BNL PRESENTATION

1
Presentation of Group Resultsat 30th June 2003
September 2003
2
Disclaimer
This document has been prepared by BNL for
information purposes only and for use in
presentations of the Groups 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.
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
Overview

• Improvement in gross operating income

Containment of operating costs and lower cost
income ratio
Improvement in the financial structure
Ongoing reduction in Groups overall risk profile
Change in Corporate Governance with a
streamlined organisational model
1H2003 results do not consolidate Argentina
5
Overview New Organisational Model
Supervision and Co-ordination

• Chairman

Corporate Secretariat
General Manager

• Deputy General Manager

Subsidiaries Investments
Governance Line
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
Overview Reduction of Risk Profile
Further reduction in total RWA
Risk Weighted Assets
67.4
-3.5
65.0
Euro bln
30/06/03
2002
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
Overview Reduction of Risk Profile
Ongoing reduction in international exposure

• Rationalised presence abroad
• Closed Singapore branch
• Closed Frankfurt and Los Angeles rep. offices
• Additional initiatives under way
• Exit from Uruguay and Brazil
• Closure of Paris branch and of Tokyo rep. office

Reduced international loan portfolio from Euro
7.1 bn at year-end 2002 to Euro 6.0 bn at 30th
June 2003
Loan portfolio of foreign branches and
international subsidiaries excluding Argentina
Contracted net LDC exposure -19.4 to Euro 499
mln
Bank of Italy definition
9
Overview Capital Ratios
Commitment to improve capital ratios confirmed by
results in first half of the year
Solvency Ratio
Tier 1
10.11
9.32
5.31
5.02
30/06/03E
30/06/03E
2002
2002
E provisional data
10
Overview Financial Re-balancing
Significant reduction in net inter-bank borrowing
which has been contained to less than 3 of total
funding
8.2
-2.8
Reduction in loans to customers
Growth in deposits from customers
-1.6
(Amounts in Euro billion)
Other items
Reduction in securities portfolio
-0.2
-1.6
2.0
31/12/02
30/06/03
11
Agenda
Overview Consolidated 1H2003
Results Balance Sheet main
trends Income Statement analysis
Analysis by Business Segment Appendix
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
BNL Group Balance Sheet
Ongoing reduction in the loan to deposit
ratio Growth in domestic deposits from customers

• Reduction in loans to customers
• -4.6 on 31/12/02
• through
• securitizations of performing loans
• reduction in loans to Large Corporates
• lower foreign loans exposure (Euro
• revaluation effect)

62,240
60,249
57,457
56,427
56,232
55,935
(Euro million)

• Stable deposits from customers
• 0.3 on 31/12/02
• of which
• growth in domestic market (2.5)
• decline in foreign markets (-12.5)
• increase in medium-term component
• (5.1 equivalent to 1,065 mln Euro)

30/06/02
31/12/02
30/06/03
Loans to customers
Deposits from customers
Loans/Deposits 101.8
14
BNL Group Securitizations of Performing Loans
Retaining significant future profitability whilst
improving Tier 1 ratio
VELA LEASE

• Amount Euro 1.24 bln
• Loan portfolio leasing loans Rating 92 AAA
• Portfolio average life 3.8 years 5 A2/A
• Arranger BNP Paribas 2 Baa/A
• Total cost 53 b.p. 1 unrated
• Risk retained 1

Excellent rating attributed to sold portfolios ref
lects recognition of value of collateral guarantee
s in BNLs loan portfolio
VELA HOME

• Amount Euro 2.2 bln
• Loan portfolio residential mortgages Rating 96.5
  AAA
• Portfolio average life 5 years 1 A
• Arranger ABN Amro BNL 2 BBB
• Total cost 38 b.p. 0.5 unrated
• Risk retained up to 1 (including junior unrated)

15
Agenda
Overview Consolidated 1H2003
Results Balance Sheet main
trends Income Statement analysis
Analysis by Business Segment Appendix
16
BNL Group Income Statement Highlights
Revenue growth coupled with cost control leads to
an improvement in operating income and net profit
YoY change
1H2003
Banking Income
1,591
3.9
Operating Costs
(960)
-0.8
Operating Profit
631
11.9
(Euro million)
Net Write-downs and net Provisions
(316)
18.8
Profit on ordinary activities
5.7
315
Net Extraordinary items
(63)
-152.0
Net Profit
100
270.4
17
BNL Group Banking Income
Improvement in revenues driven by income from
services
Banking Income 3.9
Interest Income
-5.9
YoY comparison
Non-Interest Income
18.3
18
BNL Group Interest Income
Reduction in average volumes and interest rate
cuts weigh on interest income performance
YoY comparison

