SUBSIDIARIES AND AFFILIATESSubsidiaries and affiliates Currency Ex<strong>change</strong> rate Share Reserves and <strong>La</strong>st publishedcapital (a) retained earnings revenues (a)before incomeappropriation (a)I - DETAILED INFORMATION ABOUT SUBSIDIARIES AND ASSOCIATED COMPANIES WHOSE BOOK VALUE EXCEEDS 1% OF <strong>BNP</strong> PARIBAS SHARE CAPITAL1. Subsidiaries (more than 50%-owned)Antin Bail EUR 1.00000 18,000 7,855 255Antin Participation 4 EUR 1.00000 129,523 37,992 838Antin Participation 5 EUR 1.00000 150,040 529 53<strong>BNP</strong> Ireland EUR 1.00000 427,813 86,746 130,078Banque de Bretagne EUR 1.00000 52,921 13,727 117,344<strong>BNP</strong> Andes USD 1.35840 50,000 (2,836) 7,855<strong>BNP</strong> E<strong>qui</strong>ties Asia Ltd USD 1.35840 60,000 74 (18)<strong>BNP</strong> Intercontinentale EUR 1.00000 30,523 (3,643) 1,713<strong>BNP</strong> Mexico Holding USD 1.35840 30,000 (482) 12<strong>BNP</strong> <strong>Paribas</strong> Bank Polska PLN 4.07520 193,400 99,392 363,088<strong>BNP</strong> <strong>Paribas</strong> BDDI Participations EUR 1.00000 42,383 49,868 26,403<strong>BNP</strong> <strong>Paribas</strong> Bulgaria USD 1.35840 27,206 (2,424) 8,861<strong>BNP</strong> <strong>Paribas</strong> Canada CAD 1.62893 315,637 57,657 263,246<strong>BNP</strong> <strong>Paribas</strong> China Limited USD 1.35840 72,624 6,742 5,423<strong>BNP</strong> <strong>Paribas</strong> Hungaria Bank Rt HUF 245.32025 3,500,000 8,057,464 13,003,484<strong>BNP</strong> <strong>Paribas</strong> Immobilier EUR 1.00000 79,500 8,025 32,130<strong>BNP</strong> <strong>Paribas</strong> Private Bank EUR 1.00000 68,672 42,515 17,158<strong>BNP</strong> <strong>Paribas</strong> Réunion EUR 1.00000 19,935 7,639 58,642<strong>BNP</strong> <strong>Paribas</strong> Securities Ltd (Japan) JPY 139.01866 80,800,000 3,815,000 91,971<strong>BNP</strong> <strong>Paribas</strong> UK Holdings Ltd GBP 0.70778 1,242,000 (1,302) 18,594<strong>BNP</strong> <strong>Paribas</strong> ZAO USD 1.35840 63,066 16,116 18,101<strong>BNP</strong> PUK Holding Limited GBP 0.70778 194,353 (6,699) 208,201CIP Cie d’Investissements de Paris EUR 1.00000 394,504 489,451 37,562Cipango JPY 139.01866 9,400,000 (68,838) 0Compagnie Bancaire UK Fonds B GBP 0.70778 1 84,909 14,722Fidex Holding Limited EUR 1.00000 300,015 (2,322) 25,196Financière <strong>BNP</strong> <strong>Paribas</strong> EUR 1.00000 1,158,268 230,755 66,646Financière du Marché St-Honoré EUR 1.00000 22,500 9,749 1,362KLE 66 EUR 1.00000 2,174,364 1,659,017 839<strong>Paribas</strong> Dérivés Garantis PDG EUR 1.00000 121,959 (5,818) 18,302<strong>Paribas</strong> Do Brasil Empres Part BRL 3.60316 40,758 12,679 0<strong>Paribas</strong> international EUR 1.00000 371,790 1,167,474 21,761<strong>Paribas</strong> Participation Limitée EUR 1.00000 125 1,746 2,647<strong>Paribas</strong> Peregrine Group EUR 1.00000 45,040 (29) 2,878Parilease SNC EUR 1.00000 5,965 0 618Société Financière pour Pays d’Outre-Mer CHF 1.54688 39,892 2,841 4,834Société Française Auxiliaire - SFA EUR 1.00000 5,926 1,428,535 370,399UCB Entreprises EUR 1.00000 97,450 39,854 66,816Union Crédit pour le Bâtiment - UCB EUR 1.00000 32,702 221,789 591,357<strong>BNP</strong> <strong>Paribas</strong> E<strong>qui</strong>ties France EUR 1.00000 5,545 38,649 35,864<strong>BNP</strong> <strong>Paribas</strong> Asset Management Group EUR 1.00000 15,361 299,203 131,360(a) In thousands of currency units.(b) In thousands of euros.282<strong>BNP</strong> PARIBAS - ANNUAL REPORT <strong>2004</strong>
Subsidiaries and afFiliates<strong>La</strong>st published Per cent interest Book value Including revaluation Dividends Outstanding Guaranteesnet income held by of shares difference (b) received loans and and endorsements(loss) (a) <strong>BNP</strong> <strong>Paribas</strong> SA during advances granted by given byGross (b) Net (b) the year (b) <strong>BNP</strong> <strong>Paribas</strong> SA (b) <strong>BNP</strong> <strong>Paribas</strong> SA (b)1,122 100,00% 27,380 25,932 1,608801 100,00% 79,143 79,143 12,95225 100,00% 150,060 150,060 7 8024,661 100,00% 451,161 451,16118,120 100,00% 71,021 71,021 14,655 707,374 3(110) 100,00% 37,471 35,397(24,177) 100.00% 45,172 45,1727,735 100.00% 63,211 63,211 21,742 27,318262 100.00% 22,085 19,68332,575 100.00% 78,699 78,699 4,838 174,22519,656 100.00% 104,870 104,870 12,7151,089 100.00% 18,477 18,477 832 3,41530,074 100.00% 216,385 216,385 190 3,012,023694 100.00% 60,208 60,208 44,4541,313,317 100.00% 42,252 42,252 1,964 165,244 34033,816 100.00% 261,602 87,525 22,1541,361 100.00% 124,707 120,177 279 9,614 11,507 1,00011,404 100.00% 25,246 25,246 957 94,0005,072,000 100.00% 586,319 586,31936,207 100.00% 1,724,629 1,724,629 16,1807,693 100.00% 60,000 60,000 183,15671,132 100.00% 315,686 315,68658,531 100.00% 597,982 597,9820 100.00% 68,619 67,123(16,718) 100.00% 22,373 22,37319,336 100.00% 300,001 300,001188,606 100.00% 1,638,253 1,413,797 71,035(857) 100.00% 25,492 25,49223,611 100.00% 3,744,867 3,744,8675,818 100.00% 121,959 121,959 877,7873,679 100.00% 20,643 20,64350,949 100.00% 1,327,951 1,327,9512,585 100.00% 81,640 81,639 2,004458 100.00% 45,040 45,040(10,467) 100.00% 75,724 75,724 98,93219,336 100.00% 47,173 35,484 4,240 2,877394,048 100.00% 442,098 442,098 549,986 615,01678,095 100.00% 196,737 196,737 251,614111,886 100.00% 728,609 728,609 108,930 10,262,864 101,9881,679 99,86% 46,991 46,991 1,231151,991 99,83 % 247,268 247,268 13 141,393283<strong>BNP</strong> PARIBAS - ANNUAL REPORT <strong>2004</strong>
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contentsKey Figures 2-3Chairman’s
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2key Figures3Net banking incomeby c
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4chairman‘s and chief executive o
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6executive committee7COMMITTEEBNP P
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8trademark portfolio9BNP Paribas op
