacancy rates in Europe 2005 15.2 2004 l Low inventories and vacancy 13.4 rates in the greater Paris 12.3 11.1 10.3 10.1 region 9.2 8.4 9.6 8.3 6.3 5.8 in % Francfurt Brussels Madrid London Berlin IDF Source: Atisreal BNP Paribas Real Estate Market Dynamics 68
  • 69. New Residential Properties in France, a Healthy Market Number of new residential units purchased 121,500 112,200 101,500 103,225 l Another record year in 2005: 80,167 85,431 75,183 121,500 new residential units sold 1999 2000 2001 2002 2003 2004 2005 Properties currently on the market l Low level of stock on the market, 52,318 52,022 48,109 52,886 47,377 equivalent to only five months of 39,919 37,452 sales, while three years are required to complete a development project 1999 2000 2001 2002 2003 2004 2005 Source: Ministère de l'Equipement and developers association (FNPC) BNP Paribas Real Estate Market Dynamics 69
  • 70. Numerous Cross-Selling Opportunities within BNP Paribas Insurance Corporate and Partner in the EP1 fund Private Banking Investment Banking Financing of the Euro Zone Distribution of real estate investment fund funds (including those under the Robien BNP act), investment in serviced residential properties and packaged products Paribas Immobilier Construction / renovation of office buildings Cross-selling with Atisreal (Meunier), property management (Comadim), Espaces Immobiliers marketing (Atisreal) French Retail BNP Paribas office Banking properties BNP Paribas Real Estate Growth Perspectives 70
  • 71. Significant Growth Potential l Expand geographic coverage n Advisory services: grow the business in France and Germany n Property management: implement a single European brand name n Property development in France: pursue growth outside of the Paris region, including for commercial real estate n Property development outside of France: enter the Spanish and German commercial real estate markets, and develop the Italian market together with BNL l Continue selective acquisitions n In the transactions business: in the United Kingdom, Spain and Italy n In the Property management business in Europe l Broaden asset management offering n Develop the Euro Zone / UK investment fund and the property mutual funds (OPCI) BNP Paribas Real Estate Growth Perspectives 71
  • 72. Conclusion l Real estate markets on a positive trend l A European network l A range of four complementary real estate business lines l Synergies with AMS and the Group’s other business lines Competitive advantages for meeting the real estate needs Competitive advantages for meeting the real estate needs of a wide range of clients and for developing cross-selling of a wide range of clients and for developing cross-selling BNP Paribas Real Estate Conclusion 72
  • 73. AMS BNP Paribas Securities Services Jacques-Philippe MARSON Chief Executive Officer 6 April 2006 73
  • 74. Presentation overview BNP Paribas Securities Services Key Figures Business Model Market Dynamics Growth Perspectives 74
  • 75. Strong Growth and High Profitability NBI 725 Pre-Tax Income 600 609 162 * 545 145 125 106 in €mn in €mn 2002 2003 2004 2005 2002 2003 2004 2005 l Strong revenue growth +19% / 2004 l Increasing pre-tax income +16% / 2004 l High pre-tax return on equity 31% in 2005 A core growth driver for the Group A core growth driver for the Group * Excluding capital gain on Clearstream share disposal BNP Paribas Securities Services Key Figures 75
  • 76. Sustained Business Growth Assets under Custody Number of Transactions* Assets under Administration 3 058 27 520 26 2 473 25 2 090 23 1 811 299 220 235 in €bn in mn in €bn 2002 2003 2004 2005 2002 2003 2004 2005 2002 2003 2004 2005 l Sharp increase in assets under custody +24% / 2004 l Increase in number of transactions +16% / 2004 l Very steep rise in assets under administration +74% / 2004 A strong growth acceleration in 2005 A strong growth acceleration in 2005 * 2003 - 2004: impact of netting in Germany and Switzerland BNP Paribas Securities Services Key Figures 76
  • 77. Leader in Europe and one of the Largest Players in the World European Custodians 3,058 2,493 2,365 1,931 1,547 1,667 in €bn CACEIS RBC-Dexia SG+Unicredit UBS HSBC BNP Paribas l #5 worldwide in terms of assets under custody (Globalcustody ) l #4 worldwide in terms of cross-border assets under custody (Institutional Investors) l Only European player covering the whole securities value chain l High percentage of cross-border assets: over 70% Source: company data BNP Paribas Securities Services Key Figures 77
  • 78. Operating Efficiency in Line with the Global Leaders Cost / Income Ratio - BP2S Cost / Income Ratios - Competitors, 2005 79 80 80 86 67 82 79 80 80 74 75 in % in % 2002 2003 2004 2005 JP State Mellon BP2S CACEIS BISYS SG* Morgan Street Chase l A critical mass business l Recurring revenues, 80% of which relate to external clients l Cost / income ratio n In line with that of the major American players n The lowest in the industry both in France and in Europe Source: company data * incl. Fimat BNP Paribas Securities Services Key Figures 78
