BNP Paribas Fortis

Interim / Quarterly Report • Sep 22, 2025

R.C.S. Luxembourg: B 24 784

19, rue Eugène Ruppert L-2453 Luxembourg

Interim financial information for the six-month period ended June 30, 2025 and review report of the réviseur d'entreprises agréé

TABLE OF CONTENTS

	Page
REPORT OF THE REVISEUR D'ENTREPRISES AGREE ON REVIEW OF INTERIM FINANCIAL INFORMATION	1-2
REPORT FROM THE BOARD OF DIRECTORS	3 – 14
INTERIM FINANCIAL INFORMATION
- Balance sheet	15
- Profit and loss account	16
- Notes to the interim financial information	17 - 31

Deloitte.

Deloitte Audit Société à responsabilité limitée 20 Boulevard de Kockelscheuer L-1821 Luxembourg

Tel: +352 451 451 www.deloitte.lu

To the shareholders of BNP Paribas Fortis Funding S.A. 19, rue Eugène Ruppert L - 2453 Luxembourg

REPORT OF THE RÉVISEUR D'ENTREPRISES AGRÉÉ ON THE REVIEW OF INTERIM FINANCIAL INFORMATION

Introduction

We have reviewed the accompanying interim financial information of BNP Paribas Fortis Funding S.A. (the "Company"), which comprises the balance sheet as at June 30, 2025 and the related profit and loss account for the sixmonth period then ended, including material accounting policy information and other explanatory information. The Board of Directors is responsible for the preparation and fair presentation of this interim financial information in accordance with Luxembourg legal and regulatory requirements. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity".

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Deloitte.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information does not give a true and fair view of the financial position of the entity as at June 30, 2025, and of the result of its operations for the six-month period then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of this interim financial information.

For Deloitte Audit, Cabinet de révision agréé

Maryam Khabirpour, Réviseur d'entreprises agréé Partner

September 12, 2025

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

Report from the Board of Directors

Dear Sirs,

We are pleased to submit to you for approval, the interim financial information for the six months period ended June 30, 2025.

As of June 30, 2025 the total balance sheet amounts to EUR 3,449,930,686.97 compared to EUR 3,453,412,482.87 as at December 31, 2024.

The Company issued securities (amongst which retail offers to the public in Belgium and in the Grand-Duchy in Luxembourg) which are split as follows:

	June 30, 2025	December 31, 2024
Fixed interest rates notes	2,174,438,743.23	1,983,699,743.23
Floating rates notes	164,044,000.00	164,044,000.00
Variable coupon notes	598,380,000.00	721,452,826.84
Variable redemption notes	471,709,957.84	530,834,602.48
Index Linked
Variable redemption notes	0.00	2,002,993.87
Other
TOTAL	3,408,572,701.07	3,402,034,166.42

The amounts presented above represent the nominal in counter value EUR of the issuances.

The accrued interest payable linked to these issuances amount to EUR 16,972,184.89 (December 31, 2024: EUR 17,313,588.37).

BNP Paribas Fortis Funding Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

During the first semester 2025, the Company issued several securities and faced several redemptions and reductions (buy-backs and call notes) as follows:

Type of product		New Issues		Redemptions/Reductions			Foreign exchange by category	Total
		Number	Ccy	In Euro	Number	Ccy	In Euro	In Euro	In Euro
Fixed interest rate notes		10	EUR	536,325,000.00	5	EUR	-345,586,000.00
	Total	10		536,325,000.00	5		-345,586,000.00	0.00	190,739,000.00
Variable coupon notes		0	EUR	0.00	7	EUR	-121,319,000.00
					1	USD	-1,604,240.28
	Total	0		0.00	8		-122,923,240.28	-149,586.56	-123,072,826.84
Index linked notes		2	EUR	5,430,000.00	4	EUR	-49,526,000.00
					2	USD	-9,602,571.26
	Total	2		5,430,000.00	6		-59,128,571.26	-5,426,073.38	-59,124,644.64
Other					1	USD	-1,846,838.82
	Total	0		0.00	1		-1,846,838.82	-156,155.05	-2,002,993.87
TOTAL GENERAL		12		541,755,000.00	20		-529,484,650.36	-5,731,814.99	6,538,534.65

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

As of June 30, 2025, the Company shows a profit amounting to EUR 225,187.18 compared to a profit amounting to EUR 210,391.73 for the first semester 2024 which is summarized as below:

In EUR	June 30, 2025	June 30, 2024
Interests margin	1,119,722.86	654,310.96
Adjustment interest received	-75,816.10	317,936.61
Exchange result	3,033.47	873.26
Amortization fees	16.80	8.30
Taxes	-75,342.17	-76,637.69
Operational expenses	-949,006.15	-883,861.43
Other financial expenses	-683,351.32	-67,932.58
Operational income	30,908.89	23,076.40
Other financial income	855,020.90	242,617.90
Total	225,187.18	210,391.73

The decrease in profit is mainly explained by the following elements:

• 1) Increase of the interest margin amounting to EUR 1,119,722.86 for the period ended June 30, 2025 against EUR 654,310.96 for the period ended June 30, 2024; this variation is mainly due to an increase of the new issuances during the first semester 2025 compared to 2024.
• 2) The amount of adjustment on interest received is related to an agreement with BNP Paribas Fortis in which there is a comparison with the interest margin and the operational expenses:
  • a.When the interest margin for the observed year is lower than 110% of operational expenses for that year, BNP Paribas Fortis agrees and undertakes to pay the difference to the Company.
  • b.When the interest margin for the observed year is higher than 110% of the operational expenses for that year, the Company agrees and undertakes to reimburse the difference to BNP Paribas Fortis.
• 3) Decrease of the amortization on expenses relating to bond issuances as follows (**):

In EUR	June 30, 2025	June 30, 2024
Amortization of expenses related to	-14,190.84	-10,493.67
bond issues
Amortization of syndication	-790,433.03	-912,527.03
commissions
Total	-804,623.87	-923,020.70

The expenses are amortized over the life of the corresponding security's issuance.

