FINAL VERSION APPROVED BY THE ISSUER
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 FOR CERTIFICATES
MiFID II product governance / Retail investors, professional investors and ECPs only target market – Solely for the purposes of the manufacturer's product approval process, the target market assessment in respect of the Securities has led to the conclusion that: (i) the target market for the Securities is eligible counterparties, professional clients and retail clients, each as defined in Directive 2014/65/EU (as amended, " MiFID II "); and (ii) all channels for distribution to eligible counterparties and pro fessional clients are appropriate; and (iii) the following channels for distribution of the Securities to retail clients are appropriate – investment advice, portfolio management, and non -advised sales, subject to the distributor's suitability and appropri ateness obligations under MiFID II, as applicable. Any person subsequently offering, selling or recommending the Securities (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFI D II is responsible for undertaking its own target market assessment in respect of the Securities (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels, subject to the distributor's s uitability and appropriateness obligations under MiFID II, as applicable.
FINAL TERMS DATED 10 JULY 2026
BNP Paribas Issuance B.V.
(incorporated in The Netherlands)
(as Issuer)
Legal entity identifier (LEI): 7245009UXRIGIRYOBR48 BNP Pariba s (incorporated in France)
(as Guarantor)
Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5P83 12 Series of EUR 30,000 "4Y Maxi Cash Collect Step Down " Certificates relating to Basket of
Share s
under the Note, Warrant and Certificate Programme of BNP Paribas Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding
BNP Paribas Financial Markets S.N.C .
(as Manager)
Any person making or intending to make an offer of the Securities may only do so:
(i) in those Non -exempt Offer Jurisdictions mentioned in Paragraph 47 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defined in the Base Prospectus) and that
the offer is made during the Offer Period specified in that paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or (ii) otherwise 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 Regulation, in each case, in relation to such offer.
None of the Issuer, the Guarantor or any Manager has authorised, nor do they authorise, the making of any offer of Securities in any other circumstances.
PART A – CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth 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 "). The Base Prospectus has been passported into Italy in compliance with Article 25 of the Prospectus Regulation. This document constitutes the Final Terms of the Se curities described herein for the purposes of the Prospectus Regulation and must be read in conjunction with the 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 www.investimenti.bnpparibas.it .
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.
These Final Terms relate to the series of Securities as set out in "Specific Provisions for each Series" below.
References herein to " Securities " shall be deemed to be references to the relevant Securities that are the subject of these Final Terms and references to " Security " shall be construed accordingly
SPECIFIC PROVISIONS FOR EACH SERIE S
Series Number No. of
Securitie
s issued No. of Securities ISIN Code Trading
Code of
Borsa
Italiana Issue
Price per
Security Underlying
Shares Rate i=1 Knock -in
Level Snowbal
l Level Rate(i= 2 to 16) Exercise Date Exercise
Settlement
Date
CE01626XAD
30,000
30,000 NLBNPIT30648 P30648 EUR 100 BANCO BPM
SPA 19.00
% 60% 60%
1.00% 17/07/2030 26/07/2030 UNICREDIT SPA 60% 60%
BPER BANCA 60% 60%
CE01627XAD
30,000
30,000 NLBNPIT30655 P30655 EUR 100 BANCO BPM
SPA
20.00
% 55% 60%
1.00% 17/07/2030 26/07/2030 FINECOBANK
SPA 55% 60%
BPER BANCA 55% 60%
ASSICURAZION
I GENERALI 55% 60%
CE01628XAD
30,000
30,000 NLBNPIT30663 P30663 EUR 100 BANCO BPM
SPA
19.00
% 50% 55%
1.00% 17/07/2030 26/07/2030 UNICREDIT SPA 50% 55%
BPER BANCA 50% 55%
BANCA
GENERALI SPA 50% 55%
CE01629XAD
30,000
30,000 NLBNPIT30671 P30671 EUR 100 UNICREDIT SPA
19.00
% 50% 55%
1.00% 17/07/2030 26/07/2030 LEONARDO
SPA 50% 55%
ENI SPA 50% 55%
CE01630XAD
30,000
30,000 NLBNPIT30689 P30689 EUR 100 Unipol
Assicurazioni
SpA
18.75
% 55% 60%
1.00% 17/07/2030 26/07/2030 POSTE
ITALIANE SPA 55% 60%
AZIMUT
HOLDING SPA 55% 60%
FERRARI NV 55% 60%
CE01631XAD
30,000
30,000 NLBNPIT30697 P30697 EUR 100 MONCLER SPA
20.00
% 50% 50%
1.00% 17/07/2030 26/07/2030 SNAM SPA 50% 50%
PIRELLI & C
SPA 50% 50%
FINCANTIERI
SPA 50% 50%
CE01632XAD
30,000
30,000 NLBNPIT306A6 P306A6 EUR 100 ASSICURAZION
I GENERALI
17.50
% 60% 60% 1.00% 17/07/2030 26/07/2030 Unipol
Assicurazioni
SpA 60% 60%
AEGON NV 60% 60%
MUENCHENER
RUECKVER AG -
REG 60% 60%
CE01633XAD
30,000
30,000 NLBNPIT306B4 P306B4 EUR 100 ENI SPA
20.00
% 50% 50%
1.00% 17/07/2030 26/07/2030 ENEL SPA 50% 50%
SIEMENS
ENERGY AG 50% 50%
CE01634XAD
30,000
30,000 NLBNPIT306C2 P306C2 EUR 100 Rheinmetall
AG 19.00
% 55% 55%
1.00% 17/07/2030 26/07/2030 GENERAL
ELECTRIC CO 55% 55%
THALES SA 55% 55%
CE01635XAD
30,000
30,000 NLBNPIT306D0 P306D0 EUR 100 STELLANTIS NV 19.00
% 45% 45% 1.00% 17/07/2030 26/07/2030 KERING 45% 45%
CE01636XAD
30,000
30,000 NLBNPIT306E8 P306E8 EUR 100 MICROSOFT
CORP 20.00
% 30% 30%
1.50% 17/07/2030 26/07/2030 META
PLATFORMS 30% 30%
INTEL CORP 30% 30%
CE01637XAD
30,000
30,000 NLBNPIT306F5 P306F5 EUR 100 BAYER AG -REG 20.00
% 50% 50%
1.10% 17/07/2030 26/07/2030 NOVO
NORDISK A/S -B 50% 50%
Galderma
Group AG 50% 50%
Share Company Type of Share ISIN of Share Share Currency Share Company Website Exchange Exchange Website BANCO BPM SPA Common Stock IT0005218380 EUR www.bancobpm.it Borsa Italiana www.borsaitaliana.it UNICREDIT SPA Common Stock IT0005239360 EUR www.unicreditgroup.eu Borsa Italiana www.borsaitaliana.it Unipol Assicurazioni SpA Common Stock IT0004810054 EUR www.unipol.com Borsa Italiana www.borsaitaliana.it MONCLER SPA Common Stock IT0004965148 EUR www.monclergroup.com Borsa Italiana www.borsaitaliana.it
ASSICURAZIONI
GENERALI Common Stock IT0000062072 EUR www.generali.com Borsa Italiana www.borsaitaliana.it ENI SPA Common Stock IT0003132476 EUR www.eni.it Borsa Italiana www.borsaitaliana.it Rheinmetall AG Common Stock DE0007030009 EUR www.rheinmetall.com Frankfurt Stock Exchnage www.boerse -frankfurt.de STELLANTIS NV Common Stock NL00150001Q9 EUR www.stellantis.com Borsa Italiana www.borsaitaliana.it MICROSOFT CORP Common Stock US5949181045 USD www.microsoft.com Nasdaq www.nasdaq.com BAYER AG -REG Common Stock DE000BAY0017 EUR www.bayer.com Xetra www.xetra.de FINECOBANK SPA Common Stock IT0000072170 EUR www.finecobank.com Borsa Italiana www.borsaitaliana.it LEONARDO SPA Common Stock IT0003856405 EUR www.leonardocompany.com Borsa Italiana www.borsaitaliana.it POSTE ITALIANE SPA Common Stock IT0003796171 EUR www.posteitaliane.it Borsa Italiana www.borsaitaliana.it
SNAM SPA Common Stock IT0003153415 EUR www.snam.it Borsa Italiana www.borsaitaliana.it ENEL SPA Common Stock IT0003128367 EUR www.enel.com Borsa Italiana www.borsaitaliana.it GENERAL ELECTRIC CO Common Stock US3696043013 USD www.ge.com NYSE www.nyse.com KERING Common Stock FR0000121485 EUR www.kering.com Euronext Paris www.euronext.com
META PLATFORMS Common Stock US30303M102
7 USD www.facebook.com Nasdaq www.nasdaq.com NOVO NORDISK A/S -B Common Stock DK0060534915 DKK www.novonordisk.com Nasdaq Nordic
www.nasdaqomxnordic.co
m BPER BANCA Common Stock IT0000066123 EUR www.bper.it Borsa Italiana www.borsaitaliana.it AZIMUT HOLDING SPA Common Stock IT0003261697 EUR www.azimut.it Borsa Italiana www.borsaitaliana.it PIRELLI & C SPA Common Stock IT0005278236 EUR www.pirelli.com Borsa Italiana www.borsaitaliana.it AEGON NV Common Stock BMG0112X105 6 EUR www.aegon.com Euronext
Amsterdam www.euronext.com
SIEMENS ENERGY AG Common Stock DE000ENER6Y0 EUR www.siemens -energy.com Frankfurt Stock
Exchange/XETRA www.xetra.de
THALES SA Common Stock FR0000121329 EUR www.thalesgroup.com Euronext Paris www.euronext.com INTEL CORP Common Stock US4581401001 USD www.intel.com Nasdaq www.nasdaq.com Galderma Group AG Common Stock CH1335392721 CHF www.galderma.com SIX Swiss Exchange www.six -group.com BANCA GENERALI SPA Common Stock IT0001031084 EUR www.bancagenerali.com Borsa Italiana www.borsaitaliana.it FERRARI NV Common Stock NL0011585146 EUR www.ferrari.com Borsa Italiana www.borsaitaliana.it
FINCANTIERI SPA Common Stock IT0005599938 EUR www.fincantieri.com Borsa Italiana www.borsaitaliana.it
MUENCHENER RUECKVER
AG-REG Common Stock DE0008430026 EUR www.munichre.com Wiener Boerse AG www.wienerborse.at/en/
GENERAL PROVISIONS
The following terms apply to each series of Securities:
1. Issuer: BNP Paribas Issuance B.V.
2. Guarantor: BNP Paribas 3. Trade Date: 02 July 2026 4. Issue Date: 10 July 2026 .
5. Consolidation: Not applicable 6. Type of Securities: (a) Certificates (b) The Securities are Share Securities Automatic Exercise of Certificates applies to the Certificates.
