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CNH Industrial Capital Europe S.A.S.

Levallois-Perret/Frankreich

Simplified joint stock company

18, rue Baudin

92300 LEVALLOIS

Statutory auditors' report on the annual financial statements

Financial year ending 31 December 2023

PricewaterhouseCoopers Audit	Deloitte & Associés
63, rue de Villiers	6, place de la Pyramide
92208 Neuilly-sur-Seine Cedex	92908 Paris-La Défense Cedex
S. A.S. with share capital of EUR 2.510.460€	S. A.S. with share capital of 2,188,160€
672 006 483 RCS Nanterre	572 028 041 RCS Nanterre
Statutory audit firm registered with the Compagnie Régionale de Versailles et du Centre	Statutory audit firm registered with the Compagnie Régionale de Versailles et du Centre

CNH INDUSTRIAL CAPITAL EUROPE

Simplified joint stock company

18, rue Baudin

92300 LEVALLOIS

Statutory auditors' report on the annual financial statements

Financial year ending 31 December 2023

To the shareholders of CNH INDUSTRIAL CAPITAL EUROPE

Opinion

Following our appointment as statutory auditors by your Annual General Meeting, we have audited the accompanying financial statements of CNH INDUSTRIAL CAPITAL EUROPE for the year ended 31 December 2023.

In our opinion, the financial statements give a true and fair view of the financial position and assets and liabilities of the company and of the results of its transactions for the year then ended in accordance with the accounting rules and principles applicable in France.

The opinion expressed above is consistent with the content of our report to the Board of Directors.

Basis for opinion Audit

Framework

We conducted our audit in accordance with professional standards applicable in France. We believe that the evidence we have collected is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities in accordance with these standards are set out in the section Statements'. of this report entitled 'Statutory Auditors' Responsibilities for the Financial

Independence

We conducted our audit in accordance with the rules of independence set out in the French Commercial Code and in the Code of Ethics for Statutory Auditors for the period from 1 January 2023 to the date of issue of our report, and in particular we did not provide any services prohibited by Article 5(1) of Regulation (EU) No 537/2014.

Furthermore, the non-audit services that we provided during the financial year to your company and its controlled entities, which are not mentioned in the management report or the notes to the annual financial statements, are as follows: Agreed-upon procedures on the SRF (Single Resolution Fund), contractual audit of the consolidated financial statements for the period from 1 January 2023 to 30 September 2023, and agreed-upon procedures for the limited review of the consolidated financial statements as of 31 December 2023.

Observation

Without qualifying the opinion expressed above, we draw your attention to the following matter set out in Note 6 -C to the financial statements relating to the financial accounting, which presents the financial result for the year: this result is determined by taking into account the financial amortisation of capital employed over the term of the lease agreements. We remind you that this result gives a better picture of the financial profitability of your company than the social result which takes into account the industrial depreciation of leased equipment.

Justification of assessments - key audit points

In accordance with the provisions of Articles L.821-53 and R.821-180 of the Commercial Code regarding the justification of our assessments, we bring to your attention the key audit matters related to the risks of material misstatement that, in our professional judgment, were the most significant for the audit of the annual financial statements for the year, as well as the responses we provided to address these risks.

These assessments were made in the context of our audit of the financial statements taken as a whole and in forming our audit opinion expressed above. We do not express an opinion on individual items in these financial statements.

Credit risk - individual provisioning

(Refer to notes 2C, 2E, 3D, 3H and 3I of the notes to the financial statements)

Identified risk	Response of the board of auditors to this risk
Within the context of its banking activities, CNH Industrial Capital Europe S.A.S. is exposed to credit risk.	We have assessed the relevance of CNH Industrial Capital Europe S.A.S's control system and tested the key controls relating to the identification and assessment of impairment.
CNH Industrial Capital Europe S.A.S. recognises individual impairments to cover the credit risk on loans and receivables granted within the context of its banking activities.	We have also carried out work on the most significant outstandings at the closing date.
These write-downs may take the form of individual impairments for the balance sheet and off-balance sheet commitments concerned and correspond to the difference between the gross value of the receivable and the present value at the original effective rate of the loan or at the last known rate of estimated future recoverable flows.	In particular, our work focused on the following processes:
Expected future cash flows are estimated in two ways:	• the identification of impairment indicators;
• manually by the receivables managers who make a unit valuation of this flow.	• the classification of exposures as doubtful receivables,
• statistically for small claims.	• the monitoring and valuation of collateral,
As of 31 December 2023, the total amount of customer receivables and lease and rental assets, net of depreciation and exposed to credit risk, amounts to €4,146.6 million, of which €92.4 million are classified as doubtful receivables. The total amount of impairments is €75.7 million, as presented in notes 2C, 2E, 3D, 3H, and 3I.	• the determination of individual write-downs and statistical write-downs of doubtful loans and the associated governance and validation system;
We considered the identification and assessment of credit risk to be a key audit issue, as the assessment of credit risk involves judgement and estimates of the management.	• With the assistance of our credit risk specialists, we have reviewed the loss estimation model and recovery rates on a statistical basis,
	• in addition, we carried out a credit review based on a sample of files selected on the basis of materiality and risk criteria.
	We also reviewed the information published in the notes to the financial statements relating to credit risk.

IT general controls

Identified risk	Response of the board of auditors to this risk
The reliability and security of information systems play a key role in the preparation of CNH Industrial Capital Europe S.A.S's annual financial statements.	For the main systems involved in the preparation of accounting and financial information, the work we carried out with the support of our IT specialists will focus more specifically on the following aspects:
The assessment of general IT controls and application controls specific to the various information processing chains that contribute towards the preparation of accounting and financial information is therefore a key point of the audit.	• understanding of the systems, processes and controls underlying accounting and financial information;
In particular, the existence of a system for controlling access rights to information systems and authorisation levels based on employee profiles is a key control to limit the risk of inappropriate changes in the configuration of applications or the data underlying them.	• assessment of general IT controls (management of access to applications and data, management of changes and developments relating to applications, management of IT operations) on major systems (in particular accounting, consolidation and automatic reconciliation applications).
	We also carried out compensatory procedures following the exceptions identified in the general IT controls of business applications.

Specific verifications

We have also conducted, in accordance with the professional standards applicable in France, the specific verifications required by legal and regulatory texts.

We have no comments to make on the accuracy and consistency with the annual financial statements of the information provided in the management report by the chairman and in other documents on the financial position and the annual financial statements sent to the shareholders, with the exception of the point below.

The accuracy and consistency with the annual financial statements of the information related to payment terms mentioned in Article D.441-6 of the Commercial Code require the following observation from us: As stated in the management report, this information does not include banking operations and related transactions, as your company considers that they do not fall within the scope of the information to be provided.

Other verifications or information provided for by legal and regulatory texts

Appointment of statutory auditors

We were appointed auditors of CNH INDUSTRIAL CAPITAL EUROPE by the General Meeting of 29 April 2022 for Deloitte & Associés and by the General Meeting of 29 June 2006 for PricewaterhouseCoopers Audit.

At 31 December 2023, Deloitte & Associates was in the 2 ^nd year of its uninterrupted assignment and PricewaterhouseCoopers Audit in the 18 ^th year.

Responsibilities of management and those charged with governance in relation to the annual accounts

It is the responsibility of management to prepare financial statements that present a true and fair view in accordance with French accounting rules and principles and to implement the internal control procedures it deems necessary to prepare financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, it is the responsibility of management to assess the company's ability to continue as a going concern, to make appropriate disclosures in those accounts as to whether the company is a going concern and to apply the going concern accounting policy, unless the company is to be wound up or cease trading.

The Board of Directors is responsible for monitoring the process of preparing financial information and for monitoring the effectiveness of the internal control and risk management systems, as well as, where applicable, internal audit, with regard to the procedures relating to the preparation and processing of accounting and financial information.

The annual accounts have been approved by the Chairman.

Statutory auditors' responsibilities relating to the audit of the annual accounts

Audit objective and approach

Our responsibility is to issue a report on the financial statements. Our objective is to obtain reasonable assurance that the financial statements taken as a whole are free from material misstatement. Reasonable assurance represents a high level of assurance, but does not guarantee that an audit conducted in accordance with professional practice standards will consistently detect any material misstatement. Misstatements may arise from fraud or error and are considered material when it is reasonable to expect that they could, individually or in the aggregate, influence the economic decisions that users of the accounts make based on them.

As specified in Article L.821-55 of the French Commercial Code, our role in certifying the financial statements is not to guarantee the viability or quality of the management of your company.

In the context of an audit carried out in accordance with professional standards applicable in France, the statutory auditor exercises its professional judgement throughout the audit. In addition:

―	the auditor identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and implements audit procedures to address those risks, and obtains audit evidence that it believes to be sufficient and appropriate to provide a basis for its opinion. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error, because fraud may involve collusion, falsification, wilful omission, misrepresentation or circumvention of internal control;
―	it shall obtain an understanding of the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
―	it assesses the appropriateness of the accounting methods used and the reasonableness of the accounting estimates made by management, as well as the information relating thereto provided in the annual accounts;
―	it assesses the appropriateness of management's application of the going concern accounting policy and, based on the information gathered, whether or not there is any significant uncertainty related to events or circumstances that could call into question the company's ability to continue as a going concern. This assessment is based on information gathered up to the date of its report, it being recalled, however, that subsequent circumstances or events could jeopardise the Group's ability to continue as a going concern. If it concludes that there is a material uncertainty, it shall draw the attention of the readers of its report to the information given in the annual accounts about that uncertainty or, if that information is not provided or is not relevant, it shall qualify its opinion or decline to certify it;
―	it assesses the overall presentation of the annual accounts and evaluates whether the annual accounts reflect the underlying transactions and events in such a way as to give a true and fair view.

Report to the Board of Directors

We submit a report to the Board of Directors which presents in particular the scope of the audit work and the work programme implemented, as well as the conclusions resulting from our work. We also bring to its attention, where appropriate, any significant weaknesses in the internal control procedures we have identified with regard to the preparation and processing of accounting and financial information.

The matters set out in the report to the Board of Directors include the risks of material misstatement that we considered to be the most significant for the purposes of our audit of the financial statements for the year and which therefore constitute the key points of the audit, which it is our responsibility to describe in this report.

We also provide the Board of Directors with the declaration required by Article 6 of EU Regulation 537-2014 confirming our independence, in accordance with the rules applicable in France as set out in Articles L.821-27 to L.821-34 of the French Commercial Code and in the Code of Ethics for Statutory Auditors. Where appropriate, we discuss with the Board of Directors the risks weighing on our independence and the safeguards applied.

Neuilly-sur-Seine and Paris-La Défense, 22 April 2024

PricewaterhouseCoopers Audit Deloitte & Associés

The Statutory Auditors

Ridha BEN CHAMEK

Jean-Vincent COUSTEL

COMPARATIVE BALANCE SHEETS 2023-2022

(in thousands of euros)

ASSETS	2023	2022
CASH, CENTRAL BANKS, CCP	0	73,793
GOVERNMENT SECURITIES AND ASSIMILATED VALUES	0	0
RECEIVABLES ON CREDIT INSTITUTIONS	229,293	367,507
CUSTOMER TRANSACTIONS	1,104,015	1,190,640
BONDS AND OTHER INCOME SECURITIES	77,830	0
SHARES AND OTHER VARIABLE-INCOME SECURITIES	0	0
EQUITY INTERESTS AND OTHER SECURITIES HELD ON A LONGTERM BASIS	0	0
SHARES IN AFFILIATED ENTERPRISES	18,810	18,810
LEASING AND RENTAL WITH PURCHASE OPTION	2,748,403	2,550,354
OPERATING LEASE	374,101	391,761
INTANGIBLE ASSETS	0	0
TANGIBLE FIXED ASSETS	0	0
UNPAID SUBSCRIBED CAPITAL	0	0
TREASURY STOCK	0	0
OTHER ASSETS	138,558	115,947
ACCRUALS ACCOUNTS	98,762	90,737
TOTAL ASSETS	4,789,773	4,799,548

LIABILITIES	2023	2022
CENTRAL BANKS, CCP	0	0
DEBTS TO CREDIT INSTITUTIONS	2,564,825	2,669,183
CUSTOMER TRANSACTIONS	1,321,711	1,404,895
DEBT SECURITIES	91,535	13,705
OTHER LIABILITIES	176,173	150,304
ACCRUALS ACCOUNTS	317,396	265,366
PROVISIONS FOR LIABILITIES AND EXPENSES	58	2597
SUBORDINATED DEBTS	0	0
FUND FOR GENERAL BANKING RISKS	0	0
SHAREHOLDERS' EQUITY EXCLUDING FRBG	318,074	293,498
SUBSCRIBED CAPITAL	88,482	88,482
SHARE PREMIUMS	0	0
RESERVES	8,858	8,858
REVALUATION VARIANCE	0	0
REGULATED PROVISIONS	0	0
INVESTMENT GRANTS	78	164
CARRY FORWARD	145,995	172,176
PROFIT FOR THE YEAR	74,660	23,817
INTERIM DIVIDEND	0	0
TOTAL LIABILITIES	4,789,773	4,799,548