• Lower average volumes
• Adverse forex impact (Euro appreciation)
• Lower contribution from foreign operations
• as budgeted
• Stability of domestic commercial spread
• as a result of mark-up resilience

915
861
-5.9
1H02
1H03
(Euro million)
QoQ evolution
452
451
434

• Quarterly trend shows a recovery
• Development of commercial initiatives
• should help confirm an upward trend

427
Average 2002
2Q02
2Q03
1Q03
19
BNL Group Non-Interest Income
Increase in all non-interest income components
YoY comparison
730
18.3
617
Net commissions and other net income
Net commission and other net income
584
8.6
538
Income on financial transactions
Income on financial transactions
37.5
99
72
Profit from investments valued at net equity and
dividends
47
7
1H02
1H03
(Euro million)
QoQ evolution
382

• 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
• Profits from financial transactions
• particularly buoyant in 1Q03

348
312
299
Average 2002
1Q03
2Q02
2Q03
20
BNL Group Net Commission and Other Net Income
Significant increase in fee income confirming
growth trend

• Main drivers
• Asset Management placement of capital
  protected GPF and bancassurance
• products, real estate investment
  funds
• Traditional Fees payment services,
  brokerage and ContoPerTe

QoQ evolution
YoY comparison
296
288
584
8.4
539
281
258
(Euro million)
149
168
Average 2002
2Q02
1H02
1H03
1Q03
2Q03
Asset Management Bancassurance
21
BNL Group Net Commission and other Net Income
Breakdown of Fee Income components
YoY change
584
539
60
0
60
Other
41
-11
46
Credit fees
51
-2
48
52
Cross Border Payments
13
42
67
Leasing factoring
13
59
Payment services
(Euro million)
129
9
Banking fees
119
20
70
Secur., brokerage cap.markets
12
12
Asset Management Bancassurance
149
168
1H03
1H02
Net of Banca BNL Investimenti distribution
costs
22
BNL Group Asset Management Bancassurance
YoY increase in asset management fees mainly
resulting from

• 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

• 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

23
BNL Group Asset Management Bancassurance
Inflows from bancassurance and real estate more
than compensate contraction in mutual funds
Assets Under Management Total Inflows
1,328
5.1
1,264
207
Real Estate Inv. Trusts (net inflow)
783
Bancassurance (total premium)
1,212
481
Asset Management (mutual funds net inflow)
-91
1H2003
1H2002
In 1H2002 no new funds were placed
24
BNL Group Asset Management
Positive performance effect generates an increase
in AUM stocks Portfolio re-composition still
favouring liquid investments
Mutual Funds
Mutual Funds
17,691
17,495
1.2
Equity
22
16
-0.1
1
1
Flexible
10
8
Balanced
AuM
AuM
35
40
Bonds
Euro million
38
29
Money Market
Performance Effect
Net Inflows
31/12/02
30/06/03
30/06/02
30/06/03
BNL Gestioni SGR excludes real estate
investment trusts and includes SICAV
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
BNL Fondi Immobiliari SGR (Market share)
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 Fondi Imm.
19.3
Market leader in real estate investment trust
sector
Source internal estimates
BNL
Portfolio Immobiliare
520 Portfolio Immobiliare Crescita
192 Estense-Grande Distribuzione 214
Assets Under Management
(Euro million)
Data as at 30th June 2003
Fondo Lazio 220
(estimated for 2H2003) Fondo Patrimonio
700 (estimated for 2H2003)
26
BNL SpA Retail Commercial Initiatives
Maintaining new production volumes in line with
previous year whilst defending average spread
(gt110 b.p.)
RESIDENTIAL MORTGAGES New production and
incidence of selective agreements with estate
agents networks
-0.5
Contribution to new production from estate
agents networks still growing on the previous
year
1,206
1,200
(Euro million)
8.8
456
419
1H2003
1H2002
New production from estate agents networks
BNL SpA new production
27
BNL SpA Retail Commercial Initiatives
Commercial initiatives help counteract macroeconom
ic slowdown
PERSONAL/CONSUMER FINANCE (new production)
548
17.0
468
(Euro million)
1H2003
1H2002
28
BNL SpA Retail Commercial Initiatives
Continuing growth in package accounts offering
banking and non-banking services to mass market
clients
ContoPerTe (stocks)

