XS3416461203

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FINAL VERSION APPROVED BY THE ISSUER

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 professional clients are appropriate; and (iii) the following channels for distribution of the Secur ities to retail clients are appropriate – investment advice, portfolio management, and non -advised sales, subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable. Any person subsequently offering, selling or r ecommending the Securities (a " distributor ") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID 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 suitability and appropriateness obligations under MiFID II, as applicable.

The Issuer accepts responsibility for this unsigned document in PDF format dated on the date mentioned below that is the final version of the Final Terms relating to the Securities described herein.

FINAL TERMS DATED 9 JULY 2026

BNP Paribas Issuance B.V.

(incorporated in The Netherlands)

(as Issuer)

Legal entity identifier (LEI): 7245009UXRIGIRYOBR48

BNP Paribas

(incorporated in France)

(as Guarantor)

Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5P83 Up to 30,000 EUR "104% Equity Protection" Certificates relating to the Indices of Solactive Developed Markets Aerospace and Satellite EUR VT Index due 24 July 2030

ISIN Code: XS3416461203

under the Note, Warrant and Certificate Programme of BNP Paribas Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding The Base Prospectus received approval no. 26 -153 on 21 May 2026 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 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 Regulatio n or to su pplement 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 (the " 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 togeth er constitute a base prospectus for the purposes of Regulation (EU) 2017/1129, as amended (the " Prospectus Regulation ") (the " Base Prospectus "). The Base Prospectus and the Supplement to the base Prospectus have been passported into Italy in compliance with Article 25 of the Prospectus Regulati on. This document constitutes the Final Terms of the Securities

XS3416461203

2 / 20 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 and any Supplements 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 SERIES

Series

Number Number of

Securities

issued Number of Securities ISIN Common Code Issue Price per Security Exercise Date

CE8162VBO 30,000 30,000 XS341646120

3 341646120 EUR 100.00 15 July 2030.

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:

1 July 2026.

4. Issue Date:

9 July 2026.

5. Consolidation:

Not applicable.

6. Type of Securities:

(a) Certificates.

(b) The Securities are Index Securities.

Automatic Exercise applies to the Certificates.

The Exercise Date is 15 July 2030 , or if such day is not a Business Day, the immediately succeeding Business Day.

The Exercise Settlement Date is 24 July 2030 .

The provisions of Annex 2 (Additional Terms and Conditions for Index Securities) shall apply.

Unwind Costs: Not applicable.

7. Form of Securities:

Clearing System Global Security.

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.

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3 / 20 12. Final Payout:

SPS Payout:

SPS Vanilla Products:

Vanilla Call Securities:

Constant Percentage 1 + Gearing * Max (Final Redemption Value -

Strike Percentage, Floor Percentage)

Strike Price Closing Value: Applicable.

Where:

Constant Percentage 1 means 104%;

Gearing means 150%;

Strike Percentage means 102.67%;

Floor Percentage means 0%;

Final Redemption Value means the Underlying Reference Value on the SPS Redemption Valuation Date;

The Securities will be distributed on a non -syndicated basis.

18. Minimum Trading Size:

Not applicable.

19. Agent(s):

(a) Principal Security Agent BNP Paribas Financial Markets S.N.C.

(b) Security Agent Not applicable.

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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 applicable.

PRODUCT SPECIFIC PROVISIONS

24. Hybrid Securities:

Not applicable.

25. Index Securities:

Applicable.

(a) Index/Basket of

Indices/Index

Sponsor(s):

The " Underlying Reference " is the Solactive Developed Markets Aerospace and Satellite EUR VT Index (Bloomberg Code: SSPACEVT).

Solactive AG or any successor thereto is the Index Sponsor.

The Solactive Developed Markets Aerospace and Satellite EUR VT Index is a Multi -Exchange Index.

For the purposes of the Conditions, the Underlying Reference shall be deemed an Index.

(b) Index Currency:

EUR .

