2022 INTEGRATED REPORT

at scale
Solutionsfor a sustainable world

Solutionsat scalefor a sustainable world04
Deploying our strategic
vision over the long term

2022 has reflected the scale at which our societies are challenged.
In a hyper-connected world, dominated by technology; in the faceof social inequalities accentuated by successive crises that are• Message from Jean Lemierre

weakening economies; with the climate emergency that requires us• Interview with Jean-Laurent Bonnafé

to reinvent our models: we are convinced that we must all find theright solutions together.

10
Rethinking our industry at
scale with profound changes

As the leading bank in the European Union and a world leader insustainable finance, we are putting our technological innovation,
the expertise of our various business lines and our leadership at• A look at macroeconomic balances

the service of the transitions that will shape the world of tomorrow.

• Making ecological transition an index
of company performance• Meeting technological challenges• Encouraging social inclusion• Listening to our stakeholders

22
Accelerating ourtransformation at scale withchallenges of our time
• A global European leader• GTS 2025 strategic plan,a new acceleration phase• Three operating divisions to serve
our customers• A diversified and integrated
model to create value• Our financial and extra-financial
indicators

46
Offering our customers
solutions at scale withcurrent transitions• Supporting the transition
to a low-carbon economy• Placing technology at the heartof our solutions• Contributing to a more inclusive
economy and society

65
Relying on our governancein a changing world• Our governance bodies• Our shareholders and investors• Our Board of Directors• Our Executive Committee

London, United Kingdom.

Because being “the bank for a changing world” requires us to beat the forefront of this collective dynamic, we are giving ourselves
the means, with our GTS 2025 strategic plan, to scale our solutions
for a sustainable world. To better meet society’s new expectations
and enable our customers — individuals, professionals, corporateclients and institutions — to make their own transition to a moresustainable and inclusive model.
Our commitments, our solutions, our transformation are at scalewith the challenges of the current world to enable us to build a fairtransition together.

2022 Integrated Report - BNP Paribas

04

05

Message from Jean Lemierre,
Chairman of the Board of Directorsof BNP Paribas

We are buildingon the solid results
achievedby BNP Paribas in 2022

to further
and amplify
our momentum

Several shocks convergedBefore reviewing macroeconomic trends,
it is important for me to mention thehuman tragedies that cast shadows in
2022 and the beginning of 2023.

The war in Ukraine has lasted for more than a year now andits outcome seems distant and uncertain. At BNP Paribas, weare particularly attentive to the changes and repercussionsof this conflict as they directly affect the 5,000 employees
of our subsidiary UKRSIBBANK, whose exceptional courage
and resilience allow us to maintain banking services thatare essential to the Ukrainian economy. My sympathy also
extends to our colleagues and to people in Turkey and
Syria who were struck on 6 February by an earthquake
which was described by the World Health Organizationas, “the worst natural disaster in a century” and whose
death toll was exacerbated by several deadly floods
that followed. The Group naturally mobilised to support
the affected populations by immediately activating the
BNP Paribas Foundation Emergency & Development Fund.

Despite a series of unprecedented events
since 2020, a further convergence ofshocks in 2022 has had substantial
consequences. First, we experienced anenergy crisis of significant magnitude
which led to increased prices throughout
Europe, a surge in food prices throughout
the world and a widespread logistics
shock linked to multiple disruptions in
production and supply chains.
In all, the situation contributed to creating
conditions for an historic rise in inflation
combined with an increase in interest
rates as had not been experienced inmany years. To contain this high inflation, the United States Federal Reserve
System (Fed) and the European Central
Bank (ECB) tightened their monetary
policies and carried out successive hikes
in their key interest rates which wipedout a long decade of low rates in just a

few weeks. Global growth, rebounding
quite sharply at the end of the healthcrisis, slowed down abruptly in all major
economies with, overall, for the year
2022, rates of +2.1% in the United States,+3% in China, +3.5% in the eurozone and+2.6% in France(1).
Even if the spectre of a recession seems to
be diminishing, our environment remains
unstable and particularly uncertain. The
transition towards an exit from the crisis
is proving to be longer than we might
have expected. However, imbalances
are being reduced thus paving the way
for a return to growth. Prospects for a
return to normal are thus emerging for2024, after 2023 which, according to thelatest forecasts, will remain marked byvery low growth in the United States
and the eurozone.

A proactive approach to theecological transition
Whichever the exit scenario from thiscrisis, in the face of the acceleration ofclimate change, which is tangibly reflected in the intensification of natural
disasters — five times as many occur inthe world compared to fifty years ago
according to the World MeteorologicalOrganization — BNP Paribas will fully
play its role in supporting the transition
towards a sustainable economy. This
is why we launched a further phase ofstrong transition acceleration in our
low-carbon energy production financing
activities, early 2023.
We thus confirm our position at theforefront of sustainable finance and as
leader of the major international players
financing the ecological transition. And
in this context, we intend, more thanever, to act in line with our responsibilities as the European Union’s leading
bank, particularly by contributing to theprogrammes and measures taken by the
Twenty-Seven, as part of the Green Deal,
to achieve climate neutrality and become
the first carbon-neutral continent by 2050.
To further and amplify our momentum,
we are building on the solid results
achieved by BNP Paribas in 2022, despite“Confident in therelevance of ourstrategic orientations,
supported by asolid and balanced
governance, we
accompany the
economic and societal
changes currently
facing the world.”

an unfavourable market environment. These results put
us in a good position to deploy our GTS 2025 strategic planwith confidence and determination. We are also fulfilling
our commitments to shareholders at the sale of Bank of
the West, with a share buyback programme of €5bn inreturns to offset the impact of this disposal. In a context
of rising interest rates that will have a positive effect on
our revenues, the fruits of the sale of our California subsidiary will also enable us to strengthen our investment
capacities both to support the development of our businesslines and to continue to strengthen the technologies thatare critical to our performance and competitiveness. This
context allows us to revise our targets upwards for growthin net income, return on tangible assets and annual growthin net earnings per share.
Confident in the relevance of our strategic orientations
and supported by a solid and balanced governance, we
accompany worldwide economic and societal changes
with ethics at the heart of our practices and a spirit ofresponsibility in the way we serve the common good.
Building on the quality and solidity of our model, andthanks to the commitment of our teams, we continue
to support our shareholders and to earn the trust of ourcustomers — and remain fully mobilised to serve a moresustainable economy and a more inclusive society.

Interview conducted on 16 March 2023.
(1) Source: OECD, March 2023.

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2022 Integrated Report - BNP Paribas

07

Interview with
Jean-Laurent Bonnafé,
Director and Chief Executive Officerof BNP Paribas

We are entering
a newstage ofaccelerationin financing theenergy transition

As we speak, the conflict in Ukraine has lasted
over a year and no way out seems to be emerging. What is your take on this situation?
Jean-Laurent Bonnafé → BNP Paribas is present in Ukraine,
notably through its subsidiary UKRSIBBANK, with 5,000
employees. My first thoughts go naturally to all our colleagues
and their families. Their courage and resilience in the faceof the repercussions of the conflict command admirationand their commitment makes it possible to preserve, as
far as possible, the continuity of banking services thatare essential to the country’s economy. I would like tothank our employees around the world who have been
mobilising for many months to help the people of Ukraine.
More broadly, while the war unfortunately seems set tolast, we will continue to do everything in our power totranslate our solidarity into action.

Beyond the human and humanitarian tragedy,
the conflict has also had serious economic
repercussions around the world. In thisparticularly troubled context, how would you rate
BNP Paribas’ performance?
J.-L. B.→ Indeed, far from the upturn that we were all
hoping for at the end of the Covid-19 health crisis, we areexperiencing a sharp contraction in economic momentum.
2022 saw the convergence of two major shocks: inflationary— with inflation rates not seen in Europe for several years— and monetary — with successiveinterest rate increases decided on by
the United States Federal Reserve andthe European Central Bank to try tocontain inflation. The convergence of
these phenomena has severely hindered
the post-Covid economic recovery.
Despite this unfavourable market context,
BNP Paribas achieved strong growthin its business and results in 2022.
Reflecting both the relevance of ourstrategic orientations and the everincreasing cross-functionality between
our business lines, this performance
rewards the efforts of our teams. I would
like to sincerely thank them for theircommitment and contribution to thesuccess of our Group year after year.
Confirming our unique position as theleading bank in the European Union,
our results are supported by the powerof our diversified and integrated model,
combined with our ability to support ourcustomers over the long term thanks
to the mobilisation of our expertiseand resources.
The combination of these assets enables
us to generate revenues which, withgrowth of 9% compared to 2021, crossedthe €50bn mark for the first time. Our
net income exceeded the €10bn mark,with a significant increase of 7.5%. We
also posted a positive jaws effect of
0.7 point, the result of recurring costsavings of nearly €500m achieved in
2022 and the regular adaptation of
our operating model. Lastly, we benefit
from prudent and proactive long-termrisk management, as illustrated by ourcost of risk, which, in relation to ourgross operating income, is among thelowest in Europe.

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2022 Integrated Report - BNP Paribas

How do the Group’s three operating divisions
contribute to BNP Paribas’ overall performance?
J.-L. B.→ All three leveraged their strengths and very solid
positions in their markets to continue to grow in contrasting
market environments. Driven by the very good performanceof Global Markets and Securities Services, in addition to thevery good resilience of Global Banking in an unfavourable
market context, Corporate & Institutional Banking (CIB)
saw its revenues grow by more than 15%. This successconfirms that our Group has successfully built a powerful,leading platform to support its corporate clients in Europe
and beyond. For its part, Commercial, Personal Banking& Services (CPBS) posted revenue growth of 9%, fuelledby the very good results of the commercial banks andspecialised businesses, particularly Arval, our businessline specialising in mobility solutions. Lastly, in the faceof adverse winds, Investment & Protection Services (IPS)
has shown remarkable resilience, thanks to the efficiencyof our Asset Management platform and the clear growth ofPrivate Banking, the leader in the eurozone. This extremely
robust operational performance once again demonstrates
the unique contribution of our diversified model, not only
between our divisions but within each of them, since itmakes it possible to offset the potential temporary difficulties
of certain business lines through the growth of others.

09

2022 is also the first yearof the GTS 2025 strategic plan
deployment. How did BNP Paribas
experience this launch?
J.-L. B.→ We launched our GTS 2025 plan in
February 2022 in a completely different
context from the one we expected,
following the outbreak of the war in
Ukraine. Despite these difficulties, thefirst year of implementation of ourroadmap was very positive, again thanks
to the commitment of all our employees,
who are the primary architects of ourplan.
The levels of growth achieved in mostof our business lines, in addition to
the strong development potential of
our activities in the areas of mobility,
payment solutions and savings, confirm
the relevance of the three componentsof our business plan: Growth (G),Technology (T) and Sustainability (S).
In addition, thanks to two levers — theredeployment of the capital releasedby the sale of Bank of the West andthe positive impact of the substantial
increase in interest rates in 2022
— we have additional capital to invest
in the growth of our business lines
and complement our business modelin a targeted and disciplined manner,such as with the acquisition of Kantox— a fintech specialising in automatedforeign exchange risk management —that we carried out in 2022.
Technology will play an increasingly
central role in our business in the
coming years, enabling us to both expand
and optimise the solutions offered toour customers and strengthen ouroperational performance. This is alever for strengthening our recurring
cost savings targets by 2025, to theamount of €2.3bn.
Building on these strengths, we haverevised upwards the net income targets
associated with our GTS 2025 plan, now
aiming for growth of 9% per year up to2025, compared to the initial 7%, andwe have raised our profitability targets
with a return on equity increased from11 to 12%.

What is the outlook for
BNP Paribas in 2023 and thelonger term?
J.-L. B.→ 2023 starts in a context thatremains marked by high uncertainty.
Clearly the unpredictable seems tohave become a norm since 2020 and the outbreak of the healthcrisis. The war in Ukraine, caused by the Russian aggression in
February 2022, took all observers by surprise. More recently, atthe beginning of the year, a violent earthquake struck southernTurkey and north-western Syria. We think of our colleagues
and their loved ones, who lost their lives or were injured bythis earthquake, the largest in the region since 1999. To support
local populations, we activated our Emergency & Development
Fund, mobilising half a million euros in 72 hours. This successionof crises shows us, as if it were still necessary, that unforeseen
events can occur at any time and can significantly upset thegeopolitical and economic balance.
From an economic standpoint, in the second half of 2023, weshould reach some sort of plateau in the rise in interest rates
and, even if the return to normal takes time, it will pave theway for disinflation in the eurozone during 2024. A marked
recovery in economies is expected to follow by the end of 2024,
or early 2025. Despite this context — which is more difficult
than anticipated when we designed our strategic plan — andthanks to the mobilisation of its teams and the confidence of its
customers, BNP Paribas has all the assets necessary to continue
its growth, with a long-term perspective and in a controlledmanner to support its customers and the entire economy in themove towards a more sustainable model.

Concerning the S pillar — Sustainability — of yourplan, BNP Paribas recently embarked on a new phaseof strong acceleration in favour of the ecologicaltransition. More specifically, what is the course you
have set?
J.-L. B.→ Faced with the emergency related to climate change,
the expectations and demands are legitimately immense, andthe challenge facing public authorities, companies and citizens
concerns both the scale and the pace of transition. To meet thischallenge, we are committed to a trajectory that should lead
us to finance a carbon-neutral economy by 2050, and we arecommitted to accelerating the process of reducing our financing
of fossil energy production as soon as possible.
The transition to low carbon is clearly subject to a time framethat takes into account industrial realities. However, to makeit as fast and as sustainable as possible, BNP Paribas has madeclear and ambitious commitments. As a result of the new phase
triggered in early 2023, between 2016 and 2030 — or lessthan 15 years — we will have completed 80% of the transitionof our financing activities to low-carbon energy production.
Renewable energies will then represent four-fifths of our energy
sector financing.
In 2022, we focused mainly on financing low-carbon energy
production, which represented 60% of our energy loan portfolio
at the end of December. Our oil exit trajectory is already wellunderway. The Group has not granted any dedicated financing
for new oil field development projects since 2016. Since May
2023, we cease all financing dedicated to the development of
new oil and gas exploration-production activities.
By 2030, BNP Paribas will have reduced financing oil explorationproduction by 80% — with less than €1bn in remaining exposure— and its gas exploration-production financing by 30%, and it
will have achieved its complete phase-out of thermal coal in
European Union and OECD countries. Our commitments, in this“We ceaseall financing
dedicated tothe developmentof new oil andgas explorationproduction
activities.”

area as well as in that of unconventionalhydrocarbons, have been scrupulously
respected. The same will apply to ourcommitments in the oil and gas sector.
While we are driving the transition of
our energy portfolio, we must not forgetthat it is by supporting the low-carbon
transition of our customers in all sectorsthat we have the greatest impact. The
fact that BNP Paribas ranked #1 in green
bonds at the end of the year is a goodbellwether for our ability to be, on a large
scale, an accelerator of the ecologicaltransition for all our customers.
Our progress and performance insustainable finance is also recognisedby several independent organisations.
With an overall rating of 63%, we are,for example, the best-rated bank in theworld by the British NGO ShareAction,
which also designates BNP Paribas asa European leader in the fight against
climate change and the protectionof biodiversity. We see this sort ofrecognition as an incentive to do evenbetter, alongside our customers.
I am convinced that the transition,
due to the profound change of modelthat it implies, can only be carriedout collectively, with all players insociety. It requires massive and rapid
mobilisation but must be fair and sociallyacceptable. This search for an optimaland sustainable balance will be at theheart of the challenges of the next decade.

Interview conducted on 15 March 2023
and updated on 11 May 2023.

102022 Integrated Report - BNP Paribas

11

As the leading bank in the European Union thatis anchored in the heart of many regions, BNP Paribas
is naturally in tune with the major economic, socialand environmental challenges that mark its era.
Major challenges are analysed by our teams and partners,
and we mobilise all of our expertise and resources
to address them.

Rethinking our industry
at scale with profoundchanges
A look at macroeconomic
balances
Meeting technologicalchallenges

Making ecological transition an index
of company performance
Encouraging social
inclusion

Listening
to our stakeholders

2022 Integrated Report - BNP Paribas

12

13

A look at

Risks

macroeconomic••

balances•After 2022, which was marked by a sharp
return of inflation and a complete reversalof the monetary policy of central banks,
2023 will be a transitional year with an
expected return to normal in 2024. Review and outlook by
William De Vijlder, Group Chief Economist of BNP Paribas.

Opportunities

When barely emerging from the perils of a health crisis, Europe
was faced with the war in Ukraine, a geopolitical crisis with serious
economic consequences. What do you retain from the past year?
William De Vijlder → Even if, since 2020, unprecedented years
have a nasty habit of following on from each other, 2022
remains a year of major shocks, with the return of inflation andmonetary tightening. The inflationary surge, amplified by the
conflict in Ukraine, has taken hold over time and the exponential
increase in energy and food costs weighs heavily on businesses
and households. Following the rate hikes decided by central
banks, inflation was accompanied by monetary tightening.
I have learned two lessons from this unprecedented chapter:our world has become considerably more complex and microeconomics has taken over from macroeconomics. Companies
and households adapt in real time to price increases, the former
by reducing their margins and/or increasing their prices; thelatter by adapting their consumption, by consuming differently.
These important granular elements must now be taken into
account. And the fact that we have less readily available micro
data than macro data complicates the overall analysis.
Can we expect a return to normal by the end of 2023?
W. De V. → The intensity of the two shocks — inflationary andmonetary — is gradually easing but the return to normal will
not be before 2024. 2023 is a year of transition. The first halfof the year was marked by the start of disinflation, the paceof which determined that of the recovery in demand throughhousehold purchasing power. Regarding monetary policy, we
will probably reach the peak of official rates around the summer
months, yet a cut is only expected in 2024. However, growthin western economies, and therefore also in the eurozone, willremain subdued throughout the year.
Can we still be confident about the future?
W. De V. → We should already see a gradual return to normal in
the second half of 2023 with inflation increasingly declining
which should allow monetary easing and a return to growthin 2024. It should also be stressed that, in the face of theshocks that have followed one another since 2020, oureconomies have proven to be resilient. In addition, we have

The persistence of difficulties
for certain economic players,
households and companies,
affected in a delayed mannerby the cumulative effects ofinflation and the rise in interest
rates, in particular energyintensive companies.
Slower than expected
slowdown in inflation.
A structurally uncertain
environment, with the riskof new shocks, such as theearthquake in Turkey and Syria,
described by the World HealthOrganization as “the worst
natural disaster in a century”
for Europe.

