Crédit du Nord Group

1

Crédit du Nord Group is comprised of seven regional banks (Crédit du Nord, Banque Courtois, Banque Kolb, banque Laydernier, Banque Nuger, Banque Rhône-Alpes and Banque Tarneaud) that share common values and commitment to offering their know-how to clients.

1,250,840 individuals clients 129,666 professionnal clients 19,550 associations 26,535 business clients 3,142 institutionnal clients

Key Figures

Consolidated data (€ millions) 31/12/04 31/12/03 31/12/02 Deposits 14,990.7 14,292.6 13,846.3

CONTENTS Loans 18,216.2 17,291.8 14,976.4 Asset under management 30,845.9 29,513.3 30,035.4

2 HISTORY NBI 1,308.8 1,234.4 1,162.9 OF THE CRÉDIT DU NORD GROUP GOI 432.2 376.7 320.4

3 MESSAGE FROM THE CHAIRMAN Earnings before exceptionnal items and tax 365.1 308.3 260.6 4 STRATEGY AND POSITIONING Net income 233.2 190.4 175.7 5 REGIONAL BANKING FIRST

6 A MODEL FOCUSED ON THE CLIENT

10 A RECOGNISED, POWERFUL MODEL

13 REGIONS AND SUBSIDARIES OF THE CRÉDIT DU NORD GROUP

20 2004 HIGHLIGHTS 2 CRÉ DIT DU NORD GROUP History of the Crédit du Nord Group

The Crédit du Nord Group has its origins in a grouping of nearly 80 regional banks that have been pooling their strengths and talents for more than a century.

1760: Creation of Banque Courtois, now 1988: Paribas becomes sole shareholder in France’s oldest surviving bank, Crédit du Nord. established in Toulouse. Creation of Banque Rhône-Alpes 1809: Creation of Banque Tarneaud following the merger of Banque Nicolet established in Limoges. Lafanechère et de l’Isère (BNLI) with local branches of Crédit du Nord in the 1848: Discounting house established in the Rhône-Alpes and Burgundy regions. Lille district. 1991: Banque Kolb joins the Crédit du Nord 1871: Discounting house named Group. Crédit du Nord. 1992: Banque Courtois joins the Crédit du 1889: Cr édit du Nord opens in Paris to Nord Group. coincide with the capital’s Universal Exhibition. 1996: Banque Laydernier joins the Crédit du Nord Group. 1890: Banque Kolb established at Mirecourt, in the Vosges. 1997: Cr édit du Nord Group becomes part of the Société Générale Group. 1891: Banque Laydernier established in Annecy. 2000: Dexia Group takes a 20% stake in the Crédit du Nord Group alongside Société 1924: Banque Nuger established in Clermont- Générale (80%). Ferrand. 2002: Banque Lenoir et Bernard (Amiens) 1927: Cr édit du Nord moves its head office to absorbed by Crédit du Nord. Paris, at 59 boulevard Haussmann. 2004: The group opens a new chapter in its 1951: Banque Tarneaud agrees a takeover by network development with the plan to Banque de l’Union Parisienne, formerly open a hundred new branches over an investment bank. three years. 1974: Merger of Crédit du Nord and Banque de l’Union Parisienne.

1977: Cr édit du Nord takes a stake in Banque Nuger. MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 3 Message from the Chairman

Crédit du Nord Group has, for more than 150 years, cultivated its expertise as a customer-based bank focused on closeness to its clients, professionalism and innovation. Every day, the 8 400 men and women in the Group’s seven banks strive to offer clients a personal and high-quality relationship with customer satisfaction as their overriding aim. This approach is widely recognised and appreciated, as we know from our consistently high rankings in customer satisfaction surveys. Our approach to banking is rooted in the principles that underpin our commercial practice – our duty is to inform, to advise and to act with transparency. The banks of Crédit du Nord Group seek to ensure that the products and services they offer clients are useful, add value and meet their needs. In order to constantly strengthen its presence with its clients, the Crédit du Nord Group has decided to embark on a new stage of development, adding one hundred new branches to its network over the next three years.