The Exercise Date is as set out in " Specific Provisions for each Series " above, or if such day is not a Business Day, the immediately subsequent Business Day.
The Exercise Date will be subject to the same adjustments provided for the Redemption Valuation Date. For the purposes of Borsa Italiana, the Exercise Date shall be deemed to be also the expiration date of the Securities.
The Exercise Settlement Date is as set out in " Specific Provisions for each Series " above.
The minimum number of Securities that may be exercised by the Holder is (1) one Security and in excess thereof by multiples of (1) one Security.
The provisions of Annex 3 ( Additional Terms and Conditions for Share Securities ) shall apply.
Unwind Costs: Not applicable 7. Form of Securities: Italian Dematerialised Securities.
8. Business Day Centre(s): The applicable Business Day Centre for the purposes of the definition of "Business Day" in Condition 1 is T2.
9. Settlement: Settlement will be by way of cash payment ( Cash Settled
Securities )
10. Rounding Convention for Cash Settlement Amount: Not applicable 11. Variation of Settlement:
Issuer's option to vary settlement: The Issuer does not have the option to vary settlement in respect of the Securities.
12. Final Payout SPS Payout s: SPS Reverse Convertible Securities SPS Reverse Convertible Securities (A) If no Knock -in Event has occurred:
Constant Percentage 1 (B) If a Knock -in Event has occurred:
Max (Constant Percentage 2 + Gearing × Option; 0%)
Where:
Strike Price Closing Value: Applicable ;
Constant Percentage 1 means 100%;
Constant Percentage 2 means 100%;
Gearing means - 100%;
Option means Put;
Put means Max (Strike Percentage – Final Redemption Value; 0) ;
Strike Percentage means 100%;
Final Redemption Value means the Worst Value;
Worst Value means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket in respect of such SPS Valuation Date.
Basket means the Basket of Shares as set out in “Specific Provisions for each series ” above.
Underlying Reference is as set out in “ Specific Provisions for each series” above;
Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i ) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price ;
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price or the Italian Securities Reference Price in respect of such day;
SPS Valuation Date means the SPS Redemption Valuation Date;
SPS Redemption Valuation Date means the Redemption
Valuation Date;
Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.
Agregation Not applicable 13. Relevant Asset(s): Not applicable 14. Entitlement: Not applicable 15. Exchange Rate/Conversion Rate Not applicable 16. Settlement Currency: The settlement currency for the payment of the Cash Settlement Amount is Euro (" EUR ").
17. Syndication: The Securities will be distributed on a non -syndicated basis.
18. Minimum Trading Size: 1 Certificate (and multiples of 1 Certificate thereafter) 19. Agent (s):
(a) Principal Security Agent: BNP Paribas Financial Markets S.N.C (b) Security Agent : Not applicable.
20. Registrar: Not applicable 21. Calculation Agent: BNP Paribas Financial Markets S.N.C .
20 boulevard des Italiens , 75009 Paris France
22. Governing law: English law 23. Masse provisions (Condition 9.4): Not a pplicable
PRODUCT SPECIFIC PROVISIONS
24. Hybrid Securities: Not applicable 25. Index Securities: Not applicable 26. Share Securities/ETI Share Securities: Applicable Share Securities: Applicable (a) Share(s)/Share Company/Basket
Company/GDR/ADR/ETI
Interest/Basket of ETI Interests: The Securities are linked to the performance of ordinary shares, or, if so indicated in specific provisions for each series above in the column Share Company, another share type in the share capital of the relevant Share Company (each an " Underlying Reference k" or “Share k“) set out in specific provisions for each series above.
(b) Relative Performance Basket: Applicable (c) Share/ETI Interest Currency: See the “Specific Provisions for each series ” above (d) ISIN of Share(s)/ETI Interest(s): See the “Specific Provisions for each series ” above (e) Exchange(s): See the “Specific Provisions for each series ” above (f) Related Exchange(s): All Exchanges (g) Exchange Business Day: All Share s Basis (h) Scheduled Trading Day: All Share s Basis (i) Weighting: Not applicable (j) Settlement Price: Not applicable (k) Specified Maximum Days of Disruption: Three (3) Scheduled Trading Days (l) Valuation Time: -In the case of :
Rheinmetall AG, MICROSOFT CORP, BAYER AG -REG,
GENERAL ELECTRIC CO, KERING, META PLATFORMS,
NOVO NORDISK A/S -B, AEGON NV, SIEMENS ENERGY
AG, THALES SA, INTEL CORP, Galderma Group AG,
MUENCHENER RUECKVER AG -REG
("Non-Italian Listed Shares "), the Scheduled Closing Time as defined in Condition 1;
- In the case of :
BANCO BPM SPA, UNICREDIT SPA, Unipol Assicurazioni
SpA, MONCLER SPA, ASSICURAZIONI GENERALI, ENI
SPA, STELLANTIS NV, FINECOBANK SPA, LEONARDO
SPA, POSTE ITALIANE SPA, SNAM SPA, ENEL SPA, BPER
BANCA, AZIMUT HOLDING SPA, PIRELLI & C SPA,
BANCA GENERALI SPA, FERRARI NV, FINCANTIERI SPA
("Italian Listed Shares "), the time when the Italian Securities Reference Price of the Underlying Share is determined by the Exchange.
(m) Redemption on Occurrence of an Extraordinary Event: Delayed Redemption on Occurrence of an Extraordinary Event:
Not applicable
(n) Share Correction Period : As per Conditions (o) Dividend Payment: Not applicable (p) Listing Change: Not applicable
(q) Listing Suspension: Not applicable (r) Illiquidity: Not applicable (s) Tender Offer: Applicable (t) CSR Event: Not applicable (u) Hedging Liquidity Event: Not applicable 27. ETI Securities Not applicable 28. Debt Securities: Not applicable 29. Commodity Securities: Not applicable 30. Inflation Index Securities: Not applicable 31. Currency Securities: Not applicable 32. Fund Securities: Not applicable 33. Futures Securities: Not applicable 34. Credit Security Provisions: Not applicable 35. Underlying Interest Rate Securities: Not applicable 36. Preference Share Certificates: Not a pplicable 37. OET Certificates: Not applicable 38. Illegality (Security Condition 7.1) and Force Majeure (Security Condition 7.2): Illegality: redemption in accordance with Security Condition 7.1 (d).
Force Majeure: redemption in accordance with Security Condition 7.2 (b).
39. Additional Disruption Events and Optional Additional Disruption Events: (a) Additional Disruption Events: Applicable Hedging Disruption does not apply to the Securities.
(b) The following Optional Additional Disruption Events apply to the Securities:
Administrator/Benchmark Event
Insolvency Filing
(c) Redemption :
Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event: Not applicable 40. Knock -in Event: Applicable.
If the Knock -in Value is less than the Knock -in Level on the Knock -in Determination Day or in respect of a Knock -in Determination Period.
(a) SPS Knock -in Valuation: Applicable Strike Price Closing Value is applicable;
Knock -in Value means the Worst Value;
Worst Value means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket in respect of such SPS Valuation Date.
Basket means the Basket of Shares as set out in Specific Provisions for each series above.
Underlying Reference is as set out in “ Specific Provisions for each series ” above;
Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price.
Underlying Reference is as set out in “Specific Provisions for each series ” above;
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price or the Italian Securities Reference Price in respect of such day;
SPS Valuation Date means the Knock -in Determination Day;
Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.
(b) Level: Not applicable (c) Knock -in Level/Knock -in Range Level /Knock -in Corridor Range/Knock -in Bottom Level/Knock -in Top Level : Knock -in Level: See “Specific Provisions for each series ”
above
(d) Knock -in Period Beginning Date: Not applicable (e) Knock -in Period Beginning Date Day Convention: Not applicable (f) Knock -in Determination Period: Not applicable (g) Knock -in Determination Day(s): Redemption Valuation Date (h) Knock -in Period Ending Date: Not applicable (i) Knock -in Period Ending Date Day Convention: Not applicable (j) Knock -in Valuation Time: Not applicable (k) Knock -in Observation Price Source: Not applicable.
(l) Disruption Consequences: Not applicable.
41. Knock -out Event: Not applicable .
42. EXERCISE, VALUATION AND REDEMPTION
(a) Notional Amount of each Certificate: EUR 1 00 (b) Partly Paid Certificates: The Certificates are not Partly Paid Certificates.
(c) Interest: Not applicable (d) Fixed Rate Provisions: Not applicable.
(e) Floating Rate Provisions: Not applicable.
(f) Linked Interest Certificates: Not applicable.
(g) Payment of Premium Amount(s): Applicable (i) Premium Amount(s) For i=1: NA x Rate (i) For i=2 to 16: NA x Premium Amount Rate (ii) Linked Premium Amount Certificates: Applicable – see Share Linked/ETI Share Linked Premium Amount Certificates below Day Count Fraction: Not applicable
(iii) Variable Premium Amount Certificates: Not applicable.
(iv) Premium Amount Payment Date(s): n Premium Amount Payment Date(s):
1 September 18th, 2026 2 January 26th, 2027 3 April 26th, 2027 4 July 26th, 2027 5 October 26th, 2027 6 January 27th, 2028 7 April 27th, 2028 8 July 27th, 2028 9 October 25th, 2028 10 January 25th, 2029 11 April 25th, 2029 12 July 26th, 2029 13 October 24th, 2029 14 January 24th, 2030 15 April 26th, 2030 16 July 26th, 2030
(v) Business Day Convention for Premium Amount Payment
Date(s): Following
(vi) Premium Amount Rate: Snowball Digital Coupon is applicable:
Single Snowball Digital Coupon : Applicable (i) If the Snowball Digital Coupon Condition is satisfied in respect of SPS Coupon Valuation Date (i):
(i) )i(S umRate Rate+
(ii) If the Snowball Digital Coupon Condition is not satisfied in respect of SPS Coupon Valuation Date (i):
zero,
Where:
Rate(i) is as set out in the “Specific Provisions for each Series” above.
"i" is a number from 2 to 16 and it means the relevant SPS Coupon
Valuation Date;
SPS Coupon Valuation Date(s) (i) means the relevant Settlement
Price Date;
Settlement Price Date means the relevant Valuation Dates;
Valuation Date(s) means the Premium Amount Valuation Date(s);
Premium Amount Valuation Date(s) means as set out in item 42(i)(v).