COMPARATIVE INCOME STATEMENTS 2023-2022

(in thousands of euros)

PROFIT AND LOSS ACCOUNTS	2023	2022
INTEREST AND SIMILAR INCOME	60,634	39,232
INTEREST AND SIMILAR EXPENSES	-94,216	-45,521
INCOME FROM FINANCE LEASES AND SIMILAR TRANSACTIONS	1,210,263	1,073,211
EXPENSES ON CREDIT LEASE AND SIMILAR TRANSACTIONS	-1,069,821	-1,013,264
INCOME FROM OPERATING LEASES	174,482	171,676
EXPENSES ON OPERATING LEASES	-158,924	-163,439
INCOME FROM VARIABLE-INCOME SECURITIES	9,278	7,003
COMMISSIONS (INCOME)	28,169	9,665
COMMISSIONS (EXPENSES)	-20,275	-1,463
GAINS OR LOSSES ON TRADING PORTFOLIO TRANSACTIONS	4,625	-688
GAINS OR LOSSES ON TRANSACTIONS IN INVESTMENT PORTFOLIOS AND SIMILAR INSTRUMENTS	0	0
OTHER BANKING INCOME	23,393	10,007
OTHER BANKING EXPENSES	-16,134	-4,086
NET BANKING INCOME	151,474	82,333
GENERAL OPERATING EXPENSES	-43,685	-40,454
DEPRECIATION, AMORTISATION AND PROVISIONS ON TANGIBLE AND INTANGIBLE FIXED ASSETS	0	0
GROSS OPERATING PROFIT	107,788	41,878
COST OF RISK ON CREDIT TRANSACTIONS	-1,940	-1,940
OPERATING INCOME	105,849	39,938
GAINS OR LOSSES ON FIXED ASSETS	0	0
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX	105,849	39,938
EXTRAORDINARY RESULT	0	0
CORPORATE INCOME TAX	-31,188	-16,121
GRBF DEDICATIONS AND PROVISIONS and REGULATED PROVISIONS	0	0
NET INCOME	74,660	23,817

OFF-BALANCE SHEET COMPARISONS 2023-2022

(in thousands of euros)

	2023	2022
COMMITMENTS GIVEN	27,522	230,387
FINANCING COMMITMENTS	26,052	229,304
GUARANTEE COMMITMENTS	1,469	1,083
SECURITIES COMMITMENTS	0	0
COMMITMENTS RECEIVED	1,208,558	1,064,449
FINANCING COMMITMENTS	239,889	18,275
GUARANTEE COMMITMENTS	968,669	1,046,174
SECURITIES COMMITMENTS	0	0

NOTES TO THE FINANCIAL STATEMENTS FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2023

OF CNH INDUSTRIAL CAPITAL EUROPE

1. KEY EVENTS OF THE YEAR

Following constraints imposed by the Banque de France on the management of deposits required to comply with the Liquidity Coverage Ratio, CNH Industrial Capital Europe closed its accounts with the Banque de France in January 2023. The funds were subsequently deposited with BPLS. To comply with the LCR requirement, CNH Industrial Capital Europe has set up a government securities borrowing facility with BNPPARIBAS SA. The securities loaned are recorded on the assets side of the balance sheet under "Bonds and other fixed-income securities" at their market value of 87,000 thousand euros, against a liability of the same amount recorded on the liabilities side of the balance sheet under "Debt securities"

With a view to reducing its RWA, CNH Industrial Capital Europe in France has amended the irrevocability clause in the letters of agreement given to our partners and customers.

The removal of the irrevocable nature of the agreement prior to renting for credit and leasing contracts resulted in the cessation of accounting for the financing commitments given.

2. ACCOUNTING PRINCIPLES AND VALUATION METHODS

The financial statements of CNH INDUSTRIAL CAPITAL EUROPE have been prepared in accordance with the regulatory provisions applicable to banks, as provided for in particular by Regulation 91-01 of the Comité de la Réglementation Bancaire [Banking and Financial Regulations Committee] relating to the preparation and publication of the annual financial statements of credit institutions, as amended by Regulations CRC 2000-03, CRC 2004-16, CRC 2005-04 and Regulation ANC no. 2014-07 of the Comité de la Réglementation Comptable [Accounting Regulation Committee].

In accordance with the provisions of regulation no. 2014-07 of the French National Accounting Board (ANC) and the clarifications provided by opinion 2003 G of the Urgent Issues Committee, loans at risk are broken down into doubtful outstanding and impaired doubtful outstandings, the latter category mainly comprising loans for which the term has expired and which have been terminated in leasing and operating lease transactions. In addition, no debt is restructured at non-market conditions.

CNH INDUSTRIAL CAPITAL EUROPE applies article 2231-2 of regulation no. 2014-07 of the French National Accounting Board (ANC) relating to the methods for calculating impairment losses for doubtful receivables and impaired doubtful receivables, based on a discounted valuation of recoverable cash flows. In accordance with the regulation, the impact of the discounting was recorded when its result appeared material in relation to the prudently estimated amounts.

The effect of unwinding the discounting is recorded in net banking income. The discounting effect is recorded in cost of risk.

In the context of the moratoria granted during the Covid-19 crisis, a method of smoothing the rents was used for the sole scope of the rescheduled Covid-19 contracts, thus leading to the recognition of accrued income.

According to Article 512-4 of the French General Accounting Code (PCG), the following income is recorded during the financial year: income earned in this financial year, plus any income normally earned in previous financial years but which, due to an error or omission, was not recorded in the accounts. Income is earned when the services have been performed or the goods have been delivered. In this case, because of its choice to adopt an economic approach to contracts as a principle of revenue recognition, only for the scope of contracts rescheduled for COVID-19 reasons, CNH INDUSTRIAL CAPITAL EUROPE implicitly applies the straight-line method of unequal rents on this scope, since it is the method based on the economic reality of the contracts. Under these conditions, the lessee continues to derive economic benefits from the use of the leased asset, which justifies CNH INDUSTRIAL CAPITAL EUROPE's right to consider that the income from unbilled rent during the period of moratoria is certain and acquired at the closing date.

This accrued income is recorded in the balance sheet under the headings "Leasing operations, rental with purchase option" and "Operating lease operations" and in the income statement under the headings "Income from leasing operations and rental with purchase option" and "Income from operating lease operations".

CRC Regulation 2009-03 on the accounting treatment of commissions and expenses related to the granting or acquisition of credit facilities has been in force since 1 January 2010. CNH INDUSTRIAL CAPITAL EUROPE applies in its corporate financial statements, as of 1 January 2010, the accounting treatment of commissions and marginal costs over the effective life of the competition according to the alternative method.

CNH INDUSTRIAL CAPITAL EUROPE has 5 branches outside France that are integrated into the eurozone:

―	a branch in Italy,
―	a branch in Germany,
―	a branch in Spain,
―	a branch in Belgium,
―	a branch in Poland.

Their activity is identical to that of CNH INDUSTRIAL CAPITAL EUROPE. Their accounts at 31 December 2023, which are included in the accounts of CNH INDUSTRIAL CAPITAL EUROPE, have been restated in accordance with the standards relating to the regulatory provisions applicable to French banks.

A. CONVERSION OF TRANSACTIONS IN FOREIGN CURRENCIES

These transactions are governed by the rules set out in ANC regulation 2014-07. Assets, liabilities and off-balance sheet items are converted into euros at the exchange rate prevailing at the balance sheet date.

Accrued income and expenses in foreign currencies are converted into euros at the rate of the last day of the month in which they are recorded. Differences arising from the conversion of foreign currency equity interests and subsidiary shares financed in euros are recorded in the securities account.

Other foreign exchange gains or losses, whether unrealised or final, are recorded at the end of the period in the income statement and constitute the foreign exchange result.

CNH INDUSTRIAL CAPITAL EUROPE holds shares in CNH Capital Europe Ltd UK whose original currency is the pound sterling. The Polish branch's transactions are recorded in zloty, and their conversion into euro generated a translation adjustment of -EUR 1,539,000, recorded as a liability in the balance sheet under accruals at 31 December 2023.

B. RECEIVABLES ON CREDIT INSTITUTIONS

This item corresponds in particular to cash in hand and loans granted to credit institutions. Amounts due from credit institutions are broken down into demand and time deposits.

In the income statement, additions to and reversals of provisions and impairments, losses on irrecoverable loans and recoveries on loans written off are grouped together under "Cost of risk". Interest corresponding to the remuneration of the carrying amount of impaired receivables, or to the reversal of the discounting effect, is recorded under "Interest income".

Amounts due from credit institutions are recorded in the balance sheet at their nominal value plus accrued interest not yet due.

C. CUSTOMER TRANSACTIONS

Amounts due from customers include loans to financial agents other than credit institutions and are recorded in the balance sheet at their nominal value plus accrued interest not yet due.

Loans granted are broken down between loans deemed sound and loans deemed impaired.

Receivables are monitored using the BNP PARIBAS Group's risk rating system. The rating scale comprises twelve levels: ten covering sound loans and two relating to doubtful and impaired customers.

In accordance with the provisions of article 2221-1 of regulation no. 2014-07 of the French National Accounting Board (ANC), receivables are considered doubtful if:

―	There is a risk that debtors may not be able to meet all or part of their commitments,
―	Credits with maturities of more than three months, or more than six months in the case of credit to local authorities,
―	Credits that are the subject of litigation.

The classification of a claim as doubtful immediately results in the classification of all outstanding amounts and commitments relating to the debtor in the same category.

These loans give rise to the recognition of an impairment loss corresponding to the difference between the gross value of the receivable and the present value of the estimated future cash flows recoverable at the original effective rate of the loan (for fixed-rate loans) or at the last known rate (for variable-rate loans).

Expected future cash flows are estimated in two ways:

―	manually by debt managers who make a unit valuation of this flow.
―	Statistically for small claims according to market-specific claim thresholds.

The amount of impairment calculated on a statistical basis is shown in paragraph D) under "3. NOTES TO THE BALANCE SHEET" in the notes to the financial statements.

When payment of the initial instalments of a credit that has become doubtful has resumed on a regular basis, it may again be classified as healthy.

The following are considered doubtful impaired:

―	Receivables for which the acceleration clause has been invoked,
―	Receivables classified as doubtful for more than one year.

Impairment losses for doubtful receivables covering risks recorded on the balance sheet are deducted from the assets concerned.

In the income statement, additions to and reversals of provisions for impairment, bad debt losses and recoveries on loans written off are included under "Cost of risk".

Interest corresponding to the remuneration of the carrying amount of impaired receivables, or to the reversal of the discounting effect, is recorded under "Interest income".

Interest on loans downgraded to doubtful loans is subject to a depreciation equal to 100%.

D. SECURITIES

The accounting for securities is described in the provisions of ANC Regulation No. 2014-07. Securities are classified in the following categories: trading securities, held-for-sale securities, portfolio activity securities, investment securities, other securities held on a long-term basis, participating interests and shares in affiliated undertakings.

a. Trading securities

Securities, which are originally acquired or sold with the intention of reselling or repurchasing them in the short term and those held as a result of a market-making activity, are valued individually at their market price.

In 2023, CNH INDUSTRIAL CAPITAL EUROPE has set up a government securities borrowing facility with BNP PARIBAS SA. The securities loaned are recorded as assets in the balance sheet under "Bonds and other fixed-income securities" at their market value in exchange for a debt of the same amount recorded as liabilities in the balance sheet under "Debt securities".

Changes in value contribute to the formation of the result of this portfolio. Securities recorded under trading securities may not be reclassified to another accounting category, and continue to follow the rules for the presentation and valuation of trading securities until they are derecognised from the balance sheet by disposal, full repayment or writing off.

b. Investment securities

These are securities that are not listed in any of the other existing categories. Marketable securities are valued at the lower of acquisition price or probable trading value (stock market price if the securities are listed). They constitute "shares and other variable-income securities".

At 31/12/2023, CNH INDUSTRIAL CAPITAL EUROPE no longer holds any marketable securities

c. Investment securities

These are securities acquired with the clear intention of holding them to maturity. Investment securities correspond to negotiable medium-term notes intended to be held on a long-term basis and for which there is financing through permanent and permanently allocated back-to-back resources. These securities are recorded at their nominal value on the subscription date. They are recorded under "Bonds and other fixed-income securities".

