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BNP Paribas Arbitrage Issuance B.V. Amsterdam die Emittentin Prospekt vom 1. Februar 2005 betreffend die Emission, das öffentliche Angebot

10 Lizenzvermerk Dow Jones EURO STOXX 50SM ist geistiges Eigentum der STOXX Limited, Zürich, und eine Dienstleistungsmarke von Dow Jones & Co

100 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Financial institutions OUTSIDE FRANCE

101 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Financial institutions OUTSIDE FRANCE

102 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Other companies IN FRANCE Real estat

103 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Other companies IN FRANCE Real estate (cont’d

104 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Other companies OUTSIDE FRANCE Insuranc

105 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Other companies OUTSIDE FRANCE Other b

106 PROPORTIONALLY-CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Financial institutions OUTSIDE FR

107 COMPANIES CARRIED UNDER THE EQUITY METHOD Group voting interest (%) Group ownership interest (%) Financial institutions IN FRANCE

108 COMPANIES CARRIED UNDER THE EQUITY METHOD Group voting interest (%) Group ownership interest (%) OUTSIDE FRANCE Other financ

109 BNP PARIBAS GROUP NOTE 3 – INTERBANK AND MONEY MARKET ITEMS In millions of euros, at 31 December 2003 2002 2001 Gross Provisions Net

11 Quellensteuerabzug in den Niederlanden, der Republik Österreich und der Bundesrepublik Deutschland Dieser Abschnitt stellt eine Zusammenfassun

110 BNP PARIBAS GROUP NOTE 4 – CUSTOMER ITEMS 2003 2002 2001 In millions of euros, at 31 December Gross Provisions Net Net Net

111 BNP PARIBAS GROUP NOTE 5 – TRANSACTIONS ON TRADING ACCOUNT SECURITIES, SECURITIES AVAILABLE FOR SALE AND DEBT SECURITIES HELD TO MATURITY

112 BNP PARIBAS GROUP NOTE 5 (CONT’D) – TRANSACTIONS ON TRADING ACCOUNT SECURITIES, SECURITIES AVAILABLE FOR SALE AND DEBT SECURITIES HELD TO M

113 BNP PARIBAS GROUP NOTE 6 – INSURANCE COMPANY INVESTMENTS In millions of euros, at 31 December 2003 2002 2001 Real estate 1,103 1

114 BNP PARIBAS GROUP NOTE 7 – INVESTMENTS IN NON-CONSOLIDATED UNDERTAKINGS, OTHER PARTICIPATING INTERESTS AND EQUITY SECURITIES HELD FOR LONG-T

115 BNP PARIBAS GROUP NOTE 7 (CONT’D) – INVESTMENTS IN NON-CONSOLIDATED UNDERTAKINGS, OTHER PARTICIPATING INTERESTS AND EQUITY SECURITIES HELD

116 BNP PARIBAS GROUP NOTE 8 – PROVISIONS FOR CREDIT RISKS AND COUNTRY RISKS In millions of euros 2003 2002 2001 At 1 January 13,0

117 BNP PARIBAS GROUP NOTE 8 (CONT’D) – PROVISIONS FOR CREDIT RISKS AND COUNTRY RISKS In millions of euros 2003 2002 2001 Additions to

118 BNP PARIBAS GROUP NOTE 9 – INVESTMENTS IN COMPANIES CARRIED UNDER THE EQUITY METHOD Total investments in companies carried under the equ

119 BNP PARIBAS GROUP NOTE 10 – LONG-TERM INVESTMENTS In millions of euros Cost at 1 January 2003 Acquisitions Redemptions and disposals Trans

12 einkommensteuerpflichtig und unterliegt dem 25%igen Kapitalertragsteuerabzug. Dies bewirkt die gänzliche Endbesteuerung hinsichtlich Einkommen- al

120 BNP PARIBAS GROUP NOTE 11 – TANGIBLE AND INTANGIBLE ASSETS 2003 2002 2001 In millions of euros, at 31 December Gross Depreciation, amortis

121 BNP PARIBAS GROUP NOTE 12 – GOODWILL In millions of euros 2003 2002 2001 Net amount at 1 January 6,547 4,489 2,540

122 BNP PARIBAS GROUP NOTE 13 – ACCRUED INCOME AND OTHER ASSETS In millions of euros, at 31 December 2003 2002 2001 Accrued inco

123 BNP PARIBAS GROUP NOTE 14 – INTERBANK ITEMS AND MONEY MARKET SECURITIES In millions of euros, at 31 December 2003 2002 2001 In

124 BNP PARIBAS GROUP NOTE 15 – CUSTOMER DEPOSITS, RETAIL CERTIFICATES OF DEPOSIT AND NEGOTIABLE CERTIFICATES OF DEPOSIT In millions of euro

125 BNP PARIBAS GROUP NOTE 16 – BOND ISSUES The following table shows bonds issued by the Group by currency, contractual interest rate and m

126 BNP PARIBAS GROUP NOTE 17 – TECHNICAL RESERVES OF INSURANCE COMPANIES In millions of euros, at 31 December 2003 2002 2001 Life

