BNP Paribas conducted two studies in 2019 to as- sess the resilience of its loan books to transition risks and physical risks. - The Industry Research Department (EIS) of the Group Risk Department performed an internal analysis on five-year energy and climate-related risks, physical risks and transition risks. This report is part of the Group's standard analysis of syste- mic risks, inter alia in the context of the analyses conducted by EIS on the impact of different risk factors on economic sectors. The purpose of the analysis was to identify and assess the main en- ergy transition and climate change risks incurred by BNP Paribas. It notably examined the impact of climate change on sovereign risk and the more or less significant exposure of various economic sectors to energy transition risks and opportuni- ties. This broad, detailed study found BNP Pari- bas' business model to be resilient to these risks, with respect to: o its businesses, and the sector and geographic classifications of its portfolios; o the measures taken to mitigate these risks. - For the first time, in 2019 and with the help of external specialists, BNP Paribas performed an assessment, on a sample of clients in its portfolio, of physical risks covering the consequences of cli- mate change (extreme weather events) on the as- sets of Group clients. They generate financial risks for companies not only through direct impacts on their assets, but also in terms of indirect impacts through their supply chains and markets. For each counterparty analysed, the final score of exposure to physical risks is based on three risk factors: operational risks, supply chain risks (upstream) and risks of market share losses (downstream).