1. Presentation of Group Results at 30 th June 2003 September 2003

2. 2 This document has been prepared by BNL for information purposes only and for use in presentations of the Group’s results and strategies. The data and information contained herein have not been independently verified. For further details on BNL and its Group, reference should be made to publicly available information, including the Annual Report and the Semi-Annual and Quarterly Reports. 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 the company, its advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Disclaimer

3. 3 Agenda Overview Consolidated 1H2003 Results Balance Sheet: main trends Income Statement: analysis Analysis by Business Segment Appendix BNL Group Income Statement BNL Group Balance Sheet Highlights BNL SA (Argentina) Balance Sheet Highlights

4. 4 Overview Improvement in gross operating income Containment of operating costs and lower cost income ratio Improvement in the financial structure Change in Corporate Governance with a streamlined organisational model Ongoing reduction in Group’s overall risk profile 1H2003 results do not consolidate Argentina

5. 5 General Manager Corporate Secretariat Credits Cross-Functional Committees Governance Line Supervision and Co-ordination Commercial Banking Operations Wholesale Banking Group FinanceRisk ManagementAuditingHuman ResourcesInstitutional AffairsCommunications Subsidiaries & Investments Deputy General Manager Chairman Overview: New Organisational Model

6. 6 Overview: Key Objectives of New Structure Simplifying Group governance Accelerating the structural improvement in the cost to income ratio Improving capital allocation and strengthening control of financial performance Continuing business re-positioning towards domestic activities

7. 7 Overview: Reduction of Risk Profile 2002 30/06/03 65.0 67.4 -3.5% Euro bln Risk Weighted Assets Further reduction in total RWA Rated domestic credit portfolio: despite challenging macroeconomic scenario the relative weight of higher risk classes (7-9) remains stable at 11.4% Improvement in problem loans coverage to 43.1% from 41.2% at year-end 2002

8. 8 Rationalised presence abroad: ÙClosed Singapore branch ÙClosed Frankfurt and Los Angeles rep. offices Additional initiatives under way: ÙExit from Uruguay and Brazil ÙClosure of Paris branch and of Tokyo rep. office Ongoing reduction in international exposure Reduced international loan portfolio * : from Euro 7.1 bn at year-end 2002 to Euro 6.0 bn at 30 th June 2003 Contracted net LDC exposure ** : -19.4% to Euro 499 mln * Loan portfolio of foreign branches and international subsidiaries excluding Argentina ** Bank of Italy definition Overview: Reduction of Risk Profile

9. 9 Commitment to improve capital ratios confirmed by results in first half of the year 2002 30/06/03E 5.02% 5.31% Tier 1 2002 30/06/03E 9.32% 10.11% Solvency Ratio E: provisional data Overview: Capital Ratios

10. 10 31/12/02 Reduction in loans to customers 30/06/03 8.2 Significant reduction in net inter-bank borrowing which has been contained to less than 3% of total funding Overview: Financial Re-balancing 2.0 Growth in deposits from customers Other items -1.6 (Amounts in Euro billion) -0.2 -2.8 Reduction in securities portfolio -1.6

11. 11 Agenda Overview Consolidated 1H2003 Results Balance Sheet: main trends Income Statement: analysis Analysis by Business Segment Appendix

12. 12 BNL Group: Balance Sheet Main trends in 1H2003 Significant reduction in loans to customers Marginal growth in deposits from customers Reduction of securities portfolio (-26% on year-end 2002) Improvement in loan to deposit ratio (101.8% from 107.1%) coherently with objective of improving financial equilibrium

13. 13 BNL Group: Balance Sheet Ongoing reduction in the loan to deposit ratio Growth in domestic deposits from customers 62,240 55,935 30/06/02 60,249 56,232 31/12/02 57,457 56,427 30/06/03 Reduction in loans to customers: -4.6% on 31/12/02 through: 4 securitizations of performing loans 4 reduction in loans to Large Corporates 4 lower foreign loans exposure (Euro revaluation effect) Loans to customersDeposits from customers Stable deposits from customers: +0.3% on 31/12/02 of which: 4 growth in domestic market (+2.5%) 4 decline in foreign markets (-12.5%) 4 increase in medium-term component (+5.1% equivalent to +1,065 mln Euro) (Euro million) Loans/Deposits = 101.8%