CNH INDUSTRIAL CAPITAL EUROPE does not hold any investment securities.

d. Portfolio activity securities

Portfolio activity involves investments made on a regular basis with the sole objective of realising capital gains in the medium term, without the intention of investing sustainably in the development of the issuing company's business.

Portfolio securities are individually recorded at the lower of historical cost or value in use. Value in use is determined by taking into account the general outlook for the issuer and the holding period. The value in use of listed securities is mainly determined by reference to the stock market price over a sufficiently long period.

CNH INDUSTRIAL CAPITAL EUROPE does not hold any portfolio securities.

e. Other long-term investments, participating interests and shares in affiliated undertakings

"Other securities held for the long term" are investments made in the form of securities with the intention of holding them on a long-term basis in order to earn a satisfactory return over the longer or shorter term, without intervening in the management of the companies whose securities are held, but with the intention of fostering the development of lasting professional relationships by creating a special link with the issuing company.

Long-term investments are recorded individually at the lower of cost or value in use.

Value in use is determined by reference to a multi-criteria valuation method based on available information such as discounted future cash flows, the sum of the parts, the revalued net assets and the commonly used ratios relating to them to assess the profitability and realisation prospects of each line of securities.

Capital gains or losses on disposals and movements in impairment expenses or reversals are recorded under "Gains or losses on fixed assets" in the income statement.

Dividends received are recorded in the income statement when received under "Income from variable-income securities".

"Equity interests" and "shares in affiliated companies" comprise investments in which CNH INDUSTRIAL CAPITAL EUROPE has significant influence over the administrative bodies of the issuing companies and investments of a strategic nature for the development of its activities. This influence is assumed when the percentage of control is greater than or equal to 10%.

Equity investments are recorded individually at the lower of cost or value in use. Value in use is determined by reference to a multi-criteria valuation method based on available information such as discounted future cash flows, the sum of the parts, the revalued net assets and the commonly used ratios relating to them to assess the profitability and realisation prospects of each line of securities.

Gains or losses on disposals and movements in impairment expenses or reversals are recorded under "Gains or losses on fixed assets" in the income statement.

Dividends are recorded under "Income from variable-income securities".

This item corresponds to certificates of association paid to the deposit guarantee fund.

E. CREDIT LEASE, LEASE WITH PURCHASE OPTION AND OPERATING LEASE

These headings list leased assets net of book depreciation. In accordance with Notice 2006-C of 4 October 2006 clarifying the provisions of Notice 2004-15, the provisions of ANC Regulation 2014-03 on the amortisation and impairment of assets do not apply to finance leases.

a. Gross value

The gross value of equipment includes all the components of the cost price, the cost of the equipment and acquisition costs.

b. Amortisation

Leased equipment is depreciated on a straight-line basis over the useful life of the assets. Accumulated depreciation recorded at the end of each financial year is between:

―	the linear minimum (pursuant to the provisions of article 39b of the French general tax code) on the one hand
―	the limit of degressivity allowed on the other hand.

c. Doubtful receivables

As in the case of credit transactions, in the case of finance leases and operating leases, receivables monitoring is based on the BNP PARIBAS Group's risk rating system. The rating scale comprises twelve levels: ten covering healthy loans and two relating to doubtful and impaired customers.

In accordance with the provisions of article 2221-1 of regulation no. 2014-07 of the French National Accounting Board (ANC), receivables are considered doubtful if:

―	There is a risk that debtors may not be able to meet all or part of their commitments,
―	Contracts with maturities of more than three months, or more than six months for credit to local authorities
―	Contracts subject to litigation.

The classification of a claim as doubtful immediately results in the classification of all outstanding amounts and commitments relating to the debtor in the same category.

These receivables give rise to the recognition of an impairment loss corresponding to the difference between the gross value of the receivable and the present value at the original effective rate of the contract (for fixed-rate contracts) or at the last known rate (for floating-rate contracts) of the estimated future cash flows recoverable.

Expected future cash flows are measured in two ways:

―	manually by debt managers who make a unit valuation of this flow.
―	Statistically for small claims according to market-specific claim thresholds.

The amount of impairment calculated on a statistical basis is shown in paragraphs H) and I) in "3. Notes to the balance sheet" in the notes to the financial statements.

When payment of the original instalments of a leasing or rental agreement that has become doubtful has resumed on a regular basis, it may again be classified as a healthy receivable.

The following are considered doubtful impaired:

―	Receivables for which the leasing or rental contract has been terminated
―	Receivables classified as doubtful for more than one year.

Impairment losses for doubtful receivables covering risks recorded on the balance sheet are deducted from the assets concerned.

In the income statement, in accordance with the provisions of ANC no. 2014-07, charges to and reversals of provisions for impairment, losses on irrecoverable receivables and recoveries of amortised receivables are recorded under "Income from leasing transactions or Income from operating leases". The same applies to interest corresponding to the interest on the value of impaired receivables or the reversal of the discounting effect.

Interest included in the lease or rental payments downgraded to doubtful are depreciated by 100%.

d. Impairment of fixed assets

The amount of impairment intended to cover potential losses on equipment relating to contracts that have been downgrading to doubtful status is calculated as the difference between the estimated sale value (statistical or manual basis) and the net asset value at 31/12/2023.

F. FIXED ASSETS

a. Intangible fixed assets

CNH INDUSTRIAL CAPITAL EUROPE is not concerned by this type of operation.

b. Tangible fixed assets Buildings:

CNH INDUSTRIAL CAPITAL EUROPE does not own any buildings at 31/12/2023.

Other tangible fixed assets:

They are recorded at their acquisition cost (purchase price and incidental expenses excluding fixed asset acquisition costs), at their production cost or at their revalued cost.

They are depreciated on a straight-line or declining balance basis over their probable useful lives:

―	equipment: 5 years, - furniture: 10 years.

No borrowing costs have been allocated to the assets.

G. PROVISIONS

Provisions for liabilities, other than those relating to employee commitments, mainly concern provisions for litigation, fines, tax risks and restructuring. In accordance with ANC regulation no. 2014-03, provisions are valued at the amount corresponding to the best estimate of the outflow of resources required to settle the obligation, determined as corresponding to the most probable hypothesis.

These liabilities constitute a current legal or implicit obligation of CNH INDUSTRIAL CAPITAL EUROPE towards a third party, which is probable or certain to result in an outflow of resources to the benefit of this third party.

Additions to and reversals of provisions are recorded in the income statement on the lines corresponding to the nature of the future expenses covered.

Provisions for retirement, early retirement and similar benefits:

CNH INDUSTRIAL CAPITAL EUROPE is not concerned by this type of operation.

H. DEFERRED TAXES

Since the closing date of 31 December 2015, a deferred tax relating to temporary differences between the accounting result and the tax result is recorded in the annual accounts.

For the 2023 financial year, the impact of deferred tax is recorded in the income statement, under "Corporate income tax", and the amount of deferred tax is recorded under "Income tax expense" and the total expense was 9,072 thousand euros (744 thousand euros for France and 8,327 thousand euros for the branches).

I. NET BANKING INCOME

a. Interest, income and similar expenses

Interest and premiums are recorded in the income statement on a pro rata temporis basis.

Commissions (particularly risk commissions) and similar income on banking transactions, the calculation and collection of which correspond to changes in balance sheet or off-balance sheet outstanding amounts, are considered to be earned on a pro rata temporis basis and are included in these items.

b. Expenses and income on leasing and similar transactions and operating leases

Expenses on finance leases, leases with purchase option and operating leases correspond to the industrial depreciation allowed by the tax authorities. Also included are book losses on the disposal of equipment at the end of the contract and provisions for depreciation of ITNLs.

Income from finance leases, lease-purchase agreements and operating leases records accrued rental income, adjusted for rental income received in advance or rental income receivable at the end of the financial year and increased by the accrued portion of subsidies (borne by equipment suppliers). In addition, there are book gains on the disposal of equipment at the end of the lease term, indemnities payable on terminated contracts for their positive or negative variation compared to the previous year, as well as administrative expenses and the cost of risk.

For contracts rescheduled for Covid-19 reasons, the method of smoothing rents over the remaining term of the contracts was applied, generating accrued income of ME 29.5.

c. Commissions (expenses and income)

This item mainly includes factoring commissions (recorded as soon as they are earned) and the provision of financial services to third parties.

J. GENERAL OPERATING EXPENSES

Remuneration of intermediaries is included under "Other administrative expenses" for an amount of 5,776 thousand euros in 2023 (including 3,937 thousand euros for branches in 2023) compared with 5,486 thousand euros in 2022.

3. NOTES TO THE BALANCE SHEET

A) CURRENCY TRANSACTIONS

The Polish branch's transactions are recorded in zloty.

Their revaluation in euros generated a foreign exchange difference of -1,539 K€, which was recorded as a liability on the balance sheet under accruals as of 31/12/2023.

B) CASH, CENTRAL BANKS, CCP

in thousands of euros

	France	Branches	2023	2022
Cash			0	0
Central banks ⁽¹⁾	0	0	0	73,793
Total cash, central bank, CCP	0	0	0	73,793

⁽¹⁾ In 2023, France will no longer hold any deposits with the Banque de France. These deposits have been replaced by securities loans in order to constitute the HQLA required to comply with the Liquidity Coverage Ratio (see section E) BONDS AND OTHER FIXED-INCOME SECURITIES)

C) RECEIVABLES ON CREDIT INSTITUTIONS

(in thousands of euros)

	2023	France	Branches	2022
Demand receivables	224,352	21,991	202,360	129,449
Related receivables	71	0	71	389
Total on demand	224,423	21,991	202,432	129,838
Day to day loan	0	0	0	12,596
Other term receivables	4792	1712	3,080	225,073
Related receivables	78	78	0	0
Total forward	4,870	1,790	3,080	237,669
Total receivables from credit institutions	229,293	23,781	205,512	367,507

Deadline to 31 December 2023

(in thousands of euros)

	Balance sheet total	< 3 months	3 months to 1 year	1 year - 5 years	> 5 years
Term receivables (excluding related receivables)	4,792	4792	0	0	0

D) customer transactions (assets)

(in thousands of euros)

	France				Branches
	Trade receivables	Other loans to Customers	Ordinary accounts debtors	Factoring	Other customer loans and factoring	TOTAL 2023
Healthy loans	0	99,893	0	0	991,207	1,091,100
Doubtful loans ⁽¹⁾	0	885	0	0	19,777	20,662
Provisions at 12/31/2022 ^{(1) (2)}	0	-475	0	0	-10,251	-10,726
Allocations for the year	0	-66	0	0	-7,210	-7,276
Reversals for the year	0	40	0	0	6,986	7,026
Other variations	0	0	0	0	-229	-229
Provisions at 31/12/2023 ^{(1) (2)}	0	-501	0	0	-10,704	-11,204
Net assets	0	100,278	0	0	1,000,280	1,100,558
Related receivables	0	49	0	0	3,408	3,457
Total outstanding amounts	0	100,327	0	0	1,003,689	1,104,015

	TOTAL 2022
Healthy loans	1,177,991
Doubtful loans ⁽¹⁾	19,714
Provisions at 12/31/2022 ^{(1) (2)}	-10,694
Allocations for the year	-7,133
Reversals for the year	7,054
Other variations	48
Provisions at 31/12/2023 ^{(1) (2)}	-10,726
Net assets	1,186,979
Related receivables	3,661
Total outstanding amounts	1,190,640

⁽¹⁾ Pursuant to article 2221-1 of ANC regulation no. 2014-07, doubtful outstandings and provisions break down as follows:

	Gross	Provision	Net
Doubtful impaired agreements France	793	-486	307
Doubtful impaired agreements branches	8,451	-6,360	2,091
Total doubtful impaired	9,245	-6,846	2,399
Unimpaired doubtful agreements France	92	-15	77
Non-impaired doubtful branches	11,325	-4,344	6,982
Total doubtful non-impaired	11,417	-4,358	7,059
TOTAL	20,662	-11,204	9,458

⁽²⁾ In accordance with the provisions of articles 2231-2 and 2231-4 of regulation no. 2014-07 of the French National Accounting Board (ANC), the amount of the stock of impairment calculated on a statistical basis is €500k for France.

Schedule of performing loans at 31 December 2023

(in thousands of euros)

	Balance sheet total	< to 3 months	3 months to 1 year	1 year - 5 years	> 5 years
Receivables from customers	1,091,100	165,250	285,430	604,255	36,165

E) bonds and other income securities

In thousands of euros

	Trading portfolio	of which listed securities
Securities lent - Nominal value ^{(1) (2)}	87,000	87,000
Revaluation of securities loaned	-9,831	-9,831
Total value at 31/12/2023	77,169	77,169
Total value at 31/12/2022	0	0

⁽¹⁾ cnh industrial capital europe lent trading securities on 30/11/2023 for a nominal value of eighty-seven million euros (EUR 87,000.000) maturing on 13/05/2024.