  • 79. Unique Multi-Local Set up in Europe USA Germany Australia Turkey Austria (Garanti Bank) (indirect) Switzerland Belgium UK BNP Paribas Securities Services Spain 31 December 2005 Portugal France Ÿ 17 BP2S locations Poland Ÿ 3,800 employees of which Greece (indirect) Netherlands nearly 60% outside France Hungary (indirect) New Zealand Ireland Luxembourg Italy Jersey Japan Operating model based on local presence Operating model based on local presence in all major financial centres in all major financial centres BNP Paribas Securities Services Business Model 79
  • 80. Recognised Player 2006 “Regional Sub-Custodian of the Year” “Regional Sub-Custodian of the Year” 2006 North European Region / /South European Region North European Region South European Region “Securities Services House “Securities Services House 2005 2005 of the Year – Europe” of the Year – Europe” 2005 2005 “European Fund Administrator of the Year” “European Fund Administrator of the Year” 2005 “Top Rated” in eight countries in Europe “Top Rated” in eight countries in Europe 2005 Belgium, France, Germany, Greece, Italy, Netherlands, Portugal and Spain Belgium, France, Germany, Greece, Italy, Netherlands, Portugal and Spain 2005 2005 “Best Sub-Custodian in Western Europe” “Best Sub-Custodian in Western Europe” BNP Paribas Securities Services Business Model 80
  • 81. Unique Client Coverage and Products in Post-Trade Services in Europe BNP Paribas Securities Services Business Model 81
  • 82. Very Strong Sales Momentum Breakdown of successful bids as a % of assets under custody – Europe and Australia Number of successful bids in 2005 RBC Citi SG 12 3% 1% 4% BP2S Mellon 22% 9 9% 7 5 5 4 Northern 3 3 2 Trust 10% JPM Citi Northern SG JPM Mellon RBC BoNY BP2S State 18% Trust Street State Steet 16% BoNY 17% #1 in Europe #1 in Europe 22% of successful bids in volume 22% of successful bids in volume #2 worldwide in Europe and Australia in Europe and Australia #2 worldwide Source: 50 top custody mandates in 2005 as published by ICFA BNP Paribas Securities Services Market Dynamics 82
  • 83. Picking up Speed in the Institutional Investor’s Segment 2002 NBI: €545 million 2005 NBI: €725 million Corporates Corporates Institutional Institutional Investors Investors 7% 10% 29% 39% 54% 61% Financial Intermediaries Financial Intermediaries Develop services for institutional investors Develop services for institutional investors to benefit from the growth of the savings market to benefit from the growth of the savings market BNP Paribas Securities Services Market Dynamics 83
  • 84. Significant Growth Potential Asset Growth - -Projected five-year Asset Growth Projected five-year Europe Europe US US Asia Asia average average Mutual funds Mutual funds 18% to 20% 8% to 10% 10% to 12% 18% to 20% 8% to 10% 10% to 12% Pension funds Pension funds 8% to 10% 8% to 10% 6% to 8% 6% to 8% 8% to 10% 8% to 10% Banks, brokers, other Banks, brokers, other 7% to 9% 7% to 9% 7% to 9% 7% to 9% 7% to 9% 7% to 9% Expected growth in the savings market coupled Expected growth in the savings market coupled with a change in Post-Trade market needs with a change in Post-Trade market needs Source: Prudential Securities, The Economist, Employee Benefit Research, Investment Company Institute BNP Paribas Securities Services Market Dynamics 84
  • 85. Ability to Respond to Changes in Customers Needs Alternative investment Outsourcing Open Architecture products and Derivatives l Financial institutions l Growing interest in l Specialisation among refocusing on their exotic and complex fund producers core businesses products l Production and l Specialisation and l Hedge funds distribution increasingly economies of scale expected to post decoupled strong growth l Increasingly complex support required Recognised expertise of New innovative services Comprehensive offer systems and staff in to support fund covering the entire value managing complex management and fund chain solutions distribution BNP Paribas Securities Services Market Dynamics 85
  • 86. Value-Creating Business for the Group l Privileged access to major institutional investors n Represents 20% of total Group’s revenues generated by institutional investors n Day-to-day relations with the world’s largest institutions and biggest issuers l Growth and synergy opportunities for the other business lines of the Group n Responsiveness and innovation to assist the capital markets and asset management business lines n Cost optimisation through resource pooling l A business generating a high return on equity n Pre-tax ROE above 30% n Impact of Basel II expected to be very positive BNP Paribas Securities Services Growth Perspectives 86
  • 87. Growth Perspectives in Value-Added Services l Personalised services dedicated to the most sophisticated clients n Pension funds n Insurers n Hedge funds n Medium-sized financial intermediaries n Issuers l Development of the offering towards value-added segments n Financing and liquidity n Performance measurement and performance attribution n Structured products n Support to fund distribution n Outsourcing for private banks and discretionary portfolio managers Ability to serve the most sophisticated clients Ability to serve the most sophisticated clients BNP Paribas Securities Services Growth Perspectives 87