(c) Exchange(s):

As set out in Annex 2 for a Composite Index.

(d) Related Exchange(s):

All Exchanges.

(e) Exchange Business Day:

Single Index Basis.

(f) Scheduled Trading Day:

Single Index Basis.

(g) Weighting:

Not applicable.

(h) Settlement Price:

Not applicable

(i) Specified Maximum Days

of Disruption:

Five (5) Scheduled Trading Days.

(j) Valuation Time:

Conditions apply.

(k) Redemption on Occurrence of an Index

Adjustments Event:

Delayed Redemption on Occurrence of an Index Adjustment Event: Not applicable.

(l) Index Correction Period:

As per Conditions.

(m) Additional provisions applicable to Custom

Indices:

Not applicable.

(n) Additional provisions applicable to Futures

Price Valuation:

Not applicable.

26. Share Securities/ETI Share

Securities:

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.

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5 / 20 33. Futures Securities:

Not applicable.

34. Credit Security Provisions:

Not applicable.

35. Underlying Interest Rate Securities:

Not applicable.

36. Preference Share Certificates:

Not applicable.

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.

(c) Redemption:

Delayed Redemption on Occurrence of an Additional Disruption Event and/or Optional Additional Disruption Event: Not applicable.

40. Knock -in Event:

Not applicable.

41. Knock -out Event:

Not applicable.

42. EXERCISE, VALUATION AND

REDEMPTION

(a) Notional Amount of each

Certificate:

EUR 100

(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.

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6 / 20 (p) Futures Linked Interest

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:

Not applicable.

(v) Strike Date:

14 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.

Advertisement in Italy referring to the Securities admitted to trading on EuroTLX MTF might be published, which may qualify as a public offer of the Securities in Italy under Italian law and these Final Terms are prepared for this purpose.

(ii) Offer Period:

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 of Final Terms for Certificates included in the Base Prospectu s) are not applicable.

(iii) Financial intermediaries granted specific consent to use the Base

Prospectus in

accordance with the Conditions in it:

Not applicable. See "Placing and Underwriting" of Part B.

(iv) General Consent:

Not applicable.

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7 / 20 (v) Other Authorised Offeror

Terms:

Not applicable.

48. Prohibition of Sales:

(i) Prohibition of Sales to EEA Retail Investors:

Not applicable.

(ii) Prohibition of Sales to UK Retail Investors:

Not applicable.

(iii) Prohibition of Sales to EEA Non Natural

Persons (where

Securities are held in a

retail account):

Not applicable.

(iv) Prohibition of Sales to UK Non Natural Persons (where Securities are held in a retail account):

Not applicable.

PROVISIONS RELATING TO COLLATERAL AND SECURITY

49. Secured Securities 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 Issuer (who has taken all reasonable care to ensure that such is the case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of such information.

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PART B - OTHER INFORMATION

1. Listing and Admission to trading - De listing Application will be made for the Securities to be admitted to trading on the Multilateral Trading Facility EuroTLX (managed b y Borsa Italiana S.p.A.). The Issuer is not a sponsor of, nor is it responsible for the admission and trading of the Securities on the EuroTLX and no assurance can be given that any such application will be successful.

2. Ratings

Ratings:

The Securities have not been rated.

The long -term credit rating of the Issuer is A+ from S&P Global Ratings Europe Limited (" Standard & Poor's ").

The long -term credit rating of the Guarantor is A1 from Moody's and A+ from Standard & 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 upper -medium grade and are subject to low credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rati ng classification from Aaa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its 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 capac ity to meet its financial commitment on the obligation is still strong. The addition of a plus (+) or minus ( -) sign shows relative standing within the rating category.

Standard & Poor's is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended) (the " CRA Regulation "). Moody's is not established in the European Union and has not applied for registration under the CRA Regulation. The ratings issued by Moody's have been endorsed by Moody's France SAS in accordance with the CRA Regulation. Moody's France SAS is establis hed in the European Union and registered under the CRA Regulation.