•••

William
De Vijlder,Group Chief
Economist of
BNP Paribas

A sharp increase in thefinancing needs of companies
and households from 2024.
A more promising context forinvestors due to the expected
drop in interest rates from 2024.
The expected dynamism offinancial markets in 2024.

some encouraging indicators in Asia, the United States andEurope. The Chinese authorities’ new approach to managing
the Covid-19 crisis improves the country’s economic outlook for2023. The confidence of companies that export to this country
will also benefit from this. In the United States and Europe,
the household savings accumulated during the pandemic, thequality of the balance sheets of private companies, the supportof governments and labour retention measures protect us
from the return of a high level of unemployment.
Does the acceleration of the ecological transition have a positive
impact on the recovery?
W. De V. → Absolutely. In previous crises, as economists, wealways wondered which sector would be the driver of therebound in activity. In 2023, we already know the answer:
the locomotive is the ecological transition! Europe, which has
become fully aware, with the war, of the urgency of freeing
itself from its dependence on fossil fuels, is multiplying concreteadvances, especially with the carbon adjustment mechanism
at borders. Companies, and to a lesser extent households, areinvesting with the support of public authorities: a fruitful trend
for economic players and financial markets.

Interview conducted on 17 March 2023.

“In 2023, thelocomotive of
the reboundin activity is
the ecologicaltransition.”
William De Vijlder

6This is the number of successive
increases in interest rates in the
eurozone between July 2022 and March
2023. An unprecedented cumulative
increase of 350 basis points.

1,100

US$

bn

This is the total of global
investments in the ecologicaltransition in 2022. An amountexceeding US$1,000bn for the firsttime.
(Source: Bloomberg New Energy FinanceFoundation (BNEF).)2022 Integrated Report - BNP Paribas

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15

Makingecological transition
an index of company performanceThe acceleration of climate change,
coupled with the expected depletion of
biodiversity, requires moving towards
a low-carbon development modelthat is less energy-consuming, more resilient andmore circular. According to scientists(1), once wecross six out of nine planetary limits, we will haveincreased the risk of irreversibly destabilising theenvironment, with major impacts for life on Earth.
Explanations with Rhian-Mari Thomas, CEO of theGreen Finance Institute, and Vincent Sciandra,
Founder and CEO of the cleantech company METRON.
The urgency of taking action

In this context of growing change, all players must
mobilise without delay. “The most recent data showthat we are overexploiting the planet’s resources byat least 75%,” observes Rhian-Mari Thomas, Chief
Executive Officer of the Green Finance Institute. “Thisis like living off 1.75 Earths! Companies can no longer
ignore the degradation of biodiversity, nor leave its
resolution to States or Non-Governmental Organisations (NGOs).” “This is all the more true,” adds
Vincent Sciandra, Founder and CEO of the cleantech
company METRON, “considering the role that natureplays in the absorption of CO2. We must act simultaneously against climate change and biodiversity loss.”
Measuring and planning the ecological transition
To make industry greener, METRON targets reducing
companies’ carbon footprint. “With the help of ourtechnological platforms, we give them the keys tomeasure their energy consumption and plan theirecological transition. To do this, we help them build,within a limited time frame, a precise action plan,
which may involve a change in machinery, behaviouror even revenue. While the transition is complex, thedesire to transform is increasingly shared. Measurement
enables us to identify the most effective actions to turnthis desire into reality,” explains Vincent Sciandra.

Rhian-MariThomas,Chief Executive
Officer of theGreen FinanceInstitute“We aim to evolve
our economic andfinancial system sothat it incorporates
the value of nature andcontributes to preserving
the ecosystems on
which we all depend.”
Convention on Biological Diversity (CBD 15) — that
opening investments up to private players is essential.
“We support the supply of investment-ready projects,
including carbon sequestration and reducing the riskof flooding. We are also strengthening demand byworking with private investors to encourage themto engage in these emerging markets in connection with nature,” explains Rhian-Mari Thomas.

Promoting the creation of environmental markets
For its part, the Green Finance Institute is taking action
to overcome obstacles blocking the scaling up of solutions for nature. Indeed, the annual financing need forthe restoration of nature is such – €665bn worldwide,
according to the estimates from the last United Nations(1) Led by Swedish researcher Johan Rockström of the Stockholm ResilienceCentre, international researchers are quantifying the risks that human activities
pose to natural balances. For nine major processes involved in the operation of
the “Earth system” (climate, biodiversity, forests, fresh water, ocean acidification,
nitrogen and phosphate cycles, chemical pollution, aerosols emitted into theatmosphere, the ozone layer), scientists have defined nine limits.

The Green
Finance InstituteBanks at the heart of the ecological transition
Banks have a leading role to play insupporting companies in financing thistransition. The Taskforce on Naturerelated Financial Disclosures (TNFD) is
one of the most promising initiatives.
This working group, whose General
Secretariat is hosted by the Green FinanceInstitute, was supported by BNP Paribas
even before its launch. In September 2023,
it will publish an innovative framework
to identify and report on all risks related
to nature, including biodiversity. An
essential step to actively involve
financial institutions and companies.

Launched in the summerof 2019, the Green FinanceInstitute (GFI) is a commercially
focused, philanthropicallyfunded organisation, seedfunded by the UK government.
It positions itself as the leading
forum in the UK for public andprivate sector collaboration in
the field of green finance, withthe aim of mobilising capitalto accelerate the domestic andinternational transition toa sustainable, resilient andlow-carbon economy.

METRON
Founded in 2013, METRON enables
industries to analyse and optimise
their energy consumption thanks
to a technological platform thatcollects, aggregates and analyses
in real time, the energy data ofcompanies in all sectors of activity to
reduce their energy bills and carbon
footprint. Operating in 30 countries
through its 9 subsidiaries, thecleantech launched Decarb Fast
Track in November 2022, a European
decarbonisation programme
designed in collaboration with
Dalkia, Amazon Web Services and
BNP Paribas.

“I am convincedthat a company’s
ability to go green
will be an indicatorof performance inthe future, in the same
way as its commercial
dynamism and its
financial solidity.”
Vincent Sciandra,
Founder and Chief
Executive Officer
of METRON-69%
Average decrease in fauna over the last
50 years. One million species are now
threatened with extinction.
(Source: Word Economic Forum, October 2022.)-55%
Minimum reduction in net
greenhouse gas emissions by 2030
(compared to their level in 1990) that
the Member States of the European
Union must achieve, as set by theclimate law adopted in June 2021.

2022 Integrated Report - BNP Paribas

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17

Meeting

Risks

technological•••challenges

Opportunities•

A

fter a decade of accelerated digitalisation,
further accentuated during the health crisis,banks have largely transformed in order tobetter meet the new uses and expectations of
their customers. In particular, they have made significant progressin terms of innovation, customer relations and operational efficiency.
Dominique Fleury, Head of IT Payment Services Department and
IT Coordinator of Commercial, Personal Banking & Services, offers
analysis and clarification.

••

Against a background of major changes, what do you think are the maintechnological challenges facing the banking sector?
Dominique Fleury → We must consider four drivers: our customers,
who have new needs; our competitors, both traditional and new,such as new banks/fintechs, which already meet the digital needsof customers; regulations, which are increasingly demanding; andof course, technology, which requires us to modernise our legacy
systems. We must also ensure continuity of service, because it isvery important for our customers to be able to carry out their daily
banking transactions whenever they wish. In addition to these recurrences, we have four crucial challenges: security, cost control andoperational performance, maintenance of skills and digital sobriety.
What are the new technologies most used by banks?
D. F. → We invest in a lot of different technologies. Above all, it
is a question of identifying the technology adapted to a given
use. Technology is not an end in itself. It is part of an equation,
alongside the utility for our customers and employees, as wellas the cost of ownership and maintenance for the Bank. Amongthe technologies we have most explored, artificial intelligence(AI) already occupies an important place. By processing a large
amount of information, it provides support for decision-making
and contributes to operational efficiency. At the centre of various
projects, often in connection with financial markets, blockchain
makes it possible to carry out financial transactions with greater
responsiveness in a cooperative ecosystem. The Internet of Things(IoT) is also promising for managing payments, particularly whenon the move. The aim is to make the most of each technology in
an industrial and controlled manner.
What resources is BNP Paribas deploying to meet these challenges?
D. F. → Technology is at the heart of our GTS 2025 strategic plan. For
the IT teams, contributing closely to the Bank’s strategic transformation is a source of great pride and a major responsibility. Our
information systems must evolve to become IT services that canbe consumed in an ecosystem where data is shared, in order toincrease efficiency and create value through new uses of data, in
an increasingly secure environment and in compliance with current legislation. Before that, we have three fundamentals: ensuring

Cyber risk, with increased
exposure and the sophisticationof cyberattacks.
The risks of fraud amplified
by artificial intelligence, whichfacilitates identity theft.
The risks of data leaks, withadditional vulnerabilities
related to IoT.

The development of more
efficient solutions in termsof cybersecurity, thanks to theuse of new technologies.
Improved operational
efficiency, in particular
thanks to artificial intelligence
technologies.
The deployment of newbanking solutions, including
payment solutions using IoT.

Dominique Fleury,
Head of IT Payment
Services Department
and IT Coordinator ofCommercial, Personal
Banking & Services

that BNP Paribas operates with the right level of quality andefficiency every day; protecting the Group and our customers;
and supporting our employees in the face of change. And totransform our systems, we activate our digital levers. In addition to the dedicated cloud, and the rise of APIs(1), we have an
IT Marketplace accelerating the sharing of IT assets between
producers and distributors of services — a source of collective
intelligence for the IT community. New ways of working andlearning are also an essential response to these challenges. I
am thinking of course, of the dissemination of agile practices
that put the customer at the centre of our priorities, but alsoof how training is changing. In conjunction with the HR teams,
for example, we provide a dedicated portal, the IT Academy,on which our employees can immediately access the modulesof their choice, completely independently. Finally, we arecontinuing our collaboration with the fintech ecosystem. Our
targeted and structured support approach aims to maximise theindustrialisation of our projects, with a view to accelerating ourdevelopment, while improving the experience of our customers.
How do you approach these challenges?
D. F. → We have three key levers to achieve our objective ofmodernising the Group’s information systems: finalisingmajor programmes aimed at strengthening the security
and robustness of our information systems; continuing the
deployment of the key initiatives launched since 2019 toaccelerate the Group’s digitalisation (such as the cloud, APIs,AI, etc.); launching new strategic initiatives to support the
opening up of our information system to new opportunities.
All these challenges are both complex and very stimulating.
(1) Application programming interfaces.

+21.3%

14.4

bn

Growth of the global artificial
intelligence software market in 2022

Number of connected devices
worldwide in 2022

(Source: Gartner.)(Source: IoT Analytics.)

2022 Integrated Report - BNP Paribas

18

19

Encouraging

social inclusion

are present in seven regions — soon tobe eight — and are forming partnerships
with local associations to extend our ability
to act within mid-size cities. We are also
developing impact bonds to recognise
professional channels and collaborate on
how to define young people’s access tomentoring as a right that they could assert.”
Bringing together an ecosystem of stakeholders

D

To act effectively, it is essential to bring
together as many committed players
as possible, including, of course, large
groups and those in the banking sector inparticular. That is why BNP Paribas is apartner of Télémaque and has supported
the JuST Institute since its creation. The
common theme remains contributing
to the emergence of just and inclusive
societies, which offer everyone equal
opportunities to achieve their potential.

efining social inclusion often comes
down to including anything that works
against exclusion within society. Itmeans actively including those that
may be excluded from the whole for economic, social orcultural reasons. Ericka Cogne, Chief Executive Officer of
the Télémaque association, and Davide Forcella, Directorof the Just Sustainability Transitions (JuST) Institute,
share their vision of social inclusion.
There are many levers of action to promote inclusion. Amongthe most frequently cited are access to infrastructure andsocial services, redistribution systems aiming to reduce poverty, equal recognition of all populations and communities,
and equal opportunities, from schooling to the workplace.

Ericka Cogne,
Chief Executive
Officer of
Télémaque

Inclusion, a right and a duty

Inclusion is a priority issue for the United Nations, whose
guiding principle for the 2030 sustainable development
programme is leave no one behind. “Inclusion is both aright and a duty,” affirms Ericka Cogne, Chief Executive
Officer of the Télémaque association, which has been mobilising for equal opportunities in education since 2005.
“Our association works to give each young person theirplace in society, regardless of their gender, origin, age,socio-professional category or the region in which theylive. Through mentoring, the aim is to create conditions
in which young people from vulnerable backgrounds canevolve and interact with a wider ecosystem.” This proactive
vision is shared by Davide Forcella, Director of the JuST
Institute, launched in November 2022 by BNP Paribas andthe Global Environment Facility (GEF), established by theWorld Bank. “By bringing together financial institutions
and enterprises, we want to promote a just transition,
making it possible to combine the fight against climatechange and biodiversity loss with social and financial
inclusion. We are driven by the firm belief that a justtransition is a transition that strengthens resilience toclimate change and biodiversity erosion for low-income
households, smallholders and micro, small and medium-sized enterprises, and includes them when defining
and implementing sustainable practices and technologies."
Preserving the planet, reducing inequalities

Advancing inclusion requires taking steps to preserve
the planet and fight growing inequalities. An imperativeat the heart of the actions of both the JuST Institute andTélémaque. “Without a just transition, no transition is pos-“Social inclusion aims
to work on the issueof connection in orderto bring together worlds that,without it, would never meet.”sible,” insists Davide Forcella. “This is why we coordinate
the actions of public and private transition funders, acting
on four levers: provide them with a common methodological and operational framework, create the conditions fortraceability through the analysis and certification of thepractices and portfolios of financial institutions, encourage their skills development through continuous training
and support, and develop and distribute adapted financial
products.” Four levers that are prerequisites for improving
the quality of sustainable financing for the most vulnerable
populations, such as smallholder farmers, rural communities
and women living in poverty in these areas. “For our part,at Télémaque, we are focusing on the crucial question ofconnection. To include people, we must remove barriers,
which means replacing silos with gateways. Mentoring
makes this possible and the feedback we have received
for nearly 20 years speaks to what our young people andtheir mentors get out of it,” says Ericka Cogne. “We want
to increase these relationships throughout France. We

JuST Institute

TélémaqueCreated in May 2022, andofficially launched at COP 27
in November 2022, the Just
Sustainability Transitions (JuST)
Institute coordinates the actionsof transition funders and provides
them with dedicated tools toincrease the amounts and qualityof sustainable financing benefiting
populations most vulnerable toclimate change and helping to fightthe deterioration of biodiversity.
To further these goals, it brings
together public and private financial
institutions and enterprises, as wellas multilateral and internationalorganisations such as BNP Paribas
and the Global Environment Facility(GEF), which initiated it.

Created in 2005, the association
Télémaque facilitates upward social
movement from middle school
onwards, by supporting dedicatedand motivated young people fromat-risk regions through mentoring.
It gives them the best chance ofrealising their potential thanks to adouble school-company mentoring
approach, from throughout
secondary education and for thosestudents continuing into vocational
training. A pioneer in equal
opportunities, Télémaque supports
1,800 young people from modest
backgrounds, mainly attending
underprivileged schools in sevenregions in France. The association
Télémaque is part of L’Ascenseur,the first French coalition for equal
opportunities, and of the Collectif
Mentorat, which brings together
several associations with thecommon objective of developing
mentoring in France.

“Methodology,
certification, training
and adapted financial
products are the four
action levers that we are
activating in the serviceof a just transition.”Davide Forcella,
Director of the
JuST Institute

32%

12%

approximately, of the global
population is at risk of beingsocially excluded (between
2.33 and 2.43 billion people)of students only (allsubjects combined for
2019-2020) are childrenof parents working inmanual labour.

(Source: Social Exclusion Concepts,
Measurement, and a Global Estimate,
World Bank, June 2022.)(Source: Interministerial mission“Research and higher education”,
2022.)

2022 Integrated Report - BNP Paribas

Listening to ourstakeholdersO

ur Group maintains an open and constructive dialogue with its stakeholders.
This dynamic of interaction allows
the Group to identify stakeholder
expectations and to take society’s transformation into
account to feed its strategic orientations.
BNP Paribas pays close attention to all the stakeholders
in its ecosystem. These are segmented into two types: thefirst, known as contractual stakeholders, includes customers, employees and employee representative bodies,
individual shareholders and institutional investors, as wellas suppliers. The second, known as strategic stakeholders,groups companies in which the Group invests, regulatory
bodies, governments and parliamentarians, internationalorganisations, regional and local authorities, civil society,financial and non-financial ratings agencies, and also
includes the media and local populations.

Maintaining a constant and sustained
dialogueIn line with our company purpose, we have chosen tointeract with all our stakeholders through an open andconstructive dialogue. These interactions occur daily, andin many forms, such as by providing information, implementing structured dialogue, and by using frameworks
for exchanges and relationship management.
This listening and interactive approach enables us to anticipate changes in our business lines, constantly improve
the quality of our products and services, optimise themanagement of the risks faced by the Group and design
innovative solutions with a positive impact on society.

The materiality matrix, our mapping tool21

Our materiality
matrix+To inform the analysis of our stakeholders’ expectations,
our materiality matrix maps and prioritises the challenges
facing the Group. The initial version of 2018 was revisedin 2021. This update was based on the assessment of
the importance of 21 non-financial issues, by collating
the perceptions of the Group’s employees (1) with thoseof its external stakeholders. At the end of this study,
three groups of issues — classified as crucial, major andimportant — emerged.