Alain Py CHAIRMAN AND CHIEF EXECUTIVE OFFICER 4 CRÉ DIT DU NORD GROUP Strategy and positioning of the Créd

Crédit du Nord Group f Pierre Boncourt, Crédit du Nord Regions p Jean-Pascal Le Charpentier, Subsidiaires a Alain Py, Group Chief Human l Joël Girre, Deputy Director t Dominique Chastel, Chairman and Chief Resources Offi cer Director, Normandy Region Ile-de-France Region Chairman of Banque Courtois Executive Offi cer g Francis Molino, m Michel Kadziola, q François Muller, management board b Bernard Beaufi ls, Group Chief Banking Director, Nord Métropole Director, Provence-Alpes- u Jean Dumont, Chief Executive Offi cer Operations Offi cer Region Côte d’Azur Region Chief Executive Offi cer of c Marc Batave, h Clare Brennen, n Jean-Louis Klein, r Gilles Renaudin, Banque Kolb Deputy Chief Executive Group Chief Director, Corporate Client Director, Ile-de-France v Jean-Baptiste Hueber, Offi cer and Group Chief Communications Offi cer Department Region Chairman of Banque

• o Client Offi cer i Xavier de Benoist, Philippe Le Bourdonnec, s Gérard Tréca, Laydernier management d Jean-Pierre Bon, Project Manager Director, Picardie Director, Provinces du Nord board Deputy Chief Executive j• Marc France, Champagne-Ardennes Region w Jacques Le Mercier, Offi cer and Group Chief Inspector General Region Chairman of Banque Rhône- Financial Offi cer k Thierry Lucas, Alpes management board e Patrick Renouvin, Head of Risk Management x Patrick Saillant, Deputy Chief Executive Chairman of Banque Nuger Offi cer and Group Chief management board Information Systems Offi cer y Jean Loup Tarneaud, Chairman and Chief Executive Offi cer of Banque Tarneaud

r g y u i• d sfo l ae x p jv• k b h

nc t q w m

Management Board MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 5

e Crédit du Nord Group

Regional banking first

The Crédit du Nord Group offers all the advantages of a human-scale regional bank, backed by the power and expertise of a national bank. Every client is first and foremost a customer of one of the seven regional banks, which are run as genuine mid-sized companies.

Advisers in all the Group’s banks have an The Crédit du Nord Group comprises seven • Banque Laydernier covers the Savoie and intimate knowledge of the local business regional banks, an asset management Haute-Savoie regions with 39 branches. context and considerable autonomy in terms company and a stock broking company. • Banque Nuger’s 18 branches are concen- of decision-making, which makes the Group’s • Crédit du Nord is structured around six regions: trated in the Auvergne region of central banks highly responsive. • Nord Métropole (58 branches); France.

This is the strength of our model: all of • Les Provinces du Nord (81 branches); •Banque Rhône-Alpes has 65 branches in our regional banks can call on the group’s • Picardie Champagne-Ardennes (57 branches), south-eastern France. cutting-edge product design, powerful IT • Normandy (42 branches), • In the west, Banque Tarneaud operates system and pooled resources. • Ile-de-France (90 branches), 54 branches serving the central region and • Provence-Alpes-Côte d’Azur (44 branches). Our aim is to build personal links with all of France’s Atlantic coast. our clients so that each becomes a partner • Banque Courtois has 77 branches in • The group’s asset management company, in a fruitful, long-term relationship. 12 départements of southern France. Étoile Gestion, is among France’s top • Banque Kolb is active in the East of France twelve investment managers. with a network of 22 branches. • Gilbert Dupont the stockbroker specialises in mid-cap stocks. 6 CRÉ DIT DU NORD GROUP

A model focused on the client

The group has 8 400 employees and a network of 647 branches dedicated to serving 1.2 million individual clients, 150 000 professionals and associations, and 30 000 companies or institutions.

A STRUCTURE TAILORED TO THE NEEDS OF ALL OUR CLIENTS

Expertise for every client • Clients with complex asset management issues have two contacts: a general rela- Our clients have many differing needs: every tionship manager for day-to-day matters and individual is unique and a bank must be able To make life easier for our clients, we offer, a specialist fi nancial adviser for investment, alongside our pure banking services, a range to respond fl exibly to particular circumstan- tax and inheritance issues. of other services such as insurance and ces. This is why at Crédit du Nord each group provident plans. We set great store by our advisory role with customers in this areas of clients is served by its own organisational • Professional, self-employed and commer- and by the trust our clients place in us. structure. cial customers have a relationship manager specially trained to deal with both personal • In the branch, each individual customer has and professional banking needs. a dedicated account offi cer responsible for the management of his account on a day-to-day • Finally, business customers are served by basis, and always ready to answer questions. both a relationship manager and a commer- cial assistant. MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 7

