1
FINAL VERSION APPROVED BY THE ISSUER
FINAL TERMS FOR NOTES
The Issuer accepts responsibility for this unsigned document in PDF format dated on the date mentioned below that is the final version of the Final Terms relating to the Securities described herein.
FINAL TERMS DATED AS OF 30 JUNE 2026
BNP Paribas Issuance B.V.
(incorporated in The Netherlands)
(as Issuer)
Legal entity identifier (LEI): 7245009UXRIGIRYOBR48
BNP Paribas
(incorporated in France)
(as Guarantor)
Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5P83
Issue of EUR 1,010,000 Credit Linked Notes due 4 July 2031
ISIN Code: XS3340781759
under the Note, Warrant and Certificate Programme of BNP Paribas Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding The Base Prospectus received approval no. 26-151 on 21 May 2026
Any person making or intending to make an offer of the Securities may only do so in circumstances in which no obligation arises for the Issuer, the Guarantor or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or to supplement a prospectus pursuant to Article 23 of the Prospectus Re gulation, in each case, in relation to such offer.
PART A – CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set fort h in the Base Prospectus dated 21 May 2026 , each Supplement to the Base Prospectus published and approved on or before the date of these Final Terms and any other Supplement to the Base Prospectus which may have been published and approved before the issue of any additional amount of Securities (t he "Supplements ") (provided that to the extent any such Supplement (i) is published and approved after the date of these Final Terms and (ii) provides for any change to the Conditions of the Securities such changes shall have no effect with respect to the Conditions of the Securities to which these Final Terms relate) which together constitute a base prospectus for the purposes of Regulation (EU) 2017/1129 (the " Prospectus Regulation ") (the " Base Prospectus "). This document constitutes the Final Terms of the Securities described herein for the purposes of the Prospectus Regulation and must be read in conjunction with t he Base Prospectus to obtain all the relevant information. A summary of the Securities is annexed to these Final Terms. The Base Prospectus, any Supplement(s) to the Base Prospectus and these Final Terms are available for viewing at 1 rue Laffitte, 75009 Paris, France and www.amf -france.org.
2 References herein to numbered Conditions are to the terms and conditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as they relate to such s eries of Securities, save as where otherwise expressly provided.
1. Issuer: BNP Paribas Issuance B.V.
2. Guarantor BNP Pa ribas 3. Trade Date, Series Number and Tranche
Number:
(a) Trade Date: 17 April 2026 (b) Series Number: FINTE 26412 CI (c) Tranche Number: 1 4. Issue Date, Interest Commencement Date and Maturity Date:
(a) Issue Date: 30 June 2026 (b) Interest Commencement Date: The Issue Date (c) Maturity Date: 4 July 2031 (the " Scheduled Maturity Date ") Business Day Convention for Maturity Date:
Following
5. Aggregate Nominal Amount and Issue Price (a) Aggregate Nominal Amount – Series: EUR 1,010,000 (b) Aggregate Nominal Amount – Tranche: EUR 1,010,000 (c) Issue Price of Tranche: 100.00 per cent. of the Aggregate Nominal Amount of the applicable Tranche 6. Type of Securities: (a) Notes (b) Redemption/Payment Basis:
Credit Linked Redemption (c) Interest Basis:
Fixed Rate (see 46( b) below) (d) The provisions of Annex 12 (Additional Terms and Conditions for Credit Securities) shall apply .
3 Unwind Cost s: Not applicable Tax Gross -up: Condition 6.3 ( No Gross -up)
applicable
7. Form of Securities: Bearer New Global Note No Temporary Bearer Global Note exchangeable for a Permanent Bearer Global Note which is exchangeable for definitive Bearer Notes only upon an Exchange Event Talons for future Coupons or Receipts to be attached to definitive Notes (and dates on which such Talons mature): No.
8. Business Days/Payment Days:
(a) Additional Bu siness Centre(s) (Condition 3.12 ) The applicable Additional Business Centres for the purpose of the definition of “Business Day” in Condition 3.12 are London and T2 (b) Financial Centre(s) or other special provisions relating to Payment Days for the purposes of Condition 4(a): London and T2 9. Specified Denomination and Calculation Amount:Settlement: Settlement will be by way of cash payment (Cash
Settled Securities)
10. Specified Denomination and Calculation
Amount:
(a) Specified Denomination(s): EUR 1,000 (b) Calculation Amount: EUR 1,000 11. Variation of Settlement: Not applicable 12. Final and Early Redemption Amount:
(a) Final Redemption Amount: As per the Credit Security Conditions and paragraph 34 (Credit Securities) below (b) Final Payout: Not a pplicable (c) Early Redemption Amount: Not applicable 13. Relevant Asset(s): Not applicable 14. Entitlement: Not applicable 15. Exchange Rates:
4 (a) Exchange Rate: Not applicable (b) Specified Exchange
Rate/Settlement Currency
Exchange Rate: Not applicable 16. Specified Currency and Settlement
Currency:
(a) Specified Currency: EUR as defined in the definition of “Relevant Currency” in Condition 13 (Definitions) (b) Settlement Currency: EUR as defined in the definition of “Relevant Currency” in Condition 13 (Definitions) 17. Syndication: The Securities will be distributed on a non -
syndicated basis.