  • 88. Conclusion Diversified client base, with growing proportion Diversified client base, with growing proportion of institutional investors of institutional investors Leader in Europe, with very strong sales momentum Leader in Europe, with very strong sales momentum Ability to meet the new needs Ability to meet the new needs of promising markets and sophisticated clients of promising markets and sophisticated clients Recurring revenues Recurring revenues and high return on equity and high return on equity BNP Paribas Securities Services Conclusion 88
  • 89. AMS BNP Paribas Assurance Eric LOMBARD Chief Executive Officer 6 April 2006 89
  • 90. Presentation overview BNP Paribas Assurance Key Figures Business Model Market Dynamics Growth Perspectives 90
  • 91. Three Businesses, Leadership Positions Property & Savings Protection Casualty 12 countries 28 countries France l With-profit contracts, denominated l Coverage of various risks: Natio Assurance, 50/50 in euros or foreign currencies unemployment, permanent and JV with Axa temporary disability, death l Unit-linked contracts l Insurance for individuals: l Contracts both unit-linked and l Capacity to cover new risks comprehensive home- with-profit ("contrats multi- supports") l Segmented approach to risk owner insurance, car, school insurance, legal l Personal pension plans in France protection and travel (PERP) insurance l 4th largest life insurer in France l #2 worldwide for creditor insurance l #2 in France for unit-linked contracts 2005 Gross Written Premium 2005 Gross Written Premium €10.3bn €2.7bn Total Assets under Management in 2005: €91.9bn Total Assets under Management in 2005: €91.9bn +17% //2004 +17% 2004 BNP Paribas Assurance Key Figures 91
  • 92. A Comprehensive and Innovative Offering in the Protection Business n Credit card n Fraudulent use n Consumer credit n Deposit account Creditor n Auto loans protection Insurance n Leasing n Bills insurance n Mortgages n Shopping basket Budget n Standard of living Insurance guarantee Current account / Deposits Credit / n GAP Loans / Goods Leasing n Extended Households Protection warranties Entrepreneurs n Deductible waiver Individuals n Property & casualty (home or car insurance) Health Investments / Protection Savings n Personal accident n Term life n Hospitalisation plan n Travel insurance Individual n Critical illness n Whole life Protection n Health plans n Guaranteed minimum death benefit n Waiver of premium BNP Paribas Assurance Key Figures 92
  • 93. Strong and Steady Growth CAGR Gross Written l Positioned in fast-growing markets Premium* +18%** 16% 13 International 11.4 n Favourable demographic and socio- France 27% 23% 9.3 economic factors: aging, increasing 8.3 income and pension reforms 73% 14% n Generally favourable tax environment for life insurance in €bn 2002 2003 2004 2005 n Increasing need for financial safety that creates a demand for both CAGR Savings and Protection NBI*** +17% 15% International 1,017 l Active marketing strategy France 867 733 26% 20% 674 n Multi-channel distribution approach n Strong international expansion 74% 12% in €mn 2002 2003 2004 2005 * Gross Written Premium excluding taxes, before re-insurance; ** 2005 growth rate excluding the impact of Antarius disposal – Growth rate including the impact of Antarius disposal: 14%; *** NBI: technical result and financial margin, net of fees paid to distributors and before operating expenses BNP Paribas Assurance Key Figures 93
  • 94. Cost / Income Ratio under Control Cost / income ratio 50.7% 48.1% 45.7% 47.3% 2002 2003 2004 2005 l Substantial investments to stimulate growth n Significant investments in back office and IT n Expansion into new countries l Streamlining of the organisation n Simplified product offering n Merger of Natio Vie into Cardif Assurance Vie in October 2005 n Outsourcing of activities (Cardif AM, IT services) l Impact of international expansion on the cost/income ratio BNP Paribas Assurance Key Figures 94
  • 95. Steadily Rising Profits Pre-tax income +24% 580 467 404 352 In €mn 2002 2003 2004 2005 ROE before tax 22% 22% 23% 25% l Shift to high-margin products with lower capital needs n Active switch from with-profit to unit-linked contracts n Growth of international Protection business n Development of the packaged products offering l International operations reaching critical mass BNP Paribas Assurance Key Figures 95
  • 96. A Global Coverage Russia Sweden Korea United-States China Japan Netherlands Ireland U-K Germany Czech Poland Taïwan Mexico Rep. Belgium India Vietnam Slovakia Lux. Thailand France Hungary Austria Switzerland Brazil Italia Spain Portugal South-Africa Argentine New countries in 2005 Chili 5,200 employees Presence in 31 countries Presence in 31 countries International expansion began in 1989 International expansion began in 1989 BNP Paribas Assurance Business Model 96
  • 97. B to B to C Approach l An offering tailored to address the needs of partners and clients n Segmented offers BNP Paribas Assurance n Capacity to take into account mutual funds of the partner bank in Cardif’s unit-linked offering n Management and reporting systems adjusted to Banks partners Partners Consumer Finance l High value-added services to partners Companies n Product offering is complemented by a full range of services such as client evaluation tools IFAs and Brokers n Sales support: telemarketing expertise Corporates n Advice to the partner for the management of the profit centre l Ability to rapidly implement new partnerships Clients BNP Paribas Assurance Business Model 97
