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Annual Report 20 03 The bank for a changing world A Changing World Cybercafé - Shanghai Cover photo : Gilles Leimdorfer As the theme for this 2003 annual report, we have chosen the BNP Paribas signature: “The Bank for a Changing World.” In partnering our clients in their projects, we frequently help them to shape the future. As a testimony to the role played by our clients, we have selected some twenty examples of the many activities that contribute, each in their own way, to changing the world. Some of these innovations are rooted in fundamental sciences, such as groundbreaking medical techniques, aerospace projects, nanotechnology applications and initiatives to create a cleaner world. However, other developments are also changing our world – the fight against terrorism, the emergence of new business models, better opportunities for the disabled, and increased efforts to promote gender equality, all of which are examples of community initiatives undertaken on either an individual or collective scale. Clearly, the quality of an innovation does not depend on the type of client. The examples we have selected concern both multinationals and small businesses, as well as associations and private individuals. We would like to thank all our clients, those who have contributed to this project of course, but also all the others who make us want to get to know them better, understand what drives them, devise solutions to their challenges and move forward with them in a constantly changing world. Jean-Erick Pasquier Jacques Grison Rapho Gérard Uféras Gilles Leimdorfer The photos were taken in January and February 2004 by four photographers from the Rapho Agency. Widely recognised as one of the world’s leading photographic press agencies, Paris-based Rapho represents legendary photographers and a team of contemporary photojournalists expressing a sensitive, personal vision of the world. Contents Key Figures 2-3 Chairman’s and Chief Executive Officer’s Statement 4-5 The Group’s Core Businesses 6-7 History 8-9 The Executive Committee 10-11 Corporate and Investment Banking 14-27 • Advisory & Financial Institutions 18 • Specialised Financing 22 Retail Banking 28-55 • French Retail Banking 31 • Financial Services and International Retail Banking 42 Private Banking, Asset Management, Securities Services and Insurance 56-71 • Private Banking 58 • Cortal Consors 59 • BNP Paribas Asset Management 62 • BNP Paribas Securities Services 65 • Insurance 68 Real Estate 70 BNP Paribas Capital 72-75 Sustainable Development 76-137 • General Business Principles - The Approach 78 - Group Ethics and Compliance 80 • BNP Paribas and its Stakeholders - Shareholder Information 82 - Human Resource Development 92 - Client and Supplier Relations 98 - Environment 104 - Patronage 108 • Corporate Governance - Board of directors 114 - Chairman’s report 120 - Remunerations 133 Tennis 138-139 Financial and Legal Information 140-293 • Review of operations 141 • Consolidated Financial Statements 178 • Parent Company Financial Statements 256 • General Information 285 • Combined Annual and Extraordinary General Meeting of 28 May 2004 287 Glossary 294-300 Figures Key * Proformanetincome before restructuringprovisions. EuropeWorld 67,400 89,100 66,200 87,700 Group Number of Return onequity 1998 11.8 1999* 17.1 * Proformanetincomebeforerestructuringprovisions. 2000 20.9 (in %) Employees 1998 2003 2002 2001 18.2 1,114 Net income 1999* (in millionsofeuros) 2002 13.5 3,266 2000 4,124 2003 14.3 2001 4,018 2002 3,295 * Proformagrossincome. 2003 3,761 1998 2,494 Gross income (in millionsofeuros) 1999* 4,790 2000 5,825 Ratings Fitch AA Stableoutlook Standard Moody’s Aa2 Stableoutlook 2001 6,517 2002 5,838 (1 ) forthe20 Adjusted share-split. & 2003 6,650 1998 2.58 Poor’s AA- outlook Positive per share 1999 2.79 Earnings (in euros) th 2000 4.70 February 2002 two-for-one February 2002 2001 (as of16December2003) at 31/12 4.64 1998 15.3 capitalisation 2002 3.78 (1) 1999 41.2 Market 2003 (in billionsofeuros) 4.31 2000 41.9 2001 44.5 2002 34.8 2003 45.1 Net banking income Gross operating income by core business by core business (in %) (in %) ••• ••• 32, 4% 35, 5% • • 53, 8% 52, 8% •• •• 13, 8% 11,7% • Retail Banking •• Private Banking, Asset Management, Insurance and Securities Services ••• Corporate and Investment Banking 3 Business (In millions of euros) 2003 2002 Total assets 783,076 710,319 Customer deposits 282,568 267,190 Customer loans (gross) 231,479 235,688 Shareholders’ equity (1) 28,321 26,445 International capital adequacy ratio 12.9% 10.9% o/w Tier One 9.4% 8.1% (1) Before income appropriation. Results (in millions of euros) 2003 2002 Change 2003 - 2002 Net banking income 17,935 16,793 6.8% Gross operating income 6,650 5,838 13.9% Operating income 5,289 4,368 21.1% Pre-tax income 5,586 4,813 16.1% Net income 3,761 3,295 14.1% Chairman’s and Chief Executive Officer’s Statement Michel Pébereau Baudouin Prot Chairman Chief Executive Officer The last two years were not easy ones for The global economic outlook for 2004 is one of the banking