Investor Presentation

November 2023
Disclaimer

This presentation and the information contained therein (herein referred to as the “Document”) have been prepared by Banque
Internationale à Luxembourg S.A. (herein referred to as “BIL”), a Luxembourg bank licensed and supervised by the CSSF (the Luxembourg
Commission de Surveillance du Secteur Financier) and the ECB (European Central Bank). It has been produced for information purposes
only and may not be complete. This Document cannot be construed as investment advice as it has been prepared without regard to the
individual financial and other circumstances of persons who receive it.
This Document does not constitute an offer to sell or the solicitation to buy any securities issued by BIL or any entity of the BIL group and
does not constitute a public offer under any applicable legislation. In particular, this Document is not an offer to sell or the solicitation of an
offer to purchase securities in the United States. Securities may not be sold in the United States absent registration or an exemption from
registration under the U.S. Securities Act of 1933, as amended.
This Document may include future expectation and/or forward-looking statements and assumptions related to the possible evolutions of
business environment. By their very nature, statements contained in this Document involve inherent risks and uncertainties, both general
and specific, and risks exist that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution
readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ
materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such statements. Such
important factors may include, but are not limited to, general economic conditions, general competitive factors, changes in the availability
or costs of liquidity, general market conditions, changes in laws and regulations (including accounting principles), changes in the policies of
regulatory authorities, changes in interest rates and/or exchange rates, and other factors not specified herein. In any event, such forward-
looking statements speak only as of the date on which they are made, and BIL does not undertake any obligation to update or revise such
statements as a result of new information, future events or otherwise.
BIL makes every effort to ensure the contents of this Document have been compiled from sources believed reliable. All opinions, estimates
and projections contained in this Document are those of BIL as of the date hereof and are subject to change without notice. BIL or any
other entity of BIL’s Group is not liable for any damages that may result from any inaccuracy or incompleteness in/of this information. BIL
or any other affiliate of BIL is not liable for any investment decisions of whatever nature, which are in any way based on this Document by
the user thereof. This Document or any part of it may not be reproduced, distributed or published without the prior written consent of BIL.

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Agenda

1 Overview 4

2 Financial Performance 15

3 Asset Quality 18

4 Solvency and Liquidity 22

5 Sustainability Strategy 26

6 Green Bond Framework 30

7 Recent Developments 35

8 Key takeaways 39

9 Appendix 41

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Overview
 Leading franchise in a AAA rated country with stable and resilient economy

Unique business model by integrating corporate business and lending capability with wealth
management business across markets

Attractive revenue mix with significant contribution from recurring fee business from
international wealth management business

Strong focus on responsible and sustainable business considering all stakeholders

Robust balance sheet with strong asset quality, sound capitalisation with significant organic
capital generation and resilient funding base

Best-in-class financial profile with profitable growth and targeted diversification of revenue
sources through the development of international markets

Highly experienced management team supported by blue chip shareholders

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Overview
A leading bank in the Luxembourg economy
Key Information Operating Segments Core Operating Revenues
• Founded in 1856, BIL is the oldest multi-business and #1 independent bank in Luxembourg with • Luxembourg Market & CIB segment
local market shares of 15.4% in lending and 12.1% in deposits1
comprises Retail, WM Luxembourg
• >150 years of experience and systemic importance in Luxembourg and Corporate and Institutional
• The Group has also dedicated wealth management offices in Switzerland and China as Banking in Luxembourg as well as the 31%
well as trading floors in Luxembourg and Zurich international dimension of the
Corporate and Institutional Banking
• Operates under 2 business segments: (i) Luxembourg Market & CIB and (ii) Wealth Management €589m
• Reputation for operational excellence among professionals and entrepreneurial mindset • Wealth Management comprises 69%
• Holding financial participations in major national companies: (i) 13.14% stake in Luxair and (ii) 10% Wealth Management International
stake in Luxembourg Stock Exchange activities for international cross-border
• Strong shareholder backing by Legend Holdings and the Grand Duchy of Luxembourg clients

Leading Independent Bank in Luxembourg Key Financials as at Year End 2022

€43.5bn €21.0bn €16.5bn

#3 #2 #3 #3 #3 AuM Deposits Loans

Retail² SME³ & Private Public Institutional

Corporate €645m €153m 14.03%
Revenues Net profit CET1 Ratio

(1): Information based on BCL volumes as of December 2022. Local market share in lending from (2): TNS Ilres banking market survey for retail clients 2022 – market share 13.1%
15.8% (Dec. 2021) to 15.4% (Dec. 2022) and deposits from 12.6% (Dec. 2021) to 12.1% (Dec. 2022)
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(3): TNS Luxembourg banking survey 2022 for SMEs and Corporate clients – market share 23%
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Overview
Key milestones of the oldest bank in Luxembourg

BIL was underwriter of

1856

1963

1970

1985

2012
Banque Internationale à BIL is one of the founding The Bank Precision Capital and
Luxembourg, the first public the first Euro bond listed members of CEDEL, which grew to commenced its The Grand Duchy of
limited bank in the country, on the Luxembourg become the clearing firm private banking Luxembourg bought
undertook its first issues of Stock Exchange Clearstream International activities in BIL from Dexia
banknotes Switzerland

Merger of the private banking Legend Holdings acquired BIL opened the The bank acquired BIL
2015

2018

2019

2020
business of KBL (Switzerland) Precision Capital’s stake Representative Office Wealth Management Ltd.
into BIL Switzerland in BIL in Beijing, China Hong Kong SAR, China

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Overview
Broad product and financial services offering

Retail Banking Corporate & Institutional Banking Wealth Management

One of the top Luxembourg retail banks, One of the top Luxembourg banks for Wealth Management activities for
delivering high value added to clients companies of all sizes, financial Luxembourg-based clients, as well as for
institutions and the public sector international cross-border clients
Providing clients with daily banking
services, as well as investment and Booking centres in Luxembourg and
lending services Comprehensive range of services and Switzerland, and asset management in
advice, with tailor-made and flexible Hong Kong
Omni-channel delivery model combining financing solutions and corporate finance
high value-added human interactions offering in Luxembourg and Switzerland Trusted advisor delivering high value-
with a digital and remote support added investment services and lending
Competitive time-to-market enabled by a facilities to clients with an
rapid and local decision making process entrepreneurial background