Important

Major

Ethics& compliance

Political
and societal
risk

Climate change& Energy transition

Responsible
investing andfinancing

14 main priorities for BNP Paribas
Six issues are identified as crucial for BNP Paribas. Theybring together three issues already present in the 2018
matrix — confidentiality and data security, climatechange and energy transition, ethics and compliance —and three new issues identified in the 2021 update: human rights, responsible investments and financing, andbusiness continuity.
Eight other major issues stand out: corporate economic
value; customer expectations; digital transformation andinnovation; employer policy; fair and inclusive workplace;governance; talent management; transparent practices.
The six critical and eight major issues represent the 14
priorities included in the construction of our GTS 2025
strategic plan. The three goals around which this plan is
structured — profitable growth (Growth), optimisationof the customer and employee experience (Technology),
and the scaling up of sustainable finance (Sustainability)— are the themes that link these 14 priorities together.

Critical

Data privacy& security

Importance for external stakeholders

20

Fair andinclusive
workplace

Customer
expectations

Governance
Employment
practices
Accessibility for
all to products
and services

Transparent
practices

Talentmanagement

Digitaltransformation& Innovation

Biodiversity

Local
community
supportResponsible
procurement-

Business
continuity
Corporateeconomic value

Fair
competitive
practices(1) These perceptions were collected from more than 1,200 Senior GroupManagers.

HumanrightsOperational
environmental
impactImportance for BNP Paribas employees+222022 Integrated Report - BNP Paribas

23

To serve its clients and society, BNP Paribas
has designed its GTS 2025 strategic plan to accelerate
and amplify its development by leveraging
its financial solidity with the power of its integrated modeland the collective performance of its teams.
An ambitious programme to which we are committing
all our strengths and those of our three divisions.

Accelerating ourtransformation
at scale with the challengesof our time

A global
European leader

Three operating divisions
to serve our customers

Our financial
indicators

GTS 2025 strategic plan,a new acceleration phase

A diversified and integrated
model to create value

Our extra-financial
indicators

24

2022 Integrated Report - BNP Paribas

BNP Paribas

25

56,136More than 193,000 employeesin 65 countries and regions

a global
Europeanleader3,573

employees
in France

employees
in Luxembourg

employees
in Italy

employees
in Belgium

16,102

12,84758,490employees in Europe(excluding domestic markets: France,
Belgium, Italy and Luxembourg)

committed alongsideits customers
to a sustainableeconomy13,59820,263

employeesin North America

employees
in Asia-Pacific

4,656

employees
in South America

6,952

employees
in Africa

504

employees in
the Middle East

Brussels, Belgium.

Since its creation in 2000, throughthe merger of banks anchored in theEuropean and global economy for overtwo centuries, the BNP Paribas Group
has set itself the task of contributing
to a responsible and sustainableeconomy. Driven by this ambition,
we ensure that our business has apositive impact, both in our own
operations and through the solutions
we offer our customers.

We support our customers
all over the world
As a European leader with a strong international
stature, we can support and advise our customers
around the world. Present in 65 countries andregions, with more than 193,000(1) employees,
BNP Paribas is positioned as the leading bank in
the European Union(2). Most of our business lines
in Europe hold key positions as leaders in markets
such as for cash flow activities (cash management,
trade finance and factoring), and capital markets(1) Figure as of end of 2022. The number of employees is reported in
Full-Time Equivalent (FTE; headcount in proportion to their workingtime) of paid employees with a Permanent Term Contract or Fixed
Term Contract, excluding employees on unpaid leave. Excluding Bankof the West employees, following the sale as from 1st February 2023
(including control functions), this figure changes to 184,200 FTE.
(2) In revenues.

activities, but also in our specialised businesses suchas long-term leasing or asset management with asustainable approach. Our Group is established in fourmain domestic markets: Belgium, France, Italy andLuxembourg and deploys its integrated commercial
banking model in Poland, Turkey, Ukraine, Algeria andMorocco(3) and through its stake in a bank in China.
As a leading international banking player, BNP Paribas
also has a strong presence in the Americas and has afast-growing capacity for intervention in Asia-Pacific.

Our founding values seal our culture
BNP Paribas can count on the commitment of its employees
to support its customers — individuals, professionals,
corporate clients, institutions — in all phases of theeconomic cycle. At the heart of our collective dynamic,
the sum of our expertise and the cohesion of our teams
feeds our responses to the needs and expectations of

our customers. We also rely on the stability of ourgovernance bodies, which guarantee the managementof our strategy over the long term, with the objective ofcontrolled development and responsible growth. Thesebodies act in the joint interest of our Group and our
stakeholders and ensure that each decision is marked
by our underlying requirement for ethical responsibility.
Lastly, for several years, we have been implementing
a proactive approach to social and environmental
responsibility to meet the essential challenges ofenvironmental protection, regional development andequal opportunities. A conviction that is reflected particularly in our commitment to promote and deploy
sustainable finance, serving a low-carbon and a more
inclusive economy.
(3) Disposal agreements were signed with the Group’s banks in Senegal on 29
July 2022 and in Côte d’Ivoire on 30 September 2022. The transactions werecompleted on 28 April 2023 and 15 February 2023 respectively.

2022 Integrated Report - BNP Paribas

26

Our distinctive model is thefoundation of our performance
Our diversified and integrated model is based on our
three operating divisions, whose leading positions
and real complementarity underpin BNP Paribas’
overall performance. Corporate & Institutional
Banking connects the funding needs of corporateclients with the investment opportunities sought
by institutional clients, by providing them with
tailor-made solutions. Investment & Protection
Services groups our savings, investment andprotection solutions, and real estate services, while
our Commercial, Personal Banking & Services
division pools our commercial banking networks
and several specialised business lines.

27

BNP Paribas also stands out for its strong financial
solidity: the weight of its balance sheet, its market
capitalisation, its level of tier one capital (Common
Equity Tier 1), its performance in terms of revenues
and net income. Its low cost of risk also reflects
responsible, prudent, proactive and long-term
management.

Our performance in 2022 reflects our position
as the European Union’s leading bank
Revenues€50.4bn

By combining our global footprint with a local
presence, our three divisions deploy a wide rangeof solutions in all our regions. The cohesion between
all our business lines, and our ability to respondin a coordinated manner to the changing needs
and practices of our customers, give our model its
distinctive and high-performance character. Resilient in all environments and drawing its power of
execution from thorough integration between all
our areas of expertise, this model is the guaranteeof a tangible competitive advantage for our Groupin all its markets, and the assurance for our customers of support over the long term at all stagesof their development.

Net income
Group share€10.2bn

We mobilise the best of technology
As long-term partners for all our clients — individuals,
community organisations, small businesses, SMEs,
mid-caps, large companies or institutions — we aim
to provide support for all their projects and in all
circumstances. Listening to them, we mobilise thebest of technology to offer innovative solutions andimprove their experience, while ensuring a high levelof data and operational security. To offer clients asmooth, personalised and secure experience, we rely
on our powerful business platforms. Largely digitalised
and at scale, they combine global connectivity andspeed of execution.

Seville, Spain.

By focusing on digital technology and agility, we also
support the ongoing development of our employees’skills, with the desire to develop all talents, and tocollectively strengthen our operational performance.
Because we are convinced that useful innovation
results from collaboration between many players,
we are progressively building an ecosystem that
includes corporate clients, institutions, start-ups,
networks and associations. For over 10 years, wehave been developing an open approach to makeinnovation one of the driving forces behind thedigital transformation of our activities.

A distinctive and high-performing model

A customer-centric
model

An integratedmodel

A diversifiedmodel

A modelat scale

The Group’s long-term
approach is poweredby deep relationships
with clients and relies
notably on strong risk
management.

Thanks to thecollaboration between
all its businesses and its
global connectivity, theGroup provides complete
coverage of client needs
and accompanies clientsin their development.

The Group’s
diversification in termsof client segments,
regions, sectors andbusinesses ensures greatstability.

The Group’s
development andexpansion is bolsteredby digitalisation and newtechnologies that allow
for powerful execution
at marginal costs.

We are accelerating ourcommitment to a sustainable future
Relying on our foundations and solid positions,on the transformational dynamic that has been
underway for several years, and on the stability of
our managerial teams, we are pursuing our longterm development trajectory and ambition: that
BNP Paribas, an innovative company combining thebest of people and technology, be the benchmark
European leader in supporting its customers in thetransition to a sustainable economy.
Banks have an essential role to play in the fight

Immediately
available liquidity
reserve€461bnCET1 ratio(1)12.3%

against climate change by directing their financing
towards the production of more sustainable energies.
With this in mind, we are building on our leading
position in the financing of the energy transition toinitiate, as part of the deployment of our GTS 2025
strategic plan, a new phase that sharply accelerates
our withdrawal from fossil fuels, with the objectiveof financing a carbon-neutral economy by 2050, andbefore that, by 2030, of transitioning its financing
activities to the production of low-carbon energies
by more than 80%.
Building on this ambitious trajectory, we reaffirm
our wish to contribute to a sustainable model,
combining economic efficiency and positive impact,
while helping our customers move forward on thepath to a fair transition.
(1) Common Equity Tier 1 (CET1), fully loaded Basel 3. Solvency ratio.
Capital Requirements Directive (CRD 5).

282022 Integrated Report - BNP Paribas

29

GTS 2025 strategic plan

GTS 2025

strategic plan,a new acceleration
phase

Strong ambitions
GrowthTechnology

Sustainability

Continued profitable
growth by leveraging
the Group’s leading
positions in Europe

Technology for optimisedclient/employee
experiences andoperational performance

Accelerated mobilisationof the Group’s businesslines on sustainablefinance issues↓

fuelled by a powerful model
In February 2022, BNP Paribas launched
an ambitious 2025 strategic plan tofurther its development by building on
its unique position as a European leader
with solid franchises and powerfulplatforms that serve customers, theeconomy and society. After the first yearof deployment, the Group is accelerating
the implementation of its roadmap.

Leading
Europeanplatforms...

↓

Building on solid foundations, BNP Paribas
approached the implementation of its new strategicplan with confidence, thanks to the continuous
mobilisation of its teams, its financial solidity,
the strength of its diversified and integrated
model, and based on a long-term vision to serve
customers and society.

Three structuring pillars
Our strategic plan is based on three pillars:→ Growth: pursue profitable growth by building on
our positions as a European leader;…with the full
benefit of ourintegrated anddiversified
operating model…strategicallyaligned to best
serve clients andpartners…

built on three strengths

Technology andindustrialisation
at the heart of ourmodel

Deploymentof sustainable financeand ESG at scale

Developmentof employees’ potentialand engagement→ Technology: use technology for the continuous

improvement of our clients’ and employees’
experience and our operational performance;↓→ Sustainability: sharply accelerate and mobilise

in order toall our business lines on sustainable finance issues.

Rome, Italy.

Being the main builders of GTS 2025, our employees
are also a key priority within it. Our plan is basedon their expertise and commitment, which are areflection of our skills development and diversity
policy. As the foundation of our collective performance, our human capital is an essential lever forachieving the goals of our strategic plan.

Foster organic
growthGain market
sharesDevelop newopportunities

Generate economies
of scale2022 Integrated Report - BNP Paribas

30

Amplify andaccelerate
our progressThanks to BNP Paribas’ solidity,
the strength of our diversified
and integrated model and theexpertise of our teams, the Group
achieved a very good performance in 2022. This
performance reflects our unique position as aEuropean leader, relying on leading platforms
to support the dynamism of our customers andtheir ability to adapt, and to support the economy.
On the strength of these results, which confirm
the relevance of our 2025 strategic plan, andconfident in its ability to pursue disciplined andsustainable growth, the Group has revised its
objectives upwards for the three pillars of the
Growth, Technology, Sustainability 2025 plan.
We are setting ambitious financial targets andcontinuing our technological advances. We arestrengthening our commitments to a sustainableeconomy and are entering a new stage of acceleration for the financing of the energy transition.
We will continue, with our customers, the transformation effort that has already made it possible
to shift our financing from energy production toa majority of low-carbon energies.

GROWTH

Building on our European
leadership to continue
our growth

The Group’s
performancein 2022+9%Growth rate ofrevenues in 2022
compared to 2021

+7.5%
Growth rate of net
income Group sharein 2022 compared to2021 (+19% excluding
exceptional items)

10.2%
rate of return on
tangible equity“Thanks to our solid performance,
upwardly revised goals, and ourrole as a confirmed leader in thefinancing of the energy transition,
we are very well positioned
to support the economy andaccompany our customers overthe long term by providing themwith all our expertise.”Jean-Laurent Bonnafé,
Director and Chief Executive Officer of BNP Paribas

31

12.3%
CET1 ratio(1)With GTS 2025, we continue to benefit from the full
support of our integrated, distinctive and efficientmodel. Based on our position as a European leader
with powerful business platforms, we will continue
to grow by gaining market shares at marginal cost,
thereby creating new opportunities and generating
substantial economies of scale.

The Group’s technologicaladvances in 2022

30%

~300

of the information systemhosted on the Group’s
clouds, approximately
10% of which are on the
dedicated cloud

IT products available on
the internal digitalmarketplace, with morethan 500,000 visits and morethan 62,000 downloads
at the end of 2022

More than

660

~670

application programming
interfaces (APIs) available
on our Group platform,
with nearly 620 million
transactions per monthuse cases of artificial
intelligence (AI)deployed in 2022,
up by 57% comparedto the end of 2021

More thanTwo additional growth drivers
In addition, we now benefit from two new growth
drivers. The first is strengthening our model by reallocating a large part of the capital(1) released with thesale of Bank of the West on 1 February 2023.
This allocation will be done in a gradual and disciplined manner and will support the development ofour business lines. Three quarters will be invested instrengthening our organic growth in our most promisingbusiness lines. The remaining quarter will be used topursue our highly targeted external growth strategy.
We will thus make investments in innovative businessmodels and acquisitions with high added value in fields
of expertise or in cutting-edge technologies. These
acquisitions will complement our range of products
and services, for example in insurance and payments,and strengthen our industrial platforms. As such, in
2022, we acquired Kantox, the automated foreignexchange risk management specialist. In total, thisstrategy is expected to generate €3bn in additional
revenue by 2025, compared to our initial forecasts.
The second driver is linked to the positive impact of
the increase in interest rates, and should enable us
to generate more than €2bn in additional revenue by
2025 compared to our initial forecasts. Building on
the performance of our model, and incorporating theadditional potential of these two drivers, the Grouphas revised upwards its average annual objective
for growth in net income Group share, by more than
9% between 2022 and 2025. The Group anticipatesstrong and regular average annual growth in net
earnings per share of more than 12%, an increase of
40% over the period 2022-2025. BNP Paribas reaffirms
its objective of generating a positive jaws effect eachyear of above 2 points on average(2). It reinforces the
cumulative recurring cost savings targets by 2025 to€2.3bn. The Group is thus aiming for a target return on
tangible equity (ROTE) which will be revised upwards
to around 12% in 2025.
(1) Common Equity Tier 1 (CET1), fully loaded Basel 3. Solvency ratio. Capital
Requirements Directive (CRD 5). (2) CAGR (compound annual growth rate) 2022-2025
Revenues minus CAGR 2022-2025 Operating Expenses, excluding the positive impactof the change of accounting standard (application of IFRS 17 effective 01/01/23).

TECHNOLOGY

Putting technology at
the heart of improving
the experience of ourcustomers and our teams“The attention
the Group pays totechnology, symbolisedby the T at the heartof the GTS 2025 plan,
highlights the progress
made in the previous
2017-2020 plan. As partof our 2025 strategy,
we are continuing
our investments andramping up in thecontext of constanttechnological change.”
Laurent David,
Deputy Chief Operating Officer

With GTS 2025, we are stepping up our industrialisation drive through technology. We are thus able
to both optimise the experience of our customers— by offering them innovative services that meettheir expectations — and increase the satisfactionof our teams by nurturing empowerment andcooperation at the heart of our working methods.
We also mobilise the most robust and cutting-edge
technological resources to improve the overall
operational performance of all our entities. Lastly,
streamlining information systems is key to our
pursuit of our long-term cost control strategy.

A global strategy focusedon several areas
We are focusing our financial and human efforts on
an operational model that provides standardised,pooled and interoperable IT services and platforms
to ensure the best possible protection against
cyber risks for our Group and our customers.
To this end, we:• use secured cloud technology to modernise ourinformation systems;• accelerate the convergence of our technology
platforms to facilitate the creation of value andthe sharing of our IT assets, thanks to our digitalmarketplace;• deploy our “APIsation” approach through acommon platform aimed at rolling out open
banking right across the Group;• extend the use of artificial intelligence, data
and robotisation to reach 1,000 operational use
cases in 2025, compared to 670 in 2022.

Managing andpreventing risks
In an increasingly changing and demanding
environment, it is essential that we identify
the risks of all kinds to which BNP Paribas
is exposed. It is thanks to this culture ofrisk management, rooted in our practices,that we have succeeded in preserving andstrengthening the Group’s solidity over time.
Our internal control system will continue
to be optimised in order to identify the mainrisks and anticipate emerging risks. This
strict control is present at all levelsof the company and is based on three linesof defence. The first is carried out
by the Group’s operational entities, businesslines and functions, and the second is
the permanent control managed by theCompliance, LEGAL, RISK, Tax and Financefunctions. The third, under the responsibilityof the General Inspection function,
supplements these actions with periodic
controls.
This control system is reinforced by a solid
culture of compliance, regularly sharedinternally. It is also part of a dynamicof cooperation within the Group as well aswith the Group’s other functions and businesslines. The quality of our risk management,
which is prudent, proactive and long-term,
results in a low cost of risk, at 31 basis
points in 2022, and by a ratio between
the cost of risk and gross operating income
among the lowest of European banks.

2022 Integrated Report - BNP Paribas

32“At BNP Paribas, we havealready made a major pivot
towards financing the
production of low-carbon
energies. In the coming
decade, the climatic factor
will transform the economy
more than ever. This is why
we intend to go further andfaster. All Group entities arecommitted to this fundamental
dynamic. This new phase ofacceleration confirms our roleas an undisputed leader inthe energy transition.”

Antoine Sire,
Head of Company Engagement

Strengthening our expertisein sustainable finance
To best support the transition of its various
customers — corporate clients, institutionals
and individuals — BNP Paribas has set up highly
specialised centres of expertise in sustainablefinance. The Low-Carbon Transition Group brings
together nearly 200 international experts fromvarious Group entities, and supports major
corporate clients in the energy transition around theworld. In 2022, BNP Paribas rolled out this initiative
for small and medium-sized enterprises in Europe.
The Group has also set up an international
network of experts in sustainable finance, the NEST(“Network of Experts in Sustainability Transitions”).
At the same time, to train and inform all our
employees about the challenges of the ecologicaltransition, the Group launched the Sustainability
Academy in the fall of 2022. Thanks to the many
resources it mobilises — dedicated training courses,change management tools, practical sheets, etc. —this platform gives teams an overview
of sustainable finance and strengthens their skillsin this area.