and financial services industry. improvement, although forecasts for the European Nevertheless, BNP Paribas reported robust earnings, Union point to only modest growth. At the same and has emerged from this period with improved time, the world economy is still vulnerable to major competitive positions, an even stronger balance financial imbalances and uncertainties of all kinds. sheet and sustained high profitability. While remaining vigilant and poised to respond This performance, which positions us among swiftly to any break in the recovery, we will Europe's leading international financial services be turning our attention once again to using corporations, has been fuelled by the intense our innovation skills to better serve our clients, commitment of our teams, and the balanced in order to continue driving profitable growth. nature of our business portfolio. It also reflects • Serving clients through innovation means our solid ability to innovate and our constant leveraging our skills to tailor our offer to new drive to stay one step ahead of emerging client spending habits, new technological applications, needs. Financial Services is an industry that and the new needs of businesses and investors. is undergoing the greatest changes worldwide. It also means organising our teams and investing Since our Group's formation, we have consistently in information technology so that BNP Paribas made it our goal to remain on the forward and its subsidiaries can respond even more edge of market developments in all three of effectively to future client needs. our core businesses: Retail Banking, • Driving profitable growth means combining Corporate and Investment Banking, assertive organic expansion with a carefully and Asset Management Services. managed acquisitions strategy, while continuing to demonstrate the risk and cost discipline that BNP Paribas at a glance Leading Eurozone bank in terms of profit and market capitalisation Gross operating income up 13.9% Operating income up 21.1% Net income up 14.1% to EUR 3.761 million Dividend up 21% from EUR 1.20 to EUR 1.45 BNP Paribas operates in over 85 countries and has 89,100 employees including 67,400 in Europe has always been a hallmark of our Group. In 2003, Corporate and Investment Banking Thanks to our robust financial position and significantly improved its revenue and earnings solid earnings, we are able to seek out performance compared with 2002, when acquisition opportunities that meet our exacting the Division resisted better than most of standards, for the benefit of our Group and our its competitors in a difficult environment. shareholders. As well as completing our It also moved rapidly up the league tables in announced share buyback programme, we will the international capital markets, advisory and use our capital discerningly, avoiding transactions corporate banking businesses. The prime 5 that are over-priced or unnecessarily risky, objectives of 2004 are to expand the client base, and generally manage our resources in the raise the client penetration rate and increase best medium-term interests of our shareholders. cross-selling, backed by a sales organisation which has recently been further enhanced. In 2004, the performance of our French Retail Banking business should be boosted by the Lastly, Asset Management Services is poised to take ramp-up of our multichannel retail banking up the opportunities created by the economic services and our extended private banking revival and stock market recovery for most of its services. We will finish reorganising our services investor services businesses, especially in Europe. to corporate clients around 25 business centres, allowing us to better serve existing clients and BNP Paribas is a powerful and efficient attract new ones. organisation, but it is also an organisation fully aware of its corporate, social and ethical The International Retail Banking and Financial responsibility. In this year's persistently unsettled Services Division is deploying an ambitious environment, as the "bank for a changing world", growth strategy. we will maintain our drive for profitable growth while also continuing to earn the confidence This can be seen, for example, in the European of our shareholders, clients and employees. development of Cetelem, which now generates Our Group has the human and financial over 50% of revenues outside France, and in resources to fulfil this goal. the momentum achieved by BancWest, which is gradually broadening its network to cover the entire Western United States. In 2004, the Division will continue to invest in organic growth – including in France where expanding the business is a key priority – while also looking for acquisition opportunities that fulfil our geographic and financial criteria. Corporate & Investment Banking To strengthen its European positions, expand origination capabilities and leverage its potential for growth in the corporate and investment banking market, BNP Paribas has set up a new integrated group, known as Coverage and Territories Europe (CTE).

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