14. 14 ÙAmount: Euro 1.24 bln ÙLoan portfolio: leasing loansRating:92%AAA ÙPortfolio average life: 3.8 years 5%A2/A ÙArranger: BNP Paribas 2%Baa/A ÙTotal cost: 53 b.p. 1%unrated ÙRisk retained: 1% BNL Group: Securitizations of Performing Loans VELA LEASE: VELA HOME: ÙAmount: Euro 2.2 bln ÙLoan portfolio: residential mortgagesRating:96.5%AAA ÙPortfolio average life: 5 years 1% A ÙArranger: ABN Amro & BNL 2%BBB ÙTotal cost: 38 b.p. 0.5% unrated ÙRisk retained: up to 1% (including junior unrated) Retaining significant future profitability whilst improving Tier 1 ratio Excellent rating attributed to sold portfolios reflects recognition of value of collateral guarantees in BNL’s loan portfolio

15. 15 Agenda Overview Consolidated 1H2003 Results Balance Sheet: main trends Income Statement: analysis Analysis by Business Segment Appendix

16. 16 Banking Income (Euro million) Operating Costs Operating Profit BNL Group: Income Statement Highlights 1,591 1H2003 (960) 631 Net Write-downs and net Provisions (316) +3.9% -0.8% +11.9% +18.8% Revenue growth coupled with cost control leads to an improvement in operating income and net profit YoY % change Profit on ordinary activities 315 +5.7% Net Profit 100 +270.4% Net Extraordinary items (63) -152.0%

17. 17 BNL Group: Banking Income Interest Income -5.9% Non-Interest Income +18.3% Banking Income +3.9% Improvement in revenues driven by income from services YoY comparison

18. 18 (Euro million) QoQ evolution Average 2002 452 2Q02 451 BNL Group: Interest Income 1H02 915 YoY comparison 1H03 861 ä Lower average volumes ä Adverse forex impact (Euro appreciation) ä Lower contribution from foreign operations as budgeted ä Stability of domestic commercial spread as a result of mark-up resilience -5.9% 2Q03 434 ä Quarterly trend shows a recovery ä Development of commercial initiatives should help confirm an upward trend Reduction in average volumes and interest rate cuts weigh on interest income performance 1Q03 427

19. 19 BNL Group: Non-Interest Income (Euro million) QoQ evolution 1H021H03 617 538 72 7 +18.3% Net commissions and other net income Income on financial transactions Profit from investments valued at net equity and dividends 730 584 99 47 YoY comparison Net commission and other net income +8.6% +37.5% Income on financial transactions Increase in all non-interest income components Average 2002 312 1Q03 382 2Q02 299 2Q03 348 ä Special dividend from Lavoro Bank A.G. Zurich of Euro 30 mln (utilisation of excess reserves) fully set aside in Group accounts to reserves for general banking risks ä Profits from financial transactions particularly buoyant in 1Q03

20. 20 (Euro million) QoQ evolution Average 2002 281 2Q02 258 1H02 539 YoY comparison 1H03 584 +8.4% 1Q03 288 BNL Group: Net Commission and Other Net Income Significant increase in fee income confirming growth trend 2Q03 296 149168 Other fees incomeAsset Management & Bancassurance Main drivers : * Asset Management : placement of capital protected GPF and bancassurance products, real estate investment funds * Traditional Fees : payment services, brokerage and ContoPerTe

21. 21 BNL Group: Net Commission and other Net Income * Net of Banca BNL Investimenti distribution costs Other Leasing & factoring Payment services Banking fees Secur., brokerage & cap.markets Asset Management & Bancassurance* 1H02 1H03 Breakdown of Fee Income components (Euro million) YoY change Cross Border Payments Credit fees 168 149 129 119 67 59 48 42 60 12 20 584 539 46 52 60 41 51 +9% +13% +70% +12% -11% -2% 0%

22. 22 BNL Group: Asset Management & Bancassurance YoY increase in asset management fees mainly resulting from: Capital protected products * Capital protected GPF contribution: net inflow of Euro 754 mln generating up-front fees of Euro 23.7 mln versus none (new product marketed from 2H2002) BNL Fondi Immobiliari * nearly doubled to Euro 8 mln, of which Euro 1.5 mln of up-front fees from placement of new fund ‘Estense-Grande Distribuzione’ Bancassurance * increased new production volumes (+55%) lead to more than doubled commissions of Euro 27 mln * index linked up-front fees: Euro 6 mln versus Euro 1.5 mln