  • 98. Full Coverage of Distribution Channels Products Individual Group Protection Property & Gross Savings Pension Casualty Written Plans Premium Distribution channels BNP Paribas BNP Paribas retail network in France ü ü ü ü Group French Private Banking ü ü 56% BNP Paribas subsidiaries (Cetelem, Cortal Consors,) ü ü ü External IFAs / Brokers ü ü ü ü ü Partnerships Banks, financial institutions, retailers 44% Telemarketing ü BNP Paribas Assurance Business Model 98
  • 99. A Diversified Partnership Model l 150 institutional partnerships including 35 of the 100 largest global banks l Successful business development with, for instance, in 2005 External n Unicredit (Poland) partnerships n Sumitomo Mitsui (Japan) n Standard Chartered (South Korea) €5.7bn l Partnerships that last and grow n Renault since 1998, Carrefour, Citibank and Suruga Bank since 1999 n PSA, from 3 countries in 1998 to 9 in 2005 44% of n GMAC, from 4 countries in 1999 to 10 in 2005 revenues l Equity stakes to strengthen certain partnerships n Shinhan Financial Group, Korea's # 2 bank, 180,000 policyholders n Cassa di Risparmio di Firenze, 250,000 life insurance contracts and one million policyholders in Protection n JV with State Bank of India, India's largest bank, 3.5 million policyholders BNP Paribas Assurance Business Model 99
  • 100. Strong Growth in Savings and Protection Business in France l Europe's second-largest savings market (€150 bn), with over 14% growth in 2005 n Market is dominated by "bancassurance" Gross Written Premium +17.5%* l Close co-operation with the BNP Paribas Protection Saving 9.5 8.4 retail network 0.7 0.8 7 6.4 n Offering tailored to client needs 0.6 0.6 n Co-ordinated product distribution 8.7 7.7 6.4 l Focused marketing actions 5.8 n Personal pension plans (PERP) en €bn n Switch from PEL (long-term housing saving 2002 2003 2004 2005 plan) n Individual creditor insurance ("Cardif Garantie Emprunteurs") l Leverage Cardif network to take full advantage of the fast-growing independent financial advisors market * 2005 growth rate excluding the impact of Antarius disposal – Growth rate including the impact of Antarius disposal: 12.3% BNP Paribas Assurance Market Dynamics 100
  • 101. Strong Growth Potential in France BNP Paribas retail network Other distribution channels l A large pool of potential customers l Private banks with open architecture, for life (245,000 new contracts in 2005) insurance l Fourgous amendment enabling the conversion n Development of a delegated management offering of PEL plans over 10 years old (white labelling) n Investlife France offer geared to very high net-worth l Launch of innovative products customers l Still a strong growth potential for the Protection n Reinforcement of the commercial force dedicated business to banks l Creation of a network of financial engineering l Internet offering advisors specialised in savings products n On-line interface with key partners l Development of a Bills Insurance offer IFAs / Brokers l A growing market l Equity stakes in distribution networks l Expanded Cardif offering: life insurance, banking n Acquisition of JP Morgan Fleming's retail network products (Cortal Consors) and Protection products in France (re-branded Patrimoine Management et Associés) l Marketing of protection products through specialized brokers BNP Paribas Assurance Growth Perspectives 101
  • 102. An Ambitious Strategy of International Growth l Enhancing relationships with partners International Gross Written Premium n Increasing product penetration n Adding distribution channels Protection +18.4% 3.5 n Tailor-made partnership structures: Saving 3 distribution agreements and joint ventures 2.2 1,9 l Geographic coverage allowing to propose 1.9 1,7 1,4 "global solutions" to potential partners 1,1 1,3 1,6 l Penetration into new countries 0,8 0,9 en €bn n Supporting Cardif's partners 2002 2003 2004 2005 n Increasing international footprint in promising markets n Taking advantage of the opportunities created by the acquisition of foreign retail banking networks by BNP Paribas l Selective development through acquisitions or joint ventures BNP Paribas Assurance Growth Perspectives 102
  • 103. Increasing Cross-Selling with Other Group Businesses French and International Retail Networks Corporate and Investment Banking Savings and Financial Services Protection Structured products for capital- guaranteed products Creditor insurance with Cetelem and UCB Protection with BPLG and Arval BNP Paribas Mutual funds Savings and Cortal Consors Protection Assurance for unit-linked Asset Management contracts Real estate funds with Antin Vendôme General fund invested in real Savings and Protection estate Real Estate Private Banking Services BNP Paribas Assurance Growth Perspectives 103
  • 104. Conclusion l Maintain double-digit annual revenue growth l Increase the contribution to NBI of international operations and of Protection l Increase market share in France l Consolidate global leadership in creditor insurance BNP Paribas Assurance Conclusion 104