18. Minimum Trading Size: EUR 1,000 19. Principal Paying Agent: BNP Paribas Financial Markets S.N.C.
20. Registrar: Not applicable 21. Calculation Agent: BNP Paribas 22. Governing law: English law 23. Masse provisions (Condition 18): Not applicable
PRODUCT SPECIFIC PROVISIONS FOR REDEMPTION
24. Hybrid Linked Redemption Notes: Not a pplicable 25. Index Linked Redemption Notes: Not a pplicable 26. Share Linked Redemption Notes/ETI Share Linked Redemption Notes: Not applicable 27. ETI Linked Redemption Notes: Not applicable 28. Debt Linked Redemption Notes: Not applicable 29. Commodity Linked Redemption Notes: Not applicable 30. Inflation Index Linked Redemption Notes: Not applicable 31. Currency Linked Redemption Notes: Not applicable 32. Fund Linked Redemption Notes: Not applicable 33. Futures Linked Redemption Notes: Not applicable 34. Credit Securities: Applicable (a) Type of Credit Securities:
5 (i) Single Reference Entity Credit Securities: Not a pplicable (ii) Nth-to-Default Credit Securities: Not applicable (iii) Basket Credit Securities: Not applicable (iv) Tranched Credit Securities: Applicable Attachment Point: 4% Exhaustion Point: 7.2% Incurred Recoveries: Not applicable (b) Credit Linkage (i) Reference Entity(ies): Index Credit Securities:
Relevant Annex:
iTraxx Europe Series 45 Version 1 Index RED Code: 2I666VDN2 Roll Date: 20 March 2026 Annex Date: 13 March 2026 Index Sponsor: Markit Indices Limited, or any
successor thereto
(ii) Transaction Type: As specified in the Relevant Annex (iii) Reference Entity Notional Amount: As per the Credit Security Conditions (iv) Reference Obligation(s): Applicable
Standard Reference
Obligation: As specified in the Relevant Annex Seniority Level: As specified in the Relevant Annex (v) Credit Linked Interest Only: Not a pplicable (vi) Credit -Linked Principal Only: Not applicable (c) Terms relating to Credit Event
Settlement
(i) Settlement Method: Zero Recovery (ii) Credit Unwind Costs: Not applicable
6 (iii) Settlement at Maturity: Not applicable (iv) Settlement Currency: EUR (d) Miscellaneous Credit Terms (i) Merger Event: Not a pplicable (ii) Credit Event Backstop Date: The date that is 60 calendar days prior to the Trade
Date
(iii) Credit Observation Period End Date: Applicable: 20 June 2031 (iv) CoCo Supplement: Not applicable (v) LPN Reference Entities: Not applicable (vi) NTCE Provisions: As per the Transaction Type (vii) Accrual of Interest upon Credit Event: Accrual to: Interest Payment Date (viii) Interest following Scheduled Maturity: Not applicable (ix) Hybrid Credit Securities: Not a pplicable (x) Bonus Coupon Credit Securities: Not applicable (xi) Additional Credit Security Disruption Events: Applicable Change in Law: Applicable Hedging Disruption: Applicable Increased Cost of Hedging: Applicable Disruption redemption basis: Fair Market Value (xii) Change in Standard Terms and Market Conventions: Applicable (xiii) Hedging Link Provisions: Applicable (xiv) Calculation and Settlement
Suspension: Applicable
(xv) FX Adjustment Not applicable
FX Adjustment
(Intermediate Interest) Not applicable (xvi) Redemption Factor: Not applicable
7 (xvii) CMDS Range Accrual Provisions: Not applicable (xviii) Additional Credit Provisions: Not applicable 35. Underlying Interest Rate Linked Redemption Notes: Not applicable 36. Partly Paid Notes: The Securities are not Partly Paid Notes.