⁽²⁾ this involves securities lending qualified by the lender as hqla, required to comply with the liquidity coverage ratio.

(in thousands of euros)

	2023	2022
Related receivables
Related receivables on securities loaned	661
Total related receivables - trading securities	661	0

Schedule to 31 December 2023:

(in thousands of euros)

	Balance sheet total	< 3 months	3 months - 1 year	1 year - 5 years	> 5 years
Securities lending	87,000		87,000

F) EQUITIES AND VARIABLE INCOME SECURITIES

At 31 December 2023, CNH INDUSTIRAL CAPITAL EUROPE's accounts are not affected by this type of transaction.

G) INVESTMENTS AND OTHER LONG-TERM SECURITIES AND INTERESTS IN LINKED COMPANIES

In thousands of euros

	Net worth	of which listed securities	of which unlisted securities	of which credit institutions
Investments and other long-term investments (France)	0	0	0	0
Shares in affiliated companies (France)	18,810	0	18,810	16,165
Shares in affiliated companies (branches)	0	0	0	0
Shares in affiliated companies (Total)	18,810	0	18,810	16,165
TOTAL 2023	18,810	0	18,810	16,165
TOTAL 2022	18,810	0	18,810	16,165

The change in the gross and net values of the participating interests and shares in affiliated companies during the financial year is shown below:

(in thousands of euros)

	Total	Shares in affiliated companies France	Shares in affiliated companies Branches	Equity interests and other long term securities held
Gross value at 31 December 2022	18,810	18,810	0	0
Acquisitions during the year	0		0
Disposals during the year	0	0	0	0
Other operations	0	0		0
Gross value at 31 December 2023	18,810	18,810	0	0
Provisions at 31 December 2022	0	0	0	0
Allocations for the year	0	0	0	0
Reversals for the year	0	0	0	0
Other operations	0		0	0
Provisions at 31 December 2023	0	0	0	0
Net value at 31 December 2023	18,810	18,810	0	0
Net value at 31 December 2022	18,810	18,810	0	0

H) LEASING, RENTAL WITH PURCHASE OPTION

In thousands of euros

	FIXED ASSETS
	Balance at 31/12/2022	Acquisitions during the year	Disposals of fixed assets during the year	Other variations	Balance at 31/12/2023
Fixed assets under lease
Fixed assets under lease furniture France	1,152,432	377,551	-238,399	0	1,291,584
Fixed assets under lease property branches	3,569,078	892,008	-571,705	14,538	3,903,919
Total assets under Lease	4,721,510	1,269,559	-810,104	14,538	5,195,503
Assets under construction finance Lease
Assets under construction finance Lease France	78	1,078	-78	0	1,078
Assets under construction finance lease Branches	7,410	2,835	-450	1	9,796
Total Assets under construction finance lease	7,488	3,913	-528	1	10,874
Down payments made to suppliers
Down payments made to suppliers France	3,022	1,779	-3,022	0	1,779
Down payments made to suppliers Branches	5	254	-260	0	0
Total down payments made Suppliers	3,027	2,033	-3,282	0	1,779
Total fixed assets finance Lease	4,732,025	1,275,506	-813,913	14,538	5,208,156

	DEPRECIATION AND PROVISIONS					Net book value at 31/12/2023
	Balance at 31/12/2022	Allocations for the year	Amort. on cessions	Other variations	Balance at 31/12/2023
Fixed assets under lease
Fixed assets under lease furniture France	644,502	251,696	-214,247	0	681,951	609,633
Fixed assets under lease property branches	1,679,930	703,261	-488,393	5,697	1,900,494	2,003,425
Total assets under Lease	2,324,432	954,957	-702,641	5,697	2,582,445	2,613,058
Assets under construction finance Lease
Assets under construction finance Lease France	0	0	0	0	0	1,078
Assets under construction finance lease Branches	0	0	0	0	0	9,796
Total Assets under construction finance lease	0	0	0	0	0	10,874
Down payments made to suppliers
Down payments made to suppliers France	0	0	0	0	0	1,779
Down payments made to suppliers Branches	0	0	0	0	0	0
Total down payments made Suppliers	0	0	0	0	0	1,779
Total fixed assets finance Lease	2,324,432	954,957	-702,641	5,697	2,582,445	2,625,711

In thousands of euros

	Balance at 31/12/2022	Allocations of the year	Reversals of the year	Other Variations	Balance at 31/12/2023
Doubtful receivables gross value leasing ⁽¹⁾
Doubtful receivables gross value leasing France	19,567				26,377
Doubtful receivables gross value leasing branches	33,473				39,038
Total doubtful receivables gross value leasing ⁽¹⁾	53,040				65,415
Allowances for doubtful receivables Leasing ⁽¹⁾
Provisions for doubtful receivables leasing France	-13,177	-7,114	2,347		-17,944
Allowances for doubtful receivables leasing branches	-28,456	-16,528	11,105	-57	-33,937
Total provisions for doubtful receivables leasing ⁽¹⁾	-41,634	-23,642	13,452	-57	-51,881
Related receivables leasing ⁽³⁾
Related receivables leasing France	13,124				13,614
Related receivables leasing branches	118,231				95,544
Total related receivables leasing	131,355				109,159
Total doubtful receivables net book value and related receivables leasing	142,762				122,692

⁽¹⁾ Pursuant to article 2221-1 of ANC regulation no. 2014-07, doubtful outstanding and provisions break down as follows:

	Gross	Provision	Net
Impaired leasing France	24,485	-17,168	7,317
Impaired leasing branches	34,461	-30,655	3,807
Total impaired leasing	58,946	-47,822	11,124
Non-impaired leasing France	1,892	-776	1115
Non-impaired leasing branches	4,577	-3,283	1,295
Total non-impaired leasing	6,469	-4,059	2,410
Total leasing	65,415	-51,881	13,534

⁽²⁾ In accordance with the provisions of articles 2231-2 and 2231-4 of ANC regulation no. 2014-07, the amount of the stock of impairment calculated on a statistical basis is €14,400k for France.

⁽³⁾ As part of the smoothing of lease payments for the rescheduled COVID-19 contracts, the amount of receivables totals €29,444k, with €1,107k for France and €28,337k for the branches.

I) OPERATING LEASE

In thousands of euros

	FIXED ASSETS
	Balance at 31/12/2022	Acquisitions during the year	Disposals of fixed assets during the year	Other variations	Balance at 31/12/2023
Assets under lease
Assets under lease France	319,255	86,091	-86,025	0	319,320
Assets under lease Branches	400,862	99,377	-95,913	0	404,326
Total assets in operating lease	720,117	185,468	-181,938	0	723,647
Assets under construction operating lease
Assets under construction Operating leases France	176	537	-176	0	537
Assets under construction Operating leases branches	0	558	0	0	558
Assets under construction operating lease	176	1,096	-176	0	1,096
Down payments made to suppliers
Down payments made to suppliers France	123	89	-123	0	89
Down payments made to suppliers Branches	0	3	0	0	3
Total down payments made Suppliers	123	92	-123	0	92
Total fixed assets operating lease	720,415	186,655	-182,236	0	724,834

	DEPRECIATION AND PROVISIONS					Net book value at 31/12/2023
	Balance at 31/12/2022	Additions for the year	Amort. on cessions	Other changes	Balance at 31/12/2023
Assets under lease
Assets under lease France	144,901	71,537	-57,704		158,734	160,587
Assets under lease Branches	187,897	84,031	-74,832	0	197,097	207,229
Total assets in operating lease	332,798	155,568	-132,535	0	355,831	367,816
Assets under construction operating lease
Assets under construction Operating leases France	0	0	0	0	0	537
Assets under construction Operating leases branches	0	0	0	0	0	558
Assets under construction operating lease	0	0	0	0	0	1,096
Down payments made to suppliers
Down payments made to suppliers France	0	0	0	0	0	89
Down payments made to suppliers Branches	0	0	0	0	0	3
Total down payments made Suppliers	0	0	0	0	0	92
Total fixed assets operating lease	332,798	155,568	-132,535	0	355,831	369,004

In thousands of euros

	Balance at 31/12/2022	Allocations of the year	Reversals of the year	Other Variations	Balance at 31/12/2023
Doubtful receivables under lease gross value ⁽¹⁾
Doubtful receivables under lease gross value France	4,191				3,921
Doubtful receivables under lease gross value branches	2,444				2,424
Total doubtful receivables under lease gross value ⁽¹⁾	6,635				6,345
Provisions for doubtful receivables under lease ⁽¹⁾
Provisions for doubtful receivables under lease France	-2,912	-455	909	0	-2,458
Provisions for doubtful receivables under lease branches	-2,036	-1,284	1,389	0	-1,931
Total provisions for doubtful receivables under lease ⁽¹⁾	-4,948	-1,739	2,297	0	-4,389
Related assets under lease ⁽³⁾
Related assets under lease France	1,480				1,020
Related assets under lease branches	977				2,121
Total related assets under lease	2,457				3,142
Total doubtful receivables net value and related receivables operating lease	4,144				5,097

⁽¹⁾ Pursuant to article 2221-1 of ANC regulation no. 2014-07, doubtful outstandings and provisions break down as follows:

	Gross	Provision	Net
Impaired operating leases France	3,647	-2,317	1,330
Impaired operating leases branches	2,134	-1770	363
Total impaired operating leases	5,781	-4,087	1,694
Unimpaired operating leasing France	275	-141	133
Non-impaired operating leasing branches	290	-161	129
Total non-impaired operating leases	564	-302	262
Total operating leases	6,345	-4,389	1,956

⁽²⁾ In accordance with the provisions of articles 2231-2 and 2231-4 of regulation no. 2014-07 of the French National Accounting Board (ANC), the amount of the stock
of depreciation calculated on a statistical basis is EUR 1,822,000 for France.

⁽³⁾ As part of the smoothing of lease payments for the rescheduled COVID-19 contracts, the amount of receivables totals to 81 k€, i.e. 78 k€ for France and 3 k€ for the branches.

J) TANGIBLE AND INTANGIBLE ASSETS

In thousands of euros

INTANGIBLE ASSETS	OPENING	INCREASE	DECREASE	OTHERS VARIATIONS	CLOSING
Goodwill	0	0	0	0	0
Lease and entrance fees	0	0	0	0	0
Lease and entrance fees branches	0	0	0	0	0
Establishment costs	0	0	0	0	0
Software	0	0	0	0	0
Intangible assets in progress	0	0	0	0	0
Establishment costs branches	0	0	0	0	0
Software branches	0	0	0	0	0
Gross value	0	0	0	0	0
Depreciation entrance fee	0	0	0	0	0
Depreciation of Establishment costs	0	0	0	0	0
Depreciation of software	0	0	0	0	0
Depreciation entrance fee branches	0	0	0	0	0
Depreciation and amortisation of Establishment costs branches	0	0	0	0	0
Software amortisation branches	0	0	0	0	0
Depreciation	0	0	0	0	0
Net worth	0	0	0	0	0

(in thousands of euros)

TANGIBLE FIXED ASSETS	OPENING	INCREASE	DECREASE	OTHER CHANGES	CLOSING
Tangible assets in progress	0	0	0	0	0
Computer hardware	0	0	0	0	0
Office equipment and furniture	0	0	0	0	0
Transport equipment	0	0	0	0	0
Machinery and tools	0	0	0	0	0
Fixtures, fittings and installations branches	0	0	0	0	0
Computer equipment branches	5	0	0	0	5
Transport equipment branches	0	0	0	0	0
Office equipment and furniture branches	0	0	0	0	0
Gross value	5	0	0	0	5
Depreciation computer equipment	0	0	0	0	0
Depreciation office equipment and furniture	0	0	0	0	0
Depreciation transport equipment	0	0	0	0	0
Depreciation equipment and tooling	0	0	0	0	0
Amortisation arrangements branches	0	0	0	0	0
Depreciation computer equipment branches	-5	0	0	0	-5
Depreciation transport equipment branches	0	0	0	0	0
Amortisation office material and furniture branches	0	0	0	0	0
Depreciation	-5	0	0	0	-5
Net worth	0	0	0	0	0

K) OTHER ASSETS

in thousands of euros

	France	Branches	2023	2022
Other miscellaneous receivables	31,055	17,994	49,049	29,410
Deposits and guarantees	1,469	0	1,469	1,083
Corporate tax		0	0	0
State of other taxes and duties	18,393	25,797	44,189	40,995
Deferred tax assets ⁽¹⁾	17,210	26,359	43,569	42,524
Other	42	240	282	1,934
TOTAL	68,169	70,390	138,558	115,947

⁽¹⁾ Deferred tax assets mainly comprise deferred tax on tax losses amounting to 15.024 thousand euros at 31 December 2023, compared with 15,946 thousand euros at 31 December 2022.