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Overview
Global presence

BIL’s Outlook

As part of the Energise Create Together 2025 strategy, throughout 2022,

BIL continued to pursue the development of international markets to
drive future growth, especially the Chinese market which is key to
diversifying our revenue sources
Luxembourg Switzerland China

1 Leverage on cross-border capacity in Luxembourg, Switzerland and

• Luxembourg Market & CIB • Private Banking activities • Rep. Office in Beijing Hong Kong SAR, China, BIL serves Chinese entrepreneurs by
(Retail, WM Luxembourg conducting market research offering them various tailor-made services
• #1 destination for
and Corporate and and promoting the BIL brand
international wealth 2 With the establishment of a representative office in Beijing China,
Institutional Banking), in the Chinese market
management with an coupled with the synergies with Legend Holdings, BIL has started
Wealth Management
increasing exposure to high- • BIL Wealth Management to promote its branding in China
International and Financial
growth geographies Ltd. in Hong Kong SAR,
Markets
China specialising in Building on its increased presence in Hong Kong SAR, China, BIL
• Niche private bank with 3
• BIL Manage Invest (BMI) securities dealing, advisory has started to reinforce its Group Investment offerings by building
offices in Zurich, Geneva,
and discretionary services expertise in Chinese capital markets, to meet the rising demands
• Belair House, multi-family Lugano
office of European investors looking for investment opportunities in
• Corporate Banking services China
• BIL Lease, financial leasing
solutions

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Overview
Well-defined strategy

3 Pillars Underlying The Plan BIL’s Ambitions

Core operating profit In May 2021, BIL updated its five-year strategic plan “ Energise Create Together 2025” including 5 key levers to become
EUR 127m¹ the best bank for Entrepreneurs in Luxembourg. A revision in H2 2022 confirmed this strategic direction

Develop a unique positioning Build on our ability to deliver an unmatched business model at the intersection of Retail Banking,
in the Luxembourg market CIB and Private Banking to be the best bank for Entrepreneurs in Luxembourg

Become a leading bank for European clients wanting to invest in China, and Chinese clients
Develop China business wanting to invest in Europe, on a step-by-step basis

Bring Wealth Management back to its 2017 levels of revenues and profitability by 2023 thanks to a
Wealth Management
Core cost-Income Ratio Return on Tangible Equity fundamental turnaround and growth of our Entrepreneur client base mainly in Luxembourg and
as growth engine the strategic plan in Switzerland
76%¹ 8.5%¹

Deliver a new Core Banking

Deliver a future-proof core banking system to act as backbone for BIL’s transformation
The three pillars will drive BIL’s System
long term profitability

Energise Create Together 2025 Design and implement a new Adapt BIL’s operating model and culture to create a robust, future-proof and dynamic bank ready
Target Operating Model to face the future with serenity

(1): Figures end of December 2022

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Overview
Strong shareholder backing by Legend Holdings as majority owner
Legend Holdings Overview BIL Acquisition Overview
▪ On 2 July 2018, Legend Holdings Corp. closed the transaction for the acquisition of
Strong Entrepreneurial Background…
Precision Capital’s 89.936% stake in BIL1
▪ Legend Holdings is a industrial operations and investments group headquartered ▪ The Grand Duchy of Luxembourg remains an important shareholder in BIL with its 9.998%
in Beijing, China, and listed on the Hong Kong Stock Exchange since June 2015 stake
▪ As at 31 December 2022, Legend Holdings had assets of EUR 92.63 billion2, ▪ Legend Holdings considers BIL as a long-term strategic investment and intends to maintain
annual revenues of EUR 68.34 billion3 and over 100,000 employees worldwide. and invest further in the development of the BIL brand, in Luxembourg, Switzerland and
▪ Legend was founded in 1984 and developed Lenovo into a global leader following China
Lenovo’s acquisition of IBM’s global PC business in 2004 ▪ As at December 2022, Legend Holdings Corp. holds 89.980% stake in BIL⁴ and the Grand
▪ Legend Holdings has over a 35-year history of continued growth and expansion Duchy of Luxembourg holds 9.998% stake.
and is rated AAA in China (United Credit Ratings Company Limited)
➢ Profitable business: BIL’s ➢ Long-term investment
asset scale, profit and horizon and capital support
… With an Investment Portfolio with Sustainable Long-Term Growth revenue growth potential
and business stability ➢ Access to China: business
opportunities for BIL with
➢ BIL’s long history and deep Legend offers Chinese companies and
Industrial Industrial Incubations and Investments
roots in Luxembourg advantages as individuals overseas
Operations Rationale a shareholder
Listed Company ➢ A well-run bank with a for Legend’s ➢ Potential business synergies
diversified business mix strategic with other companies in
Fund Management and a focused, long-term Investment Legend’s portfolio
Company strategy in BIL
➢ Experience and network in
➢ A well-capitalised bank artificial intelligence,
Non-listed Company with strong corporate internet, big data and
governance and risk financial technology
management

(1): Please refer to BIL press release dated 2 July 2018 : “Legend Holdings receives regulatory approval for the acquisition of Banque Internationale à Luxembourg” (3): Based on 2022 average EUR/CNY of 0.1413
(4): After capital increase on 16 December 2019 of EUR 58 million
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(2): Based on EUR/CNY of 0.136 as at 30 December 2022

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Overview
2022 key figures¹

Assets Under Management Deposits Loans

43.5 EUR billion

-5.3% compared with Dec 2021
21.0 EUR billion
+1.7% compared with Dec 2021
16.5 EUR billion
+0.8% compared with Dec 2021

#3
in Luxembourg
2,000
Employees
91%
of active clients have BILnet and have
119
Automated
Market share (BIL Group) logged in over the past six months teller machines

Net Profit BIL Group Total Balance Sheet BIL Group Common Equity Tier 1

153 EUR million after tax

+13% compared with Dec 2021
32.4 EUR billion
-0.1% compared with Dec 2021
14.03%
CET1 2022 after profit allocation

(1): Please refer to the 2022 Annual Report on www.bil.com

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Overview
Luxembourg Market & CIB

Wealth Management Intl.