23. 23 BNL Group: Asset Management & Bancassurance Bancassurance (total premium) Asset Management (mutual funds net inflow) Real Estate Inv. Trusts * (net inflow) 1H2003 1H2002 Assets Under Management: Total Inflows -91 481 1,212 783 207 * In 1H2002 no new funds were placed 1,264 1,328 +5.1% Inflows from bancassurance and real estate more than compensate contraction in mutual funds

24. 24 BNL Group: Asset Management Mutual Funds * Euro million AuM 17,495 17,691 -0.1% +1.2% Performance Effect Net Inflows AuM 31/12/02 30/06/03 Positive performance effect generates an increase in AUM stocks Portfolio re-composition still favouring liquid investments Balanced Money Market Equity Bonds Flexible 30/06/03 16% 38% 35% 10% 1% 30/06/02 29% 40% 22% 8% 1% Mutual Funds * * BNL Gestioni SGR: excludes real estate investment trusts and includes SICAV

25. 25 BNL Group: Real Estate Investment Trusts BNL set to consolidate market leadership having won mandate to manage new investment trusts Fondo Patrimonio and Fondo Lazio In 1H03 BNL Fondi Immobiliari Sgr placed its third real estate fund ‘Estense-Grande Distribuzione’, the first Italian specialised real estate fund, confirming its leading position in a fast growing sector ‘BNL Portfolio Immobiliare’: 520 ‘Portfolio Immobiliare Crescita’: 192 ‘Estense-Grande Distribuzione’: 214 (Euro million) Assets Under Management BNL Fondi Immobiliari SGR (Market share) ‘Fondo Lazio’: 220 (estimated for 2H2003) ‘Fondo Patrimonio’: 700 (estimated for 2H2003) BNL Fondi Imm. 19.3% Source: internal estimates Data as at 30 th June 2003 Market leader in real estate investment trust sector

26. 26 1H2002 1H2003 1,2061,200 -0.5% 419 456 +8.8% RESIDENTIAL MORTGAGES New production and incidence of selective agreements with estate agents networks BNL SpA new production New production from estate agents networks Contribution to new production from estate agents networks still growing on the previous year BNL SpA: Retail Commercial Initiatives (Euro million) Maintaining new production volumes in line with previous year whilst defending average spread (>110 b.p.)

27. 27 1H2002 1H2003 468 548 +17.0% Commercial initiatives help counteract macroeconomic slowdown (Euro million) BNL SpA: Retail Commercial Initiatives PERSONAL/CONSUMER FINANCE (new production)

28. 28 BNL SpA: Retail Commercial Initiatives Continuing growth in package accounts offering banking and non- banking services to mass market clients 30/06/0231/12/02 256,000 (No. of contracts) 30/06/03 300,000 341,000 +33%  Representing more than 21% of BNL’s current accounts  Unitary income from services more than double that of an ordinary current account  Cross-selling index exceeding 5 ContoPerTe (stocks)

29. 29 BNL Group: Income on Financial Transactions Significant growth in profits from financial transactions (Euro million) 1H02 72 1H03 99 +37.5% QoQ evolutionYoY comparison Average 2002 28 2Q02 37 1Q03 63 2Q03 36 * driven by increased activity in structured products with clients (+73%) * boosted by profit taking in first quarter 2003

30. 30 BNL Group: Operating Costs Personnel expenses Administrative expenses Depreciation +0.2% -3.4% ä Continuing headcount reduction counters impact from domestic labour contract ä Cost control action leads to contraction of expenses especially in logistics, IT and procurement Overall cost reduction leads to an improvement in the cost income ratio 1H021H03 968 551 326 91 -0.8% 1Q03 479 Average 2002 504 2Q02 493 Personnel expenses Administrative expenses Depreciation and amortisation QoQ evolution YoY comparison (Euro million) 960 Cost/Income ratio: 60.3% (63.2% in 1H02) ä Quarterly evolution points to a declining trend 552 315 93 2Q03 480 +2.2%

31. 31 BNL Group: Personnel Reduction BNL Group personnel* 18,804 17,912 30/06/03 -4.7% 30/06/02 1H03 net headcount reduction: -393 of which: -556 exits and +163 recruitments Acceleration in personnel reduction trend confirmed * Excluding Argentina

