For professional investors - OCTOBER 2012 MAKING THINGS SIMPLER FOR OUR CLIENTS

Transcription

1 For professional investors - OCTOBER 2012 MAKING THINGS SIMPLER FOR OUR CLIENTS

2 2 - LUXEMBOURG FUND OFFER - October 2012 MAKING THINGS SIMPLER AND IMPROVING OUR SERVICES In an ever-changing, increasingly complex and challenging economic and financial environment, our customers are looking for straightforward, easy-to-understand products that offer new sources of return. Against this backdrop, we are continuing to develop our range of Luxembourg funds so as to provide a coherent product offer that responds to our customers needs. In so doing, we are also seeking to help customers identify investment opportunities that are appropriate to their profiles and to the various phases of the financial markets. After a first optimization of our fund range in 2011, we are starting today the second and last part of the project that will give birth to a new PARVEST offer. The latter will be reinforced in its role of international «flagship» of BNP Paribas Investment Partners and adapted to the specific needs of Wealth Management. This second phase aims to continue and extend our optimization efforts through: Further product mergers and liquidations Removing all unnecessary complexity and lack of clarity, for our clients and for us Boosting the visibility of our fund offering by increasing the size of our funds and giving them critical mass Further improving our operational set-up and product technicalities A LUXEMBOURG FLAGSHIP RANGE ADAPTED TO EACH TYPE OF CLIENTS NEEDS We have decided to rethink the positioning of our Luxembourg flagships (PARVEST and BNPP L1) by dedicating each of them to a specific type of client: BNPP L1 will be dedicated to our core European retail client segment whereas PARVEST will be the specialized international flagship as well as being dedicated to Wealth Management s specific needs. This segmentation will be completely finalized in the course of When that moment arrives we will communicate in a more detailed way with our clients. IMPROVED TECHNICAL ASPECTS Additionally, the features of the PARVEST umbrella will be aligned with those offered by BNP Paribas L1: The introduction of mono-currency share classes, with their own ISIN codes and net asset values An improved settlement/delivery deadline: within three bank business days following the valuation date (D+3) instead of four (D+4) as previously The facility to provide, within a single sub-fund, a number of share classes hedged against currency risk A change to order centralisation from D-1 to D for all sub-funds invested in Asian equities (excluding funds-of-funds and funds managed by THEAM) An optimisation of the NAV reporting process. We will, of course, continue to maintain the facility for our customers to switch their assets from one sub-fund to another on the same day, free of charge. Details of the name changes and the 24 mergers that will take place between now and the end of the year are set out below.

