1. BNP Paribas Asset Management Latin America Group August 2005

2. 2 BNP Paribas Asset Management Latin America > Business Units - Started operations in 1997 BNP Paribas Asset Management Argentina Engaged in the management of mutual investment funds in Argentina. BNP Paribas Argentina Asset Management Provides tailored solutions for institutional client. BNP Paribas Asset Management Uruguay Portfolio management services for institutional and corporate investors in Latin America.

3. 3 BNP Paribas Asset Management - Latin America Assets under Management: USD 1.39 billion as of 07/31/2005 By Asset type Key figures

4. 4 BNP Paribas Asset Management > Client Base 153 Corporations 42 Insurance Companies 23 Pension Funds 3 Mutual Funds NAV by client type Latin America

5. 5 BNP Paribas Asset Management – Latin America > Frequent visits to corporate and institutional clients; > Personalized, instant-response telephone lines in the whole region; > Use of native language throughout the relationship A material aspect in interacting with the various corporate levels > Meetings with the Senior Management teams in order to find strategic solutions for managing the client’s financial resources. > We have asset management and customer service centers in Argentina and Uruguay, and representative offices in Chile, Peru, Venezuela, Colombia, Panama and Mexico. > Sound knowledge of corporate and institutional market needs. > Products and services designed to suit each client’s specific needs. > Team of professional experts in providing solutions for optimizing management and return of our customers’ funds. Strong commercial relationship with institutional investors and corporations

6. 6 BNP Paribas Asset Management – Latin America > Money market funds > Bond funds > Equity funds > Diversified funds > Dedicated funds > Fixed Income Mandates > Management of segregated portfolios > Complementary pension plans > Domestic structured products for regional institutional investors > Management of TDs & CDs portfolios Broad range of products A transparent investment management process. Strict discipline in enforcing the investment process. Internal development of quantitative investment models

7. 7 BNP Paribas Asset Management > Contacts: Latin America Carlos Curi +54 11 4891 5101 carlos.curi@bnpparibas.com Ramiro Furtado +54 11 4891 5104 ramiro.furtado@bnpparibas.com Juan Carlos Mónaco +54 11 4891 5122 juan.monaco@bnpparibas.com Laura Comerci +54 11 4891 5110 laura.comerci@bnpparibas.com Lorena de León Machado +59 82 518 2747 lorena.deleonmachado@bnpparibas.com Fax/E-mail +54 11 4891 5140 bnppam.info@bnpparibas.com