127 BNP PARIBAS GROUP NOTE 19 – PROVISIONS FOR CONTINGENCIES AND CHARGES In millions of euros, at 31 December 2003 2002 2001 Provi

128 BNP PARIBAS GROUP NOTE 20 – SUBORDINATED DEBT In millions of euros, at 31 December 2003 2002 2001 Subordinated medium- and long-term de

129 BNP PARIBAS GROUP NOTE 20 (CONT'D) – SUBORDINATED DEBT Undated subordinated debt In July 1984, pursuant to the French Law of 3 Januar

13 - Name, Anschrift und Steuer- oder sonstige Identifizierungsnummer oder, in Ermangelung einer solchen, Geburtsdatum und –ort des wirtschaftlichen

130 BNP PARIBAS GROUP NOTE 22 – CONSOLIDATED SHAREHOLDERS’ EQUITY In millions of euros Capital Additional paid-in capital in excess

131 Retained earnings Cumulative translation adjustment Parent company retained earnings and Group's share in retained earnings of sub

132 BNP PARIBAS GROUP NOTE 22 (CONT'D) – CONSOLIDATED SHAREHOLDERS’ EQUITY OPERATIONS INVOLVING SHARE CAPITAL IN 2001, 2002 AND 2003 Op

133 BNP PARIBAS GROUP NOTE 22 (CONT'D) – CONSOLIDATED SHAREHOLDERS’ EQUITY Operations Affecting Capital in 2003 (cont’d) At 31 December

134 BNP PARIBAS GROUP NOTE 22 (CONT'D) – CONSOLIDATED SHAREHOLDERS’ EQUITY BNP PARIBAS SHARES HELD BY THE GROUP Pursuant to the sixth re

135 BNP PARIBAS GROUP NOTE 23 – OFF BALANCE SHEET COMMITMENTS In millions of euros, at 31 December 2003 2002 2001 FINANCING COMMITMENTS GIVEN

136 BNP PARIBAS GROUP NOTE 24 – FORWARD AND OPTIONS CONTRACTS Forward financial instruments are purchased on various markets for use as specifi

137 BNP PARIBAS GROUP NOTE 24 (CONT'D)– FORWARD AND OPTIONS CONTRACTS ASSESSMENT OF COUNTERPARTY RISKS The BNP Paribas Group’s exposure to

138 BNP PARIBAS GROUP NOTE 25- BNP PARIBAS GROUP EXPOSURE TO MARKET RISKS ON FINANCIAL INSTRUMENT TRANSACTIONS AT 31 DECEMBER 2003 Since

139 BNP PARIBAS GROUP NOTE 26 – SECURITIZATIONS The BNP Paribas Group carries out securitization transactions leading to the creation of specific

14 ZERTIFIKATSBEDINGUNGEN für BONUS Zertifikate bezogen auf einen Index § 1 Zertifikatsrecht, Definitionen (1) Die BNP PARIBAS Arbitrage Issu

140 BNP PARIBAS GROUP NOTE 26 (CONT'D) – SECURITIZATIONS • In order to reduce the credit risk on certain portfolios, the Group carrie

141 BNP PARIBAS GROUP NOTE 27- PENSION AND POSTEMPLOYMENT BENEFIT OBLIGATIONS • Pension Benefits Since 1 January 1994, pursuant to the ne

142 BNP PARIBAS GROUP NOTE 28 – MATURITY SCHEDULE OF LOANS, DEPOSITS AND INTEREST RATE INSTRUMENTS In millions of euros, at 31 December Maturi

143 BNP PARIBAS GROUP NOTE 29 – NET INTEREST INCOME Expenses Income In millions of euros Net income (expense) 2003 2002 2001 2003 2002 2

144 BNP PARIBAS GROUP NOTE 31– NET INTEREST INCOME (EXPENSE) ON CUSTOMER ITEMS Expenses Income Net income (expense) 2003 2002 2001 2003

145 BNP PARIBAS GROUP NOTE 33 – NET COMMISSIONS Net In millions of euros 2003 2002 2001 Commissions on interbank and money market transa

146 BNP PARIBAS GROUP NOTE 34 – UNDERWRITING RESULT AND NET INVESTMENT INCOME OF INSURANCE COMPANIES In millions of euros 2003 2002 2001

147 BNP PARIBAS GROUP NOTE 35 – SALARIES AND EMPLOYEE BENEFITS, INCLUDING PROFIT SHARING In millions of euros 2003 2002 2001

148 BNP PARIBAS GROUP NOTE 36 – STOCK OPTION PLANS 1) BNP Paribas Unexpired Stock Option Plans Plan year Date of EGM at which plan was a

149 BNP PARIBAS GROUP NOTE 36 (CONT'D) – STOCK OPTION PLANS 3) PARIBAS UNEXPIRED STOCK OPTION PLANS Plan year Originating company Date

15 (2) Im Sinne dieser Zertifikatsbedingungen bedeutet: - "Bankgeschäftstag": (a) Jeder Tag (außer Samstag und Sonntag) an dem die Ba