32. 32 BNL Group: Provisions & Write-Downs and Extraordinary Items Net Write-downs and net Provisions (316) +18.8% Net extraordinary items (63) +152.0% 1H2003 YoY % change ä improving coverage ä responding to weak macroeconomic scenario ä credit risk provisioning ratio at 88 bp of loan book Euro 61 mln refer to extraordinary personnel costs, accounted as incurred Confirmation of cautious provisioning policy Extraordinary items affected by personnel reduction charges of which:Credit risks Other risks (254) (62) +38% -24%

33. 33 BNL Group: Asset Quality Contained increase in gross problem loans Improvement in coverage ratio ä Problem loans coverage ratio improves to 43.2% (from 41.2% at year-end 2002) Net Substandard Loans (“Incagliati”) Net Doubtful Loans (“Sofferenze”) Gross problem loans 31/12/02 5,043 1,366 3,677 (Euro million) +2.4% Net problem loans 31/12/02 3,126 1,069 2,057 (Euro million) -1.0% 30/06/03 5,166 1,255 30/06/03 3,094 3,911 2,109 985

34. 34 Net amountsCoverage 31/12/0230/06/0331/12/0230/06/03 619 Country risk exposure * 499 41.9% 42.3% +0.4 p.p.-19.4% Continuing reduction in net exposure to countries at risk with an improved level of overall coverage * Excludes fully provisioned intra-group exposure to Argentina and is calculated in accordance with Bank of Italy regulations (Euro million) BNL Group: Country Risk

35. 35 As a result of the provisions set aside in the past, the investment and all forms of cross-border intra-group exposure are fully provisioned. On the basis of prudent evaluations, management estimates that the consolidated results of Argentina Group (BNL Inversiones Argentinas SA including BNL SA) would show a consolidated profit at 30 th June 2003 of Pesos 1.7 mln (~Euro 0.5 mln) after partial utilisation of reserves previously set aside for Pesos 35.9 mln (~Euro 11.2 mln). Therefore the consolidation of these estimated results would have had nil impact on BNL Group results. BNL Group results do not consolidate the Argentinean activities because of the continuing uncertainty of the local regulatory environment. BNL Group: Argentina BNL is pursuing opportunities of recovering value through a reduction of the cross-border exposure

36. 36 Agenda Overview Consolidated 1H2003 Results Balance Sheet: main trends Income Statement: analysis Analysis by Business Segment Appendix

37. 37 Analysis by Business Segment Guidelines Retail: Includes also asset management activities, small businesses (turnover < Euro 1.5 mln), Private banking and related subsidiaries (Artigiancassa, Coopercredito, BNL Gestioni Sgr, Banca BNL Investimenti, Fondi Immobiliari, etc) Corporate: Includes SMEs and investment banking activities, leasing and factoring (pro rata where relevant) Corporate Centre: Includes problem loans, treasury activities, trading book, fixed assets, investments and subsidiaries not included in other segments Capital absorbed: has been calculated on Risk Weighted Assets at a standard 6% rate, plus 0.8% of Assets Under Management. The percentage of capital absorbed applied to individual segments has been referred to the actual Group’s capital Large Corporate: Includes activities with approximately 240 Italian and International groups managed on a relationship basis and investment banking and factoring (pro rata where relevant) International: Includes activities of foreign branches (excluding Large Corporate), foreign subsidiaries (excluding Argentina) and investment banking (pro rata) N.B. Business segment data basis differ from previus presentations as a result of advancement in allocation methodology. Comparisons with 2002 are on a homogeneous basis.

38. 38 (Euro million) Interest income 389 45.2%-5.7% Non-interest income 360 49.3%6.0% TOTAL INCOME 749 47.1%-0.4% OPERATING RESULT 240 37.9%19.2% Cost/Income68.0% -527 bp PROVISIONS (88)28.0%15.1% NET PROFIT 83 82.9%27.8% CAPITAL ABSORBED NET RETURN ON ALLOCATED CAPITAL 30/06/03 % on total % on 2002 BNL Group: Retail activities RETAIL RWA breakdown Sector RWA = Euro 12,597 mln Percentage of Group RWA Retail mortgages Other retail Small businesses Private 0.8% 12.6% 15.5% 40.7% 30.5% 19.4% Subsidiaries 96523.5%-5.0% 17.4% +446 bp