Sum Rate (i) means the sum of Rate(i ) for each SPS Coupon Valuation Date in the period from (but excluding) the last
occurring Snowball Date (or if none the Issue Date) to (but excluding) the relevant SPS Coupon Valuation Date ;
Snowball Date means each date on which the relevant Snowball Digital Coupon Condition is satisfied;
Snowball Digital Coupon Condition means that the Snowball Barrier Value for the relevant SPS Coupon Valuation Date is greater than or equal to the Snowball Level;
Snowball Level is as set out in “Specific Provisions for each
series” above;
Final Redemption Value means the Worst Value;
Worst Value means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket in respect of such SPS Valuation Date.
Basket means the Basket of Shares as set out in Specific Provisions for each series above.
Underlying Reference is as set out in “ Specific Provisions for each series” above;
Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price.
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price or the Italian Securities Reference Price in respect of such day;
SPS Valuation Date means each SPS Coupon Valuation Date;
Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.
(vii) Premium Amount Record Date(s): n Premium Amount Record Date(s):
1 September 16th, 2026 2 January 22nd, 2027 3 April 22nd, 2027 4 July 22nd, 2027 5 October 22nd, 2027 6 January 25th, 2028 7 April 25th, 2028 8 July 25th, 2028 9 October 23rd, 2028 10 January 23rd, 2029 11 April 23rd, 2029 12 July 24th, 2029 13 October 22nd, 2029 14 January 22nd, 2030
15 April 24th, 2030 16 July 24th, 2030
(h) Index Linked Premium Amount Certificates: Not applicable (i) Share Linked/ETI Share Linked Premium Amount Certificates: Applicable Share Securities: Applicable (i) Share(s) /Share Company / Basket Compagny / GDR / ADR /ETI Interest/ Basket of ETI Interests : As set out in §26(a) above (ii) Relative Basket Performance Not applicable (iii) Averaging: Averaging does not apply (iv) Premium Amount Valuation Time: As set out in § 26 above.
(v) Premium Amount Valuation Date(s): n Premium Amount Valuation Date(s):
2 January 15th, 2027 3 April 15th, 2027 4 July 15th, 2027 5 October 15th, 2027 6 January 18th, 2028 7 April 18th, 2028 8 July 18th, 2028 9 October 16th, 2028 10 January 16th, 2029 11 April 16th, 2029 12 July 17th, 2029 13 October 15th, 2029 14 January 15th, 2030 15 April 15th, 2030 16 July 17th, 2030
(vi) Observation Dates: Not applicable (vii) Observation Period: Not applicable (viii) Specified Maximum Days of Disruption: As set out in paragraph 26(k) above (ix) Exchange(s): See “Specific Provisions for each Series” above.
(x) Related Exchange(s): As set out in paragraph 26(f) above (xi) Exchange Business Day: As set out in paragraph 26(g) above (xii) Scheduled Trading Day: As set out in paragraph 26(h) above (xiii) Settlement Price: Not applicable (xiv) Weighting: Not applicable
(xv) Redemption on Occurrence of an Extraordinary Event: Delayed Redemption on Occurrence of an Extraordinary Event:
Not applicable
(j) ETI Linked Premium Amount Certificates: Not applicable (k) Debt Linked Premium Amount Certificates: Not applicable (l) Commodity Linked Premium Amount Certificates: Not applicable (m) Inflation Index Linked Premium Amount Certificates Not applicable (n) Currency Linked Premium Amount Certificates: Not applicable (o) Fund Linked Premium Amount Certificates: Not applicable (p) Futures Linked Premium Amount Certificates: Not applicable (q) Underlying Interest Rate Linked Interest Provisions Not applicable (r) Instalment Certificates: The Certificates are not Instalment Certificates.
(s) Issuer Call Option: Not applicable (t) Holder Put Option: Not applicable (u) Automatic Early Redemption: Applicable (i) Automatic Early Redemption Event: Single Standard Automatic Early Redemption If on any Automatic Early Redemption Valuation Date the SPS AER Value is greater than or equal to the Automatic Early Redemption Level.
(ii) Automatic Early Redemption Payout: SPS Automatic Early Redemption Payout NA x ( AER Redemption Percentage + AER Exit Rate) AER Redemption Percentage means 100% (iii) Automatic Early Redemption Date(s): n Automatic Early Redemption
Date(s):
1 July 26th, 2027 2 October 26th, 2027 3 January 27th, 2028 4 April 27th, 2028 5 July 27th, 2028 6 October 25th, 2028 7 January 25th, 2029 8 April 25th, 2029 9 July 26th, 2029 10 October 24th, 2029 11 January 24th, 2030 12 April 26th, 2030
(iv) Observation Price Source: Not applicable (v) Underlying Reference Level:
SPS AER Valuation: Applicable SPS AER Value means the Worst Value;
Strike Price Closing Value is applicable;
Worst Value means, in respect of a SPS Valuation Date, the lowest Underlying Reference Value for any Underlying Reference in the Basket in respect of such SPS Valuation Date.
Basket means the Basket of Shares as set out in Specific Provisions for each series above.
Underlying Reference is as set out in “ Specific Provisions for each series” above;
Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Reference Closing Price Value for such Underlying Reference in respect of such SPS Valuation Date (ii) divided by the relevant Underlying Reference Strike Price;
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Price or the Italian Securities Reference Price in respect of such day;
SPS Valuation Date means each Automatic Early Redemption
Valuation Date;
Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for such Underlying Reference on the Strike Date.
(vi) Automatic Early Redemption Level: n Automatic Early
Redemption Level:
1 100%
2 100%
3 100%
4 100%
5 95%
6 95%
7 95%
8 95%
9 90%
10 90%
11 90%
12 90%
(vii) Automatic Early Redemption Percentage: Not applicable (viii) AER Exit Rate: AER Rate AER Rate means 0% (ix) Automatic Early Redemption Valuation Date(s)/Period(s): n Automatic Early Redemption
Valuation Date(s)/Period(s):
1 July 15th, 2027 2 October 15th, 2027 3 January 18th, 2028 4 April 18th, 2028 5 July 18th, 2028 6 October 16th, 2028 7 January 16th, 2029 8 April 16th, 2029 9 July 17th, 2029 10 October 15th, 2029 11 January 15th, 2030 12 April 15th, 2030
(v) Strike Date: 15 July 2026 .
(w) Strike Price: Not applicable.
(x) Redemption Valuation Date: The Exercise Date.
(y) Averaging: Averaging does not apply to the Securities.
(z) Observation Dates: Not applicable.
(aa) Observation Period: Not applicable.
(bb) Settlement Business Day: Not applicable .
(cc) Cut-off Date: Not applicable .
(dd) Identification information of Holders as provided by Condition 29: Not applicable .
DISTRIBUTION AND U.S. SALES ELIGIBILITY
43. U.S. Selling Restrictions: Not applicable – the Securities may not be legally or beneficially owned by or transferred to any U.S. person at any time .
44. 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.
45. Registered broker/dealer: Not applicable .
46. TEFRA C or TEFRA Not Applicable: TEFRA Not Applicable .
47. Non-exempt Offer: Applicable (i) Non -exempt Offer
Jurisdictions:
Republic of Italy
The Issuer intends to publish advertisement in Italy referring to the Securities and the admission to trading of the Securities on SeDeX MTF, which may be qualified as a public offer of Securities in Italy under Italian law and this Final Terms are prepare d for this purpose.
No Offer Period is envisaged and the items relating to “ Terms and Conditions of the Public Offer ”, “Intermediaries with a firm commitment to act ” and “ Placing and Underwriting ” (as per the Form af Final Terms for Certificates included in the Base Prospectus) are not applicable.
(ii) (ii) Offer Period:
Not applicable
(iii) (iii) Financial intermediaries granted specific consent to use the Not applicable
Base Prospectus in accordance with the Conditions in it:
(iv) (iv) General Consent:
Not applicable
(v) (v) Other Authorised Offeror
Terms:
Not applicable
48. Prohibition of Sales:
(a) Prohibition of Sales to EEA Retail Investors: Not applicable (b) Prohibition of Sales to UK Retail Investors: Not applicable (c) Prohibition of Sales to EEA Non -Natural Persons : Not applicable (d) Prohibition of Sales to UK Non -Natural Persons : Not applicable
PROVISIONS RELATING TO COLLATERAL AND SECURITY
49. Secured Security other than Notional Value Repack Securities: Not applicable 50. Notional Value Repack Securities Not applicable
Responsibility
The Issuer accepts responsibility for the information contained in these Final Terms. To the best of the knowledge of the Is suer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with t he facts and does not omit anything likely to affect the import of such information.
PART B – OTHER INFORMATION
1. Listing and Admission to trading Application will be made for the Securities to be admitted to trading on the Multilateral Trading Facility of securitised derivatives financial instruments organised and managed by Borsa Italiana S.p.A. (the " SeDeX MTF ").
2. Ratings
The Securities have not been rated.
The rating of the Issuer is A + from Standard and Poor's.
The rating of the Guarantor is A 1 from Moody's and A + from Standard and Poor's.
As defined by Moody's, an "A" rating means that the obligations of the Issuer and the Guarantor under the Programme are judged to be of high quality and are subject to very low credit risk . Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aaa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of that generic rating category.
As defined by Standard & Poor's, an obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher -rated categories. However, the relevant Issuer and Guarantor's capa city to meet its financial commitment on the obligation is still strong. The addition of a plus (+) or minus ( -) sign shows relative standing within the major rating category" Moody's and Standard & Poor's are established in the European Union and are registered under Regulation (EC) No.
1060/2009 (as amended).
3. Interests of Natural and Legal Persons Involved in the Offer Save as discussed in the " Potential Conflicts of Interest " paragraph in the " Risk Factors " in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.
4. Reasons for the Issue, Estimated Net Proceeds and Total Expenses (a) Reasons for the Issue:
See "Use of Proceeds" in the Base Prospectus.
(b) Estimated net proceeds:
EUR 36,000,000
(c) Estimated total expenses:
The estimated total expenses are not available.
5. Performance of Underlying/Formula/Other Variable and Other Information concerning the Underlying Reference See Base Prospectus for an explanation of effect on value of Investment and associated risks in investing in Securities.
Information on each Share shall be available on the relevant Share Company website as set out in "Specific Provisions for each Series" in Part A.
Past and further performances of the relevant Share are available on the relevant website as set out in “Specific Provisions for each Series above” and its volatility may be obtained at the office of the Calculation Agent by mail to the following address: investimenti@bnpparibas. com.
6. Operational Information Relevant Clearing System(s): Monte Titoli
7. Terms and Conditions of the Non -Exempt Offer Amount of any expenses and taxes charged to the subscriber or purchaser:
STRAT CODE EURID COST
CE01626XAD 1.87
CE01627XAD 0.56
CE01628XAD 1.61
CE01629XAD 1.76
CE01630XAD 0.42
CE01631XAD 1.08
CE01632XAD 0.48
CE01633XAD 1.51
CE01634XAD 1.65
CE01635XAD 1.30
CE01636XAD 3.32
CE01637XAD 1.07
8. Intermediaries with a firm commitment to act Name and address of the entities which have a firm commitment to act as intermediaries in secondary trading, providing liquidity through bid and after rates and a description of the main terms of their commitment: Not applica ble.