2022 business segments’ breakdown

Assets under Management Deposits

26%
37%
EUR EUR
43.5 bn 63% 21.0 bn

74%

Loans1 Core operating revenues

14%

31%
EUR
EUR
589
17.0 bn 86%
million 69%

(1): To match with 2022 Balance Sheet figures (cf. slides 12 and 17), please note that this figure is limited to the commercial business lines excluding impairments on loans.
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 Until 2020
Retail Banking

Overview Corporate Banking

Private Banking
Luxembourg Market & CIB
Wealth Management Intl.

Steady growth
Assets under Management (in EUR billion) Deposits (in EUR billion) Loans¹ (in EUR billion)

+23%
+21%
+10%

20.7 21.0 16.8 17.0

45.9 19.8 19.8 15.9 15.9
43.5 43.7 43.7 43.5 18.9 15.3
39.5 17.3 13.8 2.6 2.4
4.9 5.4 2.5 2.5
5.1 5.1 2.7
17.4 16.1 6 2.5
17.7 17.7 5.7
21.4
19.3 6.2
6.2
7.7 5.6
6.6 14.6
5.8 13.4 14.2
14.6 14.7 15.8 15.6
10.5 11.5
26 28.5 27.4
6.4 7.2
6.3 7 5.7
11.4 5.8
9.7 10.6

Dec-18 Dec-19 Dec-20 Dec-20- Dec-21 Dec-22 Dec-18 Dec-19 Dec-20 Dec-20- Dec-2021 Dec-2022 Dec-18 Dec-19 Dec-20 Dec-20- Dec-21 Dec-22
proforma proforma proforma

EUR -2.4 billion EUR 0.3 billion EUR 0.2 billion

Organic growth EUR +0.9 billion, of deposits increase of loans increase
negative market effect EUR -3.3 billion

(1): To match with 2022 Balance Sheet figures (c.f. slides 12 and 17) , please note that this figure is limited to the commercial business lines excluding impairments on loans
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Financial Performance
Financial Performance
2022 Income Statement
Income Statement – Global view (in EUR million) Income Statement – Focus on core operating net income before tax (in EUR million)

Income Statement 2021 2022 Income Statement 2021 2022 Change

Revenues 632 645 Core operating revenues 553 599 46 8%

Interests and dividend income 291 363 Luxembourg Market & CIB 379 407 28 7%
Fee income 231 224
Wealth Management International 169 182 13 8%
Other income 109 57
Financial Markets 26 43 17 68%
Expenses (442) (460)
Group center (21) (33) (12) 61%
Gross operating income 190 185
Cost of Risk (38) (19) Core operating expenses (425) (455) (30) 7%

Operating income 152 165 Core operating cost of risk (38) (17) 22 (57%)
Net income from associates 2 0 Net income from associates 2 0 (2) ns.
Net income before tax 154 165
Core operating net income before tax 92 127 35 38%
Tax (24) (12)
Core cost-income ratio 76.8% 76.0%
Discontinued operations (net of tax) 5 0
➢ BIL group reported a net income after tax of EUR 153 million, compared to EUR 135 million in 2021 up by
Net income after tax 135 153 13%. This stems primarily from resilient revenues from commercial activities and a significant improvement
of the cost of risk.
Cost-income ratio 70.0% 71.3% ➢ BIL group’s core operating net income before tax (excluding non-recurring items) reached EUR 127 million
compared with EUR 92 million in 2021, up by 38%. This evolution was marked by a positive contribution of
core operating revenues of EUR 46 million, the core operating cost of risk decrease by EUR 22 million
compared to 2021 and a negative contribution of the core operating expenses of EUR 30 million.

Totals may differ slightly due to rounding

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Financial Performance
2022 Balance Sheet
Assets (in EUR billion) Liabilities (in EUR billion)
32.4 32.4
32.4 32.4
Cash and Balances with 4.2 3.4 Amounts due to Credit
5.8 4.1
Central Banks 1.3 Institutions
0.9
Amounts due to
Loans and Advances to Customers
Credit Institutions
Debt Securities and
16.5 21.0
16.3 20.7 Financial Liabilities
Loans and Advances to
Customers Subordinated Debts

Financial Investments Other liabilities

8.5 8.8 4.7 4.7

0.2 0.2 Shareholders’ Equity
Other assets 0.8 0.6
0.9 1.6 2.3 2.1
2021 2022 2022 2021
➢ Loans and advances to customers amounted to EUR 16.5 billion at the end of 2022 compared with ➢ Customer deposits totalled EUR 21 billion in December 2022, representing an increase of +1.7% versus year-end
EUR 16.3 billion at the end of 2021 (EUR 0.1 billion or 0.8%). Outstanding mortgage loans increased by 2021. This growth occurred mainly in fixed term deposits (EUR 2.1 billion) offset by a decrease in current accounts
EUR 0.2 billion (+2.2%) and investment loans by EUR 0.3 billion (+4.5%) offset by a decrease of EUR 0.2 (EUR -1.6 billion).
billion in cash advances (overdraft facilities) granted in particular to Corporate Banking clients. ➢ Debt securities remained stable at EUR 4.7 billion. In 2022, despite difficult market conditions, the Bank continued
➢ Financial investments increased by EUR 0.3 billion to EUR 8.8 billion, new investments offset sales its long-term financing programme. New production grew by EUR 1.5 billion offset by 2022 maturities and called
and maturities in 2022. deals. In November 2022, the Bank launched a tender offer on its inaugural EUR 300 million Senior Non-Preferred
Notes maturing in September 2023. Investors participated in the tender offer for a nominal of EUR 90 million.
➢ Cash at Central Banks and loans and advances to credit institutions amount to EUR 5.5 billion, down
Following the inauguration of its Green Bond Framework in May 2022, BIL issued EUR 92 million in green bonds.
by EUR 1.3 billion (-18.6%). The decrease stems mainly from the early repayment of TLTRO which has
reduced the Bank’s liquidity excess. ➢ Shareholders’ equity increased by EUR 176 million (+8.4%). This increase was mainly due to the 2022 net profit of
EUR 153 million and the positive evolution of the revaluation reserves of EUR 50 million offset by the coupon
payments on AT1 instruments and the dividend payment of EUR 18 million on the 2021 net profit.