The branch is the heart of the relationship

Transactions, services, advice: everything concerning you and your accounts is brought together in one place, your branch, close Individual customers wondering whether to invest their cash or buy property. Professionals and businessmen with decisions to take on to your home and under the responsibility leases, asset management, electronic payment systems, employee of the same long-term interlocutors. savings schemes or export trade. Your regular contacts can call on all The Crédit du Nord Group's emphasis on the regional expertise and, working together with the specialist teams, design the best solutions for your particular requirements. closeness to its clients is an everyday reality for all our clients.

• Every client has their account offi cer's direct phone number and email address.

• Customer's calls to their account offi cer are never routed to call centers.

An expert team in your region

To be able to give the best possible advice in your interests on complex issues, your designated contacts can call on specialist advisers based in your region. This innova- tive structure guarantees a quick response and fast decision-making. Also, a top level asset-engineering team is available to support our wealth management advisers on specifi c issues, such as estate transfer and inheritance. The team is based in Paris and includes tax, legal and property experts. 8 CRÉ DIT DU NORD GROUP

Special access to high-quality partners Innovation and technology for all Crédit du Nord Group is committed to effi cient private pension schemes (PERP). In bringing its clients the best in products 2004, Antarius broadened its offering throu- The group structure enables our banks and services. This is why we developed a gh the inclusion, among other products, of a to pool resources and to generate major policy of partnership-building, linking up with top-of-the-range multi-asset life insurance synergies, particularly in the design of companies who are leaders in their fi eld. policy: Antarius Horizon Premium. Since new products and services for clients. Over the past two years, the Crédit du Nord 2002, the Crédit du Nord Group has also A common IT system across all banks Group has established partnerships with: offered car and multi-risk home insurance, enables the customer to carry out all thanks to its partnership with Eurofi l, an Aviva transactions from any branch. • American Express (leading global subsidiary. provider of upmarket credit cards). Whether in the products we offer or the • Boursorama (France’s leading online provider infrastructure that connects us with our of stock market information). clients, Crédit du Nord has always been at the forefront of innovation, and has developed a range of remote banking channels (internet, minitel, telephone banking) enabling clients to can access remote services Group customers can now subscribe 24 hours a day. The Boursorama partnership enables for the American Express Personal and customers, using the group’s web services, These services are entirely optional. We Gold Cards and access the whole range to access comprehensive economic and never oblige our clients to use them. of American Express global services and financial information and move quickly They are purely a way of enhancing the special offers. from information to dealing pages. quality of our service, particularly outside • Aviva (one of Europe’s leading life branch-opening hours. The advisers working • Russell (global leader in fund manager insurance and pensions specialists) offers in the group call centre are fi rst and foremost selection). its expertise to group customers through bankers. They are fully familiar with the the life-insurance subsidiary Antarius, Group’s offering and their customer approach owned half by Aviva and half by the Group. provides a perfectly complementary service In 2000, Crédit du Nord Group broke new to that of the branches. Real-time processing Antarius offers life insurance and savings po- ground with the Étoile Multi Gestion offer, a of nearly all transactions, through whatever licies, mutual funds, provident plans and tax- range of fi ve funds invested in international channel, is now a reality. markets. In 2003, the group launched Étoile Multi Gestion Europe, a multi-style, multi- manager fund eligible for the French PEA tax-relief wrapper. MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 9

We have created websites dedicated to the specifi c needs of our clients, whether individual customers, professionals, business or asset management customers. These sites are regularly enhanced with new tools and services, including online simulators for pensions, savings and loans. Use of our individual, professional and business customer websites is on the rise, with respectively 8 million (+40%), 3.3 million (+51%) and 1.5 million (+52%) connections in 2004. 10 CRÉ DIT DU NORD GROUP

A recognised, powerful model

Crédit du Nord’s business model is widely appreciated by customers, who, year after year, record their satisfaction in market surveys, and also recognised by independent observers through a number of awards. LISTENING TO CLIENTS AND CUSTOMER SATISFACTION, GENUINE PRIORITIES Every year existing and prospective clients respond to a wide range of customer satisfaction surveys. These give us a broad picture of what our customers like about the bank, but also of avenues for future development, points to watch and areas to improve.