9. EU Benchmarks Regulation EU Benchmarks Regulation: Article 29(2) Not applicable statement on benchmarks:
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 investors when conside ring 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
EUR 12 Series of “4Y Maxi Cash Collect Step Down " Certificates linked to a Basket of Share s - The securities are Certificates. International Securities Identification Number ("ISIN") as set out in the table below.
Identity and contact details of the issuer
BNP Paribas Issuance B.V. (the "Issuer"), Herengracht 595, 1017 CE 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 -153 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
BNPP B.V. was incorporated in the Netherlands as a private company with limited liability under Dutch law having its register ed office at Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands. Legal entity identifier (LEI): 7245009UXRIGIRYOBR48.
BNPP B.V.'s long term credit rating is A+ with a stable outlook (S&P Global Ratings Europe Limited) and BNPP B.V.'s short ter m 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 BNPP B.V. consist of the obligations of other BNPP Group entities. Holders of securities issued by BNPP B.V. wi ll, subject to the provisions of the Guarantee issued by BNPP, be exposed to the ability of BNPP Group entities to perform their ob ligations towards BNPP B.V.
Major shareholders
BNP Paribas holds 100 per cent. of the share capital of BNPP 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/Matthew Ya ndle.
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
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) 164,334,371,318 124,241,216,005 Current ratio (current assets/current liabilities) 1 1 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. BNPP B.V. is an operating company. The creditworthiness of BNPP 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 EUR 12 Series of “4Y Maxi Cash Collect Step Down" Certificates linked to a Basket of Shares - The securities are Certificates. International Securities Identification Number ("ISIN") as set out in the table below.
Currency / denomination / par value / number of securities issued / term of the securities
The currency of the Securities is Euro ("EUR"). The Securities have a par value of EUR 100. Number/Term of Securities : please refer to the tables as set out below . The Securities will be redeemed on 26 July 2030 .
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 return based on the performance of underlying shares (each share, an U nderlying). The product will also pay coupon in accordance with the Coupon provisions below.
The objective of this product is to provide you with a return based on the performance of underlying shares (each share, an U nderlying). The product will also pay Coupon in accordance with the Coupon provisions below.
Unless the product has been redeemed early, the following provisions would apply.
On the Redemption Date you will receive in respect of each certificate, in addition to any final payment of a Coupon:
1. If a Barrier Event has not occurred: a payment in cash equal to the Notional Amount.
2. If a Barrier Event has occurred: a payment in cash equal to the Notional Amount decreased by the Performance of the Worst -Performing Underlying. In this case you will suffer a partial or total loss of the Notional Amount.
Coupon: A Coupon is due for payment at the Coupon Rate on each Coupon Payment Date. In addition, a conditional Coupon is due for paym ent at the relevant Conditional Coupon Rate each time the following condition (Coupon Condition) is met: if, on a Coupon Valuation Date, the closing price of each underlying is greater than or equal to the relevant Conditional Coupon Barrier. Otherwise, the Coupon is missed but not lost definitely. All missed Coupons will acc umulate and become payable only if the Coupon Condit ion is subsequently satisfied.
Automatic Early Redemption: If, on any Autocall Valuation Date, the closing price of each underlying is greater than or equal to the relevant Autocall Ba rrier, the product will be redeemed on the corresponding Early Redemption Date. You will receive for each certificate a payment in cash equal to the Notional Amount
Where:
A Barrier Event shall be deemed to occur if the Final Reference Price of at least one Underlying is below the Barrier.
The Performance of an Underlying is the difference between its Final Reference Price and its Initial Reference Price, divided by its Initial Reference Price, expressed in absolute value.
The Worst -Performing Underlying is the Underlying that shows the lowest Final Reference Price when divided by its Initial Reference Pri ce.
The Initial Reference Price of an Underlying is the closing price of that Underlying on the Strike Date.
The Final Reference Price of an Underlying is the closing price of that Underlying on the Redemption Valuation Date.
Strike Date 15 July 2026 Issue Price EUR 100 Issue Date 10 July 2026 Product Currency EUR Redemption Valuation Date 17 July 2030 Notional Amount (per certificate) EUR 100 Redemption Date (maturity) 26 July 2030
Coupon Valuation Date(s) See Annex Autocall Valuation Date(s) See Annex Coupon Payment Date(s) See Annex Autocall Barrier(s) See Annex Early Redemption Date(s) See Annex
ANNEX
Coupon
Coupon Valuation Date(s) Coupon Payment Date(s)
- 18 September 2026 15 January 2027 26 January 2027 15 April 2027 26 April 2027 15 July 2027 26 July 2027 15 October 2027 26 October 2027 18 January 2028 27 January 2028 18 April 2028 27 April 2028 18 July 2028 27 July 2028 16 October 2028 25 October 2028 16 January 2029 25 January 2029 16 April 2029 25 April 2029 17 July 2029 26 July 2029 15 October 2029 24 October 2029 15 January 2030 24 January 2030 15 April 2030 26 April 2030 17 July 2030 26 July 2030 Automatic Early Redemption
Autocall Valuation Date(s) Early Redemption Date(s) Autocall Barrier(s) 15 July 2027 26 July 2027 100 % of the Initial Reference Price 15 October 2027 26 October 2027 100 % of the Initial Reference Price 18 January 2028 27 January 2028 100 % of the Initial Reference Price 18 April 2028 27 April 2028 100 % of the Initial Reference Price 18 July 2028 27 July 2028 95 % of the Initial Reference Price 16 October 2028 25 October 2028 95 % of the Initial Reference Price 16 January 2029 25 January 2029 95 % of the Initial Reference Price 16 April 2029 25 April 2029 95 % of the Initial Reference Price 17 July 2029 26 July 2029 90 % of the Initial Reference Price 15 October 2029 24 October 2029 90 % of the Initial Reference Price 15 January 2030 24 January 2030 90 % of the Initial Reference Price 15 April 2030 26 April 2030 90 % of the Initial Reference Price
Series Number No. of
Securitie
s issued No. of Securities ISIN Code Trading
Code of
Borsa
Italiana Issue
Price per
Security Underlying
Shares Rate i=1 Knock -in
Level Snowbal
l Level Rate(i= 2 to 16) Exercise Date Exercise
Settlement
Date
CE01626XAD
30,000
30,000 NLBNPIT30648 P30648 EUR 100 BANCO BPM
SPA 19.00
% 60% 60%
1.00% 17/07/2030 26/07/2030 UNICREDIT SPA 60% 60%
BPER BANCA 60% 60%
CE01627XAD
30,000
30,000 NLBNPIT30655 P30655 EUR 100 BANCO BPM
SPA
20.00
% 55% 60%
1.00% 17/07/2030 26/07/2030 FINECOBANK
SPA 55% 60%
BPER BANCA 55% 60%
ASSICURAZION
I GENERALI 55% 60%
CE01628XAD
30,000
30,000 NLBNPIT30663 P30663 EUR 100 BANCO BPM
SPA
19.00
% 50% 55%
1.00% 17/07/2030 26/07/2030 UNICREDIT SPA 50% 55%
BPER BANCA 50% 55%
BANCA
GENERALI SPA 50% 55%
CE01629XAD
30,000
30,000 NLBNPIT30671 P30671 EUR 100 UNICREDIT SPA
19.00
% 50% 55%
1.00% 17/07/2030 26/07/2030 LEONARDO
SPA 50% 55%
ENI SPA 50% 55%
CE01630XAD
30,000
30,000 NLBNPIT30689 P30689 EUR 100 Unipol
Assicurazioni
SpA 18.75
% 55% 60% 1.00% 17/07/2030 26/07/2030
POSTE
ITALIANE SPA 55% 60%
AZIMUT
HOLDING SPA 55% 60%
FERRARI NV 55% 60%
CE01631XAD
30,000
30,000 NLBNPIT30697 P30697 EUR 100 MONCLER SPA
20.00
% 50% 50%
1.00% 17/07/2030 26/07/2030 SNAM SPA 50% 50%
PIRELLI & C
SPA 50% 50%
FINCANTIERI
SPA 50% 50%
CE01632XAD
30,000
30,000 NLBNPIT306A6 P306A6 EUR 100 ASSICURAZION
I GENERALI
17.50
% 60% 60% 1.00% 17/07/2030 26/07/2030 Unipol
Assicurazioni
SpA 60% 60%
AEGON NV 60% 60%
MUENCHENER
RUECKVER AG -
REG 60% 60%
CE01633XAD
30,000
30,000 NLBNPIT306B4 P306B4 EUR 100 ENI SPA
20.00
% 50% 50%
1.00% 17/07/2030 26/07/2030 ENEL SPA 50% 50%
SIEMENS
ENERGY AG 50% 50%
CE01634XAD
30,000
30,000 NLBNPIT306C2 P306C2 EUR 100 Rheinmetall
AG 19.00
% 55% 55%
1.00% 17/07/2030 26/07/2030 GENERAL
ELECTRIC CO 55% 55%
THALES SA 55% 55%
CE01635XAD
30,000
30,000 NLBNPIT306D0 P306D0 EUR 100 STELLANTIS NV 19.00
% 45% 45% 1.00% 17/07/2030 26/07/2030 KERING 45% 45%
CE01636XAD
30,000
30,000 NLBNPIT306E8 P306E8 EUR 100 MICROSOFT
CORP 20.00
% 30% 30%
1.50% 17/07/2030 26/07/2030 META
PLATFORMS 30% 30%
INTEL CORP 30% 30%
CE01637XAD
30,000
30,000 NLBNPIT306F5 P306F5 EUR 100 BAYER AG -REG
20.00
% 50% 50%
1.10% 17/07/2030 26/07/2030 NOVO
NORDISK A/S -B 50% 50%
Galderma
Group AG 50% 50%
Share Company Type of Share ISIN of Share Share Currency Share Company Website Exchange Exchange Website BANCO BPM SPA Common Stock IT0005218380 EUR www.bancobpm.it Borsa Italiana www.borsaitaliana.it UNICREDIT SPA Common Stock IT0005239360 EUR www.unicreditgroup.eu Borsa Italiana www.borsaitaliana.it Unipol Assicurazioni SpA Common Stock IT0004810054 EUR www.unipol.com Borsa Italiana www.borsaitaliana.it MONCLER SPA Common Stock IT0004965148 EUR www.monclergroup.com Borsa Italiana www.borsaitaliana.it
ASSICURAZIONI
GENERALI Common Stock IT0000062072 EUR www.generali.com Borsa Italiana www.borsaitaliana.it ENI SPA Common Stock IT0003132476 EUR www.eni.it Borsa Italiana www.borsaitaliana.it Rheinmetall AG Common Stock DE0007030009 EUR www.rheinmetall.com Frankfurt Stock Exchnage www.boerse -frankfurt.de STELLANTIS NV Common Stock NL00150001Q9 EUR www.stellantis.com Borsa Italiana www.borsaitaliana.it MICROSOFT CORP Common Stock US5949181045 USD www.microsoft.com Nasdaq www.nasdaq.com BAYER AG -REG Common Stock DE000BAY0017 EUR www.bayer.com Xetra www.xetra.de FINECOBANK SPA Common Stock IT0000072170 EUR www.finecobank.com Borsa Italiana www.borsaitaliana.it
LEONARDO SPA Common Stock IT0003856405 EUR www.leonardocompany.com Borsa Italiana www.borsaitaliana.it POSTE ITALIANE SPA Common Stock IT0003796171 EUR www.posteitaliane.it Borsa Italiana www.borsaitaliana.it SNAM SPA Common Stock IT0003153415 EUR www.snam.it Borsa Italiana www.borsaitaliana.it ENEL SPA Common Stock IT0003128367 EUR www.enel.com Borsa Italiana www.borsaitaliana.it GENERAL ELECTRIC CO Common Stock US3696043013 USD www.ge.com NYSE www.nyse.com KERING Common Stock FR0000121485 EUR www.kering.com Euronext Paris www.euronext.com