SUSTAINABILITY

Significantly accelerate
the deployment ofsustainable financeWith GTS 2025, we are entering a new phase of strong
acceleration in our energy transition financing activities.
We work alongside our customers to support them in thetransition to a sustainable economy, while aligning ourportfolios with the commitment to carbon neutrality.
BNP Paribas has already made a major pivot towards
financing the production of low-carbon energies. In 2022,
financing of low-carbon energy production already accounted for more than 55% of our portfolio, compared to
45% for fossil energies. Thanks to the resources mobilised,
we will increase the share of the low-carbon energy
production to 80% of our energy production financing
by 2030. Regarding oil, since 2016, we have stopped
providing any financing dedicated to exploration andproduction projects. In 2030, our remaining financing ofoil exploration and production will represent less than
€1bn. For gas, we will reduce our exploration-production
financing by 30%, by focusing on security of supply andnext-generation thermal power plants. BNP Paribas
will no longer provide any financing dedicated to thedevelopment of new oil and gas fields.

Three strategic drivers
and five priority areas
We have defined three strategic drivers to accelerate
the implementation of our commitments:• aligning our portfolios with our commitment tocarbon neutrality;• supporting our customers towards a sustainable andlow-carbon economy;• strengthening our expertise, management tools,
processes and governance.
We have also identified five priority areas in line withthe 17 United Nations Sustainable Development Goals(SDGs), some of which are priorities for our business:sustainable savings, investments and financing; transition to carbon neutrality; circular economy; natural
capital and biodiversity; social inclusion.
(1) Amount of loans at the end of 2022 identified as sustainable by an internalclassification system, granted by BNP Paribas to its customers. The Group’stransaction classification principles are based on external market standards
such as those of the Loan Market Association and the European Taxonomy inEurope. (2) Cumulative amount at the end of 2022 of all types of bonds identified
as sustainable according to the guidelines of the International Capital Market
Association (ICMA) issued by corporate clients, financial institutions and sovereignclients, and arranged by BNP Paribas (total amount divided by the number ofbookrunners). (3) Amount of assets under management at the end of 2022 inarticles 8 and 9 open-ended funds of BNP Paribas Asset Management, distributedin Europe according to the European Sustainable Finance Disclosure Regulation(SFDR). SFDR identifies funds according to their sustainability potential. The article
8 classification concerns funds declaring that social and/or environmental criteria
are taken into account. The article 9 classification means funds with a sustainable
investment objective. (4) Cumulative amount at the end of 2022 of green loans,green bonds and financing identified as contributing to the transition to a lowcarbon economy according to an internal classification system (e.g. renewableenergies, low-carbon hydrogen, nuclear). This amount covers part of the amountsof the sustainable loans and bonds referred to previously.

33

The Group’scommitment
to sustainablefinance in 2022

€87bn

in sustainable loans(1)granted to corporateclients, institutionals
and individuals at theend of 2022

€32bn

Placing people at theheart of our collective
performancein sustainable bonds(2)issued for clients at
the end of 2022

€223bnin assets undermanagement inarticle 8 or 9 funds
according to the
SFDR(3) at the endof 2022€44bn
in support to enable
our customers totransition to a lowcarbon economy(4)at the end of 2022

“After a year in 2021
devoted to defining
the People Strategy,
the entire HR function
was mobilised in 2022,with the first projects
already delivered.
We are now accelerating
all projects. Our People
Strategy will be a
success if its results
are perceived by allteams. We also continue
to increase our diversity
and inclusion initiatives
for the benefit of all our
employees.”
Sofia Merlo,
Head of Human Resources

Designed as part of a co-construction approach, ourPeople Strategy aims to develop the potential andcommitment of our employees, in order to ensure
our collective performance and strengthen our position as a leader in sustainable finance. To this end,
it focuses on three themes, mirrors of the GTS 2025
plan: employee experience; human capital; ethics andinclusion, with the first projects delivered in 2022.
In terms of employee experience, 2022 saw the continuation of the evolution of working methods within
the Group, with the increase in momentum for Smart
Working. To facilitate the personal procedures of ourteams, we are deploying My HR, a dedicated spacefor HR applications and tools. 2023 will also see thedeployment of the We Care offer, covering employee
health and well-being. Finally, to promote and drive a
profound cultural change, the programme Agile@Scaleis being distributed in all our entities. The HR function
supports this dynamic of change, while making its own
transformation towards greater agility.
With regard to human capital, a major achievement
was the launch, in October 2022, of the Sustainability
Academy, whose mission is to train and inform employees in all our business lines and all our regions
about the environmental and social challenges ofsustainable finance. In addition, the Group’s HR tools
have been adapted to improve employee career paths
and skills management.
With regard to ethics and inclusion, in 2022 we updated our governance focusing on respect for people.
To raise all employees’ awareness of the adoption ofrespectful behaviour, the Conduct Journey, which ismandatory for all employees, has been enriched witha “Diversity, equality and inclusion” module.

25,000 & 25,000
internaltransfers

external
hires↓
carried out in 2022,
beyond the annual objectivesof 20,000 targeted by
the GTS 2025 strategic plan

BNP Paribas certified
Top Employer Europe
For the tenth consecutive year,
BNP Paribas received the “Top
Employer Europe” label fromthe Top Employers Institute,with an overall score of
88.75/100. This certification
has been awarded in ninecountries, including for the
first time this year, Portugal
and Germany.

342022 Integrated Report - BNP Paribas

35

Global Banking
By leveraging a global platform and local presence,
Global Banking provides corporate clients with afull range of products and services in terms of debt
financing solutions, advice on mergers and acquisitions, primary equity markets and transaction
banking expertise.
“Investment Bank of the Year”(The Banker Investment Banking Awards 2022)

Three operating
divisionsGlobal Markets
As a specialist in capital markets investment andfinancing, Global Markets offers a wide range ofinvestment, hedging, financing, research and market analysis products and services across all asset
classes. It is aimed at a wide range of institutionaland corporate clients operating internationally.
“Loan Structurer / Arranger / Coordinatorof the Year” (Environmental Finance Bond
Awards 2022)

Securities Services

to serve
our customers→
BNP Paribas is structured aroundthree operating divisions: Corporate& Institutional Banking (CIB);
Commercial, Personal Banking& Services (CPBS) and Investment& Protection Services (IPS).
With a focus on the needs of ourcustomers and partners, thesethree divisions are the pillars ofour diversified and integrated model.
The three operating divisions areorganised to increase cooperation
between all our business lines andmeet the changing expectations of
our stakeholders. A global and joint
approach enriches the expertise
offered to our customers and provides
them with continuous, long-term
support for all their projects.

On 1 October 2022, BNP Paribas Securities Services
SCA merged with its parent company, BNP Paribas
SA. Ranked among the world’s leading players insecurities custody, Securities Services securely storesand manages the assets of banks, fund managers,
insurance companies, pension funds and sovereign
wealth funds, while ensuring the smooth runningof their financial transactions. It helps to increase
their global investment opportunities, manage
their risks and improve their operational efficiency.
“European Custodian of the Year”(Funds Europe Awards 2022)

Corporate& Institutional
Banking“By leveraging our diversified
model, we offer our customers afull range of integrated and tailoredsolutions, and connect the needsof our corporate clients with thoseof our institutional clients. With
recognised expertise in sustainablefinance and an organisation thatis dedicated to accelerating thetransition to a low-carbon economy,
through the Low-Carbon Transition
Group, our teams are fully mobilised
to support the transition of ourcustomers to a more sustainableeconomy all over the world.”
Yann Gérardin,
Chief Operating Officer,
Corporate & Institutional Banking

Corporate & Institutional Banking (CIB) acts as a bridge
between two types of customers: corporate clientsand institutional clients — banks, insurancecompanies and asset managers. It connects
the financing needs of the former with theinvestment opportunities sought by the latter,by offering them tailor-made solutions in theareas of capital markets, securities services,financing, risk management, cash management
and financial advice.
As part of the GTS 2025 strategic plan, CIB is pursuing its aim of becoming the leading European
player among the major global investment banks,
as well as the preferred partner of its customers
in their transition to sustainable development.
Present in three major regions — Europe, Middle East, Africa (EMEA); Americas; Asia-Pacific(APAC) — CIB’s teams work as closely as possible
to support our customers’ needs through three
dedicated business lines.

2025

GROWTHTECHNOLOGYSUSTAINABILITY

Strategy for 2025

With the launch of the GTS 2025 strategicplan, the CIB division aims to be the preferred
European partner for its corporate andinstitutional clients over the long term. It focuseson supporting them in their transition to a moresustainable model.
The development of this strategy is basedon three priorities:→ capitalise on the Group’s diversified
and integrated model;→ leverage its ability to connect its corporate
and institutional franchises;→ gain new market share in a consolidating
industry.

Progress in 2022

In an uncertain context that distressed markets,
each of the business lines and regions generated
growth and made progress on the 2025 strategy,
thus confirming Corporate & Institutional
Banking’s positioning as a world leader among
European CIBs.

In 2022, the division thus:→ consolidated its position as a partner ofreference in the transition to a low-carbon
economy and, end of 2021, created the LowCarbon Transition Group (LCTG);→ continued to strengthen its technologicalplatforms and optimise its operating modelwith a focus on partnerships with fintechs
and targeted acquisitions;→ accelerated its inter-regional dynamics
by rolling out its offers in all its regions;→ developed its equity franchise particularly
by investing in its sectoral expertise andexecutional capabilities.

2022 Integrated Report - BNP Paribas

36

37

solutions throughout its entities worldwide,
Arval has positioned itself as a key player insustainable mobility.
A fleet of nearly 1.6 million vehicles (including
almost 300,000 electrified vehicles) leased toits 300,000 customers
BNP Paribas Leasing Solutions
BNP Paribas Leasing Solutions offers corporate clientsand professionals in the industry with leasing andfinancing solutions for their equipment, throughvarious commercial channels (industrial partners
such as manufacturers, distributors and resellers,
direct business clients or companies from the network of commercial & personal banking).
BNP Paribas Leasing Solutions contributes to theecological transition of its customers by financing
positive impact equipment and providing services
that promote and support the circular economy.
“European Lessor of the Year” for the seventh
year and “Best Energy Transition Programme”,
awards granted in 2022 by Leasing Life, theleading magazine dedicated to leasing in Europe→

Commercial,
Personal Banking& ServicesCommercial, Personal
Banking & Services (CPBS)
brings together our commercial & personal banking andseveral specialised businesses for efficiency,
agility, and to act as our customers’ trusted companion. As such, we meet our clients’ financial
needs and more, serving their best interests andthose of society.
In line with the GTS 2025 strategic plan, CPBS intends
to continue to improve customer and employee
recommendation by simplifying and enriching
its offer of ever more responsible products andservices. CPBS also relies on the best of people anddigital technology to provide its customers with aninnovative relationship, while continuing to build
an industrialised and resilient operating model.

Our commercial& personal banking
With its four domestic markets in the eurozone (France, Belgium, Italy, Luxembourg),
its network of banks outside the eurozone(Poland, Turkey, Ukraine, Algeria and Morocco)(1) and its participation in a bank in China,

BNP Paribas has a large network of experts andoffers its customers an extensive range of services
and products including financing and savings
solutions. An ecosystem of partners strengthens
these offers beyond banking services.
By placing innovation and security at the centreof their business model, our networks adapt theiroffer to the new needs of customers to be theirlong-term trusted companion.
• Commercial & Personal Banking in France
7.6 million customers• BNP Paribas Fortis in Belgium
Nearly 3.4 million customers(2)• BNL in Italy
2.6 million customers• BGL BNP Paribas in Luxembourg
188,300 customers• Europe-Mediterranean
More than 15 million customers• Bank of the WestOn 20 December 2021, the BNP Paribas
Group announced the sale of Bank of theWest to BMO Financial Group. The sale wascompleted on 1 February 2023.

Our specialised businesses
Arval
Arval provides companies, their employees andindividuals with an ecosystem of digital solutions,services and tools to optimise their mobility inline with current challenges, including the energy transition and growth of the user economy.
With the aim of leasing 700,000 electrified vehicles by 2025 and offering responsible mobility

BNP Paribas Personal Finance
BNP Paribas Personal Finance is a major player in
consumer credit in Europe. Its commercial brands
offer a full range of consumer loans through avariety of distribution channels. BNP Paribas
Personal Finance is developing an active partnershipstrategy with large retailers, car manufacturers
and distributors, e-merchants and other financial
institutions. The company has set itself a targetof €20bn in sustainable finance, with sustained
efforts in four areas: financial inclusion, the energy
transition for housing, sustainable mobility andthe circular economy.
€5.9bn in sustainable finance outstandings at
the end of 2022

BNP Paribas Personal Investors
In addition to its traditional online brokeragebusiness, BNP Paribas Personal Investors offers its
individual customers a wide range of banking, credit
and savings services. This business also provides
independent financial advisers, asset managers andfintechs with innovative digital services. BNP Paribas
Personal Investors is present in India and Germany
through three brands, including Consorsbank forindividual customers.
5.2 million individual customers
NickelThis first “bankless” account was launched in
France in 2014. Nickel offers a current accountthat can be opened in five minutes from tobacconist
partners or Points Nickel (points of sale), of which
there were more than 8,800 in Europe at the endof 2022. Its customers can pay, and be paid, via a
simple and inclusive offer, based on four values:
universality, simplicity, usefulness and caring.
Thanks to its digital model and a local distribution
method in France, Belgium, Portugal and Spain,
Nickel maintained a sustained rate of customer
acquisition throughout the year.
3 million individual customer accounts have been
opened, since its launch in 2014
FLOA
Already leader in France in payment facilities, andpresent in Spain, Belgium, Italy and Portugal, FLOA
joined the BNP Paribas Group in February 2022. Asa pioneer in payment facilities, FLOA offers consumers split payments, mini-loans and bank cards.
The company is a partner of major e-retailers, key
players in travel and fintechs, for which it develops
tailor-made services.
More than 4 million customers and more than
€2.5bn in goods and services financed each year

“The solid performance ofour commercial & personalbanking and our specialised
businesses embodies theenergy and sustained workof our teams to support ourcustomers over the longterm. It will enable us tostrengthen our leadership
positions in Europe andaccelerate the profitable
growth of our business lines
while continuing to improvecustomer satisfaction.”
Thierry Laborde,
Chief Operating Officer,
Commercial, Personal Banking & Services(1) Disposal agreements were signed with the Group’s banks in Senegal on
29 July 2022 and in Côte d’Ivoire on 30 September 2022. The transactions
were completed on 28 April 2023 and 15 February 2023 respectively.
(2) Excluding the 600,000 active customers of bpost banque and Fintro
customers.

2025

GROWTHTECHNOLOGYSUSTAINABILITY

Strategy for 2025

The combined strength of its leadership
positions in two-thirds of its business lines, andof its transformed operating model, gives CPBS
significant growth potential. Its 2025 vision feeds
into the action plans of each of its business lines
and ensures the development of revenues andprofitability.
To achieve its goals, the division aims to:→ accelerate the significant and profitable
growth of its specialised businesses;→ strengthen its leadership in Europe

for corporate clients and the private banking
segment;→ reposition its commercial & personal banking
activities to become even more attractive,
while adapting its operating model;→ pursue continuous improvement of
its efficiency.

Progress in 2022

In a complex and uncertain economic
environment, the entities of the CPBS division,both commercial & personal banking andspecialised businesses, performed very well,consolidating the development strategy andconfirming the goals of the 2025 plan.
In 2022, the division thus:→ continued to adapt its model to offer
a customer relationship driven by achieving

a balance between human interaction anddigital technology, and deployed new service
models;→ innovated and enriched its offer by making
acquisitions or partnerships with fintechs tooffer its customers new solutions “for andbeyond banking”;→ accelerated the industrialisation of its
operating model;→ intensified cross-functionality between its
business lines, leaders in many European
markets, whose combination of solutions
and expertise differentiates BNP Paribas withvalue-added in markets, such as mobility;→ strengthened its sustainable financing
solutions, its services and the expertiseof its teams, to provide personalised support
to all its customers in their transition.

2022 Integrated Report - BNP Paribas

38

→

39

Investment& Protection
ServicesO

ur Investment & Protection
Services (IPS) division brings
together our activities dedicated to protection, savings,
investment and real estate services. It designs
and deploys innovative and responsible products
to support individuals, professionals, corporateclients and institutionals in their projects andtheir transition to a sustainable and inclusive
economy.
As part of the GTS 2025 strategic plan, IPS aims
to become a European reference in responsible
protection, savings and investment. To this end, it
is strengthening its range of services and solutions,and its distribution network and consolidating its
leadership in social and environmental responsibility.
It also strives to continue the digitalisation of its
business lines and ensure that they are ever moreagile, efficient and at the cutting edge of technology.

