2007 REGISTRATION DOCUMENT

5 NotesCONSOLIDATED FINANCIAL STATEMENTSto the financial s tatements p repared in accordance with I nternational Financial Reporting S tandards as adopted by the European Union< Contents >The movement in “Reinsurers’ share of technical reserves” breaks down as follows:In millions of euros 31 December 2007 31 December 2006REINSURERS’ SHARE OF TECHNICAL RESERVES AT START OF PERIOD 2,414 2,283Increase in technical reserves borne by reinsurers 353 401Amounts received in respect of claims and benefi ts passed on to reinsurers (232) (271)Effect of changes in exchange rates and scope of consolidation 19 1REINSURERS’ SHARE OF TECHNICAL RESERVES AT END OF PERIOD 2,554 2,414125.j INVESTMENTS IN ASSOCIATESThe Group’s investments in associates (companies carried under the equity method), which represent amounts in excess of EUR 100 million, are shownbelow:In millions of euros 31 December 2007 31 December 2006Bank of Nanjing 136 78Sahara Bank LSC 148 -BNL Vita 179 229Cofi dis France 94 102Erbe 1,396 1,164JetFinance International 172 -Servicios Financieros Carrefour EFC SA 105 99Société de Paiement Pass 203 202Verner Investissement 334 308Other associates 566 590INVESTMENTS IN ASSOCIATES 3,333 2,772Financial data as published by the Group’s principal associates under local generally accepted accounting principles are as follows:In millions of eurosTotal assetsat 31 Dec. 2007Net banking incomeor net revenueYearto 31 Dec. 2007Net incomeYearto 31 Dec. 2007Bank of Nanjing 7,134 177 84Sahara Bank LSC (1) 1,623 37 19BNL Vita 10,555 71 51Cofi dis France 5,932 755 149Erbe (1) 3,829 428JetFinance International 111 25 8Servicios Financieros Carrefour EFC SA 1,284 120 17Société de Paiement Pass 2,989 253 57Verner Investissement (1) 5,190 420 97(1)Data at 31 December 2006 or for the year then ended.345678910111622007 Registration document - BNP PARIBAS