2020 Universal registration document and annual financial report - BNP PARIBAS 255

4Consolidated finanCial statements for the year ended 31 deCemBer 2020

4

Notes to the financial statements

➤ INTERNAL RESTRUCTURING THAT LED TO A CHANGE IN MINORITY SHAREHOLDERS INTEREST IN THE EQUITY OF SUBSIDIARIES

No significant internal restructuring operation occurred in 2020, nor in 2019.

➤ ACQUISITIONS OF ADDITIONAL INTERESTS AND PARTIAL SALES OF INTERESTS LEADING TO CHANGES IN MINORITY INTERESTS IN THE EQUITY OF SUBSIDIARIES

In millions of euros

Year to 31 Dec. 2020 Year to 31 Dec. 2019

Attributable to shareholders

Minority interests

Attributable to shareholders

Minority interests

BNP Paribas 3 Step IT (ex Arius)

Partial disposal, reducing the Group s share to 51% 16 4

Cardif Life Insurance Japan

Sale of 25% of the shares of Cardif Life Insurance Japan in the framework of entities restructuring in Japan 2 (2)

Other (1) 1 (1)

TOTAL (1) 1 18 1

Commitments to repurchase minority shareholders interests

In connection with the acquisition of certain entities, the Group granted minority shareholders put options on their holdings.

The total value of these commitments, which are recorded as a reduction in shareholders equity, amounts to EUR 500 million at 31 December 2020, compared with EUR 556 million at 31 December 2019.

7.e SIGNIFICANT RESTRICTIONS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

Significant restrictions related to the ability of entities to transfer cash to the Group

The ability of entities to pay dividends or to repay loans and advances depends, inter alia, on local regulatory requirements for capitalisation and legal reserves, as well as the entities financial and operating performance. During 2020, Group banking entities submitted to the single supervisory mechanism and some insurance entities of the Group have been obliged by restrictions, brought by their regulator, on 2019 dividend payments. During 2019, no BNP Paribas Group entity was subject to significant restrictions other than those related to regulatory requirements.

Significant restrictions relative to the Group s ability to use the assets lodged in consolidated structured entities

Access to the assets of consolidated structured entities in which third- party investors have invested is limited inasmuch as these entities assets are reserved for the holders of units or securities. These assets

total EUR 35 billion as at 31 December 2020 (EUR 38 billion as at 31 December 2019).

Significant restrictions related to the Group s ability to use assets pledged as collateral or under repurchase agreements

The financial instruments pledged by the BNP Paribas Group as collateral or under repurchase agreements are presented in notes 4.r and 5.d.

Significant restrictions related to liquidity reserves

Significant restrictions related to liquidity reserves correspond to the mandatory deposits placed with central banks presented in chapter 5 of the Universal Registration Document under Liquidity risk .

Assets representative of unit-linked insurance contracts

Financial assets representative of unit-linked insurance contracts designated as at fair value through profit or loss, which amount to EUR 73 billion as at 31 December 2020 (compared with EUR 71 billion as at 31 December 2019), are held for the benefit of the holders of these contracts.