150 BNP PARIBAS GROUP NOTE 37 – GAINS (LOSSES) ON DISPOSALS OF LONG-TERM INVESTMENTS AND CHANGES IN PROVISIONS In millions of euros 2003 2002

151 BNP PARIBAS GROUP NOTE 38 – NON-RECURRING ITEMS In millions of euros 2003 2002 2001 Movements in provisions for employee benefits

152 BNP PARIBAS GROUP NOTE 39 – SEGMENT INFORMATION • Income by Business Segment, Based on Allocated Capital Income by business segment based

153 BNP PARIBAS GROUP NOTE 40 – CORPORATE INCOME TAX In millions of euros 2003 2002 2001 Current taxes for the period 1,579 1,058 1,621 De

154 BNP PARIBAS GROUP NOTE 41 – BNP PARIBAS MERGER-RELATED RESTRUCTURING COSTS In connection with the merger of BNP and Paribas, on 30 Septemb

155 CAPITALISATION OF THE GROUP Except as set forth in this section, there has been no material change in the capitalisation of the Bank since Decem

156 (6) Pursuant to the French Law of January 3, 1983, BNP issued a first block of 1,800,000 undated participating subordinated notes (titres parti

157 STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2003 Barbier Frinault & Autres Ernst & You

158 Justification of our assessments In accordance with the requirements of article L. 225-235 of the Commercial Code relating to the justificati

159 2003 REVIEW OF OPERATIONS Activity CONSOLIDATED RESULTS OF THE BNP PARIBAS GROUP For the year ended 31 December 2003, in an environment t

16 - "Sponsor": STOXX Limited, vorbehaltlich der Festlegung eines Nachfolgesponsors gemäß § 4 Absatz (1). - "Startkurs-Festlegungst

160 OPERATING PERFORMANCES UP SHARPLY The business and financial environment remained difficult in 2003, despite some signs of improvement. The s

161 In millions of euros Retail Banking Asset Mgt & Services Corp. & Inv. Bkg BNP Paribas Capital Other activities Group 2003 Group 2002 C

162 French Retail Banking In millions of euros 2003 2002 Change 2003 / 2002 Net Banking Income 4,884 4,740 +3.0% Incl. Fees and Comm

163 International Retail Banking and Financial Services (IRFS) In millions of euros 2003 2002 Change 2003 / 2002 At constant scope and exchange

164 In millions of euros Cetelem BNP Paribas Lease Group UCB Long Term Leasing with Services Other Total FS Gross Operating Income 754 1

165 2 - Asset Management and Services (AMS) In millions of euros Wealth and Asset Mgt Insurance Securities Services Total Total At constant scope

166 Assets held in custody by Securities Services rose 15% year-on-year, surpassing the record level of EUR 2,000 billion. The publication Global

167 The financing businesses posted a 9.1% decline in net banking income due to sluggish demand in Europe. They did however achieve remarkable com

168 OUTLOOK The BNP Paribas Group will focus chiefly on development in 2004, against the backdrop of an economic and financial environment that see

169 and Investment Banking, Asset Management and Services, and International Retail Banking and Financial Services. International Retail Banking an

17 Volumen Referenzindex mit ISIN und Bloomberg-Kürzel * Barriere in Indexpunkten* Bonus Termin-börse** Bewertungs-tag* Fällig-keitstag* ISIN der

170 Information in relation to the 1st Quarter 2004

171 Paris, 6 May 2004, SHARP RISE IN RESULTS: GROSS OPERATING INCOME: €1,821MN (+ 10.0%) OPERATING INCOME: €1,576MN

172 On 5 May 2004, BNP Paribas’ Board of Directors, chaired by Michel Pébereau, reviewed the Group’s results for the first three months of the year.

173 International Retail Banking and Financial Services (IRFS) The fall in the dollar/euro exchange rate in the first quarter compared to the first

174 3 – Corporate and Investment Banking (CIB) Corporate and Investment Banking's businesses posted EUR 1,495 million in net banking income,

175 CONSOLIDATED PROFIT AND LOSS ACCOUNT 1Q04 1Q03 1Q04 / 4Q03 1Q04 /In millions of euros 1Q03 4Q03Net Banking Income (1) 4,631 4,513 +2.6% 4,391 +

176 1ST QUARTER 2004 CORE BUSINESS RESULTS In millions of eurosRetail BankingAsset Mgt & ServicesCorp. & Inv. BkgBNPP CapitalOther Acti

177 RETAIL BANKING In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 2,420 2,368 +2.2% 2,447 -1.1%Operating Expense

178 FRENCH RETAIL BANKING In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 1,258 1,208 +4.1% 1,237 +1.7%Incl. Com

179 LOANS, DEPOSITS AND FUNDS UNDER MANAGEMENT In billions of eurosOutstandings 1Q04% change1 year1Q04/1Q03% change1 quarter1Q04/4Q03LENDINGS

18 § 2 Form der Zertifikate, Girosammelverwahrung, Übertragbarkeit (1) Die Zertifikate sind durch ein Dauer-Inhaber-Sammel-Zertifikat ("