37. Instalment Notes: Not applicable 38. Illegality (Condition 10.1) and Force Majeure (Condition 10.2): Illegality: redemption in accordance with Condition
10.1(d)
Force Majeure: redemption in accordance with
Condition 10.2(b)
39. Additional, Optional Additional and CNY Payment Disruption Events:
Additional Disruption Events and Optional Additional Disruption Events: (a) Additional Disruption Events: Not
applicable
(b) The following Optional Additional Disruption Events apply to the Securities:
Administrator/Benchmark Event
(d) Redemption:
Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event: Not
applicable
40. Knock -in Event: Not a pplicable 41. Knock -out Event: Not applicable
ISSUER CALL OPTION, NOTEHOLDER PUT OPTION AND AUTOMATIC EARLY
REDEMPTION
42. Issuer Call Option: Not a pplicable 43. Noteholder Put Option: Not applicable 44. Automatic Early Redemption: Not applicable
GENERAL PROVISIONS FOR
VALUATION(S)
8 45. Strike Date, Strike Price, Averaging Date(s), Observation Period and Observation
Date(s):
(a) Strike Date: Not applicable (b) Averaging: Not applicable (c) Observation Dates: Not applicable (d) Observation Period: Not applicable
46. PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
(a) Interest: Applicable Coupon Switch: Not a pplicable (i) Interest Period(s): As set out in the Conditions (ii) Interest Period End Date(s): 4 July in each year from and including 4 July 2027 to and including 4 July 2031 (iii) Business Day Convention for Interest Period End
Date(s): None
(iv) Interest Payment Date(s): 4 July in each year from and including 4 July 2027 to and including 4 July 2031 , subject as provided in the Credit Security Conditions (v) Business Day Convention for Interest Payment
Date(s): Following
(vi) Party responsible for calculating the Rate(s) of Interest and Interest Amount(s) (if not the Calculation Agent): Not applicable (vii) Margin(s): Not applicable (viii) Minimum Interest Rate: As per the Conditions (ix) Maximum Interest Rate: Not applicable (x) Day Count Fraction: 30/360, unadjusted (xi) Determination Dates: Not applicable (xii) Accrual to Redemption: Not applicable Accrual to Preceding IPED: Not applicable
9 (xiii) Rate of Interest: Fixed Rate (xiv) Coupon Rate: Not a pplicable (b) Fixed Rate Provisions: Applicable (i) Fixed Rate of Interest: 5.10 per cent. per annum (ii) Fixed Coupon Amount: Not applicable (iii) Broken Amount: Not applicable (c) Floating Rate Provisions Not a pplicable (d) Zero Coupon Provisions: Not applicable
PRODUCT SPECIFIC PROVISIONS FOR LINKED INTEREST (IF APPLICABLE)
47. Linked Interest Notes: Not a pplicable
DISTRIBUTION
48. U.S. Selling Restrictions: Reg. S Compliance Category 2; TEFRA D 49. Additional U.S. Federal income tax considerations: The Securities are not Specified Securities for the purpose of Section 871(m) of the U.S. Internal Revenue Code of 1986.
50. Non-exempt Offer: Not applicable 51. Prohibition of Sales (i) Prohibition of Sales to EEA Retail Investors: Not applicable (ii) Prohibition of Sales to Belgian Consumers: Not applicable (iii) Prohibition of Sales to UK Retail Investors: Not applicable (iv) Prohibition of Sales to EEA Non Natural Persons (where Securities are held in a retail account): Not applicable (v) Prohibition of Sales to UK Non Natural Persons (where Securities are held in a retail account): Not applicable
PROVISIONS RELATING TO COLLATERAL AND SECURITY
52. Secured Securities other than Nominal Value Repack Securities: Not applicable 53. Nominal Value Repack Securities: Not applicable
10 54. Actively Managed Securities: Not applicable
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge of the Issuer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with th e facts and does not omit anything likely to affect the import of such information.
11
PART B – OTHER INFORMATION
1. LISTING AND ADMISSION TO TRADING
Application will be made to list the Securities on the Official List of the Luxembourg Stock Exchange and to admit the Securities for trading on the Luxembourg Stock Exchange's regulated market on or around the Issue Date.
2. RATINGS
Ratings: The Securities have not been rated.
3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in the " Potential Conflicts of Interest " paragraph in the " Risks " section in the Base Prospectus , so far as the Issuer is aware, no pers on involved in the issue of the Securities has an interest material to the issue.
4. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i) Reasons for the offer See "Use of Proceeds" in the Base Prospectus (ii) Estimated net proceeds: EUR 1,010,000 (iii) Estimated total expenses: EUR 5,350 in listing expenses
5. PERFORMANCE OF RATES OF EXCHANGE/INDEX/ SHARE/ COMMODITY/
INFLATION INDEX/ FOREIGN EXCHANGE RATE/ FUND/ REFERENCE ENTITY/
ENTITIES/ ETI INTEREST/ FORMULA AND OTHER INFORMATION CONCERNING
THE UNDERLYING REFERENCE OR REFERENCE RATE
The Issuer does not intend to provide post -issuance information
6. OPERATIONAL INFORMATION
(i) ISIN: XS3340781759
(ii) Common Code: 334078175 (iii) Any clearing system(s) other than Euroclear and Clearstream, Luxembourg and Euroclear France approved by the Issuer and the Principal Paying Agent and the relevant identification number(s): Not applicable (iv) Delivery: Delivery against payment (v) Additional Paying Agent(s) (if any): Not applicable
12 (vi) Intended to be held in a manner which would allow Eurosystem eligibility: No. Whilst the designation is specified as "no" at the date of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Securities are capable of meeting them the Securities may then be deposited with one of the ICSDs as common safekeeper.