META PLATFORMS Common Stock US30303M102
7 USD www.facebook.com Nasdaq www.nasdaq.com NOVO NORDISK A/S -B Common Stock DK0060534915 DKK www.novonordisk.com Nasdaq Nordic
www.nasdaqomxnordic.co
m BPER BANCA Common Stock IT0000066123 EUR www.bper.it Borsa Italiana www.borsaitaliana.it AZIMUT HOLDING SPA Common Stock IT0003261697 EUR www.azimut.it Borsa Italiana www.borsaitaliana.it PIRELLI & C SPA Common Stock IT0005278236 EUR www.pirelli.com Borsa Italiana www.borsaitaliana.it AEGON NV Common Stock BMG0112X105 6 EUR www.aegon.com Euronext
Amsterdam www.euronext.com
SIEMENS ENERGY AG Common Stock DE000ENER6Y0 EUR www.siemens -energy.com Frankfurt Stock
Exchange/XETRA www.xetra.de
THALES SA Common Stock FR0000121329 EUR www.thalesgroup.com Euronext Paris www.euronext.com INTEL CORP Common Stock US4581401001 USD www.intel.com Nasdaq www.nasdaq.com Galderma Group AG Common Stock CH1335392721 CHF www.galderma.com SIX Swiss Exchange www.six -group.com
BANCA GENERALI SPA Common Stock IT0001031084 EUR www.bancagenerali.com Borsa Italiana www.borsaitaliana.it FERRARI NV Common Stock NL0011585146 EUR www.ferrari.com Borsa Italiana www.borsaitaliana.it FINCANTIERI SPA Common Stock IT0005599938 EUR www.fincantieri.com Borsa Italiana www.borsaitaliana.it
MUENCHENER RUECKVER
AG-REG Common Stock DE0008430026 EUR www.munichre.com Wiener Boerse AG www.wienerborse.at/en/
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
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 Sedex .
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 BNPP 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 situation 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 BNPP B.V. does not pay any su m 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 performan ce of the relevant obligation on the due date for such pe rformance.
Description of the guarantor
The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to an E nglish 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 (Moody's Deuts chland GmbH) and AA - with a stable outlook (Fitch Ratings Ireland Limited) (which is the long -term rating assigned to BNPP’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), BNP Paribas Wealth Management, BNP Paribas Asset Management (strengthened in 2025 by the integration of AXA Investment Managers), BNP Paribas Real Estate and IPS Investments (management of the BNP Paribas Group ’s portfolio of unlisted and listed industrial and commercial investments).
As at 31 December 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 5.7% of the share capital, Bla ckRock Inc. holding 7.1% of the share capital and Grand Duchy of Luxembourg holding 1.2% 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 « Financ ial 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 legal risks 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 euros) 10.29 9.57 2.73 2.44
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%
Total Capital Ratio 17% 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, including on -balance sheet and off -balance sheet and including debt securities measured at amortised costs or at fair value through shareholders' equity reported (exc luding 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 including 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 risk 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 unanticipate d 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 vo latility 4. The BNP Paribas Group’s access to and cost of funding could be adversely affected by a resurgence of financial crises, worsen ing 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 the BNP Paribas Group a nd the markets in which it operates 6. Laws and regulations in force, as well as current and future legislative and regulatory developments, may significantly impac t 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 performance of the Underlying Reference(s) and whether knock -in or knock out features apply. Auto -callable Products include automatic early redemption mechanisms. Depending on the applicable formula, if an automa tic early redemption event occurs investors may be exposed to a partial loss of their investment. Investors may be exposed to a partial or total loss of their investment.
2. Risks related to the underlying and its disruption and adjustments:
Unlike a direct investment in any Share(s), Stapled Share(s), GDR(s) and/or ADR(s) comprising the Underlying Reference(s) (to gether the "Share(s)"), an investment in Share Securities does not entitle Holders to vote or receive dividends or distributions (u nless otherwise specified in the Final Terms). Accordingly, the return on Share Securities will not be the same as a direct investment in the relevant Share(s) and could be less than a direct investment.
Exposure to shares, similar market risks to a direc t investment in an equity, potential adjustment events or extraordinary events and market disruption or failure to open of an exchange may have an adverse effect on the value and liquidity of the Securities.
3. 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 Underlying Reference(s), the time remaining until the scheduled redemption date of the Securities, the actua l or implied volatility associated with the Underlying Reference(s) and the correlation risk of the relevant Underlying Reference(s). The possibility that the value and trading price of the Securities will fluctuate (eith er positively or negatively) depend s on a number of factors, which investors should consider carefully before purchasing or selling Securities.
4. Legal risks:
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 at tend and vote at the relevant meeting and holders who voted in a manner contrary to the majority.
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 Sedex .
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”), Herengracht 595, 1017 CE 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 : 36,000,000
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 interest.
BNP Paribas Financial Markets SNC, which acts as Manager and Calculation Agent is an Affiliate of the Issuer and the Guaranto r and potential conflicts of interest may exist between it and holders of the Securities, including with respect to certain determi nations and judgments that the Calculation Agent must make. The economic interests of the Issuer and of BNP Paribas Financial Markets SNC as Manager and Calculation Agent are potentially adverse to Holders in terests 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 .
Nota di sintesi
Sezione A - Introduzione e Avvertenze
Avvertenze
La presente Nota di Sintesi va intesa quale introduzione al Prospetto di Base e alle Condizioni Definitive.
Qualsiasi decisione di investimento nei Titoli dovrebbe basarsi sull'esame del presente Prospetto di Base nella sua interezza , incluso ogni eventuale documento incorporato mediante riferimento, e delle relative Condizioni Definitive.
Gli investitori possono essere esposti a una perdita parziale o totale dell’investimento.
Qualora sia presentato un ricorso dinanzi all'autorità giudiziaria di uno Stato Membro dello Spazio Economico Europeo in meri to alle informazioni contenute nel Prospetto di Base e nelle Condizioni Definitive applicabili, l'investitore ricorrente potrebbe e ssere tenuto, a norma del diritto nazionale dello Stato Membro in cui è presentato il ricorso, a sostenere le spese di traduzione del Prospetto di Base e delle Condizioni Definitive prima dell'inizio del procedimento leg ale.
La responsabilità civile in ciascuno di tali Stati Membri è a carico dell'Emittente o dell'eventuale Garante esclusivamente s ulla base della presente nota di sintesi, inclusa ogni traduzione della stessa, ma solo se è fuorviante, imprecisa o incoerente ove letta congiuntamente alle altre parti del Prospetto di Base e delle Condizioni Definitive applicabili o, non offra, se letta insieme alle altre parti del Prospetto di Base e delle Condizioni Definitive applicabili,, le informazioni fondamentali per aiutar e gli investitori a valutare l'opportunità di investire in tali Titoli.
Il prodotto che si sta per acquistare non è semplice e può essere di difficile comprensione.
Name e codice internazionale di identificazione dei titoli (ISIN)
EUR 12 serie di Certificati “ 4Y Ma xi Cash Collect Step Down " collegati a paniere di azion i - I titoli sono Certificates. Codice internazionale di identificazione dei titoli ("ISIN"): come specificato nella tabella sottostante.
Nome e contatti dell’emittente BNP Paribas Issuance B.V. ("BNPP B.V." o l'"Emittente"). Herengracht 595, 1017 CE Amsterdam, Paesi Bassi (numero di telefono: +31(0)88 738 0000). L’identificativo della persona giuridica dell’Emittente (LEI):è 7245009UXRIGIRYOBR48
Nome e contatti dell’offerente e / o del richiedente l'ammissione alla negoziazione
Richiedente l’ammissione alla negoziazione: BNP Paribas Issuance B.V. (in seguito denominata l’ "Emittente"), Parnassusweg 78 9, 1082 LZ Amsterdam, Paesi Bassi (numero di telefono: +31(0)88 738 0000).
Nome e contatti dell’autorità competente che approva il prospetto
Autorité des Marchés Financiers ("AMF"), 17, place de la Bourse 75082 Parigi Cedex 02, Francia - +33 (0)1 53 45 60 00 - www.amf -france.org
Data di approvazione del prospetto
Il Prospetto di Base è stato approvato il 21 maggio 2026 dall'AMF con il numero di approvazione 26 -153, e successive modifiche.
Sezione B - Informazioni chiave concernenti l’emittente
Chi è l’emittente dei titoli?
Domicilio / forma giuridica / codice LEI / legge che disciplina l'emittente / stato di costituzione
L'Emittente è stato costituito in Olanda nella forma di una società a responsabilità limitata ai sensi della legge olandese, con sede legale in Parnassusweg 789, 1082 LZ Amsterdam, Olanda. Identificativo della persona giuridica (LEI): 7245009UXRIGIRYOBR48.
I rating del credito a lungo termine di BNPP B.V. è A + con outlook stabile (S&P Global Ratings Europe Limited) e i rating de l credito a breve termine di BNPP B.V. sono A-1 (S&P Global Ratings Europe Limited).
Attività principali
L'attività principale dell'Emittente consiste nell'emettere e/o acquisire strumenti finanziari di qualsiasi natura e nello st ipulare contratti a essi inerenti a favore di varie società del Gruppo BNPP.
