First Quarter 2020 RESULTS

FIRST QUARTER
2020 RESULTS
5 May 2020
Disclaimer
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This presentation includes forward-looking statements based on current beliefs and expectations about future events. Forward-looking
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First quarter 2020 results | 2

Banking: an essential service mobilised during the health crisis
In response to the Covid-19 epidemic, implementation of public health measures in many

countries around the world to protect citizens and slow the spread of the virus
Major economic and social repercussions
BNP Paribas entered this crisis, benefiting from a diversified and resilient business model
• Solid financial structure: CET1 ratio of 12.1% and €309bn immediately available liquidity reserve
as at 31.12.19
• Structural diversification of risks and revenues and strict risk management
• Focused on long-term client relationships with high-performance digital solutions
• Strong franchises within an integrated model with a sustained business drive in the first part of
the quarter
• Capacity to mobilise for relaying measures of an exceptional magnitude to mitigate the
economic impact of public health measures.
From a position of robustness, BNP Paribas is mobilising its strengths and teams to support
individual, corporate and institutional clients during these challenging times

Health crisis
Exceptional mobilisation of BNP Paribas for its clients and society at large
Activation of a business Support for customers Commitment to
continuity set-up during the crisis civil society
Prompt adaptation to safeguard Exceptional mobilisation of Over €50m emergency donations in 35

employees’ health and ensure entities and employees countries
essential services to support and assist clients Over €100m investments to support
SMEs and the healthcare sector
Crisis management governance set Proactive reach out to assess the crisis’ Support for hospitals and medical
up at all levels to handle lockdown impact and design action plans research: donations to many hospitals
measures worldwide, and to medical research (the
Implementation of suitable credit and
Pasteur Institute)
Rapid and agile management of cash management solutions:
business continuity while protecting • faster processing times Assistance to the most vulnerable
employees’ safety. • strengthened staff mobilisation persons: donations to institutions (Red
• respecting responsible risk Cross, Food Banks, Care, Doctors
More than 132,000 employees working Without Borders, ADIE, etc.)
management standards
remotely worldwide
~69 000 applications received for state- Support for the youth suffering from
90% of branches open with suitable guaranteed loans1 in particular for very the digital divide: donations of
public health set up small businesses and SMEs computers (already close to 2,000) and
digital keys, assistance to unprivileged
Payment deferrals and moratoriums youth
Enhanced IT network capacities (x5 in
Europe, increased bandwidth Over €115bn in financing raised for Participation to solidarity funds
worldwide) and cybersecurity clients across bond, syndicated loans
measures and equity markets2
1. Received by the Retail Networks as at 30 April and according to the inception of the measures ; 2. Source: Dealogic Year to date as at 17 April 2020; bookrunner

GROUP RESULTS
DIVISION RESULTS
OUTLOOK 2020
1Q20 DETAILED RESULTS
APPENDIX
Health crisis
Three major impacts of the health crisis in 1Q20
The health crisis had major repercussions on macroeconomic outlook and produced extreme
shocks on the financial markets.
After a quarter in line with the 2020 objectives of BNP Paribas, health crisis related developments
had 3 distinct negative impacts :
 Impact in 1Q20 of the effects of the health crisis on the cost of risk: -€502m1
• Mainly for ex-ante provisioning of expected losses
 Two one-off impacts in 1Q20 of the effects of the health crisis on revenues: -€568m
• Impact of the European authorities’ restrictions on 2019 dividends on Equity & Prime
Services’ revenues in Global Markets: -€184m2
• Accounting impact on Insurance revenues related to the marking at fair value as at 31.03.20
of part of the assets (reversible in the event of a stock market recovery): -384 M€
1. See slide 12 on the impacts of the effects of the health crisis on the cost of risk in 1Q20; 2. This amount does not include the effects of dividend reductions freely
decided by companies in the new economic environment

1Q20: Excellent business drive in the
quarter impacted by an unprecedented
health crisis
Revenues: -2.3% vs. 1Q19
Good revenue resilience despite an extreme
+2.8% excluding one-off impacts of the
market shock at the end of the quarter
health crisis in 1Q201 (-€568m)
Significant decrease in operating expenses

Operating expenses: -3.5% vs. 1Q19
as planned
Increase in gross operating income Gross operating income: +1.3% vs. 1Q19
Increase in the cost of risk related to the 67 bp2

of which 23 bp (€502m) due to the effects of the
development of the health crisis
health crisis
Good level of results in line with the 2020 Net income3: €1,282m (-33.2% vs. 1Q19)
objectives excluding the impacts of the +6.7% excluding the major impacts of the health
health crisis1 crisis in 1Q201)
Very solid balance sheet CET1 ratio: 12.0%
1. As defined on slide 6; 2. Cost of risk/Customer loans at the beginning of the period (in bp); 3. Group share Income

Consolidated Group – 1Q20
Good level of results in line with the 2020 objectives excluding major
impacts of the health crisis1 Excluding major impacts of
the health crisis1
1Q20 1Q20
1Q20 1Q19 vs. 1Q19 1Q20
vs. 1Q19
Revenues €10,888m €11,144m -2.3% +2.8% €11,456m
Operating expenses -€8,157m -€8,449m -3.5%
Op expenses excl. taxes subject to IFRIC 212 -4.4%
Gross operating income €2,731m €2,695m +1.3%
Cost of risk -€1,426m - €769m +85.4% +20,2% -€924m
Operating income €1,305m €1,926m -32.2%
Non operating items €490m €757m -35.2%
Pre-tax income €1,795m €2,683m -33.1%
Net income, Group share €1,282m €1,918m -33.2% +6.7% €2,047m

Net income, Group share
In line with the 2020
excl. exceptionals & taxes subject to IFRIC 212 €2,093m €2,565m -18.4% objectives
Return on tangible equity (ROTE)3: 8.0%

1. As defined on slide 6; 2. Booking in 1Q of almost the entire amount of taxes and contributions for the year based on the application of IFRIC 21 “Taxes” including contribution to the Single Resolution Fund; 3. Not revaluated

Main exceptional items and IFRIC 21 impact -1Q20
Exceptional items 1Q20 1Q19
Operating expenses
• Restructuring costs1 and adaptation costs2 (Corporate Centre) -€45m -€38m
• IT reinforcement costs (Corporate Centre) -€34m
• Transformation costs – 2020 Plan (Corporate Centre) -€168m
Total exceptional operating expenses -€79m -€206m
Other non-operating items

• Capital gain on the sale of 14.3% of SBI Life (Corporate Centre) +€838m
• Goodwill impairments (Corporate Centre) -€318m
• Capital gain on the sale of buildings (Corporate Centre) +€381m
Total exceptional other non-operating items +€381m +€520m
Total exceptional items (pre-tax) +€302m +€314m
Total exceptional items (after tax)3 +€206m +€330m
Booking in the first quarter of almost the entire amount of taxes and -€1,172m -€1,139m
contributions for the year based on the application of IFRIC 21 “Taxes”4
1. Related in particular to the integration of Raiffeisen Bank Polska and the discontinuation or restructuring of certain businesses (in particular at CIB);
2. Related in particular to Wealth Management, BancWest and CIB; 3. Group share; 4. Including an estimated contribution for 2020 to the Single Resolution Fund

Revenues of the Operating Divisions - 1Q20
Good results despite severe market disruptions in late March
Domestic International CIB
Markets1 Financial Services
-1.2% -5.4% -1.9%

+3.6% +4.3% Operating
divisions
-3.1%
Excluding one-
+2.0% off impacts of the
health crisis2
3,961 3,913 4,282 4,053
1Q19
3,008 2,953
1Q20
€m
 Negligible foreign exchange effect this quarter

 Domestic Markets: good performance despite the persisting impact of low interest rates in the networks
and continued growth in the specialised businesses (in particular Personal Investors)
 IFS: revenue growth in Personal Finance, Europe-Mediterranean, BancWest but one-off accounting
impact on Insurance revenues from the sharp fall in the markets at the end of the quarter2
 CIB: very good performance at FICC, Corporate Banking & Securities Services penalised by the impact
of one-off shocks at the end of the quarter on Equity & Prime Services
1. Including 100% of Private Banking in France (excluding PEL/CEL impacts), Italy, Belgium and Luxembourg; 2. As defined on slide 6

Operating expenses of the Operating Divisions - 1Q20
Decrease in operating expenses in absolute terms
Domestic International
Markets1 Financial Services CIB
Operating
-0.5% +2.9% -2.8% divisions
-2.3% +2.2% -4.7%
-0.1%
Excluding
-1.4% the effect of
taxes subject
to IFRIC 21
1Q19
2,983 2,970 2,688 2,766 2,463 2,393
1Q20
€m
 Domestic Markets: decrease in operating expenses in absolute terms and positive jaws effects
excluding the effect of taxes subject to IFRIC 21 (+1.1pt); decrease in the networks (-1.5%2) and
contained increase in the specialised businesses
 IFS: support for developing businesses contained by the effects of cost saving measures
 CIB: strong decrease in operating expenses in absolute terms, due in particular to continued cost
saving plans
1. Including 100% of Private Banking in France (excluding PEL/CEL impacts), in Italy, Belgium and Luxembourg; 2. FRB, BNL bc and BRB

Cost of Risk
1Q20 recognition of the effects of the health crisis
Impact of the effects of the health crisis on the cost of risk in 1Q20: -€502m
 Reflecting macroeconomic anticipations based on several scenarios, in accordance DM
with the set-up existing prior to the health crisis €49m
 Integrating the specificities of the crisis dynamic on credit and counterparty risk
CIB
 Impact of lockdown measures on economic activity €225m
IFS
 Effect of government support measures and decisions by monetary authorities €220m
 Including an ex-ante sector component based on a review of several sensitive sectors:

Hotels, Tourism, Leisure / Non-Food Retailing (excluding home furnishings &
e-commerce) / Transport & Logistics / Oil & Gas Corporate Centre
€7m
A trend reflecting the quality of BNP Paribas’s portfolio, resulting from its diversification and
its prudent risk management throughout the cycle
A cost of risk / gross operating income ratio
among the lowest throughout the cycle
Cost of risk / gross
operating income 68%
64%
2008-2019
48% 49%
42% 45%
41%
33%

Cost of Risk by Business Unit (1/3)
Cost of risk / Customer loans at the beginning of the period (in annualised bp)
Group
• Cost of risk: €1,426m
 +€460m vs. 4Q19
67  +€657m vs. 1Q19
46 39 39 38 41 46 23
35 30 • Increase in the cost of risk mainly due to the effects
44 of the health crisis (€502m, or 23 bps)
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20
CIB - Corporate Banking

• Cost of risk: €201m
 +€121m vs. 4Q19
 +€166m vs. 1Q19
• Increase related to the anticipated effects of the
52 health crisis and some specific files
25 15 23 22 • Reminder: provisions offset by write-backs in 2018
6 2 10 6
and 2017
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20

FRB • Cost of risk: €101m

 +€2m vs. 4Q19
 +€29m vs. 1Q19
• Low cost of risk despite the anticipated effects
24 21 16 17 15 17 16 21 21 of the health crisis
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20
BNL bc • Cost of risk: €120m

 +€11m vs. 4Q19
 -€45m vs. 1Q19
124 111 85 • Continuous decrease in the cost of risk despite
75 64 55 56 57 64
the impact of the anticipated effects of the
health crisis
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20
BRB
 +€50m vs. 4Q19
 +€20m vs. 1Q19
• Increase in the cost of risk with the impact of
10 6 4 5 12 7 2 18
the anticipated effects of the health crisis
-1
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20

Personal Finance
 +€212m vs. 4Q19
240
 +€253m vs. 1Q19
159 147 141 145 145 123 154 156
• Increase in the cost of risk mainly due to the
anticipated effects of the health crisis (€189m or
78 bps)
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20
Europe-Mediterranean • Cost of risk: €86m

 -€27m vs. 4Q19
 +€10m vs. 1Q19
110 110 • Moderate increase in the cost of risk vs. 1Q19,

112 82 98 75 96 85
68 related in particular to the anticipated effects of
the health crisis
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20
BancWest • Cost of risk: €62m

 -€22m vs. 4Q19
 +€44m vs. 1Q19
32 58 45 • Increase this quarter in the cost of risk vs.
14 17 14 27 14 2
1Q19 with the impact of the anticipated effects
2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20 of the health crisis

Very solid financial structure
CET1 ratio well above requirements
CET1 ratio: 12.0% as at 31.03.201
Organic effects (including the impact of IFRIC 21 “Taxes”): 0 bp CET1 ratio
• 1Q20 results after taking into account a 50% dividend pay-out ratio: +10 bps
• Organic increase in risk-weighted assets: -10 bps
Support to the economy in the context of the health crisis: -20 bps 12.1% 12.0%
• Increase in credit risk-weighted assets: -20 bps
Effects related to the health crisis: -50 bps
• Market risk: -10 bps
• Counterparty risk: -10 bps
• Prudent Valuation Adjustment (PVA): -10 bps
• Impact on Other Comprehensive Income of market prices as at 31.03.20 net of 31.12.19 31.03.20
the effects of risk-weighted asset: -20 bps
Impact of the allocation of the 2019 dividend to the reserve’s account2: +60 bps
Overall limited impact of other effects on the ratio. Liquidity reserve (€bn)5
CET1 ratio well above requirements notified by the European Central Bank 339
309
(9.31%3 as at 31.03.2020)
Leverage ratio4: 3.9% as at 31.03.20
Immediately available liquidity reserve: €339bn5

(€309bn as at 31.12.19): room to manoeuvre > 1 year in terms of wholesale funding
31.12.19 31.03.20
Liquidity Coverage Ratio: 130% as at 31.03.20
1.See slide 77; 2. In accordance with the Board of Directors’ decision of 2 April 2020 and subject to the Annual General Meeting of 19 May 2020; 3. After taking into account the announced eliminations of CCyB
and in accordance with Art.104a of CRD5, excluding P2G; 4. Calculated in accordance with the EC Delegated Act of 10.10.2014 on Total Tier 1 Capital; 5. Liquid market assets or eligible in central banks
(counterbalancing capacity) taking into account prudential standards, notably US standards, minus intra-day payment system needs

Net tangible book value per share: €69.7
Net book value per share end of period
CAGR 2008-1Q20: 79.0 79.0

73.9 75.1 74.7
+5.0% 70.9 9.3 9.3
66.6
63.1 65.0 10.6 10.0 9.9 Net tangible book value per
57.1 10.7 69.7 69.7
51.9 55.6 10.9 share
10.7 10.0 63.3 65.1 64.8
45.7 60.2
11.5 11.7 55.0 55.7
11.1 52.4
13.7 44.1 45.4
40.8
32.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20
Board of Directors’ decision of 2 April 2020 taking into account the ECB’s recommendations of
27 March 2020 and the impacts of those recommendations
 Resolution submitted to the Annual General Meeting to suspend the payment of the initially planned
dividend.
 After 1 October 2020 and subject to the then prevailing circumstances, the Board of Directors may convene
a General Meeting in order to proceed with a distribution of reserves to shareholders in place of the
dividend.
 Reminder: as at 31.03.2020, the Group has a distance to Maximum Distributable Amount of €15bn1.
1. As defined in CRD4 article 141 , see slide 80

A reinforced Internal Control Set-up
Ever more solid compliance and control procedures
 Continuous improvement of the ethics alert mechanism with internal communication about the optimisation
of the mechanism and the processing rules to ethics alert officers
 Finalisation of the roll-out of measures to strengthen compliance and control systems in foreign-exchange
activities and similar businesses
 Finalisation in progress of the roll-out of the Group’s target operational model for combatting money
laundering and terrorism financing for the main entities
 Continued convergence of the tools to screen customer databases and for filtering and controlling
transactions in order to strengthen and homogenise the financial security risk management.
 Market integrity: a reinforced set-up on the back of the alignment with the code of conduct of the Bank for
International Settlements on foreign exchange markets
 Continued the missions of the General Inspection dedicated to ensuring Financial Security: entities whose
USD flows are centralised at BNP Paribas New York are audited at least once every 18 months. The 4th
round of audits of these entities began in summer 2019. It is well under way and is continuing despite the
current public health constraints.
Continued operational implementation of a stronger compliance culture

 Compulsory annual e-learning programmes on financial security for all employees (Sanctions & Embargos,
Combatting Money Laundering & Terrorism Financing), which now includes a module dedicated to
combatting corruption
 Online training programme on professional ethics made compulsory for all new employees
Remediation plan agreed as part of the June 2014 comprehensive settlement

with the US authorities mostly completed

GROUP RESULTS
DIVISION RESULTS
OUTLOOK 2020

APPENDIX
Domestic Markets - 1Q20
Good performance in a low-interest rate environment, positive jaws effect1
Growth in business activity Loans
• Loans: +3.5% vs. 1Q19, good loan growth in retail networks, in particular in France and +3.5%
Belgium and in the specialised businesses €bn
405 419
50 54 Other DM
• Deposits: +7.6% vs. 1Q19 - Good net asset inflows in Private Banking (+€2.5bn) 109 114 BRB
76 73 BNL bc
Strong and swift mobilisation to support customers during the health crisis
170 178 FRB
• 90% of branches were open as of the end of March (with special public health
arrangements for serving customers) 1Q19 1Q20
• Proactive reach out to customers and roll-out of processes and tools to deploy aid Deposits
measures €bn +7.6%
392 422
• Prompt deployment of the state-guaranteed loans with the inception of governmental 44 48 Other DM
measures 127 134 BRB
• Success of new digital channels supporting a massive use by our customers: 31% 44 48 BNL bc
increase vs. 1Q19 in customers active on mobile apps2 (to 5.3m) and more than 177 192
FRB
3.4 million daily connections on the mobile apps
1Q19 1Q20
Revenues3: €3,913m Operating expenses3: €2,970m Pre-tax income5: €574m
(-1.2% vs. 1Q19) (-0.5% vs. 1Q19) (-5.5% vs. 1Q19)
(+2.6% excluding the anticipated effects of the
• Impact of low interest rates partially • Excluding the effect of taxes subject to health crisis on the cost of risk6)
offset by increased fees and volumes IFRIC 21: -2.3% vs. 1Q19, -3.8%4 vs. 1Q19
• Very strong growth in Personal Investors in the networks - positive jaws effect • Up 1.0%, excluding the effect of taxes
subject to IFRIC 21
(+42.1%), particularly at Consorsbank in • Increase in connection with the growth in
• Impact of the anticipated effects of the
Germany specialised businesses
health crisis on the cost of risk (-€49m)
1. Excluding the effect of taxes subject to IFRIC 21; 2. Clients with at least one connection to the mobile app per month (on average in 1Q20); scope: individual customers, corporates and private banking of DM networks or
digital banks (including Germany, Austria and Nickel); 3. Including 100% of Private Banking, excluding PEL/CEL; 4. FRB, BRB and BNL bc; 5. Including 2/3 of Private Banking, excluding PEL/CEL; 6. As defined on slide 12

DM - French Retail Banking - 1Q20
Customer relationships strengthened in the midst of the crisis
Good level of business activity Loans
• Loans: +5.0% vs. 1Q19, good growth in all customer segments, margins holding up well; €bn
+5.0%
increase in particular in corporate loans
170 178
• Deposits: +8.3% vs. 1Q19
• Private Banking: +€1.2bn in net asset inflows and strong increase in online market
transactions1 (66% of total transactions in 1Q20 vs. 46% in 1Q19)
1Q19 1Q20
A prompt adaptation of the set-up in reaction to the health crisis, with
strong and proactive support to individual and corporate clients Deposits
• Close to 90% of branches open as of the end of March2
to provide essential services €bn
+8.3%
• 25% increase in March in the number of appointments with Private Banking clients3 192
177
• Case-by-case solutions (deferred payment schedules, cash or credit management
solutions…), and very quick roll-out of state-guaranteed loans (staff training in 48h):
• Roll-out facilitated by robotisation
• ~44,000 applications received4 for a total of ~ €11,4bn, ~ 2,000 new loan applications each day 1Q19 1Q20
Revenues5: €1,524m Operating expenses5: €1,166m Pre-tax income6: €222m

(-4.4% vs. 1Q19) (-1.6% vs. 1Q19) €
(-27.0% vs. 1Q19)
• Net interest income (-9.8%), high basis in • Decrease in cost on the back of • -14.3% excluding the effect of taxes
1Q19, impact of the low interest-rate ongoing cost-optimisation measures subject to IFRIC 21
environment
• -4.1%, excluding the effect of taxes
• Fees (+2.8%), strong growth in financial
subject to IFRIC 21
and cash management fees
1. Transactions involving securities held directly and via mutual funds; 2. Retail branches, including those with a special set-up for serving customers; 3. Progression based on the number of households;
4. State-guaranteed loans, figures as of 30 April 2020; 5. Including 100% of Private Banking, excluding PEL/CEL; 6. Including 2/3 of Private Banking, excluding PEL/CEL effects

DM - BNL banca commerciale - 1Q20
Rise in income due to the decrease in the cost of risk
Market share on the corporate
Growth in business activity in a challenging environment segment (loans)
• Loans: -4.3%1 vs. 1Q19, stable on the perimeter excluding non-performing
loans; continued market share gains in corporate loans
• Deposits: +10.9% vs. 1Q19 5.2% 5.4% 5.7% 5.8%
• Continued increase in life-insurance savings (+3.1% vs. 1Q19)
1Q17 1Q18 1Q19 1Q20
Supporting customers during the health crisis Source: Italian Banking Association2
• Very rapid roll-out of measures on BNL’s initiative (moratoria of 6 months for Deposits
corporate loans, 3 contractual payments for mortgage loans, etc.), on top of €bn +10.9%
government measures
• Close to 90% of branches remain open, with special public health 48.5
43.7
arrangements to serve customers
1Q19 1Q20
Revenues3: €659m Operating expenses3:€465m Pre-tax income4: €64m
(-2.5% vs. 1Q19) (-1.2% vs. 1Q19) (+113.5% vs. 1Q19)
• Net interest income: -4.0% vs. 1Q19, • Effect of cost savings and adaptation • Confirmation of the significant
impact of the low interest rate environment measures (“Quota 100” retirement decrease in the cost of risk (-27%),
plan)
and the positioning on clients with a better despite the impact of the anticipated
risk profile effects of the health crisis
• Fees: -0.1% vs. 1Q19, growth mainly in
Private Banking
1. Loan volumes based on a daily average; loan volumes fell by 3.2% on a end-of-quarter basis; 2. 1Q20 based on information available as of the end of February;
3. Including 100% of Italian Private Banking; 4. Including 2/3 of Italian Private Banking

DM - Belgian Retail Banking - 1Q20
Impact of low interest rates, continued cost adaptation
Sustained business activity throughout the quarter Loans
• Loans: +5.0% vs. 1Q19, good growth in mortgage and corporate loans €bn +5.0%
• Deposits: +5.4 % vs. 1Q19
109 114
Strong mobilisation with specific and proactive support to clients
• 99% of branches have remained open, with special arrangements for serving 1Q19 1Q20
customers Deposits
• 74,000 adjustments to the schedule of repayments of existing loans (all €bn
customer segments) as of 24 April. +5.4%
127 134
Revenues1: €885m Operating expenses1: €830m 1Q19 1Q20

(-3.3% vs. 1Q19) (-1.6% vs. 1Q19)
Pre-tax income2: -€4m
• Net interest income: -9.2% vs. 1Q19, • Excluding the effect of taxes subject to
X
(-3.8% excluding the effect of taxes
subject to IFRIC 21)
high base in 1Q19, impact of low IFRIC 21: 5% decrease and positive
interest rates partially offset by a rise jaws effect • Strong impact of the increase in taxes
in loan volumes • Effect of cost reduction measures subject to IFRIC 21
• Fees: +15.2% vs. 1Q19, in connection • Continuing branch network optimisation • Increase in the cost of risk with the
anticipated effects of the health crisis
with lending activity and financial fees (-32 branches vs. 31.12.19)
1. Including 100% of Belgian Private Banking; 2. Including 2/3 of Belgian Private Banking

DM - Other Activities - 1Q20
Overall very good business drive, positive jaws effect and strong growth in
income
Very good level of activity in all businesses and proactive implementing Arval financed fleet
of public health measures +8.7%1
• Arval: growth of the financed fleet (+8.7%1
vs. 1Q19); contractual terms extended or 1,216 1,322
amended on a case-by-case basis
• Leasing Solutions: rise in outstandings of +3.8%2 vs. 1Q19; continued business in
all countries thanks to the intensive use of digital tools and the development of robots Average fleet
in thousands
to speed up processing of applications linked to the current context of vehicles
• Personal Investors (PI): significant increase in the number of orders (+92.5% vs. 1Q19 1Q20
31.03.19) and new clients, in particular at Consorsbank in Germany (+172% vs.
31.03.19); rise in assets under management of +1.8% vs. 31.03.19
Loans
• Nickel: ongoing expansion in France with close to 1.6 million accounts opened
€bn
(+28.9% vs. 31.03.19) and 5,533 points of sale at the end of March 2020 (+22.5% vs. +9.9%
31.03.19) 10.8 11.8
0.5 PI
• Luxembourg Retail Banking (LRB): good level of business, mobilisation to implement 0.5
government measures and assistance provided to individual and corporate customers
10.3 11.3
Revenues 3: €845m Operating expenses3: €508m LRB
(+9.0% vs. 1Q19) (+5.2% vs. 1Q19)
• Good development in all businesses • As a result of business 1Q19 1Q20
• Very strong revenue growth at development contained by cost
Personal Investors and in particular at saving measures Pre-tax income4: €293m
Consorsbank in Germany • Positive jaws effect (+3.8 pts) (+15.9% vs. 1Q19)
1. At constant scope and exchange rates; 2. At constant scope and exchange rates, excluding internal transfer; 3. Including 100% of Private Banking in Luxembourg; 4. Including 2/3 of Private Banking in Luxembourg

International Financial Services - 1Q20
Overall good business drive, impact of the health crisis on Insurance
revenues and the anticipated cost of risk
Sustained business activity in the first part of the quarter
• Outstanding loans: +4.5% vs. 1Q19, good growth in Personal Finance and
Europe-Mediterranean Outstanding loans
• Net asset inflows: +€9.2bn; effect of the decrease in markets on assets under €bn
+4.5%
management (€1,038bn, -3.5% vs. 31.03.19) 190
182
Continuity of activity in all businesses and geographies
• 90% of network branches open as at the end of March
• 70% of employees working remotely of whom 90% in France as of 15 April
1Q19 1Q20
• Strengthened use of digital tools: 4.3 million digital clients (+36.8% vs. 31.03.19)
in the retail networks1
Implementation of support measures adapted to business lines and specific needs
Revenues: €4,053m Operating expenses: €2,766m Pre-tax income: €634m

(-5.4% vs. 1Q19) (+2.9% vs. 1Q19) (-50.4% vs. 1Q19)
(+3.6% excluding the one-off Insurance (-3.2% excluding the Insurance
accounting impact)2
accounting impact (-€384m) and the
• Good growth in Personal Finance and • Increase in costs contained by savings anticipated effects of the health crisis on
BancWest and operating efficiency gains
the cost of risk (-€220m))2
• One-off accounting impact of the health crisis • Impact of the tax increase in Poland
on Insurance revenues (-€384m) and wage drift
1.Europe-Mediterranean and BancWest; 2. As defined on slides 6 and 12

IFS - Personal Finance - 1Q20
Overall growth momentum & positive jaws effect
Business activity Consolidated outstandings
• Outstanding loans: +4.4% vs.1Q19, steady growth momentum nonetheless €bn +4.4%
impacted at the end of the quarter by the closing of sales points as the pandemic 91 95
spread
• Good control of margins at production and stricter credit-granting criteria to
continue to improve the risk profile throughout the cycle
Specific support for customers & partners 1Q19 1Q20

• Digital relays: self-care transactions (91.6% of total transactions in 1Q20) and Gross operating income
sharp acceleration in downloads of the mobile app (23% in March o/w +73% in €m +4.8%
Italy)
656 688
• More resources allocated to customer relationships (after-sale and collection):
+30% as at the end of March 2020
• Proactive management and establishment of monitored solutions on a case-by-
case basis for customers justifying an economic impact from the health crisis:
135,000 deferrals in Europe totalling €1,270m in outstandings as at 17 April
1Q19 1Q20
Revenues: €1,475m Operating expenses: €787m

(+3.4% vs. 1Q19) (+2.3% vs. 1Q19)
Pre-tax income: €113m
• In connection with volume growth • Positive jaws effect (+1.1 point)
(-66.7% vs.1Q19)
• Revenue growth in particular in Italy and thanks to cost saving measures
• +1.7% excluding the effect of taxes (-11.2% excluding the anticipated effects of
Germany
• Impact of the sale of loans in Brazil subject to IFRIC 21 the health crisis on the cost of risk
(-€189m)1)
1. As defined on slide 12

IFS - Europe-Mediterranean - 1Q20
Good business growth & prompt and agile adaptation of the networks
Good growth in business activity Loans Deposits
• Loans: +5.0%1 vs. 1Q19, growth in Turkey and Morocco, with a cautious €bn €bn
risk profile +5.0%1 +6.6%1
• Deposits: +6.6%1 vs. 1Q19, increase in particular in Turkey, optimisation 42.3
37.8 38.8 40.4
of the cost of deposits in Poland (reduction in the most expensive
deposits)
Prompt and agile adaptation of the networks to the health crisis

in all geographies
• >85% of branches open4 and 55% of employees working remotely4
• Contribution of digital tools: app enabling individuals and SMEs 1Q19 1Q20 1Q19 1Q20
to report online financial difficulties caused by the health crisis, in
particular in Poland and Turkey
Revenues2: €665m Operating expenses2: €490m Pre-tax income3: €144m

(+1.6%1 vs. 1Q19) (+5.9%1 vs. 1Q19) (-12.8%1 vs. 1Q19)
• Good performance in Turkey, Poland • As a result of wage drift, in particular in • Reminder: unfavourable foreign
and Morocco Turkey exchange effect in Turkey
• Effect of increased volumes and
• Moderate increase in provisions this
margins in Turkey (loans) and Poland
quarter despite the anticipated effects
(loans and deposits) but impact of
of the health crisis
lower-rate environments
1. At constant scope and exchange rates (see data on historical scope and exchange rates in the appendix);
2. Including 100% of Private Banking in Turkey and Poland; 3. Including 2/3 of Turkish and Polish Private Banking; 4. Figures as at 15 April 2020

IFS - BancWest -1Q20
Increase in revenues and positive jaws effect
Overall increase in business activity Loans1 Customer
• Loans: +1.5%1 vs. 1Q19, increase in mortgage and corporate loans deposits1
• Deposits: +8.5%1 vs. 1Q19, increase in customer deposits2 (+9.0%) $bn $bn
• Private Banking: $14.9bn in assets under management as at 31.03.20 +1.5% +9.0%
(+4.2%1 vs. 31.03.19) 61.5 62.4 60.5
55.5
• Digital: strong increase in accounts opened on line in 1Q20
(+14.5% vs. 1Q19)
Strong team involvement during the health crisis
• 99% of branches open and >70% of employees working remotelyat the
end of March 1Q19 1Q20 1Q19 1Q20
• Active participation to the federal assistance program to SMEs (PPP -
Paycheck Protection Program)
Revenues3: €611m Operating expenses3: €465m

(+3.4%1 vs. 1Q19) (+1.4%1 vs. 1Q19)
• Increase in interest margin with the • Increase contained by cost Pre-tax income4: €78m
repricing of deposits in a context of reduction measures (-22.5%1 vs. 1Q19)
falling rates • Positive jaws effect (+2.0 pt1) • Increase in provisions due to the
• Increased business activity and fees anticipated effect of the health crisis
(in particular cards and cash
management)
1. At constant scope and exchange rates; figures at historical scope and exchange rates in the appendix;
2. Deposits excluding treasury activities; 3. Including 100% of Private Banking in the United States; 4. Including 2/3 of Private Banking in the United States

IFS - Insurance and WAM1 – Asset Flows and AuM - 1Q20
Unfavourable market trend and good level of net asset inflows
Assets under management: €1,038bn as at Change in assets under management2
31.03.2020 Performance Total
• -3.5% vs. 31.03.19 €bn +9.2 effect
• Unfavourable performance effect: -€90.9bn, due to the sharp
drop in financial markets Net asset Foreign
flows exchange
effect +1.6
1,038
1,123
-90.9 -4.8 Others
Net asset inflows: +€9.2bn as at 31.03.20
• Wealth Management: good asset inflows
• Asset Management: Very good net asset inflows, in particular 31.12.19 31.03.20
in money market funds; good net asset inflows in Real Estate
Investment Management
Assets under management2 as at 31.03.20
• Insurance: Good asset inflows in unit-linked policies, slightly
€bn
lower overall Insurance:
241 Wealth
Management:
359
Asset Management
including Real
Estate3:
437
1. WAM: Wealth & Asset Management, i.e. Asset Management, Wealth Management and Real Estate Services; 2. Including distributed assets; 3. Assets under management of Real Estate
Investment Management: €29bn

IFS - Insurance - 1Q20
Good quarter impacted by the decline in markets as a result of the health
crisis
Good level of activity undermined by the health crisis
• Good development in savings and protection insurance business at the beginning of the year
• Impact of the health crisis with a slowdown in savings inflows in Europe and Asia
• Sustained inflow in unit-linked policies in France (43% of gross asset inflows)
Strong mobilisation during the health crisis

• Simplified processing of new customer applications and claims payouts in creditor protection insurance
in France: 85% of applications approved without additional requests
• Extension of coverage for Covid-19-related hospitalisation (Italy, Japan)
• Commitment to supporting the economy: participation in the Solidarity Fund in France
Revenues: €579m Operating expenses: €393m Pre-tax income: €197m

(-33.7% vs.1Q19) (+0.9% vs.1Q19) (- 62.1% vs.1Q19)
(+10.2% excluding the one-off accounting (+11.8% excluding the one-off
impact of the health crisis)1 accounting impact related to the health
crisis (-€384m))1
• -€384m one-off accounting impact • Continued business development
related to the drop in markets and cost containment
• Reminder: marking at fair value of part
of the assets (reversible with a stock
market recovery)

IFS – Wealth and Asset Management1 - 1Q20
Ongoing development and adaptation plans
Wealth Management
• Increase in business with good net asset inflows
• Increase in AuM-based fees and transaction fees
• Development of digital usages with nearly 50% of active digital clients2
Asset Management
• Strong business activity in the first two months, leading to positive net asset inflows for the quarter
• Confirmation of ESG leadership, awarded by the Best Corporate Sustainability Strategy prize at the
2020 ESG Investing Awards
• Continued adaptation of the organisation and finalisation of the decommissioning of over 50 applications connected to
the roll-out of Aladdin
Real Estate Services
• Lower activity due to suspension in construction works as a result of the health crisis
Revenues: €743m Operating expenses: €642m Pre-tax income: €102m

(-3.0% vs. 1Q19) (+0.2% vs. 1Q19) (-22.7% vs. 1Q19)
• Effect of the increase in fees • Increase in costs as a result of Wealth • Decrease mainly in Asset
• Financial performances down in Management development (in particular Management and Real Estate
Asset Management in Germany) and effect of the Services
• Impact of the health crisis on Real transformation plan measures, in
Estate Services performances particular in Asset Management
1. Asset Management, Wealth Management and Real Estate Services; 2. Wealth Management clients with at least one connection per month

Corporate & Institutional Banking - 1Q20
Strong business drive and impacts of extraordinary shocks
Intense mobilisation to support the economy Bond and syndicated credit
• More than €115bn in financing raised for clients in 2020 across bond, rankings in 20202
syndicated credit and equity markets1 Ranking in volume and market share
• Continued strong development in securities services and good resilience #1 #1 #1 #1 #2

in transaction businesses (cash management and trade finance)
• Successful adaptation of the set-up to the health crisis (e.g., remote work
increased from 10% to 80% in less than 4 weeks in Europe) 12.8% 11.2%
7.3% 6.5% 8.2%
Impacts of extraordinary shocks on the markets
• After a very good start to the year for Global Markets, continued very
good performance of FICC in March, but severe one-off impact of the
European authorities’ restrictions on 2019 dividends (-€184m)2 and of Extreme and erratic volatility
(VSTOXX index)
extreme market movements on Equity & Prime Services
90
--- VSTOXX
Revenues: €2,953m Operating expenses: €2,393m 70
(-1.9% vs. 1Q19) (-2.8% vs. 1Q19) 50
(+4.3% excluding the one-off impact of 30
restrictions on 2019 dividends)2 10

31/12/19 31/01/19 29/02/20 31/03/20
• Very strong growth at Corporate Banking • Positive jaws effect of 0.9 pt
(+10.4%) and Securities Services (+11.8%)
Pre-tax income: €202m
• Decrease in costs due to savings (-60.8% vs. 1Q19)
• Good overall resilience of Global Markets measures (development of (+18.8% excluding the one-off impact of
(-2.2% excluding the one-off impact of the shared platforms and
restrictions on 2019 dividends)2 restrictions on 2019 dividends (-€184m) and the
optimisation of processes) impact in credit and counterparty cost of risk due
to the health crisis (-€225m))2
1. Source: Dealogic, year to date as at 17 April 2020; bookrunner; EMEA: Europe, Middle East and Africa; 2. As defined on slides 6 and 12

CIB: Global Markets - 1Q20
Very marked trends in an exceptional market environment
Strengthening of FICC with strong growth Covid-19 bonds
• Very strong momentum over the quarter, with a steep rise in customer BNP Paribas led three major deals for development
volumes, in particular on electronic platforms banks and public entities to finance projects to reduce
the health crisis’ economic and social impact.
• Prompt recovery of market liquidity and rapid resumption of bond issuance
after the outbreak of the crisis €1bn Response Bond
Inaugural issue
Impact of the crisis on Equity & Prime Services Joint Lead Manager
March 2020
• Historic positioning on equity derivatives and European markets
€1bn Sustainability Awareness Bond
particularly hit by European authorities’ restrictions on 2019 dividends (Capital A&B)
(-€184m)1 and by extreme market shocks Joint Lead Manager
April 2020
• Diversification of business under way, with the integration of Deutsche
Bank’s prime brokerage and electronic execution (transfer of first clients €1bn Social Bond
Joint Lead Manager
already achieved) April 2020
Revenues: €1,306m (-14.3% vs. 1Q19) (-2.2% excluding the one-off impact of restrictions on 2019 dividends1)
1,523 1,409 1,306
1,299 1,340 €m
• FICC (+34.5%): very strong growth in rates, very good growth in forex & 97
emerging markets, and in credit & primary markets 488 Equity &
615 384 520 Prime
• Equity & Prime Services (-80.1% excluding the one-off impact of restrictions on Services
1,392
2019 dividends1): good level of client activity in equity derivatives, but strong 1,035 915 FICC
793 820
impact in Europe of the dislocation of hedges, due to extreme volatility in
March. Prime Services stable. -184 Impact of the
restrictions on
1Q19 2Q19 3Q19 4Q19 1Q20 2019 dividends

CIB: Corporate Banking - 1Q20
Very good performance and strong ongoing momentum in activity
Strong business activity driven by the Group’s commitment Corporate Banking in Europe
• Sustained growth in average loans outstandings (€165bn,
Penetration rate
+17.4% vs. 1Q19)1; close to €25bn drawn on credit lines in March on large corporates4
in % #1
• Strong engagement of Capital Markets, which, since mid-March, has led to:
- more than €75bn in syndicated lines for clients in Europe #1 #1
(final stake retained <15%)2
- more than 50% of investment grade corporate bond issuances in EMEA 62
(~€60bn in aggregate with more than 40 clients)2 39 40
• Very positive trend in deposits (€155bn, +14.3% vs. 1Q19)1
Trade Cash Corporate
Strengthened business positions Finance Management Banking
• #1 for all European corporate bonds and #1 for all EMEA syndicated loans3
Corporate Banking in Asia
• #1 on large corporates in Europe and strengthened position in Asia:
top 5 for the first time in cash management and corporate banking4 Penetration rate
on large corporates4 in %
#2
Revenues: €1,070m (+10.4% vs. 1Q19)
#5
• Growth in all regions, increase in fees (+18% vs. 1Q19)
40 #5
• Strong development in Europe with a very good performance of the Capital
29
Markets platform (revenues: +24% vs. 1Q19) 16
• Good resilience of transaction businesses (cash management and trade
finance) worldwide in a less supportive environment (stable vs. 1Q19) Trade Cash Corporate
Finance Management Banking
1. Average quarterly outstandings; 2. Total amount of deals closed or under way between mid-March and mid-April; 3. Source: Dealogic, year to date as at 17 April 2020, Europe, Middle East and Africa;
4. Greenwich Share Leader: European Large Corporate Banking, Cash Management and Trade Finance 1Q20, Asian Large Corporate Banking & Cash Management 1Q20 and Asian Large Corporate Trade Finance 3Q19

CIB: Securities Services - 1Q20
Strong increase in revenues on the quarter
Continued strategic development Transaction volumes
• Announcement of the acquisition of Banco Sabadell’s Settlement & delivery
depositary business in Spain1 transactions in millions
• Strategic alliance set up with BlackRock to deliver asset

managers integrated services with the Aladdin platform
32.4
Exceptional increase in transactions this quarter 23.2 23.7 22.9 24.6 25.5
• Set-up adaptation and ability to absorb the extraordinary level
of transaction volumes (+36.9% vs. 1Q19)
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
• Reallocation of tasks among countries and the 3 regions,
based on changes in the pandemic’s spread internationally
Assets under custody and under administration
Assets under custody and under administration
• Increase in average outstandings (+6.3% vs. 1Q19) Average outstandings
in €000bn
but impact of market declines in March (outstandings at the +6.3% 12.79
12.03
end of the period: -4.8% vs. 31.03.19)
+7.4%
9.60 10.31 AuC
Revenues: €577m (+11.8% vs. 1Q19)
• As a result of the increase in average outstandings and +2.1%
transaction volumes 2.43 2.48 AuA
• Continued growth in the Asia-Pacific region (+35% vs. 1Q19)
1Q19 1Q20
and in the Americas (+40% vs. 1Q19)
1. Subject to approval by regulatory authorities and the necessary authorisations

GROUP RESULTS
DIVISION RESULTS
OUTLOOK 2020
APPENDIX
2020 Outlook
The health crisis leads to a drastic revisit of the 2020 macroeconomic scenario
• The current recession will give way to a very gradual recovery after the end of the
lockdown measures
• Return to normalised health conditions should not be expected before the end of the year
• Return to 2019 GDP level is not anticipated before 2022
Governments and monetary authorities have taken exceptional steps to mitigate the health
crisis’ impacts and sustain the economic and social fabric. BNP Paribas is taking active part in
these economic support initiatives
 This should result in an increase in net interest income offsetting in part the decrease in fees
affected by the crisis
 In parallel, the Group will amplify the initially planned decrease in operating expenses, but this
decrease could be offset by the increase in the cost of risk
 In this context, and unless new crisis or new developments occur, Group’s Net Income1 for
2020 could be about 15% to 20% lower than in 2019
1. Group share

GROUP RESULTS
DIVISION RESULTS
OUTLOOK 2020
1Q20
DETAILED RESULTS
APPENDIX
Health crisis
Extraordinary steps taken to preserve the economic and social fabric
Governments have put in place massive measures to mitigate the short-and medium-term effects on
individuals and corporates temporarily impacted by the health crisis.
Coverage of partial unemployment Deferred taxes and payroll Emergency assistance Fiscal support for
(etc.) charges / conditional and funds for companies state and local
Tax credits and extensions of supervised moratoriums governments
unemployment benefits (etc.) (etc.)
(etc.)
State-guaranteed funds
900 • Government guarantees covering loans to eligible companies impacted by the health
400 crisis: up to 90% in France and Italy1.
300 • Eligible as TLTRO collateral in Europe
50
• Subject to each bank’s origination risk criteria
• Dedicated to all companies in Europe, and to SMEs in the US (Paycheck Protection
Program)
In this context, a strong mobilisation of Group entities and employees of BNP Paribas have allowed the
swift application of these measures as well as complementary measures via individualised solutions
• with the backing of a solid Group and its strong culture of responsible risk-taking
• Leveraging its long term and in-depth knowledge of clients.
1. 100% in Italy for amounts of less than €25K

A diversified model
A prudent risk profile with no sector concentration
Highly diversified by sector: no sector representing more than 5 % of total portfolio
High selectivity at origination
Limited exposures to sectors considered as sensitive
Aircraft: 0.9% of total gross commitments1 Oil & Gas: 2.2% of total gross commitments1
 Almost 50% of counterparties rated Investment Grade2  Almost 80% of counterparties rated Investment Grade2
 0.4% of outstandings classified as doubtful  1.8% of outstanding classified as doubtful
 Highly collateralized activities (~70%)  Almost 60% of gross commitments on Majors and national
 Benefiting from the amplified ‘Originate to distribute’ strategy’ oil companies
 Good coverage by collaterals for non investment grade
Hotels, Tourism and Leisure: 0.8% of total gross commitments1 counterparties
 Almost 50% of counterparties rated Investment Grade2  Reminder: disposal of « Reserve Based Lending » in
2012 and stopped financing companies whose principal
 2.8% of outstandings classified as doubtful business activity is related to the unconventional O&G
sector since 2017
Non-food retail (excl. e-commerce): 1.3% of total gross
commitments1 Refining Independents
 Almost 60% of counterparties rated Investment Grade2 0.4% 0.3%
 4.1% of outstandings classified as doubtful Others 0.1%
Oil services
Transports and storage (excluding shipping): 3.0% of total gross 0.2% Majors
commitments1 0.6%
 Almost 80% of outstandings classified as counterparties rated

Investment Grade2 National oil Compagnies
0.6%
 3% of outstandings classified as doubtful
1. Total gross commitments, on and off balance sheet, unweighted – Taking into account the final take of a credit line awaiting syndication at the end of March 2020; 2. External rating or internal equivalent

Retail Banking and Services - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 7,823 8,096 -3.4% 8,286 -5.6%
Operating Expenses and Dep. -5,650 -5,586 +1.2% -5,274 +7.1%
Gross Operating Income 2,172 2,510 -13.5% 3,012 -27.9%
Cost of Risk -1,050 -733 +43.3% -826 +27.2%
Operating Income 1,122 1,777 -36.9% 2,187 -48.7%
Share of Earnings of Equity-Method Entities 74 108 -31.1% 111 -33.2%
Other Non Operating Items 12 1 n.s. -4 n.s.
Pre-Tax Income 1,208 1,886 -35.9% 2,294 -47.3%
Cost/Income 72.2% 69.0% +3.2 pt 63.6% +8.6 pt
Allocated Equity (€bn) 55.8 54.3 +2.8%
Including 100% of Private Banking in France (excluding PEL/CEL effects), Italy, Belgium,
Luxembourg, Poland, BancWest and TEB for the items from Revenues to Pre-tax Income

Domestic Markets - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 3,913 3,961 -1.2% 4,036 -3.0%
Operating Expenses and Dep. -2,970 -2,983 -0.5% -2,635 +12.7%
Gross Operating Income 943 978 -3.5% 1,402 -32.7%
Cost of Risk -313 -307 +1.9% -254 +23.3%
Operating Income 630 671 -6.0% 1,147 -45.1%
Share of Earnings of Equity-Method Entities 0 -6 -92.2% 4 n.s.
Other Non Operating Items 1 1 -52.2% 4 -87.7%
Pre-Tax Income 630 666 -5.4% 1,156 -45.5%
Income Attributable to Wealth and Asset Management -56 -58 -3.9% -62 -9.7%
Pre-Tax Income of Domestic Markets 574 608 -5.5% 1,093 -47.5%
Cost/Income 75.9% 75.3% +0.6 pt 65.3% +10.6 pt
Including 100% of Private Banking in France (excluding PEL/CEL effects), Italy, Belgium and
Luxembourg for the Revenues to Pre-tax income line items

DM - French Retail Banking - 1Q20 (EXCLUDING PEL/CEL EFFECTS)
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 1,524 1,595 -4.4% 1,569 -2.8%
Incl. Net Interest Income 823 912 -9.8% 889 -7.5%
Incl. Commissions 702 682 +2.8% 679 +3.3%
Gross Operating Income 358 409 -12.5% 417 -14.1%
Cost of Risk -101 -72 +39.6% -98 +2.2%
Operating Income 257 337 -23.7% 318 -19.1%
Non Operating Items -1 1 n.s. 6 n.s.
Pre-Tax Income 257 338 -24.1% 324 -20.9%
Income Attributable to Wealth and Asset Management -35 -34 +2.3% -32 +7.6%
Pre-Tax Income 222 304 -27.0% 292 -24.0%
Cost/Income 76.5% 74.3% +2.2 pt 73.4% +3.1 pt
Including 100% of French Private Banking for the revenues to Pre-tax income line items (excluding PEL/CEL effects)1
1. PEL/CEL effect: -€13m in 1Q20 vs. +€2m in 1Q19

DM - French Retail Banking
Volumes
Outstandings
%Var/1Q19 %Var/4Q19
Average outstandings (€bn) 1Q20
LOANS 178.1 +5.0% +0.1%

Individual Customers 98.0 +5.5% +1.0%
Incl. Mortgages 87.0 +5.9% +1.3%
Incl. Consumer Lending 11.0 +2.4% -1.6%
Corporates 80.1 +4.3% -0.9%
DEPOSITS AND SAVINGS 191.5 +8.3% +1.3%
Current Accounts 123.9 +13.1% +2.5%
Savings Accounts 62.3 +2.8% +0.9%
Market Rate Deposits 5.4 -20.3% -16.5%
%Var/ %Var/
31.03.20
€bn 31.03.19 31.12.19
OFF BALANCE SHEET SAVINGS n.s. n.s.

Life Insurance 91.9 -0.0% -4.4%
Mutual Funds 25.7 -30.3% -24.4%
Loans: +5.0% vs. 1Q19, good growth in all customer segments, increase in particular in corporate loans
Deposits: +8.3% vs. 1Q19
Off-balance-sheet savings: stability of life insurance outstandings vs. 31.03.19; decrease in the value
of mutual funds outstandings vs. 31.03.19 due to the fall in the financial markets

DM - BNL banca commerciale - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 1Q19 4Q19
Revenues 659 675 -2.5% 755 -12.8%
Operating Expenses and Dep. -465 -470 -1.2% -450 +3.3%
Cost of Risk -120 -165 -27.2% -109 +10.1%
Operating Income 74 40 +83.8% 196 -62.5%
Non Operating Items 0 0 -78.8% -4 -98.3%
Pre-Tax Income 73 40 +85.2% 191 -61.6%
Income Attributable to Wealth and Asset Management -10 -10 +0.3% -10 -1.0%
Pre-Tax Income of BNL bc 64 30 n.s. 181 -65.0%
Cost/Income 70.6% 69.6% +1.0 pt 59.6% +11.0 pt
Including 100% of Italian Private Banking for the Revenues to Pre-tax Income line items

DM – BNL banca commerciale
Volumes
Outstandings
%Var/1Q19 %Var/4Q19
LOANS 73.0 -4.3% -0.2%

Individual Customers 39.0 -0.6% +2.3%
Incl. Consumer Lending 5.1 +15.2% +11.2%
Corporates 34.0 -8.1% -2.9%
Individual Deposits 32.2 +7.7% +1.7%
Incl. Current Accounts 31.9 +7.8% +1.7%
Corporate Deposits 16.3 +18.0% +4.3%
%Var/ %Var/
31.03.20
€bn 31.03.19 31.12.19

Life Insurance 22.4 +3.1% -2.5%
Mutual Funds 13.5 -11.4% -12.3%
Loans: -4.3%1 vs. 1Q19, stable on the perimeter excluding non-performing loans
Deposits: +10.9 % vs. 1Q19, increase in particular in corporate deposits
Off-balance sheet savings: -6.4 % vs. 31.12.19, increase in life insurance vs. 1Q19, decrease in the
value of mutual funds outstandings with the decline in the financial markets
1. Loan volumes based on a daily average; loan volumes decrease by 3.2% vs 1Q19 and -0.6% vs 4Q19 on a end-of-quarter basis

DM - Belgian Retail Banking - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 1Q19 4Q19
Revenues 885 915 -3.3% 878 +0.8%
Operating Expenses and Dep. -830 -844 -1.6% -560 +48.3%
Cost of Risk -54 -34 +60.7% -5 n.s.
Non Operating Items 5 -2 n.s. 8 -35.4%
Pre-Tax Income 5 35 -84.4% 321 -98.3%
Pre-Tax Income of BDDB -4 21 n.s. 302 n.s.
Cost/Income 93.8% 92.2% +1.6 pt 63.8% +30.0 pt
Allocated Equity (€bn) 5.7 5.8 -1.6%
Including 100% of Belgian Private Banking for the Revenues to Pre-tax Income line items

DM - Belgian Retail Banking
Volumes
Outstandings
%Var/1Q19 %Var/4Q19
LOANS 114.0 +5.0% +1.3%

Individual Customers 72.5 +4.9% +1.3%
Incl. Consumer Lending 0.1 +12.7% -58.2%
Incl. Small Businesses 19.2 +2.6% +0.7%
Corporates and Local Governments 41.5 +5.1% +1.4%
Current Accounts 57.6 +10.7% +2.0%
Savings Accounts 73.6 +1.8% -0.2%
Term Deposits 2.8 -1.8% -3.9%
%Var/ %Var/
31.03.20
€bn 31.03.19 31.12.19

Life Insurance 24.0 -1.5% -2.3%
Mutual Funds 29.0 -6.5% -12.6%
Loans: +5.0 % vs. 1Q19 , good growth in mortgage and corporate loans
Deposits: +5.4 % vs. 1Q19
Off-balance sheet savings: -8.2% vs. 31.12.19, effect of the decline in the financial markets on the valuation

DM - Other Activities - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 845 776 +9.0% 834 +1.3%
Operating Expenses and Dep. -508 -483 +5.2% -473 +7.6%
Gross Operating Income 337 292 +15.3% 362 -6.8%
Cost of Risk -38 -37 +4.7% -42 -8.8%
Share of Earnings of Equity-Method Entities -4 -3 +48.9% -2 n.s.
Other Non Operating Items 0 0 n.s. 0 n.s.
Pre-Tax Income 295 253 +16.3% 318 -7.5%
Income Attributable to Wealth and Asset Management -2 0 n.s. -1 n.s.
Pre-Tax Income of others DM 293 253 +15.9% 318 -7.8%
Cost/Income 60.1% 62.3% -2.2 pt 56.6% +3.5 pt
Allocated Equity (€bn) 4.4 4.5 -3.5%
Including 100% of Private Banking in Luxembourg for the Revenues to Pre-tax Income line items

DM - LRB - Personal Investors
Luxembourg Retail Banking (LRB)
1
Average outstandings (€bn) 1Q20 %Var /1Q19 %Var/4Q19
LOANS 11.3 +10.2% +3.5% Loans vs. 1Q19: good growth in

Individual Customers 7.2 +8.0% +1.7% mortgage and corporate loans
Corporates and Local Governments 4.2 +14.3% +6.7%
Deposits vs. 1Q19: significant
DEPOSITS AND SAVINGS 23.7 +7.7% -3.8% increase in current accounts
Current Accounts 12.6 +10.6% -4.1% and term deposits
Savings Accounts 9.2 -1.9% -7.4%
Term Deposits 1.9 +53.4% +24.1%
%Var/ %Var/
31.03.20
€bn 31.03.19 31.12.19

Life Insurance 1.1 +3.7% -2.4%
Mutual Funds 1.5 -4.7% -12.2%
Personal Investors
1Q20 %Var/1Q19 %Var/4Q19
Average outstandings (€bn) Deposits vs. 1Q19: good level of new
LOANS 0.5 +3.4% +10.7% client acquisition
DEPOSITS 24.3 +7.9% +4.8% Assets under management vs. 31.03.19:
strong asset inflows partially offsetting
%Var/ %Var/ the negative performance effect; orders
31.03.20
€bn 31.03.19 31.12.19 from individual customers almost double
ASSETS UNDER MANAGEMENT 99.2 +1.8% -10.7%
European Customer Orders (millions) 9.0 +92.5% +83.6% 1. 2019 outstandings after transferring a portion
of the Retail business to Corporates

DM - Arval - Leasing Solutions - Nickel
Arval
1 1
Average outstandings (€bn) 1Q20 %Var /1Q19 %Var /4Q19
Consolidated Outstandings 21.5 +14.1% +3.6%

Financed vehicles ('000 of vehicles) 1,322 +8.7% +1.8%
• Consolidated outstandings: +14.1%1 vs. 1Q19; good growth in all regions

• Financed fleet: +8.7%1 vs. 1Q19; very good sales and marketing drive
Leasing Solutions
1 1
Average outstandings (€bn) 1Q20 %Var /1Q19 %Var /4Q19
Consolidated Outstandings 20.6 +0.2% -3.4%
• Consolidated outstandings: +3.8%2 vs. 1Q19; good business and marketing drive
Nickel
• 1,575,451 accounts opened as of end of March 2020 (+28.9% vs. 31 March 2019)
1. At constant scope and exchange rates; 2. At constant scope and exchange rates, excluding internal transfer

International Financial Services - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 1Q19 4Q19
Revenues 4,053 4,282 -5.4% 4,391 -7.7%
Operating Expenses and Dep. -2,766 -2,688 +2.9% -2,715 +1.9%
Gross Operating Income 1,287 1,594 -19.2% 1,675 -23.2%
Cost of Risk -739 -428 +72.5% -574 +28.8%
Operating Income 548 1,165 -53.0% 1,101 -50.2%
Other Non Operating Items 12 0 n.s. -8 n.s.
Pre-Tax Income 634 1,279 -50.4% 1,201 -47.2%
Cost/Income 68.2% 62.8% +5.4 pt 61.8% +6.4 pt
Allocated Equity (€bn) 29.8 28.8 +3.3% 0.0 n.s.
Foreign exchange effects: appreciation of the dollar offset by the depreciation of the Turkish lira
• USD vs. EUR1: +3.0% vs. 1Q19, +0.4% vs. 4Q19
• TRY vs. EUR1: -9.4% vs. 1Q19, -4.7% vs. 4Q19
At constant scope and exchange rates vs. 1Q19
• Revenues: -5.0%
• Operating expenses: +2.5%
• Pre-tax income: -49.0%
Reminder on 1Q20:
• Impact of the anticipated effect of the health crisis on the cost of risk (-€220m)2
• One-off accounting impact related to the health crisis on the Insurance revenues (-€384m)2
1. Average rates; 2. As defined on slides 6 and 12

IFS - Personal Finance - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 1,475 1,427 +3.4% 1,485 -0.7%
Cost of Risk -582 -329 +76.8% -370 +57.3%
Share of Earnings of Equity-Method Entities 8 13 -41.1% -9 n.s.
Other Non Operating Items 0 0 -90.8% -11 n.s.
Pre-Tax Income 113 340 -66.7% 374 -69.7%
Cost/Income 53.4% 54.0% -0.6 pt 48.6% +4.8 pt

• Revenues: +5.1%
• Operating expenses: +3.7%
• Gross operating income: +6.7%
• Pre-tax income: -66.7%
Reminder on 1Q20:
• Impact of anticipated effects of the health crisis on the cost of risk (-€189m)1

IFS - Personal Finance
Volumes and risks
%Var/1Q19 %Var/4Q19
at constant at constant
scope and scope and
1Q20 historical historical
exchange exchange
Average outstandings (€bn) rates rates
TOTAL CONSOLIDATED OUTSTANDINGS 95.0 +4.4% +5.6% +0.9% +1.2%

TOTAL OUTSTANDINGS UNDER MANAGEMENT (1) 110.4 +4.7% n.s. +6.7% +1.5% n.s. +1.9%
ns ns
n.s.
(1) Including 100% of outstandings of subsidiaries not fully owned as well as of all partnerships n.s. n.s. n.s.
Cost of risk / outstandings (including 1Q20 ex-ante provisions recorded in France for the
whole perimeter)
Annualised cost of risk / 1Q19 2Q19 3Q19 4Q19 1Q20
outstandings as at beginning of period
France 0.92% 0.52% 1.08% 0.41% 4.45%

Italy 1.73% 1.48% 1.75% 2.21% 1.73%
Spain 1.81% 2.09% 1.78% 1.95% 2.05%
Other Western Europe 1.13% 1.03% 1.15% 1.39% 1.30%
Eastern Europe 1.52% 1.50% 2.15% 2.27% 1.99%
Brazil 5.18% 3.44% 6.98% 5.05% 4.64%
Others 2.14% 1.94% 1.63% 2.22% 3.49%
Personal Finance 1.45% 1.23% 1.54% 1.56% 2.40%

IFS – Europe-Mediterranean - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 665 665 -0.1% 702 -5.3%
Cost of Risk -86 -77 +12.7% -113 -23.9%
Non Operating Items 58 53 +9.8% 69 -15.5%
Pre-Tax Income 147 186 -21.2% 198 -26.0%
Income Attributable to Wealth and Asset Management -3 -1 n.s. -1 +86.6%
Pre-Tax Income 144 185 -22.4% 197 -26.8%
Cost/Income 73.7% 68.5% +5.2 pt 65.4% +8.3 pt
Including 100% of Private Banking for the items from Revenues to Pre-tax income line items
Forex impact due to the depreciation of the Turkish lira

• TRY vs. EUR1: -9.4% vs. 1Q19, -4.7% vs. 4Q19

• Revenues2: +1.6%
• Operating expenses2: +5.9%
• Pre-tax income3: -12.8%
1. Average exchange rates; 2. Including 100% of Turkish and Polish Private Banking; 3. Including 2/3 of Turkish and Polish Private Banking

IFS – Europe-Mediterranean
Volumes and risks
%Var/1Q19 %Var/4Q19
scope and scope and
exchange exchange
Average outstandings (€bn)
n.s. n.s.rates n.s. n.s.rates
ns ns ns ns
LOANS 38.8 +2.6% +5.0% +0.8% +2.7%
DEPOSITS 42.3 +4.5% +6.6% +2.7% +4.7%
ns ns ns ns
1Q20 Geographical Cost of risk / outstandings

breakdown in outstanding
loans Annualised cost of risk /
outstandings as at beginning of period
1Q19 2Q19 3Q19 4Q19 1Q20
Turkey 1.78% 2.04% 2.11% 1.68% 1.24%

Ukraine -0.40% -0.36% 0.68% -0.71% -0.13%
Turkey 30% Poland 0.12% 0.47% 0.20% 0.68% 0.73%
Poland 44% Others 0.65% 0.50% 1.51% 1.30% 0.64%
Europe Mediterranean 0.75% 0.96% 1.10% 1.10% 0.85%
TEB: a solid and well capitalised bank

Mediterranean 19%
Ukraine 2%
Africa 5% • Solvency ratio1 of 15.5% as at 31.03.20
• Largely self financed
• 1.4% of the Group’s outstanding loans as at 31.03.20
1. Capital Adequacy Ratio (CAR)

IFS - BancWest - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 611 569 +7.3% 611 -0.0%
Cost of Risk -62 -18 n.s. -84 -25.6%
Non Operating Items 0 0 +3.0% -5 -99.8%
Pre-Tax Income 83 109 -23.4% 116 -28.4%
Pre-Tax Income 78 101 -22.5% 110 -29.1%
Cost/Income 76.2% 77.7% -1.5 pt 66.4% +9.8 pt
Including 100% of U.S Private Banking for the Revenues to Pre-tax income line items
Foreign exchange effect: USD vs. EUR1: +3.0% vs. 1Q19, +0.4% vs. 4Q19

• Revenues2: +3.4%
• Operating expenses2: +1.4%
• Pre-tax income3: -22.5%
1. Average rates; 2. Including 100% of Private Banking in the United States; 3. Including 2/3 of Private Banking in the United States

IFS - BancWest
Volumes
Outstandings %Var/1Q19 %Var/4Q19
scope and scope and
exchange exchange
Average outstandings (€bn) rates rates
ns
ns n
nss ns
ns
ns
ns
LOANS 56.6 +5.9% +1.5% +0.7% +0.3%
Individual Customers 24.3 +6.2% -0.1% -1.3% -1.7%
Incl. Mortgages 10.4 +5.3% +2.3% -0.9% -1.3%
Incl. Consumer Lending 14.0 +6.8% -1.7% -1.6% -2.0%
Commercial Real Estate 15.1 +1.9% -1.1% -1.4% -1.8%
Corporate Loans 17.1 +9.4% +6.2% +5.9% +5.5%
DEPOSITS AND SAVINGS 60.0 +11.7% +8.5% +0.5% +0.1%
Customer Deposits 54.9 +12.3%
n.s.
+9.0%
n.s.
+0.6% +0.1%
ns ns

• Loans: +1.5% vs. 1Q19, increase in mortgage and corporate loans
• Deposits: +8.5% vs. 1Q19, +9.0% increase in deposits excluding treasury activities

IFS - Insurance and WAM1 – 1Q20
Business
%Var/ %Var/
31.03.20 31.03.19 31.12.19
€bn 31.03.19 31.12.19
Assets under management (€bn) 1,037.9 1,075.2 -3.5% 1,122.9 -7.6%

Asset Management 408 421 -3.1% 440 -7.2%
Wealth Management 359 377 -4.6% 393 -8.6%
Real Estate Services 29 29 -0.3% 30 -3.8%
Insurance 241 248 -2.8% 260 -7.0%
%Var/ %Var/
1Q20 1Q19 4Q19
1Q19 4Q19
Net asset flows (€bn) 9.2 3.0 n.s. 6.5 +42.2%
Asset Management 6.2 -0.5 n.s. 1.5 n.s.
Wealth Management 2.3 1.1 +98.5% 4.2 -46.1%
Real Estate Services 1.3 0.3 n.s. 0.4 n.s.
Insurance -0.6 2.1 n.s. 0.4 n.s.
Assets under management:

• Performance effect: -€90.9bn, with the sharp drop in financial markets
• Net asset inflows: +€9.2bn, good net asset inflows, in particular in Wealth
Management and Asset Management; good asset inflows in unit-linked policies in
Insurance business
1. Asset Management, Wealth Management and Real Estate Services

IFS - Insurance & WAM1
Breakdown of assets by Customer Segment
Breakdown of assets by customer segment
€1,075bn €1,038bn
Corporate &
32% 33%
Institutions
53% Individuals 52%
External
15% distribution 15%
31 March 2019 31 March 2020

1. Asset Management, Wealth Management and Real Estate Services

IFS - Asset Management
Breakdown of Managed Assets
31.03.20
Alternatives and others

5%
Bonds Diversified
34% 27%
▶ 50%
Money-market Equities
16% 17%
€408bn

IFS - Insurance - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 579 874 -33.7% 654 -11.5%
Cost of Risk 1 -2 n.s. -1 n.s.
Pre-Tax Income 197 520 -62.1% 304 -35.3%
Cost/Income 67.9% 44.6% +23.3 pt 58.1% +9.8 pt
Technical reserves: -0.8% vs. 31.03.19
Reminder on 1Q20 : One-off accounting impact related to the health crisis (-€384m)1

IFS – Weath and Asset Management - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 743 766 -3.0% 957 -22.3%
Operating Expenses and Dep. -642 -641 +0.2% -760 -15.5%
Cost of Risk -9 -2 n.s. -6 +65.5%
Share of Earnings of Equity-Method Entities 11 10 +10.5% 25 -57.6%
Other Non Operating Items 0 0 n.s. -1 -97.7%
Pre-Tax Income 102 132 -22.7% 216 -52.6%
Cost/Income 86.4% 83.7% +2.7 pt 79.4% +7.0 pt

Corporate and Institutional Banking - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 1Q19 4Q19
Revenues 2,953 3,008 -1.9% 3,101 -4.8%
Cost of Risk -363 -32 n.s. -80 n.s.
Share of Earnings of Equity-Method Entities 3 2 +46.1% 4 -15.5%
Other Non Operating Items 2 -2 n.s. 6 -70.5%
Pre-Tax Income 202 514 -60.8% 801 -74.8%
Cost/Income 81.0% 81.9% -0.9 pt 71.9% +9.1 pt
Reminder on 1Q20:
• Impact of the health crisis on the cost of risk (-€225m)1
• One-off impact on revenues related to the European authorities’ restrictions on 2019 dividends (-€184m)1
1. As defined on slides 6 and 12

Corporate and Institutional Banking
Global Markets - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 1,306 1,523 -14.3% 1,340 -2.6%
incl. FICC 1,392 1,035 +34.5% 820 +69.8%
incl. Equity & Prime Services -87 488 n.s. 520 n.s.
Cost of Risk -161 3 n.s. 0 n.s.
Operating Income -17 251 n.s. 222 n.s.
Share of Earnings of Equity-Method Entities 1 0 n.s. 0 +41.8%
Pre-Tax Income -17 252 n.s. 229 n.s.
Cost/Income 89.0% 83.7% +5.3 pt 83.4% +5.6 pt
Revenues
• -2.2% vs. 1Q19, excluding the one-off impact of the European authorities’ restrictions on 2019 dividends
(-€184m)1
• Equity & Prime Services: +€97m this quarter excluding the one-off impact of European authorities’
restrictions on 2019 dividends1
Decrease in operating expenses
Cost of risk: increase in the cost of risk of counterparty this quarter with the effects of the health crisis on
markets
Allocated equity: +9.1% vs. 1Q19, increase in connection with the extreme shocks at the end of March

Market risks - 1Q20
Average 99% 1-day interval VaR
€m
Commodities Forex Equities Interest Rates Credit Nettings
42 43 43 43
35 35 36 37 35
33 34
3
29 31 6 6 6 31 31
28 28 27 27 26
14 4 3 4 8
14 6 25 24 23 25
4 20 24 5 22 22 23
4 11 19
7 4 20 4
24 15 13 14 18 9 21 15 5
14 17 16 17 4 4 5 8
10 14 20 15 4 3 4 3 4
12 17 13 9 7 4
21 22 17 11 12 8 8 6 6 2 8 7 19
14 15 12 7 8
16 14 17 6 8 10
31 30 32 11 12 16 14 13
26 23 25 27 11 9
23 20 21 22 18 23 24 24
19 18 15 19 20 23
19 16 16 16 19 17 16
19 16 17 17 17 15 16 18 21 19 19 17 14 14
14 14 11 13 13 11 12 10 12 9 9 13 12 14
-28 -30 -28 -29 -26 -23 -28

-35 -30 -30 -32 -30 -33
-40 -40 -40 -41 -40 -39 -42 -45 -44 -42
-50 -47 -50 -51 -51
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20
Increase in VaR this quarter1

• An increase in VaR, observed mostly from mid-March, mainly explained by the shock of volatility on equity
markets
• In the exceptional context of market dislocation, 9 backtesting excesses reported this quarter
• 31 backtesting excesses over VaR recorded since 01.01.2007, or slightly more than 2 per year over a long
period including the crises, in line with the internal VaR calculation model (1 day, 99%)
1. VaR calculated for the monitoring of market limits

Corporate Banking - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 1,070 969 +10.4% 1,210 -11.6%
Cost of Risk -201 -35 n.s. -80 n.s.
Non Operating Items 3 3 +20.3% 3 +3.8%
Pre-Tax Income 124 213 -41.8% 464 -73.3%
Cost/Income 70.0% 74.7% -4.7 pt 55.2% +14.8 pt
Revenues: growth in all regions
Good containment of operating expenses:

• Increase related with the growth in business
• Largely positive jaws effect (+7 pts)
Increase in the cost of risk: related in particular to the anticipated effects of the health crisis and some
specific files
Allocated equity: +6.6% vs. 1Q19 - Increase related to the growth of outstandings

Securities Services - 1Q20
1Q20 1Q19 1Q20 / 4Q19 1Q20 /
€m 0 0 1Q19 0 4Q19
Revenues 577 516 +11.8% 551 +4.8%
Cost of Risk -2 -1 n.s. 0 n.s.
Non Operating Items 2 -3 n.s. 0 n.s.
Pre-Tax Income 95 50 +91.3% 108 -12.1%
Cost/Income 83.6% 89.7% -6.1 pt 80.5% +3.1 pt
%Var/ %Var/
31.03.20 31.03.19 31.12.19
31.03.19 31.12.19
Securities Services n.s. n.s.

Assets under custody (€bn) 9,567 9,997 -4.3% 10,542 -9.2%
Assets under administration (€bn) 2,334 2,501 -6.7% 2,512 -7.1%
1Q20 1Q19 1Q20/1Q19 4Q19 1Q20/4Q19
Number of transactions (in million) 32.4 23.7 +36.9% 25.5 +27.1%

Transaction – 1Q20
France – Iliad
BNP Paribas acted as Joint Global Coordinator on a EUR
1.4bn capital increase financing a public share buyback
Belgium – Kingdom of Belgium tender offer of the same amount .
EUR 8bn – successfully issued its third syndicated OLO January 2020
benchmark, in response to the anticipated increase in funding
needs caused by the Covid-19 crisis. United States – AT&T Inc.
Joint Bookrunner – March 2020 USD 2.995bn 4.00% 29.25 NC5.25 Sr. Unsecured Notes.
Largest Ever Corporate Formosa Transaction to date
Germany – Siemens Lead Structuring Agent and Joint Bookrunning Manager
EUR 4bn & GBP 850m – multi tranche senior unsecured bond February 2020
transaction due 2023 2025 2026 2029 and 2032.
Global Coordinator and Joint Bookrunner Chile – Republic of Chile
February 2020 EUR 1.96 billion dual-tranche Green Bonds transaction, the
second EUR-denominated offering by a Latin American issuer
France – Société Du Grand Paris in 2020 (both led by BNP Paribas) EUR Liability management
EUR 2.5bn – successfully priced a 50 year EUR benchmark Joint Bookrunner - January, 2020
green bond due on February 2070
Joint Lead Manager – February 2020 Korea – Korea Housing Finance Corporation
EUR 1bn – 0.010% Social Covered bonds
due 5 February 2025
France – Airbus Joint Global Coordinator
EUR2.5bn multi-part deal across 5yr, 8yr and 12yr. BNP January 2020
Paribas appointed Active Bookrunner
March 2020 China – Bank of China Limited
USD 2.82bn – PerpNC5 Basel III compliant Additional Tier 1
Offshore Preference Shares
UK – Unilever Joint Bookruner and Joint Lead Manager
€2bn 5yr and 10yr – In the middle of a challenging market February 2020
backdrop mainly due to the Covid-19 virus and little to no
recent supply. Active Bookrunner for the transaction which
reopened the EUR market India – Bharti Airtel Limited
March 2020 INR 144 bn QIP – Joint Book Running Lead Manager
USD 1 bn FCCB – Joint Global Coordinator and Joint
Bookrunner
January 2020

Rankings & « Awards » - 1Q20
Global Markets :
• N°1 All Bonds in Euros by volume and number of deal (Dealogic, Year to date1)
• N°1 All Global Green Bonds in Euros and n°2 European FIC DCM by volume (Dealogic, Year to date)
• “Lead Manager of the Year for Corporate Green Bonds” (Environmental Finance Awards 2020)
• “ABS Bank of the Year” and “Corporate Securitization and Financing House of the Year” (Global Capital, March 2020)
Securities Services :
• “Best Global Custodian in Asia Pacific” (Asia Asset Management Awards, January 2020)
Corporate Banking :
• N°1 EMEA Syndicated Loans Bookrunner by volume and number of deals (Dealogic, Year to date)
• N°1 European Corporate Investment Grade DCM by volume and number of deals (Dealogic, Year to date)
• N°1 in European Large Corporate Banking and N°1 in European Large Corporate Cash Management
(Greenwich Share Leaders, January 2020)
• Top 5 Asian Large Corporate Banking and Cash Management for the first time (Greenwich Share Leaders, 2020)
1. Year to date as of 17 April 2020

Corporate Centre - 1Q20
€m 1Q20 1Q19 4Q19
Revenues 126 37 -45
Operating Expenses and Dep. -114 -400 -529
Incl. Transformation, IT Reinforcement, Restructuring and Adaptation Costs -79 -206 -420
Gross Operating Income 12 -363 -574
Cost of Risk -13 -4 -60
Operating Income -1 -367 -634
Share of Earnings of Equity-Method Entities 18 24 14
Other Non Operating Items 381 623 62
Pre-Tax Income 398 280 -558
Revenues
• Revaluation of proprietary credit risk included in derivatives (DVA): +€70m
Operating Expenses
• Restructuring costs1: -€38m (-€38m in 1Q19)
• Additional adaptation costs – departure plans2: -€8m (€0m in 1Q19)
• IT reinforcement costs: -€34m (€0m in 1Q19)
• Transformation costs of the businesses: €0m in 1Q20 (-€168m in 1Q19)
Other non operating Items

• Capital gain on the sale of two buildings: +€381m
• 1Q19 reminder:
• Capital gain on the sale of 14.3% of SBI Life: +€838m in 1Q19
• Goodwill impairments: -€318m
1. Related in particular to the integration of Raiffeisen Bank Polska and the discontinuation or restructuring of certain businesses (in particular at CIB); 2. Related in particular to BancWest ,Wealth Management and CIB

GROUP RESULTS
DIVISION RESULTS
OUTLOOK 2020
APPENDIX
Number of Shares and Earnings per Share
Number of Shares
in millions 31-Mar-20 31-Dec-19

Number of Shares (end of period) 1,250 1,250
Number of Shares excluding Treasury Shares (end of period) 1,249 1,249
Average number of Shares outstanding excluding Treasury Shares 1,248 1,248
Earnings per Share
in millions 31-Mar-20 31-Mar-19

Average number of Shares outstanding excluding Treasury Shares 1,248 1,247
Net income attributable to equity holders 1,282 1,918
Remuneration net of tax of Undated Super Subordinated Notes -116 -100
Exchange rate effect on reimbursed Undated Super Subordinated Notes 0 0
Net income attributable to equity holders, after remuneration and exchange rate effect on Undated Super Subordinated Notes 1,166 1,818
Net Earnings per Share (EPS) in euros 0.93 1.46

Capital Ratios and Book Value Per Share
Capital Ratios
31-Mar-20 31-Dec-19
Total Capital Ratio (a) 15.5% 15.5%
Tier 1 Ratio (a) 13.4% 13.5%
Common equity Tier 1 ratio (a) 12.0% 12.1%
(a) CRD4, on risk-weighted assets of € 697 bn as at 31.03.20 and € 669 bn as at 31.12.19
Book value per Share
in millions of euros 31-Mar-20 31-Dec-19

Shareholders' Equity Group share 109,037 107,453 (1)
of which changes in assets and liabilities recognised directly in equity (valuation reserve) 970 2,145
of which Undated Super Subordinated Notes 10,296 8,689 (2)
of which remuneration net of tax payable to holders of Undated Super Subordinated Notes 65 90 (3)
Net Book Value (a) 98,676 98,674 (1)-(2)-(3)
Goodwill and intangibles 11,562 11,669
Tangible Net Book Value (a) 87,114 87,005
Number of Shares excluding Treasury Shares (end of period) in millions 1,249 1,249
Book Value per Share (euros) 79.0 79.0

of which book value per share excluding valuation reserve (euros) 78.2 77.3
Net Tangible Book Value per Share (euros) 69.7 69.7
(a) Excluding Undated Super Subordinated Notes and remuneration net of tax payable to holders of Undated Super Subordinated Notes

Return on Equity and Permanent Shareholders’ Equity
Calculation of Return on Equity
Net income Group share 1,282 8,173 (1)
Exceptional items (after tax) (a) 206 -242 (2)
of which exceptonal items (not annualised) 256 514 (3)
of IT reinforcement, adaptation and restructuring costs (annualised) -50 -756 (4)
Contribution to the Single Resolution Fund (SRF) and levies after tax -1,017 (5)
Net income Group share, not revaluated (exceptional items, contribution to SRF and taxes not annualised) (b) 7,611 8,173 (6)
Remuneration net of tax of Undated Super Subordinated Notes and exchange effect -475 -428
Impact of annualised IT reinforcement, adaptation and restructuring costs -200
Net income Group share used for the calculation of ROE/ROTE (c) 6,936 7,745
Average permanent shareholders' equity, not revaluated, used for the ROE calculation (d) 98,418 90,770
Return on Equity (ROE) 7.0% 8.5%
Average tangible permanent shareholders' equity, not revaluated, used for the ROTE calculation (e) 86,803 78,801
Return on Tangible Equity (ROTE) 8.0% 9.8%
(a) See slide 9; (b) Annualised net income Group share as at 31 March 2020, (6)=4*[(1)-(2)-(5)]+(3)+(5); (c) Annualised Group share as at 31.03.20; (d) Average Permanent shareholders' equity: average of beginning of the year and end of the
period, including notably annualised net income as at 31 March 2020 with exceptional items, contribution to SRF and taxes not annualised (Permanent Shareholders' equity = Shareholders' equity attributable to shareholders - changes in
assets and liabilities recognised directly in equity - Undated Super Subordinated Notes - remuneration net of tax payable to holders of Undated Super Subordinated Notes - dividend distribution assumption); (e) Average Tangible
permanent shareholders‘ equity: average of beginning of the year and end of the period, including notably annualised net income as at 31 March 2020 with exceptional items, contribution to SRF and taxes not annualised
(Tangible permanent shareholders' equity = permanent shareholders' equity - intangible assets - goodwill)
Permanent Shareholders’ Equity Group share, not revaluated

Net Book Value 98,676 98,674 (1)
of which changes in assets and liabilities recognised directly in equity (valuation reserve) 970 2,145 (2)
of which 2019 dividend not yet paid out 3,871 (3)
of which 2020 dividend distribution assumption 3,472 (4)
Annualisation of restated result (a) 6,279 (5)
Restatement of remuneration of Undated Super Subordinated Notes for the annualised calculation -206 (6)
Permanent shareholders' equity, not revaluated, used for the calculation of ROE (b) 100,307 92,658 (1)-(2)-(3)-(4)+(5)+(6)
Goodwill and intangibles 11,562 11,669
Tangible permanent shareholders' equity, not revaluated, used for the calculation of ROTE (b) 88,745 80,989
Average permanent shareholders' equity, not revaluated, used for the ROE calculation (c) 98,418 90,770
Average tangible permanent shareholders' equity, not revaluated, used for the ROTE calculation (d) 86,803 78,801
(a) 3* 1Q20 Net Income Group share excluding exceptional items but including IT reinforcement, adaptation and restructuring costs and excluding contribution to SRF and levies after tax; (b) Excluding Undated Super Subordinated Notes,
remuneration net of tax payable to holders of Undated Super Subordinated Notes and after dividend distribution assumption; (c) Average Permanent shareholders' equity: average of beginning of the year and end of the period, including
notably annualised net income as at 31 March 2020 with exceptional items, contribution to SRF and taxes not annualised (Permanent Shareholders' equity = Shareholders' equity attributable to shareholders - changes in assets and
liabilities recognised directly in equity - Undated Super Subordinated Notes - remuneration net of tax payable to holders of Undated Super Subordinated Notes - dividend distribution assumption); (d) Average Tangible permanent
shareholders‘ equity: average of beginning of the year and end of the period, including notably annualised net income as at 31 March 2020 with exceptional items, contribution to SRF and taxes not annualised
(Tangible permanent shareholders' equity = permanent shareholders' equity - intangible assets - goodwill)

A Solid Financial Structure
Doubtful loans/gross outstandings
31-Mar-20 31-Dec-19
Doubtful loans (a) / Loans (b) 2.1% 2.2%
(a) Impaired loans (stage 3) to customers and credit institutions, not netted of guarantees, including on-balance sheet and off-balance sheet and debt securities measured at amortized costs or at fair value
through shareholders' equity; (b) Gross outstanding loans to customers and credit institutions, on-balance sheet and off-balance sheet and including debt securities measured at amortized costs or at fair value
through shareholders' equity (excluding insurance)
Coverage ratio
€bn 31-Mar-20 31-Dec-19
Allowance for loan losses (a) 17.3 17.1
Doubtful loans (b) 23.7 23.1
Stage 3 coverage ratio 73.2% 74.0%
(a) Stage 3 provisions; (b) Impaired loans (stage 3) to customers and credit institutions, on-balance sheet and off-balance sheet, netted of guarantees received, including debt securities measured at amortized
costs or at fair value through shareholders' equity (excluding insurance)
Liquidity Coverage Ratio and Immediately available liquidity reserve