180 INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 1,204 1,1

181 CETELEM In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 403 36311.0%409-1.5%Operating Expenses and Dep. -214

182 FINANCIAL SERVICES – MANAGED OUTSTANDINGS In billions of euros March-04 March-03% change1 year/March-03 Dec-03% change1 quarter/Dec-03Cete

183 ASSET MANAGEMENT AND SERVICES In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 688 583+18.0%649+6.0%Operating

184 WEALTH AND ASSET MANAGEMENT Wealth and Asset Management = Private Banking + Asset Management + Cortal Consors + Real Estate Services In mi

185 ? Asset Management ? Acquired Javelin, the ZCM Investor Capital’s funds of hedge funds management business ($650mn assets under management

186 SECURITIES SERVICES In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 150 149 +0.7% 143 +4.9%Operating Expense

187 CORPORATE AND INVESTMENT BANKING In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 1,495 1,558-4.0%1,326+12.7%

188 FINANCING BUSINESSES In millions of euros1Q04 1Q03 1Q04 / 1Q03 4Q03 1Q04 / 4Q03Net Banking Income 582 496+17.3%499+16.6%Operating Expens

189 BNP PARIBAS CAPITAL In millions of euros1Q04 1Q03 4Q03Net Capital Gains 339 330 50Other Net Income -22 -30 -35Operating Expenses and Dep.

19 den Referenzindex gilt dann, sofern es der Zusammenhang erlaubt, als Bezugnahme auf den Nachfolgeindex. (3) Wird (a) der Referenzindex ersat

190 BALANCE SHEET ITEMS In billions of euros 31 March 04 31 Dec 03Shareholders Equity, Group Share 27.4 27.1Total Capital ratio 12.2% 12.9%Tier

191 RESULT HISTORY OF THE CORE BUSINESSES In millions of euros1Q03 2Q03 3Q03 4Q03 1Q04RETAIL BANKINGNet Banking Income 2,368 2,382 2,439 2,44

192 In millions of euros1Q03 2Q03 3Q03 4Q03 1Q04ASSET MANAGEMENT AND SERVICESNet Banking Income 583 614 630 649 688Operating Expenses and Dep.

193 In millions of euros1Q03 2Q03 3Q03 4Q03 1Q04CORPORATE AND INVESTMENT BANKINGNet Banking Income 1,558 1,545 1,389 1,326 1,495Incl. Trading R

194 In millions of euros1Q03 2Q03 3Q03 4Q03 1Q04BNP Paribas CapitalNet Banking Income -27 26 -6 -27 -23Operating Expenses and Dep. -8 -11 -10 -

195 CONTENT RESULTS 1ST QUARTER 2004…………………………………………………….…171 CONSOLIDATED PROFIT AND LOSS ACCOUNT...

196 Information in relation to the 2ndQuarter 2004

197 Paris, 2 August 2004, BNP PARIBAS IN THE SECOND QUARTER 2004: GROSS OPERATING INCOME: €1,903 MN (+7.2%) OPE

198 RESULTS UP SHARPLY. In the second quarter 2004, the recovery of the economy was confirmed and was more marked in the United States than in

199 International Retail Banking and Financial Services (IRFS) IFRS’s net banking income rose 5.6% compared to the second quarter 2003, at 1,2

2 Im Zusammenhang mit der Ausgabe und dem Verkauf der Zertifikate (die "Zertifikate") ist niemand berechtigt, irgendwelche Informa

20 (3) Alle im Zusammenhang mit der Zahlung des Abrechnungsbetrages anfallenden Steuern, Gebühren oder anderen Abgaben sind von dem Zertifikatsinh

200 29%. In Asset Management, BNP Paribas has created a European leader in multimanagement services through a link-up of Cortal Consors and BNP PA

201 u u u As of 30 June 2004, shareholders’ equity, group share, totalled 27.5 billion euros and the Tier One ratio

202 CONSOLIDATED PROFIT AND LOSS ACCOUNT 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros 2Q03 1Q04 1H03Net Banking Income (1)

203 2ND QUARTER 2004 CORE BUSINESS RESULTS In millions of eurosRetailBankingAsser Mgt &ServicesCorp. Inv.BkgBNP Paribas CapitalOther Activities

204 1ST HALF 2004 CORE BUSINESS RESULTS In millions of eurosRetailBankingAsser Mgt &ServicesCorp. Inv.BkgBNP Paribas CapitalOther ActivitiesGro

205 EACH OF THE CORE BUSINESSES HIGHLY PROFITABLE THROUGHOUT THE BUSINESS C YCLE 24253028252000 2001 2002 2003 1H0438363124272000 2001 2002 2003

206 RETAIL BANKING 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros2Q03 1Q04 1H03Net Banking Income 2,503 2,382 +5.1% 2,420 +3.