3 3 - LUXEMBOURG FUND OFFER - October 2012 Table of name changes and MERGER 1 NAME CHANGE BNP PARIBAS L1 New name Date BNP Paribas L1 Equity USA BNP Paribas L1 Equity USA Core Nov BNP Paribas L1 Sustainable Diversified Europe Stability BNP Paribas L1 Sustainable Active Allocation Nov PARVEST New name Date PARVEST Bond USD PARVEST Bond USD Government Nov PARVEST Diversified Euro Inflation Plus PARVEST Diversified Inflation Nov PARVEST Multi-Strategy Low Vol (USD) PARVEST Multi-Strategy High Vol (USD) Nov PARVEST Short Term Euro PARVEST Money Market Euro Nov PARVEST Short Term USD PARVEST Money Market USD Nov PARVEST STEP 80 World Emerging (EUR) PARVEST STEP 80 World Emerging Nov Mergers PARVEST Absorbed sub-funds Compartiments absorbants Date PARVEST Equity Euro Small Cap PARVEST Equity Europe Small Cap 26/11/2012 PARVEST Flexible Assets Plus USD PARVEST Multi-Strategy High Vol (USD) 26/11/2012 PARVEST STEP 80 World Emerging (USD) PARVEST STEP 80 World Emerging 26/11/2012 PARVEST Bond Euro Premium BNP Paribas L1 Bond Euro Premium 03/12/2012 PARVEST Bond Europe BNP Paribas L1 Bond Europe Plus 03/12/2012 PARVEST Equity World BNP Paribas L1 Equity World Low Volatility 03/12/2012 PARVEST Real Estate Securities Europe BNP Paribas L1 Equity Best Selection Europe 03/12/2012 Absorbed share class Absorbing share class Date PARVEST World Agriculture - Part N PARVEST World Agriculture - Part Classic Capitalisation 26/11/2012 BNP PARIBAS L1 Absorbed sub-funds Absorbing sub-funds Date BNP Paribas L1 Lifecycle 2018 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2022 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2028 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2032 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2038 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2040 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Diversified World Conservative BNP Paribas L1 Safe Conservative W1 26/11/2012 BNP Paribas L1 Active Click Euro PARVEST STEP 90 Euro 03/12/2012 BNP Paribas L1 Bond World Emerging PARVEST Bond World Emerging 03/12/2012 BNP Paribas L1 Convertible Bond Euro Zone PARVEST Convertible Bond Europe 03/12/2012 BNP Paribas L1 Dynamic World PARVEST Diversified Dynamic 03/12/2012 BNP Paribas L1 Green Future PARVEST Global Environment 03/12/2012 BNP Paribas L1 Opportunities Euro Plus PARVEST Enhanced Cash 6 Months 03/12/2012 BNP Paribas L1 Sustainable Equity World PARVEST Global Environment 03/12/2012 PARWORLD Absorbed sub-funds Absorbing sub-funds Date PARWORLD STEP 90 US PARVEST STEP 90 US 26/11/2012 PARWORLD STEP 90 Commodities (EUR) PARVEST STEP 90 Commodities (EUR) 26/11/ The correlation table of absorbed and absorbing share classes for each of the sub-funds is set out in the Appendix to this document

4 4 - LUXEMBOURG FUND OFFER - October 2012 FUND MERGERS: eight KEY QUESTIONS 1. What were the criteria used for each of the mergers? We have prioritised: the simplicity and transparency of the range, by eliminating duplications, management efficiency, by merging sub-funds that are too small with similar sub-funds, thereby increasing strategic assets so that management efficiency can be further enhanced, the highest-rated, best-performing sub-funds, while ensuring that the tax characteristics of the sub-fund are maintained. Merger details Reasons Absorbed sub funds Absorbing sub funds Date Similar strategies Critical size Performance Rankings Tax/ fiscal impact taken into account BNP Paribas L1 Lifecycle 2018 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2022 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2028 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2032 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2038 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle 2040 BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Diversified World Conservative BNP Paribas L1 Safe Conservative W1 26/11/2012 PARVEST Equity Euro Small Cap PARVEST Equity Europe Small Cap 26/11/2012 PARVEST Flexible Assets Plus USD PARVEST Multi Strategy High Vol (USD) 26/11/2012 PARVEST STEP 80 World Emerging (USD) PARVEST STEP 80 World Emerging 26/11/2012 BNP Paribas L1 Active Click Euro PARVEST STEP 90 Euro 03/12/2012 BNP Paribas L1 Bond World Emerging PARVEST Bond World Emerging 03/12/2012 BNP Paribas L1 Convertible Bond Eurozone PARVEST Convertible Bond Europe 03/12/2012 BNP Paribas L1 Dynamic World PARVEST Diversified Dynamic 03/12/2012 BNP Paribas L1 Green Future PARVEST Global Environment 03/12/2012 BNP Paribas L1 Opportunities Euro Plus PARVEST Enhanced Cash 6 Months 03/12/2012 BNP Paribas L1 Sustainable Equity World PARVEST Global Environment 03/12/2012 PARVEST Bond Euro Premium BNP Paribas L1 Bond Euro Premium 03/12/2012 PARVEST Bond Europe BNP Paribas L1 Bond Europe Plus 03/12/2012 PARVEST Equity World BNP Paribas L1 Equity World Low Volatility 03/12/2012 PARVEST Real Estate Securities Europe BNP Paribas L1 Equity Best Selection Europe 03/12/2012 * for the absorbing sub-fund