• Representing more than 21 of
• BNLs current accounts
• Unitary income from services
• more than double that of an
• ordinary current account
• Cross-selling index exceeding 5

341,000
300,000
33
256,000
(No. of contracts)
30/06/02
31/12/02
30/06/03
29
BNL Group Income on Financial Transactions
Significant growth in profits from financial
transactions

• driven by increased activity in structured
  products with clients (73)
• boosted by profit taking in first quarter 2003

QoQ evolution
YoY comparison
99
63
37.5
72
37
36
28
(Euro million)
1H02
1H03
Average 2002
2Q02
1Q03
2Q03
30
BNL Group Operating Costs
Overall cost reduction leads to an improvement in
the cost income ratio
YoY comparison
Personnel expenses
0.2
968
960
-0.8

• Continuing headcount reduction counters
• impact from domestic labour contract

Personnel expenses
551
552
Administrative expenses
-3.4

• Cost control action leads to contraction of
• expenses especially in logistics, IT and
• procurement

Administrative expenses
326
315
Depreciation and amortisation
93
91
2.2
Depreciation

• Quarterly evolution points to a declining
• trend

1H02
1H03
QoQ evolution
(Euro million)
504
493
480
479
Cost/Income ratio 60.3 (63.2 in 1H02)
1Q03
Average 2002
2Q02
2Q03
31
BNL Group Personnel Reduction
Acceleration in personnel reduction trend
confirmed
BNL Group personnel
1H03 net headcount reduction -393 of
which -556 exits and 163 recruitments
18,804
-4.7
17,912
30/06/03
30/06/02
Excluding Argentina
32
BNL Group Provisions Write-Downs
and Extraordinary Items
Confirmation of cautious provisioning
policy Extraordinary items affected by personnel
reduction charges
YoY change
1H2003

• improving coverage
• responding to weak
• macroeconomic scenario
• credit risk provisioning
• ratio at 88 bp of loan book

Net Write-downs and net Provisions
(316)
18.8
(254) (62)
38 -24
of which Credit risks Other risks
Net extraordinary items
(63)
152.0
Euro 61 mln refer to extraordinary
personnel costs, accounted as incurred
33
BNL Group Asset Quality
Contained increase in gross problem
loans Improvement in coverage ratio
Gross problem loans
Net problem loans
5,166
5,043
2.4
3,126
3,094
-1.0
3,677
3,911
2,109
2,057
(Euro million)
(Euro million)
1,069
1,366
1,255
985
31/12/02
31/12/02
30/06/03
30/06/03
Net Doubtful Loans (Sofferenze)
Net Substandard Loans (Incagliati)

• Problem loans coverage ratio improves to
  43.2(from 41.2 at year-end 2002)

34
BNL Group Country Risk
Continuing reduction in net exposure to countries
at risk with an improved level of overall coverage
Country risk exposure
Net amounts
Coverage
619
42.3
0.4 p.p.
-19.4
41.9
499
(Euro million)
31/12/02
30/06/03
31/12/02
30/06/03
Excludes fully provisioned intra-group exposure
to Argentina and is calculated in accordance with
Bank of Italy regulations
35
BNL Group Argentina
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.
BNL Group results do not consolidate the
Argentinean activities because of the continuing
uncertainty of the local regulatory environment.
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 30th 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 is pursuing opportunities of recovering value
through a reduction of the cross-border exposure
36
Agenda
Overview Consolidated 1H2003
Results Balance Sheet main
trends Income Statement analysis
Analysis by Business Segment Appendix
37
Analysis by Business Segment
Guidelines
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 Groups capital
Retail Includes also asset management
activities, small businesses (turnover lt 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)
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)
Corporate Centre Includes problem loans,
treasury activities, trading book, fixed assets,
investments and subsidiaries not included in
other segments
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
BNL Group Retail activities
RETAIL RWA breakdown
Sector RWA Euro 12,597 mln
12.6
15.5
19.4
Retail mortgages
0.8
Other retail
Small businesses
30.5
Private
40.7
Subsidiaries
Percentage of Group RWA
on
on
30/06/03
total
2002
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/Income
68.0
-527 bp
(Euro million)
PROVISIONS
(88)
28.0
15.1
NET PROFIT
83