In 2004, market surveys carried out by CFI(1) the market research company ranked the group as follows:

• Number two bank for customer satisfaction tions, reliability of transactions off-premises), • second out of twelve in the overall rankings among individual clients and number one quality of channel offering, quality of customer • number one for : in the following areas: branches (friendliness, relationship (account managers), quality of - follow-up and effi ciency of transaction quality of information given, speed, confi den- product/service range. (3) services; tiality) and quality of access channels.(2) - transaction execution quality; • The number one bank for customer - monitoring and effi ciency of the customer • Among the top-ranking banks for satisfaction among companies, and in the relationship managers, convenience of customer satisfaction with professional following areas: branch, customer relations, transaction services. clients and number one in the following quality of access channels, products and areas: satisfaction, confi dence, branches services, and customer loyalty and recom- The results of these surveys are fed through (friendliness, speed in processing transac- mendations. (4) into action plans, particularly as regards the commercial offering (development Also, Macro/Fimetrix’s 2003 survey of the of new products and services), processing whole range of banking services covering transaction processing and the tools available the export trade confi rms Crédit du Nord to clients. Group’s strong positioning. The group was ranked:

(1) Independent market research company. (2) Survey carried out between 19 January and 6 February 2004 on a sample of 3,720 clients of French banks, including 320 Crédit du Nord Group customers (3) Survey carried out between 20 January and 13 February 2004 on a sample of 1 900 clients of French banks, including 300 Crédit du Nord Group customers. (4) Survey carried out between 22 March and 13 April 2004 on a sample of 1 731 clients of French banks, including 141 Crédit du Nord Group customers. MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 11

RECOGNISED BY INDEPENDENT OBSERVERS

Awards for investment quality Awards for our fi nancial research and • Throughout 2004, Morning Star and • At the Agefi 2004 Asset Management recommendations Standard & Poor’s repeatedly praised the Grand Prix awards, fi rst prize for fund • Gilbert Dupont the stockbroking company, performance of the group’s UCITS: 19 funds sales in the category “Bonds with a a Crédit du Nord Group subsidiary, came managed by Étoile Gestion were regularly maturity in excess of one year” went to Crédit equal fourth in the general French rankings awarded 4 or 5 stars* du Nord Group for the Étoile Variable Spread * Top rating: 5 stars. by US analyst-rating specialist Starmine, Sicav. This award underlines the combined based on total nominations by broker. • At Le Revenu magazine’s 26th Life impact of its marketing drive and top quality Insurance Awards the Antarius Avenir investment management. • The research department of Gilbert Du- policy (wealth management option) won the pont, a Crédit du Nord Group subsidiary , was bronze medal in the “aggressive” multi-asset ranked second by AQ Publications, for its category. Midcac recommendations and third for recommendations on all Paris-listed stocks 12 CRÉ DIT DU NORD GROUP

Award for the quality of our call centre Awards for the group’s employee savings • At the 2004 European call centre • Françoise Leroy, head of the group’s schemes conference, for the fourth year running, Crédit remote banking operations, was named call • In 2004, the Crédit du Nord Group du Nord’s call centre won the golden headset centre head of the year, at the International Call ranked second in the fi rst ever awards for for the “Best business-to-customer telephone Center Management conference in Chicago on employee savings schemes created by relationships” as well as the golden headset 26 August 2004. the magazine Mieux Vivre Votre Argent. for “best French call centre”. The prizes were • The group also won the Qualiweb/ Stratégies The award acknowledged the high quality awarded by the European Confederation of fi rst prize in the Banking category (an award management of the Étoile Sélection and Étoile Contact Centre Organisations (ECCCO). based on the quality of answers given by the PEI ranges of employee savings schemes. remote banking webmasters’ team to emails sent to Group banks through our websites).

Golden headset 2004

The loyalty of our customers rewards our advisers’ commitment to customer satisfaction. Over 80% of our clients say they would recommend us to their family and friends. MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 13

Regions and subsidiaries of the Crédit du Nord Group 14 CRÉ DIT DU NORD GROUP

ILE-DE-FRANCE

The Ile-de-France region includes the

Ile-de-France region and the Oise and Loiret NORD MÉTROPOLE départements.

