Shareholders presentation January 2008

Context Moving the Front and Middle Office activities to the platform In-housing of Middle Office activity from ABC Organizational impact of merge INTEGRATION PLAN Empowerment of investment managers Enforcement of contro support Simplification Shorter decision process CONTINUOUS IMPROVEMENT Clarification and refinition of responsibilities Front office process Empowerment and integration of risk management REVIEW OF INVESTMENT PROCESS Project launched in September to implement new investment decision process

Project organization Management of product strategy documents Main activities Product Strategy Document Activation of new process Realization of IT tools Provision of process documentation Operative process support tools Implementation of control tools Implementation of control reporting Control process support tools Definition of autonomy of the units in the Front Office Definition and implementation of new limits Investment limits STEERING COMMITTEE

Level of complexity of several banks Evidence 1: size and complexity are interlinked Evidence 2: banks capability to extract value is different Evidence 3: there’s a complexity frontier above which complexity become un-manageable Evidence 1: size and complexity are interlinked Evidence 2: banks capability to extract value is different Evidence 3: there’s a complexity frontier above which complexity become un-manageable Complexity index, percentage

New investment decision process BOARD OF DIRECTORS CHIEF EXECUTIVE OFFICER MANAGERS OF FUND MANAGER TEAM MANAGERS OF FUND MANAGER TEAM Defines general investment directives on the product strategy document Approves investment strategy by product family Defines target asset allocation per model portfolio Verify coherence of investment selection and general investment directives and report gaps Verify coherence of investment strategy and the TAA and report gaps CHIEF INVESTMENT OFFICER INVESTMENT COMMITTEE CHIEF INVESTMENT OFFICER INVESTMENT COMMITTEE