82.9
27.8
CAPITAL ABSORBED
965
23.5
-5.0
NET RETURN ON ALLOCATED CAPITAL
17.4
446 bp
39
BNL Group Public Administration activities
Sector RWA Euro 1,418 mln
2.2
Percentage of Group RWA
on
on
30/06/03
total
2002
37


4.3
-9.7
Interest income
25


3.5
50.7
Non-interest income
63


3.9
7.8
TOTAL INCOME
38


6.1
11.3
OPERATING RESULT
Cost/Income
38.7
-190 bp
(Euro million)
(0)
0.2
-42.0
PROVISIONS
23


23.2
20.3
NET PROFIT
CAPITAL ABSORBED
85
2.1
-1.1
NET RETURN ON ALLOCATED CAPITAL
55.0
981 bp
40
BNL Group Corporate activities
CORPORATE RWA breakdown
Sector RWA Euro 22,544 mln
25.2
34.7
Middle market
Financial institutions
3.0
(commercial activities)
0.3
Investment banking
71.5
Subsidiaries
(Locafit Ifitalia)
Percentage of Group RWA
on
on
30/06/03
total
2002
281


32.7
12.3
Interest income
150


20.5
10.1
Non-interest income
431


27.1
11.6
TOTAL INCOME
269


42.6
25.2
OPERATING RESULT
Cost/Income
37.6
-678 bp
(Euro million)
(108)
34.1
6.0
PROVISIONS
97


97.3
51.9
NET PROFIT
CAPITAL ABSORBED
1,353
32.9
7.2
NET RETURN ON ALLOCATED CAPITAL
14.5
428 bp
41
BNL Group Large Corporate activities
LARGE CORPORATE RWA breakdown
Sector RWA Euro 9,664 mln
4.1
14.9
11.4
Italy
Foreign
Subsidiaries
(Ifitalia)
84.5
Percentage of Group RWA
on
on
30/06/03
total
2002
54


6.2
10.2
Interest income
32


4.4
12.8
Non-interest income
86


5.4
11.2
TOTAL INCOME
62


9.9
14.3
OPERATING RESULT
Cost/Income
27.1
-201 bp
(Euro million)
(12)
3.7
-75.2
PROVISIONS
31


30.9
n.s.
NET PROFIT
CAPITAL ABSORBED
580
14.1
-11.1
NET RETURN ON ALLOCATED CAPITAL
10.8
n.s.
Sector includes approximately 200 large groups
(Italian and International), managed on a
relationship basis
42
BNL Group International activities1
INTERNATIONAL RWA breakdown
Sector RWA Euro 5,244 mln
8.1
24.5
BNL SpA foreign branches
Foreign subsidiaries
75.5
Percentage of Group RWA
Residual RWA after allocation to Corporate and
Large Corporate segments of relative portfolios
including investment banking
on
on
30/06/03
total
2002
Interest income
51


5.9
-23.3
Non-interest income
47


6.4
33.1
TOTAL INCOME
97


6.1
-3.7
OPERATING RESULT
70


11.1
6.0
Cost/Income
27.8
-660 bp
(Euro million)
PROVISIONS
(92)
29.2
40.5
NET PROFIT
(18)
-18.2
-482.5
CAPITAL ABSORBED
315
7.7
-34.1
Excluding Argentina
NET RETURN ON ALLOCATED CAPITAL
-11.7
n.s.
(1) Sector consists of foreign branches and
subsidiaries, including loan book of
Italian-related businesses, but excluding large
corporates
43
BNL Group Corporate Centre
CORPORATE CENTRE RWA breakdown
RWA Euro 13,544 mln
Problem loans
7.3
1.8
20.8
Treasury Trading book
16.6
Investments Subsidiaries
52.9
21.3
Fixed assets
Percentage of Group RWA
Other
on
on
30/06/03
total
2002
49


5.7
-36.3
Interest income
116


15.9
62.7
Commission income
166


10.4
11.2
TOTAL INCOME
(48)
-7.6
-25.9
OPERATING RESULT
(15)
4.8
-94.3
(Euro million)
PROVISIONS
(116)
-116.1
-2.9
NET PROFIT
CAPITAL ABSORBED
813
19.8
7.8
NET RETURN ON ALLOCATED CAPITAL
-28.9
320 bp
44
BNL Group Breakdown by Business Area
Corporate centre
Large Corp.
Intl.
Retail
P.A.
Corporate
TOTAL
RWA
12,597 1,418 22,544 9,664
5,244 13,544
65,010