Le attività di BNPP B.V. sono costituite dalle passività di altre entità del Gruppo BNPP. I detentori di titoli emessi da BNP P B.V., soggetti alle disposizioni della Garanzia emessa da BNPP, saranno esposti alla capacità delle entità del Gruppo BNPP di ade mpiere ai propri obblighi nei confronti di BNPP B.V.
Maggiori azionisti
BNP Paribas detiene il 100% del capitale sociale di BNPP B.V.
Nome dei suoi principali dirigenti
Il Managing Directors di BNP Paribas Issuance B.V. sono Edwin Herskovic/Cyril Le Merrer/Folkert van Asma/Hugo Peek/Matthew Ya ndle.
Nome dei del revisore contabile
Deloitte Accountants B.V. è la società di revisione dell'Emittente. Deloitte Accountants B.V. è una società di revisione cont abile indipendente registrata nei Paesi Bassi. I revisori competenti di Deloitte Accountants B.V. che hanno firmato le relazioni di revisione indipendente incorporate per riferimento nel Prospetto di base sono membri del Royal Netherlands Institute of Chartered Accountants ( Koninklijke Nederlandse Beroepsorganisatie van Accountants ).
Quali sono le informazioni finanziarie chiave relative all’emittente?
Informazioni finanziarie chiave
Conto economico
Anno Anno -1 In € 31/12/2025 31/12/2024 Utile/perdita operativa 224.204 167.327
Bilancio
Anno Anno -1 In € 31/12/2025 31/12/2024 Debito finanziario netto (debito a lungo termine più debito a breve meno cassa) 164.334.371.318 124.241.216.005 Rapporto corrente (attività correnti/passività correnti) 1 1 Rapporto debito/patrimonio netto (passività totali/patrimonio netto totale) 29.275 22.860 Rapporto di copertura degli interessi (proventi operativi/interessi passivi) n.a n.a
Rendiconto finanziario
Anno Anno -1 In € 31/12/2025 31/12/2024 Flussi di cassa netti da attività operative -2.184.469 -471.573 Flussi di cassa netti da attività di finanziamento 0 4.500.000 Flusso di cassa netto da attività di investimento 0 0
Riserve nella relazione di revisione
Non applicabile, non vi sono riserve in alcuna relazione dei revisori sulle informazioni finanziarie relative agli esercizi p assati incluse nel Prospetto di Base.
Quali sono i principali rischi specifici dell’emittente?
Non applicabile. BNPP B.V. è una società operativa. Il merito creditizio di BNPP B.V. dipende dal merito creditizio di BNPP.
Sezione C - Informazioni chiave sui titoli
Quali sono le principali caratteristiche dei titoli?
Tipologia, classe e codice ISIN EUR 12 serie di Certificati “4Y Maxi Cash Collect Step Down " collegati a paniere di azioni - I titoli sono Certificates. Codice internazionale di identificazione dei titoli ("ISIN"): come specificato nella tabella sottostante.
Valuta / valore nominale di titoli emessi / numero di titoli emessi / scadenza dei titoli La valuta dei Titoli è Euro ("EUR"). I Titoli hanno un valore nominale di EUR 100. Per tutte le altre informazioni si veda la tabella sottostante. I Titoli saranno liquidati in data 26 luglio 2030 .
Diritti connessi ai titoli
Divieto di costituzione di garanzie reali (negative pledge) - I termini dei Titoli non conterranno alcuna clausola di divieto di costituzione di garanzie reali.
Eventi di Inadempimento - I termini dei Titoli non conterranno eventi di inadempimento.
Legge applicabile - I Titoli saranno regolati ai sensi del diritto inglese.
L'obiettivo di questo prodotto è di fornire un rendimento collegato all'andamento di titoli azionari (ogni azione, un Sottost ante). Il prodotto prevede anche il versamento di premi periodici/a scadenza in base a quanto riportato successivamente. Qualora il prodotto non sia scaduto anticipatamente, alla Data di Liquidazione riceverete per ogni Certificate, in aggiunta all'eventuale versamento finale di un Premio:
1. Se non si è verificato un Evento Barriera: un pagamento in contanti pari all'Importo Nozionale.
2. Se si è verificato un Evento Barriera: un pagamento in contanti pari all'Importo Nozionale meno un importo commisurato all a Performance del Sottostante con la Performance peggiore. In questo caso potrete incorrere in una perdita parziale o totale de l capitale investito.
Premio/i : é previsto il versamento di un Premio certo alla/a ogni Data di Pagamento del Premio. Inoltre, è previsto il versamento di un Premio Condizionato alla/a ogni Data di Pagamento del Premio ogni volta che viene soddisfatta la seguente condizione (Condizione del Premio Condizionato): se, a una Data di Valutazione del Premio, il prezzo di chiusura di ogni Sottostante è pari o superiore alla relativa Barriera per il Versamento del Premio Condizionato. Diversam ente, il Premio non viene pagato ma non è perso defi nitivamente. Tutti i Premi Condizionati non versati si accumuleranno e saranno versati solo se la Condizione del Premio Condi zionato verrà soddisfatta successivamente.
La Barriera per il Versamento del Premio Condizionato è uguale alla Barriera osservata per l'Evento Barriera.
Scadenza Anticipata Automatica : se, a qualsiasi Data di Valutazione dell'Importo di Liquidazione Anticipato, il prezzo di chiusura di ogni Sottostante è pari o superiore alla relativa Barriera per la Scadenza Anticipata, il prodotto sarà liquidato alla corrispondente Data di Scadenza Ant icipata. Riceverete per ogni certificate un importo in contanti pari all'Importo Nozionale.
La Barriera per la Scadenza Anticipata è decrescente è più alta della Barriera osservata per l'Evento Barrier a.
Dove:
Un Evento Barriera si intenderà verificato se il Prezzo di Riferimento Finale di almeno un Sottostante è inferiore alla Barri era.
La Performance di un Sottostante è pari alla differenza tra il suo Prezzo di Riferimento Finale e il suo Prezzo di Riferiment o Iniziale, divisa per il suo Prezzo di Riferimento Iniziale, espressa in valore assoluto.
Il Sottostante con la Performance peggiore è il Sottostante con il più basso valore ottenuto dal Prezzo di Riferimento Finale una volta diviso per il suo Prezzo di Riferimento Iniziale.
Il Prezzo di Riferimento Iniziale di un Sottostante è il prezzo di chiusura di quel Sottostante alla Data di Strike.
Il Prezzo di Riferimento Finale di un Sottostante è il prezzo di chiusura di quel Sottostante alla Data di Valutazione dell'I mporto di Liquidazione.
Data di Strike 15 luglio 2026 Prezzo di Emissione EUR 100 Data di Emissione 10 luglio 2026 Valuta del prodotto EUR Data di Valutazione dell’Importo di Liquidazione (rimborso) 17 luglio 2030 Importo Nozionale (per Certificate) EUR 100 Data di Liquidazione (rimborso) 26 luglio 2030
Data/e di Valutazione del/i Premio/i Condizionato/i Si veda l’Allegato Data/e di Valutazione dell’Importo di Liquidazione (rimborso) Anticipato Si veda l’Allegato Data/e di Pagamento del/i Premio/i Si veda l’Allegato Barriera/e per la Scadenza Anticipata Si veda l’Allegato Data/e di Scadenza Anticipata Si veda l’Allegato
ALLEGATO
Premio/i
Data/e di Valutazione del/i Premio/i Condizionato/i Data/e di Pagamento del/i Premio/i
- 18 settembre 2026 15 gennaio 2027 26 gennaio 2027 15 aprile 2027 26 aprile 2027 15 luglio 2027 26 luglio 2027 15 ottobre 2027 26 ottobre 2027 18 gennaio 2028 27 gennaio 2028 18 aprile 2028 27 aprile 2028 18 luglio 2028 27 luglio 2028 16 ottobre 2028 25 ottobre 2028 16 gennaio 2029 25 gennaio 2029 16 aprile 2029 25 aprile 2029 17 luglio 2029 26 luglio 2029 15 ottobre 2029 24 ottobre 2029 15 gennaio 2030 24 gennaio 2030 15 aprile 2030 26 aprile 2030 17 luglio 2030 26 luglio 2030 Scadenza Anticipata Automatica
Data/e di Valutazione dell’Importo di Liquidazione (rimborso) Anticipato Data/e di Scadenza Anticipata Barriera/e per la Scadenza Anticipata 15 luglio 2027 26 luglio 2027 100% del Prezzo di Riferimento Iniziale 15 ottobre 2027 26 ottobre 2027 100% del Prezzo di Riferimento Iniziale 18 gennaio 2028 27 gennaio 2028 100% del Prezzo di Riferimento Iniziale 18 aprile 2028 27 aprile 2028 100% del Prezzo di Riferimento Iniziale 18 luglio 2028 27 luglio 2028 95% del Prezzo di Riferimento Iniziale 16 ottobre 2028 25 ottobre 2028 95% del Prezzo di Riferimento Iniziale 16 gennaio 2029 25 gennaio 2029 95% del Prezzo di Riferimento Iniziale 16 aprile 2029 25 aprile 2029 95% del Prezzo di Riferimento Iniziale 17 luglio 2029 26 luglio 2029 90% del Prezzo di Riferimento Iniziale 15 ottobre 2029 24 ottobre 2029 90% del Prezzo di Riferimento Iniziale 15 gennaio 2030 24 gennaio 2030 90% del Prezzo di Riferimento Iniziale 15 aprile 2030 26 aprile 2030 90% del Prezzo di Riferimento Iniziale
Series Number No. of
Securities
issued No. of Securities ISIN Code Trading
Code of
Borsa
Italiana Issue
Price
per
Securit
y Underlying Shares Rate i=1 Knock -in
Level Sno
wbal
l
Leve
l Rate
(i=2
to
16) Exercis
e Date Exercis e
Settlem
ent
Date
CE01626XAD
30,000
30,000 NLBNPIT306
48 P30648 EUR
100 BANCO BPM
SPA 19.0
0% 60% 60% 1.0
0% 17/07
/2030 26/07
/2030 UNICREDIT SPA 60% 60%