39. 39 2.2% 37 4.3%-9.7% 25 3.5%50.7% 63 3.9%7.8% 38 6.1%11.3% Cost/ Income 38.7% -190 bp (0)0.2%-42.0% 23 23.2%20.3% BNL Group: Public Administration activities Percentage of Group RWA Sector RWA = Euro 1,418 mln 30/06/03 % on total % on 2002 (Euro million) Interest income Non-interest income TOTAL INCOME OPERATING RESULT PROVISIONS NET PROFIT CAPITAL ABSORBED 852.1%-1.1% 55.0% +981 bp NET RETURN ON ALLOCATED CAPITAL

40. 40 34.7% 281 32.7%12.3% 150 20.5%10.1% 431 27.1%11.6% 269 42.6%25.2% Cost/Income37.6% -678 bp (108)34.1%6.0% 97 97.3%51.9% CORPORATE RWA breakdown BNL Group: Corporate activities Percentage of Group RWA Sector RWA = Euro 22,544 mln 30/06/03 % on total % on 2002 (Euro million) Interest income Non-interest income TOTAL INCOME OPERATING RESULT PROVISIONS NET PROFIT CAPITAL ABSORBED 3.0% 0.3% 71.5% 25.2% 1,35332.9%7.2% 14.5% +428 bp Middle market Financial institutions Investment banking Subsidiaries (Locafit + Ifitalia) (commercial activities) NET RETURN ON ALLOCATED CAPITAL

41. 41 14.9% 54 6.2%10.2% 32 4.4%12.8% 86 5.4%11.2% 62 9.9%14.3% Cost/Income27.1% -201 bp (12)3.7%-75.2% 31 30.9%n.s. LARGE CORPORATE RWA breakdown BNL Group: Large Corporate activities * Percentage of Group RWA Sector RWA = Euro 9,664 mln *Sector includes approximately 200 large groups (Italian and International), managed on a relationship basis Foreign Italy 30/06/03 % on total % on 2002 (Euro million) Interest income Non-interest income TOTAL INCOME OPERATING RESULT PROVISIONS NET PROFIT CAPITAL ABSORBED Subsidiaries (Ifitalia) 4.1% 11.4% 84.5% 58014.1%-11.1% 10.8% n.s. NET RETURN ON ALLOCATED CAPITAL

42. 42 8.1% 51 5.9%-23.3% 47 6.4%33.1% 97 6.1%-3.7% 70 11.1%6.0% Cost/Income27.8% -660 bp (92)29.2%40.5% (18)-18.2%-482.5% BNL Group: International activities 1 INTERNATIONAL RWA breakdownSector RWA = Euro 5,244 mln (1) Sector consists of foreign branches and subsidiaries, including loan book of Italian- related businesses, but excluding large corporates Percentage of Group RWA 30/06/03 % on total % on 2002 (Euro million) Interest income Non-interest income TOTAL INCOME OPERATING RESULT PROVISIONS NET PROFIT CAPITAL ABSORBED 24.5% 75.5% BNL SpA foreign branches Foreign subsidiaries* * Excluding Argentina Residual RWA after allocation to Corporate and Large Corporate segments of relative portfolios including investment banking 3157.7%-34.1% -11.7% n.s. NET RETURN ON ALLOCATED CAPITAL

43. 43 20.8% 49 5.7%-36.3% 116 15.9%62.7% 166 10.4%11.2% (48)-7.6%-25.9% (15)4.8%-94.3% (116)-116.1%-2.9% BNL Group: Corporate Centre CORPORATE CENTRE RWA breakdownRWA = Euro 13,544 mln Percentage of Group RWA 30/06/03 % on total % on 2002 (Euro million) Interest income Commission income TOTAL INCOME OPERATING RESULT PROVISIONS NET PROFIT CAPITAL ABSORBED Problem loans Treasury & Trading book Investments & Subsidiaries Fixed assets Other 81319.8%7.8% -28.9% +320 bp 7.3% 16.6% 21.3% 52.9% 1.8% NET RETURN ON ALLOCATED CAPITAL