19 2 35 15
8 21
on total
100


Total Income



749 63 431
86 97 166
1,591


on total
47 4 27 5
6 10
100
Operating Costs





(960)
(509) (24) (162)
(23) (27) (214)


on total
100
53 3 17 2
3 22









Cost / Income

60.3
68.0 38.7 37.6 27.1
27.8 n.s.
Operating Income





632
240 38 269
62 70 (48)


on total
100
38 6 43 10
11 -8
Net Profit







100
83 23 97
31 (18) (116)

83 23 97 31
-18 -116
100
on total
3,450
965 85 1,353
580 315 813
Capital absorbed













28 2 39 17
9 24
on total
Net Return on Allocated Capital
17.4 55.0 14.5 10.8
-11.7 -28.9
5.9
BNL Group management accounts (30/06/03)
Total capital absorbed has been re-adjusted to
the actual Groups Tier 1 capital
45
Agenda
Overview Consolidated 1H2003
Results Balance Sheet main
trends Income Statement analysis
Analysis by Business Segment Appendix
46
BNL Group Income Statement
(Euro million)
1H2003
1H2002
change
Net Interest Income
861
915
-5.9
Net commissions
470
434
8.3
Income (losses) on financial transactions
99
72
37.5
Profit from investments valued at net equity and
dividends
47
7
---
Other net operating income
114
104
9.6
Non-Interest Income
730
617
18.3
Gross Operating Income
1,591
1,532
3.9
Administrative expenses
-867
-877
-1.1
- Personnel expenses
-552
-551
0.2
- Other administrative expenses
-315
-326
-3.4
Depreciation and amortisation
-93
-91
2.2
Operating costs
-960
-968
-0.8
Operating profit
631
564
11.9
47
BNL Group Income Statement
(Euro million)
1H2003
1H2002
change
Operating profit
631
564
11.9
Net write-downs on credits and provisions for
possible
loan losses
-254
-184
38.0
Provisions for risks and contingencies
-59
-49
20.4
Net write-downs on financial fixed assets
-3
-33
-90.9
Total net write-downs and net provisions
-316
-266
18.8
of which
- write-downs and provisions
-378
-329
15.0
- write-backs
62
63
-1.9
Profit on ordinary activities
315
298
5.7
Net extraordinary items
-63
-25
152.0
Additional allowances for credit risks
0
-540
-100.0
Net profit (loss) attributable to minority
interests
-2
-2
0.0
Net profit (loss) for the year
100
27
270.4
48
BNL Group Balance Sheet Highlights
(Euro million)
30/06/03
31/12/02
change
ASSETS
Loans to customers
57,458
60,249
-4.6
Loans to banks
11,255
6,819
65.1
Investment securities
4,323
5,887
-26.6
Investments
525
495
6.1
Other assets
9,070
10,261
-11.6
82,631
83,711
-1.3
Total assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits from customers
0.3
53,461
53,354
Deposits from banks
13,208
14,968
-11.8
Other liabilities
6,738
6,331
6.4
Allowances for risks and contingencies
1,494
1,525
-2.0
Allowances for possible loan losses
687
692
-0.7
Subordinated liabilities
2,967
2,878
3.1
Share capital and reserves
3,976
3,872
2.7
Net income for the period
100
91
9.9
Total liabilities and shareholders' equity
82,631
83,711
-1.3
49
Argentina BNL S.A. - Balance Sheet Highlights
(Euro mln) (1)
(Pesos mln)
31.12.2002
30.06.2003(1)
30.06.2003
TOTAL ASSETS


1,351

Cash and deposits with Central Bank


245




492
Loans

of which


- Net NPLs

24

(Coverage )
Securities and Participations



420
of which


- Public sector (incl. Bono Cobertura)
398



Other assets
194
TOTAL LIABILITIES



1,351
Deposits from customers



698
Intra-group lines



410
Fully provisioned at Parent Company level
Subordinated loan



45
Other liabilities


132


Net equity


66

including current year result of
-15
(1) Includes inflation accounting
(2) EUR/ARS 3.2081
50
Investors Contacts
Banca Nazionale del Lavoro Investor
Relations Via Veneto, 11900187 ROMA Tel. 39
06 4702 7887 Fax [phone] e-mail
investor-relations_at_bnlmail.com http//www.bnlinves
tor.it