The Nord Metropole region, which is the There are 78 branches and 12 business historic birthplace of Crédit du Nord, is NORMANDIE centres. In total more than 1,200 employees comprised of 550 employees, and breaks serving 171,000 individual clients, more than down as follows: 20,000 professionals, 4,400 business and • 56 branches dedicated to individual and 800 institutional clients. professional customer; • 2 business centres dedicated to institutional Since July 1999, the network has comprised and business customers; two divisions: the “Corporate Client division” serving business and institutional clients and Pont de Normandie - Le Havre, Chamber of Commerce and Industry the “Ile-de-France regional division” serving - lighting by Yann Kersalé the needs of individuals, professionals and Crédit du Nord has been present in the associations. region since 1905. The networks now includes 38 branches and 4 business centres including the 5 départments of the Normandy • 1 private banking centre; region and the Sarthe. • 1 Benelux desk for business customers. The Normandy Region’s 390 employees With 160,000 individual customers, 9,300 look after 75,000 individual customers, professionals, 2,200 business customers, 300 8,000 professional clients and micro- institutions and 2,200 associations among its companies and 2,000 business customers. clients, Crédit du Nord is a major force in the Corporate Client Division: 55, boulevard Haussmann – 75008 Paris Lille area. Head offi ce Tel: 01 40 22 47 06 9, rue du Donjon – BP 679 – 76008 Rouen Cedex Ile-de-France Regional Divisions: Tel: 02 32 76 48 50 55, boulevard Haussmann – 75008 Paris www.credit-du-nord.fr Tel: 01 40 22 25 44 Head offi ce www.credit-du-nord.fr 28, place Rihour – BP 569 – 59023 Lille Cedex Tel: 03 20 40 30 40 www.credit-du-nord.fr MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 15

PROVENCE-ALPES- CÔTE D’AZUR

PICARDIE CHAMPAGNE- Crédit du Nord’s presence in Provence-Alpes- ARDENNE Côte d’Azur is rooted in a 140-year history of PROVINCES DU NORD The Picardie Champagne-Ardennes Region mergers and takeovers among the region’s covers seven départements from the English banking institutions: the Compagnie Algérienne Channel coast to the Burgundy hills. In most de Crédit et de Banque (Grasse and Nice were of this region, Crédit du Nord has been esta- among the fi rst branches), Crédit Marseillais, blished for more than a century. Banque de l’Union Parisienne, Édouard Delanglade the stockbroking company and Within its network of 50 branches and Banque Arnaud Gaidan. 7 business centres, 540 employees serve 138,000 individual clients, 100,000 professionals Thanks to its long-established southern The Provinces du Nord Region began life in and 2,000 business clients. roots, Crédit du Nord Provence-Alpes-Côte the Nord-Pas-de-Calais area, associated with d’Azur has acquired a franchise of almost the bank’s historical origins. 110,000 clients, including 1,800 business and institutional customers. From Dunkerque to Maubeuge through Arras, the local network now employs

The Region’s 518 employees contribute to the 774 people, in 70 branches, serving over bank’s dynamism and development. 226,000 individual and 15,800 professional clients and 11 business centres catering to 2,100 companies.

Head offi ce Head offi ce 58, boulevard Carnot – BP 605 – 62029 Arras Cedex Head offi ce 10, place de la Joliette – BP 97614 – Tel: 03 21 21 78 23 29, rue des Trois-Cailloux – 80011 Amiens Cedex 1 13567 Marseille Cedex 02 www.credit-du-nord.fr Tel: 03 22 22 50 00 Tel: 04 96 11 44 00 www.credit-du-nord.fr www.credit-du-nord.fr 16 CRÉ DIT DU NORD GROUP

Banque Courtois, was established in 1760, the regional legal profession (Carpa) value and has 77 branches spread from Bordeaux the products and expertise of Banque Cour- to Montpellier and Bayonne to Perpignan. tois, which manages their assets and imple- The bank’s 640 employees are at the ments a wide range fi nancial transactions on heart of the region’s economic life, able to their behalf. respond quickly and appropriately to the needs of more than 110,000 individual clients. Nearly 15,000 professionals also use Banque Courtois in order to develop their business. With more than 2,300 business customers, Banque Courtois Head offi ce is also a major partner for SMEs and local 33, rue de Rémusat – BP 615 – 31001 Toulouse Cedex 6 authorities across the south of France. In Tel: 05 61 10 84 84 addition, the associations and institutions of www.banque-courtois.fr

Banque Kolb was established in 1890 in Lorraine by Xavier Kolb, who came from Colmar. Today, Banque Kolb comprises 14 branches in Lorraine and Alsace, 7 business centres, 2 investment management centres, at Nancy and Strasbourg, and a branch for institutional clients at Nancy.