  • 105. AMS Cortal Consors Olivier LE GRAND Chairman and Chief Executive Officer 6 April 2006 105
  • 106. Presentation Overview Cortal Consors Key Figures Business Model Market Dynamics Growth Perspectives 106
  • 107. Full-Service Pan-European Asset Gatherer Cortal Consors’ provides European individual investors with independent products and services through differentiated distribution channels l Complete range of financial investment products including brokerage in all securities types, mutual funds, life insurance and cash products l Multi-channels distribution: on-line, phone, face-to-face l Advice on equities and funds l The leading European player active in 6 markets n # 1 in France n # 3 in Germany n Spain, Belgium, Italy, Luxembourg Cortal Consors Key Figures 107
  • 108. Balanced Business Model Growing Profitably Net Banking Income* 259 Pre-tax income* 241 199 Asset related 52% income 23 25 83 48% Transaction 7 related income in €mn in €mn 2002 2003 2004 2005 2002 2003 2004 2005 -31 l A business mix balanced between asset gathering and brokerage l Strong improvement in profitability since Cortal and Consors merger in 2002, allowing increased marketing expenditures in 2005 * Including B*Capital from 2004 Cortal Consors Key Figures 108
  • 109. Strong Growth in Business CAGR AuM 2002-2005 28 Net inflows +37% 4.9 Mutual 19 funds 54% & life 14 insurance 11 1.8 33% Stocks 1.3 0.4 in €bn 13% Cash in €bn 2002* 2003 2004 2005 2002* 2003 2004 2005 Trades 10.6 l Strong increase in AuM 10.0 n Increased client acquisition efforts 8.6 8.2 in Germany n Growing face-to-face business in France n Stock market performance effect in million * including Consors 2002 2003 2004 2005 Cortal Consors Key Figures 109
  • 110. Acceleration in Client Acquisition Client breakdown 31.12.05 New client acquisition 160 Other countries 63,000 France 94 508,000 73 Germany 41 500,000 22 9 9 14 Total 2002 2003 2004 2005 Total 1,071,000 1,071,000 Acquisition expenses (in €mn) clients clients New direct clients (in thousands) l Significant investments to capture future growth (acquisition expenses +58% in 2005) l Acquisition expenses per client in Germany are only half of those in France, with a pay-back under 24 months Cortal Consors Key Figures 110
  • 111. Leading European Player Clients & AuM 31.12.05 Net Banking Income 2005 28 1.1 25 1.0 259 0.7 174 13 136 0.5 107 7 in €mn Boursorama Comdirect DAB Cortal Boursorama DAB Comdirect Cortal Consors Consors AuM (€bn) Clients (mn) l # 1 in revenues, clients and assets under management Present in France Germany Belgium Spain Italy Luxembourg Austria UK Cortal Consors ü ü ü ü ü ü Comdirect ü DAB ü ü Boursorama ü ü ü ü l The largest European network Cortal Consors Key Figures 111
  • 112. Addressing all of Customers’ Needs Open architecture l Wide range of products l Tailor-made services l User-friendly guidance towards products and services l Quality and comprehensive research Customised advice through suited l High-quality standardised services distribution channels l Fuller personal advice by phone or face-to-face l Discretionary portfolio management State-of-the-art technology l Powerful front-end tools providing n Information n Decision support n Fast and secure execution Cortal Consors Business Model 112
  • 113. Unique Offer Maximising Customer Value Market position Key features n Financial information n Securities, derivatives European leader for on-line brokerage n Stock advice (B*Capital) Trading services n Professional trading tools & n Sophisticated alert systems Market access n Funds supermarket, pension products, Market reference for cash products, life-insurance, mortgage best-in-class products n Quality on-line research (FundQuest) Asset Gathering n Funds advice and selection n Funds of funds n Managed accounts (FundQuest) n Savings plans Cortal Consors Business Model 113
  • 114. Fast-Evolving Market Environment l A growing number of investors rely on more than one financial institution n In Europe, 55% of investors are having a look outside of their “primary bank” when buying financial products (1) n In France, the number of people using more than one financial institution increased by 50% during the 2001-2005 period (2) l Demand for best-in-class products n Suppliers have to offer a wide range of products from diversified specialists l Clients require advice to manage the growing number of available products and their increasing sophistication n 40% of investors rate “fair advice”, suited to their personal needs, as the most important requirement from financial institutions (1) The change in client financial behaviour creates opportunities for specialists with alternative customer approach Sources: (1) Forester Research – January 2006 (2) Fidelity Investments/TNS Sofres September 2005 Cortal Consors Market Dynamics 114
  • 115. Distribution Channels Targeted Towards Creating Value Customers Sales Force Higher 17 Investment shops level of & 1,200 IFAs service “Delegators” B*Capital & call centres “Validators” 330 advisors Internet Lower cost “Self-directed clients” distribution channels l Sales effort directed at increasing customer value l Differentiated channels to meet client needs Cortal Consors Growth Perspectives 115