4) Increase of the net amortization of the upfront fees received as follows (*):

In EUR	June 30, 2025	June 30, 2024
Amortization of upfront fees received	14,218.06	10,515.01
Total	14,218.06	10,515.01

The upfront fees are amortized over the life of the corresponding security's issuance. Furthermore, for the upfront fees received the residual life of the corresponding security's issuance is longer than for the upfront fees paid.

5) Decrease of the amortization of the premiums received on borrowings as follows (**):

In EUR	June 30, 2025	June 30, 2024
Amortization of premium received on
borrowings	790,433.03	912,527.03
Total	790,433.03	912,527.03

6) Decrease of amortization on break up fees related to early termination of some loans and amortization on premium above/under par on bonds purchased from BNP Paribas Fortis – Belgium.

These amortizations started in August 2017 and are booked over the life of the corresponding bond issuance.

In EUR	June 30, 2025	June 30, 2024
Amortization of break up fees on loans
gain	1,112,286.65	1,482,610.86
Amortization of break up fees on loans
loss	-20,726.98	-20,841.49
Amortization of premium under par on
bonds purchased	20,749.08	20,863.72
Amortization of premium above par on
bonds purchased	-1,112,319.17	-1,482,646.13
Total	-10.42	-13.04

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

• 7) Decrease of the taxes amounting to EUR 75,342.17 as of June 30, 2025 against EUR 76,637.69 as of June 30, 2024 (as the tax rate decrease in 2025).
• 8) Increase of operational income to EUR 30,908.89 as of June 30, 2025, related to interest on bank term deposits . The Company executed bank term deposits with BGL BNP Paribas from April 2024 (June 30, 2024 : EUR 23,076.40).
• 9) The net variation of other financial expenses and income is mainly explained by the payout at redemption above and below par for several issuances from the period ended June 30, 2025 and the period ended June 30, 2024. Moreover, as from 31 December 2017, prescriptions of funds - prescriptions elapsed and for which the cash balance not claimed by the investors within the legally described timeframe are reimbursed to the Company by the paying agent — are amortized.

When received, they are booked in balance sheet under the caption "Other creditors" and are amortized over 5 years.

Amortization amounts to EUR 153,313.31 for the period ended June 30, 2025 (June 30, 2024: EUR 160,285.17).

^* Historically when concluding a derivative on an equity linked product, the Company used to receive an Upfront fee on the IRS and used to pay an Option premium on the equity component of the hedge. Point 4) above relates to the amortization of such upfront fee received (for most of the case).

^** Upon issuance, the client paid a premium over par (most of the time) which is used to cover the syndication / distribution costs (until 2017). Point 3) above relates to the amortization of such premium (syndication commission) paid to syndication and point 5) above relates to the amortization of such premium received by the BP2F (premium received on borrowings).

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

Reporting obligations

The Company fulfils its reporting obligations towards the local authorities and, with regard to the law of January 11, 2008 (as supplemented or amended from time to time) on transparency requirements for issuers of securities (the "Transparency Law"), the Company has signed in 2009 an agreement for OAM (Officially Appointed Mechanism) with BNP Paribas, Succursale de Luxembourg.

Pursuant to Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trades repositories, as amended or restated from time to time, and in particular by the Regulation (EU) 2019/834 of 20 May 2019 (the "EMIR regulation"), the Company is to be considered as Non-Financial Counterparty below the clearing threshold (NFC-).

It has to be noted that the Company doesn't provide post issuance information to the investors of its notes.

Main inherent risks

The Board of Directors will also give below a general overview of the main inherent risks faced by BNP Paribas Fortis Funding and of the relevant mitigating factors. This overview is given as of the date of this report. The risks applicable to BNP Paribas Fortis Funding and the corresponding risk management methods can change from time to time.

The main inherent risks faced by BNP Paribas Fortis Funding can be broken down into the following categories:

1) Operational risk:

The operational risk is the risk of loss resulting from inadequate or failed internal processes or systems, human error, external events or changes in the competitive environment that damage the franchise or operating economics of a business.

From September 2023, the Company hired a part time external director acting as the CEO of the Company.

Before deciding on the issuance of any debt securities, each Director shall comply with the paragraphs 1 and 2 of Article 441-7 of the Luxembourg Law on commercial companies dated August 10, 1915 as amended, and as coordinated by the Grand-Ducal regulation dated 5 December 2017 (the "1915 Law"), providing that:

"Any director having an interest in a transaction submitted for approval of the board of directors conflicting with that of the company shall be obliged to advise the board thereof and to cause a record of his statement to be included in the minutes of the meeting. He may not take part in these deliberations.

At the next following general meeting, before any other resolution is put to vote, a special report shall be made on any transactions in which any of the directors may have had an interest conflicting with that of the Company."

BNP Paribas Fortis Funding publishes from time to time (base) prospectuses to offer, place or/and list securities within the framework of its business activity as foreseen in its article of association.

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

As required by the Luxembourg law on prospectuses and the relevant regulations as the case maybe, the Company takes responsibility for the information contained in these prospectuses (with the limitations specified in these ones).

The base prospectus of the euro medium term note programme (EMTN) of the Company (as supplemented from time to time) was updated and approved by the Commission de Surveillance du Secteur Financier in Luxembourg on May 27, 2025 in order to comply with the Prospectus Regulation (EU) 2017/2019 (as amended).

The EMTN programme of the Company is mainly used to launch plain vanilla and fixed income products.