L) ADJUSTMENT ACCOUNTS (ASSETS)

in thousands of euros

	France	Branches	2023	2022
Accrued income	3,344	6,440	9,783	5,812
Cash in hand	4,963	6,247	11,210	7,030
Deferred expenses	0	0	0	0
Prepaid expenses	257	22,530	22,787	22,052
Other	409	54,572	54,981	55,842
TOTAL	8,972	89,790	98,762	90,737

M) debts to credit institutions

in thousands of euros

	France	Branches	2023	2022
Current accounts and borrowings	71	0	71	691
Related debts	0	6	6	5
Total on demand	71	6	77	696
Borrowing on a daily basis	0	0	0	0
Accounts and borrowings at maturity	1,712	2,541,753	2,543,465	2,647,230
Transfer of receivables	13,075		13,075	17,802
Values given in repurchase agreements	0	0	0	0
Related debts	0	8,208	8,208	3,455
Total forward	14,787	2,549,961	2,564,748	2,668,487
Total due to credit institutions	14,858	2,549,968	2,564,825	2,669,183

Maturity schedule of accounts and borrowings at 31 December 2023

in thousands of euros

	Balance sheet total	< 3 months	3 months to 1 year	1 year - 5 years	> 5 years
Accounts and borrowings (excluding related debts)	2,556,540	240,080	674,097	1,608,341	34,023

N) customer transactions (liabilities)

There are no transactions with customers on special savings accounts. Other liabilities break down as follows:

in thousands of euros

	France	Branches	2023	2022
Current accounts	0	5,020	5,020	0
Related debts	0	0	0	0
Total on demand	0	5,020	5,020	0
Term accounts	908,631	404,082	1,312,713	1,402,410
Related debts	548	3,429	3,977	2,485
Total forward	909,179	407,512	1,316,691	1,404,895
Total customer transactions	909,179	412,532	1,321,711	1,404,895

Maturity schedule for forward customer transactions at 31 December 2023

in thousands of euros

	Balance sheet total	< 3 months	3 months to 1 year	1 year - 5 years	> 5 years
Term accounts payable	1,312,713	113,987	303,945	831,844	62,937

O) DEBT SECURITIES

In thousands of euros

	2023	2022
Negotiable debt securities	13,705	13,705
Borrowed securities - Nominal value ⁽²⁾	87,000
Revaluation of borrowed securities	-9,831
TOTAL	90,874	13,705

⁽¹⁾ CNH INDUSTRIAL CAPITAL EUROPE issued negotiable debt securities on 10/11/2023 maturing on 12/02/2024 for a nominal value of one million euros (EUR 1,000,000), and on 28/12/2023 maturing on 28/05/2024 for a nominal value of twelve million seven hundred and four thousand eight hundred euros (EUR 12,704,800).

⁽²⁾ CNH INDUSTRIAL CAPITAL EUROPE borrowed trading securities on 30 November 2023 for a nominal value of eighty-seven million euros (EUR 87,000,000) maturing on 13/05/2024.

(in thousands of euros)

	TOTAL 2023	TOTAL 2022
Related debts
Liabilities related to securities borrowed	661	0
		0
Total debt securities	661	0

P) OTHER LIABILITIES

in thousands of euros

	France	Branches	2023	2022
State and social organisations	5,167	2,540	7,706	5,219
Suppliers (leasing and similar)	15,933	39,211	55,144	54,318
Customers and third-party purchasers	4422	7,206	11,628	11,730
Corporate tax	642	15,052	15,694	10,466
Deferred tax liabilities	2,140	63,565	65,706	55,638
Security deposits	391	1376	1,767	945
Other	3,029	15,499	18,528	11,989
TOTAL	31,724	144,449	176,173	150,304

Q) accruals accounts (liabilities)

in thousands of euros

	France	Branches	2023	2022
Deferred revenue ⁽¹⁾	82,405	102,338	184,743	140,306
Accrued expenses	13,341	45,792	59,133	58,836
Other	0	42,503	42,503	43,114
Collection accounts	18,048	12,970	31,018	23,111
TOTAL	113,794	203,603	317,396	265,366

⁽¹⁾ Deferred income mainly comprises adjustments to finance lease, L.O.A. and operating lease payments amounting to 79,246.77 thousand euros at 31 December 2023 for France and 28,225.32 thousand euros for the branches.

R) PROVISIONS

in thousands of euros

	Opening	Allocation	Takeover	Use	Other variations	Closing
Provisions for pensions and benefits LT France	0	0	0	0	0	0
Provisions for pensions branches	0	0	0	0	0	0
Prov. for restructuring - personnel costs France	0	0	0	0	0	0
Prov. for restructuring - general operating expenses France	0	0	0	0	0	0
Provisions for taxes	0	0	0	0	0	0
Tax provisions branches	2,500	0	-2,500	0	0	0
Provisions for litigation	0	0	0	0	0	0
Provisions for doubtful commitments	0	0	0	0	0	0
Provisions for miscellaneous expenses France	97	1	-40	0	0	58
Provisions for miscellaneous expenses branches ⁽¹⁾	0	0	0	0	0	0
TOTAL	2,597	1	-2,540	0	0	58

⁽¹⁾ This concerns the negative financial reserve allocation.

S) SHAREHOLDER EQUITY

1) Capital

At 31 December 2023, the share capital of CNH INDUSTRIAL CAPITAL EUROPE was EUR 88,482,297, consisting of 232,237 fully paid-up shares with a par value of EUR 381.

2) Regulated provisions and investment subsidies

Investment grants are received as part of leasing or rental transactions. The latter are shown for their net depreciation amount.

3) Statement of changes in shareholders' equity

(in thousands of euros)

	Opening	Allocation of result n-1	Net distribution retainer	Result	Other operations	Closing
Capital	88,482	0	0	0	0	88,482
Legal reserve	8,848	0	0	0	0	8,848
Other reserves	10	0	0	0	0	10
Regulated provisions	0	0	0	0	0	0
Investment grants	164	0	0	0	-86	78
Carry forward	172,176	-26,181	0	0	0	145,995
Net income for the year	23,817	26,181	-49,998	74,660	0	74,660
Interim dividends	0	0	0	0	0	0
Total shareholders' equity	293,498	0	-49,998	74,660	-86	318,074

4) Diluted earnings per share and earnings per share

Reduced results with a single adjusted action
- Income after tax, employee profit-sharing but before depreciation, amortisation and provisions:	5,111
- Profit after tax, employee profit-sharing, depreciation, amortisation and provisions:	321
- Dividend allocated to each share (tax credit not included):	261.80

4. NOTES ON OFF-BALANCE SHEET ITEMS

A) OFF-BALANCE SHEET COMMITMENTS

in thousands of euros

	France	Branches	2023	2022
Commitments given	1,469	26,052	27,522	230,387
Financing commitments to credit institutions	0	0	0	0
Guarantee commitments to customers	0	26,052	26,052	229,304
Guarantee commitments to credit institutions	1,469	0	1,469	1,083
Guarantee commitments to customers	0	0	0	0
Commitments received	206,658	1,001,899	1,208,558	1,064,449
Financing commitments received from credit institutions	15,000	126,340	141,340	18,275
Financing commitments received from customers	98,549	0	98,549	0
Guarantee commitments received from credit institutions	0	106	106	2,357
Guarantee commitments received from customers	93,109	875,454	968,563	1,043,817

5. NOTES TO THE INCOME STATEMENT

SEGMENT INFORMATION

in thousands of euros

		Branches
	France	Germany	Italy	Spain	Belgium	Poland
NET BANKING INCOME	25,312	20,632	81,800	3,142	3,059	17,529
GENERAL OPERATING EXPENSES	-12,004	-8,713	-15,819	-2,554	-1,423	-3,172

	2023
NET BANKING INCOME	151,474
GENERAL OPERATING EXPENSES	-43,685

A) INTEREST INCOME AND EXPENSE

In thousands of euros

	2023 Income	2023 Charges	2022 Income	2022 Charges
Transactions with central banks France	0	0	0	208
Transactions with central banks branches	0	0	0	0
Transactions with credit institutions in France	1,193	1,264	210	1,652
Transactions with credit institutions branches	8,857	64,101	1,046	32,677
Transactions with customers in France	6,122	20,071	1,231	7,376
Client transactions branches	43,863	7,654	36,679	3,514
Bonds and other fixed-income securities	661		0	0
Other interests France	0	1,126	0	96
Charges to and reversals of provisions France	10	0	12	0
Allocations to and reversals of provisions branches	105	0	180	0
Receivables written off during the year	-178	0	-126	0
Investment securities	0	0	0	0
TOTAL	60,634	94,216	39,232	45,521

Provisions relating to these transactions for the capital portion are recorded under cost of risk.

B) INCOME AND EXPENSES ON CREDIT LEASE TRANSACTIONS

a) Income from leasing operations In

thousands of euros

	France	Branches	2023	2022
Rents	253,367	835,212	1,088,579	961,500
Reversal of impairment provisions	3,098	1,842	4,940	5,925
Capital gains on disposals	25,847	17,897	43,744	40,318
Termination payments	9,063	13,866	22,930	18,957
Miscellaneous income	2,642	60,461	63,103	60,389
Allocations to provisions	-7,114	-16,528	-23,642	-23,020
Receivables written off during the year	-890	-3,411	-4,301	-9,752
Reversals of provisions	2,347	11,105	13,452	17,212
Recoveries on amortised receivables	177	1,283	1,460	1,682
TOTAL	288,538	921,725	1,210,263	1,073,211

b) Leasing expenses In

thousands of euros

	France	Branches	2023	2022
Depreciation and amortisation	247,116	702,915	950,032	894,589
Allocations to provisions for impairment	4,580	345	4,925	5,263
Capital losses on disposals	8,497	54,525	63,023	62,626
Miscellaneous expenses	4,710	47,131	51,841	50,786
TOTAL	264,904	804,917	1,069,821	1,013,264

C) INCOME AND EXPENSES ON OPERATING LEASES

a) Income from operating leases In

thousands of euros

	France	Branches	2023	2022
Rents	49,846	74,172	124,018	121,126
Reversal of impairment provisions	677	55	732	778
Capital gains on disposals	22,425	23,438	45,863	45,744
Termination payments	2,109	1,105	3,214	2,262
Insurance benefits	0	0	0	0
Miscellaneous income	173	1448	1,621	2,138
Allocations to provisions	-455	-1,284	-1,739	-2,189
Receivables written off during the year	-474	-1,221	-1,694	-2,998
Reversals of provisions	909	1,389	2,297	4,393
Recoveries on amortised receivables	142	28	170	422
TOTAL	75,351	99,130	174,482	171,676

b) Operating lease expenses In

thousands of euros

	France	Branches	2023	2022
Depreciation and amortisation	71,166	84,031	155,198	159,102
Allocations to provisions for impairment	370	0	370	975
Capital losses on disposals	1,253	977	2,229	2,123
Miscellaneous expenses	8	1,119	1,127	1,239
TOTAL	72,797	86,127	158,924	163,439

D) INCOME FROM VARIABLE-INCOME SECURITIES

In thousands of euros

	2023	2022
Shares in affiliated companies	9,278	7,003
Investments and other long-term securities	0	0
TOTAL	9,278	7,003

E) COMMISSIONS

In thousands of euros

	2023		2022
	Charges	Income	Charges	Income
Transactions with credit institutions in France	0	0	0	0
Transactions with credit institutions branches	0	0	0	0
Transactions with customers in France	0	1	0	2
Client transactions branches	241	7,282	226	7,201
Financial services	3,899	4,988	51	0
Financial services branches	16,093	15,899	1,152	2,463
Other	42	0	34	0
TOTAL	20,275	28,169	1,463	9,665

F) GAINS OR LOSSES ON TRADING PORTFOLIO TRANSACTIONS

In thousands of euros

	2023	2022
On trading securities	0	0
On foreign exchange transactions	0	0
On foreign exchange transactions branches	4,625	-688
On forward financial instruments branches	0	0
TOTAL	4,625	-688

G) GAINS OR LOSSES ON INVESTMENT PORTFOLIO TRANSACTIONS

None

H) OTHER BANK OPERATING INCOME AND EXPENSES

In thousands of euros

	2023		2022
	Income	Charges	Income	Charges
Invoicing of services, mandate, agreement and assistance France	280	0	80	0
Invoicing of services, mandate, agreement and assistance branches	12,254	0	960	0
Income from insurance bonuses and other insurance income and expenses France	2,567	0	2,136	0
Other insurance income or expenses branches	2,204	0	1,672	0
Share of subsidies in the income statement	86	0	84	0
Share of joint transactions	0	0	0	0
Share of joint transactions branches	0	0	0	0
Other income France	260		7	0
Other income branches	5,701		4,490	0
Increase/decrease in provisions France	40	1	291	66
Increase/decrease in provisions branches	0	0	0	0
Other expenses France		1	287	100
Other expenses Branch		16,132	0	3,920
TOTAL	23,393	16,134	10,007	4,086

I) GENERAL OPERATING EXPENSES

1) Personnel costs In

thousands of euros

	France	Branches	2023	2022
Wages and salaries	0	1	1	0
Social security expenses	47	0	47	0
Other related expenses	0	0	0	0
TOTAL	47	1	47	1

There is 1 employee in the staff of the branches. For France, there are no employees.