  • 116. Leverage the Growth of the Mass Affluent Market Number of Shops Number of IFAs 17 1,230 758 8 2004 2005 2004 2005 l Increase in sales force and services in 2005 to attract mass affluent clients n Investment shops x2, 50 additional face-to-face advisors n 470 additional IFAs (+62%) n Advice on stocks, discretionary management of funds portfolios in Germany Cortal Consors Growth Perspectives 116
  • 117. Cross-Selling Within AMS Securities Services Executes orders Insurance Private Banking Provides savings accounts France: Routes orders and advises on stocks Distributes life insurance International: Luxembourg services Asia Cortal Consors Provides fund advisory through Distributes real estate products FundQuest and managed accounts Asset Management Real Estate Services Cortal Consors Growth Perspectives 117
  • 118. 3 Complementary Growth Drivers l Enhance value of existing clients by increasing wallet-share n Focused cross-selling campaigns based on CRM analysis n Complementary products and services to increase customer satisfaction l Accelerate new client acquisition through all marketing channels to leverage the growth of mass-affluent markets n Use all media, from traditional to web-based n Leverage on growing awareness of Cortal Consors’ portal n Increase marketing expenditures in Germany to benefit from retail market potential l Expand into selected new markets with financial savings potential n Leverage Cortal Consors’ flexible front-end tool box to accelerate set-up Cortal Consors Growth Perspectives 118
  • 119. AMS Growth Strategy Alain PAPIASSE Member of BNP Paribas Executive Committee Head of AMS 6 April 2006 119
  • 120. Objective: Grow Faster than the Market l Accelerate growth in the most promising market segments l Strengthen all distribution channels l Take full advantage of growth opportunities in all regions l Further improve operating efficiency Asset Management & Services Growth Strategy 120
  • 121. Accelerate Growth in the Most Promising Market Segments 1/2 Private Banking l Accelerate development in Asia and the Middle East l Continue selective acquisition policy in Europe Asset Management l Develop FundQuest l Strengthen product offering Cortal Consors l Accelerate development in Germany l Leverage Cortal Consors as a vehicle for developing business in emerging countries Asset Management & Services Growth Strategy 121
  • 122. Accelerate Growth in the Most Promising Market Segments 2/2 Real Estate Services l Grow through selective acquisitions in Europe l Develop real estate asset management business Securities Services l Maintain high organic growth pace l Launch new value-added and customised services Insurance l Expand international presence, mainly through organic growth and partnerships l Further strengthen platforms to support growth Asset Management & Services Growth Strategy 122
  • 123. Strengthen all Distribution Channels l Private bankers n Organic growth and acquisitions l Online and face-to-face distribution for retail banking and Cortal Consors n Organic growth in France and in Europe l Sales forces for corporate and institutional clients n Active personnel management and additional recruitments l Partnerships n Active search for new partners and geographical expansion of existing partnerships Greater co-ordination of sales and marketing efforts in each Greater co-ordination of sales and marketing efforts in each country, to reinforce multi-business initiatives country, to reinforce multi-business initiatives Asset Management & Services Growth Strategy 123
  • 124. Strategy that Combines Organic Growth with a Selective Acquisition Policy France, Italy and rest of Europe Acceleration of business development and consolidation of leadership positions United States Asia Selective development policy Core growth market Emerging countries New footholds in fast-growing markets Asset Management & Services Growth Strategy 124
  • 125. France: Leverage the Network and Develop Alternative Direct Distribution Channels Patrimoine Private BNP Paribas Cortal Cardif Management et Banking branches in Consors advisors Associés France France network 120 salaried 800 Wealth 8,000 Relationship 130 Financial 3,000 Independent Financial Advisors Management Managers Advisors Financial Advisors 300 Independent Advisors Financial Advisors l Improve training and animation of the French retail network through Financial Engineering advisors specialised in savings products l Promote face-to-face sales and advisory by setting up additional Wealth Management Centres (Villages du Patrimoine) l Leverage BNP Paribas Assurance's acquisition of JP Morgan AM's IFAs network under the Patrimoine Management et Associés brand name l Continue to leverage the potential of the French retail customer base through Private Banking Asset Management & Services Growth Strategy 125