5 5 - LUXEMBOURG FUND OFFER - October What is the schedule for each batch of mergers? 2 BATCH 1-Merger of six BNP Paribas L1 Lifecycle sub-funds on 19 November 2012 Absorbed sub-fund Absorbing sub-fund BNP Paribas L1 Lifecycle 2018 BNP Paribas L1 Lifecycle 2015 BNP Paribas L1 Lifecycle 2022 BNP Paribas L1 Lifecycle 2020 BNP Paribas L1 Lifecycle 2028 BNP Paribas L1 Lifecycle 2025 BNP Paribas L1 Lifecycle 2032 BNP Paribas L1 Lifecycle 2030 BNP Paribas L1 Lifecycle 2038 BNP Paribas L1 Lifecycle 2035 BNP Paribas L1 Lifecycle 2040 BNP Paribas L1 Lifecycle /10/2012 Merger notice published Start of the legal minimum period of 1 month for leaving the fund with no exit charge (up to and including 09/11/2012) 12/11/2012 Last day on which orders are accepted for the absorbed sub-funds Last NAV of absorbed sub-funds (calculated on 13/11/2012) 16/11/2012 Calculation of exchange ratios 19/11/2012 Merger effective date First NAV calculation taking into account the assets of absorbed sub-funds 2 For more information, we recommend that you refer to the notices to shareholders issued on 9 and 16 October 2012

6 6 - LUXEMBOURG FUND OFFER - October 2012 BATCH 2-Merger of six sub-funds and one share class category on 26 November 2012 Absorbed sub-fund BNP Paribas L1 Diversified World Conservative PARVEST Equity Euro Small Cap PARVEST Flexible Assets Plus USD PARVEST STEP 80 World Emerging (USD) PARWORLD STEP 90 US PARWORLD STEP 90 Commodities (EUR) Absorbed share class PARVEST World Agriculture - N Absorbing sub-fund BNP Paribas L1 Safe Conservative W1 PARVEST Equity Europe Small Cap PARVEST Multi-Strategy High Vol (USD) PARVEST STEP 80 World Emerging PARVEST STEP 90 US PARVEST STEP 90 Commodities (EUR) Absorbing share class PARVEST World Agriculture - Classic Capi BNP Paribas L1 and PARVEST sub-funds 16/10/2012 Merger notice published (on 09/10/2012 for the BNP Paribas L1 Diversified World Conservative sub-fund) Start of the legal minimum period of 1 month for leaving the fund with no exit charge (up to and including 16/11/2012) 16/11/2012 Last day on which orders are accepted 3 for PARVEST Flexible Assets Plus USD-PARVEST World Agriculture N share class Last day on which orders are accepted for PARVEST Equity 19/11/2012 Last NAV for all absorbed sub-funds Europe Small Cap; PARVEST STEP 80 World Emerging (USD); (calculated on 20/11/12) BNP Paribas L1 Diversified World Conservative 23/11/2012 Calculation of exchange ratios 26/11/2012 Merger effective date First NAV calculation taking into account the assets of absorbed sub-funds PARWORLD sub-funds 16/10/2012 Merger notice published Start of the legal minimum period of one month for leaving the fund with no exit charge (up to and including 16/11/2012) 21/11/2012 Last day on which orders are accepted for PARWORLD STEP 90 Commodities (EUR); PARWORLD STEP 90 US Last NAV of absorbed sub-funds (calculated on 22/11/2012) 26/11/2012 Merger effective date First NAV calculation taking into account the assets of absorbed sub-funds 3 Trade date for these orders: 19/11/2012