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The bankfor a connected10the bank f
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12the bank for a connected world13C
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14the group‘s core businesses15Fi
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the Netherlands. UCB has also devel
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ices• The division’s savings bu
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14chiffres clés15GASSixty Partners
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18CORPORATE AND INVESTMENT BANKING1
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20CORPORATE AND INVESTMENT BANKING2
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Equities andDerivatives22CORPORATE
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24CORPORATE AND INVESTMENT BANKING2
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Bnp paribas london26CORPORATE AND I
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28CORPORATE AND INVESTMENT BANKING2
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etailbankingFrench RetailBankingInt
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RATPChangeover Points, Hubs of Mixe
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IndividualclientsA fully operationa
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Personal loan businessoutpaces mark
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entrepreneursand freelanceprofessio
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The acquisition of Teisseire by Fru
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BIOVALEurope’s Largest Biotechnol
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internationalretail banking andf in
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• Outside France, new lending fur
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np paribaslease groupFollowing two
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ancwestThe sharp upturn in the Amer
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teb istanbulEmerging andOverseas Ma
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56retail banking57MANOBIExchanges o
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58asset management and services59
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6061asset management and servicesAM
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6263asset management and servicesco
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asset management et servicesPaving
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66asset management and services67Bn
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68asset management and services69bn
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70asset management and services71Ta
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72asset management and services73BN
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klépierre
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np paribascapital
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Patrick GeeraertHead of the Finance
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82sustainable development83THE GROU
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84sustainable development85• SAMS
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86sustainable development87As a res
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88sustainable development89BNP Pari
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90sustainable development91Yield an
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92sustainable development93Communic
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94sustainable development95Liaison
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96sustainable development97Dividend
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98sustainable development99Disclosu
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HUMAN RESOURCESDEVELOPMENT100sustai
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102sustainable development103(in %)
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104sustainable development105- the
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106sustainable development107Employ
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108sustainable development109Lastly
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110sustainable development111relati
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112sustainable development113Qualit
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114sustainable development115BNP Pa
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116sustainable development117Vendor
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118118119119sustainable development
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120sustainable development121Partne
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122développement durable123Chetan
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124sustainable development125This p
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126sustainable development12750 art
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128sustainable development129BNP Pa
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10101001010010100100101010101000011
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132board of directors133Jacques Fri
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134EXTRACTS FROM THE BOARD OF DIREC
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136report of the chairman137• The
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138report of the chairman139de l’
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140report of the chairman141• the
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142report of the chairman143As part
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144report of the chairman145for con