The Company also acts as issuer (with BNP Paribas Fortis as guarantor) under the base prospectus dated May 27, 2025 (as supplemented) in respect of the issuance of unsubordinated notes under the note, warrant and certificate programme of BNP Paribas Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding. That base prospectus has been approved by the French Autorité des marchés financiers (the "AMF") in compliance with the Prospectus Regulation (EU) 2017/2019 (as amended).

The base prospectuses of the Company are published on its website www.bp2f.lu (the distribution of these documents being restricted by law).

2) Legal risk:

In case of any potential legal risk (e.g. license requested by a sponsor of an index, claim received from a noteholder or an investor), the Company will request professional legal advice if it is required by an executive manager of the Company or by one member of the Board of Directors.

The Luxembourg prospectus law contains administrative sanctions in case of breach. As the Company also makes offers to the public in other jurisdictions, it may be exposed to the penal or/and administrative sanctions foreseen in the relevant local prospectus law or/and in other relevant local rules or regulations.

3) Tax risk:

In case of any potential tax risk, the Company requests advices from the tax specialists of its parent company and advices from an external tax advisor if it is required by one member of the Board of Directors.

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

4) Financial risk:

It encompasses two types of risk: credit risk and market risk as defined below:

• Credit risk is the risk that a borrower or counterparty will no longer be able to repay its debt;
• Market risk refers to the potential loss resulting from unfavorable market movements, which can arise from trading or holding positions in financial instruments.

Within the framework of the funding operations, BNP Paribas Fortis Funding hedges with BNP Paribas Fortis, BNP Paribas Financial Markets (formerly BNP Paribas Arbitrage S.N.C.) and with BNP Paribas its exposures to various types of risks by using common OTC/derivatives instruments such as swaps and options from the issue date or strike date of each funding operation, for all the duration of such funding operation, and for the full amount of the related funding operation. As a general rule, the documentation of a derivative transaction of the Company shall refer to the documentation of the related funding transaction (the documentation of the related notes prevailing in case of discrepancy with the swap). Therefore, the structure of each funding operation matches with the various related hedging transactions in terms of economics and in terms of documentation.

Nevertheless, when the Company enters into a derivative transaction with a view to hedging the issuance of the notes, an exact match between the terms of the Notes and the terms of the derivative transaction to hedge the exposure of the Company under the notes is impracticable. Where the hedge is governed by an ISDA Master Agreement, there may be events, such as illegality affecting the ability of one of the parties to perform its obligations under the hedge or various party specific defaults events, which may not be reflected exactly in the terms of the notes, and which could result in the hedge being terminated early, but with the notes remaining outstanding. Similarly, changes in tax treatment could affect the hedge but not the notes or vice versa. Therefore, the provision in a derivative confirmation stating that the documentation of the related notes prevails in case of discrepancy with the swap is only a way for the Company to mitigate the risk of mismatch (but doesn't enable to remove the risk entirely).

BNP Paribas Fortis Funding is currently only exposed to a credit and counterparty risk (i) on BNP Paribas Fortis (as hedging counterpart and as borrower under the loans granted by the Company and as issuer of the bonds purchased by the Company), and (ii) on BNP Paribas Financial Markets (formerly BNP Paribas Arbitrage S.N.C.) and BNP Paribas (as hedging counterparts).

To avoid exposure to a credit risk on the paying agent, BNP Paribas, Succursale de Luxembourg, under its debt issuance Programmes (EMTN and NWC), BNP Paribas Fortis Funding has followed the market practice and has included a wording in the documentation of its debt issuance programmes to be discharged from its payment obligations towards the noteholders as soon as the payments have been made on time to the relevant principal paying agent.

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

For the avoidance of any doubt, BNP Paribas Fortis Funding does not hold a trading portfolio and is then not exposed to a trading risk, i.e. in case of changes in the market price of positions held in capital market instruments.

5) Liquidity risk:

The liquidity risk is the risk that BNP Paribas Fortis Funding, though solvent, either does not have sufficient financial resources available to meet its obligations when they fall due or can secure or sell its assets only at excessive cost.

This risk is mitigated by the Board that follows the Liquidity Risk Policy published by the parent company of BNP Paribas Fortis Funding by applying it to the Company. Such policy explicitly mentions that the bank must maintain sufficient cash and liquid assets to meet its current and future financial obligations at all times, in normal and in stressed circumstances, for all its banking and financial activities, including special purpose vehicles and all legal entities.

6) Settlement risk:

BNP Paribas Fortis Funding is responsible for the cash management on a daily basis by monitoring the cash balances of the Company. Furthermore, the Company has implemented a payment procedure approved by the Board of Directors and agreed by BGL BNP Paribas S.A. acting as account bank of the Company.

A contract and a convention for Multiline were signed in January 2015 between the Company and BGL BNP Paribas and the Company began to use this electronic payment tool from beginning of February 2015.

Information to be sent to the parent company

BNP Paribas Fortis Funding is a subsidiary of BNP Paribas Fortis. BNP Paribas Fortis is authorized and supervised by European Central Bank (ECB) and by the National Bank of Belgium, boulevard de Berlaimont 14, 1000 Brussels, and is also under the supervision on investor and consumer protection of the Financial Services and Markets Authority (FSMA), rue du Congrès 12-14, 1000 Brussels and is authorized as insurance agent under FSMA number 25789 A.

The National Bank of Belgium, BNP Paribas Fortis supervisor on a consolidated basis, has granted its approval for using the most advanced approaches for calculating the own funds requirements under Basel II. This means that BNPPF ("BNP Paribas Fortis") applies the Advanced Internal Ratings Based Approach (AIRBA) to credit risk and the Advanced Measurement Approach (AMA) to operational risk for the majority of its portfolio.