2) Other administrative expenses

At the year-end, other administrative expenses amounted to 43,638 thousand euros, compared with 40,454 thousand euros in 2022 (including 3,.681 thousand euros for branches in 2023).

CAC fees amounted to 22 K€ for France and 106 K€ for the branches. Audits are carried out by Deloitte, PWC and Mazars.

J) COST OF RISK

in thousands of euros

	France	Branches	2023	2022
Allocations to provisions	-144	-7,945	-8,089	-8,646
Receivables written off during the year	-333	-1,251	-1583	-1,935
Reversals of provisions	77	7,630	7,707	8,539
Recoveries on amortised receivables	0	26	26	103
Provisions/reversals for risks	0	0	0	0
TOTAL	-399	-1541	-1940	-1940

The provisions recorded under this item relate solely to customer lending activities.

Provisions for bad debts on leasing and operating leases are recorded in the income or expense items of these activities.

K) EXTRAORDINARY RESULT

Items included in exceptional items reflect the accounting impact of events that are not part of the ordinary activities of the various business lines of CNH Industrial Capital Europe, and whose presentation in the other income statement aggregates would have made the comparability of the year's transactions with those carried out during the reference years less meaningful.

At 31 December 2023, CNH Industrial Capital Europe had not recorded any exceptional items.

L) CORPORATE TAX

(in thousands of euros)

	France	Branches	2023	2022
Corporate tax	-642	-23,974	-24,617	-16,484
ALLOCATIONS/WRITE-BACKS	0	2,500	2,500	-1,500
Deferred tax	-744	-8,327	-9,072	1,863
TOTAL	-1387	-29,802	-31,188	-16,121

6. OTHER DETAILS

A) AFFILIATED COMPANY INFORMATION

in thousands of euros

	Affiliated companies France	Affiliated companies branches
ASSETS
Amounts owed to credit institutions	23,781	196,759
Receivables from customers	50,017	0
Shares and other variable-income securities	18,810	0
Bonds and other fixed-income securities	0	0
Other assets	0	3
Accrued income and prepaid expenses	740	8
LIABILITIES
Debts to credit institutions	1,712	2,450,625
Borrowings and accounts payable from	909,179	403,791
Debt securities	0	0
Other liabilities	0	130
Accruals and deferred income	3,529	2,562
OFF-BALANCE SHEET
Financing commitments to credit institutions	0	0
Guarantee commitments to credit institutions	0	0
Guarantee commitments to customers	0	0
Financing commitments received from credit institutions	15,000	126,340
Financing commitments received from customers	98,549	0
Guarantee commitments received from credit institutions	0	0
Guarantee commitments received from customers	0	0

B) PROPOSED ALLOCATION OF NET PROFIT

In euros

Profit for the year	74,660,448.40
Carry forward	145,995,281.01
Total to be allocated	220,655,729.41

In euros

Special reserve from the provision for the released investment	0.00
Dividend	60,799,646.60
Interim dividends	0.00
Carry forward	159,856,082.81
Allocated total	220,655,729.41

C) SOCIAL AND FINANCIAL ACCOUNTING AND CONSOLIDATION

As a financial company, CNH Industrial Capital Europe, for the preparation of the consolidated financial statements, must keep so-called financial accounting records for leasing and rental operations with or without a purchase option. These accounts show a financial result by determining a financial amortisation of each transaction on the basis of the expected rate of return on capital employed. The financial method used to calculate the gross financial margin is the "Deferred interest due" method.

Net financial income is equal to the company's net income, which is substituted, in particular, for depreciation, amortisation, capital gains and losses and provisions for bad debts, their financial equivalents.

The financial reserve is made up of the cumulative differences between the financial results and the corporate results.

In addition, the impacts of IFRS standards should be added to this figure to determine the amount of consolidation reserves.

These impacts are mainly made up of IFRS9 stage 1 and stage 2 provisions and the revaluation of securities either through profit or through shareholders' equity.

Finally, a deferred tax liability is recognised when the financial accounting results in the deferral of part of the results over time in relation to the company's results.

a) Reconciliation of net income to net financial income

In thousands of euros

	2023
Accounting income before tax	105,849
Difference between financial depreciation and social depreciation (leased assets)	-34,867
Difference between social and financial capital gains and losses	-11,198
Difference between social provisions and financial provisions for doubtful loans	2,547
Difference between LPA and APA and between LAR and AAR	18,527
Provision for negative financial reserve	0
Miscellaneous ⁽¹⁾	6,145
Financial income before tax at 31 December	87,003

⁽¹⁾ Mainly impact of IFRS9 provision for an amount of 5,668 K€

b) Main components of the financial reserve

CNH Industrial Capital Europe's financial reserve at 31 December 2023 breaks down as follows:

(in thousands of euros)

	2023
Difference between financial depreciation and social depreciation (leased assets)	114,952
Difference between social provisions and financial provisions for doubtful loans	-5,244
Difference between LPA and APA and between LAR and AAR	-12,675
Gross financial reserve CB/LS French at 31 December	97,034
Financial reserve on unleased CB/LS assets
Gross financial reserve on CB/LS assets	97,034
Provision negative financial reserve	0
Financial reserve after provision at 31 December	97,034
Provisions IFRS 9	-34,831
Revaluation of securities	83,176
Other	3,005
Gross consolidated reserve at 31 December	148,384

c) Consolidation

CNH INDUSTRIAL CAPITAL EUROPE is consolidated in the financial statements of BNP PARIBAS SA, whose registered office is located at 16 boulevard des Italiens 75009 Paris.

The accounts are also consolidated by CNH INV, using the equity method.

D) POST CLOSING EVENTS

On 29 November 2023, the CDE decided to transfer the registered office from 12 rue du Port 92000 Nanterre to 18 rue Baudin 92300 Levallois-Perret with effect from 15 April 2024.

E) Information on subsidiaries, shareholdings and partnership interests TABLE of SUBSIDIARIES and SHAREHOLDERS

I. DETAILED INFORMATION (subsidiaries whose gross value exceeds 1% of the capital of CNH INDUSTRIAL CAPITAL EUROPE)

(in thousands of euros)

(Art. 247 to 295 of the decree on commercial companies)

COMPANY OR GROUPS OF COMPANIES		CAPITAL (31/12/2023)	NONCAPITAL EQUITY	SHARE OF CAPITAL HELD IN %	CARRYING AMOUNT OF SECURITIES HELD
					GROSS	NET
A. Subsidiaries (at least 50% of capital held in companies)
Foreign companies
CNH INDUSTRIAL CAPITAL EUROPE LIMITED	GB ^*	10,390	44,899	100.00%	13,586	13,586
CNH CE GMBH	Austria	35	9,031	100.00%	2,579	2,579
CNHI CE BV Netherlands	The		2,601	100.00%	2,645	2,645

COMPANY OR GROUPS OF COMPANIES	LOANS & ADVANCES GRANTED BY THE COMPANY AND NOT REPAID	AMOUNT OF SURETIES, ENDORSEMEN TS AND OTHER COMMITMENT S GIVEN BY THE COMPANY	TURNOVE R EXCL. TAX LAST YEAR	PROFIT FOR THE LAST FINANCIAL YEAR ENDED (31/12/2023))	DIVIDENDS RECEIVED DURING THE YEAR
A. Subsidiaries (at least 50% of capital held in companies)
Foreign companies
CNH INDUSTRIAL CAPITAL EUROPE LIMITED	0	0		10,903	6,792
CNH CE GMBH	0	0		1,077
CNHI CE BV Netherlands	0	0		2,380	2,486

^* For the UK subsidiary, the closing exchange rate used for balance sheet items (Capital and Shareholders' equity other than capital) is GBP 0.866232561 per EUR and the average exchange rate used for income statement items (Profit for the last financial year) is GBP 0.869676725 per EUR.

Company addresses:

BNP PARIBAS LEASE GROUP SA (CNH CE GMBH)	CNH Capital Europe Ltd UK	CNH Capital Europe BV
Ignaz-Köck- Strasse 9	Northern Cross, Basing View	4 Hambakenwetering
1211 VIENNA, Austria	GB-Basingstocke,Hampshire RG	5202 CJ s Hertogenbosch
Austria	21 4 HL	The Netherlands

II. GENERAL INFORMATION

(in thousands of euros)

COMPANY OR GROUPS OF COMPANIES	CAPITAL (31/12/2023)	NONCAPITAL EQUITY	SHARE OF CAPITAL HELD IN %	CARRYING AMOUNT OF SECURITIES HELD		LOANS & ADVANCES GRANTED BY THE COMPANY AND NOT REPAID
				GROSS	NET
Foreign companies

COMPANY OR GROUPS OF COMPANIES	AMOUNT OF SURETIES, ENDORSEMENTS AND OTHER COMMITMENTS GIVEN BY THE COMPANY	REVENUES EXCLUSIVE OF TAX. LAST YEAR	RESULT FOR THE LAST FINANCIAL YEAR ENDED (31/12/2023)	DIVIDENDS RECEIVED DURING THE YEAR
Foreign companies

CNH INDUSTRIAL CAPITAL EUROPE
Simplified joint stock company with capital of EUR
88,482,297 Registered office: 18 rue Baudin - 92300
Levallois-Perret - France
413 356 353 RCS NANTERRE

MINUTES OF THE JOINT GENERAL MEETING OF 30 APRIL 2024

On 30 April 2024 at 1:30 p.m., the shareholders of CNH INDUSTRIAL CAPITAL EUROPE held a Joint General Meeting by teleconference.

The meeting was chaired by Pascal Layan, Chairman of the Board of Directors.

Mr Neil Pein, representing BNP Paribas Lease Group and Mr Enrico Bretto representing CIFINS S.p.A, the two shareholders present and accepting, were appointed as scrutineers.

The Statutory Auditors, Deloitte et Associés and PricewaterhouseCoopers Audit, are absent with apologies.

Ms Ekaterina Teplova was appointed secretary.

The two shareholders being duly represented, the meeting is declared duly constituted.

The Chairman indicates that the following documents are made available to the members of the Meeting:

―	the company's articles of association,
―	the copy of the convening letters sent to the shareholders and the Statutory Auditors,
―	The Management Report,
―	the reports of the Statutory Auditors,
―	the balance sheet and the accounts for the past financial year,
―	the text of the resolutions submitted to the meeting.

The Chairman declares that the legal requirements for informing shareholders have been complied with at this meeting. The Meeting acknowledges this statement. The Chairman then reminds the meeting that it is called to deliberate on the following agenda:

THE POWERS OF THE ORDINARY GENERAL MEETING

―	Reading of the management report and of the Statutory Auditor's report on the annual accounts and approval of the accounts for the past financial year;
―	Reading of the special report of the Statutory Auditor and approval of the agreements referred to in Article L.227-10 of the Commercial Code;
―	Appropriation of earnings;
―	Re-election of four members of the Board of Directors;
―	Ratification of the composition of the Board of Directors;
―	Replacement of the Statutory Auditor;
―	Appointment of an auditor for the branch in Poland;
―	Ratification of the transfer of the registered office;

WITHIN THE COMPETENCE OF THE EXTRAORDINARY GENERAL MEETING

―	Amendments to the Articles of Association relating to the Board of Directors and its deliberations;
―	Powers to carry out formalities.

The President declared the discussion open.

As no one wished to speak, the Chairman put the following resolutions on the agenda to the vote:

WITHIN THE COMPETENCE OF THE ORDINARY GENERAL MEETING

FIRST RESOLUTION

The General Meeting, having reviewed the management report drawn up by the Board of Directors for the 2023 financial year and the Statutory Auditors' report on the accounts for that year, approves the annual accounts for that year as presented, which show a profit of EUR 74,660,448.40.