Banque Kolb, with 161 employees Registered offi ce serves more than 16,000 individual clients 1-3, place du Général-De-Gaulle – BP 1 88501 Mirecourt Cedex and 5,500 professionals, companies and Head Offi ce 5, rue Saint-Léon – 54000 Nancy institutions. Tel: 03 83 98 89 60 www.banque-kolb.fr MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 17

On 16 March 1891, Léon Laydernier, an the end of 2004, the bank had more than employee of Banque de France at Annecy, 57,000 individuals, 6,200 professionals and established Banque Commerciale d’Annecy more than 900 companies on its books. which, fi ve years later, became Banque Commerciale d’Annecy, Laydernier et Cie. In 1996, Banque Laydernier joined the Crédit du Nord Group after privatisation.

Today, 340 employees work in 39 branches Head offi ce 10, avenue du Rhône – 74997 Annecy Cedex 9 spread throughout the départements of Tel: 04 50 33 42 00 Haute-Savoie, Savoie, Ain and Isère. At www.banque-laydernier.fr

Banque Nuger was established in 1924. and Allier area . Its 165 employees continue to Its founder André Nuger, followed by his son develop business in Auvergne and central Pierre, used the dynamism that powered France, serving more than 20,000 individual, the rise of Clermont-Ferrand to lay the 3,900 professional and 680 business clients. groundwork for Banque Nuger’s future stability and expansion. In 1996, Banque Nuger became a limited liability company with a management board and supervisory board, and a subsidiary of Head offi ce 7, place de Michel-de-l'Hopital – 63000 Clermont-Ferrand the Crédit du Nord Group. Tel: 04 73 42 73 42 Banque Nuger now has a network of 18 www.banque-nuger.fr branches spread across the Puy-de-Dôme 18 CRÉ DIT DU NORD GROUP

Banque Rhône-Alpes was established in In 2004, more than 88,000 individual 1988 by the merger of the Crédit du Nord customers, more than 13,000 professio- and Banque Nicolet Lafanechère et de nals and 2,900 companies put their trust in l’Isère (BNLI) branch networks in a number of Banque Rhône-Alpes. départements. Banque Rhône-Alpes thus inherited custo- mers and facilities from the former Banque de l’Union Parisienne (BUP), Banque Massoneri, Registered offi ce Compagnie Algérienne and Banque Bechetoille. 20-22, bd Édouard-Rey – 38000 Grenoble

At the end of 2004, Banque Rhône-Alpes Head offi ce had 600 employees and a presence in nine 235, cours Lafayette – 69006 Lyon Tel: 04 72 75 86 86 départements through its 65-strong branch www.banque-rhone-alpes.fr network, including fi ve business centres.

Jean-Baptiste Tarneaud set up Banque Nantes to Bergerac, Royan to Guéret, and Tarneaud in 1809 at Limoges. Since then it Tours to La Rochelle. At its 54 branches, has developed to cover 13 départements in 570 employees take care of 83,300 individual, France’s Central West region & Atlantic coast, 11,000 professional and 2,200 business clients.

while preserving its regional base. Siège social Currently run by Jean Loup Tarneaud, 2 et 6, rue Turgot – BP 402 – 87011 Limoges Tel: 05 55 44 58 58 the bank now has a presence from www.tarneaud.fr MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 19