Besides, BNP Paribas Fortis uses 'economic capital' as a consistent and comparable measure of risk across all risk types and geographies. It serves as an indicator of Value at Risk (VaR).

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

BNP Paribas Fortis Funding falls under "Companies not in scope of the revised CSRD" in 2025.

BNP Paribas Fortis Funding shall report to its parent company with the relevant information to enable BNP Paribas Fortis to apply these methods on a consolidated basis. The Board of Directors examined the interim financial information for the six-month period as of June 30, 2025 of BNP Paribas Fortis Funding on 12 September 2025 and authorized their publication.

The Board of Directors of BNP Paribas Fortis Funding declares that, to its knowledge, the interim financial information for the six-month period as of June 30, 2025 of BNP Paribas Fortis Funding established in accordance with Luxembourg and regulatory requirements relating to the preparation of the interim financial information, give a faithful and honest image of the assets and liabilities, financial position and profits or losses of BNP Paribas Fortis Funding. The management report presents the evolution accurately, the results and the situation of BNP Paribas Fortis Funding and a description of the principal risks and uncertainties with which they are confronted.

The international geopolitical situation and the war in Ukraine impacts the global economy and market environment.

The Company does not have any significant direct exposure to Ukraine, Russia. However, the impact on the general economic situation as well as the change in political leadership in the US may require revisions of certain assumptions and estimates.

At this stage, there are no strong indicators that should put into question the valuation of certain assets and liabilities including the loans and derivatives at the closing date and therefore the Board of Directors is not aware of anything that would prevent the Company from continuing to apply the going concern basis of preparation.

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugène Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

Strategy related to BNP Paribas Fortis Funding

The issuances that the Company is proposing, via BNP Paribas Fortis acting as distributor, to different investor types and the lending of the proceeds of these transactions to its parent company, through loans or the investments in bonds issued by its parent company, is an important element of the funding policy of BNP Paribas Fortis.

The selling of structured notes and other types of bonds demanded by the Retail and Private Banking divisions of BNP Paribas Fortis in Belgium is a stable element of the funding mix of BNP Paribas Fortis.

The Company is independent regarding the issuance decisions.

It is in line with the BNP Paribas group organization to maintain BNP Paribas Fortis, directly or via its subsidiaries, in a position of independency concerning its liquidity and funding management. The Company, with a volume of outstanding debt securities of about EUR 3.4 billion, is an element of diversification in the funding mix of BNP Paribas Fortis.

We also take into consideration that, for the structured notes, the issuance of debts securities by the Company with the guarantee of BNP Paribas Fortis remains a practical solution to circumvent the fact that the Belgian National Bank's clearing system cannot handle certain structured financial products.

Furthermore, market evolutions do not directly impact the Company as the bonds issued by the Company are perfectly hedged.

In terms of activity, the prospects of rate cuts by the central banks and lower market rates going forward have re-enforced the attractiveness of fixed income type of products at the expense of equity linked products.

High level of inflation has affected some costs (fees, wages) but the trends is moderating so is the negative impact on the profitability

Public limited company Registered office: L-2453 Luxembourg, 19, rue Eugene Ruppert R.C.S. Luxembourg B 24 784 (hereinafter referred to as the "Company")

Corporate Governance:

The articles of association do not provide any restriction regarding the voting rights of the shareholders and therefore said voting rights are exercise in accordance with the legal provisions in force.

Further to the articles of association, the directors shall be elected by the shareholders at a general meeting, which shall determine their number, remuneration and term of office. The term of the office of a director may not exceed six years and the directors shall hold office until their successors are elected. The directors may be re-elected for consecutive terms of office. The Company does not hold any quoted participations.

The Company may, to the extent and under the terms permitted by the Law, purchase its own shares; as of today, the Company does not hold any own share. As in the a1ticles of association there is no provision regarding authorized capital, the board of directors is not allowed to issue new shares.

There is no specific provision in the a1ticles of association regarding the possibility of amending the articles of association and therefore the aJticles of association can be amended according to the legal provision set for in article 450-3 of the 191 S Law (as defmed above).

There is no specific provision in the articles of association regarding the rights of contro Is of the shareholders and therefore the shareholders can exercise their rights of controls to the extent and within tbe limits provided by the relevant Luxembourg applicable legislation.

Based on At1. 52 of the Law of 23 July 2016 concerning the audit profession, the Company is classified as public-interest entity and required to establish an audit committee. In accordance with Art. 52 (5), the Company is exempted to have an audit committee.

Luxembourg, J 2 September 2025

For the Board of Directors:

Daniel KERIS Director

Balance Sheet for the period from January 1, 2025 to June 30, 2025 (in EUR)