Leading wealth and asset
management business lines
BNP Paribas Cardif
BNP Paribas Cardif designs, develops and markets,with more than 500 distributor partners, savingsand protection offers to insure people, their projects
and their assets. It helps its policyholders to carryout their projects while protecting them against theeventualities of life. As a player committed to its
partners, their customers and society, BNP Paribas
Cardif’s mission is to make insurance more accessible.
As an investor, BNP Paribas Cardif contributes to giving
meaning to the investments of policyholders and has
set itself a target to devote an average of €1bn peryear by 2025 to positive impact investments. The
insurer has joined the Net-Zero Asset Owner Allianceand has committed to aligning its portfolios with acarbon neutrality trajectory by 2050.
A leader in the creditor insurance market, witha net income before tax of €1.4bn in 2022

BNP Paribas Wealth Management
BNP Paribas Wealth Management supports its clientbase of entrepreneurs, family offices and High Net
Worth Individuals in their wealth management andfinancing projects. In Europe, it is growing its wealthmanagement business by leveraging on the Group’s
Commercial, Personal Banking & Services network.
In Asia, it relies on its historical presence and its
Corporate & Institutional Banking activity to meetits clients’ most sophisticated needs. BNP Paribas
Wealth Management continues to strengthen its
digital solutions, and through an internal, robust andunique methodology (Clover Rating), it can identify
and select responsible investments for its clients.
With €411bn in assets under management in
2022, BNP Paribas Wealth Management is aworld-leading private bank and the leading
private bank in the eurozone
BNP Paribas Asset Management
BNP Paribas Asset Management provides investment solutions to individual savers, corporate clients and institutional investors andoffers specific expertise: active, high-conviction
strategies, emerging markets, multi-asset investments, private debt and liquidity solutions.
As a signatory of the Net Zero Asset Managers
initiative, BNP Paribas Asset Management iscommitted to a trajectory of carbon neutrality
for its investments by 2050.
The Group’s aim is to become a leading European
player in the field of private asset management.
To this end, in January 2023, BNP Paribas
created a Private Assets group within BNP Paribas

Asset Management, that pools its private asset
management activities together.
89% of assets under management of its European
open-ended funds are classified as article 8 or 9
within the meaning of the European SFDR
regulation(1)BNP Paribas Real EstateWith a wide range of services, BNP Paribas Real
Estate supports its clients — institutional investors, owners, corporate clients, local authorities,
individuals, etc. — during all stages of the realestate asset life cycle: property development,
transaction, consulting, valuation, investment management and property management.

2025

GROWTHTECHNOLOGYSUSTAINABILITY

Strategy for 2025
With the launch of the GTS 2025 strategic plan,
IPS aims to become a leading European player insustainable savings, investments and protection.
To this end, the division is expanding its service
offering and strengthening its distribution
networks.

It operates in all asset classes, from offices tohousing, including industrial premises, logistics,
hotels and retail spaces.
Present in 23 countries with offices in 11 European
countries, platforms in Hong Kong (SAR China),
Dubai and Singapore, and a network of commercial
alliances with local partners in 9 other countries“In 2022, in a particularly
turbulent environment, IPS
demonstrated its agility andresilience. Our course for 2025
remains unchanged: enrich
our offer thanks to technology
and systematise the integrationof the sustainable dimension,
to better meet the needs ofour customers.”
Renaud Dumora,
Deputy Chief Operating Officer,
Investment & Protection Services(1) BNP Paribas Asset Management open-ended funds, distributed inEurope and classified article 8 (declaring the consideration of social
and/or environmental criteria) or article 9 (presenting a sustainable
investment objective) of the European Sustainable Finance Disclosure
Regulation (SFDR), which identifies funds according to their sustainability potential. Figure as of 31/12/2022.

Three strategic priorities have been defined:

to its strategic plan in its various dimensions:→ accelerate financial savings development;→ capture growth in private assets;→ strengthen leadership in responsible
investments.

→ strengthening of the product offer: creationof a Private Assets group, development ofinternational protection, targeted acquisitionsin asset management;→ consolidating distribution: renewal of key
partnerships, signing of new agreements;→ enhancing our CSR approach: publication of
net-zero trajectories as an investor (Net-Zero
Asset Owner Alliance) and as an asset manager(Net Zero Asset Managers Initiative);→ improving the operational efficiency ofplatforms and accelerating digitalisation.

Progress in 2022
In a context of market turbulence and a newinterest rate paradigm, IPS has been able toeffectively adapt its offer to accompany its
customers.
At the same time, the division made a good start2022 Integrated Report - BNP Paribas

40

41

A

diversified & integrated

Thanks to the solidity of our Group and the strength of our diversified
and integrated model, we support our customers and society in generalby drawing on our teams, our resources and our expertise. Our commitment
to them extends over the long term and in all phases of the economic cycle.
By leveraging our leading business platforms and our unique position asa European leader, we create value and support the developmentof a sustainable economy.

model to create value

Ourstrengths

Our diversified andintegrated model

European groupwith global reachSolidfinancial
structureoperating in 65 countries
and territories—

Committed employeeswith 193,122 people
worldwide(1)—

Broad diversification
by customer segment, geography,
sector and business line—

A solidfinancial structurewith €126.6bn
in equity—

Our value
creation

Everydaybanking

For all our stakeholders: customers, shareholders andinvestors, employees, partners and suppliers, local
authorities, regions and civil society.

—Corporate& Institutional
Banking (CIB)

Commercial,
Personal Banking& Services (CPBS)

employees(3)employees (3)—€28.3bn

Advisory

113,905

38,256€16.5bn

Revenues(4)Sectordiversificationand prudent risk
management

Cooperation between
business lines

Comprehensive
and long-termclient-centric
approach

Investment& Protection
Services (IPS)

Revenues(4)Payments—

Integrated
platforms andapproaches

Financing—

Investments

employees(3)—€6.7bn—

Revenues(4)Technology and innovation
at the heart of our model

Savings

with 670 artificial intelligenceuse cases deployed in 2022——

A leading Group
in sustainable finance

Our GTS 2025 strategic plan
GrowthTechnology

↓

↓

↓

Promoting useful
innovation for ourcustomers

Encouraging
sustainable growth
for the economy

Developing
our contribution
to society(Individuals, small businesses,
SMEs and mid-caps, large
companies, institutional clients,
community organisations)

—

—

—

18,809to meet all
our customers’ needs#1 worldwide in green bonds
in 2022, for the equivalentof €18bn(2)OursolutionsProtection~3 million
Nickel:accounts opened since its
creation in France, Spain,
Belgium and Portugal
and a developmentin Germany in 2023

Targeted acquisitions€223bnin assets undermanagement in
BNP Paribas AssetManagement open-ended
funds classified as
article 8 or 9 according
to the SFDR(6)€28.2bn—enabling us to offer
our customers innovative
services: Kantox for foreignexchange risk management and
FLOA for split payment

in financing of
low-carbon energy
production(7) at theend of September 2022,
already nearly 20%
higher than thatfor fossil fuels
production(8)

—

—

—

294 million

monthly connections
to mobile apps(5)(+14.1% compared to 2021)€32bn

in sustainable bonds
issued for customers
at the end of 2022(9)€74.1mbudget for the Group’s
corporate philanthropy
in 2022 (including an
exceptional €15.1m
dedicated to support forthe people of Ukraine)€7.2bn—in taxes paid in 2022

Nearly 1,000—

employeescommitted to mentoring

1,126,142 hours—

in solidarity
initiatives carriedout by employees forcommunity organisations(#1MillionHours2Help)in 2021 and 2022

Sustainability(1) As of 31/12/2022, this number includes employees from each of the three divisions presented above, as well as employees from thecentral functions. (2) Bloomberg, bookrunner in volume at 31/12/22. (3) The number of employees is reported in Full-Time Equivalent(headcount in proportion to their working time) of paid employees with a Permanent Term Contract or Fixed Term Contract, excluding
employees on unpaid leave. (4) For CPBS, revenues include 100% of Private Banking (including PEL and CEL effects in revenues).

(5) Scope: private individuals, professional and Private Banking customers of commercial and digital banks, Nickel and BNP Paribas
Personal Finance. (6) Figure at 31/12/2022; funds distributed in Europe. The European Sustainable Finance Disclosure Regulation(SFDR) identifies funds according to their sustainability potential. The article 8 classification concerns funds declaring that social and/or environmental criteria are taken into account. The article 9 classification concerns funds with a sustainable investment objective.
(7) Renewable, biofuel and nuclear. (8) Oil refining, gas extraction/production, oil extraction/production, coal. (9) Cumulative amountof all types of sustainable bonds 2022-2025 (total amount divided by the number of bookrunners).

2022 Integrated Report - BNP Paribas

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43

Our financial
indicators

Thanks to its financial solidity
combined with the power of its
diversified and integrated model,
BNP Paribas achieved a very good
performance in 2022, confirming therelevance of its GTS 2025 strategic plan.
The ability to support our customers
and the economy globally by mobilising
our teams, resources and expertise
continues to support the strong growthin business and results.
All three of our operating divisions
contributed to the increase in ourrevenues of 9% compared to 2021. We
also recorded a strong increase in net
income Group share of 7.5% compared
to 2021 (+19% excluding exceptional
items). The robustness of our balance
sheet is reflected in our CET1 ratio of
12.3%. We apply a shareholder return
rate of 60% and also provided net
earnings per share of €7.80 and a net
dividend per share of €3.90. These last
two indicators were up compared
to 2021.

Net dividend
per share

Net earnings
per share(1)Grouprevenues

€7.80
2022

€50,419m

€7.26
2021

2022

€2.66(3)€3.90(5)
2022

2020

€5.31
2020

€46,235m
2021€44,275m
2020

Short-term/long-term
ratings

Net income
Group share

Common Equity Tier 1(CET1) ratio€10,196m(2)

Standard & Poor’s
Stable outlook
25 April 2022
Fitch
Stable outlook
13 September 2022

12.3%

2022

2022

Moody’s
Stable outlook
5 July 2022
DBRS
Stable outlook
28 June 2022

12.9%

€9,488m
2021

For more information on allof our financial indicators,
see the 2022 Universal
Registration Document on
invest.bnpparibas€3.67(4 )2021€7,067m
2020

2021

12.8%
2020

A-1 / A+
F1+ / AAP-1 / Aa3
R-1 (Middle) /AA (Low)(1) Based on the average number of shares outstanding during the fiscal year. (2) Common
Equity Tier 1 (CET1), fully loaded Basel 3. Solvency ratio. Capital Requirements Directive(CRD 5). (3) €1.11 distributed following the approval of the Shareholders’ Combined General
Meeting of 18 May 2021, plus €1.55 distributed following approval by the Ordinary Annual
General Meeting of 24 September 2021, taking into account only the distribution of the2020 dividend. (4) Approval by the Annual General Meeting of 17 May 2022, taking into
account only the distribution of the 2021 dividend and not taking into account the sharebuyback programme of €900m, executed between 1 November and 6 December 2021. (5)Subject to approval by the Annual General Meeting of 16 May 2023, taking into accountonly the distribution of the 2022 dividend and not taking into account the share buyback
programme of €962m for the ordinary distribution.

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Our extra-financial
indicators

Extra-financial ratings

BNP Paribas has set up a CSR dashboard to help guide its strategy in this area. The monitoring of this CSR dashboard is carried out
on an annual basis by the Group’s Executive Committee and Board of Directors. As part of the launch of its GTS 2025 strategic plan,
the Group has defined new CSR indicators, with commitments for 2025. In addition, in 2022, BNP Paribas once again stood out
with its remarkable performance in the assessments conducted by the main extra-financial rating agencies. These results reflect
the Group’s commitments in terms of CSR and responsible practices as well as its strict application of Environmental, Social andGovernance (ESG) criteria in its activities.

The CSR policy management dashboard
Our economic responsibility

2022

Amount of sustainable loans(1) .........................................................................................................

€87bn

Amount of sustainable bonds(2)........................................................................................................

€32bn

Amount of article 8 and 9 assets under management according to the SFDR(3) ................

€223bnShare of women in the SMP (Senior Management Position) population(4) ..........................

35.2%

Number of solidarity hours performed by employees(5) ...........................................................

1,126,142€150bn€200bn• BNP Paribas obtained a score of
84/100 in October 2022 in the
Corporate Sustainability Assessment(CSA) by Standard & Poor’s, making
the Group the first French bank andthe second European bank. The Groupis thus in the top 6% of companies
in the banking sector in terms ofsustainable development.
• Moody’s ESG Solutions awarded theGroup a score of 71/100 in October
2022, which positions the Group as
the 1st bank out of 30 banks in the“Diversified banks in Europe” sector
and in the top 1% worldwide (out of
the 4,885 companies assessed).

€300bn40%
1 million

97.4%

90%

3.3 million

6 million(in 2021 and 2022)

Our civic responsibility
Number of beneficiaries of products and services supporting financial inclusion(7)............

2025
objectives• BNP Paribas obtained a score of 4.4/5
in September 2022 from FTSE Russell
as part of its ESG Rating. This rating
places BNP Paribas in the top 5% ofcompanies in the banking sector.

Inclusion in sustainability
indexes

Our social responsibility

Share of employees who completed at least four training courses during the year(6) .....

Extra-financial ratings and distinctions(over two rolling years)

Our environmental responsibility
Amount of the support enabling our clients to transition to a low-carbon economy(8) .......

€44bn€200bnAmount of financing to companies contributing to protect terrestrial
and marine biodiversity(9) ..................................................................................................................

€1.8bn(10)€4bnGreenhouse gas emissions in teq CO2 per FTE (buildings and business travel)(11) ..............

1.65teq
CO2 / ETP

1.85teq
CO2 / ETP

• BNP Paribas is listed in the Dow
Jones World and Europe Sustainability
Indexes (DJSI).

• In 2022, BNP Paribas shares werealso included in the Bloomberg
Gender-Equality Index.

• BNP Paribas ranked 1st in the ranking
by the NGO ShareAction, designed toassess the commitment of 25 major
European banks in the fight against
climate change and the preservation of
biodiversity.

Other CSR distinctions andcommitments• BNP Paribas was ranked leading
French bank in 2023 by the NGO
Global Canopy in its Forest 500 report.
The Group is also one of the Top 5
financial institutions most committed
to combatting deforestation among the
150 institutions studied.

• BNP Paribas received the award “Bankfor Sustainability” during the IFRAwards 2022.
• BNP Paribas was awarded “World’s
Best Bank for Sustainable Finance”
and “World’s Best Bank for ESG Data
Technology” at the Euromoney Awards
for Excellence 2022.
• BNP Paribas is the leading Frenchbank and the fourth bank worldwide
in the 2023 ranking of the “100 Most
Sustainable Companies” compiled by
the Canadian magazine Corporate
Knights(12).
• BNP Paribas is the top French bankin Equileap’s international genderequality ranking.
• BNP Paribas received the “Net zeroprogression of the year — EMEA”
award from Environmental Financemagazine, illustrating the Group’s
support for its customers in theirtransition to carbon neutrality.

• BNP Paribas is listed on the EuronextVigeo Eiris World 120, Europe 120,Eurozone 120 and France 20 indexes.

(1) Amount of loans at the end of 2022 identified as “sustainable” by an internal classification system, granted by BNP Paribas to its customers. The Group’s transaction classification
principles are based on external market standards such as those of the Loan Market Association and the European Taxonomy in Europe. (2) Cumulative amount at the end of 2022 of all typesof bonds identified as sustainable according to the guidelines of the International Capital Market Association (ICMA) issued by corporate clients, financial institutions and sovereign clients,
and arranged by BNP Paribas (total amount divided by the number of bookrunners). (3) Amount of assets under management at the end of 2022 in open-ended funds of BNP Paribas AssetManagement, distributed in Europe according to articles 8 and 9 of the European Sustainable Finance Disclosure Regulation (SFDR). SFDR identifies funds according to their sustainability
potential. The article 8 classification concerns funds declaring that social and/or environmental criteria are taken into account. The article 9 classification means funds with a sustainable
investment objective. (4) The Group’s Senior Management Position (SMP) population is composed of employees holding approximately 3,000 positions considered to have the most significant
impact from a strategic, commercial, functional and expertise point of view. The percentage is calculated on the basis of SMP positions occupied. (5) As part of the #1MillionHours2Help
programme, including long-term skills sponsorship, set up under the Diversity and Inclusion Agreement in France. (6) Including mandatory training, such as compliance. (7) Number ofNickel accounts opened and number of beneficiaries of microloans distributed by microfinance institutions financed by the Group (pro rata of the financing) at the end of 2022. (8) Cumulative
amount at the end of 2022 of green loans, green bonds and financing identified as contributing to the transition to a low-carbon economy according to an internal classification system(e.g. renewable energies, low-carbon hydrogen, nuclear). This amount covers part of the amounts of indicators 1 (sustainable loans) and 2 (sustainable bonds). (9) Cumulative amount at
the end of 2022 of financial products and services (loans, bonds, etc.) contributing to the protection of terrestrial and marine biodiversity. The contribution to the protection of biodiversity
is identified by an internal classification system. This amount covers part of the amounts of indicators 1 (sustainable loans) and 2 (sustainable bonds). (10) The 2022 amount is estimatedfor the bond portion and will be provided in 2023, when the real amounts from the allocation reports for the bonds are known. (11) Greenhouse gas emissions for scope 1 (direct emissions
from the combustion of fossil fuels), scope 2 (indirect emissions from the purchasing of energy) and, for a part of scope 3 (emissions related to employee business travel), expressed in
teq CO2 divided by the number of full-time equivalent (FTE) Group employees. In 2022, the level of greenhouse gas emissions per employee in the Bank’s operational scope is particularly
low in a context of a limited recovery in business travel by plane. However, in the context of the current energy crisis, this indicator could be impacted upwards by a higher-carbon energy
mix in certain countries in which the Group operates. (12) Corporate Knights is a leading Canadian trade magazine, as well as an independent investment research and advisory firm.

2022 Integrated Report - BNP Paribas

46

47

Driven by the desire to contribute to the transition and to
a new and sustainable economic model, BNP Paribas is making progresson all fronts. Key features of our initiatives include financing low-carbon
energies, promoting soft mobility, protecting biodiversity,
deploying impact financing and responsible savings and investment
solutions, and encouraging financial inclusion.
Advancing at a sustained pace with all our talents and resources.

Offering our customers
solutions at scale with current

transitions•••

Supporting the transition
to a low-carbon economy
Hamburg, Germany.

Placing technology
at the heart of our solutions

Contributing to a more
inclusive economy and society2022 Integrated Report - BNP Paribas

48

49

Supporting

the transition

Euromoney andIFR recognise
BNP Paribas
In 2022, BNP Paribas received
numerous awards for its support
to customers and a moresustainable economy. The Grouphas been awarded several
distinctions in different financial
and non-financial categories by
the leading magazine Euromoney,
including “World’s Best Bankfor Sustainable Finance” and“World’s Best Bank for ESG Data
& Technology”. This recognition
highlights the Group’s European
leadership and its ability to enable
its customers to reach global
markets thanks to the expertiseof our local teams. BNP Paribas
also won several awards at the IFRAwards organised by International
Finance Review (IFR), notably:“Bank of the Year” and “Bank for
Sustainability”.

to a low-carbon economy→

Contributing to
a net-zero future
In the face of climate urgency, BNP Paribas supports many
actors and initiatives and aims to redirect investments andfinancing from projects that produce or use carbon-intensive
energies towards those that produce or use sustainableenergies. With a clear direction: to help finance a carbonneutral economy by 2050.