Étoile Gestion, is Crédit du Nord Group’s end funds (FCP) and employee savings fi nancial markets. State-of-the-art techniques asset management arm, managing funds on schemes (FCPE), that give investors access are used in each speciality. Étoile Gestion’s behalf of a broad client base comprised of to all asset classes. The range is designed products are consistently rated among the institutional investors, companies, investment to address investors’ differing needs in terms best in their class by international ratings professionals and distributors of fi nancial of security, investment horizon and sums in- specialists: 4 or 5 stars from Standard & Poor’s products. vested. and Morningstar and lately Leaderlipper by With nearly 18 billion euros under manage- Étoile Gestion has 48 employees responsible Reuters. Europerformance also frequently ment, Étoile Gestion ranks among France’s top for fi nancial management of the assets under ranks our products in its top quartile. twelve asset managers. management. Its 14 asset managers are a Total assets have grown by around 63% in six team of experts active in the fi eld, committed years. This strong growth refl ects the sound and specialised by market. Team stability is investment performance and strong sales one of our strengths. All managers are con- drive, to which the loyalty of its clients testify. tinuously active in the fi nancial markets. They

Étoile Gestion offers a full range of 180 optimise investment strategies by exploiting Head offi ce 170, place Henri-Régnault – 92043 Paris-La Défense Cedex UCITS, including mutual funds, closed- the performance of the French and European Tel: 01 56 37 81 00 www.etoile-gestion.com

The Lille-based stockbroking company 50% of the Midcac index market capitalisation. Gilbert Dupont brokerage executes stock Gilbert Dupont was bought by Crédit du The Gilbert Dupont stockbroking company market orders on behalf of the group’s seven Nord in 1990. Its corporate culture and also advises listed companies through all banks, numerous other fi nancial entities and experience of involvement with SMEs have stages of their life: it arranges fl otations and leading online brokers. led it to specialise in the mid-caps market. makes markets in stocks to provide liquidity In 2004, the brokerage took more than It has developed a sales and consultancy for investors. 2.2 million orders of which nearly 1.2 million business for French and European institu- It also advises and handles fi xed income were executed. tional clients and is also active on both the sales: a specialist team works with primary and secondary markets. institutional clients and acts as consultant to Gilbert Dupont has a research department Crédit du Nord Group branches. Head offi ce with ten analysts specialised by sector, and 50, rue d’Anjou – 75008 Paris Tel: 01 40 22 46 00 follows 140 stocks representing more than www.gilbertdupont.fr 20 CRÉ DIT DU NORD GROUP

Crédit du Nord Group 2004 Highlights

GROUP CORPORATE CUSTOMER SERVICE DEVELOPMENT INNOVATIONS

Network expansion: Individual customers • TSR 13 new branches opened • New UCITS MAY • Crédit du Nord EUR 50 million issue of subordinated debt in the APRIL form of Titres Subordonnés Remboursables Ile-de-France Étoile Obli Dynamique, a highly innova- (TSR) with a 12-year maturity. - Charenton (September) tive bond fund, eligible for French tax relief under the PEA scheme and managed Normandie • Insurance dynamically through arbitrage strategies on - Caen Bernières (June) the euro zone yield curves. FEBRUARY - Le Havre Les Halles (November) Sécurité Épargne, death insurance which NOVEMBER pays double the benefi ts accrued in the Nord Métropole Étoile Sectorielle Europe, sector rotation event of accidental death. - Lille Nationale (September) fund that aims to outperform the DJ Stoxx - Roubaix Leclerc (December) 600 index over the long term. Professional customers Provence-Alpes-Côte d’Azur - Marseille Bonneveine (July) • Pensions • Employee savings MAY JULY • Banque Courtois Antarius PERP, a multi-asset mutual life- Étoile PERCO, intercompany savings - Lattes (September) insurance policy investing in standard, euro- scheme aimed at professionals with at denominated instruments denominated in • Banque Kolb least one employee. euros, established under the Fillon law. - Obernai (November) - Saint-Max (November) NOVEMBER Business and institutional - Schiltigheim (December) Gamme Premium : Antarius Horizon Premium customers (life insurance policy) and Antarius PERP • Asset management • Banque Laydernier Premium (PERP policy). - La Ravoire (August) APRIL Étoile Obli Dynamique, a highly • Banque Rhône-Alpes • Guaranteed funds innovative bond fund, eligible for French - Brignais (May) FEBRUARY tax relief under the PEA scheme and - La Verpillière (November) Étoile Garanti avril 2010, a guaranteed fund in which investors benefi t from the market’s actively managed through arbitrage recovery secure in the knowledge that their strategies on euro zone yield curves. capital and performance are guaranteed. JUNE NOVEMBER Étoile Duo Garanti, three-year investment Étoile Garanti décembre 2010, a guaranteed that guarantees both original investment and fund in which investors benefi t from upside in performance. the euro zone blue chips of the Euro Stoxx 50 OCTOBER in perfect security. Étoile Moné Euribor, money market fund that aims to outperform 3-month Euribor. Subscriptions are for at least 3 months. MESSAGE FROM THE CHAIRMAN STRATEGY AND POSITIONING REGIONS AND SUBSIDIARIES HIGHLIGHTS 21