Note that this does not necessarily mean that the Securities will then be recognised as eligible collateral for Eurosystem monetary policy and intra -day credit operations by the Eurosystem at any time during their life. Such rec ognition will depend upon the ECB being satisfied that Eurosystem eligi bility criteria have been met.
Summary
Section A – Introduction and Warnings
Warnings
This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms.
Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms.
Investors may be exposed to a partial or total loss of their investment.
Where a claim relating to information contained in the Base Prospectus and the applicable Final Terms is brought before a cou rt in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated.
Civil liability in any such Member State attaches to the Issuer or the Guarantor solely on the basis of this summary, includi ng any translation hereof, but only if it is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus and the applicable Final Terms or it does not provide, when read together with the other parts of the Base Prospectus and the applicable Final Terms, key information in order to aid investor s when considering whether to invest in the Securi ties.
You are about to purchase a product that is not simple and may be difficult to understand.
Name and international securities identification number (ISIN) of the securities
Issue of EUR 1,010,000 Credit Linked Notes with principal and interest at risk on a 4% to 7.2% tranche of the iTraxx Europe Series 4 5 Version 1 due 4 July 2031 - The securities are Notes . International Securities Identification Number (" ISIN"): XS3340781759 .
Identity and contact details of the issuer
BNP Paribas Issuance B.V. (the " Issuer "), Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands (telephone number: +31(0)88 738 0000). The legal entity identifier of the Issuer is 7245009UXRIGIRYOBR48.
Identity and contact details of the offeror and / or person asking for admission to trading Person asking for admission to trading: BNP Paribas Issuance B.V. (the “Issuer”), Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands (telephone number: +31(0)88 738 0000).
Identity and contact details of the competent authority approving the prospectus
Autorité des Marchés Financiers (" AMF "), 17, place de la Bourse, 75082 Paris Cedex 02, France - +33(0)1 53 45 60 00 - www.amf -france.org
Date of approval of the prospectus
The Base Prospectus has been approved on 21 May 2026 under the approval number 26-151 by the AMF, as supplemented from time to time.
Section B - Key information on the issuer
Who is the issuer of the securities?
Domicile / legal form / LEI / law under which the issuer operates / country of incorporation
BNP Paribas Issuance B.V. was incorporated in the Netherlands as a private company with limited liability under Dutch law having its registered office at Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands. Legal entity identifier (LEI): 7245009UXRIGIRYOBR48.
BNP Paribas Issuance B.V. 's long term credit rating is A+ with a stable outlook (S&P Global Ratings Europe Limited) and BNP Paribas Issuance B.V. 's short term credit rating is A -1 (S&P Global Ratings Europe Limited).
Principal activities
The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the account of various entities within the BNPP Group.
The assets of BNP Paribas Issuance B.V. consist of the obligations of other BNPP Group entities. Holders of securities issued by BNP Paribas Issuance B.V. will, subject to the provisions of the Guarantee issued by BNPP, be exposed to the ability of BNPP Group entities to perform their obligati ons towards BNP Paribas Issuance B.V.
Major shareholders
BNP Paribas holds 100 per cent. of the share capital of BNP Paribas Issuance B.V.
Identity of the issuer's key managing directors
The Managing Directors of BNP Paribas Issuance B.V. are Edwin Herskovic, Cyril Le Merrer, Folkert van Asma, Hugo Peek , and Matthew Yandle .
Identity of the issuer's statutory auditors
Deloitte Accountants B.V. are the auditors of the Issuer. Deloitte Accountants B.V. is an independent registered audit firm i n the Netherlands. The relevant auditors of Deloitte Accountants B.V. who have signed the independent auditor’s reports incorporate d by reference into the Base Prospectus are members of the Royal Netherlands Institute of Chartered Accountants (Koninklijke Nederlandse Beroepsorganisatie van Accountants) .
What is the key financial information regarding the issuer?
Key financial information
2 / 6
Income statement
Year Year -1 In € 31/12/2025 31/12/2024
Operating profit/loss
224,204 167,327
Balance sheet
Year Year -1 In € 31/12/ 2025 31/12/ 2024 Net financial debt (long term debt plus short term debt minus cash) 164,334,371,318 124,228,254,057 Current ratio (current assets/current liabilities) 1.0 1.0 Debt to equity ratio (total liabilities/total shareholder equity) 29,275 22,860 Interest cover ratio (operating income/interest expense) n.a n.a Cash flow statement Year Year -1 In € 31/12/2025 31/12/2024 Net Cash flows from operating activities -2,184,469 -471,573 Net Cash flows from financing activities 0 4,500,000 Net Cash flows from investing activities 0 0
Qualifications in the audit report
Not applicable, there are no qualifications in any audit report on the historical financial information included in the Base Prospectus.
What are the key risks that are specific to the issuer?
Not applicable. BNP Paribas Issuance B.V. is an operating company. The creditworthiness of BNP Paribas Issuance B.V. depends on the creditworthiness of BNPP.
