BNP Paribas — Capital/Financing Update 2018

Jan 19, 2018

FINAL TERMS

Final Terms dated 17 January 2018

BNP PARIBAS

(incorporated in France)

(the Issuer)

Issue of EUR 500,000,000 Senior Non Preferred Floating Rate Notes due January 2023

under the €90,000,000,000

Euro Medium Term Note Programme

(the Programme)

Any person making or intending to make an offer of the Notes may only do so in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer.

Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.

PART A - CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the "Conditions") set forth under the section entitled "Terms and Conditions of the English Law Notes" in the Base Prospectus dated 2 August 2017 which received visa n° 17-415 from the Autorité des marchés financiers ("AMF") on 2 August 2017 and the Supplement to the Base Prospectus dated 6 November 2017 which received visa n°17-574 from the AMF on 6 November 2017 which together constitute a base prospectus for the purposes of the Directive 2003/71/EC (the "Prospectus Directive") (the "Base Prospectus"). This document constitutes the Final Terms of the Notes described herein for the purposes of Article 5.4 of the Prospectus Directive, and must be read in conjunction with the Base Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. The Base Prospectus, these Final Terms and the Supplement to the Base Prospectus (in each case, together with any documents incorporated therein by reference) are available for viewing at, and copies may be obtained from, BNP Paribas Securities Services, Luxembourg Branch (in its capacity as Principal Paying Agent), 60, avenue J.F. Kennedy, L-1855 Luxembourg and (save in respect of the Final Terms) on the Issuer's website (www.invest.bnpparibas.com). The Base Prospectus, these Final Terms and the Supplement to the Base Prospectus will also be available on the AMF website (www.amf-france.org). A copy of these Final Terms, the Base Prospectus and the Supplement to the Base Prospectus will be sent free of charge by the Issuer to any investor requesting such documents.

1.	Issuer:		BNP Paribas
2.	(i)	Series Number:	18572
	(ii)	Tranche Number:	1
3.		Specified Currency:	EUR
4.		Aggregate Nominal Amount:
	(i)	Series:	EUR 500,000,000
	(ii)	Tranche:	EUR 500,000,000
5.		Issue Price of Tranche:	100 per cent. of the Aggregate Nominal Amount
6.	Minimum Trading Size:		Not applicable
7.	(i)	Specified Denomination:	EUR 100,000 and integral multiples of EUR 1,000 in excess thereof up to and including EUR 199,000. No Notes in definitive form will be issued with a denomination above EUR 199,000.
	(ii)	Calculation Amount (Applicable Notes in to definitive form):	EUR 1,000
8.	(i)	Issue Date and Interest Commencement Date:	19 January 2018
	(ii)	Commencement Interest Date (if different from the Issue Date):	Not applicable
9.	(i)	Maturity Date:	Interest Payment Date falling in January 2023
	(ii)	Business Day Convention for Maturity Date:	Modified Following
10.	Form of Notes:		Bearer
11.	Interest Basis:		3-month EURIBOR +0.33 per cent. per annum Floating Rate (further particulars specified below)
12.	Coupon Switch:		Not applicable

13.	Redemption/Payment Basis:	Redemption at par
14.	Change of Interest Basis or Redemption/Payment Basis:	Not applicable
15.	Put/Call Options:	Not applicable
16.	Exchange Rate:	Not applicable
17.	Status of the Notes:	Senior Non Preferred Notes
		MREL/TLAC Criteria Event: Not applicable
18.	Knock-in Event:	Not applicable
19.	Knock-out Event:	Not applicable
20.	Method of distribution:	Syndicated
21.	Hybrid Securities:	Not applicable
22.	Tax Gross-Up:	Condition 6(d) (No Gross-Up) of the Terms and Conditions of the English Law Notes not applicable