INTERNET • Simulators • Professional and business customers

JANUARY TO SEPTEMBER OCTOBRE New tools have been added to the group’s Subscribers for the “Portefeuille commercial” websites: option can now call up the total of their professional - loan simulators receivables ceded under the Dailly law and monitor - retirement simulators payments made on a real time basis. - calculator for tax advantages of a PERP, and a PERCO simulator • Business customers

- simulator for the Étoile PEI product MAY - simulator for calculating tax return on 2003 New option that enables customers to income consult and manage sub-accounts attached to a NOVEMBER Master account: individual internal and external Étoile Garanti Europe novembre 2009, • Cross-functional tools transfers, collective transfers, cash transfers, guaranteed fund (minimum EUR 500,000) JANUARY international transfers, bills of exchange, stocks offering a 5-year guarantee of capital and Crédit du Nord Group started researching a and investments. performance at maturity. branch or cash machine system that can serve JULY a whole département rather than just one town. Étoile Sectorielle Europe, sector rotation New dedicated retirement space on our fund targeting long-term performance to MAY Employee savings website. beat the DJ Stoxx 600 index. Crédit du Nord Group expanded its “Titres et Bourse” online trading offer in partnership with • Offering for Institutional customers

• Employee savings Boursorama. This is the fi rst partnership between FEBRUARY a bank and France’s leading stock market JULY New website dedicated to Carpa clients that information website. Étoile PERCO, intercompany savings enables presidents of the Bar, Carpa presidents and individual lawyers to fi nd information on scheme aimed at businesses with at least • Individual customers one employee. business and practices relating to their NOVEMBER functions and duties. Innovations to the Norplus Club website: a broader product range and easier browsing through the site.

FINANCIAL TRANSACTIONS

AVRIL Following the successful takeover bid Crédit du Nord fi led, on behalf of Staci Crédit du Nord Group – represented by Banque Tarneaud and the Société Développement, a buy-out offer followed by a compulsory buy-out on Staci de Participations Techniques et Financières (SPTF) – and Siparex Group, shares. longstanding shareholders, invested in Groupe Norisko in a capital Crédit du Nord also acted as arranger and agent for the syndicated loan restructuring deal. taken out to fund the transaction. Crédit du Nord lead-managed a capital increase by Sword Group, OCTOBER a Lyon-based IT services company. The issue was placed through the In the context of the acquisition of Chabert Duval by Cheminées brokerage Gilbert Dupont, subsidiary of Crédit du Nord. Philippe, Crédit du Nord organised a public share offer on Chabert Duval’s JULY listed shares. The Société Marseillaise du Tunnel Prado Carénage was DECEMBER successfully fl oated on the Euronext Paris Second Marché in a SPTF, the group’s private equity arm took a stake in Eurocrystal, placement lead-managed by Crédit du Nord. Thanks to the services of a specialist in intraocular implants and a client of Banque Courtois. brokerage Gilbert Dupont the placement was oversubscribed. Crédit du Nord mounted a buy-out offer initiated by Compagnie Crédit du Nord, acting for Staci Développement, launched a bid under the Financière Tradition (VIEL & Cie group ) on the shares of its subsidiary TFS. simplifi ed tender procedure for the shares of Staci (a company listed on the Euronext Paris Nouveau Marché). en 456 504 851- Réf. : 6362 - April 2005 e capital EUR 740,263,248 - RCS Lille Sir e capital EUR 740,263,248

Crédit du Nord Group Getty Images, Corbis et Jean-Marie Cras Registered offi ce: 28, place Rihour – 59000 Lille Head offi ce: 59, bd Haussmann – 75008 Paris Telephone: 01 40 22 40 22 Étoile Direct: from mainland France: 0892 894 894, from abroad: + 33 (0)1 40 86 75 20 www.groupe-credit-du-nord.com credits : credits Sienne• de Realisation : Terre Crédit du Nord, a French corporation with shar a French Crédit du Nord,