ASSETS	Notes	30.06.2025	31.12.2024
B. Formation expenses	3	83,431.36	90,081.27
C. Fixed assets		3,437,400,748.83	3,436,367,542.85
III. Financial assets		3,437,400,748.83	3,436,367,542.85
2. Loans to affiliated undertakings	4	86,261,404.19	94,976,671.75
5. Investments held as fixed assets	5	3,351,139,344.64	3,341,390,871.10
D. Current assets		5,775,819.25	5,520,534.67
II. Debtors		281,991.29	142,121.74
4. Other debtors		281,991.29	142,121.74
a) becoming due and payable within one year		281,991.29	142,121.74
IV. Cash at bank and in hand		5,493,827.96	5,378,412.93
E. Prepayments	6	6,670,687.53	11,434,324.08
TOTAL (ASSETS)		3,449,930,686.97	3,453,412,482.87
CAPITAL, RESERVES AND LIABILITIES
A. Capital and reserves	7	4,150,149.04	4,412,961.86
I. Subscribed capital		500,000.00	500,000.00
II. Share premium account		1,500,000.00	1,500,000.00
IV. Reserves		610,850.00	621,050.00
1. Legal reserve		50,000.00	50,000.00
4. Other reserves, including the fair value reserve		560,850.00	571,050.00
b) other non available reserves		560,850.00	571,050.00
V. Profit or loss brought forward		1,314,111.86	1,313,910.02
VI. Profit or loss for the financial period/year		225,187.18	478,001.84
B. Provisions		302,109.58	157,249.44
2. Provisions for taxation		226,293.48	157,249.44
3. Other provisions		75,816.10	0.00
C. Creditors		3,441,337,029.36	3,439,932,950.45
1. Debenture loans	8	3,425,544,885.96	3,419,347,754.79
b) Non convertible loans		3,425,544,885.96	3,419,347,754.79
i) becoming due and payable within one year		342,392,528.73	300,033,967.24
ii) becoming due and payable after more than one year		3,083,152,357.23	3,119,313,787.55
6. Amounts owed to affiliated undertakings	9	14,218,311.10	19,009,416.61
a) becoming due and payable within one year		14,218,311.10	19,009,416.61
8. Other creditors	10	1,573,832.30	1,575,779.05
a) Tax authorities		17,976.00	35,869.87
c) Other creditors		1,555,856.30	1,539,909.18
i) becoming due and payable within one year		178,945.55	21,567.64
ii) becoming due and payable after more than one year		1,376,910.75	1,518,341.54
D. Deferred income	6	4,141,398.99	8,909,321.12
TOTAL (CAPITAL, RESERVES AND LIABILITIES)		3,449,930,686.97	3,453,412,482.87

The accompanying notes form an integral part of the interim financial information.

Profit and loss account for the period from January 1, 2025 to June 30, 2025 (in EUR)

PROFIT AND LOSS ACCOUNT	Notes	30.06.2025	30.06.2024
5. Raw materials and consumables and other external expenses		-943,384.41	-877,186.64
b) Other external expenses		-943,384.41	-877,186.64
6. Staff costs	11	-26,348.72	-27,516.28
a) Wages and salaries		-19,293.21	-20,103.79
b) Social security costs		-7,055.51	-7,412.49
i) relating to pensions		-7,055.51	-7,412.49
7. Value adjustments		-804,623.87	-923,020.70
a) in respect of formation expenses and of tangible and intangible fixed assets		-804,623.87	-923,020.70
10. Income from other investments and loans forming part of the fixed assets	12	53,610,881.48	48,965,552.74
a) derived from affiliated undertakings		1,800,619.21	2,197,343.56
b) other income not included under a)		51,810,262.27	46,768,209.18
11. Other interest receivable and similar income	13	28,363,777.51	23,597,991.80
a) derived from affiliated undertakings		26,253,053.08	20,966,233.92
b) other interest and similar income		2,110,724.43	2,631,757.88
13. Value adjustments in respect of financial assets and of investments held as current assets		-1,112,319.17	-1,482,646.13
14. Interest payable and similar expenses	14	-78,787,453.47	-68,966,145.37
a) concerning affiliated undertakings		-50,962,216.25	-47,290,866.05
b) other interest and similar expenses		-27,825,237.22	-21,675,279.32
15. Tax on profit or loss	16	-69,044.04	-68,326.53
16. Profit or loss after taxation		231,485.31	218,702.89
17. Other taxes not shown under items 1 to 16		-6,298.13	-8,311.16
18. Profit or loss for the financial period		225,187.18	210,391.73

The accompanying notes form an integral part of the interim financial information.

BNP Paribas Fortis Funding Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

1 General information

BNP Paribas Fortis Funding (the "Company") was incorporated on September 24, 1986 in Luxembourg as a limited liability company (Société Anonyme) for an unlimited period under the name GENFINANCE LUXEMBOURG S.A., which was then changed to FORTIS LUXEMBOURG FINANCE S.A. on November 12, 2001 and to BNP Paribas Fortis Funding on February 22, 2010.

The registered office of the Company is established in Luxembourg. The Company's financial year starts on January 1 and ends on December 31 each year.

The Company's object is to provide any direct or indirect financing, by any means, to its subsidiaries, to BNP Paribas Fortis and to companies controlled by BNP Paribas Fortis and to provide to these companies any assistance, loans, advances or guarantees and/or any services for financial or administrative assistance linked to such assistance, loans, advances, guarantees, and services.

Loans are granted under the same conditions as for borrowings, setting aside an intermediation margin.

The Company may conduct any transaction that it deems necessary to accomplish and develop its object, remaining however within the limits allowed by the 1915 Law.

The Company is included in the consolidated accounts of BNP Paribas S.A. forming the largest body of undertakings of which the Company forms a part as a subsidiary undertaking. The consolidated accounts and the consolidated management report of BNP Paribas S.A. are available at its registered office: 16, Boulevard des Italiens, 75009 Paris, France.

In addition, the Company is also included in the consolidated accounts of BNP Paribas Fortis forming the smallest body of undertakings included in the body of undertakings referred to in the above mentioned paragraph of which the Company forms part as a subsidiary undertaking. The consolidated accounts and the consolidated management report of BNP Paribas Fortis are available at its registered office located at: 3, Montagne du Parc, B-1000 Brussels.

Further to Pillar Two recommendations of the Organisation for Economic Cooperation and Development (OECD) in relation to the international tax reform, the European Union adopted on 14 December 2022 the 2022/2523 directive instituting a minimum corporate income tax for international groups, effective 1 January 2024.

On 20 December 2023, the Luxembourg Parliament adopted the law implementing this EU Directive , and the new rules will apply for the fiscal years starting on or after 31 December 2023.