BPER BANCA 60% 60%
CE01627XAD
30,000
30,000 NLBNPIT306
55 P30655 EUR
100 BANCO BPM
SPA
20.0
0% 55% 60% 1.0
0% 17/07
/2030 26/07
/2030 FINECOBANK
SPA 55% 60%
BPER BANCA 55% 60%
ASSICURAZIONI
GENERALI 55% 60%
CE01628XAD
30,000
30,000 NLBNPIT306
63 P30663 EUR
100 BANCO BPM
SPA
19.0
0% 50% 55% 1.0
0% 17/07
/2030 26/07
/2030 UNICREDIT SPA 50% 55%
BPER BANCA 50% 55%
BANCA
GENERALI SPA 50% 55%
CE01629XAD
30,000
30,000 NLBNPIT306
71 P30671 EUR
100 UNICREDIT SPA
19.0
0% 50% 55% 1.0
0% 17/07
/2030 26/07
/2030 LEONARDO SPA 50% 55%
ENI SPA 50% 55%
CE01630XAD
30,000
30,000 NLBNPIT306
89 P30689 EUR
100 Unipol
Assicurazioni
SpA 18.7
5% 55% 60% 1.0
0% 17/07
/2030 26/07
/2030 POSTE ITALIANE
SPA 55% 60%
AZIMUT
HOLDING SPA 55% 60%
FERRARI NV 55% 60%
CE01631XAD
30,000
30,000 NLBNPIT306
97 P30697 EUR
100 MONCLER SPA
20.0
0% 50% 50% 1.0
0% 17/07
/2030 26/07
/2030 SNAM SPA 50% 50%
PIRELLI & C SPA 50% 50%
FINCANTIERI
SPA 50% 50%
CE01632XAD
30,000
30,000 NLBNPIT306
A6 P306A6 EUR
100 ASSICURAZIONI
GENERALI
17.5
0% 60% 60% 1.0
0% 17/07
/2030 26/07
/2030 Unipol
Assicurazioni
SpA 60% 60%
AEGON NV 60% 60%
MUENCHENER
RUECKVER AG -
REG 60% 60%
CE01633XAD
30,000
30,000 NLBNPIT306
B4 P306B4 EUR
100 ENI SPA
20.0
0% 50% 50% 1.0
0% 17/07
/2030 26/07
/2030 ENEL SPA 50% 50%
SIEMENS
ENERGY AG 50% 50%
CE01634XAD
30,000
30,000 NLBNPIT306
C2 P306C2 EUR
100 Rheinmetall AG
19.0
0% 55% 55% 1.0
0% 17/07
/2030 26/07
/2030 GENERAL
ELECTRIC CO 55% 55%
THALES SA 55% 55%
CE01635XAD
30,000
30,000 NLBNPIT306
D0 P306D0 EUR
100 STELLANTIS NV 19.0
0% 45% 45% 1.0
0% 17/07
/2030 26/07
/2030 KERING 45% 45%
CE01636XAD
30,000
30,000 NLBNPIT306
E8 P306E8 EUR
100 MICROSOFT
CORP 20.0
0% 30% 30% 1.5
0% 17/07
/2030 26/07
/2030 META
PLATFORMS 30% 30%
INTEL CORP 30% 30%
CE01637XAD P306F5 BAYER AG -REG 50% 50%
30,000
30,000 NLBNPIT306
F5 EUR
100 NOVO NORDISK
A/S-B 20.0
0% 50% 50% 1.1
0% 17/07
/2030 26/07
/2030 Galderma
Group AG 50% 50%
Share Company Type of Share ISIN of Share Share
Curren
cy Share Company Website Exchange Exchange Website
BANCO BPM SPA Common
Stock IT000521838
0 EUR www.bancobpm.it Borsa Italiana www.borsaitaliana.it
UNICREDIT SPA Common
Stock IT000523936
0 EUR www.unicreditgroup.eu Borsa Italiana www.borsaitaliana.it Unipol Assicurazioni SpA Common
Stock IT000481005
4 EUR www.unipol.com Borsa Italiana www.borsaitaliana.it
MONCLER SPA Common
Stock IT000496514
8 EUR www.monclergroup.co m Borsa Italiana www.borsaitaliana.it
ASSICURAZIONI GENERALI Common
Stock IT000006207
2 EUR www.generali.com Borsa Italiana www.borsaitaliana.it ENI SPA Common
Stock IT000313247
6 EUR www.eni.it Borsa Italiana www.borsaitaliana.it Rheinmetall AG Common
Stock DE00070300
09 EUR www.rheinmetall.com Frankfurt Stock Exchnage www.boerse -
frankfurt.de
STELLANTIS NV Common
Stock NL00150001
Q9 EUR www.stellantis.com Borsa Italiana www.borsaitaliana.it
MICROSOFT CORP Common
Stock US59491810
45 USD www.microsoft.com Nasdaq www.nasdaq.com
BAYER AG -REG Common
Stock DE000BAY00
17 EUR www.bayer.com Xetra www.xetra.de
FINECOBANK SPA Common
Stock IT000007217
0 EUR www.finecobank.com Borsa Italiana www.borsaitaliana.it
LEONARDO SPA Common
Stock IT000385640
5 EUR www.leonardocompany .com Borsa Italiana www.borsaitaliana.it
POSTE ITALIANE SPA Common
Stock IT000379617
1 EUR www.posteitaliane.it Borsa Italiana www.borsaitaliana.it SNAM SPA Common
Stock IT000315341
5 EUR www.snam.it Borsa Italiana www.borsaitaliana.it ENEL SPA Common
Stock IT000312836
7 EUR www.enel.com Borsa Italiana www.borsaitaliana.it
GENERAL ELECTRIC CO Common
Stock US36960430
13 USD www.ge.com NYSE www.nyse.com
KERING Common
Stock FR000012148
5 EUR www.kering.com Euronext Paris www.euronext.com
META PLATFORMS Common
Stock US30303M10
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Assemblee - Le condizioni dei Titoli conterranno disposizioni per la convocazione di assemblee dei Portatori di tali Titoli per valutare questioni che riguardano i loro interessi. Tali disposizioni consentono a maggioranze predefinite di vincolare tutti i Portatori , inclusi i Portatori che non hanno partecipato o votato all’assemblea in questione e i Portatori che hanno votato in modo contrario rispetto alla maggioranza.
Rappresentante dei Portatori dei Titoli - L’Emittente non ha nominato alcun Rappresentante dei Portatori dei Titoli
Status dei titoli
I Titoli costituiscono obbligazioni non subordinate e non garantite dell’Emittente che concorreranno con pari priorità tra es se.
Restrizioni alla libera trasferibilità dei titoli
Non vi sono restrizioni alla libera trasferibilità dei Titoli.
Politica in materia di dividendi o pagamenti
Non applicabile.
Dove saranno negoziati i titoli?
Ammissione alla negoziazione
L'Emittente (o altri per suo conto) presenterà domanda per l'ammissione alla negoziazione dei Titoli su Sedex .
Ai titoli è connessa una garanzia?
Natura e della portata della garanzia
Le obbligazioni in conformità con la garanzia sono obbligazioni senior privilegiate (ai sensi dell’Articolo L.613 -30-3-I-3° del Code monétaire et financier francese) e non garantite di BNPP e avranno pari priorità rispetto a ogni altra obbligazione non sub ordinata e non garantita presente e futura, fatte salve le eccezioni di volta in volta rese obbligatorie ai sensi del diritto francese.
Nell’eventualità di un bail -in di BNPP ma non di BNPP B.V., le obbligazioni e/o gli importi dovuti da BNPP ai sensi della garanzia saranno ridotti per riflettere tale eventuale modifica o riduzione applicata alle responsabilità di BNPP e derivante dall’app licazione di una misura di bail -in di BNPP da parte di un organismo di vigilanza incaricato (anche nel caso in cui la garanzia non sia soggetta al bail -in).
Il Garante garantisce incondizionatamente e irrevocabilmente a ciascun Titolare che, se per qualsiasi motivo BNPP B.V. non do vesse corrispondere somme dovute o non dovesse adempiere ad altre obbligazioni in relazione a qualsiasi Titolo alla data specificat a per tale pagamento o obbligazione, il Garante, in conformità alle Condizioni, pagherà tale somma nella valuta in cui tale pagamento è dovuto in fondi immediatam ente disponibili o, a seconda dei casi, eseguirà o farà adempiere al relativo obbligo nella da ta dovuta.
Descrizione del garante
I Titoli emessi saranno garantiti incondizionatamente e irrevocabilmente da BNP Paribas (" BNPP " o il " Garante ") ai sensi di un atto di garanzia di diritto inglese stipulato da BNPP in data 21 maggio 2026, o in prossimità di tale data (la " Garanzia "). Il Garante è stato costituito in Francia sotto forma di società per azioni ( société anonyme ) ai sensi della legge francese e ha ottenuto l’autorizzazione a operare quale istituto bancario con sede centrale al numero 16 di Boulevard des Italiens - 75009 Parigi, Francia. Identificativo della persona giuridica (LEI): R0MUWSFPU8MPRO8K5P83.
I rating del credito a lungo termine di BNPP sono A+ con prospettiva stabile (S&P Global Ratings Europe Limited), A1 con pros pettiva stabile (Moody's Deutschland GmbH) e AA - con prospettiva stabile (Fitch Ratings Ireland Limited) (che è il rating a lungo termine assegnato al debito senior privilegiato di BNPP da Fitch) , e i rating del credito a breve termine di BNPP sono A -1 (S&P Global Ratings Europe Limited), P -1 (Moody's Deutschland GmbH) e F1+ (Fitch Ratings Ireland Limited).
BNP Paribas SA è la capogruppo del Gruppo BNP Paribas (collettivamente il " Gruppo BNPP ").
L’organizzazione di BNP Paribas si basa su tre divisioni operative: Corporate & Institutional Banking (CIB), Commercial, Pers onal Banking & Services (CPBS) e Investment & Protection Services (IPS).
Attività bancarie corporate e istituzionali (CIB) : Global Banking, Global Markets e Securities Services.
Commercial, Personal Banking & Services (CPBS):
- Banche commerciali della zona euro : Commercial & Personal Banking in Francia (CPBF), BNL banca commerciale (BNL bc), Commercial & Personal Banking in Italia, Commercial & Personal Banking in Belgio (CPBB) e Commercial & Personal Banking in Lussemburgo (CP BL).
- Banche commerciali fuori della zona euro, che sono organizzate attorno a : Europe -Mediterranean, Banche commerciali fuori della zona euro, per l'Europa Orientale, Turchia e Africa.
- Linee di Business specializzate : BNP Paribas Personal Finance, Arval e BNP Paribas Leasing Solutions, nuove linee di business digitali (in particolare Nickel, Floa, Lyf) e BNP Paribas Personal Investors.
Investment & Protection Services (IPS) : Assicurazioni (BNP Paribas Cardif), BNP Paribas Wealth Management, BNP Paribas Asset Management (rinforzata nel 2025 dall'integrazione di AXA Investment Managers), BNP Paribas Real Estate e IPS Investments (che gestione i l portfolio di investimenti indus triali e commerciali non quotati e quotati del Gruppo BNP Paribas).
