2007 REGISTRATION DOCUMENT

5 StatutoryCONSOLIDATED FINANCIAL STATEMENTSAuditors’ r eport on the c onsolidated financial s tatements< Contents >Justification of our assessmentsIn accordance with the requirements of article L. 823-9 of the French Commercial Code (Code de commerce) relating to the justification of ourassessments, we bring to your attention the following matters.For all companies carrying out banking activities, significant accounting estimates are required for provisioning credit risk, and for determining thefair value of financial instruments:■ BNP Paribas records impairments to cover the credit risks inherent to its business (notes 1 and 4.a to the consolidated financial statements). Weexamined the control procedures applicable to monitoring credit risks, impairment testing methods and determining the related individual andportfolio-based impairment losses;■ BNP Paribas uses internal models and methodologies to value its positions on financial instruments which are not traded on active markets, as wellas to determine certain provisions and assess whether hedging designations are appropriate. We examined the control procedures applicable toverifying these models and determining the parameters used.Note 4.f to the consolidated financial statements describes BNP Paribas’ exposure to the impacts of the subprime crisis and the value adjustments andimpairments resulting from the assessments and valuations carried out as of 31 December 2007. We have reviewed the methods used by BNP Paribasto identify these exposures and the control procedures implemented in relation to their valuation, as well as the appropriateness of the disclosuresin the above-mentioned note.BNP Paribas raises provisions to cover its employee benefit obligations (notes 1 and 7.b to the consolidated financial statements). We examined themethod adopted to measure these obligations, as well as the assumptions and parameters used.We assessed whether these estimates were reasonable.These assessments were made in the context of our audit of the consolidated financial statements taken as a whole, and therefore contributed to theopinion we formed which is expressed in the first part of this report.Specific verificationIn accordance with professional standards applicable in France, we have also verified the information given in the Group’s management report. Wehave no matters to report as to its fair presentation and its consistency with the consolidated financial statements.12345Neuilly-sur-Seine and Courbevoie, 13 March 2008The Statutory Auditors6Deloitte & AssociésPascal ColinPricewaterhouseCoopers AuditÉtienne BorisMazars & GuérardHervé Hélias78910112222007 Registration document - BNP PARIBAS