To clarify the directive's potential impacts, the IASB issued on 23 May 2023 a series of amendments to the IAS 12 'income taxes', which were adopted by the European Union on 8 November 2023. In accordance with the provisions of these amendments, the Group applies the mandatory and temporary exception not to recognise deferred taxes associated with this additional taxation.

Therefore, the Pillar II reform has no impact for the Company.

2 Significant accounting policies

The Company prepares its accounts in compliance with the legal requirements and generally accepted accounting principles in the Grand-Duchy of Luxembourg. The accounting principles

BNP Paribas Fortis Funding Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

and valuation criteria are defined and implemented by the Board of Directors, apart from those stipulated by the law. The Company applied the "Normalised accounting plan" for the purpose of this interim financial information.

2.1 Tangible and intangible assets

Tangible and intangible fixed assets are valued at purchase price including the expenses incidental thereto or at production cost, less cumulated depreciation amounts written off and value adjustments. These value adjustments are not continued if the reasons for which the value adjustments were made have ceased to apply. The amortisations are calculated on a straight-line basis over the estimated useful economic life.

2.2 Premiums on options

The Company may take hedge positions through options. Premiums on options are accounted for in deferred charges and income and are amortised prorata temporis over the life of the borrowings to which they are related.

2.3 Foreign currency translation

The subscribed capital of the Company is expressed in euros (EUR) and the annual accounts and the interim financial information are established in the same currency.

During the interim financial information, the transactions, income and expenses denominated in currencies other than the EUR were recorded using the exchange rate applicable on the transaction date.

At the closing date, the assets and debts expressed in currencies other than EUR are valued on the basis of the exchange rates applicable on that date. Unrealized gains and losses are booked as other financial income / charges in the profit and loss account due to the direct economic link between the transactions. Furthermore, where there is said economic link between two items within a transaction, accounted for in assets and liabilities respectively, and denominated in the same currency, the balance sheet entries are revalued at the closing exchange rate without impacting the profit and loss account.

2.4 Debtors

Debtors are valued at the lower of nominal or estimated net realisable value. A value adjustment is accounted for if, in the opinion of the Board of Directors, a permanent impairment in value has occurred, unless the loss is economically linked to an increase in the value of the loans.

2.5 Premiums on amounts receivable

Premiums on amounts receivable are amortised prorata temporis over the life of the receivable to which they are related.

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

2.6 Prepayments

This asset item includes expenditures incurred during the interim financial information but relating to this subsequent interim financial information.

2.7 Deferred income

This liabilities item includes income received during the interim financial information year but relating to this subsequent interim financial information.

2.8 Creditors

Creditors are valued at the higher of nominal or repayment value.

2.9 Premiums on borrowings

Premiums on borrowings are accounted for in deferred charges and income, independently of borrowings to which they are associated and are amortised prorata temporis over the life of the borrowings to which they are related.

2.10 Investments held as fixed assets

Investments held as fixed assets are valued in the accounts at purchase price/nominal value including the expenses incidental thereto.

There is no risk of impairment for these investments as the credit risk is not impacted and this is explained in the part 4) Financial risk of the management report.

2.11 Derivatives

All the derivatives contracted by the Company are documented in a hedging relationship to cover the interest rate risk and the exchange rate risk associated with either the notes issued or the financial assets acquired. The hedged items are measured at cost with linear amortisation of the initial discount/premium and related commissions. In that respect, the Company's policy is to apply a symmetrical approach: as long as the results on the hedged items are not realised, the derivatives are not re-measured in the balance sheet leading to not impact on the accounts of the hedging relationship. Then, the valuation of the derivative is posted at the exchange rate of the period on the balance sheet (in "deferred income" or "prepayment") against a foreign exchange profit & loss account (in "other interest and similar expenses" or "other interest and similar income"). These profit and loss accounts are offset by the valuation of the issuance note at the exchange rate of the period.

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

2.12 Formation expenses

The formation expenses are expenses linked to the issuances of the bonds ("frais d'émission obligataire") issued by the Company.

As the bond issued is intended to provide economic benefit to the Company until the maturity, it has been decided to amortize these capitalized expenses over the life of the corresponding bond instrument.

3 Formation expenses

This caption under assets includes expenses on the issuances of the bonds issued by the Company and are amortized over the life of the related bond instrument.

4 Loans to affiliated undertakings

No value adjustment has been made on financial assets, following the historical cost model.

Please note that in accordance with our accounting policy 2.10 above, there is very low residual risk of impairment as when the Company enters into a derivative transaction with a view of hedging the issuance of the notes, there is an exact match between the terms of the Notes and the terms of the derivative transaction to hedge the exposure of the Company.

In addition, as explained in the management report in the section 4) Financial risk, these financial instruments are covered by a derivative mirroring the fair value. Therefore no indication of impairment is identified according to the hedging activity.

The loan structure granted to BNP Paribas Fortis, the parent company, is as follows:

	30.06.2025 EUR	31.12.2024 EUR
Amounts due within less than one year	6,206,797.17	8,167,633.25
Amounts due over 1 year
1 to 5 years	14,486,698.64	20,821,927.80
5 years or more	48,480,000.00	48,480,000.00
	62,966,698.64	69,301,927.80
Total	69,173,495.81	77,469,561.05

In order to reconcile the total amount of loans to affiliated undertakings as shown on page 15 (EUR 86,261,404.19) to the details of this note, the accrued interests totalling EUR 17,087,908.38 (EUR 17,507,110.70 as at December 31,2024) must be taken into consideration.