The General Meeting also approves the transactions reflected in these accounts or summarised in these reports and consequently discharges the members of the Board of Directors in respect of the performance of their duties for the past financial year.

This resolution is adopted unanimously.

SECOND RESOLUTION

The General Meeting, having reviewed the Statutory Auditors' special report on agreements governed by Articles L. 227-10 of the French Commercial Code, approves these agreements and notes the continued effect of agreements entered into previously.

This resolution is adopted unanimously.

THIRD RESOLUTION

The General Meeting, acting on a proposal from the Board of Directors, decides to allocate the net profit of 74,660,448.40 as follows:

Profit for the year	74,660,448.40 EUR
Retained earnings from previous year	145,995,281.01 EUR
Distributable profit	220,655,729.41 EUR
Dividend distribution
(261,80 EUR X 232.237 shares)	60,799,646.60 EUR
Balance carried forward	159,856,082.81 EUR

The dividend of 60,799,646.60 EUR is payable no later than 6 May 2024 at a rate of 261.80 EUR per share with a par value of 381 EUR.

The General Meeting notes that the dividends distributed per share in respect of the last three financial years amounted to:

	2020	2021	2022
Dividend distributed in Euros	258,35	58,13	215,19

This resolution is adopted unanimously.

FOURTH RESOLUTION

The General Meeting:

―	renews Mr Pascal Layan's appointment as a member of the Board of Directors for a term of two years, until the close of the Annual General Meeting to be held in 2026 to approve the financial statements for the year ending 2025,
―	renews Mr Simone Olivati's appointment as a member of the Board of Directors for a term of two years, until the close of the Annual General Meeting to be held in 2026 to approve the financial statements for the year ending 2025,
―	renews Mr Francois Millot's appointment as a member of the Board of Directors for a term of two years, until the close of the Annual General Meeting to be held in 2026 to approve the financial statements for the year ending 2025,
―	renews Mr Stefano Olivotto's appointment as an alternate member of the Board of Directors for a term of two years, until the close of the Annual General Meeting to be held in 2026 to approve the financial statements for the year ending 2025.

This resolution is adopted unanimously.

FIFTH RESOLUTION

The General Meeting ratifies the composition of the Board of Directors as follows:

Pascal Layan (Chairman of the Board of Directors), Mariusz Tarasiuk (Chairman of the Company), Emanuela Demarchi (Managing Director), François Millot, Simone Olivati, Giovanni Folonari, Jean-Michel Boyer, Tristan Watkins (full members), Sophie Guillon and Stefano Olivotto (deputy members).

This resolution is adopted unanimously.

SIXTH RESOLUTION

The General Meeting, having reviewed the management report for the 2023 financial year and having noted the resignation of PricewaterhouseCoopers Audit as Statutory Auditor, appoints for the remaining term of office of PricewaterhouseCoopers Audit, Ernst & Young et Autres, a simplified joint stock company with variable capital, having its registered office at 1-2 place des Saisons 92400 Courbevoie - Paris La Défense, registered with the Registre du Commerce et des Sociétés under number 438 476 913 RCS Nanterre.

The term of office of Ernst & Young et Autres as Statutory Auditors will expire at the end of the General Meeting called to approve the financial statements for the year just ended and held within the year, i.e. until the end of the Ordinary General Meeting called in 2028 to approve the financial statements for the year ended 2027, unless there is a statutory or regulatory change.

This resolution is adopted unanimously.

SEVENTH RESOLUTION

The General Meeting appoints Deloitte Assurance Polska spólka z ograniczona odpowiedzialnoscia sp.k. (hereinafter: Deloitte Assurance Sp. z o.o.) with registered office in Warszawa (00-133), Al. Jana Pawla II 22, KRS 0001090371, NIP 6793185605, Regon: 383570500, as statutory auditor of the Polish branch for the financial years 2024 and 2025, replacing Mazars Audyt Sp z.o.o.

This resolution is adopted unanimously.

EIGHTH RESOLUTION

The General Meeting ratifies the decisions to transfer the registered office from 12 rue du Port in Nanterre (92000) to 18 rue Baudin in Levallois-Perret (92300) with effect from 15 April 2024 and to amend the Articles of Association accordingly.

This resolution is adopted unanimously.

TO BE SUBMITTED TO THE EXTRAORDINARY GENERAL MEETING

NINTH RESOLUTION

The General Meeting, acting on a proposal from the Board of Directors, resolves to amend Article 12 (Management Committee) of the Company's Articles of Association to read as follows:

"Article 12 - BOARD OF DIRECTORS

The Company is managed by a Board of Directors consisting of eight members, four of whom are appointed by BNP PARIBAS LEASE GROUP and four by CIFINS S.p.A.

If the shareholders appoint additional members to the Board of Directors, each shareholder must appoint the same number of members to the Board of Directors as the other shareholder, so that there is always an equal number of representatives from BNP PARIBAS LEASE GROUP and CIFINS S.p.A. in the Board of Directors.

To facilitate proper representation of each shareholder and to ensure compliance with the principle of parity among members present at a meeting,, each shareholder may appoint up to two natural persons as deputy members of Board of Directors. Each deputy member appointed by a shareholder may attend and deliberate under the same conditions as a full member appointed by that shareholder who is unable to attend a meeting of the Board of Directors for any reason whatsoever.[...] »

This resolution is adopted unanimously.

TENTH RESOLUTION

The General Meeting, acting on a proposal from the Board of Directors, resolves to amend Article 13 (Convening and deliberation of the Board of Directors) of the Company's Articles of Association to read as follows:

"Article 13 - CONVENING AND DELIBERATION OF THE BOARD OF DIRECTORS

[...]

a) Meeting of the Board of Directors

Members are invited to attend meetings of the Board of Directors by any means, including verbally.

The quorum required to hold meetings is at least six members, and the Board of Directors may only validly deliberate if an identical number of representatives appointed by BNP PARIBAS LEASE GROUP and by CIFINS S.p.A. attend the meeting.

If this quorum is not reached on the same agenda item during two consecutive meetings, the Board of Directors may validly deliberate in the presence of two of its members.

If a member of the Board of Directors is not replaced by a deputy member, that member of the Board of Directors may give a mandate to another member (representing the same shareholder) to represent him and vote in his place; however, the proxy may not have more than two votes including his own. Proxies may be given by any means, in particular in writing (simple letter, e-mail, etc.).

[...] »

This resolution is adopted unanimously.

ELEVENTH RESOLUTION

The General Meeting, acting on a proposal from the Board of Directors, resolves to amend Article 14-3 (Deliberations) of the Company's Articles of Association, which will now read as follows:

"14-3 Deliberations:

All decisions shall be taken by a simple majority, except for matters relating directly or indirectly to the following matters, known as "structural" matters, for which a unanimous vote is required, namely any proposal:

(a) amendment or reformulation of the Articles of Association, including in particular:

(i) a change in the company's name,

(ii) a significant change in the nature or scope of the Company's business

(iii) any change in the number of members constituting the Board of Directors or in the breakdown of members of the Board of Directors representing each of the shareholders in accordance with Articles 12, 15 and 16 of the Articles of Association;

(b) the opening of any amicable or judicial settlement, liquidation or winding-up proceedings, subject to the applicable legal provisions;

(c) any reduction, redemption or increase in the share capital, as described in Article 7.2 of the; Articles of Association;

(d) any merger of the Company or one of its subsidiaries with another entity or any acquisition by or consolidation with another entity, any similar operation, or any change in the legal form of the Company;

(e) more generally, any decisions that fall within the competence of an extraordinary general meeting in French public limited companies [...]"

This resolution was adopted unanimously.

TWELFTH RESOLUTION

The General Meeting, acting on a proposal from the Board of Directors, resolves to amend Article 18.3 (Decisions) of the Company's Articles of Association now drafted as follows:

"18.3 Decisions:

Shareholders' decisions are taken by a simple majority of votes, except for matters directly or indirectly relating to the following so-called "structural" issues, for which a qualified majority of two-thirds of the share capital and votes is required, namely:

(a) any amendment or reformulation of the Articles of Association, including in particular:

(iv) a change in the company's name,

(v) a significant change in the nature or scope of the Company's business

(vi) any change in the number of members constituting the Board of Directors or in the breakdown of members of the Board of Directors representing each of the shareholders in accordance with Articles 12, 15 and 16 of the Articles of Association;

(b) the initiation of any amicable or judicial settlement procedure, liquidation, or dissolution, subject to applicable legal provisions

(c) any reduction or increase in the share capital, as described in Article 7.2 of the Articles of Association;

(d) any merger of the Company or one of its subsidiaries with another entity, or any takeover by or consolidation with another entity, or any similar operation, or any change in the legal form of the Company;

(e) more generally, any decisions that fall within the competence of an extraordinary general meeting in French public limited companies. "

This resolution was adopted unanimously.

THIRTEENTH RESOLUTION

The General Meeting confers full powers on the Management Board to ensure the implementation of the foregoing resolutions.

The General Meeting confers full powers to act, either jointly or separately, on the Chairman, Mr Jean-Michel Vendassi or the bearer of an original, copy or extract of these minutes to carry out all necessary filings, formalities and publications.

This resolution is adopted unanimously.

There being no further business, the Chairman declared the meeting adjourned.

Of all the above, the present minutes have been drawn up, which after reading, have been signed by the members of the bureau.

CNH INDUSTRIAL CAPITAL EUROPE

Simplified joint stock company

18, rue Baudin

92300 LEVALLOIS

Statutory auditors' report on the annual financial statements

Financial year ending 31 December 2023

PricewaterhouseCoopers Audit	Deloitte & Associés
63, rue de Villiers	6, place de la Pyramide
92208 Neuilly-sur-Seine Cedex	92908 Paris-La Défense Cedex
S. A.S. with share capital of EUR 2.510.460€	S. A.S. with share capital of 2,188,160€
672 006 483 RCS Nanterre	572 028 041 RCS Nanterre
Statutory audit firm registered with the Compagnie Régionale de Versailles et du Centre	Statutory audit firm registered with the Compagnie Régionale de Versailles et du Centre

CNH INDUSTRIAL CAPITAL EUROPE

Simplified joint stock company

18, rue Baudin

92300 LEVALLOIS

Statutory auditors' report on the annual financial statements

Financial year ending 31 December 2023

To the shareholders of CNH INDUSTRIAL CAPITAL EUROPE

Opinion

Following our appointment as statutory auditors by your Annual General Meeting, we have audited the accompanying financial statements of CNH INDUSTRIAL CAPITAL EUROPE for the year ended 31 December 2023.

In our opinion, the financial statements give a true and fair view of the financial position and assets and liabilities of the company and of the results of its transactions for the year then ended in accordance with the accounting rules and principles applicable in France.

The opinion expressed above is consistent with the content of our report to the Board of Directors.

Basis for opinion Audit

Framework

We conducted our audit in accordance with professional standards applicable in France. We believe that the evidence we have collected is sufficient and appropriate to provide a basis for our opinion.

Our responsibilities in accordance with these standards are set out in the section Statements'. of this report entitled 'Statutory Auditors' Responsibilities for the Financial

Independence

We conducted our audit in accordance with the rules of independence set out in the French Commercial Code and in the Code of Ethics for Statutory Auditors for the period from 1 January 2023 to the date of issue of our report, and in particular we did not provide any services prohibited by Article 5(1) of Regulation (EU) No 537/2014.

Furthermore, the non-audit services that we provided during the financial year to your company and its controlled entities, which are not mentioned in the management report or the notes to the annual financial statements, are as follows: Agreed-upon procedures on the SRF (Single Resolution Fund), contractual audit of the consolidated financial statements for the period from 1 January 2023 to 30 September 2023, and agreed-upon procedures for the limited review of the consolidated financial statements as of 31 December 2023.

Observation

Without qualifying the opinion expressed above, we draw your attention to the following matter set out in Note 6 -C to the financial statements relating to the financial accounting, which presents the financial result for the year: this result is determined by taking into account the financial amortisation of capital employed over the term of the lease agreements. We remind you that this result gives a better picture of the financial profitability of your company than the social result which takes into account the industrial depreciation of leased equipment.

Justification of assessments - key audit points

In accordance with the provisions of Articles L.821-53 and R.821-180 of the Commercial Code regarding the justification of our assessments, we bring to your attention the key audit matters related to the risks of material misstatement that, in our professional judgment, were the most significant for the audit of the annual financial statements for the year, as well as the responses we provided to address these risks.

These assessments were made in the context of our audit of the financial statements taken as a whole and in forming our audit opinion expressed above. We do not express an opinion on individual items in these financial statements.