Totals may differ slightly due to rounding

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Asset quality
Asset quality
2022 Global Exposure
Exposure by Geographic Region (MCRE1) Exposure by type of counterparty (MCRE1)

Individuals, SME²
1%
& Self-employed
15.2% 13%
Luxembourg Central
6.4% 34% Governments
France
EUR Switzerland EUREUR
6.8% 20% Corporate + PSE³
36.7 bn 54.6% Germany 36.736.7
bn bn
6.9% Belgium Financial
Others Institutions
10.0%
32%
Others (inc.
Securitisation)

Loan-to-value ratios

60.1% 70.0%
Average loan-to-value ratio for Average loan-to-value ratio for
Mortgage Loans ADC4 loans

(1): Maximum Credit Risk Exposure (MCRE): • The net carrying value of balance sheet assets other than derivative products (i.e. the carrying value after (2): SME – Small and Medium Enterprises (3): PSE – Public Sector Entities
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deduction of expert provisions);• The mark-to-market valuation of derivative products;• The total off-balance sheet commitments corresponding to unused
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(4): ADC – Acquisition Development and Construction

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lines of liquidity or to the maximum amount that BIL is committed to as a result of guarantees issued to third parties.
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Asset quality
Non-performing loans and asset quality loans
Non-performing loans¹ (exposure, in EUR million) Non-performing loans (ratios) Asset quality loans² (ECL and coverage ratio)

Loans and advances to customers 2021 2022

Stage 1

Outstanding amount (EUR bn) 13.504 13.131

ECL (EUR m) 45 47

Coverage ratio % 0.33% 0.36%

Stage 2

Outstanding amount (EUR bn) 2.546 3.081

ECL (EUR m) 30 33

Coverage ratio % 1.18% 1.07%

Stage 3

Outstanding amount (EUR bn) 0.593 0.568

▪ After reaching a peak in 2020, total non- ▪ Decrease of the NPL ratio mainly influenced by ECL (EUR m) 223 217
performing loans registered a downward trend the decrease in non-performing loans due to
to reach pre-pandemic level. proactive management of the credit portfolios. Coverage ratio % 37.50% 38.20%

Asset quality ratio (stage 3 / total

gross loans and advances to 3.56% 3.38%
customers)

Cost of Risk (in bps) excluding non-

20bps 5bps
recurring items

(1): Non-performing loans including off-balance sheet items ( in 2022 EUR 30m guarantees)
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(2) Asset quality ratio limited to loans and advances to customers - Detail in 2022 Annual Report - Risk Management section 3.6 (page 35)
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Asset quality
2022 Investment Portfolio
Investment Portfolio by Issuer Type European Govies and Local Authorities (excluding Canada) by Geographic Region
European Govies
5%
4% Belgium
Financials / Corp. / 6%
Securitisation 11% 33% France
Covered bonds 25%
27%
EUR Spain
Agencies / Supras 48%
8.70 bn Austria/Germany
US Govies 18%
4% 13% Central Europe
Local Authorities
6% Other
20% 28%
Other Govies

Investment Portfolio by Rating Investment Portfolio by Maturity

6%
AAA 10% [0;3yrs]
21%
14%
]3;5yrs]
AA 43%
A+ 5 years
]5;7yrs]
32% Average rating 15% Average maturity
A ]7;10yrs]

36% >10yrs
BBB 22%

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Solvency and Liquidity
Solvency and Liquidity
2022 Solvency Position
Solvency Ratios (figures after profit allocation, in EUR million) Common Equity Tier 1 (CET1) EUR 16 million increase is mainly due to the
shareholders’ equity of EUR 198 million and a reduction of prudential filters of EUR
2021 2022
182 million.
Weighted risks 10,165 10,426 CET1 ratio evolution

Credit risk & CVA¹ 9,187 9,408

Market risk 23 17

Operational risk 954 1,001

Total capital 1,859 1,881

Common Equity Tier 1 1,447 1,463

Additional Tier 1 175 175

Tier 2 237 243

Risk Weighted Assets (RWA)
Solvency ratios Risk Weighted Assets growth (EUR 261 million) is mainly driven by credit risk (EUR
233 million). Credit risk growth is related mainly to organic growth related to the
CET1 ratio 14.24% 14.03% loan portfolio.

Tier 1 ratio 15.96% 15.71%

14.03%³ 8.99% 4.66%
Capital adequacy ratio 18.29% 18.04% CET1 ratio OCR requirements4 Leverage ratio

(1): CVA - Credit Value Adjustment

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(3): 13.35% before 2022 profit allocation
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(4): CET1 requirement 4.5%, conservation buffer 2.5%, O-SII buffer 0.5%, countercyclical buffer 0.36%, P2R 1.13% 23
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 Solvency and Liquidity
Liquidity and Funding
Liquidity Evolution of the Liquidity Coverage Ratio
174%
76% EUR 4.2 billion 78.3% 139% 142%
153%

of the bond portfolio Loans-deposits ratio 134%

Cash at Central Banks
is ECB-eligible

153% 123% 2018 2019 2020 2021 2022

Liquidity Coverage Net Stable Funding Liquidity coverage ratio
Ratio Ratio

BIL debt maturity profile1 (in EUR million) BIL’s diversified sources of funding
6 000 • Standard:
5 258
➢ Deposits: Retail, Private Banking, Institutional, Corporate
5 000 415
718 4 164 • EMTN Programme:
4 000 415 3 370 ➢ Senior debt to Third Party Investors
718 2 873 ➢ Subordinated debt (Tier 2 and AT1)
3 000 1873 415
509
2 456 ➢ BSPs (BIL Structured Products): Debt issuances distributed in
415
1411 415 BIL’s own network (Retail, Private Banking, Corporate) or
489 1 690
2 000 988 through Leonteq platform
413 1 233
818 415 943 ➢ Senior Non-Preferred debt
633 205
1 000 2 252 594
1 619 1 459 410 325 309
1 152 995 • Swiss Programme:
661
0 ➢ Partnership to join Leonteq’s technology platform to leverage
Dec. 2022 June 2023 Dec. 2023 June 2024 Dec. 2024 2025 2026 2027 2029 2031 2033
on their expertise to create and distribute structured
Senior debt held by Third Party Investors BSPs² Senior Non Preferred debt Subordinated debt³ products
(1): Excluding Corporate deposits
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(2): BSPs – BIL Structured Products (incl. BSPs sold through Leonteq Platform)
(3): EUR 175 million AT1, EUR 50 million Tier 2 and USD 100 million Tier 2 maturing 2028 and EUR 100 million Tier 2 (callable 2026 and maturing 2031)
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Solvency and Liquidity
BIL’s Credit Ratings