Section C - Key Information on the securities
What are the main features of the securities?
Type, class and ISIN
Issue of EUR 1,010,000 Credit Linked Notes with principal and interest at risk on a 4% to 7.2% tranche of the iTraxx Europe Series 45 Version 1 due 4 July 2031 - The securities are Notes. International Securities Identification Number ("ISIN"): XS3340781759 .
Currency / denomination / par value / number of securities issued / term of the securities
The cu rrency of the Securities is Euro ("EUR "). The Securities have a par value of EUR 1,000. 1,010 Securities will be issued. The Securities will be redeemed on 4 July 2031.
Rights attached to the securities
Negative pledge - The terms of the Securities will not contain a negative pledge provision.
Events of Default - The terms of the Securities will not contain events of default.
Governing law - The Securities are governed by English law.
The objective of this product is to provide you with a periodic coupon in accordance with the Coupon provisions below in exch ange for a risk on both the Notional Amount and the Coupon.
The events constituting Credit Events are summarised below:
Bankruptcy: the Reference Entity experiences bankruptcy or liquidation or insolvency or related events.
Failure to Pay: the Reference Entity fails to make payments to creditors due on its debt at all or in good time.
Restructuring: the Reference Entity's debt is restructured on terms that are detrimental to the holder(s) of the relevant deb t in a form that is binding on all holder(s).
Governmental Intervention: a governmental authority announces a write down or detrimental change to the terms of the Referenc e Entity's debt pursuant to restructuring and resolution law or regulation.
Whether or not a Credit Event has occurred will be determined by a committee named CDDC, or, in the absence a CDDC determinat ion, by the product calculation agent. Only Credit Events occurring between the Credit Event Backstop Date and the Redemption Valua tion Date shall affect the product (earlier or later Credit Events shall not be taken into account).
Reduction of the Current Notional Amount per note following the occurrence of a Credit Event on a Reference Entity : If a Credit Event occurs in respect of one or more of the Reference Entities of the product, the Current Notional Amount per note shall be reduced, according to the formula further described below in the definition of Notional Amount per note without payment of the Recovery Rate in respect of the relevant Reference Entity to the investor. Such reduction shall be eff ective immediately prior Cou pon Payment Date or the Issue Date (as the case may be). As a consequence, the Coupon will also be reduced (as described furt her under "Coupon" below ).
Redemption on the Redemption Date : On the Redemption Date you will receive in respect of each note, in addition to any final payment of coupon, 100.0% of the Cu rrent Notional Amount per note . In the event of a reduction of the Current Notional Amount per note as a result of a Credit Event or Credit Events having occ urred in respect of any of the Reference Entities, you will suffer a loss corresponding to the difference between the Notional Amou nt and the Current Notional Amount per note.
Redemption following a Credit Event reducing the Current Notional Amount per note to zero: If a Credit Event occurs with respe ct to each Reference Entity of the product, the outstanding Current Notional Amount will be reduced to zero and, the product will r edeem early and in full at a Current Notional Amount per note of zero on the Redemption Date following a Credit Event (as defined below) following the determination of the Recovery Rate (as described fu rther below). No regard shall be given to
3 / 6 any auction final price determined by the CDDC with respect to the relevant Reference Entity in respect of which a Credit Eve nt has occurred. In such case, the investor will suffer a loss of 100% of the Notional Amount per note. The product will terminate following the occurrence of an Event Determination Date in respect of the last occurring Credit Event in respect of the Reference Entities .
Coupon : A coupon is due for payment at the relevant Fixed Coupon Rate on each Fixed Coupon Payment Date for a given period of time. The amount of coupon to be paid should be multiplied by the daily average Current Notional Amount per note over the relevant coupon period.
Following the occurrence of a Credit Event in respect of a Reference Entity, the coupon payable will be reduced due to the re duction of the Current Notional Amount per note. In case the Current Notional Amount per note is zero, no more coupon shall be payable from the Interest Payment Date .
Where:
CDDC is a Credit Derivatives Determinations Committee established by the International Swaps and Derivatives Association, Inc . (ISDA) (or any successor thereto), further information on the committee, its members and its rules is available at the following website: www.cdsdeterminationscommittees.org .
The Event Determination Date is the date on which the CDDC is asked to determine whether the relevant Credit Event has occurr ed or, the date on which the product calculation agent notifies the Issuer that a Credit Event has occurred.
The Current Notional Amount per note is the Notional Amount per note reduced by 25% for each Credit Event after 5 events have already taken place , provided it is greater than 0 (subject to rounding of index weights). In mathematical terms, this is represented as:
The Fixed Coupon Rate is the relevant Fixed Rate on the relevant Fixed Coupon Payment Date of the Notional Amount.
