tailieunhanh - 2011 REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT

The impact of the crisis further increases the market failure – also driven by increased risk aversion on the supply side of microfinance - and underlines the need for public support for this emerging sector in Europe. In addition to the fundamental structural problems of the microfinance sector in Europe, public intervention has largely been justified and substantiated with positive externalities, . that social and financial inclusion generates attractive economic and social returns. From an EU policy standpoint, public intervention has traditionally been made conditional upon ensuring “additionality”, . not crowding out private activities, but rather serving as a catalyst. | 2011 REGISTRATION DOCUMENT AND ANNUAL FINANCIAL REPORT BNP PARIBAS I The bank for a changing world 1 PRESENTATION OF THE BNP PARIBAS GROUP 3 Group presentation 4 Key figures 4 History 5 Presentation of activities and business lines 6 BNP Paribas and its shareholders 15 2 CORPORATE GOVERNANCE 27 Counterparty risk 261 Market risk 264 Liquidity and refinancing risk 277 Operational risk 280 Compliance and reputation risk 285 Insurance risks 286 Appendix capital requirements of significant subsidiaries 288 3 Board of Directors 28 Report of the Chairman of the Board of Directors on the manner of preparation and organisation of the work of the Board and on the internal control procedures implemented by the Company 42 Statutory Auditors report prepared in accordance with article of the French Commercial Code on the report prepared by the Chairman of the Board of Directors of BNP Paribas 68 Executive Committee 70 6 INFORMATION ON THE PARENT COMPANY FINANCIAL STATEMENTS 295 2011 REVIEW OF OPERATIONS 71 BNP Paribas consolidated results 72 Core business results 73 Selected exposures based on Financial Stability Board recommendations 83 Balance sheet 88 Profit and loss account 91 Recent ev ents 96 Outlook 97 7 4 CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION 99 Profit and loss account for the year ended 31 December 2011 102 Statement of net income and changes in assets and liabilities recognised directly in equity 103 Balance sheet at 31 December 2011 104 Cash flow statement for the year ended 31 December 2011 105 Statement of changes in shareholders equity between 1 January 2010 and 31 December 2011 106 Notes to the financial statements prepared in accordance with International Financial Reporting Standards as adopted by the European Union 108 Statutory .