44. 44 RWA % on total Net Profit % on total Capital absorbed % on total Net Return on Allocated Capital % Corporate centre TOTAL Intl. Retail P.A. Corporate BNL Group: Breakdown by Business Area Cost / Income BNL Group management accounts (30/06/03) Large Corp. * Total capital absorbed has been re-adjusted to the actual Group’s Tier 1 capital 100% 19% 2% 35% 15% 8% 21% 83% 23% 97% 31% -18% -116% 28% 2% 39% 17% 9% 24% 17.4% 55.0% 14.5% 10.8% -11.7% -28.9%5.9% 12,597 1,418 22,544 9,664 5,244 13,54465,010 100 60.3% 3,450 * Operating Income % on total 100% 38% 6% 43% 10% 11% -8% 632 240 38 269 62 70 (48) 83 23 97 31 (18) (116) 68.0% 38.7% 37.6% 27.1% 27.8% n.s. 965 85 1,353 580 315 813 Total Income % on total 100% 47% 4% 27% 5% 6% 10% 1,591 749 63 431 86 97 166 Operating Costs % on total 100% 53% 3% 17% 2% 3% 22% (960) (509) (24) (162) (23) (27) (214)

45. 45 Agenda Overview Consolidated 1H2003 Results Balance Sheet: main trends Income Statement: analysis Analysis by Business Segment Appendix

46. 46 BNL Group: Income Statement (Euro million)1H20031H2002% change Net Interest Income861915-5.9% Net commissions4704348.3% Income (losses) on financial transactions997237.5% Profit from investments valued at net equity and dividends477--- Other net operating income1141049.6% Non-Interest Income730617 18.3% Gross Operating Income1,5911,5323.9% Administrative expenses:-867-877-1.1% - Personnel expenses-552-5510.2% - Other administrative expenses-315-326-3.4% Depreciation and amortisation-93-912.2% Operating costs-960-968-0.8% Operating profit63156411.9%

47. 47 BNL Group: Income Statement (Euro million)1H20031H2002% change Operating profit63156411.9% Net write-downs on credits and provisions for possible loan losses-254-18438.0% Provisions for risks and contingencies-59-4920.4% Net write-downs on financial fixed assets-3-33-90.9% Total net write-downs and net provisions-316-26618.8% of which - write-downs and provisions-378-32915.0% - write-backs6263-1.9% Profit on ordinary activities3152985.7% Net extraordinary items-63-25152.0% Additional allowances for credit risks0-540-100.0% Income taxes for the period-110118--- Change in the reserve for general banking risks-40178--- Net profit (loss) attributable to minority interests-2 0.0% Net profit (loss) for the year10027270.4%

48. 48 BNL Group: Balance Sheet Highlights (Euro million)30/06/0331/12/02% change ASSETS Loans to customers57,45860,249-4.6% Loans to banks11,2556,81965.1% Investment securities4,3235,887-26.6% Investments5254956.1% Other assets9,07010,261-11.6% Total assets 82,63183,711-1.3% Deposits from customers 53,46153,354 0.3% Deposits from banks13,20814,968-11.8% Other liabilities6,7386,3316.4% Allowances for risks and contingencies1,4941,525-2.0% Allowances for possible loan losses687692-0.7% Subordinated liabilities2,9672,8783.1% Share capital and reserves3,9763,8722.7% Net income for the period100919.9% Total liabilities and shareholders' equity82,63183,711-1.3% LIABILITIES AND SHAREHOLDERS' EQUITY

49. 49 31.12.200230.06.2003 (1) TOTAL ASSETS 1,351 Cash and deposits with Central Bank 245 Loans 492 of which - Net NPLs 24 (Coverage %) Securities and Participations of which - Public sector (incl. Bono Cobertura) Other assets TOTAL LIABILITIES Deposits from customers Intra-group lines Subordinated loan Other liabilities (Euro mln) (1) 30.06.2003 420 398 194 1,351 698 410 45 132 Net equity 66 including current year result of: 4,334 787 1,577 85 87% 1,346 1,276 624 4,334 2,240 1,314 144 423 213 -49 -15 (1) Includes inflation accounting (2) EUR/ARS = 3.2081 (Pesos mln) Argentina: BNL S.A. - Balance Sheet Highlights 4,723 687 1,692 99 87% 1,638 1,518 706 4,723 2,317 1,584 141 421 260 -575 Fully provisioned at Parent Company level

50. 50 Investor’s Contacts Banca Nazionale del Lavoro Investor Relations Via Veneto, 119 00187 ROMA Tel.: +39 06 4702 7887 Fax: +39 06 4702 7884 e-mail: investor-relations@bnlmail.com http://www.bnlinvestor.it