To accelerate the financingof the energy transition
In 2021, BNP Paribas participated in the creation of the
Net-Zero Banking Alliance launched by the UN Environment
Programme. The Group is committed, alongside the othersignatory banks, to a common objective: financing a carbonneutral economy by 2050. Early 2023, BNP Paribas began a
new phase of strong acceleration, by setting a 2030 target
for transitioning over 80% of its financing activities towards
the production of low-carbon energy. By 2030, the Group also
aims to:• achieve a target of €40bn in financing production of lowcarbon energy, mainly renewable;• reduce its oil exploration and production remaining
financing to less than €1bn;• reduce its gas exploration and production financing by morethan 30%.

The transition of investments
towards carbon neutrality
As a signatory of the Net Zero Asset Managers initiative in
November 2021, BNP Paribas Asset Management outlined its
net-zero roadmap in November 2022. It covers the progressivealignment of its investment portfolios with the goal ofreaching net-zero emissions by 2050, together with associatedefforts across its stewardship activities and its operations. It
covers an initial scope of €250bn, or 50% of its assets undermanagement(1). These commitments are based on the work
carried out by BNP Paribas Asset Management since the launchof its first fund incorporating ESG(2) criteria in 2002.

For its part, BNP Paribas Cardif strengthened its climate
commitments in September 2022 by committing to:• reduce the carbon footprint of its investment portfolios by
23% between 2020 and 2024(3);• reduce the exposure of its investment portfolios to fossil
energies(4);• allocate an average of €1bn per year to positive impact
investments, with a total of €2.7bn invested in 2022.

BNP Paribas, “Net-Zero Progressionof the Year – EMEA”
Thanks to the commitment of its entities and subsidiaries,
BNP Paribas received the “Net-Zero Progression of the Year –EMEA” (Europe, Middle East, Africa) award from the magazine
Environmental Finance in recognition of the involvement of ourteams in supporting our customers in their transition to carbon
neutrality and of the Group’s net-zero trajectory.

(1) Based on assets under management as at 30 June 2022. (2) Environmental, Socialand Governance. (3) Carbon footprint of directly held equity and bond portfolios. 53%
reduction achieved between 2017 and 2020. (4) Reduction in exposure by 2030 at thelatest for European Union and OECD countries, and by 2040 for the rest of the world.

Climate Report: an
integrated visionof our climaterelated strategy
and actions
The first edition of our Climate
Report has been published in May
2023. It aims to present, in a single
document, BNP Paribas’ climate
strategy, its climate-related risks
and opportunities and the alignmentof its financing with carbon
neutrality commitments by 2050.
This report merges two reportsthat coexisted in 2022: the Task
Force on Climate-Related Financial
Disclosures (TCFD) report and the
Climate Analytics and Alignment
report. The Climate Report
describes our decarbonisation
objectives for our credit andinvestment portfolios. On the loan
portfolio, it shows our progresson the 2025 objectives publishedin 2022 for three high-emitting
sectors (Power generation, Oil& Gas exploration-production,
Automotive), and sets targets for2030 for three new sectors: steel,aluminium and cement.

Laurence Pessez,
Global Head ofCorporate Social
Responsibility“Since 2011, financing the energy transition has been the top priority of ourenvironmental responsibility policy. In 2021, we made a commitment to steer
our activities towards financing a carbon-neutral economy by 2050. At theend of 2022, we were already financing more low-carbon energy production,
mainly renewables, than fossil energy production. In 2023, we took a significant
step forward by accelerating our oil exploration and production phase-out
trajectory and ceasing all financing dedicated to the development of new oil
and gas exploration-production activities. By 2030, our ambition is for 80% of
our energy financing to be low-carbon. Faced with the climate emergency, we
are fully playing our role to accelerate the energy transition of the economy.”2022 Integrated Report - BNP Paribas

50→

Supporting
our customers
in their transition
To contain the damage caused by climate change,businesses and individuals must contribute to a moreenvironmentally friendly economy. As a pioneer insustainable finance, BNP Paribas supports these clientsin their efforts and is committed to being the partner ofchoice for transition initiatives.

Since the creation of the Low-Carbon Transition Group by
BNP Paribas at the end of 2021, its experts around the world
have contributed to accelerating the dialogue on transition
issues with the Group’s teams and customers. These experts
and teams have supported clients with reducing the impactof high-carbon sectors, accelerating their transformation,
developing partnerships around strategic projects andinvesting in innovative technologies that promote a lowcarbon economy.

→

Supporting individuals in their efforts
Our individual customers are also forced to rethink theirenergy use and reduce their carbon footprint, due to theclimate emergency, but also due to soaring energy prices.
To encourage them to improve the energy efficiency of
their homes, BGL BNP Paribas proposes an energy
renovation offer, in partnership with Actif (a certified energy
adviser),ranging from energy consulting to the financing of
their project. With Ecobonus, BNL provides its customers
with tax credits for their energy renovation work. Finally,
BNP Paribas Bank Polska and the European Bank for
Reconstruction and Development (EBRD) have set up an
historic loan scheme for Polish individuals wishing to invest
in the energy renovation of their homes.

Working alongside SMEs and mid-caps
Small and medium-sized enterprises (SMEs) and mid-caps
are also accelerating their energy transition. To support
them, our Commercial, Personal Banking & Services division
has set up an approach called Low-Carbon Transition for
SMEs & Mid-Caps in our five main European markets, withthe participation of BNP Paribas Fortis, BGL BNP Paribas,
Commercial & Personal Banking in France (CPBF), BNL and
BNP Paribas Bank Polska. This initiative is based on our
integrated model and an ecosystem of partners to support
these companies in their decarbonisation strategy.

Energy retrofitting

From advice
to financing,
we are by your side.

As part of our “One Bank for Corporates” initiative to support
corporate clients’ business development internationally,
BNP Paribas financed in February 2022 the expansion andfurther development of a hazel tree field in France for RitterSport, a German quality chocolate producer. This secures andbrings the supply of this raw material, the hazelnut, closer,
thus reducing CO2 emissions.

Advancingsustainable mobility
Around the world, the need to reduce travel-related CO2
emissions is widely recognised. As a long-standing mobility
player in Europe, BNP Paribas is shifting the line with astructured roadmap to help transition to a more sustainablemobility.

BNP Paribas committed early on to removing barriers to thedeployment of electric mobility. The Group is making this transition
through several of its business lines, operating across the entire
electric mobility ecosystem, from the manufacturer to the end user.

Accelerating the electrificationof vehicle fleets
To contain fleet management costs and accelerate the energy
transition thanks to data, Arval launched Arval Connect. Thanks toaccurate diagnostics, collected on each vehicle, this solution
enables Arval’s customers to optimise their fleet management.
The BNP Paribas subsidiary also finalised the acquisition of Terberg
Business Lease Group BV, thanks to which Arval can diversify its
commercial product offering further, becoming one of the largest
players in mobility on the Dutch market.
In collaboration with Engie, Arval and BNP Paribas Leasing Solutions
designed a global offer for Arcelor’s Ghent site to encourage electric
mobility. The offer includes vehicle rental and the installation of
charging stations in its car parks and at its employees’ homes.
BNP Paribas Fortis is also accelerating transition by switching toa fleet of plug-in hybrid and electric cars. To do this the buildings
at its headquarters in Brussels have been equipped with a total of
292 charging stations with the software solution of the scale-up
Optimile, specialised in the development of software products
supporting multimodal mobility and recharging of electric vehicles.

Developing the green technology market

Supporting large companies
in their transition
As a partner of large international companies, our Corporate& Institutional Banking division and its Global Banking teams
contributed to several inaugural sustainable bond issues in2022. Among them, General Motors’ green bond for electric
mobility, of US$2.25bn, will see its issue revenues invested in
the clean transport ecosystem. L’Oréal’s bond, in the amountof €3bn, included a tranche dedicated to the reduction ofgreenhouse gas emissions and sustainable innovation in thefield of packaging. Lastly, the US$625m bond from Lenovo
was the largest in the tech sector in 2022 at the time of issue.

51

BGL BNP Paribas and its partner Actif, a certified
energy adviser, support you in achieving your plans: Energy performance diagnosis and technical advice
 Financing solutions
 Administrative procedures
To meet the transition challenge, let’s pick up the pace together.
bgl.lu/en/renovation

As a leading European player in charging infrastructure leasing,
BNP Paribas Leasing Solutions, signed three major partnerships with:
TSG, the leader in responsible mobility solutions in Europe, offering
financing solutions tailored to TSG’s client companies; the municipalityof Antalya in Turkey, to finance the city’s new electric buses; and ABB,
the world leader in electrification and automation technologies for its
electric vehicle chargers in the United Kingdom and Turkey.

Reconciling environmental issues
and purchasing power

Offer subject to terms and conditions and approval of your application by the bank. More info in-branch.
BGL BNP PARIBAS S.A. (50, avenue J.F. Kennedy, L-2951 Luxembourg, R.C.S. Luxembourg : B 6481) Marketing Communication April 2023

In France, BNP Paribas Personal Finance offers low-income
households an inclusive car financing solution to facilitate “Crit’Air
1 or 0” qualified electric or plug-in hybrid vehicle acquisitions. The
lease with an option to purchase (LOA) for new or used vehicles
can be extended to 10 years for less than €150 per month, withthe possibility of becoming the owner of the vehicle at the term of
the lease payments.

Decarbonisationof industry in an
accelerated mode
Decarbonising industry is a major challenge
for the economy and the environment. To drive
it forward, in November 2022, BNP Paribas
launched the European “Decarb Fast Track”
programme in partnership with Metron, Dalkia
and Amazon Web Services (AWS). Its aim? To
avoid up to 100,000 metric tons of CO2 emissions
by equipping 100 industrial companies with anenergy management solution for their sites.

€1bn
This is the Group’s
objective of additional
revenue by 2025 fromits cross-functional
initiatives in the fieldof mobility.

A pioneering
issue for the
Chilean StateIn March 2022, the Republic of Chile
launched a sustainable developmentbond for an amount of US$2bn,
including performance indicators
related to the reduction of emissions
and the use of renewable energies in
the country. Chile is the first country
in the world to use sovereign debt
to finance its long-term climate
initiatives and accelerate its energy
transition. BNP Paribas acted as costructuring agent and co-bookrunner.
The operation bolsters the leadershipof Financial Institutions Coverage
teams in sustainable finance andmakes our Corporate & Institutional
Banking division a reference insovereigns in Latin America.

2022 Integrated Report - BNP Paribas

52→

Acting together
to preserve
biodiversity

53

Initiatives forthe agricultural sector
BNL signed a partnership with Consorzio Italiano Biogas
to support agricultural companies operating in the fieldof bioenergy. By facilitating their access to credit, they areencouraged to develop biogas and biomethane production.
As for BNP Paribas Polska, it launched an innovative tool,
RegAgri Explorer, to facilitate effective implementationof regenerative agriculture practices that protect soil
quality and viability.

The deteriorating health of ecosystems causes major risks
to the environment. Aware of the urgency, the Group is
stepping up its actions and has set an objective to playa full part in the collective effort to protect ecosystems
and resources.

In March 2022, the Taskforce on Nature-related Financial
Disclosures (TNFD), supported since July 2020 by BNP Paribas,
published the beta version of its risk management and reporting
framework. Designed with input from the Group’s experts,
this version is the first to propose a framework that helps
companies and financial institutions integrate biodiversity
into their decision-making and reporting processes. It thus
contributes to directing the global economy towards positive
impacts for nature.

Double recognition for BNP Paribas’ work
The Forest 500 report published by the NGO Global Canopy
ranks BNP Paribas as the leading French bank and among the
top 5 financial institutions most committed to combatting
deforestation among the 150 institutions studied in 2023.
Another distinction, with an overall rating of 63%, BNP Paribas
was the best-rated bank, for its climate and biodiversity
strategy, according to the British NGO ShareAction fromamong 25 European banks. The Group also came out on top
for each of the two criteria, climate and biodiversity, in thisranking released in December 2022.

Publication of BNP Paribas AssetManagement investments’ firstbiodiversity footprint
One year after publishing its biodiversity roadmap,
BNP Paribas Asset Management shared in 2022 the first
results of its research to determine the biodiversity footprintof its investments, following a collaboration with Iceberg
Data Lab and I Care & Consult. Together, they developed a tool
to identify and quantify the potential negative biodiversity
impacts of portfolios companies. BNP Paribas AssetManagement carried out this analysis based on the Corporate
Biodiversity Footprint(1) methodology, which covers morethan 1,800 companies included in its equity and bond funds,
equating to 70% of its “Corporate” assets under management.

Investment solutions based on natural
resources
BNP Paribas Asset Management intends to expand its rangeof solutions to offer investment strategies related to forestry,
agriculture and natural capital. To this end, it acquired a majority
stake in the Danish International Woodland Company, which has
specialised in natural resources for more than 30 years.

A new edition of the Climate& Biodiversity Initiative programme
The BNP Paribas Foundation launched the 5th edition of its
Climate & Biodiversity Initiative programme. This call for
projects makes it possible to select and support teams ofscientists in the development of their research projects aimed
at improving knowledge of the interactions between climatechange and the erosion of biodiversity.

3 levers
for our energy
sobriety plan

(1) Methodology developed by Icerberg Data Lab to measure the biodiversity
footprint of corporate securities - equity and bonds.

€6m

over three years, this is the total amount allocatedto the new winning projects of the Climate& Biodiversity Initiative programme by the
BNP Paribas Foundation, to finance and promote
environmental research projects on climate andbiodiversity.

Le Millénaire building, Paris, France.

In line with the French State’s
energy sobriety plan, aimed at
reducing the country’s energy
consumption by 10% by 2024,
BNP Paribas has launched avoluntary energy-savings planfor its real estate portfolio aroundthree levers:• the continuous improvementof the energy efficiency of its
buildings and branches;• implementation of works andinvestment plans;• consultations with each of theGroup’s business lines, witha view to achieving energy
savings.

Impact investingis gaining
momentum
BNP Paribas is strongly committed
to impact investments,
which combine intentionality,
additionality and measurablesocial or environmental impact,
both on its own behalf and on
behalf of third parties. As partof its proprietary investments,
the Group supports impact
companies, such as Printemps
des Terres, a French company
that helps farmers while restoring
biodiversity, and SAS minimum,a start-up which has developed
Le Pavé®, a solution for recycling
and recovering plastic waste,with vocational integration jobs.
The Group also invests on its own
account and on behalf of third
parties, via the BNP Paribas Solar
Impulse Venture fund, in startups committed to the ecologicaltransition. This fund made a firstinvestment by contributing toraising US$15m for NatureMetrics,
a young British start-up specialisingin the measurement of biodiversity,
based on DNA analysis.
This fund also contributed,
alongside the solidarity employeesavings fund BNP Paribas Social
Business Impact, €10m to the new€15m raised by the French
start-up Phenix, which intends tomake zero food waste a standard
across Europe.

2022 Integrated Report - BNP Paribas

54

55

Placingtechnology

Tokenisation forgreen financing
Our Corporate & Institutional Banking
division structured and distributed with
EDF ENR, one of the first tokenised
bonds on the market designed tofinance a renewable energy project.
Issued on the Ethereum blockchain,
this bond resulted in the issue ofdigital financial securities, which
can be recorded, moved and stored
in a transparent manner. Called
tokenisation, this technology makes it
possible to value and materialise real
assets in the digital world, creating new
bridges between issuers and investors
in an instant and secure manner,
while providing a unique ESG financing
solution, from origination to distribution.

at the heart of our solutions→

Working closelywith the fintech
ecosystem
To support all of its customers, BNP Paribas works overthe long term with carefully selected fintechs, via
partnerships, equity investments or acquisitions. With
one key requirement: to offer solutions that meet the best
market standards.

In line with its GTS 2025 strategic plan, BNP Paribas is
working with fintechs to accelerate the deployment of targeted
technological innovations, which will enable it to position itself
as a trusted partner of its customers in the field of banking
services and beyond.

A single solution for international
payments

The data covers more than 50,000 issuers. In addition, byinvesting €20m over four years in its subsidiary Gambit Financial
Solutions, BNP Paribas Asset Management is giving this fintech
the means to develop a range of off-the-shelf technologicalservices aimed at creating innovative digitalised savings andinvestment journeys.

Automated reporting for SMEs

In order to support companies in their international development, in October 2022 the Group signed an agreement toacquire Kantox, a leader in automated foreign exchange risk
management, following a first strategic partnership signed
in 2019. Automating the management of foreign exchangetransactions on an API(1)-based platform, Kantox’s exclusivetechnology offers companies a unique solution in international
B2B payments.

Also mobilised to enrich its offering for the benefit of small andmedium-sized companies, BNP Paribas Fortis has partneredwith EMAsphere to provide them with a Software as a Service(SaaS) platform which links accounting and financial data inreal time. By automating reporting, the solution helps them
manage their business to better prepare for the future.

Partnerships for sustainable development
and technological innovation

For its part, Commercial & Personal Banking in France isrevolutionising the tradition of giving tips by launching a brandnew digital solution to collect them by bank card, exempt fromcharges and taxes, in partnership with the fintech Heoh.

For BNP Paribas Asset Management, partnerships with fintechs
are opportunities to make good progress, whether on ESG(2)issues or in terms of digital innovation. Thus, the asset manager
has launched, along with Matter, a Danish fintech specialisingin sustainability insights, “SDG Fundamentals”: an innovative
solution to analyse the alignment of companies’ revenues with
the United Nations’ 17 Sustainable Development Goals (SDGs).

A new solution for collecting tips

(1) API: Application Programming Interface. (2) Environmental, Social andGovernance.

Putting data
to work forthe climate
BNP Paribas relies on data toaccelerate the pace towards “netzero” greenhouse gas emissions.
The Group has thus joined the
OS-Climate platform as a founding
member to provide climate data,architecture and shared analytical
tools to companies, investors
and organisations, promoting
the convergence of methodologies
and alignment with climate targets.
BNP Paribas also integrates
ESG reporting and analysis
functionalities into its solutions.
The Manaos investment data
management platform, designed
and incubated by the Securities
Services teams at Corporate& Institutional Banking, helps
institutional investors and asset
managers obtain reliable ESG data
and report on the performanceof their investments based onthese criteria. Manaos, which has
become a benchmark in the market
in two years, won several awards
in 2022, including the award
for “Best technological initiativein favour of an augmented ESG
approach”, awarded at the AM Tech
Day 2022 organised by the Frenchgroup L’Agefi.