207 FRENCH RETAIL BANKING 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros2Q03 1Q04 1H03Net Banking Income 1,262 1,204 +4.8% 1,25

208 LOANS , DEPOSITS AND FUNDS UNDER MANAGEMENT In billions of eurosOutstandings 2Q04% Change 1 year2Q04/2Q03% Change 1 quarter2Q04/1Q04Outstandi

209 INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros 2Q03 1Q04 1H03Net Bank

21 Bundesrepublik Deutschland und die Schoellerbank Aktiengesellschaft, Renngasse 3, A-1010 Wien, Österreich, die Zahlstelle in der Republik Österr

210 CETELEM Cetelem and its subsidiaries’ contribution to the IRFS core business’ results 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions

211 SUBSIDIARIES – CONTRIBUTION TO THE IRFS CORE BUSINESS ’ RESULTS in millions of eurosCetelemBNP ParibasLease GroupUCBLong term Leasing with serv

212 ASSET MANAGEMENT AND SERVICES 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros2Q03 1Q04 1H03Net Banking Income 730 614 +18.9

213 ASSETS UNDER MANAGEMENT In billions of euros2769618031.12.03 30.06.04+6.9286100 186Net newmoneyPerformanceand change+5.7Total private banking a

214 ? Cortal Consors: ? Substantial growth in AUM: €15.4bn, +29% / 30 june 03 ? Increase in stock market activity during first half of the year

215 SECURITIES SERVICES 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros2Q03 1Q04 1H03Net Banking Income 165 159 +3.8% 150 +10.

216 CORPORATE AND INVESTMENT BANKING 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros2Q03 1Q04 1H03Net Banking Income 1,453 1,54

217 ADVISORY AND CAPITAL MARKET 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros2Q03 1Q04 1H03Net Banking Income 896 1,055 -

218 FINANCING BUSINESSES 2Q04 2Q03 2Q04 / 1Q04 2Q04 / 1H04 1H03 1H04 / In millions of euros2Q03 1Q04 1H03Net Banking Income 557 490 +13.7% 5

219 BNP PARIBAS CAPITAL 2Q04 2Q03 1Q04 1H04 1H03In millions of eurosNet Capital Gains 191 67 339 530 397Other Net Income20 24 -22 -2 -6Operating

22 (c) die Garantie der BNP Paribas S.A. oder deren Rechtsnachfolgerin gemäß § 3 Absatz (2) die Verpflichtungen der Neuen Emittentin gegenüber den

220 BALANCE SHEET ITEMS In billions of euros 30-Jun-04 31-Mar-04 31-Dec-03#N/AShareholders Equity, Group Share27.527.427.1#N/ANet Unrealised Capita

221 BREAKDOWN OF COMMITMENTS Gross Credits+Off-Balance sheet commitments, unweighted : €447bn as at 30/06/04 GEOGRAPHIC BREAKDOWN France43%Japa

222 RESULT HISTORY OF THE CORE BUSINESSES In millions of euros1Q03 2Q03 3Q03 4Q03 1Q04 2Q04RETAIL BANKINGNet Banking Income 2,368 2,382 2,439 2,44

223 In millions of euros1Q032Q033Q034Q031Q042Q04ASSETS MANAGEMENT AND SERVICESNet Banking Income 583 614 630 649 688 730Operating Expenses and Dep.

224 In millions of euros1Q032Q033Q034Q031Q042Q04CORPORATE AND INVESTMENT BANKINGNet Banking Income 1558 1545 1389 1326 1495 1453Incl. Trading Reve

225 In millions of euros1Q032Q033Q034Q031Q042Q04BNP PARIBAS CAPITALNet Banking Income -27 26 -6 -27 -23 19Operating Expenses and Dep.-8-11-10-10-9-

226 CONTENT RESULTS 2ST QUARTER 2004………………………………………………………... 196 CONSOLIDATED PROFIT AND LOSS ACCOUNT ...

227 Information in relation to the 3rd quarter 2004

228 Paris, 4 November 2004 BBNNPP PPAARRIIBBAASS GGRROOUUPP TTHHIIRRDD QQUUAARRTTEERR 22000044 RREESSUULLTTSS NET BANKING INCOME:

229 On 3 November 2004, the Board of Directors of BNP Paribas, in a meeting chaired by Michel Pébereau, examined the Group’s results for the third q

23 Die Garantie Die Garantin hat eine Garantie in der nachstehenden Form abgegeben: GARANTIE der BNP Paribas SA Paris, Frankreich zu Gunst

230 RREE SSUULLTTSS OOFF TTHHEE CCOORREE BBUUSSIINNEESSSSEESS Retail Banking. The Retail Banking businesses continued to grow. In the thir

231 For the entire core business, the quarterly net banking income came to 1,274 million euros (+2.5%) and gross operating income was 577 million eu

232 With respect to credit risks, the modest amount of new specific provisions required this quarter was offset by write-backs of the general provis

233 CONSOLIDATED PROFIT AND LOSS ACCOUNT 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Banking Income (1)4,

234 3RD QUARTER 2004 CORE BUSINESS RESULTS In millions of eurosRetail BankingAMSCIBBNP Paribas CapitalOther ActivitiesGroupNet Banking Income 2,518