A-/Stable/A-2 A2/Stable/P-1

Standalone Rating (SACP) bbb+ Standalone Rating (BCA) baa2

ALAC Support +1 notch Government uplift +1 notch

Last rating action 22 Nov 2019 Loss Given Failure (LGF) +2 notches

Ratings affirmed 20 Oct 2023 Last rating action 15 July 2022

Periodic review (ratings 19 July 2023

affirmed)

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Sustainability Strategy
Sustainability Strategy
Overview
« WE ARE AN INTERNATIONAL BANK THAT STRONGLY SUPPORTS THE LOCAL ECONOMY AND COMMUNITIES. WE ENGAGE WITH OUR
EMPLOYEES TO TRANSITION TOWARDS SUSTAINABLE BANKING, CONSCIOUS OF OUR RESPONSIBILITY AND WILLING TO DEVELOP PRODUCTS
THAT ALLOW US, TOGETHER WITH OUR CLIENTS, TO MAKE A POSITIVE IMPACT AND TO PREPARE SOLID GROUND FOR FUTURE GENERATIONS »

Pillar 1 Pillar 2 Pillar 3 Pillar 4 Pillar 1¹ – Sustainable governance and strategy

Structure the organisation to face ESG (Environment, Societal,
Governance) challenges and to support the bank’s long-term growth and
stability
Sustainable Responsible and Responsible Positive
Governance and Strategy Sustainable Products Employer Impact
and Services Pillar 2¹ – Responsible and sustainable products and
services
Partnerships Develop a responsible product and service offering to both create value
17 for the Goals for clients and support the transition to sustainability

Good Health Responsible

Pillar 3¹ – Responsible employer
Decent work and Sustainable Cities
8 economic growth 11 and Communities 3 and 12 Consumption and With a view to making its employment practices sustainable, BIL is
Well-being Production
committed to promoting inclusive workplaces, offering training and
Industry, mobility opportunities to all employees
Quality
9 Innovation and 4 Education
Infrastructure
Pillar 4¹ – Positive impact
Climate Gender
Continue to make a positive impact on the local economy and
13 Action 5 Equality communities and prepare solid ground for future generations

BIL has made 19 commitments to anchor these pillars and translate them into a business strategy, embedded into business-as-usual processes,
and then monitored and managed across a wide range of departments

(1): For detailed information on each Pillar of our SustainaBILity Strategy please visit our website https://www.bil.com/sustainability/index-en.html or contact us (contact details on the last page of this presentation)
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Sustainability Strategy
Exclusion policy and ESG integration in investments
Exclusion Policy ESG Integration

Environmental
Considerations
BIL investment services are using an exclusion list targeting • BIL investment services apply ESG non-
individual companies (and their respective bonds and financial factors as part of their analysis to
equities) and countries (sovereign debt). Excluded companies identify material risks and growth
are defined as companies presenting unacceptable harm to opportunities
our society and where engagement makes little sense
(ineffective). • Using Candriam’s proprietary ESG database, ESG
BIL obtains access to Candriam’s in-house
Social Governance
methodologies providing a framework from Considerations Considerations
Thermal Coal which a unified outcome can be drawn
Companies that derive more than 10% of their revenues from coal extraction and/or
power generation from coal

Oil Sand Business activity analysis is measured against 5 key

All companies that derive more than 5% of their revenues from oil extraction sustainability challenges and opportunities

Controversial Weapons
Climate Change Resource depletion & Digitalization &
Companies directly involved in development, testing, maintenance and sale of waste management innovation
controversial weapons including anti-personnel landmines, cluster bombs, depleted
uranium weapons, chemical weapons, biological weapons and white phosphorous Healthy living & wellbeing Demographic shifts
weapons

Controversial Behaviour
Companies that violate the United Nations Global Compact Principles covering Companies are grouped according to the industry or sector, their location and their business model
human rights, labor rights, environment and corruption & bribery considerations specificities. The degree of exposure to the five key sustainable themes is then assessed and rated

Serious Violations Stakeholder Analysis

Countries that have serious violations with regard to political stability or where the Assesses the strategies implemented by the company as well as the company's performance in each
governance structure is deemed as unsustainable category by comparison to its competitors and major trends in the sector

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Sustainability Strategy
Recent milestones & 2023 targets

2022 Achievements 2023 Targets

Focus on regulatory compliance: SFDR, Responsible employer initiatives: training, Develop products & services to align with bank’s business
MIFID II ESG, CSRD & ESG Risk Roadmap dialogue enhancement, diversity action plan, ambition to become a key transition facilitator
health & well-being
Green financing: client and advisor survey to Continue implementation of regulatory projects: Principal
assess business opportunities & needs Community investments, focus on health & Adverse Impact reporting, MiFID II ESG enhancements, CSRD &
education Risk Roadmap
Green Bonds issued: EUR 190 million
outstanding (as of 31 March 2023) ESG Awareness & upskilling: 213 people Focus on ESG data quality and integration
trained
Bank Investment portfolio on track for ESG Training & ESG awareness, with focus on advisors and ESG
targets: 15.8% of the total portfolio invested Review of ESG Governance and launch of a specialist
in Green, Social, and Sustainable bonds as of transversal ESG Programme, including ESG
31 December 2022 Data governance Confirm strategy pillars through regular stakeholder engagement

ESG Frameworks & Guidelines & Labels Set Tangible ESG targets aligning business model & strategy, and
monitoring

Positive Impact initiatives on Environment & Social aspects,

including Carbon Footprint measures & action plan, responsible
Employer initiatives & Community actions

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Green Bond Framework
Green Bond Framework
Overview
Rationale Green Bond Principles