Sophie Heller,
Chief Operating Officer,
Commercial, Personal Banking& Services“Regarding innovation, we have built an approach to identify andimplement opportunities: it always starts with identifying the needs ofour main client segments and then defining how the Group can meetthem. Once we fully understand these needs, we find the adapted value
proposition and the best way to bring it to the customer. We either
develop innovative features ourselves or we offer a service built by astart-up partner. In both cases, we make no compromise about the
security and protection of our customers’ data.”

2022 Integrated Report - BNP Paribas

56

→

57

Innovative
pathways foran optimisedexperience

Giving meaning
to loans andinvestments
With impact financing, Commercial & Personal
Banking in France enables companies tointegrate the achievement of environmental,social and governance (ESG) objectives, which
can be measured each year, into their bank loans
starting at €100,000. When the target level of ESG
performance is obtained, the company benefits
from an interest rate subsidy on its financing,based on the sustainability-linked loans model.
For its part, BNP Paribas Real Estate launched”Pierre Impact”, its first real estate fund with apositive social impact, in partnership with Cedrus& Partners. SRI(1) certified and distributed in unitlinked products, it invests mainly in residential
real estate, as well as in solidarity real estate tofight against poor housing in France, alongside
Solifap, the solidarity investment company of the
Abbé Pierre Foundation.

To anticipate new uses, BNP Paribas continues to invest indigital technologies. While focused on being the “Bank of the
future”, the Group meets the constantly changing needs of
its customers in order to offer them a simple, intuitive andqualitative digital experience. With an ambition: to combine
a constant search for creativity with a high level of security.

BNP Paribas offers new digital services in all its entities andsubsidiaries to reinvent and continuously improve the customer
experience.

An optimised digital portal for corporates
The digital ecosystem of Commercial & Personal Banking inFrance is structured to meet the new needs of our SME andmid-cap customers. Designed in agile mode, its new Corporate
Client website supports managers in their decision-making bygiving them access to content that addresses their concerns. In
a dedicated members space, they can also discuss their growth,international, CSR, innovation or cybersecurity challenges with
the Bank’s experts, access tools and benefit from our beyondbanking offers.

A 100% digital loan in just 24 hours
To meet the expectations of professionals and very small
enterprises (VSEs) for quick turnarounds, Commercial & Personal
Banking in France (CPBF) has designed a web-based process
enabling them to obtain a loan within a short timeframe. Thus,
they can apply for a business loan of up to €50,000 to financetheir day-to-day needs, such as the purchase of equipment or
the replacement of a vehicle. Having signed the loan agreement
electronically, they receive the funds in their business accountwithin 24 working hours.

Private banking: a new digital solution
dedicated to investments in private assets
BNP Paribas Wealth Management continues to enrich its
digital services by launching a client portal dedicated to private
assets — Private Equity, Real Estate, Private Infrastructure —,the Private Assets Investor Portal, which gives each investor
a consolidated 360° view of their portfolio. The subscription
process has also been digitised with an electronic signature,making it environmentally-friendly and smooth. The end-to-end
journey will be finalised in 2024 in all countries where WealthManagement is present.

(1) Socially responsible investment.

Real estate data analysis in immersive
reality
In order to answer the questions of future investors,
BNP Paribas Real Estate offers a 3D data visualisation tool,
called W.I.R.E.D. (for “Wearable Immersive Real Estate
Dataroom”). Using data to reproduce past developments
and anticipate future changes in cities, this real estate
analysis and forecasting tool offers enhanced virtual
immersion in the heart of cities.

A-

This is the rating obtainedby BNP Paribas (Commercial& Personal Banking in France)and Hello bank!, recognised
respectively as “European
Champion network banker”
and “European Champion digitalbanker” by the independent agency
D-Rating during the Digital Awards
2022. These are the only two bankspresent in this category in France.

A 100%
secure digital
personal file

With METAL 57,
the real estateof the future isalready here
2022 saw the delivery of the
METAL 57 building, the newhead office and showcase for thesustainable real estate innovationsof BNP Paribas Real Estate, with
9 certifications and labels. With its
opening onto the city, its auditorium,
its rooftop dedicated to biodiversity
and its vegetable garden, it aims
to be a living place and a fullscale think tank. METAL 57 is the
restructuring and extension of
the last Renault plant located in
Boulogne-Billancourt, designed by
the architect Dominique Perrault.
The project received the SIMI(1)Grand Prix 2022 in the “Renovatedbuilding or Particularly innovative
redevelopment” category and the
MIPIM(2) Award 2023, in the “Bestrefurbished building” category.
Among the many services on offer,
METAL 57 offers BNP Paribas Real
Estate employees a “Mobility Hub”
designed in collaboration with
Arval to reduce the environmental
impacts of travel. Users can booka soft mobility solution with theArval Mobility app that encourages
bicycle, scooter and car sharing for
professional or personal use.
(1) Business property fair. (2) The largest
international market for real estate professionals.

In collaboration with the start-up
i-Hub, in which it took a stake in 2020,
BGL BNP Paribas offers its customers
the possibility of creating a digital
personal file, free of charge, to store
and modify their identification dataand supporting documents in a fully
secure digital environment. Accessible
from the home menu of the BGLBNP Paribas Web Banking application,
the i-Hub solution facilitates updates
by informing its users as soon as
any data or a document needs tobe updated. Finally, i-Hub allows
you to share your personal file withcompanies or administrations alsousing the platform. Time saving anda smoother experience for clients.

METAL 57 building,
Boulogne-Billancourt, France.

2022 Integrated Report - BNP Paribas

58

59

#1

online broker
This is the position of Consorsbank,the German brand of BNP Paribas
Personal Investors, in the ranking
established by the German businessmagazine Focus Money. A ranking thatrewards the continuous expansionof the range of products offered toindividuals by Consorsbank.

→

FLOA customer
experienceon the rise

Smoother customer
journeys thanks to
artificial intelligence
The digitalisation of lifestyles leads to many requests for
immediacy while significantly increasing the risk of fraud.
To meet the requirements of our customers and better
protect them, artificial intelligence offers a new avenue.
With a defined framework: make this booming technology
a lever to better understand and serve our customers.

Graph analysis for the fight against fraud
While split payments are increasingly frequent, BNP Paribas
Personal Finance is strengthening its means of combatting
fraud on e-commerce sites without deteriorating the customer
experience, by combining the contributions of an artificial
intelligence system and a graph database(1).
This technology, proposed by the publisher Neo4j, makes
it possible to use, in real time, the links between financing
requests to improve decision-making. Already used in therecommendation engines of retail sites to suggest purchases
to internet users, it consolidates the arsenal of resources mobilised by BNP Paribas Personal Finance to detect fraudsters.
Thus, files sharing information, such as the same telephoneor bank card number can be linked to form a network whosecharacteristics are used to distinguish suspicious situations
from legitimate cases. By providing a more sophisticateddetection capability, graph analysis provides valuable information to reduce fraud while limiting the rejection oflegitimate requests.

Improving customer journeys
with artificial intelligence
As insurance requires the collection and prior validationof supporting documents, BNP Paribas Cardif designed the
CardX solution, based on artificial intelligence techniques.
This innovation automates processes to facilitate interactions
with the insurer’s customers, reducing response times fromseveral weeks to a few minutes, whether to subscribe to aguarantee or to make a claim. Connectable to all of the insurer’s
information systems via an API(2), this secure solution has
three functionalities: document recognition; data matchingand data extraction. It adapts to all types of documents andis based on state-of-the-art machine learning models. Overtime, the algorithm learns to identify the data of interest andto extract them correctly from the documents. Operational in
Poland, Spain, Brazil and Colombia, this solution has alreadyanalysed nearly 150,000 pages and continues to be deployedin other countries where the insurer is present.

(1) In mathematics, graph theory is the study of graphs, which are mathematicalstructures used to model pairwise relations between objects. Graphs can beused to model many type of relations and processes in information systems. (2)API: Application Programming Interface.

In February 2022, BNP Paribas
completed the acquisition of FLOA,
French leader in payment facilities,
offering split payments, mini-loans
and bank cards. FLOA received
several awards, including the Google“Finance UX Benchmark”, which
identifies the best UX journeys,and obtained the French label“Best customer service of the year2023”, for the third consecutive
year in the “Credit Organisation”
category and, for the first time,in the “Payment Solution” category.
Its data approach was also
recognised with a special distinction
from the jury at the “Dataiku
Frontrunner Awards”, awards
that recognise major technologicaladvances. A leader in France, FLOA isalso present in Spain, Belgium, Italy
and Portugal, and aims to propose its
services in more than 10 countries
from 2025.

Nickel continues its European growth
Accessible to all, with no minimum income threshold and available attobacconists or “Points Nickel” (points of sale), Nickel expanded its offer
in 2022 with new services in France. For instance, customers can now top
up their accounts by credit card using the mobile app. Also, numerous
insurances have been added to all Nickel card offers and instant transfers
were introduced in the second half of 2022. Lastly, Nickel made possible andfacilitated the change of first names on personal cards for transgender andnon-binary people thanks to the True Name feature. In addition, the option to
pay by Apple Pay will be available in 2023. The year 2022 was also marked bya very strong acceleration in the development of Nickel in France, with record
account openings. While Spain has passed the 1,000 points of sale mark, Nickel’s
European development is continuing: after Belgium in June 2022 and Portugal
in September of the same year, Nickel will offer its services in Germanyin the summer of 2023.

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60

Contributing toa more inclusive economy

and society

61€1.2bnThis is the total amountof loans granted by BNP Paribas
to 85 microfinance institutions
since 1989, the date of its firstpartnership in Guinea.
This amount was paid to
2.9 million indirect
beneficiaries, 83% of whom
are women, in 34 countries.

BNP Paribas
actively supports
young people→

Workingalongside ourcustomers in theface of the crisis

A first social bond structured
on an ESG index
BNP Paribas issued its first social bond linked to the MSCI
Eurozone Social Select 30 index, for an amount of €50m,
structured by the Global Markets teams at Corporate &Institutional Banking and with BNP Paribas Cardif as an investor.
The proceeds of this bond are used to finance or refinanceprojects that have a positive social impact on financial inclusion
and access to employment, housing, education and healthcare.
In addition, thanks to a donation mechanism integrated into
the structuring of the bond, part of the amount invested reverts
to associations supported by the Group that work for equal
opportunities, social inclusion and humanitarian aid.

To support its customers — individuals, entrepreneurs andcompanies — faced with the impacts of price increases,
BNP Paribas is committed to working alongside them. Witha guiding principle: being present in difficult times.

Through its “Graduate Programmes”,
the Group also offers skills development
courses for young graduates inthree areas: Tech & Transformation,
Investment & Financing, and Transverse
Businesses. In total, in 2022, the Group
recruited more than 7,500 young people,
including 2,500 work-study students.

To help households faced with purchasing power difficulties,
BNP Paribas has implemented several measures in its entities
and subsidiaries.
Commercial & Personal Banking in France has frozen its
banking fees for its individual customers in 2023. It has also
extended the “Esprit Libre” (Free spirit) banking offer, without
price increases, with two new features: free instant transfers
and assistance guarantees to protect digital life. Lastly, it
launched the “Mes Extras” (My extras) cashback offer, giving
the opportunity to recover part of the amount of purchasesfrom partner retailers.
For its part, FLOA strengthened its commitment against overindebtedness by launching the FLOA Care unit in early 2022,
which supports customers showing the first signs of financial
difficulty. With this same objective, FLOA also signed a sponsorshipagreement with the CRÉSUS Foundation in 2022.

Making the energy transition accessible to all
BNP Paribas Personal Finance offers its customers, particularly
low-income households, preferential rates to finance energy
renovation work on their homes. Domofinance, the subsidiary

For young people, BNP Paribas acts
on all fronts. The Group is committed
to promoting vocational training, by
creating the “B-School by BNP Paribas”
apprenticeship training centre. Its
objective is to train, in collaboration
with partner schools, several hundred
students per year, particularly in thefields of commercial banking, with thepossibility of joining Commercial& Personal Banking in France (CPBF)on permanent contracts at the endof their training. By 2026, “B-Schoolby BNP Paribas” aims to take in
600 students in five cities throughout
France, offering them seven degree
courses.

Acceleration of impact bondsof BNP Paribas Personal Finance and EDF, contributed
more than €592m to numerous energy renovation projects
in 2022. One of its flagship products, the “Heat pumpboost” offer, makes it possible, for example, to replace aheating system using carbon energy with a heat pump. The
advantage? To reduce one’s energy bill and CO2 emissions.
This offer was taken up by 21,104 households in 2022,
compared to 13,000 in 2021.

Helping entrepreneurs with rising costs
In Italy, BNL launched “Energy Blast” for entrepreneurs tooffset the increase in energy bills and raw material costs.
With a funding envelope of €2bn, “Energy Blast” provides
short-, medium- and long-term loans that can be activatedquickly, and financing solutions for investments in energy
efficiency through renewable energies.

BNP Paribas structured and invested in several innovative impact bonds(1) in 2022.
The Group signed its first impact bond in the Netherlands, whose objective is toimprove the health of seniors and to prevent fatal falls by at least 2,500 elderly
people through appropriate physical activity. BNP Paribas also structured the first
impact bonds in France on the themes of disability and the circular economy. The
first, with the association ”Comme les Autres” (Like the others), which supports
people with spinal cord injuries to adapt to their disability and find employment.
The second, with the cooperative society of collective interest (SCIC) “Envie
Autonomie” (Desire for independence), aims to recycle and reuse technical medical
aids to limit their environmental impact and, above all, make them accessible tothe most vulnerable. With an average structuring amount of €3m per project, thechange in scale of impact bonds is underway at BNP Paribas.
(1) An impact bond makes it possible to demonstrate the effectiveness of innovative solutions to meet social orenvironmental needs that are poorly covered, while generating savings for public authorities. The investor prefinances the project and takes the risk of failure in exchange for a pre-negotiated compensation in the event of
success. The State only reimburses and remunerates according to the level of the impact results achieved andactually generated by the project, and objectively measured by an independent appraiser.

In addition, CPBF renewed its loan
scheme without a guarantor forscholarship students, which since 2021
has benefited more than 1,600 students,
for a total of €15.5m in loans at the endof 2022.
For its part, BNL has two offers topromote the financial inclusion ofyoung people: a mortgage to buy
their first home and the Futuriamo
loan, to finance their studies at a very
advantageous rate.
Lastly, the Group, a committed player
in philanthropy for 20 years, has
stepped up its mobilisation on thesubject by launching the “Ambition
1,000 mentors” programme, whichaims to bring together more and more
mentors within the Group.

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63

10 years

Ukraine:a big wave
of solidarityof existence for the BNP Paribas Emergency& Development Fund. This endowment fund,which stems from our employees’ wish to help
victims of natural and human disasters, isdedicated to raising emergency funds. As an
independent legal structure, it benefits froma 100% matching system, by BNP Paribas, ofdonations from employees and customers. It
supports four NGO partners: three historicalpartners, Médecins Sans Frontières, Care andthe Red Cross, which were joined in September
2020 by Ifaw, an organisation working on theimpact of natural disasters on fauna and flora.

To support the Ukrainian population, BNP Paribas has set up
a scheme dedicated to its local teams to help organisations
involved in the humanitarian field while facilitating themultiple initiatives of all Group employees wishing tohelp Ukrainians. With only one concern: to step up to thehumanitarian emergency.

Since the beginning of the invasion of Ukraine, BNP Paribas
has been mobilising, notably through its Foundations, to help
civilians and refugees. Its subsidiary UKRSIBBANK is adapting
and doing its best to guarantee its customers continuity ofservice in this exceptional situation, while ensuring the physical,
psychological and social safety of its employees.

Extensive support
To respond to its employees’ outpouring of solidarity,
BNP Paribas has taken several measures. Set up to secure,protect and help the local teams and their families, thesemeasures are constantly adapting to their changing needs.
The Group has released €12.4m for the UN High Commission for
Refugees, Médecins Sans Frontières, the Red Cross, Care, Ifaw
and other local associations in France, Poland and Ukraine. It
has also committed €2.5m to directly support the UKRSIBBANK
teams.
The Emergency & Development Fund has raised nearly €5.22m
from BNP Paribas customers, employees and pensioners to
help the Ukrainian population, including matching of theircontributions by the Group.
In total, more than €18.5m has been raised by the Group.

Massive aid for the local population
BNP Paribas Bank Polska has set up a system to transport
teams wishing to leave Ukraine and to welcome them in
Poland or other neighbouring countries. An initiative that is
also offered to BNP Paribas employees with relatives in Ukraine.
Ukrainian volunteers from BNP Paribas Bank Polska operated a
special hotline to provide psychological support and coordinate
reception in neighbouring countries.
For its part, Arval loaned vehicles to several NGOs in Poland
and Hungary.
The BNP Paribas Bank Polska Foundation also created asolidarity fund to provide basic necessities and transport
solutions to Ukrainians. The “Our Community” HR platform
linked offers of and requests for accommodation within
the Group, while dedicated HR units ensured mobility andhosts for Ukrainian employees. Furthermore, with the#1MillionHours2Help programme, German, French and Polishvolunteer employees were able to dedicate two to five working
days to helping Ukrainians.

Finally, the formalities necessary to open a bank account havebeen simplified for refugees in France, Luxembourg, Germany,
Poland, Spain, Belgium and Portugal within our commercial andpersonal banks network and with Nickel.

Ensuring business continuity in Ukraine
In Ukraine, thanks to the courage of local teams, UKRSIBBANK
maintains its activity while ensuring the protection of its
employees. An essential presence for the local population
as well as for the support of the country’s economy. In thiscontext, our subsidiary won the “HR in Wartime” award, withthe “People First” programme, and was recognised as the topbank in the Forbes ranking of 30 resilient private companies
in Ukraine.