3. Interests of Natural and Legal Persons Involved in the Offer Investors are informed that Intermonte will receive from the Issuer a fee of 2%% (tax excluded) for the activity of promotion of the Certificates on the secondary market to be performed by Intermonte in the period of six months starting from the first da te of trading of the Certificates on EuroTLX (the “Relevant Period”). Such fee sha ll be calculated on the basis of the value of the Certificates purchased by Holders on EuroTLX during the Relevant Period.

Save as discussed in the " Potential Conflicts of Interest " paragraph in the " Risks " 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 Offer, Estimated Net Proceeds and Total Expenses (a) Reasons for the Issue:

See "Use of Proceeds" in the Base Prospectus.

(b) Estimated net proceeds:

EUR 3,000,000.00

Estimated total expenses 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.

Past and further performances of the Index are available on the Relevant Exchange website https://www.solactive.com/ and their volatility may be obtained from the Calculation Agent by email to the following address: investimenti@bnpparibas.com

Index Disclaimer

Neither the Issuer nor the Guarantor shall have any liability for any act or failure to act by an Index Sponsor in connection with the calculation, adjustment or maintenance of an Index. Except as disclosed prior to the Issue Date, neither the Issuer, the Guarantor nor their affiliates has any affiliation with or control over an Index or Index Sponsor or any control over the computation, composition or dissemination of an Index. Although the Calculation Agent will obtain information concerning an Index from publicly available sources it believes reliable, it will not independently verify this information. Accordingly, no representation, warranty or undertaking (express or implied) is made and no responsibility is accepted by the Issuer, the

XS3416461203

9 / 20 Guarantor, their affiliates or the Calculation Agent as to the accuracy, completeness and timeliness of information concernin g an Index.

Solactive Developed Markets Aerospace and Satellite EUR VT Index Solactive AG (" Solactive ") is the licensor of Solactive Developed Markets Aerospace and Satellite EUR VT Index (the "Index "). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investi ng in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Index. Solactive shall not be liable for any damages suffered or incurred as a result of the us e (or inability to use) of the Index.

6. Operational Information Relevant Clearing System(s): Euroclear and Clearstream Luxembourg.

7. Terms and Conditions of the Non -Exempt Offer Amount of any expenses and taxes charged to the subscriber or purchaser:

Amount of any expenses and taxes charged to the subscriber or purchaser:

Series Number Expenses included in the Issue Price CE8162VBO EUR 4.09per Certificate 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: None 9. Placing and Underwriting Name(s) and address(es), to the extent known to the issuer, of the placers in the various countries where the offer takes place: Not Applicable.

Name and address of the co -ordinator(s) of the global offer and of single parts of the offer: Not applicable.

Name and address of any paying agents and depository agents in each country (in addition to the Principal Paying Agent): BNP PARIBAS SA, Italy Branch Piazza Lina Bo Bardi 3, 20124 Milan, Italy Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements: Not Applicable.

When the underwriting agreement has been or will be reached: Not applicable.

10. Yield

None

11. EU Benchmarks Regulation

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10 / 20 EU Benchmarks Regulation: Article 29(2) statement on benchmarks: Applicable: Amounts payable under the Securities are calculated by reference to the relevant Benchmark which is provided by the relevant Administrator, as specified in the table below.

As at the date of these Final Terms, the relevant Administrator is not included / included, as the case may be, in the register of Administrators and Benchmarks (the " EU BMR Register ") established and maintained by the European Securities and Markets Authority (" ESMA ") pursuant to article 36 of the Benchmarks Regulation (Regulation (EU) 2016/1011, as amended) (the " EU BMR Benchmarks Regulation "), as specified in the table below.

As far as the Issuer is aware, the transitional provisions in the EU BMR the EU Benchmarks Regulation apply, such that the relevant Administrator is not currently required to obtain authorisation/registration, provided that it has submitted an application for authorisation, registration, recognition or endorsement (as applicable) and unless and until such application has failed or been refused, as specified in the table below.

