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R.C.S. Luxembourg: B 24 784

19, rue Eugène Ruppert

L-

2453 Luxembourg

Annual report

2021:

Audited annual accounts

for the year ended

31 December 2021 and

report of the R

éviseur d

'Entreprises Agréé

BNP Paribas Fortis Funding

TABLE OF CONTENTS

Page

REPORT OF THE REVISEUR D'ENTREPRISE AGREE 1 - 5

REPORT FROM THE BOARD OF DIRECTORS 6 - 19

ANNUAL ACCOUNTS

- Balance sheet 20 - Profit and loss account 21 - Notes to the annual accounts 22 - 34 Société à responsabilité limitée au capital de 360.000 €

RCS Luxembourg B 67.895

Autorisation d'établissement 10022179

© Deloitte Audit, SARL

Deloitte Audit

Société à responsabilité limitée

20 Boulevard de Kockelscheuer

L-1821 Luxembourg

Tel: +352 451 451

www.deloitte.lu - 1 -

To the shareholders of

BNP Paribas Fortis Funding S.A.

19, rue Eugène Ruppert

L-2453 Luxembourg

REPORT OF THE REVISEUR D'ENTREPRISES AGREE

Report on the Audit of the

annual accounts

Opinion

We have audited the annual accounts of BNP Paribas Fortis Funding S.A.(the "Company"), which comprise the

balance sheet as at 31 December 2021, and the profit and loss account for the year then ended, and notes to the

a nnual accounts, including a summary of significant accounting policies.

In our opinion, the accompanying

a nnual accounts give a true and fair view of the financial position of BNP Paribas

Fortis Funding S.A. as at 31 December 2021, and of the results of its operations for the year then ended in

accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the

a nnual accounts.

Basis for Opinion

We conducted our audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 on the audit

profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by

the Commission de Surveillance du Secteur Financier (CSSF). Our responsibilities under the EU Regulation

N° 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the

"Responsibilities of réviseur d'entreprises agréé for the Audit of the annual accounts" section of our report. We are

also independent of the Company in accordance with with the International Code of Ethics for Professional

Accountants, including International Independence Standards, issued by the International Ethics Standards Board for

Accountants (IESBA Code)

as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the annual accounts, and have fulfilled our other ethical responsibilities under those ethical

requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

for our opinion. - 2 -

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the

a

nnual accounts of the current period. These matters were addressed in the context of the audit of the annual

a

ccounts as whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key Audit Matter How the matter was addressed in our audit

Existence and potential impairment of loans to affiliated undertakings and investments held as fixed assets

The activity of the Company mainly consists in

reinvesting proceeds collected from the issuance of debt securities in loans to affiliated undertakings and investments held as fixed assets as detailed in notes 3 and 4 to the annual accounts. In this context, we have assessed the risk related to existence and to the potential impairment of these assets as a key audit matter. Our audit procedures focused on the following elements: reviewing the design and implementation of internal controls especially reconciliation processes and oversighting of the operations by the Board of Directors;

performing a direct confirmation process for all loans to affiliated undertakings and investments held as fixed assets;

collecting evidence about the credit quality of the counterparty.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information

included in the management report but does not include the annual accounts and our report of réviseur d'entreprises

agréé thereon.

Our opinion on the annual accounts does not cover the other information and we do not express any form of

assurance conclusion thereon.

In connection with our audit of the annual accounts, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the annual accounts or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we

concluded that there is a material misstatement of this other information, we are required to report this fact. We

have nothing to report in this regard. - 3 - Responsibilities of the Board of Directors and Those Charged with Governance for the annual accounts

The Board of Directors is responsible for the preparation and fair presentation of the annual accounts in accordance

with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the

a nnual a

ccounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation

of a nnual accounts that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, the Board of Directors is responsible for assessing the Company's ability to

continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern

basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or

has no realistic alternative but to do so.

The Board of Directors is responsible for pres

enting the annual accounts in compliance with the requirements set out

in the Delegated Regulation 2019/815 on European Single Electronic Format as amended ("the ESEF Regulation").

Responsibilities of the réviseur d'entreprises agréé for the Audit of the annual accounts

The objectives of our audit are to obtain a reasonable assurance about whether the annual accounts as a whole are

free from material misstatement, whether due to fraud or error, and to issue a report of the réviseur d'entreprises

agréé that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an

audit conducted in ac cordance with the EU Regulation N°537/2014, the Law of 23 July 2016 and with ISAs as adopted

for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to

influence the economic decisions of users taken on the basis of these annual accounts.

As part of an audit in accordance with the EU Regulation N° 537/2014, the Law of 23 July 2016 and with ISAs as

adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional skepticism

throughout the audit. We also:

Identify and asses the risks of material misstatement of the annual accounts, whether due to fraud or error,

design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement

resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,

intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

- 4 -

Conclude on the appropriateness of Board of Directors' use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions

that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that

a material uncertainty exists, we are required to draw attention in our report of réviseur d'entreprises agréé to the related disclosures in the a nnual accounts or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained up to the date of our report of réviseur

d'entreprises agréé. However, future events or conditions may cause the Company to cease to continue as a

going concern.

Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures,

and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation.

Our responsibility is to assess whether the financial statements have been prepared in all material respects with the

requirements laid down in the ESEF Regulation.

We communicate with those charged with governance regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including any significant deficiencies in internal control that we

identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical

requirements regarding independence, and to communicate with them all relationships and other matters that may

reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of

most significance in the audit of the annual accounts of the current period and are therefore the key audit matters.

We describe these matters in our report unless law or regulation precludes public disclosure about the matter.

Report on Other Legal and Regulatory Requirements

We have been appointed as réviseur d'entreprises agréé by the Board of Directors on April 18, 2018 and the duration

of our uninterrupted engagement, including previous renewals and reappointments, is

7 years.

The management report, which is the responsibility of the Board of Directors, is consistent with the annual accounts

and has been prepared in acc ordance with applicable legal requirements.

The Corporate Governance Statement includes information required by Article 68ter paragraph (1) of the law of

19

December 2002 on the commercial and companies register and on the accounting records and annual accounts of

undertakings, as amended , is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements. - 5 -

We have checked the compliance of the

annual accounts of the Company as at 31 December 2021, with relevant

statutory requirements set out in the ESEF Regulation that are applicable to annual acounts. For the Company, it

relates to the annual accounts prepared in a valid xHTML format.

In our opinion, the annnual accounts of the Company as at 31 December 2021, identified as "BP2F 31.12.2021", have

been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation.

We confirm that the prohibited non

-audit services referred to in the EU Regulation N° 537/2014, on the audit profession were not provided and that we remain independent of the Company in conducting the audit. For Deloitte Audit, Cabinet de révision agréé Martin Flaunet, Réviseur d'entreprises agréé

Partner

24 March

2022

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") - 6 -

Report from the Board of Directors

Dear Sirs,

We are pleased to submit to you for approval, the annual accounts for the financial year ended 31

December

2021.
As at 31 December 2021, the total balance sheet amounts to EUR 2,280,423,531.90 compared to EUR

2,661,165,394.61

as at 31 December 2020.
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:

31 December 2021 31 December 2020

Subordinated notes 30,000,000.00 69,197,788.70

Fixed interest rates notes 266,775,300.17 322,426,753.93 Floating rates notes 188,278,000.00 188,278,000.00 Variable coupon notes 1,064,801,527.26 1,199,696,313.83

Variable redemption notes

Index Linked

656,185,739.28 767,432,470.62

Variable redemption notes

Other

31,593,095.27 42,963,963.96

TOTAL 2,237,633,661.98 2,589,995,291.04

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 5,840,434.73 (31

December

2020

8,208,515.02).

During the year

2021
, the Company issued several securities and faced several redemptions and reductions (buy-backs and call notes) as follows:

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") - 7 -

Type of product

Foreign exchange by

category Total

NumberCcyIn EuroNumberCcyIn EuroIn EuroIn Euro

Subordinated notes1EUR-10,500,000.00

1USD-28,146,839.11

Total2-38,646,839.11-550,949.59 -39,197,788.70

1AUD-8,365,588.71

5EUR32,487,000.000EUR0.00

Fixed interest rate notes6NOK-86,119,352.85

1USD-10,938,924.34

Total532,487,000.008-105,423,865.9017,285,412.14 -55,651,453.76

Variable coupon notes4AUD-35,241,609.69

9EUR70,034,000.0011EUR-140,403,000.00

1NOK-16,613,220.00

8USD-22,777,728.86

Total970,034,000.0024-215,035,558.5510,106,771.98 -134,894,786.57

7EUR26,760,000.007EUR-77,525,000.00

Index linked notes4NOK-62,313,240.12

3USD-8,529,939.88

Total726,760,000.0014-148,368,180.0010,361,448.66 -111,246,731.34

Other0EUR-5,176,578.61

3USD-7,523,622.35

Total3-12,700,200.961,329,332.27 -11,370,868.69

TOT AL GENERAL21129,281,000.0051-520,174,644.5238,532,015.46 -352,361,629.06

New IssuesRedemptions/Reductions

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") - 8 -

As at 31 December

2021 the Company shows a profit amounting to EUR 538,576.62

compared to a profit amounting to EUR 613,109.90 for the year 2020 which is summarized as below:

In EUR

31 December 2021 31 December 2020

Interests margin 2,918,500.71

2,312,888.08

Adjustment interest received -1,198,302.55 -728,779.21

Exchange result -4,276.46 -5,067.19

Amortization fees -7,123.73 -12,201.16

Taxes -203,311.03 -228,096.07

Operational expenses -1,563,816.51 -1,440,098.97

Other financial expenses -18,289,142.67 -8,019,789.73

Operational income 10,530.00 40,951.17

Other financial income 18,875,518.86 8,693,302.98

Total 538,576.62 613,109.90

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

1) Increase of the interest margin amounting to EUR 2,918,500.71 in 2021 against

EUR

2,312,888.08 in 2020

; this variation is mainly due to some bonds purchased from BNP Paribas Fortis with a rate capped at 0%.quotesdbs_dbs27.pdfusesText_33

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