• Opportunity to promote and support Use of Proceeds Process for Asset Evaluation and Selection
the long-term development of Green Buildings
sustainable solutions through financing • Dedicated process for eligible loan identification, selection and
sustainable innovations and services in • Financing of refurbishment, acquisition and ownership of existing monitoring according to Use of Proceeds criteria
line with the UN Sustainable or future energy-efficient residential buildings in Luxembourg
• Green Bond Committee chaired by Chief Financial Officer in
Development Goals (SDG) 2030 agenda An independent advisory firm has been mandated to charge of allocation of Green Bond proceeds to Eligible Portfolio
define robust eligibility criteria in Luxembourg
• Ensure that clients have access to
financing that helps them to pursue the Management of Proceeds Reporting
transition to an environmentally • Proceeds managed on portfolio basis
sustainable future • Annual allocation and impact report published on BIL’s
• Allocation period of 2 years on best effort basis website
• Commitment to support the growth of • Lookback period of 3 years • Eligible Portfolio environmental impact assessment
the sustainable finance market, a critical • Unallocated proceeds held in accordance with BIL’s performed by independent advisory firm
tool to meet the commitments of the investment guidelines
Paris Agreement on global climate
action and to address investors’
Sustainalytics considers that investments in the Sustainalytics considers that investments in the
willingness to finance sustainable eligible category will lead to positive eligible category will lead to positive
activities environmental impacts and advance the UN environmental impacts and advance the UN
Sustainable Development Goals, specifically SDGs Sustainable Development Goals, specifically SDGs
7 and 11 7 and 11
• Primary focus to channel financing Has provided a Second Party Opinion on the
towards energy-efficient real estate in Framework and is of the opinion that the Banque
BIL’s Green Bond Committee will be responsible BIL has also committed to an independent review
Luxembourg Internationale à Luxembourg Green Bond Framework
for the managing and tracking of proceeds via an of its annual reporting, which is in line with best
is credible and impactful and aligns to the four core internal tracking system. This is in line with market market practice
components of the Green Bond Principles 2021 practice

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Green Bond Framework
Use of Proceeds

Eligible Project Category Eligibility Criteria UN SDGs Environmental Objective

As part of the Energise Create Together 2025 strategy, throughout 2022, BIL continued to 7 Affordable
Energy
Clean

pursue the development of international markets to drive future growth, especially the Chinese Substantially contribute
market which is key to diversifying our revenue sources.
to EU Taxonomy
Buildings either with an Energy Performance Certificate (EPC) level at least equal to “A” or Target 7.3 environmental objective
belonging to the top 15% most energy-efficient buildings of the national building stock and 11 Sustainable
Communities
Cities & n°1 “Climate Change
demonstrated by adequate evidence1 Mitigation” (Article 10)
Buildings with Primary Energy Demand (PED) at least 10% lower than the relevant national by improving energy
threshold set for nearly zero-energy building (NZEB) requirements
Target 11.3 efficiency, except for
Buildings that will achieve or have achieved, after refurbishment a reduction of primary energy power generation
13 Climate
demand (PED) of at least 30 % in comparison to the performance of the building before Action

renovation or comply with the applicable requirements for major renovations of the EPBD activities2
(Energy Performance of Buildings Directive)

Exclusion Criteria

Nuclear or fossil fuel generation Controversial weapons Gambling, casinos and Tobacco
notably including thermal coal anti-personnel landmines, cluster bombs, depleted related businesses
(extraction & power generation) uranium weapons, chemical weapons, biological
and oil sands extraction weapons and white phosphorous weapons

(1): BIL has engaged an external consultant to define the top 15% of the national building stock and NZEB-10% in Luxembourg. The results of the assessment will be published
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(2): as referred to in Article 19(3) https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32020R0852&from=EN

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Green Bond Framework
Process for project selection, evaluation and management of proceeds

Process for project selection and evaluation Management of Proceeds

Governance Guidelines Aggregated Portfolio Approach

• Loans included in the Eligible Portfolio must comply with BIL’s internal policies aimed at
mitigating known material social risks and BIL’s regular credit policies
Other loans Other
fundings

Liabilities
Loan

Assets
Eligible loans identification process
Proceeds

Borrower

Investor
Interest, Eligible
1 ALM department makes 2 Dedicated Green Bond 3 Green Bond Committee repayment Portfolio Green Bonds
pre-selection of eligible Committee reviews whether reviews and approves Interest,
loans based on eligibility eligible loans qualify for Eligible allocations of Green Bond Mortgages repayment
criteria Portfolio proceeds to Eligible Portfolio

Green Bond Committee Composition Responsibilities • BIL will strive to maintain an aggregate amount of eligible loans in the Eligible Portfolio that
matches or exceeds the balance of net proceeds of all outstanding green bonds
Semi-annual basis meetings • Pending allocation, unallocated proceeds will temporarily be invested in accordance with
• Review and approve the selection of eligible
loans included in the Eligible Portfolio BIL’s investment guidelines in cash, deposits and money market instruments or any other
Chief Financial Head of Sustainable liquid short-term marketable instruments
Officer Development • Monitor external reviews
Issuance date
• Review and approve Green Bond reporting
• Address changes in Eligible Portfolio and put
forward potential alternative eligible loans
Loans included in the Eligible Portfolio Allocation of proceeds of bond Instruments
• Monitor evolutions of sustainable finance originated no more than 3 calendar years to the Eligible Portfolio, within 2 years of
ALM Head of Long- regulation prior to the issuance of Green Bonds issuance (on best effort basis)
Committee Term Funding

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Green Bond Framework
Allocation and Impact Report

Allocation Report External Review

• Overview of green bonds outstanding • Second Party Opinion provided by

• Size of the Eligible Portfolio • Verification of annual Green Bond report by an external auditor until full
allocation of the proceeds and in case of any material changes to the allocation
• Balance of unallocated proceeds
• External auditor’s assurance reports included in the annual reporting as
• Share of new and existing eligible loans including split by year of origination and
disclosed on BIL’s website
share of financing vs refinancing

Impact Report Environmental impact evaluation

• Estimated annual financed GHG emissions and avoided GHG emissions (tCO2e) • National reference benchmarks to determine the environmental impact of the
Eligible Portfolio and assessment of the Eligible Portfolio and impact reporting
• Estimated ex-ante annual energy consumption and energy savings (KWh/sqm)
provided by Drees & Sommer
• Number of buildings and estimated total floor area (sqm) financed
• BIL commits to publish annually a Green Bond Report which is made of an
allocation report and an impact report on an aggregated basis
BIL will aim to align its reporting with the model proposed by the Handbook - • The annual report will be made available on BIL website and updated annually
Harmonised Framework for Impact Reporting as published by the International at least until full allocation
Capital Markets Association (ICMA)