  • 126. Italy BNL: A Unique Opportunity for AMS l Private Banking (since 1995) l Expand the product offering and n 55 professionals in Milan and Rome and implement the French Private €1.9 bn in client assets Banking model l Asset Management (since 1995) l Integrate asset management n Over €6 bn in assets for institutional platforms and share best practices clients and external distribution l Leverage BP2S platforms and l Securities Services (since 1995) expertise n Custody and investor services l Cortal Consors (since 2001) l Provide open architecture to BNL clients n 1,500 funds and 280 independent financial advisors l Develop life-insurance business l Insurance (since 1993) and deploy creditor insurance and n Leader in creditor insurance individual protection l Real Estate Services (since 2005) l Develop real estate services n Acquisition of Opera Real Estate Already significant Already significant Enhanced growth potential Enhanced growth potential presence presence through BNL acquisition through BNL acquisition Asset Management & Services Growth Strategy 126
  • 127. Europe Fast Growth in all Customer Segments l Retail clients n Cortal Consors to accelerate growth in Germany l Private clients n Strong organic growth in on-shore business and selective acquisitions l Institutional clients n Real Estate Services: develop business in the United Kingdom, Ireland and Italy and widen real estate fund offering n Securities Services: continue fast organic growth l Partners n Develop insurance partnerships in Eastern Europe: Poland, Croatia, Bulgaria and Romania n Expand the joint platform for employees savings plans Asset Management & Services Growth Strategy 127
  • 128. Asia Strengthen Franchises Private Banking Asset management #2 in India and #5 in Hong Kong and Singapore One of the top-10 foreign players n Develop positions in high-growth markets: n Increase distribution channels through joint Hong-Kong (Premium Group), Singapore, ventures (South Korea, China and India) India and Taiwan and through external distribution n Develop on-shore business n Expand the range of local products Insurance Securities services 100 partnerships Over 60 clients in Australia n Accelerate the distribution of life-insurance n Maintain strong growth in Australia and in Japan and South Korea New Zealand n Develop protection products and creditor insurance 1,400 people in 11 countries 1,400 people in 11 countries €35bn of assets €35bn of assets Asset Management & Services Growth Strategy 128
  • 129. Latin America Accelerate Development Private Banking Asset Management n Increase organic growth in main markets n Strengthen positions in Brazil through n Integrate and develop acquired clienteles: organic growth and acquisitions Sudameris and Bank of America Insurance n Develop partnerships in the key countries, namely Brazil, Argentina, Chile, Mexico, Peru n Develop joint venture with Magazine Luiza: 360 retail outlets and 6 million customers 950 people 950 people €10bn of assets €10bn of assets Asset Management & Services Growth Strategy 129
  • 130. Contribute Actively to the Group's Development Initiatives Ukraine Russia Insurance with Tie-in with Group projects Ukrsibbank United States China FundQuest and BancWest Turkey Project to distribute asset Develop an open architecture management products JVs and partnerships in approach to discretionary asset asset management and insurance management Middle East Joint venture with IRFS Launch of a complete offering of Islamic funds Asset Management & Services Growth Strategy 130
  • 131. Control Cost / Income Ratio while Growing Rapidly Cost/income ratio Headcount (base 100 in 2002) 141 66.7% 129 112 65.4% 65.6% 100 64.5% 2002 2003 2004 2005 2002 2003 2004 2005 l Stable cost/income ratio in 2005, despite the initial implementation costs generated by many organic growth and acquisition projects n Reinforcement of real estate agencies network and Cortal Consors Wealth Management Centres in France n Recruitment of Private Bankers in Asia and Europe n International expansion of insurance business n Major successful bids by BP2S n Selective acquisitions Asset Management & Services Growth Strategy 131
  • 132. Further Improve Operating Efficiency Streamlining projects already well underway l International information system for BNP Paribas Insurance's protection business en % l BNP Paribas Securities Services fund administration and middle-office platform Active management of human resources l Young and rapidly-evolving workforce l Proven expertise Effective compliance organisation l Independent structure l Enhanced responsibilities Asset Management & Services Growth Strategy 132
  • 133. Conclusion Highly efficient and innovative production platforms Highly efficient and innovative production platforms Powerful and diversified distribution channels Powerful and diversified distribution channels Diversified international clientele, both within and outside of Diversified international clientele, both within and outside of traditional banking channels traditional banking channels Profitable and growth-oriented businesses with a substantial Profitable and growth-oriented businesses with a substantial pipeline of new activities, products and services pipeline of new activities, products and services Asset Management & Services Conclusion 133
  • 134. AMS A growth driver for BNP Paribas Alain PAPIASSE Member of BNP Paribas Executive Committee Head of AMS 6 April 2006 134
  • 135. Appendices 6 April 2006 135
