NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF 7.8 BILLION EUROS, CONFIRMING THE ROBUSTNESS OF BNP PARIBAS' MODEL

Thanks to its active roll in financing the economy and the successful integration of Fortis which takes the Group to a new dimension, BNP Paribas posted in 2010 net income (attributable to equity holders) of 7,843 million euros, up 34.5% compared to 2009.

In 2010, the first full year in its new scope, the Group generated 43,880 million euros in revenues, up 9.2% compared to 2009 (-0.1% at constant scope and exchange rates). Operating expenses totalled 26,517 million euros (+13.6%; +3.3% at constant scope and exchange rates). Gross operating income was therefore virtually stable at 17,363 million euros (+3.0%; -5.1% at constant scope and exchange rates). Thanks to the sharp decline in the cost of risk (-42.6% at 4,802 million euros; -50.0% at constant scope and exchange rates) due to the improved economic environment, pre-tax income soared to 13,020 million euros, up 44.7% (+36.5% at constant scope and exchange rates). Each of the operating divisions grew its pre-tax income and strong rebound in Retail Banking helped rebalance their respective contributions.

The successful merger of BNP Paribas Fortis' and BGL BNP Paribas' entities with those of the Group thanks to the dedication of teams in all the territories and business units resulted in an increase in the synergies estimated for 2012 from 900 million euros to 1,200 million euros with the associated restructuring costs revised up from 1.3 billion to 1.65 billion euros.

Return on equity was 12.3%, compared to 10.8% in 2009.

Net earnings per share was €6.3, up 21.7% compared to 2009. The net book value per share, at €55.5, was up 9.0% compared to 2009. It was up 29.4% since 2006, the last year before the global economic crisis: BNP Paribas' model has generated robust growth in the book value throughout the cycle.

The Board of Directors will propose to shareholders to pay a cash €2.10 dividend, a 33.4% payout ratio. This allocation of earnings makes it possible to reinvest two-thirds of earnings back into the company.

In the fourth quarter 2010, the Group's revenues totalled 10,320 million euros, up 2.6% compared to the fourth quarter 2009. The net income attributable to equity holders came to 1,550 million euros, up 13.6% compared to a year earlier.

These trends include two non-recurring items resulting in a one-time net charge of 358 million euros, not related to the operating Divisions (see Corporate Centre below).

For the operating Divisions alone, revenues grew 7.9% compared to the fourth quarter 2009 and gross operating income 7.5%. Pre-tax income jumped 57.5% thanks to the 34.5% decline in the cost of risk.