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

23.	Interest:		Applicable
	(i)	Interest Periods:	From and including the Interest Commencement Date to but excluding the next Interest Period End Date, up to the Maturity Date.
	(ii)	Interest Period End Dates:	19 January, 19 April, 19 July and 19 October in each year from and including 19 April 2018 to and including the Maturity Date
	(iii)	Business Day Convention Interest Period End for Dates:	Modified Following
	(iv)	Interest Payment Dates:	19 January, 19 April, 19 July and 19 October in each year from and including 19 April 2018 to and including the Maturity Date
	(v)	Business Day Convention for Interest Payment Dates:	Modified Following
	(vi)	responsible Party for the Rate of calculating Interest and Interest (if Amounts the not Calculation Agent):	Not applicable
	(vii)	Margin:	+0.33 per cent. per annum
	(viii)	Minimum Interest Rate:	Not applicable
	(ix)	Maximum Interest Rate:	Not applicable
	(x)	Day Count Fraction:	Actual/360
	(xi)	Determination Dates:	Not applicable
	(xii)	Accrual to Redemption:	Applicable
	(xiii)	Rate of Interest:	Floating Rate
	(xiv)	Coupon Rate:	Not applicable
24.		Fixed Rate Provisions:	Not applicable

25.	Floating Rate Provisions:			Applicable
	(i)	Manner in which the Rate of Interest and Interest Amount is to be determined:		Screen Rate Determination
	(ii)	Linear Interpolation:		Not applicable
26.		Screen Rate Determination:		Applicable
	(i)	Reference Rate:		3 month EURIBOR
	(ii)	Interest Dates:	Determination	Second TARGET2 day prior to the start of each Interest Period
	(iii) Specified Time:			11:00 am, Brussels time
	Relevant Screen Page: (iv)			EURIBOR01
27.	ISDA Determination:			Not applicable
28.		FBF Determination:		Not applicable
29.	Zero Coupon Provisions:			Not applicable
30.		Index Linked Interest Provisions:		Not applicable
31.	Share Linked Interest Provisions:			Not applicable
32.	Inflation Linked Interest Provisions:			Not applicable
33.	Commodity Provisions:	Linked	Interest	Not applicable
34.		Fund Linked Interest Provisions:		Not applicable
35.	ETI Linked Interest Provisions:			Not applicable
36.	Foreign Exchange (FX) Rate Linked Interest Provisions:			Not applicable
37.	Rate Linked Interest Underlying Interest Provisions:			Not applicable
38.	Additional Business Centre(s) (Condition 3(e) of the Terms and Conditions of the English Law Notes or Condition 3(e) of the Terms and Conditions of the French Law Notes, as the case may be):			Not applicable
PROVISIONS RELATING TO REDEMPTION
39.	Final Redemption:			Calculation Amount x 100 per cent.
40.	Final Payout:			Not applicable
41.	Automatic Early Redemption:			Not applicable
42.	Issuer Call Option:			Not applicable
43.	Noteholder Put Option:			Not applicable
44.	Aggregation:			Not applicable
45.	Index Linked Redemption Amount:			Not applicable
46.		Share Linked Redemption Amount:		Not applicable
47.	Inflation Amount:	Linked	Redemption	Not applicable

48.	Commodity Linked Redemption Amount:	Not applicable
49.	Fund Linked Redemption Amount:	Not applicable
50.	Credit Linked Notes:	Not applicable
51.	ETI Linked Redemption Amount:	Not applicable
52.	Foreign Exchange (FX) Rate Linked Redemption Amount:	Not applicable
53.	Underlying Interest Rate Linked Redemption Amount:	Not applicable
54.	Early Redemption Amount:	Calculation Amount Percentage: Calculation Amount x 100 per cent.
55.	Provisions applicable to Physical Delivery:	Not applicable
56.	Variation of Settlement:
	(i) option Issuer's to vary settlement:	The Issuer does not have the option to vary settlement in respect of the Notes.
	Variation of Settlement of (ii) Physical Delivery Notes:	Not applicable
57.	CNY Payment Disruption Event:	Not applicable
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
58.	Form of Notes:	Bearer Notes:
	New Global Note:	Yes
		Temporary Bearer Global Note exchangeable for a Permanent Bearer Global Note which is exchangeable for definitive Bearer Notes only upon an Exchange Event.
59.	Financial Centre(s) or other special provisions relating to Payment Days for the purposes of Condition 4(a):	Not applicable
60.	Identification information of Holders:	Not applicable
61.	for future Coupons Talons or Receipts to be attached to definitive Notes (and dates on which such Talons mature):	No
62.	Details relating to Partly Paid Notes: amount of each payment comprising the Issue Price and date on which each payment is to be made and, if different from those specified in the Temporary Bearer Global Note or Permanent Bearer Global Note, consequences of failure to pay, including any right of the Issuer to forfeit the Notes and interest due on late payment:	Not applicable