Available on BIL’s website: https://www.bil.com/en/bil-group/investor-relations/Pages/index.aspx

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Recent Developments
Overview
H1 2023 key figures¹

Assets Under Management Deposits Loans

44.1 EUR billion

-1% compared with Dec 2022
19.6 EUR billion
-6.8% compared with Dec 2022
16.4 EUR billion
-0.2% compared with Dec 2022

Liquidity Coverage ratio (LCR) Net Stable Funding ratio (NSFR)

2,000
154%
Employees
(BIL Group)
153% as at Dec 2022
124%
123% as at Dec 2022

Net Profit BIL Group Total Balance Sheet BIL Group Common Equity Tier 1

103 EUR million after tax

+50% compared with June 2022
30.8 EUR billion
-5% compared with Dec 2022
13.63%
CET1 June 2023 before profit allocation

(1): Please refer to the 2023 Semi-Annual Report on www.bil.com

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Financial Performance
H1 2023 Income Statement
Income Statement – Global view (in EUR million) Income Statement – Focus on core operating net income before tax (in EUR million)

Income Statement H1 2022 H1 2023 Income Statement H1 2022 H1 2023 Change

Revenues 301 374 Core operating revenues 255 376 120 47%
Interests and dividend income 155 271 Luxembourg Market & CIB 196 231 35 18%
Fee income 111 106
Wealth Management International 83 113 30 36%
Other income 34 (2)
Financial Markets 17 37 20 118%
Expenses (227) (235)
Group center (41) (6) 35 (85%)
Gross operating income 74 139
Cost of Risk 3 (21) Core operating expenses (225) (234) (9) 4%

Net income before tax 77 118 Core operating cost of risk 5 (21) (26) ns
Tax (9) (15) Core operating net income before tax 35 121 85 242%
Net income after tax 68 103
Core cost-income ratio¹ 84% 60.4%
Cost-income ratio¹ 72.4% 60.9% ➢ BIL group reported a net income after tax of EUR 103 million, up by EUR 34 million compared with June
2022, driven by solid revenues from commercial activities and efficient cost control of expenses (+4%),
offset by a negative evolution of the cost of risk in the context of rising interest rates and prolonged
inflation.

➢ BIL group’s core operating net income before tax (excluding non-recurring items) totalled EUR 121 million in
June 2023 compared with EUR 35 million in June 2022. This solid performance was marked by the increase
in core operating revenues of EUR 120 million, offset by a limited increase in core operating expenses of
EUR 9 million and an increase in the core cost of risk by EUR 26 million.

Totals may differ slightly due to rounding

(1): Cost income ratio annualised taking into account DGS & Resolution Funds’ contribution at 50%
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 Financial Performance
H1 2023 Balance Sheet
Assets (in EUR billion) Liabilities (in EUR billion)
32.4 32.4
Cash and Balances with 30.8 30.8
4.2 3.4 Amounts due to Credit
Central Banks 2.3
1.3 1.1 3.0 Institutions
Loans and Advances to Amounts due to Customers
Credit Institutions
16.5 16.4 Debt Securities and Financial
Loans and Advances to 19.6 21.0
Liabilities
Customers
Subordinated Debts
Financial Investments
8.8 9.4 4.8 4.7 Other liabilities
0.3 0.2
Other assets 0.8 0.8
1.6 1.6 2.3 2.3 Shareholders’ Equity
2022 H1 2023 H1 2023 2022
➢ Cash at central banks and loans and advances to credit institutions amounted to EUR 3.4 billion, down by EUR ➢ Amounts due to credit institutions amounted to EUR 3 billion, down by EUR 0.4 billion (-11.5%) compared to year-end 2022. This
2.1 billion (-37.6%). This reduction in liquidity excess mainly stems from the decrease in “Amounts due to decrease stems mainly from the early repayment of the last remaining TLTRO tranche III.10 of EUR 0.25 billion and a decrease in
customers” (EUR -1.4 billion) and “Amounts due to credit institutions” (EUR -0.4 billion). interbank deposits and repurchase agreements of EUR 0.16 billion.
➢ Loans and advances to customers amounted to EUR 16.4 billion as of 30 June 2023 compared with EUR 16.5 ➢ Amounts due to customers totalled EUR 19.6 billion in June 2023, representing a decrease of EUR 1.4 billion versus the end of
billion at the end of 2022, down by 0.2%. Outstanding mortgage loans decreased by EUR 0.1 billion (-1.9%) 2022 (-6.8%). This decrease occurred mainly in current accounts (EUR -2.3 billion), partially offset by the growth in fixed term
offset by an increase in investment loans by EUR 0.1 (+0.8%) billion. This decrease is linked to the continued deposits (EUR +0.8 billion) as favourable interest rates incentivise clients to move their deposits from current accounts to more
general slowdown in mortgage loan production in Luxembourg, impacted by the rapid rise in interest rates and remunerative products and proceed to the early repayment of variable rate loans. In early 2023, the Bank also witnessed higher
delays in new construction projects caused by the current downturn in the real estate sector, the rising cost of volatility in terms of institutional client deposits from a limited number of its institutional client depositors (mainly public sector
raw materials and supply chain disruption and early reimbursement as clients are using their excess of liquidity entities) depending on their cash management needs.
to deleverage their investment profiles. ➢ Debt securities increased by 2.5% to reach EUR 4.8 billion compared with year-end 2022. In the first half of 2023 and as part of
its long-term funding programme, the Bank issued EUR 60 million in Senior Non-Preferred and EUR 397 million in Senior
➢ Financial investments rose by EUR 0.5 billion to EUR 9.4 billion as of June 2023, as higher new investments
Preferred notes. Since the inauguration of its Green Bond Framework in May 2022, a key element in BIL’s sustainability strategy,
measured at amortised cost, largely offset sales and maturities generated during the first semester of 2023. The
BIL has issued a total of EUR 247 million green bonds of which EUR 155 million have been issued since the beginning of 2023.
bulk of this increase (i.e., around EUR 350 million) has a maturity below one year in order to benefit from the
➢ Subordinated debt increased by 40.5% in the first half of 2023 following a debt issuance of EUR 100 million in February 2023
inverted yield curve. All these new investments are either Level 1 or Level 2 LCR. These assets enable the Bank to
maturing in 2033 (callable in 2028) and eligible as Tier 2 capital.
fully comply with liquidity ratio requirements, keeping a comfortable liquidity position translating into a Liquidity
➢ Shareholders’ equity increased by EUR 54 million (+2.4%). This increase was mainly due to the half-year 2023 net profit of EUR
Coverage Ratio (LCR) of 154.4% as of 30 June 2023 in line with previous months.
103 million, positive evolution of revaluation reserves of EUR 15 million offset by the dividend paid on the 2022 year-end net
profit of EUR 60 million and by the coupon payments on AT1 instruments.
Totals may differ slightly due to rounding
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Key takeaways
Key Takeaways