Benchmark Administrator Register

Solactive Developed

Markets Aerospace

and Satellite EUR VT Index Solactive AG Not Included

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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, the capital protection applies only at Maturity.

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 inv estors when considering whether to invest in the Securi ties.

You are about to purchase a product that is not simple and may be difficult to understand.

Name and international securities identification number (ISIN) of the securities

EUR "104% Equity Protection" Certificates linked to Solactive Developed Markets Aerospace and Satellite EUR VT Index Index - The securities are Certificates.

International Securities Identification Number (" ISIN"): XS3416461203.

Identity and contact details of the issuer

BNP Paribas Issuance B.V. (the " Issuer "), Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands (telephone number: +31(0)88 738 0000). The legal entity identifier of the Issuer is 7245009UXRIGIRYOBR48.

Identity and contact details of the offeror and / or person asking for admission to trading

Person asking for admission to trading : BNP Paribas Issuance B.V. (the “Issuer”), Parnassusweg 789, 1082 LZ Amsterdam, the N etherlands (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

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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 "104% Equity Protection" Certificates linked to Solactive Developed Markets Aerospace and Satellite EUR VT Index Index - The securities are Certificates.

International Securities Identification Number (" ISIN"): XS3416461203.

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. 30,000 Securities will be issued. The Securities will be redeemed on 24 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 an underlying index.

On the Redemption Date you will receive in respect of each certificate:

1. If the Final Reference Price is greater than or equal to 102.67% of the Initial Reference Price: a payment in cash equal t o 100% of the Notional Amount increased by 150% of the Performance of the Underlying.

2. If the Final Reference Price is less than 102.67% of the Initial Reference Price: a payment in cash equal to 104% of the N otional Amount.

Where:

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 Initial Reference Price is the closing price of the Underlying on the Strike Date.

The Final Reference Price is the closing price of the Underlying on the Redemption Valuation Date.

Strike Date 14 July 2026 Issue Price EUR 100 Issue Date 09 July 2026 Product Currency EUR Redemption Valuation Date 15 July 2030 Notional Amount (per certificate) EUR 100 Redemption Date (maturity) 24 July 2030

Underlying Bloomberg Code Solactive Developed Markets Aerospace and Satellite EUR VT Index SSPACEVT

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

XS3416461203

13 / 20 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 EuroTLX .

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 th e performance 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 Parib as 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 , BlackRock 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

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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 (excluding 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 the capital protection applies onl y at Maturity.

2. Risks related to the underlying and its disruption and adjustments:

Index Securities are linked to the performance of an underlying index (an "Index"), which may reference various asset classes such as, equities, bonds, currency exchange rates or property price data, or could reference a mixture of asset classes. Investors in Index Securities face the risk of a broader set of circumstances that mean that the assets underlying the Index do not perform as expected compared to an investment in conventional debt secu rities. Accordingly, the return on an investment in Index Secu rities is more likely to be adversely affected than an investment in conventional debt securities.

Exposure to indices, adjustment 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 Sec urities will fluctuate (either 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

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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 EuroTLX .

Estimate of the total expenses of the issue and/or offer, including estimated expenses charged to the investor by the issuer or the offeror

No expenses will be charged to the investors by the issuer.

Who is the offeror and/or the person asking for admission to trading?

Description of the offeror and / or person asking for admission to trading

Person asking for admission to trading : BNP Paribas Issuance B.V. (the “Issuer”), Parnassusweg 789, 1082 LZ Amsterdam, the N etherlands (telephone number:

+31(0)88 738 0000).

Why is this prospectus being produced?

Use and estimated net amount of the proceeds

The net proceeds from the issue of the Securities will become part of the general funds of the Issuer. Such proceeds may be u sed to maintain positions in options or futures contracts or other hedging instruments.