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

30.06.2025			31.12.2024
	Valuation at historical cost model	Valuation at fair value	Fair value adjustment	Valuation at historical cost model	Valuation at fair value	Fair value adjustment
Loans	69,173,495.81	69,152,663.83	-20,831.98	77,469,561.05	77,442,107.05	-27,454.00

5 Investments held as fixed assets

The bonds purchased from BNP Paribas Fortis, the parent company, are as follows:

	30.06.2025 EUR	31.12.2024 EUR
Amounts due within less than one year Amounts due over 1 year	350,060,731.56	291,663,686.61
1 to 5 years	866,198,730.46	951,521,175.52
5 years or more	2,120,517,000.00	2,078,757,000.00
	2,986,715,730.46	3,030,278,175.52
Total	3,336,776,462.02	3,321,941,862.13

In order to reconcile the total amount of the investments held as fixed assets as shown on page 15 (EUR 3,351,139,344.64) to the details of this note, the accrued interests totalling EUR 14,362,882.62 (EUR 19,092,123.42 as at December 31,2024) must be taken into consideration.

	30.06.2025		31.12.2024
	Valuation at historical cost model	Valuation at fair value	Fair value adjustment	Valuation at historical cost model	Valuation at fair value	Fair value adjustment
Bonds	3,336,776,462.02	3,337,507,415.91	730,953.89	3,321,941,862.13	3,322,504,801.35	562,939.22

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

6 Prepayments and deferred income

These captions under assets or under liabilities in the balance sheet primarily include the option premiums paid and received, the commission's payable or receivable during the issuance of certain borrowings and the premiums connected to the issuance of certain borrowings, less accumulated amortisation over the expected useful life of the related borrowings. Also, this caption includes the revaluation of the foreign exchange derivative financial instruments at the closing foreign exchange rate.

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

7 Capital and reserves

Subscribed capital

As of June 30, 2025, the issued and fully paid-up share capital of the Company amounts to EUR 500,000.00 consisting of 20,000 registered shares each having a nominal value of EUR 25.00.

The movements for the period ended June 30, 2025 are as follows:

	Share premium account EUR	Legal reserve EUR	Other reserves EUR	Profit brought forward EUR
Balance as at December 31, 2024	1,500,000.00	50,000.00	571,050.00	1,313,910.02
Profit for year ended 2024	-	-	-	478,001.84
Transfer of the 2020 special reserve to profit brought forward	-	-	(120,500.00)	120,500.00
Allocation to the special reserve related to the net wealth tax 2025	-	-	110,300.00	(110,300.00)
Dividends	-	-	-	(488,000.00)
Balance as at June 30, 2025	1,500,000.00	50,000.00	560,850.00	1,314,111.86

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

Legal reserve

The Company is required to allocate a minimum of 5% of its annual net income to a legal reserve, until this reserve equals 10% of the subscribed share capital. This reserve may not be distributed.

Other reserves

In order to take advantage of the provisions of paragraph 8a of the Net Wealth Tax Law, the Company has elected to get a tax credit for all or part of the net worth tax due for that year. This tax credit is, however, limited to the amount of the corporate income tax due for the same year before any tax credit. In order to benefit from this provision, the Company commits itself to post to a special reserve (classified in the annual accounts under the caption "Other reserves") before the end of the financial year an amount equal to five times the net worth tax to be credited, which has to be maintained for a period of five years.

This reserve is non-distributable during the period of five years from the year following that during which the Net Wealth Tax was reduced.

Share premium account

An extraordinary meeting was held on February 28, 2017 relating to the contribution from retained earnings to the share premium account for EUR 1,500,000.00 with effect as of February 28, 2017.

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

8 Debenture loans

Amounts due and payable for the accounts shown under "Debenture loans" are as follows:

Non convertible loans	30.06.2025 EUR	31.12.2024 EUR
Within one year	342,392,528.73	300,033,967.24
After one year and within five years	889,861,547.71	979,327,422.00
After more than five years	2,193,290,809.52	2,139,986,365.55
	3,425,544,885.96	3,419,347,754.79

This item also includes the accrued interest payable as of June 30, 2025 that amounts to EUR 16,972,184.89 (EUR 17,313,588.37as at December 31, 2024).

9 Amounts owed to affiliated undertakings

	30.06.2025 EUR	31.12.2024 EUR
Interest payable on derivatives Upfront fees Other fees payable	14,112,398.15 83,185.67 22,727.28	18,919,553.81 89,862.80 -
Total	14,218,311.10	19,009,416.61

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

10 Other creditors

The item "Other creditors" is as follows:

	30.06.2025 EUR	31.12.2024 EUR
V.A.T. payable	17,976.00	35,869.87
Fees payable	178,945.55	21,567.64
Other debts payable	1,376,910.75	1,518,341.54
Total	1,573,832.30	1,575,779.05

The other debts payable represent some prescriptions elapsed and for which the cash balance was not claimed, within the legally described time frame, by the investors leading to a reimbursement of these to the Company by the paying agent.

11 Staff costs

For the period ended June 30, 2025, the Company employed 2 persons on a part time basis (June 30, 2024: 2 persons on a part time basis).

12 Income from other investments and loans forming part of the fixed assets

The above caption is composed of the following items:

	30.06.2025 EUR	30.06.2024 EUR
Interest on loans	1,800,619.21	2,197,343.56
Interest on bonds	51,173,003.80	46,715,336.73
Gains on securities (realised)	637,258.47	52,872.45
	53,610,881.48	48,965,552.74

The variation on the interest on bonds is related to the increase of bonds on 2025.

Income from above caption with affiliated undertakings amount to EUR 52,973,623.01 as of June 30, 2025 (2024: EUR 48,912,680.29).