PRODUCT DATA
Trade Date 17 April 2026 Issue Price 100% Issue Date 30 June 2026 Product Currency EUR Redemption Date (maturity) 04 July 20 31 Notional Amount (per note) EUR 1,000 Credit Event Backstop Date 16 February 2026 Credit Observation Period End Date 20 June 20 31
Fixed Rate(s) Payment Date(s)* 5.10% (30/360) of the Notional Amount 05 July 2027 5.10% (30/360) of the Notional Amount 04 July 2028 5.10% (30/360) of the Notional Amount 04 July 2029 5.10% (30/360) of the Notional Amount 04 July 20 30 5.10% (30/360) of the Notional Amount 04 July 20 31 *Payment Dates are Fixed Coupon Payment Dates.
Reference Entity Weights RED Code Annex ITRAXX EUROPE SERIES 4 5 VERSION 1 The Reference Entity Weight, as defined in the index annex, divided by the sum of all Reference Entity Weightings in the Index Annex. 2I666VDN2 www.markit.com/Docu
mentation/Product/Itra
xx/
The product terms provide that if certain exceptional events occur (1) adjustments may be made to the product and/or (2) the Issuer of the product may terminate the product early.
These events are specified in the product terms and principally relate to th e Reference Entities, the product characteristics and the Issuer of the product. The return (if any) you receive on such early termination is likely to be different depending on the scenarios described above and may be less than t he amount you invested (in cluding a possible reduction to zero).
The product terms also allow the Issuer of the product to extend the Redemption Date in certain circumstances to establish wh ether or not a Credit Event has occurred. In these circumstances, redemption of the product may be delayed in case of a Credit Even t in order for Recovery Rate to be determined. The redemption of the product may also be delayed in case of a Credit Event in order for a Recovery Rate to be determined. This delay should be limited to 1 month in m ost cases but is not limited in time.
In the event that a Reference Entity transfers all or a portion of its obligations to one or more other entities, those entit ies may be determined to be successors to the Reference Entity and such successor entity (or entities) may replace the Reference En tity. Following such succession an investor will take credit risk on the relevant successor(s) instead of the Reference Entity specified above.In the event that an entity is split into two (or N) new entities following a succession event, each with a Weigh t corresponding to half (or 1/N) of the initial entity's Weight, a Credit Event in respect of any of such new entities shall constitute half (or 1/N) of a Cre dit Event. Similarly in the event of a merger of two (or N) entities within the index into a singl e entity, a Credit Event in respect of such a merged entity shall constitute two (or N) Credit Events.
All redemptions described in this document (including potential gains) are calculated on the basis of the Notional Amount, ex cluding costs, social contributions and taxation applicable to this type of investment.
Meetings - The terms of the Securities will contain provisions for calling meetings of holders of such Securities to consider matters af fecting their interests generally.
These provisions permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manner contrary to the majority.
Representative of holders - No representative of the Holders has been appointed by the Issuer.
Seniority of the securities
The Securities are unsubordinated and unsecured obligations of the Issuer and rank pari passu among themselves.
Restrictions on the free transferability of the securities
There are no restrictions on the free transferability of the Securities.
Dividend or payout policy
Not Applicable
4 / 6 Where will the securities be traded?
Admission to trading
Application will be made by the Issuer (or on its behalf) for the Securities to be admitted to trading on the Official List of the Luxembourg Stock Exchange .
Is there a guarantee attached to the securities?
Nature and scope of the guarantee
The obligations under the guarantee are senior preferred obligations (within the meaning of Article L.613 -30-3-I-3° of the French Code monétaire et financier) and unsecured obligations of BNPP and will rank pari passu with all its other present and future senior preferred and unsecured obligations subject to such exceptions as may from time to time be mandatory under French law.
In the event of a bail -in of BNPP but not BNP Paribas Issuance B.V. , the obligations and/or amounts owed by BNPP under the guarantee shall be reduced to reflect any such modification or reduction applied to liabilities of BNPP resulting from the application of a bail -in of BNPP by any relevant regulator (including in a si tuation where the Guarantee itself is not the subject of such bail -in).
The Guarantor unconditionally and irrevocably guarantees to each Holder that, if for any reason BNP Paribas Issuance B.V. does not pay any sum payable by it or perform any other obligation in respect of any Securities on the date specified for such payment or performance the Guarantor will, in accordance with the Conditions pay that sum in the currency in which such payment is due in immediately available funds or, as the case may be, perform or procure the performance of the relevant obligation on the due date for such performance.
Description of the guarantor
The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an English law deed of guarantee executed by BNPP 21 May 2026 (the "Guarantee").
The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 16, boulevard des Italiens - 75009 Paris, France. Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5P83.
BNPP's long term credit ratings are A+ with a stable outlook (S&P Global Ratings Europe Limited), A1 with a stable outlook (M oody's Deutschland GmbH) and AA - with a stable outlook (Fitch Ratings Ireland Limited) (which is the long -term rating assigned to B NPP’s senior preferred debt by Fitch) and BNPP's short -term credit ratings are A -1 (S&P Global Ratings Europe Limited), P -1 (Moody's Deutschland GmbH) and F1+ (Fitch Ratings Ireland Limited) .