Credit risk - individual provisioning

(Refer to notes 2C, 2E, 3D, 3H and 3I of the notes to the financial statements)

Identified risk	Response of the board of auditors to this risk
Within the context of its banking activities, CNH Industrial Capital Europe S.A.S. is exposed to credit risk.	We have assessed the relevance of CNH Industrial Capital Europe S.A.S's control system and tested the key controls relating to the identification and assessment of impairment.
CNH Industrial Capital Europe S.A.S. recognises individual impairments to cover the credit risk on loans and receivables granted within the context of its banking activities.	We have also carried out work on the most significant outstandings at the closing date.
These write-downs may take the form of individual impairments for the balance sheet and off-balance sheet commitments concerned and correspond to the difference between the gross value of the receivable and the present value at the original effective rate of the loan or at the last known rate of estimated future recoverable flows.	In particular, our work focused on the following processes:
Expected future cash flows are estimated in two ways:	• the identification of impairment indicators;
• manually by the receivables managers who make a unit valuation of this flow.	• the classification of exposures as doubtful receivables,
• statistically for small claims.	• the monitoring and valuation of collateral,
As of 31 December 2023, the total amount of customer receivables and lease and rental assets, net of depreciation and exposed to credit risk, amounts to €4,146.6 million, of which €92.4 million are classified as doubtful receivables. The total amount of impairments is €75.7 million, as presented in notes 2C, 2E, 3D, 3H, and 3I.	• the determination of individual write-downs and statistical write-downs of doubtful loans and the associated governance and validation system;
We considered the identification and assessment of credit risk to be a key audit issue, as the assessment of credit risk involves judgement and estimates of the management.	• With the assistance of our credit risk specialists, we have reviewed the loss estimation model and recovery rates on a statistical basis,
	• in addition, we carried out a credit review based on a sample of files selected on the basis of materiality and risk criteria.
	We also reviewed the information published in the notes to the financial statements relating to credit risk.

IT general controls

Identified risk	Response of the board of auditors to this risk
The reliability and security of information systems play a key role in the preparation of CNH Industrial Capital Europe S.A.S's annual financial statements.	For the main systems involved in the preparation of accounting and financial information, the work we carried out with the support of our IT specialists will focus more specifically on the following aspects:
The assessment of general IT controls and application controls specific to the various information processing chains that contribute towards the preparation of accounting and financial information is therefore a key point of the audit.	• understanding of the systems, processes and controls underlying accounting and financial information;
In particular, the existence of a system for controlling access rights to information systems and authorisation levels based on employee profiles is a key control to limit the risk of inappropriate changes in the configuration of applications or the data underlying them.	• assessment of general IT controls (management of access to applications and data, management of changes and developments relating to applications, management of IT operations) on major systems (in particular accounting, consolidation and automatic reconciliation applications).
	We also carried out compensatory procedures following the exceptions identified in the general IT controls of business applications.

Specific verifications

We have also conducted, in accordance with the professional standards applicable in France, the specific verifications required by legal and regulatory texts

We have no comments to make on the accuracy and consistency with the annual financial statements of the information provided in the management report by the chairman and in other documents on the financial position and the annual financial statements sent to the shareholders, with the exception of the point below.

The accuracy and consistency with the annual financial statements of the information related to payment terms mentioned in Article D.441-6 of the Commercial Code require the following observation from us: As stated in the management report, this information does not include banking operations and related transactions, as your company considers that they do not fall within the scope of the information to be provided.

Other verifications or information provided for by legal and regulatory texts

Appointment of statutory auditors

We were appointed auditors of CNH INDUSTRIAL CAPITAL EUROPE by the General Meeting of 29 April 2022 for Deloitte & Associés and by the General Meeting of 29 June 2006 for PricewaterhouseCoopers Audit.

At 31 December 2023, Deloitte & Associates was in the 2 ^nd year of its uninterrupted assignment and PricewaterhouseCoopers Audit in the 18 ^th year.

Responsibilities of management and those charged with governance in relation to the annual accounts

It is the responsibility of management to prepare financial statements that present a true and fair view in accordance with French accounting rules and principles and to implement the internal control procedures it deems necessary to prepare financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the annual accounts, it is the responsibility of management to assess the company's ability to continue as a going concern, to make appropriate disclosures in those accounts as to whether the company is a going concern and to apply the going concern accounting policy, unless the company is to be wound up or cease trading.

The Board of Directors is responsible for monitoring the process of preparing financial information and for monitoring the effectiveness of the internal control and risk management systems, as well as, where applicable, internal audit, with regard to the procedures relating to the preparation and processing of accounting and financial information.

The annual accounts have been approved by the Chairman.

Statutory auditors' responsibilities relating to the audit of the annual accounts Audit

Objective and approach

Our responsibility is to issue a report on the financial statements. Our objective is to obtain reasonable assurance that the financial statements taken as a whole are free from material misstatement. Reasonable assurance represents a high level of assurance, but does not guarantee that an audit conducted in accordance with professional practice standards will consistently detect any material misstatement. Misstatements may arise from fraud or error and are considered material when it is reasonable to expect that they could, individually or in the aggregate, influence the economic decisions that users of the accounts make based on them.

As specified in Article L.821-55 of the French Commercial Code, our role in certifying the financial statements is not to guarantee the viability or quality of the management of your company.

In the context of an audit carried out in accordance with professional standards applicable in France, the statutory auditor exercises its professional judgement throughout the audit. In addition:

―	the auditor identifies and assesses the risks of material misstatement of the financial statements, whether due to fraud or error, designs and implements audit procedures to address those risks, and obtains audit evidence that it believes to be sufficient and appropriate to provide a basis for its opinion. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error, because fraud may involve collusion, falsification, wilful omission, misrepresentation or circumvention of internal control;
―	it shall obtain an understanding of the internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control;
―	it assesses the appropriateness of the accounting methods used and the reasonableness of the accounting estimates made by management, as well as the information relating thereto provided in the annual accounts;
―	it assesses the appropriateness of management's application of the going concern accounting policy and, based on the information gathered, whether or not there is any significant uncertainty related to events or circumstances that could call into question the company's ability to continue as a going concern. This assessment is based on information gathered up to the date of its report, it being recalled, however, that subsequent circumstances or events could jeopardise the Group's ability to continue as a going concern. If it concludes that there is a material uncertainty, it shall draw the attention of the readers of its report to the information given in the annual accounts about that uncertainty or, if that information is not provided or is not relevant, it shall qualify its opinion or decline to certify it;
―	it assesses the overall presentation of the annual accounts and evaluates whether the annual accounts reflect the underlying transactions and events in such a way as to give a true and fair view.

Report to the Board of Directors

We submit a report to the Board of Directors which presents in particular the scope of the audit work and the work programme implemented, as well as the conclusions resulting from our work. We also bring to its attention, where appropriate, any significant weaknesses in the internal control procedures we have identified with regard to the preparation and processing of accounting and financial information.

The matters set out in the report to the Board of Directors include the risks of material misstatement that we considered to be the most significant for the purposes of our audit of the financial statements for the year and which therefore constitute the key points of the audit, which it is our responsibility to describe in this report.

We also provide the Board of Directors with the declaration required by Article 6 of EU Regulation 537-2014 confirming our independence, in accordance with the rules applicable in France as set out in Articles L.821-27 to L.821-34 of the French Commercial Code and in the Code of Ethics for Statutory Auditors. Where appropriate, we discuss with the Board of Directors the risks weighing on our independence and the safeguards applied.

Neuilly-sur-Seine and Paris-La Défense, 22 April 2024

PricewaterhouseCoopers Audit Deloitte & Associés

The Statutory Auditors

Ridha BEN CHAMEK

Jean-Vincent COUSTEL

COMPARATIVE BALANCE SHEETS 2023-2022

(in thousands of euros)

ASSETS	2023	2022
CASH, CENTRAL BANKS, CCP	0	73,793
GOVERNMENT SECURITIES AND ASSIMILATED VALUES	0	0
RECEIVABLES ON CREDIT INSTITUTIONS	229,293	367,507
CUSTOMER TRANSACTIONS	1,104,015	1,190,640
BONDS AND OTHER INCOME SECURITIES	77,830	0
SHARES AND OTHER VARIABLE-INCOME SECURITIES	0	0
EQUITY INTERESTS AND OTHER SECURITIES HELD ON A LONGTERM BASIS	0	0
SHARES IN AFFILIATED ENTERPRISES	18,810	18,810
LEASING AND RENTAL WITH PURCHASE OPTION	2,748,403	2,550,354
OPERATING LEASE	374,101	391,761
INTANGIBLE ASSETS	0	0
TANGIBLE FIXED ASSETS	0	0
UNPAID SUBSCRIBED CAPITAL	0	0
TREASURY STOCK	0	0
OTHER ASSETS	138,558	115,947
ACCRUALS ACCOUNTS	98,762	90,737
TOTAL ASSETS	4,789,773	4,799,548

LIABILITIES	2023	2022
CENTRAL BANKS, CCP	0	0
DEBTS TO CREDIT INSTITUTIONS	2,564,825	2,669,183
CUSTOMER TRANSACTIONS	1,321,711	1,404,895
DEBT SECURITIES	91,535	13,705
OTHER LIABILITIES	176,173	150,304
ACCRUALS ACCOUNTS	317,396	265,366
PROVISIONS FOR LIABILITIES AND EXPENSES	58	2597
SUBORDINATED DEBTS	0	0
FUND FOR GENERAL BANKING RISKS	0	0
SHAREHOLDERS' EQUITY EXCLUDING FRBG	318,074	293,498
SUBSCRIBED CAPITAL	88,482	88,482
SHARE PREMIUMS	0	0
RESERVES	8,858	8,858
REVALUATION VARIANCE	0	0
REGULATED PROVISIONS	0	0
INVESTMENT GRANTS	78	164
CARRY FORWARD	145,995	172,176
PROFIT FOR THE YEAR	74,660	23,817
INTERIM DIVIDEND	0	0
TOTAL LIABILITIES	4,789,773	4,799,548

COMPARATIVE INCOME STATEMENTS 2023-2022

(in thousands of euros)

PROFIT AND LOSS ACCOUNTS	2023	2022
INTEREST AND SIMILAR INCOME	60,634	39,232
INTEREST AND SIMILAR EXPENSES	-94,216	-45,521
INCOME FROM FINANCE LEASES AND SIMILAR TRANSACTIONS	1,210,263	1,073,211
EXPENSES ON CREDIT LEASE AND SIMILAR TRANSACTIONS	-1,069,821	-1,013,264
INCOME FROM OPERATING LEASES	174,482	171,676
EXPENSES ON OPERATING LEASES	-158,924	-163,439
INCOME FROM VARIABLE-INCOME SECURITIES	9,278	7,003
COMMISSIONS (INCOME)	28,169	9,665
COMMISSIONS (EXPENSES)	-20,275	-1,463
GAINS OR LOSSES ON TRADING PORTFOLIO TRANSACTIONS	4,625	-688
GAINS OR LOSSES ON TRANSACTIONS IN INVESTMENT PORTFOLIOS AND SIMILAR INSTRUMENTS	0	0
OTHER BANKING INCOME	23,393	10,007
OTHER BANKING EXPENSES	-16,134	-4,086
NET BANKING INCOME	151,474	82,333
GENERAL OPERATING EXPENSES	-43,685	-40,454
DEPRECIATION, AMORTISATION AND PROVISIONS ON TANGIBLE AND INTANGIBLE FIXED ASSETS	0	0
GROSS OPERATING PROFIT	107,788	41,878
COST OF RISK ON CREDIT TRANSACTIONS	-1,940	-1,940
OPERATING INCOME	105,849	39,938
GAINS OR LOSSES ON FIXED ASSETS	0	0
PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX	105,849	39,938
EXTRAORDINARY RESULT	0	0
CORPORATE INCOME TAX	-31,188	-16,121
GRBF DEDICATIONS AND PROVISIONS and REGULATED PROVISIONS	0	0
NET INCOME	74,660	23,817

OFF-BALANCE SHEET COMPARISONS 2023-2022

(in thousands of euros)

	2023	2022
COMMITMENTS GIVEN	27,522	230,387
FINANCING COMMITMENTS	26,052	229,304
GUARANTEE COMMITMENTS	1,469	1,083
SECURITIES COMMITMENTS	0	0
COMMITMENTS RECEIVED	1,208,558	1,064,449
FINANCING COMMITMENTS	239,889	18,275
GUARANTEE COMMITMENTS	968,669	1,046,174
SECURITIES COMMITMENTS	0	0

NOTES TO THE FINANCIAL FINANCIAL YEAR FROM 1 JANUARY TO 31 DECEMBER 2023

STATEMENTS OF CNH INDUSTRIAL CAPITAL EUROPE