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

13 Other interest receivable and similar income

Other interest receivable and similar income are composed of the following items:

	30.06.2025 EUR	30.06.2024 EUR
Interest on derivatives	26,174,385.90	20,608,322.02
Adjustment on interest received *	-	317,936.61
Amortisation of premiums on borrowings	790,433.03	912,527.03
Amortisation of break up fees on loans and premium under/par on bonds	1,133,035.73	1,503,474.58
Upfront fees received	14,218.06	10,515.01
Gain on foreign exchange securities and bonds**	3,033.47	32,394.70
Commissions	64,449.12	29,460.28
Gains on derivatives (realised)	-	-
Interest on bank term deposit	30,908.89	23,076.40
Other	153,313.31	160,285.17
	28,363,777.51	23,597,991.80

* The amount of adjustment on interest received is related to an agreement with BNP Paribas Fortis - Belgium in which a part of the interest margin is retroceded to/repaid by BNP Paribas Fortis - Belgium.

* *The gain on foreign exchange securities and bonds presented in note 13 is mainly unrealised. and is matched by the loss on foreign exchange on securities and bonds presented in note 14.

The variation on the interest on derivatives is mainly related to the increase of derivatives linked to the increase of issuances in 2025.

The item "Other" above, was essentially made of the amortization of some issuances for which the prescription elapsed and for which the cash balance not claimed (within the legally described time frame) by the investors are reimbursed to the Company by the paying agent.

Other interest receivable and similar income from affiliated undertakings amount to EUR 26,283,961.97 as of June 30, 2025 (2024: EUR 20,989,310.32).

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

14 Interest payable and similar expenses

Interest payable and similar expenses are composed of the following items:

	30.06.2025 EUR	30.06.2024 EUR
Interest on borrowings, interest rate swaps, equity swaps	-78,028,286.05	-68,866,691.35
Adjustment on interest received*	-75,816.10	-
Other commissions	-47,750.70	-67,932.58
Loss on securities (realised)	-46,092.85	-
Loss on derivatives (realised)	-589,507.77	-
Loss on foreign exchange on securities and bonds**	-	-31,521.44
	-78,787,453.47	-68,966,145.37

* The amount of adjustment on interest received is related to an agreement with BNP Paribas Fortis - Belgium in which a part of the interest margin is retroceded to/repaid by BNP Paribas Fortis - Belgium.

** The gain on foreign exchange securities and bonds presented in note 13 is mainly unrealised. and is matched by the loss on foreign exchange on securities and bonds presented in note 14.

The increase on interest on borrowings, interest rate swaps and equity swaps is mainly related to the increase of issuances in 2025.

Interest payable and similar expenses with affiliated undertakings amount to EUR -52,836,981.32 as of June 30, 2025 (2024: EUR -47,814,783.83).

15 Advances and loans granted to the members of the management and supervisory bodies

The Company has not granted any advances or loans to members of administrative or supervisory bodies as at and during the period ended June 30, 2025.

16 Tax position

The Company is subject to Luxembourg tax laws.

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

17 Derivative financial instruments

The Company uses various derivative instruments contracted with BNP Paribas Fortis, BNP Paribas Financial Markets (formerly BNP Paribas Arbitrage) and BNP Paribas for hedging purposes as part of its bond issuing and financing activities to hedge against potential market, foreign exchange or interest rate risk.

The nominal of these derivatives financial instruments are as follows:

	30.06.2025 EUR Nominal	30.06.2024 EUR Nominal
Interest rate swap	2,816,210,743.21	1,298,746,196.48
Equity swap	562,361,957.84	724,940,075.14

		30.06.2025		30.06.2024
	EUR	EUR	EUR	EUR
	Fair value positive	Fair value negative	Fair value positive	Fair value negative
Interest rate swap	52,295,093.43	-61,162,775.84	13,983,971.54	-90,383,822.46
Equity swap	51,421,424.54	-2,602,498.93	24,917,116.78	-32,666,010.07

The variation of the interest rate swap is related to an increase of the interest rate swap linked to an increase of the issuances.

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

18 Related parties transactions

During the first semester 2025, the following significant transactions entered into with related parties:

	BNP Paribas Fortis EUR	Other companies of the group BNP Paribas EUR
Assets
Loans to affiliated undertakings	71,328,554.37	14,932,849.82
Investments held as fixed assets	3,351,139,344.64	-
Cash at bank and in hand	-	5,493,827.96
	3,422,467,899.01	20,426,677.78
Liabilities
Non-convertible loans* Amounts owed to affiliated undertakings	74,009,223.76	36,673,892.73
become due and payable within one year	1,412,577.86	12,805,733.24
	75,421,801.62	49,479,625.97
Charges
Interest payable and similar expenses**	-7,821,999.08	--45,014,982.24
	-7,821,999.08	-45,014,982.24
Income
Income from other investments and loans forming part
of the fixed assets	52,973,623.01	-
Other interest receivable and similar income	3,696,568.27	22,587,393.70
	56,670,191.28	22,587,393.70

* These amounts are a result of acquisitions of bonds by the respective related parties on behalf of third parties (investors) for a short period of time.

** From which:

EUR -1,244,302.82 are a result of acquisitions of bonds by BNP Paribas Fortis on behalf of third parties (investors) for a short period of time.

EUR -40,954.48 are a result of acquisitions of bonds by other companies of the group on behalf of third parties (investors) for a short period of time.

19 Auditor's fees

The total auditor's fees, V.A.T. included, are presented as follows:

30.06.2025 EUR	30.06.2024 EUR
	39,122.46
	7,522.52
	18,307.12
68,632.46	64,952.10
	40,003.46 7,692.05 20,936.94

Notes to the interim financial information for the six-month period ended June 30, 2025 (continued)

20 Commitments

The Company rents a substance office since November 2004 and a parking space since July 2014.

Under the terms of the rental agreement, each party may terminate it on a six months' prior notice in writing and by registered mail. The rental commitment for the next six month is EUR 22,476.54.

21 Subsequent Events

There have been no subsequent events that are susceptible to impact the financial information for the period ended June 30, 2025.