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146report of the chairman147to comb
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148report of the chairman149Human r
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150remuneration151remunerationRemun
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152remuneration153Remuneration of o
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154remuneration155Information on st
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Financialand legalinformation
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ACTIVITY2004 REVIEW OF OPERATIONSCO
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RESULTS OF EACH CORE BUSINESS1 - RE
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The Retail Banking business in Emer
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The core business’ operating expe
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Interbank and money-market items. I
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RECENT DEVELOPMENTS11 February 2005
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CHANGES IN SHARE CAPITALNumber of s
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REGULATORY RATIOSInternational capi
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on retirement bonuses should be acc
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Realised gains and losses on availa
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Credit and Counterparty Risks, comp
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ates (market rates and signature sp
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Group Tax Affairs resources include
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fundamentally sound companies that
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• GEaRThe Bank measures Value at
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asis for hedging decisions taking i
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BNP PARIBAS - ANNUAL REPORT 2004192
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CONSOLIDATED BALANCE SHEETASSETSIn
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CONSOLIDATED PROFIT AND LOSS ACCOUN
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APPENDICESNOTE 1ACCOUNTING POLICIES
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association, provided that the Grou
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However, when the market value of l
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fixed income instruments (whether f
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In order to reflect what appeared t
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countries in which they operate. In
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NOTE 2 - SCOPE OF CONSOLIDATIONChan
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Fully-consolidated companiesFinanci
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Financial institutions Group voting
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Financial institutions Group voting
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Other companies Group voting Group
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Other companies Group voting Group
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NOTE 3INTERBANK AND MONEY-MARKET IT
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NOTE 5TRANSACTIONS ON TRADING ACCOU
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NOTE 6INSURANCE COMPANY INVESTMENTS
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NOTE 7 (CONT’D)INVESTMENTS IN NON
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NOTE 8 (CONT’D)PROVISIONS FOR CRE
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- Page 240 and 241: NOTE 12GOODWILLIn millions of euros
- Page 242 and 243: NOTE 15CUSTOMER DEPOSITS, RETAIL CE
- Page 244 and 245: NOTE 17TECHNICAL RESERVES OF INSURA
- Page 246 and 247: NOTE 20SUBORDINATED DEBTIn millions
- Page 248 and 249: NOTE 22CONSOLIDATED SHAREHOLDERS’
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- Page 256 and 257: NOTE 25BNP PARIBAS GROUP EXPOSURE T
- Page 258 and 259: NOTE 26 (CONT’D)SECURITISATIONS
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- Page 262 and 263: NOTE 31NET INTEREST INCOME (EXPENSE
- Page 264 and 265: NOTE 34UNDERWRITING RESULT AND NET
- Page 266 and 267: NOTE 36STOCK OPTION PLANS1 - BNP PA
- Page 268 and 269: NOTE 37GAINS (LOSSES) ON DISPOSALS
- Page 270 and 271: NOTE 39SEGMENT INFORMATION• Incom
- Page 272 and 273: NOTE 41BNP-PARIBAS MERGER-RELATED R
- Page 274 and 275: • BNP Paribas records provisions
- Page 276 and 277: PARENT COMPANY FINANCIAL STATEMENTS
- Page 278 and 279: PROFIT AND LOSS ACCOUNT OF BNP PARI
- Page 280 and 281: debt securities. They also include
- Page 282 and 283: • Debt Securities Held to Maturit
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- Page 286 and 287: Recognition of Revenue and Expenses
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- Page 292 and 293: ACQUISITIONSOF EQUITY INTERESTS BY
- Page 294 and 295: SOCIAL AND ENVIRONMENTALINDICATORS
- Page 296 and 297: NRE indicator 2004 Comments Scope c
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- Page 302 and 303: NRE indicator 2004 Comments Scope c
- Page 304 and 305: NRE indicator 2004 Comments Scope c
- Page 306 and 307: GENERAL INFORMATIONLEGAL INFORMATIO
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- Page 310 and 311: STATUTORY AUDITORSNames and address
- Page 312 and 313: COMBINED ANNUAL AND EXTRAORDINARYGE
- Page 314 and 315: • Eighth resolution (Renewal of t
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- Page 318 and 319: Capital increaseCash flowCECEICIBA
- Page 320 and 321: Investment clubIRBIRFSISIN codeLBOL
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- Page 324 and 325: NOTES. . . . . . . . . . . . . . .
- Page 326: www.bnpparibas.comHEAD OFFICE16, bo