Systemic bank in the Leading independent

Grand Duchy of bank in Luxembourg
Luxembourg rated with an excellent
AAA (S&P / Moody’s brand
/ Fitch)

Long-term Strong capital and

commitment from liquidity positions
both shareholders

Solid profitability with Official signatory of

a 8.5% return on the UN Principles for
tangible equity in Responsible Banking
2022 (UNPRBs) and UN
Global Compact
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Appendix
Governance
Board of Directors

Staff Representatives

Jing Li ¹ ² Peng Li ¹ Marcel Leyers

Chair Vice-Chair Director/CEO

Ashley Glover Benoît Migeaux

Director Director
Staff Representative Staff Representative

Maurice Lam Charles Q. Li

Director Director

Claude Steffen Marc Terzer

Director Director
Staff Representative Staff Representative
Pierrot Rasqué ³ Vincent Thurmes ³ Chris van Aeken
Director Director Director

(1): Legend Holdings’ directors (2): Interim chair of the Board of Directors as of 17 March 2023 following the resignation of Luc Frieden
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(3): Grand Duchy of Luxembourg directors

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Glossary
List of acronyms and specific terms

Acronym Definition Acronym Definition

ALAC Additional Loss-Absorbing Capacity NPL Non-Performing Loans

BCA Baseline Credit Assessment OCR Overall Capital Requirement
BSP BIL Structured Products O-SII Other Systemically Important Institution
CET1 Common Equity Tier 1 PSE Public Sector Entities
CEDEL Centre de Livraison des Valeurs Mobilières P2R Pillar II Requirement Buffer
CSRD Corporate Sustainability Reporting Directive RWA Risk Weighted Assets
CSSF Commission de Surveillance du Secteur Financier SACP Standalone Credit Profile
CVA Credit Value Adjustment SFDR Sustainable Finance Disclosure Regulation
ECB European Central Bank SME Small and Medium Enterprises
EIF European Investment Fund SREP Supervisory Review and Evaluation Process
ESG Environmental, Social and Governance SRI Socially Responsible Investment
GHG Greenhouse Gas TLTRO Targeted Long Term Refinancing Operations
LGF Loss Given Failure
MCRE Maximum Credit Risk Exposure
MiFID Markets in Financial Instruments Directive

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Glossary
Alternative Performance Measures (APM)
APM Definition Reason for use
Operating revenues = Interest and dividend income + Fee income + Other income Representative measure of BIL’s operating performance.
(Core) Operating Revenues
Core = operating revenues excluding non-recurring items as presented on slide 16 and slide 37.

Operating expenses = Staff expenses + General expenses + Amortisation Representative measure of BIL’s operating cost.
(Core) Operating Expenses
Core = operating expenses excluding non-recurring items as presented on slide 16 and slide 37.

Gross operating income = Operating revenues - Operating expenses Representative measure of BIL’s operating performance.
(Core) Gross Operating income
Core = gross operating income excluding non-recurring items as presented on slide 16 and slide 37.

Cost of risk : net impairment on financial instruments and provisions for credit commitments Representative measure of BIL's cost of risk level
(Core) Cost of Risk
Core = cost of risk excluding non-recurring items as presented on slide 16 and slide 37.

Operating income = Gross operating income net of impairments and provisions for legal litigation Representative measure of BIL’s operating performance.
(Core) Operating income
Core = operating income excluding non-recurring items as presented on slide 16.

Net income = Operating income net of income from associates and before tax expenses Representative measure of BIL’s operating performance before
(Core) Operating net income
Core = net income excluding non-recurring items as presented on slide 16. tax.
before tax

(Core) Cost to income ratio = (Core) operating expenses divided by (Core) operating revenues Measure of operational efficiency in the banking sector.
(Core) Cost/Income Ratio (CIR)
Core = cost to income ratio excluding non-recurring items as presented on slide 16 and slide 37.

Total Stage 3 outstanding loans and advances to customers divided by total gross loans and advances to Representative measure of the risk level in % of the volume of
Asset Quality Ratio
customers as presented on slide 20. outstanding loans.

Expected credit losses divided by the total outstanding of related loans to customers by stage as Measure of provisioning for doubtful loans
Coverage Ratio
presented on slide 20.

Net income after tax less other equity instruments divided by the average shareholders' equity at the Measure of profitability in relation to shareholders' equity.
Return on Tangible Equity (ROTE)
beginning of the year and the end of the period less intangible assets, goodwill and other equity
instruments as presented on slide 10.

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 Nico Picard Jérôme Nèble
Chief Financial Officer Head of Financial Markets
T: (+352) 45 90 36 17 T: (+352) 45 90 49 97
nico.picard@bil.com jerome.neble@bil.com

Olivier Habay Didier Le Gloan

Head of Long Term Funding Head of Financial Communication
Banque Internationale
T: (+352) 45 90 24 85 T: (+352) 45 90 55 34 à Luxembourg SA
olivier.habay@bil.com didier.legloan@bil.com 69, route d’Esch
L-2953 Luxembourg
RCS Luxembourg B-6307
Esther Bauer Alessandra Simonelli
Tel.: (+352) 4590-1
Head of Strategy Head of Sustainable Development Fax: (+352) 4590-2010
T: (+352) 45 90 49 59 T: (+352) 45 90 28 86 www.bil.com
Esther.EB.Bauer@bil.com alessandra.simonelli@bil.com
DISCLAIMER – The information contained in this document is provided purely for information purposes.
BIL may not be held responsible for the use of this information and of its direct or indirect consequences