63.	in	Details relating to Notes redeemable instalments: amount of each instalment, date on which each payment is to be made:	Not applicable
64.		Redenomination, renominalisation and reconventioning provisions:	Not applicable
65.	Notes):	Masse (Condition 12 of the Terms and Conditions of the French Law	Not applicable
66.		Governing law:	English law. Condition 2(a) is governed by French law.
67.		Calculation Agent:	Not applicable
	DISTRIBUTION
68.	(i)	syndicated, lf. names of Managers (specifying Lead Manager):	Lead Manager:
			BNP Paribas
			(EUR 410,000,000)
			Joint Lead Managers:
			Banca IMI S.p.A.
			UniCredit Bank AG
			(EUR 25,000,000 each)
			Co-Managers:
			Banca Akros S.p.A - Gruppo Banco BPM
			Citigroup Global Markets Limited
			DZ BANK AG Zentral- Deutsche Genossenschaftsbank, Frankfurt am Main
			SMBC Nikko Capital Markets Limited
			(EUR 10,000,000 each)
	(ii)	Stabilisation Manager (if any):	BNP Paribas
	(iii)	If non-syndicated, name of relevant Dealer:	Not applicable
69.		U.S. Selling Restrictions:	Reg. S Compliance Category 2; TEFRA D
70.		Non exempt Offer:	Not applicable
71.	United States Tax Considerations:		The Notes are not Specified Securities for the purpose of Section 871(m) of the U.S. Internal Revenue Code of 1986.

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in these Final Terms.

Signed on behalf of the Issuer:

By: $\qquad \qquad$ Duly authorised $A.52$

PART B - OTHER INFORMATION

$\mathbf{1}$ Listing and Admission to trading

• $(i)$ Listing and admission to Application has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on trading: Euronext Paris with effect from 19 January 2018.
• $(ii)$ Estimate of total expenses related to admission to trading:

EUR 9,300 including AMF fees

$2.$ Ratings

Ratings:

The Notes to be issued are expected to be rated Baa1 by Moody's Investors Service Ltd. ("Moody's"), A- by S&P Global Ratings, acting through Standard & Poor's Credit Market Services France SAS ("S&P"), A+ by Fitch France S.A.S. ("Fitch France") and A (High) by DBRS Ratings Limited ("DBRS Limited").

Obligations rated Baa by Moody's are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category.

As defined by S&P, an A- rating means that the Issuer's capacity to meet its financial commitment under the Notes is still strong. The minus (-) sign shows the relative standing within the rating category.

As defined by Fitch France an A+ rating denotes a very low expectation of credit risk. It indicates a very strong capacity for timely payment of financial commitments. Such capacity is not significantly vulnerable to foreseeable events.

As defined by DBRS Limited, an A rating means that the Issuer's capacity for the payment of financial obligations is considered substantial. Such capacity may be vulnerable to future events, but qualifying negative factors are considered manageable.

Each of Moody's, S&P, Fitch France and DBRS Limited is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended).

3. Interests of Natural and Legal Persons Involved in the Issue

Save for any fees payable to the Managers, so far as the Issuer is aware, no person involved in the offer of the Notes has an interest material to the offer.

$\overline{4}$ . Operational Information

• $(i)$ ISIN: XS1756434194 $(ii)$ Common Code: 175643419 $(iii)$ Any clearing system(s) other Not applicable Euroclear than and Clearstream, Luxembourg approved by the Issuer and the Principal Paying Agent and the relevant identification number(s): Delivery: Delivery against payment $(iv)$ $(V)$ Additional Paying Agent(s) Not applicable $(if any):$ No. Whilst the designation is specified as "no" at the Intended to be held in a $(vi)$ manner which would allow date of these Final Terms, should the Eurosystem Eurosystem eligibility: eligibility criteria be amended in the future such that the Notes are capable of meeting them the Notes may then be deposited with one of the ICSDs as common safe-keeper. Note that this does not necessarily mean that the Notes will then be recognised as eligible collateral for Eurosystem monetary policy and intra day credit operations by the Eurosystem at any time during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria have been met.
• $(vii)$ Name and address of Not applicable Registration Agent: