Section 172(1) Statements

BNP Paribas Trust Corporation UK Limited

Statement by the Directors in relation to Performance of their Statutory Duties in accordance with Section 172(1) Companies Act 2006

Section 172 of the Companies Act 2006 (the “Act”) requires Directors to take into consideration the interests of stakeholders in their decision-making having regard to the matters set out in Section 172(1)(a)-(f) of the Act. The following section sets out how the Directors have engaged with the Company’s stakeholders during the year.

The Company is wholly owned by BNP Paribas S.A, and the Directors consider the impact of the Company’s activities on its parent. Any decisions taken will be aligned to the strategy and standards of the Group and be made in the best interests of all stakeholders. Impacts of any decisions will be determined through ongoing risk assessment conducted with all relevant stakeholders. Details of the key decisions taking place during the year under review are explained on page 3 in relation to the Company’s strategy to focus on the provision of Depository services to unauthorised UK domiciled funds and to transfer this activity and the Facilities Agency activity to BNP Paribas S.A. and to transfer the Authorised funds Depositary book of business to client-nominated third parties.

The Company has no employees, however, as a subsidiary Company within the Group, the Directors consider the impact of the Company’s activities on its shareholder, its subsidiaries, the BNP Paribas businesses that have an interest in the Company’s investments, its clients and other stakeholders. The Company’s stakeholders are consulted routinely on a wide range of matters including investment strategy, governance of its subsidiaries and compliance with Group policies, corporate governance matters and operational matters, to ensure that the Company operates at high standards of business conduct and governance in line with the Group.

The Company engages with its shareholder on an ad hoc basis on requests for additional capital distributions or funding. The Directors assess such requests in light of the Company’s minimum capital requirements to maintain profitability in the long-term.

The Board of Directors adhere to an established Corporate Governance Framework to support the Board’s aim of achieving the long-term success of the Company and sustainable value for its shareholder.

The Directors continued to provide oversight governance of its subsidiaries to ensure that they comply with the Group’s policies and maintain high standards of business conduct. Updates regarding the activities of the subsidiaries are provided via the DFS Operating Committee as and when relevant.

The Board engages with the London Branch on various matters including governance.

BNP PUK Holding Limited

Statement by the Directors in relation to Performance of their Statutory Duties in accordance with Section 172(1) Companies Act 2006

Section 172 of the Companies Act 2006 (“the Act”) requires directors to take into consideration the interests of stakeholders in their decision-making having regard to the matters set out in Section 172(1)(a)-(f) of the Act. The following section sets out how the Directors have engaged with the Company’s stakeholders during the year.

The Company has no employees, however, as a subsidiary holding company within the BNP Paribas Group (“the Group”), the Directors consider the impact of the Company’s activities on its shareholder, its subsidiaries, the BNP Paribas businesses that have an interest in the Company’s investments and other stakeholders. The Company’s stakeholders are consulted routinely on a wide range of matters including funding decisions, investment strategy, governance of its subsidiaries and compliance with Group policies with the aim of maximising investment returns for the benefit of its shareholder and ensuring that its subsidiaries maintain high standards of business conduct and governance.

Key Strategic Decisions in 2023

For each matter that comes before the Board, the Board considers the likely consequences of any decision in the long-term, identifies stakeholders that may be affected and carefully considers their interests and potential impact of the decision-making process.

The Board approved an interim dividend of £2.66 million (2022: £1.10 million) which was paid on 28th June 2023 to its parent company BNP Paribas. The Directors considered all relevant matters set out under the Companies Act 2006 concerning the payment of dividends including reviewing the Company’s distributable reserves and its ability to pay its debts as they fall due having regards to the entirety of the Company’s business and the actual and contingent liabilities.

The Company engages with its shareholder and subsidiaries on an ad hoc basis on requests for additional capital distributions or funding. The Directors assess such requests in light of the Company’s minimum capital requirements to maintain profitability in the long term.

The performance of the Company’s investments and subsidiaries are monitored periodically with executives from the BNP Paribas businesses that have an interest in and are responsible for managing such investments. The Board have fully considered and supported the Company’s subsidiary, BNP Paribas Net Limited, and the proposed transfer of activities in order to support the wider Group strategy and the telecom provision to Group entities, and the subsequent winding up of the entity.

The Board carefully considers the Company’s investments in light of its Corporate and Social Responsibility (“CSR”) and Code of Conduct to ensure alignment with the wider Group CSR and Code of Conduct strategies.

The Company and the Group continues to be committed to its strong ambition and maintains high standards in social and environmental issues, ethical responsibility and promoting diversity and inclusion and ensures the Company aligns with the wider Group commitments and initiatives.

The Board of Directors adhere to an established Corporate Governance framework to support the Board’s aim of achieving the long-term success of the Company and sustainable value for its shareholder.

The Directors continued to provide oversight governance of the Company’s subsidiaries to ensure that they comply with the Group’s policies and maintain high standards of business conduct. Regular updates are provided to the Directors the activities of the subsidiaries and investments.

BNP Paribas NET Limited

Statement by the Directors in relation to Performance of their Statutory Duties in accordance with Section 172(1) Companies Act 2006

Section 172 of the Companies Act 2006 (“the Act”) requires Directors to take into consideration the interests of stakeholders in their decision-making having regard to the matters set out in Section 172(1)(a)-(f) of the Act. The following section sets out how the Directors have engaged with the Company’s stakeholders during the year.

The Company provides services to the Group’s subsidiaries and has no employees. As a wholly-owned subsidiary within the Group, the Directors consider the impact of the Company’s activities on its immediate parent, its Group subsidiary clients, and its suppliers, being the Company’s principal stakeholders. The Directors fully considered the Group’s proposal to transfer the Company’s activities to another Group entity, and the impact that it would have on its stakeholders.

In considering the Company’s approach to risk, during the year the Board have taken positive steps to review the Company’s risk profile. As a result, the oversight of the Company’s internal controls have been enhanced and strengthened to provide assurance that the Company’s operations align more closely to the Group’s policies and procedures.

The Board has set the Company’s values and standards in line with those set by the Group and ensuring that obligations to the shareholders and other stakeholders are met. The Company’s stakeholders are consulted routinely on a wide range of matters including funding decisions, delivery of the Group’s strategy, compliance with Group policies, corporate governance matters and operational matters in relation to the delivery of the Company’s services, to ensure that it provides the appropriate level of service to its clients and that the Company operates high standards of business conduct and governance.

HAREWOOD HELENA 1 LIMITED

Statement by the Directors in relation to Performance of their Statutory Duties in accordance with Section 172(1) Companies Act 2006

The Company is wholly-owned by BNP Paribas S.A., and the Directors consider the impact of the Company’s activities on its immediate parent. Any decisions taken will be aligned to the strategy and standards of the BNP Paribas Group (the “Group”) and be made in the best interests of all stakeholders. Impacts of any decisions will be determined through ongoing risk assessment conducted with all relevant stakeholders.

The Company’s stakeholders are consulted routinely on a wide range of matters including funding decisions, delivery of the Group’s strategy, compliance with Group policies, corporate governance matters and operational matters, to ensure that the Company operates at high standards of business conduct and governance in line with the Group.

The Company has no employees or customers. The Company has intra-group suppliers and recognises the importance of building strong relationships with its suppliers. The Board ensures it has visibility over these key relationships and takes these into account when making decisions. The Company believes that the behaviour of suppliers must adhere to the Group’s commitments on environmental, social and governance issues.

The Company seeks to be a contributor to responsible and sustainable global development. Its ambition is to have a positive impact on its stakeholders and on the wider society. The Company strives to mitigate potential violation of social or environmental rights, including human rights, from its financing and investment activities.

The Board continue to provide the highest standards of governance to ensure that they comply with the Group’s policies and maintain high standards of business conduct.

The Board engages with its immediate parent company on various matters including governance.

HAREWOOD HELENA 2 LIMITED

Statement by the Directors in relation to Performance of their Statutory Duties in accordance with Section 172(1) Companies Act 2006

The Company is wholly-owned by Cardif Assurance Vie, and the Directors consider the impact of the Company’s activities on its immediate parent. Any decisions taken will be aligned to the strategy and standards of the BNP Paribas Group (the “Group”) and be made in the best interests of all stakeholders. Impacts of any decisions will be determined through ongoing risk assessment conducted with all relevant stakeholders.

The Board continues to provide the highest standards of governance to ensure that they comply with the Group’s policies and maintain high standards of business conduct.

The Board engages with its immediate parent company on various matters including governance.

Cardif Insurance Holdings PLC

SECTION 172 STATEMENT

The following disclosures describe how the Directors have had regard to the matters set out in section 172(1) (a) to (f) and forms the Directors’ statement required under section 414CZA of the Companies Act 2006.

A copy of this statement is available on the BNP Paribas company website, Section 172(1) Statements – BNP Paribas United Kingdom.

The Company has no customers, workforce or suppliers of its own. As a subsidiary holding Company within the BNP Paribas Group, the Directors consider the impact of the Company on its shareholder, the BNP Paribas businesses that have an interest in the Company’s investment and its investee company.

The following paragraphs sets out why and how the Board engaged with its stakeholders during 2023.

Shareholder

Why the Board engages

The Company supports the business strategy of its shareholder by creating value by generating sustainable results and by protecting brand value and reputation with partners, customers and regulators.

How the Board engages

The Directors consult its shareholder routinely on a wide range of issues including funding strategies and investments. The Board monitors the progress and performance of its investment in Pinnacle Pet Holdings Limited (“PPH”) with the view to creating value and sustainable results for the Company and its shareholder.

The Board considers the likely consequences of any decisions in the long-term identifying stakeholders that may be affected, considering their interests and potential impact. In 2023 the Board approved a capital infusion from its parent company to fund an additional investment in PPH. The increased investment provided additional capital to support the growth of the business. The Directors considered the reputational risk of the Company’s shareholder in their decision-making and closely monitor developments in the PPH business. The Directors regularly liaise with the Shareholder’s representatives on the PPH Board and in jointly held committees on Governance, Risk and Compliance such as the Risk and Audit Committee. The Company’s Directors also hold regular meetings with the Shareholder on financial, strategic, customer-related and regulatory topics on the PPH group to help understand and take into consideration its perspectives.

Investee Company

Why the Board engages

The Directors provide support to PPH Group initiatives in the development of its business activities.

How the Board engages

The Company has a director representative on the board of PPH who receives routine reports on PPH’s activities and customer related matters. The Director representative keeps the Board informed on developments within the PPH business, performance and key risks.

In August 2023 the Company issued an additional 3,604,589 (ordinary shares of £1 each) for £54.79 to the Company’s main shareholder, BNP Paribas Cardif increasing its share capital by £201m. The transaction concluded in August 2023. This capital infusion was largely to support the capital requirement of PPH, the Company’s investee company, which arose due to a series of acquisitions conducted by PPH to grow its business as part of its inorganic growth strategy.

Subsequently, the Company increased its investment in PPH Group through the acquisition of shares in August 2023 to bring its holding in PPH to 24.74% (from 30% in prior period).

Streamlined Energy and Carbon Reporting (SECR) disclosure

As the Company has not consumed more than 40,000 kWh of energy in the year it qualifies as a low energy user under SI 2018/1155 and is not required to report on its emissions, energy consumption or energy efficiency activities.