€bn 31-Mar-20 31-Dec-19
Liquidity Coverage Ratio 130% 125%
Immediately available liquidity reserve (a) 339 309
(a) Liquid market assets or eligible to central banks (counterbalancing capacity) taking into account prudential standards, notably US standards, minus intra-day payment systems needs

Ratio common equity Tier 1
Common equity Tier 1 ratio1
(Accounting capital to prudential capital reconciliation)
€bn 31-Mar-202 31-Dec-19

Consolidated Equity 113.5 111.8
Undated super subordinated notes -10.3 -8.7
2019 project of dividend distribution -3.9
2020 project of dividend distribution -0.6
3
Regulatory adjustments on equity -3.3 -2.0
Regulatory adjustments on minority interests -2.6 -2.6
Goodwill and intangible assets -11.3 -11.4
Deferred tax assets related to tax loss carry forwards -0.4 -0.4
Other regulatory adjustments -1.0 -1.0
4
Deduction of Irrevocable payments commitments -0.7 -0.6
Common Equity Tier One capital 83.3 81.2
Risk-weighted assets 697 669
Common Equity Tier 1 Ratio 12.0% 12.1%
1. CRD4; 2. In accordance with the transitional provisions relating to the introduction of IFRS 9 (Article 437a of Regulation (EU) No 2017/2395) and the Board of Directors’ decision of
2 April 2020 concerning the non-distribution of the 2019 dividend (ECB recommendation of 27 March 2020 - subject to the decision of the Annual General Meeting of 19 May 2020);
3. Including Prudent Valuation Adjustment and IFRS 9 transitional provisions; 4. New SSM general requirement

Medium/Long Term Wholesale Funding
2020 Programme
2020 MLT wholesale funding programme1: €35bn
2020 MLT regulatory issuance plan: €17bn

• Capital instruments: €4bn, €2.9bn already issued2
• AT1: $1.75bn issued on 18.02.20, Perp NC10 3, 4.50% s.a. coupon, equiv. mid-swap€+251 bps,
• Tier 2: €1bn issued on 08.01.20, 12NC74, at mid-swap+120 bps
• Non Preferred Senior debt: €13bn, €6.2bn already issued2

• $2bn (€1.8bn) issued on 06.01.20, 11NC10, US Treasuries+125 bps
• £850m (€1bn) 7.9Y issued on 07.01.20, UK Treasuries+130 bps
• AUD300m (€185m), issued on 10.01.20, 7.5Y fixed and floating rate notes dual tranche, 2.50% s.a. coupon /
3mBBSW +135 bps
• €1.25bn, issued on 12.02.20, 8NC7, mid-swap€+73 bps
• CHF180m (€169m) issued on 13.02.20, 8NC7, CHF mid-swap+67 bps
• €1.25bn, issued on 14.04.20, 9NC8, mid-swap€+135 bps
Other senior debt: €18bn
• Structured products (Preferred Senior): ~€15bn
• Secured funding and local wholesale funding: ~€3bn
Over 53% of the regulatory issuance plan realised as of 23 April 2020

1. Subject to market conditions, indicative amounts; 2. As of 23 April 2020;
3. Perpetual, callable on year 10, and every 5 year thereafter; 4. 12-year maturity, callable on year 7 only;

TLAC ratio: ~2% above the requirement
without the Preferred Senior allowance
TLAC
BNP Paribas TLAC ratio
TLAC requirement in 1Q20: 20.11% of RWA requirement
as at 31.03.20
in 1Q20
• Including capital conservation buffer, G-SIB buffer and
countercyclical capital buffer, decreased by 6bp vs end 2019
• TLAC requirement at 20.02% in 2Q20, mainly due to the removal Preferred
2.4%
of countercyclical capital buffer requirement in France Senior
0.11%
1.50% 6.5%
2.50%
TLAC requirement in 1Q20: 6% of leverage ratio
exposure
20.11% 22.0% 24.4%
16.00% 15.5%
BNP Paribas TLAC ratio as at 31.03.20201:
 22.0% of RWA : 2
 15.5% total capital as at 31 March 2020

 6.5% of Non Preferred Senior debt3 TLAC ratio excluding buffers Total capital ratio
Conservation buffer Non Preferred Senior debt3
 6.4% of leverage ratio exposure2 G-SIB buffer
Countercyclical buffer
1. In accordance with Regulation (EU) No. 575/2013 as amended by Regulation (EU) No. 2019/876, article 72ter paragraphs 3 and 4, some Preferred Senior debt instruments (amounting to EUR 17,188 million
as at 31 March 2020) are eligible within the limit of 2.5% of risk-weighted assets; 2. TLAC ratio reached 22.0% of RWA and 6.4% of leverage ratio exposure, without the above Preferred Senior allowance.
Should BNP Paribas use this option, the TLAC ratio would reach 24.4% of RWA and 7.2% of leverage ratio exposure; 3. Principal amount outstanding and other regulatory adjustments, including amortised
portion of Tier 2 instruments with residual maturity over 1 year

Distance to MDA restrictions
Reminder: Pillar 2 is composed of: Capital requirements in 1Q201
Countercyclical buffer P2R
 “Pillar 2 Requirement” (public), applicable to CET1, Tier 1 and
Total Capital ratios G-SIB buffer Pillar 1
Conservation buffer
 “Pillar 2 Guidance” (not public), not applicable for distributable
amount restrictions (MDA – Maximum Distributable Amount)
13.36%
Capital requirements as at 1Q201: 11.04% 0.11%
 CET1: 9.31% 9.31% 1.50%

0.11%
 Tier 1: 11.04%
0.11% 1.50% 2.50%
 Total Capital: 13.36%
1.50% 1.25%
2.50%
Distance as at 31.03.20 to Maximum Distributable 2.50% 0.94%

Amount restrictions2 equal to the lowest of the 3 0.70%
calculated amounts: €15.1bn 8.00%
6.00%
4.50%
CET1 Tier 1 Total Capital

Ratio
BNP Paribas Capital ratios as of 31.03.20 12.0% 13.4% 15.5%
Distance3 as of 31.03.20 to Maximum Distributable 260 bp 240 bp 220 bp

Amount restrictions2 €18.4bn €16.7bn €15.1bn
1. Including a countercyclical capital buffer of 11bps; 2. As defined by the Art. 141 of CRD4; 3. Calculated on the basis of RWA (€697bn) as of 31.03.20

Variation in the Cost of Risk by Business Unit (1/2)
Cost of risk/Customer loans at the beginning of the period
(in annualised bp)
2017 2018 1TQ9 2Q19 3Q19 4Q19 2019 1Q20

1
Domestic Markets
Loan outstandings as of the beg. of the quarter (€bn) 362.3 401.3 411.0 412.6 416.4 416.1 414.0 422.1
Cost of risk (€m) 1,356 1,046 307 214 245 254 1,021 313
Cost of risk (in annualised bp) 37 26 30 21 24 24 25 30
1
FRB
Cost of risk (€m) 331 288 72 83 75 98 329 101
1
BNL bc
Cost of risk (€m) 871 592 165 107 109 109 490 120
BRB1
Cost of risk (€m) 65 43 34 -3 20 5 55 54
Cost of risk (in annualised bp) 6 4 12 -1 7 2 5 18
1. With Private Banking at 100%

Variation in the Cost of Risk by Business Unit (2/2)
Cost of risk/Customer loans at the beginning of the period
(in annualised bp)
2017 2018 1T19 2T19 3T19 4T19 2019 1T20
BancWest1
Cost of risk (€m) 111 70 18 2 43 84 148 62
Europe-Mediterranean 1
Cost of risk (€m) 259 308 77 97 112 113 399 86
Personal Finance
Cost of risk (€m) 1,009 1,186 329 289 366 370 1,354 582
CIB - Corporate Banking
Cost of risk (€m) 70 31 35 21 88 80 223 201
Group 2
Cost of risk (€m) 2,907 2,764 769 621 847 966 3,203 1,426
1. With Private Banking at 100%;
2. Including cost of risk of market activities, International Financial Services and Corporate Centre

Risk-Weighted Assets
Risk-Weighted Assets1 : €697bn as at 31.03.20 (€669bn as at 31.12.19)
bn€ 31.03.20 31.12.19
Credit risk2 531 524

Operational Risk 69 69
Counterparty Risk 41 30
Market / Foreign exchange Risk 26 19
Securitisation positions in the banking book 14 11
Others3 16 16
Basel 3 RWA1 697 669
1. CRD4; 2. Impact of the risk-weighted assets related to Insurance Risk : €27.8Bn for 4Q19 and €24.3Bn for 1Q20 ;3. Including the DTAs and significant investments in entities in the financial sector subject to 250% weighting;

Risk-Weighted Assets by Business
Basel 31 risk-weighted assets by business as 31.03.2020
Other Activities: 4%
FRB: 14%
Global Markets & Securities

Services: 14%
BNL bc: 7%
BRB: 7%
Corporate Banking: 18%
Other Domestic Markets2: 6%
Insurance & WAM: 6% Personal Finance:

10%
BancWest: 7% Retail Banking &
Europe-Mediterranean: 7% Services: 64%
1. CDR 4; 2. Including Luxembourg

First Quarter 2020 RESULTS

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First Quarter 2020 RESULTS

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FIRST QUARTER

First quarter 2020 results | 2

In response to the Covid-19 epidemic, implementation of public health measures in many

Major economic and social repercussions

First quarter 2020 results | 3

Prompt adaptation to safeguard Exceptional mobilisation of Over €50m emergency donations in 35

First quarter 2020 results | 4

First quarter 2020 results | 6

Significant decrease in operating expenses

Increase in the cost of risk related to the 67 bp2

Very solid balance sheet CET1 ratio: 12.0%

First quarter 2020 results | 7

Revenues €10,888m €11,144m -2.3% +2.8% €11,456m

Operating expenses -€8,157m -€8,449m -3.5%

Op expenses excl. taxes subject to IFRIC 212 -4.4%

Gross operating income €2,731m €2,695m +1.3%

Cost of risk -€1,426m - €769m +85.4% +20,2% -€924m

Operating income €1,305m €1,926m -32.2%

Non operating items €490m €757m -35.2%

Pre-tax income €1,795m €2,683m -33.1%

Net income, Group share €1,282m €1,918m -33.2% +6.7% €2,047m

Return on tangible equity (ROTE)3: 8.0%

First quarter 2020 results | 8

Exceptional items 1Q20 1Q19

Total exceptional operating expenses -€79m -€206m

Other non-operating items

Total exceptional other non-operating items +€381m +€520m

Total exceptional items (pre-tax) +€302m +€314m

Total exceptional items (after tax)3 +€206m +€330m

First quarter 2020 results | 9

-1.2% -5.4% -1.9%

 Negligible foreign exchange effect this quarter

First quarter 2020 results | 10

First quarter 2020 results | 11

 Including an ex-ante sector component based on a review of several sensitive sectors:

First quarter 2020 results | 12

2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20

CIB - Corporate Banking

2016 2017 2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20

First quarter 2020 results | 13

FRB • Cost of risk: €101m

BNL bc • Cost of risk: €120m

First quarter 2020 results | 14

Europe-Mediterranean • Cost of risk: €86m

110 110 • Moderate increase in the cost of risk vs. 1Q19,

BancWest • Cost of risk: €62m

First quarter 2020 results | 15

Leverage ratio4: 3.9% as at 31.03.20

Immediately available liquidity reserve: €339bn5

First quarter 2020 results | 16

CAGR 2008-1Q20: 79.0 79.0

1. As defined in CRD4 article 141 , see slide 80

First quarter 2020 results | 17

Continued operational implementation of a stronger compliance culture

Remediation plan agreed as part of the June 2014 comprehensive settlement

First quarter 2020 results | 18

1Q20 DETAILED RESULTS

First quarter 2020 results | 20

Revenues5: €1,524m Operating expenses5: €1,166m Pre-tax income6: €222m