BNP Paribas SA is the parent company of the BNP Paribas Group (together the " BNPP Group ").
BNP Paribas’ organisation is based on three operating divisions: Corporate & Institutional Banking (CIB), Commercial, Personal Ba nking & Services (CPBS) and Investment & Protection Services (IPS).
Corporate and Institutional Banking (CIB) : Global Banking, Global Markets and Securities Services.
Commercial, Personal Banking & Services (CPBS):
- Commercial & Personal banking in the Euro -zone : Commercial & Personal Banking in France (CPBF), BNL banca commerciale (BNL bc), Commercial & Personal Banking in Italy, Commercial & Personal Banking in Belgium (CPBB) and Commercial & Personal Banking in Luxembourg (CPBL).
- Commercial & Personal Banking outside the Euro -zone, organised around : Europe -Mediterranean, covering Commercial & Personal Banking outside the Euro -zone, in particular in Central and Eastern Europe, Türkiye and Africa.
- Specialised Businesses : BNP Paribas Personal Finance, Arval and BNP Paribas Leasing Solutions, new digital businesses (in particular Nickel, Floa, Lyf) and BNP Paribas Personal Investors.
Investment & Protection Services (IPS): Insurance (BNP Paribas Cardif) and Wealth and Asset Management: BNP Paribas Asset Management, BNP Paribas Real Estate, BNP Paribas Principal Investments (management of the BNP Paribas Group’s portfolio of unlisted and listed industrial and commercial inve stments) and BNP Paribas Wealth Management.
As at 30 June 2025, the main shareholders were Société Fédérale de Participations et d'Investissement ("SFPI") a public -interest société anonyme (public limited company) acting on behalf of the Belgian government state holding 5.59% of the share capital, B lackRock Inc. holding 6.01% of the share capital, Amundi holding 4.95% of the share capital and Grand Duchy of Luxembourg holding 1.14% of the share capital.
Key financial information for the purpose of assessing the guarantor's ability to fulfil its commitments under the guarantee
Since 1 January 2023, BNP Paribas Group’s insurance entities have applied IFRS 17 « Insurance Contracts » and IFRS 9 « Financial Instruments », deferred for these entities until IFRS 17 comes into force.
Income statement
Year Year -1 Interim Comparative interim from same period in
prior year
In millions of € 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Revenues 51,223 48,831 14,056 12,960 Cost of risk -3,350 -2,999 -922 -766 Costs of legalrisks on financial instruments -203 -202 -245 -15 Operating Income 16,296 15,437 4,179 3,922 Net Income attributable to equity holders 12,225 11,688 3,217 2,951 Earnings per share (in €) 10.29 9.57 2.73 2.44
5 / 6
Balance sheet
Year Year -1 Interim Comparative interim from same period in
prior year
In millions of € 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Total assets 2,792,981 2,704,908 2,931,529 2,802,044 Debt securities 302,391 302,237 311,766 313,163 Of which mid long term Senior Preferred 137,649* 119,370* n.a. n.a Subordinated debt 35,289 32,615 33,988 32,546 Loans and receivables from customers (net) 897,358 900,141 915,780 894,201 Deposits from customers 1,075,564 1,034,857 1,093,160 1,027,112 Shareholders' equity (Group share) 125,513 128,137 129,979 130,115 Doubtful loans/ gross outstandings** 1.6% 1.6% 1.6% 1.6% Common Equity Tier 1 capital (CET1) ratio 12.6% 12.9% 12.8% (CRR3) 12.4% (CRR3) Total Capital Ratio 17.0% 17.1% 17.3% (CRR3) 16.7% (CRR3) Leverage Ratio 4.5% 4.6% 4.4% 4.4% (*) Regulatory scope.
(**) Impaired loans (stage 3) to customers and credit institutions, not netted of guarantees, on -balance sheet and off -balance sheet and including debt securities measured at amortised costs or at fair value through shareholders' equity reported (excluding insurance) and on gross outstanding loans to customers and credit institutions, on -balance sheet and off -balance sheet and including debt securities measured at amortised costs or at fair value through shareholders' equity (exclud ing insurance) and includ ing the effects of IFRS 5 standard application in relation to Non current assets held for sale.
Most material risk factors pertaining to the guarantor
1. A substantial increase in new provisions or a shortfall in the level of previously recorded provisions exposed to credit r isk and counterparty risk could adversely affect the BNP Paribas Group's results of operations and financial condition.
2. The BNP Paribas Group’s risk management policies, procedures and methods may leave it exposed to unidentified or unanticip ated risks, which could lead to material losses.
3. The BNP Paribas Group may incur significant losses on its trading and investment activities due to market fluctuations and volatility.
4. The BNP Paribas Group's access to and cost of funding could be adversely affected by a resurgence of financial crises, wor sening economic conditions, rating downgrades, increases in sovereign credit spreads or other factors.