Estimated net proceeds: EUR 3,000,000

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 conflict s 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 ad verse to Holders interests as an investor in the Securities.

Other than as mentioned above, so far as the Issuer is aware, no person involved in the issue of the Securities has an intere st material to the offer, including conflicting interests.

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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, la protezione del capitale si appli ca solamente alla Scadenza.

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'iniz io del procedimento legale.

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 De finitive 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 "104% Equity Protection" Certificates collegati a Solactive Developed Markets Aerospace and Satellite EUR VT Index Indice - I titoli sono Certificates. Codice internazionale di identificazione dei titoli (" ISIN"): XS3416461203.

Nome e contatti dell’emittente

BNP Paribas Issuance B.V. ("BNPP B.V." o l'"Emittente"). Parnassusweg 789, 1082 LZ 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

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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

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. Saranno emessi un quantitativo di 30.000 T itoli. I Titoli saranno liquidati in data 24 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 un indice. alla Data di Liquidazione ric everete per ogni Certificate:

1. Se il Prezzo di Riferimento Finale è pari o superiore al 102,67% del relativo Prezzo di Riferimento Iniziale: un pagamento in contanti pari al100% dell'Importo Nozionale aumentato del 150% della Performance del Sottostante.

2. Se il Prezzo di Riferimento Finale è inferiore al 102,67% del Prezzo di Riferimento Iniziale: un pagamento in contanti par i al104% dell'Importo Nozionale.

Dove:

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 Prezzo di Riferimento Iniziale è il prezzo di chiusura del Sottostante alla Data di Strike.

Il Prezzo di Riferimento Finale è il prezzo di chiusura del Sottostante alla Data di Valutazione dell'Importo di Liquidazione .

Data di Strike 14 luglio 2026 Prezzo di Emissione EUR 100 Data di Emissione 9 luglio 2026 Valuta del prodotto EUR Data di Valutazione dell’Importo di Liquidazione (rimborso) 15 luglio 2030 Importo Nozionale (per Certificate) EUR 100 Data di Liquidazione (rimborso) 24 luglio 2030

Sottostante Codice Bloomberg Solactive Developed Markets Aerospace and Satellite EUR VT Index SSPACEVT

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.

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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 EuroTLX .

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 ri flettere 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 immediatamente disponibil i 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 (CPBL).

- 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 Nicke l, 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 il portfolio di i nvestimenti 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.

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Conto economico

Anno Anno -1 Provvisorio 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 Provvisorio 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 attraverso 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 la protezione del capitale si applica so lamente alla Scadenza.

2. Rischio relativo al Sottostante e a eventi di turbativa e rettifica:

I Titoli legati a Indici sono collegati all'andamento di un indice sottostante (di seguito denominato un "Indice"), che può r iferirsi a vari mercati di riferimento quali il mercato azionario, obbligazionario, dei tassi di cambio o del prezzo degli immobili , oppure possono riferirsi a una combinazione di mercati di riferimento. Gli investitori in Titoli legati a Indici affrontano il rischio di una serie più ampia di circostanze: le attività sottostanti al l'Indice potrebbero quindi presentare un andamento diverso dal previsto rispetto a un investimento in titoli di debito convenzionali. Di conseguenza, è più probabile che il rendim ento di un investimento in titoli indicizzati sia influenzato negativamente rispetto a un investimento in titoli di debito convenzi onali.

Eventi di rettifica e di turbativa sul mercato o la mancata apertura del mercato di rifermento potrebbero avere un effetto ne gativo sul prezzo 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

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20 / 20 Riferimento e al rischio di correlazione del/i Sottostante/i di Riferimento. La possibilità che il prezzo di negoziazione dei Titoli fluttui (positivamente o negativamente) dipende da una serie di fattori che gli investitori dovranno considerare attentamen te 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 EuroTLX .

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

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"), Parnassusweg 789, 1082 LZ Am sterdam, 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 3.000.000.

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 s ono 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.