235 9 MONTHS - 2004 CORE BUSINESS RESULTS In millions of eurosRetail BankingAMSCIBBNP Paribas CapitalOther ActivitiesGroupNet Banking Income 7,441

236 RETAIL BANKING 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Banking Income 2,518 2,439 +3.2% 2,503 +0

237 FRENCH RETAIL BANKING* 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Banking Income 1,284 1,235 +4.0% 1

238 LOANS, DEPOSITS AND FUNDS UNDER MANAGEMENT In billions of eurosOutstandings3Q04% change 1 year3Q04/3Q03% change 1 Quarter3Q04/2Q04Outstanding

239 INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Bank

24 unwiderrufliche Befriedigung aller Zahlungsansprüche aus oder im Zusammenhang mit den jeweiligen Zertifikaten eingetreten ist. (4) Die Verpflic

240 CETELEM Cetelem and its subsidiaries’ contribution to the IRFS core business’ results 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millio

241 FINANCIAL SERVICES – MANAGED OUTSTANDINGS In billions of euros Sep-04 Sep-03% change1 year/Sep-03Cetelem31.5 28.3 +11.3%France (1)19.2 17.9

242 ASSET MANAGEMENT AND SERVICES 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Banking Income 701 630 +11

243 WEALTH AND ASSET MANAGEMENT Wealth and Asset Management = Private Banking + Asset Management + Cortal Consors + Real Estate Services 3Q04 3Q03

244 INSURANCE 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Banking Income 219 188 +16.5% 209 +4.8% 625 5

245 CORPORATE AND INVESTMENT BANKING 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Banking Income 1,327 1,

246 ADVISORY AND CAPITAL MARKET 3Q04 3Q03 3Q04 / 2Q04 3Q04 / 9M04 9M03 9M04 / In millions of euros3Q03 2Q04 9M03Net Banking Income 765 891 -14

247 BALANCE SHEET ITEMS In billions of euros 30-Sep-04 30-Jun-04 31-Dec-03#N/AShareholders Equity, Group Share28.127.527.1#N/ANet Unrealised Capita

248 RESULT HISTORY OF THE CORE BUSINESSES In millions of euros1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04RETAIL BANKINGNet Banking Income 2,368 2,382 2,439

249 In millions of euros1Q032Q033Q034Q031Q042Q043Q04ASSET MANAGEMENT AND SERVICESNet Banking Income 583 614 630 649 688 730 701Operating Expenses a

25 THE ISSUER General Description of the Issuer

250 In millions of euros1Q032Q033Q034Q031Q042Q043Q04CORPORATE AND INVESTMENT BANKINGNet Banking Income 1,558 1,545 1,389 1,326 1,495 1,453 1,327Inc

251 In millions of euros1Q032Q033Q034Q031Q042Q043Q04BNP PARIBAS CAPITALNet Banking Income -27 26 -6 -27 -23 19 -2Operating Expenses and Dep.-8-11-1

252 CONTENT RESULTS 3RD QUARTER 2004…………………………………………………………… 227 CONSOLIDATED PROFIT AND LOSS ACCOUNT ...

253 Signatories Signed on 1st February 2005 on behalf of BNP Paribas Arbitrage Issuance B.V. - The Issuer - as Issuer pursuant to § 8 Austrian

26 The Issuer General Description Name, registered office and date of incorporation 1. The name of the Company is: BNP Paribas Arbitrage Issu

27 Management of the Issuer BNP Paribas Trust B.V., a private company with limited liability under Dutch law, having its registered address at Her

28 Recent Development and Prospects of the Issuer During the year 2003, the Issuer has carried out approximately 1,608 issues of derivative product

29 Financial Statements Annual Report 2003 BNP Paribas Arbitrage Issuance B.V. Amsterdam The Netherlands

3 INHALTSVERZEICHNIS Angebots- und Verkaufsbeschränkungen 4 Allgemeine Informationen 5 Risikohinweise

30 BNP Paribas Arbitrage Issuance B.V. CONTENTS Managing Director’s Report Accounts for the financial period ended December 31, 2003

31 BNP Paribas Arbitrage Issuance B.V. Managing Director’s report The principal objectives of the Company are to issue warrants, certificat

32 BNP Paribas Arbitrage Issuance B.V. BALANCE SHEET AT DECEMBER 31, 2003 (after appropriation of the net result) 31.12.2003 31.12.2002

33 BNP Paribas Arbitrage Issuance B.V. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2003 2003 2002 EUR EUR Operating incom

34 BNP Paribas Arbitrage Issuance B.V. CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2003 2003 2002 EUR EUR Issuing of securit

35 BNP Paribas Arbitrage Issuance B.V. NOTES TO THE FINANCIAL STATEMENTS AT DECEMBER 31, 2003 GENERAL BNP Paribas Arbitrage Issuance B.V. (t

36 BNP Paribas Arbitrage Issuance B.V. Valuation of assets and liabilities Unless otherwise indicated, assets and liabilities are stated at the

37 BNP Paribas Arbitrage Issuance B.V. NOTES TO THE BALANCE SHEET OTC contracts The securities exposure to market parties has been hedged b