  • 136. Restatements of Profit & Loss Accounts 2002 2003 2004 2005 2005 / l Asset Management & Services In millions of euros EU-IFRS 2004 EU-IFRS Net Banking Income 2,292 2,476 3,044 3,552 +16.7% n Historical results as published in Operating Expenses and Dep. -1,500 -1,673 -1,990 -2,331 +17.1% BNP Paribas annual reports : Gross Operating Income 792 803 1,054 1,221 +15.8% French GAAP excluding goodwill Pre-Tax Income 787 723 1,059 1,266 +19.5% amortisation in 2002-2003, EU- Cancellation of goodwill amortisation 43 74 Pre-tax Income restated IFRS in 2004-2005 830 797 1,059 1,266 +19.5% Cost / Income 65.4% 67.6% 65.4% 65.6% +0.2 pt Allocated Equity (Ebn) 2.9 3.0 3.3 3.8 +16.6% Pre-tax ROE restated 29% 26% 32% 33% +1 pt l Real Estate Services (2002 and 2002 2003 2003) In millions of euros Net Banking Income 136 140 n P&L of the real estate services Operating Expenses and Dep. -65 -73 business included in AMS Gross Operating Income 71 67 accounts for 2002 and 2003, Pre-Tax Income 60 59 previously included in the Cancellation of goodwill amortisation 0 1 « Other activities » division of Pre-tax Income restated 60 60 BNP Paribas Allocated Equity (Ebn) 0.1 0.1 2002 2003 2004 2005 2005 / In millions of euros EU-IFRS 2004 EU-IFRS l Asset Management & Services Net Banking Income 2,428 2,616 3,044 3,552 +16.7% restated Operating Expenses and Dep. -1,565 -1,746 -1,990 -2,331 +17.1% Gross Operating Income 863 870 1,054 1,221 +15.8% n Harmonised 2002-2005 set of Pre-Tax Income 847 782 1,059 1,266 +19.5% P&L figures including all Cancellation of goodwill amortisation 43 75 business lines that belong to Pre-tax Income restated 890 857 1,059 1,266 +19.5% AMS in 2005 Cost / Income 64.5% 66.7% 65.4% 65.6% +0.2 pt Allocated Equity (Ebn) 3.0 3.1 3.3 3.8 +16.6% Pre-tax ROE restated 29% 28% 32% 33% +1 pt Asset Management & Services Appendices 136
  • 137. Restatements of Profit & Loss Accounts 2002 2003 2004 2005 2005 / l Wealth and Asset In millions of euros Net Banking Income 1,073 1,143 EU-IFRS 1,568 1,810 2004 EU-IFRS +15.4% Management Operating Expenses and Dep. -795 -845 -1,109 -1,270 +14.5% Gross Operating Income 278 298 459 540 +17.6% Pre-Tax Income 208 250 467 541 +15.8% Cancellation of goodwill amortisation 21 37 Pre-tax Income restated 229 287 467 541 +15.8% Cost / Income 74.1% 73.9% 70.7% 70.2% -0.5 pt Allocated Equity (Ebn) 0.8 0.9 1.0 1.1 +10.4% 2002 2003 In millions of euros Net Banking Income 136 140 Operating Expenses and Dep. -65 -73 l Real Estate Services (2002 Gross Operating Income 71 67 and 2003) Pre-Tax Income 60 59 Cancellation of goodwill amortisation 0 1 Pre-tax Income restated 60 60 Allocated Equity (Ebn) 0.1 0.1 2002 2003 2004 2005 2005 / In millions of euros EU-IFRS 2004 EU-IFRS Net Banking Income 1,209 1,283 1,568 1,810 +15.4% Operating Expenses and Dep. -860 -918 -1,109 -1,270 +14.5% l Wealth and Asset Gross Operating Income Pre-Tax Income 349 268 365 309 459 467 540 541 +17.6% +15.8% Management Cancellation of goodwill amortisation 21 38 Restated Pre-tax Income restated 289 347 467 541 +15.8% Cost / Income 71.1% 71.6% 70.7% 70.2% -0.5 pt Allocated Equity (Ebn) 1.0 1.0 1.0 1.1 +10.4% Asset Management & Services Appendices 137
  • 138. Profit & Loss Accounts l Insurance 2002 2003 2004 2005 2005 / In millions of euros EU-IFRS 2004 EU-IFRS Net Banking Income 674 733 867 1,017 +17.3% Operating Expenses and Dep. -342 -352 -397 -481 +21.2% Gross Operating Income 332 381 470 536 +14.0% Pre-Tax Income 352 391 467 580 +24.2% Cancellation of goodwill amortisation 10 13 Pre-tax Income restated 362 404 467 580 +24.2% Cost / Income 50.7% 48.0% 45.8% 47.3% +1.5 pt Allocated Equity (Ebn) 1.7 1.8 2.0 2.3 +13.8% l Securities Services 2002 2003 2004 2005 2005 / In millions of euros EU-IFRS 2004 EU-IFRS Net Banking Income 545 600 609 725 +19.0% Operating Expenses and Dep. -363 -476 -484 -580 +19.8% Gross Operating Income 182 124 125 145 +16.0% Pre-Tax Income 227 82 125 145 +16.0% Cancellation of goodwill amortisation 12 24 Pre-tax Income restated 239 106 125 145 +16.0% Cost / Income 66.6% 79.3% 79.5% 80.0% +0.5 pt Allocated Equity (Ebn) 0.4 0.3 0.3 0.5 +55.4% Asset Management & Services Appendices 138
  • 139. Rankings sources l Asset Management n # 2 in mutual fund promotion in France. Source: EuroPerformance n Leader in multi-management in Europe. Source: companies data n European Chief Investment Officer of the Year. Source: Funds Europe l Private Banking n #1 in France. Source: Euromoney 2006 n #3 in Europe. Source: Euromoney 2006 l Cortal Consors n #1 in France. Source: companies data n #3 in Germany. Source: companies data n Leader européen. Source: companies data l Real Estate Services n #1 in France in commercial real estate. Source: Estates Gazette – July 2005 n Leader in real estate services in Continental Europe. Source: Estates Gazette – July 2005 l Insurance n #4 in life insurance in France. Source: companies data n #2 in creditor insurance worldwide. Source: companies data l Securities Services n #1 in France. Source: Globalcustody.net n #1 in Europe. Source: Globalcustody.net n # 5 worldwide. Source: companies data Asset Management & Services Appendices 139
  • 140. AMS A growth driver for BNP Paribas Alain PAPIASSE Member of BNP Paribas’ Executive Committee Head of AMS 6 April 2006 140