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BNP Board Meeting

At its meeting on 20 September 1999, the Board of Directors of Banque Nationale de Paris definitively closed the books for the first half of 1999. In addition to the recurring items it had already examined at its meeting on 28 July, showing net income attributable to the Group of EUR 1,200 million (see Press Release dated 29 July 1999), the Board set up an allowance for restructuring amounting to EUR 435 million after tax and a one-time amortization of intangible assets totaling EUR 160 million as part of implementation of the BNP-Paribas corporate strategy.

Taking these nonrecurring items into account, the BNP Group had net income attributable to the Group of EUR 605 million. That amount was 4.5% higher than in the year-earlier period (EUR 579 million) despite the restructuring charges.

The Board noted that the planned restructuring measures would enable the new BNP-Paribas Group to achieve EUR 700 million in cost reductions and EUR 150 million in additional revenues by 2002, corresponding to a total of EUR 850 million in synergies before tax.

The Board authorized the Chairman to pursue the merger between BNP and Paribas by initiating a new stock-for-stock public tender offer for the 35% of the Paribas shares it does not already own, at a parity of 29 BNP shares for every 20 Paribas shares, identical to BNP's final offer on the occasion of its last series of public tender offers (with no contingent value rights).