38 BNP Paribas Arbitrage Issuance B.V. Receivables 31.12.2003 31.12.2002 EUR EUR Debtors 47,105 0 To be invoiced 199,148 194,818 Oth

39 BNP Paribas Arbitrage Issuance B.V. According to the hedging agreement, upon each issue of securities by the Company, BNP Paribas S.A. or BN

4Angebots- und Verkaufsbeschränkungen Vereinigte Staaten von Amerika Die beschriebenen Zertifikate wurden und werden nicht gemäß dem U.S. Securities

40 BNP Paribas Arbitrage Issuance B.V. Current liabilities 31.12.2003 31.12.2002 Other liabilities: EUR EUR Provision corporate income tax

41 BNP Paribas Arbitrage Issuance B.V. NOTES TO THE PROFIT & LOSS ACCOUNT Gross margin Result securities: This concerns securities premiums

42 BNP Paribas Arbitrage Issuance B.V. Employees The Company employs no personnel. Corporate income tax The corporate income tax can be speci

43 BNP Paribas Arbitrage Issuance B.V. Underlying contract volume OTC’s Estimated market value OTC’s Nominal Value OTC’s EUR EUR EUR OTC c

44 BNP Paribas Arbitrage Issuance B.V. Underlying contract volume Securities Estimated market value Securities Nominal Value Securities EUR

45 BNP Paribas Arbitrage Issuance B.V. OTHER INFORMATION STATUTORY ARRANGEMENTS CONCERNING THE APPROPRIATION OF PROFITS In accordance with a

46

47 Interim Financial Statements for the 6 months period ended June 30, 2004 BNP Paribas Arbitrage Issuance B.V. Amsterdam The Netherlands

48 CONTENTS Interim Financial Statements for the 6 months period ended June 30, 2004 l Balance sheet l Profit and loss account l Ca

49 BALANCE SHEET AT JUNE 30, 2004 (before appropriation of the net result) 30.06.2004 30.06.2003 EUR EUR ASSETS Financial fixed ass

5 Allgemeine Informationen Die BNP Paribas Arbitrage Issuance B.V. (nachstehend auch "BNPPAI B.V." oder "Emittentin), Herengracht 4

50 PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED JUNE 30, 2004 Period 1 January up to and including 30 June 2004 Period 1 January up to an

51 CASH FLOW STATEMENT FOR THE PERIOD ENDED JUNE 30, 2004 Period 1 January up to and including 30 June 2004 Period 1 January up to and incl

52 NOTES TO THE INTERIM FINANCIAL STATEMENTS AT JUNE 30, 2004 GENERAL BNP Paribas Arbitrage Issuance B.V. (the Company), having its statutory se

53 Valuation of assets and liabilities Unless otherwise indicated, assets and liabilities are stated at the cost at which they were acquired or incu

54 NOTES TO THE BALANCE SHEET OTC contracts The securities exposure to market parties has been hedged by the Company via OTC contracts with BNP P

55 The OTC contracts regarding securities issued via the stock exchange of Hong Kong can be specified in Hong Kong dollars as follows: Hong Kong I

56 Movements can be specified as follows: Share capital Retained earnings Result for the period Total EUR EUR EUR EUR January 1, 2003 45

57 The specification is as follows: Markets Expiration > 5 years Expiration 1-5 years Expiration <1 year Total Warrants: EUR EUR EUR E

58 Current liabilities 30.06.2004 30.06.2003 EUR EUR Provision corporate income tax for the period 7,849 5,617 Paid on provisional assessmen

59 NOTES TO THE PROFIT & LOSS ACCOUNT Gross margin Result securities premiums: This concerns securities premiums exercised in 2004. Result OTC

6Bewertungstag 28. März 2011 Fälligkeitstag 4. April 2011 Verbriefung Die Zertifikate werden durch ein Inhaber-Sammel-Zertifikat verbrieft, das bei

60 Employees The Company employs no personnel. Corporate income tax The corporate income tax can be specified as follows: 2004 2003 EUR EUR Co

61 OTC contracts with BNP Paribas Arbitrage S.N.C and BNP Paribas S.A. Underlying contract volume OTC’s Estimated market value OTC’s Nominal Valu

62 Securities Underlying contract volume Securities Estimated market value Securities Nominal Value Securities As per June 30, 2004 EUR EUR EUR

63 Amsterdam, July 30, 2004 The Managing Director, BNP Paribas Trust B.V. OTHER INFORMATION AUDITORS’ REPORT The auditors’ rep

64

65 THE GUARANTOR General Description of the Guarantor

66 The Guarantor General Description LEGAL INFORMATION Corporate Name and Registered Office BNP Paribas 16, boulevard des Italiens 75009 PARIS L

67 LEGAL STUCTURE, REGULATORY FRAMEWORK AND CORPORATE PURPOSE BNP Paribas is a French société anonyme (public limited company) licensed to conduct

68 Denis Kessler Chairman and Chief Executive Officer, Scor Jean-François Lepetit Lindsay Owen-Jones Chairman and Chief Executive Officer, L’Or