Isabelle Giordano,Head of Group Philanthropy
and General Delegateof the BNP Paribas Foundation“Mentoring is a way of sharing
capital for those who have none.
This tremendous acceleratorof diversity and equality helps
to repair the inequalities. For 20 years,
BNP Paribas and its employees havebeen involved with associations thatwork for a more inclusive society.
To do even better, in February 2022,
we launched the “Ambition 1,000
mentors” programme as part of the“1 young person, 1 mentor” initiativefrom the French government.
We succeeded in doubling the numberof mentors in one year to reach a totalof 953 in 2022, which is 1.7% of
employees in France. BNP Paribas is now
the company with the largest numberof mentors in the country.”

The BNP Paribas
Foundation
launches
the “Projet
Banlieues”
award
As part of the “Projet Banlieues”(Suburbs Project), launchedin 2006 by the BNP Paribas
Foundation and led byCommercial & Personal Banking
in France, the milestone of
one thousand associations
supported was crossed in 2022,with 1,035 local associations,based in priority urban areas,
and 900,000 beneficiaries.
On this occasion, the
BNP Paribas Foundation
launched the “Projet Banlieues”
award and selected, with theCommercial & Personal Banking
in France regional departments
and their employees, 12 favourite
associations, among which
three winners received a bonusof €5,000, in addition to thethree-year support package
obtained as part of the callfor projects.

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65

Relying on ourgovernanceEncouraging
women’s
entrepreneurshipin a changing world

One in three companies in the world is owned bya woman. To encourage women and increase this
proportion, BNP Paribas supports female CEOs in all its
regions with a guiding objective: to further open up
entrepreneurship to women.

#ConnectHers: three levers to shakethings up!
Commercial & Personal Banking in France contributeswith #ConnectHers to the emergence, acceleration andvisibility of the projects of women entrepreneurs. By taking into account motivating factors and obstacles theysometimes face, #ConnectHers relies on three levers.
The first is to provide adapted support with access to
250 contacts, partnerships and related networks. The
second aims to make role models more visible: the French
Women Entrepreneurs 40, ranks 40 growing companies
led by women, a first of its kind that was launched in
2022 with a coalition of partners. Finally, the third leveris financial: each year the Group plans to produce €2bn
in investment loans to finance the projects of VSEs and
SMEs led by women, and has committed to increase,by 2025, its equity investments in companies owned or
managed by women to 25%.

Italy, Turkey, Ukraine: multiple initiatives
For their part, BNL and its subsidiary Artigiancassa set up anadvisory board and launched subsidised financing solutions
to support female entrepreneurship. For example, the two institutions facilitate access for women to the Fund for Women
Entrepreneurs, created by the Ministry of Economic
Development.
Progress is also underway in Turkey and Ukraine. The TEB Women
Academy offers Turkish women entrepreneurs digital courses withlarge companies, pro bono consulting and mentoring services,
and introduces them to networks. In Ukraine, UKRSIBBANK isorganising free seminars with its “Women in Business” programme
for the fourth consecutive year, combined with advice on how toadapt to the relocation of teams due to the war.

Acting for digital inclusion
The Cetelem Foundation celebrated 30 yeas of activity
in 2022. It is committed to inclusion through digitalaccess, and during this period of high inflation, it is
supporting initiatives that make it possible to consume
sustainably and at a lower cost thanks to digitaltechnology.
For its part, DigitAll is the first Belgian ecosystemagainst digital exclusion, created in 2020 by BNP Paribas
Fortis. It brings together more than 70 companies,
public authorities and social organisations and launched
an awareness-raising campaign in June 2022. With
46% of Belgians struggling to adapt to an increasingly
digital(1) world, this campaign informs the populationand guides them through a digital society.
(1) Source: Digital Inclusion Survey, King Baudouin Foundation, 2022.

The BNP Paribas
Foundation partners
with Villa Médicis
Alongside solidarity and the environment,
support for cultural creation andtransmission is the third area of actionof the BNP Paribas Foundation. Amongthe partners involved, the BNP Paribas
Foundation joined forces with the Villa
Médicis, through the “Résidence Pro”
programme, which involved 300 students
from 15 vocational high schools in the
Nouvelle-Aquitaine region in France.
These young people were able to work withprofessional architects and exhibit theirwork at this prestigious establishment.

Structured around the Board of Directors and General
Management assisted by the Executive Committee, BNP Paribas’
governance defines and implements the Group’s strategicorientations. In a constantly changing environment,
our governance steers our strategy towards sustainable growth.
A long-term vision which gathers the interestsof the Group and its stakeholders.
Our governancebodies

Our shareholders
and investors

Our Boardof Directors

Our Executive
Committee

2022 Integrated Report - BNP Paribas

66

Our governancebodiesPresentation and missions

The Group’s main governancebodies consist of the Board of
Directors and Executive Officers(Chief Executive Officer and Chief
Operating Officers). They steer strategy with along-term vision and a sustainable growth objective, and act in the interest of the Group andits stakeholders, in particular its shareholders
and investors. The Board of Directors determines
the strategic orientations of BNP Paribas based on
proposals made by the Executive Management,
which, assisted by its Executive Committee, implements them and manages day-to-day business.

Shareholders and investors
They have three main responsibilities:• electing Directors (excluding directors representing employees);• voting on resolutions;• conducting dialogue, exchanging and participating in discussions:- The Investor Relations team informs shareholders and investors about the Group’s strategy,
significant developments and results;- the Shareholder Relations team answers
questions from the Bank’s 377,500 individual
shareholders;- the "Cercle des actionnaires" (Shareholders' Group)
brings together some 46,400 individual shareholders
who own at least 200 BNP Paribas shares;- in 2022, the Shareholder Liaison Committeeorganised two meetings to discuss, among
other topics, capital structure and its changes,
the quarterly results and the economic outlook
within a complex and often uncertain context.
Shareholder equality is at the heart of the Group’s
governance principles, meaning no double voting
rights, no limitation on the exercise of voting rights,
and no rights to increased dividends.

Board of Directors
Assisted by four specialised committees, the Board
brings together the expertise of 15 Directors (see page68). Its mission covers:• the representation of all shareholders and the qualityof shareholder relationship;• determining the Group’s strategic orientations basedon the Executive Management’s proposals, with theaim of long-term value creation;• the quality of information provided to shareholders
and markets;• reviewing and approving the Group’s financial
statements and their fairness;• preventing and managing risk;• ensuring compliance with internal control requirements;• determining the compensation policy for the Company’s Directors and Corporate Officers and regulated
populations;• appointing the Chairman, the Chief Executive Officer
and, based on the proposal of the Chief Executive
Officer, the Deputy Chief Executive Officers;• conducting the periodic review of the selection,
appointment and succession process of Directors
and Corporate Officers.

General Management
Meeting at least once a week, General Management,
assisted by its Executive Committee, is responsible for:• proposing and implementing strategy, ensuring theGroup’s development, and managing its activities
on a daily basis;• informing and reporting to the Board of Directors.
It is composed of a Director and Chief Executive Officer,
two Chief Operating Officers and two Deputy Chief
Operating Officers.
The Executive Committee comprises General
Management and the Heads of BNP Paribas’ main
business lines and functions (see page 70).

67

Our shareholders
and investors

Sustainable financeat the heart of ourgovernanceOur governance systemin terms of sustainablefinance, is strengthened
every year. Since 2021,
three committees havebeen working to strengthen
the integration of theseissues into the Group’s
strategy and within each
entity.
Strategic Committee
Under the direction of the
Director and Chief Executive
Officer, this committee met
seven times in 2022, andnotably ruled on the Group’scommitments in terms of thealignment of credit portfolios(electricity production, oiland gas, automotive) andon its participation in the
net-zero emissions coalitions(NZBA, NZAOA, NZAMI (1)).
Infrastructure Committee
Under the direction of
the Group’s Chief Operating
Officer, this committee
met monthly to monitor
the deployment of processes
and reports related tosustainable finance, at themethodological, normativeand operational levels.
Regulatory Committee
Chaired by the Group
General Counsel andthe Head of Company
Engagement, this committee
met three times in 2022 toinform its members about
the main regulatory texts
being prepared (European
taxonomy, duty of care,
CSRD (2)).

(1) NZBA: Net-Zero Banking Alliance,
NZAOA: Net-Zero Asset Owner Alliance,
NZAMI: Net Zero Asset Manager Initiative. (2) CSRD: Corporate Sustainability
Reporting Directive.

Information and communication
A shareholder base that stands out for its stability and loyalty

The Investor Relations team informs
all our shareholders

Shareholding structure
at 31 December 2022 (in % of voting rights)

6.0%

5.6%

37.7%

Non-European institutional
investors(2)

6.0%

31.6%

7.8%

European institutional
investors(1)SFPI (3)Amundi4.3%

1.0%BlackRock Inc.
Individual shareholders
Employees(1) Excluding Amundi. (2) Excluding BlackRock Inc. (3) Société Fédérale
de Participations et d’Investissement: a public-interest limited
company (société anonyme) acting on behalf of the Belgian State.

Grand Duchy of
Luxembourg

2018

2019

2020

2021

Earnings
per share(1)

5.73

6.21

5.31

7.26

7.80

Net book value
per share(2)74.7 (*)

79.0

82.3

88.0

89.0

Net dividend
per share

3.02

0.0 (3)

2.66 (4)3.67 (6)3.90 (7)Cash Pay-out
ratio (%)(8)

52.72

0.0

(3)

50.00

50.00

50.00

Highest(9)

68.66

53.81

54.22

62.55

Lowest

38.18

38.14

24.51

39.71

Year-end

39.47552.83

43.10560.77

CAC 40 index
on 31 December

4,730.69

5,978.06

5,551.41

7,153.03(5)(6)

Share price(9)

The Shareholder Liaison Committee
communicates with our individual
shareholders
Created in 2000, it is made up of 10 shareholders, chosen
for their geographical and socio-professional representativeness, plus two employees or former employees.
Membership in the committee is for three years. It meetsseveral times a year.

Shareholder dashboard
In euros

BNP Paribas provides all its shareholders with rigorous,
regular, consistent and high-quality information, in accordance with the recommendations of the stock market
authorities and best market practices.
Our Investor Relations team informs institutional
investors and financial analysts about the company’s
strategy, significant developments and the financial
results, published each quarter.

2022

The “Cercle des actionnaires”(Shareholders‘ Group) leads theshareholder community
(7)

68.07
40.67

Created in 1995, it brings together the 46,400 shareholders
holding at least 200 BNP Paribas shares. Members of the
Shareholders’ Group benefit from a wide range of eventsin line with BNP Paribas Group commitments. More than
300 exceptional events throughout France are offeredto them each year. They can also find interviews withhistorians, speakers and artists in its podcasts.

53.25

6,473.76(1) Based on the average number of shares outstanding during the year. (2) Before distribution. Revaluated net book value based on the number of shares outstanding at year-end. (3) Following ECB/2020/19
recommendation of the European Central Bank of 27 March 2020 on dividend distribution policies during the Covid-19 pandemic, the distribution of €3.10 per share initially proposed to the Annual General Meetingof 19 May 2020 was appropriated to “Other reserves”. (4) €1.11 distributed following the approval of the Shareholders’ Combined General Meeting of 18 May 2021, plus €1.55 distributed following the approval by
the Ordinary Annual General Meeting of 24 September 2021, taking into account only the distribution of the 2020 dividend. (5) Taking into account only the distribution of the 2020 dividend. (6) Taking into accountonly the distribution of the 2021 dividend and not taking into account the €900m share buyback programme, executed between 1 November 2021 and 6 December 2021. (7) Subject to approval by the Annual
General Meeting of 16 May 2023 and taking into account only the distribution of the 2022 dividend and not taking into account the planned €962m share buyback programme related to the ordinary distribution.
(8) Cash dividend distribution proposed at the Annual General Meeting expressed as a percentage of distributable net income attributable to shareholders. (9) Recorded intraday. (*) Impact of the first applicationof IFRS 9 on shareholders’ equity at 1 January 2018 -€2.5bn, i.e. €2 per share.

68

69

Our

Board ofDirectors

C

B

E

01
A

A

Jean Lemierre
Chairman of the Boardof Directors of BNP Paribas

B

Jean-Laurent Bonnafé
Director and Chief
Executive Officerof BNP Paribas

C

Jacques Aschenbroich
Chairman of Orange

D

Juliette Brisac
Chief Operating Officerof the BNP Paribas Group
Company Engagement
Department, Director
representing employee
shareholders

E

Pierre-Andréde Chalendar
Chairman of Compagniede Saint-Gobain

F

Monique Cohen
Senior Advisor of Apax
Partners

G

Hugues Epaillard
Real Estate Business
Manager, Director
elected by BNP Paribas
employees

H

Rajna Gibson-Brandon
Professor of Finance at
the University of Geneva

I

Marion Guillou
Director of companies

J

Lieve Logghe
Chief Financial Officerof the Euronav GroupK

Christian Noyer
Honorary Governorof the "Banque de France”

L

Daniela Schwarzer
Director of the OpenSociety Foundation for
Europe and Central Asia

M

Michel Tilmant
Director of companies

N

Sandrine Verrier
Production and Sales
Support Assistant,
Director elected by
BNP Paribas employees

O

Fields Wicker-Miurin
Director of companies

D

Members of
the Board of Directors

G

as at 31 December 2022

T

he Board of Directors oversees our mainorientations. It determines the strategic
business orientations of BNP Paribas,
based on the proposals of the Executive
Management, which implements them. It also strives
to promote long-term value creation, taking social andenvironmental issues into consideration.
The Board of Directors holds three main powers:
it reviews the Group’s strategic decisions, contributes to
its proper functioning, and controls and monitors given
transactions related to its activities. The Board is also
responsible for promoting Corporate Social Responsibility(CSR), overseeing risk management and ensuring thequality of financial information provided to shareholders
and markets.

F

K

J

The Board of Directors is a collegial body. At the end of2022, it comprised 15 Directors, 13 of which appointedby shareholders, including one representing employee
shareholders, and two elected by employees. The termof office for Directors is three years.

The Board of Directors leverages
on four specialised committees
Four advisory committees are set up within the Board
to assist in the functioning of the Board.

H

O

I

N

L01

M

Financial Statements Committee
This committee is tasked with monitoring the preparation of financial information, the efficiency of internal
control and risk management systems with regard toaccounting and financial matters, the statutory auditingof annual financial statements and consolidated financial
statements by the Statutory Auditors, as well as theindependence of the Statutory Auditors.
→ 6 members

Internal Control, Risk Management and Compliance
Committee
This committee examines the Group’s overall risk policy,
including environmental and social issues, taking into
account market, liquidity and operational risk indicatorsin accordance with applicable regulation. It also considers
any specific issues related to these issues and methods.
It is also responsible for compliance-related matters regarding, notably, reputational or professional ethics risks.
→ 5 members
Corporate Governance, Ethics, Nominations and CSR
Committee
Its missions are:• oversight and monitoring of compliance with governance principles that take into consideration regulatorychanges and best corporate governance practices;• identification, selection and succession of Directors andcommittee members and Executive Management
members;• assessment of the Board of Directors;• assessment of the independence of Directors;• monitoring CSR issues by ensuring the Group’s contribution to a sustainable and responsible economic
development.
→ 5 members
Remuneration Committee
This committee is responsible for the annual review of
the Group’s compensation policy principles, and more
specifically:• remuneration, allowances and benefits of any kind
granted to the Directors and Corporate Officers of theCompany and its major French subsidiaries;• the compensation of the Group’s regulated categories
of personnel;• the compensation of the Chief Risk Officer and theHead of Compliance.
→ 4 members

2022 Integrated Report - BNP Paribas

70

71

Our

Executive
Committee

N

Compositionof the Executive
Committee
as at 1 March 2023
A

A

Jean-Laurent Bonnafé
Director and Chief
Executive Officer

B

Yann Gérardin
Chief Operating
Officer, Corporate& Institutional Banking

C

Thierry Laborde
Chief Operating Officer,
Commercial, Personal
Banking & Services

J

O

T

he Executive
Committee is madeup of five members
from the Executive
Management team and 13 members
in charge of a business line orcentral function.
In 2022, it focused on the launchand deployment of the Group’s new
strategic plan: Growth, Technology,
Sustainability 2025 (GTS 2025). Putting our employees at the heart ofits priorities, this plan opens a newchapter in BNP Paribas’ development.
It aims to continue and amplify the
momentum of transformation underway to make BNP Paribas an evenstronger, more profitable group and,above all, one that is most useful toits customers and society.

F

Accelerate thetransition to a moresustainable economy

D
B
K

With GTS 2025, the Executive Committee mobilises all of BNP Paribas’
strengths towards the collective
transition to a sustainable economy
model and supports all its customers
in this trajectory. Carried out on alarge scale, this sustainable financedeployment involves all Group teams
and entities.

E

P

F

G

G

More womenin governing bodies
One-third of the Executive Committee were women in 2022 and
BNP Paribas aims to increase their
appointments to reach its targetof 40% in 2025. The G100, whichbrings together the Group’s top
100 senior managers, is made up
of more than a third of women. As
for the Group’s Talents, the management teams’ succession, parity
is achieved globally.

C
08
L
H

Q

I

Bernard Gavgani
Chief Information
OfficerJ

Laurent David
Deputy Chief
Operating Officer

Elena Goitini
Chief Executive Officerof BNL

K

Renaud Dumora
Deputy Chief Operating
Officer, Investment& Protection Services

Yannick Jung
Head of Corporate& Institutional Banking
Global Banking

L

Pauline LeclercGlorieux
Director and Chief
Executive Officer of
BNP Paribas Cardif

M

Stéphanie Maarek
Head of ComplianceN

Lars Machenil
Chief Financial Officer

O

Sofia Merlo
Head of Human
ResourcesP

Olivier Osty
Head of Corporate& Institutional Banking
Global Markets

Q

Frank Roncey
Chief Risk Officer

R

Antoine Sire
Head of Company
Engagement

Michael Anseeuw
Director and Chief
Executive Officer
and Chairman of the
Executive Board of
BNP Paribas Fortis
Marguerite Bérard
Head of Commercial& Personal Banking
in FranceCharlotte Dennery
Director and Chief
Executive Officer of
BNP Paribas Personal
Finance

H

D
M

R
I

E

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