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Gilles Glicenstein appointed Chairman of BNP Paribas Asset Management

Effective June 1, 2005, Gilles Glicenstein has been appointed Head of Asset Management Business as well as Chairman of BNP PAM SAS, the Business's main asset management company.
Gilles de Vaugrigneuse remains Chairman of BNP PAM Group, the holding company for all the companies included in this Business. He will also be engaging in the development of several new projects for Asset Management.

Gilles Glicenstein has been closely involved with the Asset Management business for nearly ten years and has actively participated in BNP Paribas Asset Management's steady growth.
The company is now a major player in Europe, serving both individual and institutional customers, focused for the most part on the global market. Gilles Glicenstein also played a key role in the structural changes implemented at BNP Paribas Asset Management (the introduction of teams in areas such as Multi-management, Structured Management and Alternative Management) and in successful acquisitions such as FFTW (international rates), Overlay Asset Management (foreign exchange risk), CooperNeff Advisors (single hedge funds), as well as in establishing a presence in the emerging markets (China, Korea, etc.)

This appointment provides continuity for growth at BNP Paribas Asset Management in an environment favourable to further development.

Gilles Glicenstein, age 40, has been Chief Executive Officer of BNP Paribas Asset Management since 1999, and is a member of the Executive Committee of the French Financial Management Association (Association Française de Gestion Financière - AFG-ASFFI). A graduate of ENA (a top French management school), he was in charge of Strategy and Development for the BNP Group between 1994 and 1996, then Executive Vice President of BNP Gestions, and Chairman of BNP Paribas Epargne Entreprise until 1997.

BNP Paribas Asset Management is a major player in funds management and distribution in Europe, with 211.2 billion euros in assets under management (as of March 31, 2005). More than 1,300 professionals work in the asset management business in more than 20 countries It has investment teams in all the major financial markets, including Paris, London, New York, Tokyo and Hong Kong. The investment teams are specialised by major asset class, management style and geographic area.