5. Adverse economic and financial conditions have in the past and may in the future significantly affect on the BNP Paribas G roup and the markets in which it operates.
6. Laws and regulations in force, as well as current and future legislative and regulatory developments, may significantly im pact the BNP Paribas Group and the financial and economic environment in which it operates.
7. Should the BNP Paribas Group fail to implement its strategic objectives or to achieve its published financial objectives, or should its results not follow stated expected trends, the trading price of its securities could be adversely affected.
What are the key risks that are specific to the securities?
Most material risk factors specific to the securities
There are also risks associated with the Securities, including:
1. Risks related to the structure of the securities :
The return on the Securities depends on the credit of the Reference Entities, and the capital protection applies only at matu rity and only if the Securities have not been redeemed in accordance with the Credit Terms 2. Risks related to the Reference Entity :
Investors will be exposed to the credit risk of one or more the Reference Entities (being, in general terms, the risk that a given such entity does not perform its financial obligations when due or becomes insolvent), which exposure may be to the full exte nt of their investment in such Credit Securities. If a Credit Event occurs, investors may suffer significant losses.
3. Correlated Credit Risks :
In purchasing the Securities, investors assume credit exposure to both the Reference Entities and the Issuer and the Guaranto r. The credit risk to investors may further be increased if the Reference Entity is concentrated in the same industry sector or geo graphic area as the Issuer or the Guarantor.
4. Actions of the Reference Entities may affect the value of the Credit Securities:
Actions of the Reference Entities (for example, merger or demerger or the repayment or transfer of indebtedness) may adversel y affect the value of the Credit Securities. Holders of the Credit Securities Investors should be aware that the Reference Entity t o which the value of the Credit Securities is exposed, and the terms of such exposure, may change over the term of the Credit Securities.
5. Suspension of Obligations will suspend payment of principal and interest:
In certain circumstances (for example, where a Credit Event has occurred and the related credit loss has not been determined as at the relevant date for payment, or, if applicable, where a potential Credit Event exists as at the scheduled maturity of the S ecurities), investors may be adversely affected where payment of the redemption amount on the Securities is deferred for a material period in whole or part without compensation to investors.
6. Risks related to the trading markets of the securities:
The trading price of the Securities may be affected by a number of factors including, but not limited to, the relevant price, value or level of the Reference Entity, the time remaining until the scheduled redemption date of the Securities, the actual or im plied volatility associated with the Reference Entity, and the correlation risk of the Reference Entity. The possibility that the value and trading price of the Securities will fluctuate (either positively or neg atively) depends on a number of factors, whi ch investors should consider carefully before purchasing or selling Securities.
Section D - Key Information on the offer of securities to the public and/or admission to trading on a regulated market
Under which conditions and timetable can I invest in this security?
General terms, conditions and expected timetable of the offer
Application will be made by the Issuer (or on its behalf) for the Securities to be admitted to trading on the Official List of the Luxembourg Stock Exchange .
6 / 6 Estimate of the total expenses of the issue and/or offer, including estimated expenses charged to the investor by the issuer or the offeror
No expenses will be charged to the investors by the issuer.
Who is the offeror and/or the person asking for admission to trading?
Description of the offeror and / or person asking for admission to trading
Person asking for admission to trading : BNP Paribas Issuance B.V. (the “Issuer”), Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands (telephone number:
+31(0)88 738 0000).
Why is this prospectus being produced?
Use and estimated net amount of the proceeds
The net proceeds from the issue of the Securities will become part of the general funds of the Issuer. Such proceeds may be u sed to maintain positions in options or futures contracts or other hedging instruments.
Estimated net proceeds: EUR 1,010,000
Underwriting agreement
No underwriting commitment is undertaken by the Offeror
Most material conflicts of interest pertaining to the offer or the admission to trading
The Manager and its affiliates may also have engaged, and may in the future engage, in investment banking and/or commercial b anking transactions with, and may perform other services for, the Issuer and the Guarantor and their respective affiliates in the o rdinary course of business.
Various entities within the BNPP Group (including the Issuer and Guarantor) and Affiliates undertake different roles in conne ction with the Securities, including Issuer of the Securities and Calculation Agent of the Securities and may also engage in tradin g activities (including hedging activities) relating to the Underlying and other instruments or derivative products based on or relating to the Underlying which may give rise to potential conflicts of inter est.
BNP Paribas, which acts as Manager and Calculation Agent is an Affiliate of the Issuer and the Guarantor and potential confli cts of interest may exist between it and holders of the Securities, including with respect to certain determinations and judgments that the Calculation Agent must make. The economic interests of the Issuer and of BNP Paribas as Manager and Calculation Agent are potentially adverse to Holders interests as an investor in the Securities .
Other than as mentioned above, so far as the Issuer is aware, no person involved in the issue of the Securities has an intere st material to the offer, including conflicting interests.