69 Annual auditor In respect of the Guarantor and also in respect of the Group: (i) Barbier Frinaul & Autres, Réseau Ernst & Young, Neuilly

7 Risikohinweise WICHTIGE INFORMATIONEN ÜBER DIE MIT DEN ZERTIFIKATEN VERBUNDENEN RISIKEN 1. Allgemeine Risiken der Zertifikate Die BNP Paribas A

70 Press Releases

71 1) Press release dated 16 September 2004 (see below) BancWest Corporation and Community First Target Fourth Quarter Merger Completion: 2)

72 Press release dated 16 September, 2004 BancWest Corporation and Community First Target Fourth Quarter Merger Completion: SAN FRANCISCO and

73 October 25th, 2004 BNP Paribas Immobilier acquires the balance of 50.1% of Atisreal International from Vendôme Rome As the leading European play

74 November 22nd, 2004 BNP Paribas Asset Management and Fauchier Partners merge interests to create a major fund of hedge funds business BNP Pariba

75 December 6th, 2004 BNP Paribas to strengthen its private banking franchise through two separate transactions in Switzerland BNP Paribas announced

76 Paris - January 11th, 2005 Cardif launches business in Switzerland Cardif, a global personal insurance Group and a BNP Paribas subsidiary, has j

77 Financial Statements Financial Statements Guarantor/BNP Paribas Group

78 Financial Statements Only the financial statements of BNP Paribas Group are provided, as the financial statements of the Guarantor (financ

79 CONTENTS Consolidated balance sheet Consolidated profit and loss account Consolidated statement of cash flows Note 1 Accounting policie

8Angesichts der begrenzten Laufzeit der Zertifikate kann nicht darauf vertraut werden, dass sich der Preis der Zertifikate rechtzeitig wieder erholen

80 CONSOLIDATED BALANCE SHEET ASSETS In millions of euros, at 31 December 2003 2002 2001 Interbank and money market items (note 3):

81 BNP PARIBAS GROUP LIABILITIES AND SHAREHOLDERS’ EQUITY In millions of euros, at 31 December 2003 2002 2001 Interbank and money market

82 BNP PARIBAS GROUP CONSOLIDATED PROFIT AND LOSS ACCOUNT In millions of euros 2003 2002 2001 Interest income 27,174 31,606 39,303 Inter

83 CONSOLIDATED STATEMENT OF CASHFLOWS In millions of euros 2003 2002 2001 Long-term sources of funds Funds provided from sha

84 CRC 2000-06 concerning liabilities is not material. Application of the new standard does not affect comparisons of the three financial years pre

85 NOTE 1 (CONT’D) – ACCOUNTING POLICIES PRINCIPLES AND BASIS OF CONSOLIDATION SCOPE OF CONSOLIDATION The consolidated financial statements incl

86 NOTE 1 (CONT’D) – ACCOUNTING POLICIES • Companies Accounted for by the Equity Method Companies in which the Group exercises significant influe

87 NOTE 1 (CONT’D) – ACCOUNTING POLICIES Deferred taxes are recorded on the total difference between accumulated book depreciation of the leased as

88 NOTE 1 (CONT’D) – ACCOUNTING POLICIES In the individual statutory accounts of Group insurance companies, a capitalisation reserve is set up at

89 NOTE 1 (CONT’D) – ACCOUNTING POLICIES Interbank and customer items are stated at their nominal value plus accrued interest. Discounts on restruc

9 Angaben zu dem Referenzindex Alle in diesem Verkaufsprospekt enthaltenen Informationen über den Referenzindex, einschließlich der Informationen

90 NOTE 1 (CONT’D) – ACCOUNTING POLICIES • Equity Securities Available for Sale in the Medium-Term This category corresponds to investments made

91 NOTE 1 (CONT’D) – ACCOUNTING POLICIES FIXED ASSETS In 1991 and 1992, as allowed by French regulations, Banque Nationale de Paris transferred i

92 NOTE 1 (CONT’D) – ACCOUNTING POLICIES RESERVE FOR GENERAL BANKING RISKS The BNP Paribas Group has set up a reserve for general banking risks i

93 NOTE 1 (CONT’D) – ACCOUNTING POLICIES CORPORATE INCOME TAX BNP Paribas Group companies are subject to corporate income tax based on rules and r

94 NOTE 1 (CONT’D) – ACCOUNTING POLICIES OTHER EMPLOYEE BENEFITS Under various agreements, the BNP Paribas Group is committed to pay early retirem

95 NOTE 2 – SCOPE OF CONSOLIDATION Changes in the scope of consolidation in 2002 and 2003 were as follows: In 2002 Newly-consolidated companie

96 In 2003 Newly-consolidated companies Fully-consolidated companies Proportionally -consolidated companies Companies account

97 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Financial institutions IN FRANCE

98 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Financial institutions IN FRANCE

99 FULLY CONSOLIDATED COMPANIES Group voting interest (%) Group ownership interest (%) Financial institutions OUTSIDE FRANCE