Al 31 Dicembre 2025 gli azionisti principali erano Société Fédérale de Participations et d'Investissement ("SFPI"), una socié té anonyme di interesse pubblico (società per azioni) che agisce per conto del Governo belga, che detiene il 5,7% del capitale soci ale, BlackRock Inc. che detiene il 7,1% del capitale sociale e il Granducato di Lussemburgo che detiene l'1,2% del capitale sociale.
Informazioni finanziarie chiave per valutare la capacità del garante di adempiere ai propri obblighi derivanti dalla garanzia
Dal 1o gennaio 2023, le entità di assicurazione di BNP Paribas Group hanno applicato l' IFRS 17 "Contratti assicurativi" e l' IFRS 9 "Strumenti finanziari", hanno posticipato tali entità fino all'entrata in vigore dell'IFRS 17.
Conto economico
Anno Anno -1 Provvisori o Infrannuale comparativo rispetto allo stesso
periodo dell'anno
precedente
In milioni di € 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Ricavi 51.223 48.831 14.056 12.960 Costo del rischio -3.350 -2.999 -922 -766 Costi dei rischi legali sugli strumenti finanziari -203 -202 -245 -15 Risultato operativo 16.296 15.437 4.179 3.922 Utile netto attribuibile ai possessori di azioni 12.225 11.688 3.217 2.951 Utile per azione (in €) 10,29 9,57 2,73 2,44
Bilancio
Anno Anno -1 Provvisori o Infrannuale comparativo rispetto allo stesso
periodo dell'anno
precedente
In milioni di € 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Totale attività 2.792.981 2.704.908 2.931.529 2.802.044 Titoli di debito 302.391 302.237 311.766 313.163 Di cui a medio lungo termine Senior Preferred 137.649* 119.370* n.a n.a Debito subordinato 35.289 32.615 33.988 32.546 Prestiti e crediti da clienti (netto) 897.358 900.141 915.780 894.201 Depositi di clienti 1.075.564 1.034.857 1.093.160 1.027.112 Patrimonio netto (quota del Gruppo) 125.513 128.137 129.979 130.115 Prestiti incerti/lordi irrisolti** 1,6% 1,6% 1,6% 1,6% Rapporto sul Common Equity Tier 1
(CET1) 12,6% 12,9% 12.8%
(CRR3) 12,4%
Rapporto Capitale Totale 17% 17,1% 17.3%
(CRR3) 16.7% (CRR3)
Coefficiente di leva finanziaria 4,5% 4,6% 4,4% 4,4% (*) Ambito normativo (**) Crediti deteriorati (fase 3) a clienti e istituti di credito, non compensati da garanzie, titoli in bilancio e fuori bilancio e compresi i titoli di debito valutati a costi ammortizzati o al valore equo attraverso il patrimonio netto (esclusa l'assicurazi one) e riportato su prestiti lordi in essere a clienti ed enti creditizi, in bilancio e fuori bilancio e compresi i titoli di debito valutati a costi ammortizzati o al valore equo att raverso il patrimonio netto (esclusa l'assicurazione) e includendo gli ef fetti dell'applicazione dello standard IFRS 5 in relazione ai beni non correnti detenuti per la vendita.
Fattori di rischio più significativi relativi del garante
1. Un sostanziale aumento di nuovi accantonamenti o un incremento del livello degli accantonamenti precedentemente previsti es posti al rischio di credito e al rischio di controparte potrebbero influire negativamente sui risultati delle operazioni e delle co ndizioni finanziarie del Gruppo BNPP.
2. Le politiche, le procedure e i metodi del Gruppo BNP Paribas potrebbero esporre lo stesso a rischi non identificati e impre visti, che potrebbero provocare perdite sostanziali.
3. Il Gruppo BNPP potrebbe subire perdite importanti nelle sue attività di negoziazione e investimento a causa di oscillazioni e della volatilità di mercato.
4. La capacità di finanziamento e il costo dello stesso per il Gruppo BNPP potrebbero essere influenzati negativamente da una ripresa della crisi finanziaria, dal peggioramento delle condizioni economiche, dal declassamento del rating, dall'aumento degli sp read del credito sovrano o da altri fattori.
5. Condizioni economiche e finanziarie sfavorevoli hanno in passato e possono in futuro incidere significativamente sul Gruppo BNP Paribas e sui mercati in cui opera.
6. Le leggi e i regolamenti in vigore, così come gli sviluppi legislativi e regolamentari attuali e futuri, possono incidere s ignificativamente sul Gruppo BNP Paribas e sull'ambiente finanziario ed economico in cui opera.
7. Il Gruppo BNPP può incorrere in significative sanzioni amministrative, penali o di altra natura per non conformità alle leg gi e ai regolamenti in vigore e può anche subire perdite in contenziosi correlati (o non correlati) con soggetti privati.
Quali sono i principali rischi specifici dei titoli?
Fattori di rischio più significativi specifici dei titoli
Esistono anche rischi relativi ai Titoli, compresi:
1. Rischio relativo alla struttura dei Titoli:
Il rendimento dei Titoli dipende dall'andamento del/i Sottostante/i di Riferimento e dall’applicazione delle clausole di Knoc k-in o Knock -out. I Prodotti di tipo auto-callable includono un meccanismo di rimborso anticipato automatico. Sulla base della formula applicabile, in caso si verificasse un evento di rimborso anticipato automatico, gli investitori potrebbero essere esposti a una perdita parziale dell’investimento. Gli in vestitori possono essere esposti a una perdita parziale o totale dell’investimento.
2. Rischio relativo al Sottostante e a eventi di turbativa e rettifica:
A differenza di un investimento diretto in una o più Azione/i, una o più Azione/i Stapled, GDR e/o ADR del/i Sottostante/i di Riferimento (in seguito denominate congiuntamente la/le "Azione/i"), un investimento in Titoli legati ad Azioni non autorizza i Po rtatori dei Titoli a votare o ricevere dividendi o distribuzioni (salvo diversamente specificato nelle Condizioni Definitive). Di conseguenza, il rendimento dei Titoli Aziona ri non sarà lo stesso di un investimento diretto nella/e Azione/i pertinente/i e p otrebbe essere inferiore a un investimento diretto.
L’esposizione alle azioni, rischi di mercato simili a un investimento diretto in azioni, eventi di rettifica o eventi straord inari e di turbativa sul mercato o la mancata di apertura di un mercato azionario (borsa) possono avere un effetto negativo sul pre zzo e la liquidità dei Titoli.
3. Rischi relativi ai mercati di negoziazione dei Titoli:
Il prezzo di negoziazione dei Titoli può essere influenzato da una serie di fattori tra cui, a titolo esemplificativo ma non esaustivo, il prezzo, il valore o il livello del/i Sottostante/i di Riferimento, il tempo rimanente fino alla data di liquidazione/ rimborso dei Titoli, la volatilità implicita o realizzata associata al/i Sottostante/i di Riferimento e al rischio di correlazione del/i Sottostante/i di Riferimento. La possibilità c he il prezzo di negoziazione dei Titoli fluttui (positivamente o negativa mente) dipende da una serie di fattori che gli investitori dovranno considerare attentamente prima di acquistare o vendere i Titoli.
4. Rischi legali Le condizioni dei Titoli conterranno disposizioni per la convocazione di assemblee dei Portatori di tali Titoli per valutare questioni che riguardano i loro interessi. Tali disposizioni consentono a maggioranze predefinite di vincolare tutti i Portatori, i nclusi i Portatori che non hanno partecipato o votato all’assemblea in questione e i Portatori che hanno votato in modo contrario rispetto alla maggioranza.
Sezione D - Informazioni fondamentali sull’offerta pubblica dei titoli e/o sull’ammissione alla negoziazione in un mercato regolamentato
A quali condizioni posso investire in questo titolo e qual è il calendario previsto?
Termini generali, condizioni e calendario previsto dell’offerta
L'Emittente (o altri per suo conto) presenterà domanda per l'ammissione alla negoziazione dei Titoli su Sedex .
Stima delle spese totali legate all’emissione e/o all’offerta, inclusi i costi stimati a carico dell’investitore dall’emitten te o
dall’offerente
2. Nessuna spesa sarà addebitata agli investitori da parte dell'Emittente.
Chi è l’offerente e/o il soggetto che chiede l’ammissione alla negoziazione?
Descrizione dell’offerente e / o della persona che richiede l'ammissione alla negoziazione Soggetto che richiede l’ammissione alla negoziazione: BNP Paribas Issuance B.V. (l’"Emittente"), Herengracht 595, 1017 CE Ams terdam, Paesi Bassi (numero di telefono: +31(0)88 738 0000).
Perché è stato redatto il presente prospetto?
Utilizzo e l’importo stimato dei proventi netti I proventi netti dell'emissione dei Titoli confluiranno nei fondi generali dell'Emittente. Tali proventi potranno essere util izzati per mantenere posizioni in contratti di opzioni o di future o altri strumenti di copertura.
Ricavi netti stimati: EUR 36,000,000
Accordo di sottoscrizione L'Offerente non assume alcun impegno di sottoscrizione.
Conflitti di interesse più rilevanti che riguardano l’offerta o l’ammissione alla negoziazione Il Gestore (Manager) e le sue collegate possono inoltre avere intrapreso, e possono intraprendere in futuro, operazioni di in vestment banking e/o di commercial banking con, e possono prestare altri servizi per, l'Emittente e l'eventuale Garante e le societ à a esse collegate nel corso della normale attività.
Varie entità del Gruppo BNPP (tra cui l'Emittente e il Garante) e le società collegate svolgono diversi ruoli in relazione ai Titoli, tra cui Emittente dei Titoli e Agente per il Calcolo dei Titoli e possono anche svolgere attività di negoziazione (compres e le attività di copertura) relative al Sottostante e ad altri strumenti o prodotti derivati basati su o relativi al Sottostante che possono dar luogo a potenziali conflitti di interesse.
BNP Paribas Financial Markets SNC, che agisce in qualità di Gestore e Agente per il Calcolo, è un'Affiliata dell'Emittente e del Garante e possono esistere potenziali conflitti di interesse tra la stessa e i Portatori dei Titoli, anche in relazione ad alcu ne determinazioni e giudizi che l'Agente per il Calcolo deve effettuare. Gli interessi economici dell'Emittente e di BNP Paribas Financial Markets SNC in qualità di Gestore e Agente per il Calcolo sono potenzialmente contrari agli interessi dei Portatori d ei Titoli in qualità di investitori nei Titoli.
Fatto salvo quanto sopra menzionato, nessun soggetto coinvolto nell'emissione dei Titoli ha un interesse sostanziale nell'off erta, inclusi conflitti di interessi.