7 7 - LUXEMBOURG FUND OFFER - October 2012 BATCH 3- Merger of 11 sub-funds on 3 December 2012 Absorbed sub-fund BNP Paribas L1 Active Click Euro BNP Paribas L1 Bond World Emerging BNP Paribas L1 Convertible Bond Euro Zone BNP Paribas L1 Dynamic World BNP Paribas L1 Green Future BNP Paribas L1 Opportunities Euro Plus BNP Paribas L1 Sustainable Equity World PARVEST Bond Euro Premium PARVEST Bond Europe PARVEST Equity World PARVEST Real Estate Securities Europe Absorbing sub-fund PARVEST STEP 90 Euro PARVEST Bond World Emerging PARVEST Convertible Bond Europe PARVEST Diversified Dynamic PARVEST Global Environment PARVEST Enhanced Cash 6 Months PARVEST Global Environment BNP Paribas L1 Bond Euro Premium BNP Paribas L1 Bond Europe Plus BNP Paribas L1 Equity World Low Volatility BNP Paribas L1 Equity Best Selection Europe 16/10/2012 Merger notice published Start of the legal minimum period of one month for leaving the fund with no exit charge (up to and including 23/11/2012) 23/11/2012 Last day on which orders are accepted 4 for PARVEST Bond Euro Premium and BNP Paribas L1 Dynamic World Last NAV of the BNP Paribas L1 Dynamic World sub-fund (calculated on 27/11/2012) 26/11/ /11/2012 Last day on which orders are accepted for BNP Paribas L1 Active Click Euro, BNP Paribas L1 Bond World Emerging, BNP Paribas L1 Convertible Bond Euro Zone, BNP Paribas L1 Green Future, BNP Paribas L1 Opportunities Euro Plus, BNP Paribas L1 Sustainable Equity World, Parvest Bond Europe, Parvest Equity World, Parvest Real Estate Securities Europe Dernière VNI des compartiments absorbés (calculée le 27/11/2012) Calculation of exchange ratios 03/12/2012 Merger effective date First NAV calculation taking into account the assets of absorbed sub-funds 4 Trade date for these orders: 26/11/2012

8 8 - LUXEMBOURG FUND OFFER - October Will the merger have an impact on the investment policy of the absorbed funds? Absorbed sub-fund Absorbing sub-fund Comments BNP Paribas L1 Diversified World Conservative BNP PARIBAS L1 SAFE Conservative W1 The BNPP L1 Conservative W1 offers the same diversification, with in addition a protection level. PARVEST Equity Euro Small Cap PARVEST Flexible Assets Plus (USD) PARVEST Equity Europe Small Cap PARVEST Multi-Strategy High VOL (USD) With the merger, the sub-fund will be managed at a European level rather than at a eurozone level. The Euro Small Cap strategy remains available through the french domiciled sub-fund BNP Paribas Small Cap Euroland. The absorbing sub-fund, PARVEST Multi-Strategy High Vol (USD), has a total return approach and invests in all asset classes with an annual volatility target of max 13%. BNP Paribas L1 Active Click Euro Parvest STEP 90 Euro The absorbing sub-fund will benefit from a formal guarantee (90% protection) given by BNP Paribas Group. BNP Paribas L1 Convertible Bond Eurozone PARVEST Convertible Bond Europe With the merger, the sub-fund will be managed at a European level rather than at a eurozone level. Given the importance of the UK market, this will increase investment opportunities. BNP Paribas L1 Green Future PARVEST Global Environment Both funds are already managed by Impax Asset Management, witht he same investment process. Following the merger, PARVEST Global Environment will reach a significant size (~EUR 100 mn). BNP Paribas L1 Opportunities Euro Plus BNP Paribas L1 Sustainable Equity World PARVEST Enhanced Cash 6 Months PARVEST Global Environment Both sub-funds are managed with the same investment process and by the same management team. This merger will enable the PARVEST Enhanced Cash 6 Months sub-fund to reach a significant size (~EUR 250 mn). The absorbing sub-fund is managed by IMPAX Asset Management. It invests in equities of international compagnies from the environmental sector, of all market capitalisation. PARVEST Bond Europe BNP PARIBAS L1 Bond Europe Plus BNPP L1 Bond Europe Plus offers a diversification outside pure European govies through exposure to non European countries and corporate issuers. This is a plus in a market context where European govies are tending to yield less and less. PARVEST Equity World PARVEST Real Estate Securities Europe BNP PARIBAS L1 Equity World Low Volatility BNP PARIBAS L1 Equity Best Selection Europe The absorbing sub-fund, BNP Paribas L1 Equity World Low Volatility is managed whit a proprietary quantitativ model, aiming at the construction of a portfolio with a lower volatilty than a global equity portfolio. For technical reasons the sub-fund is absorbed by a fund investing in European equities, BNPP L1 Equity Best Selection Europe. The exposure to European real estate remains possible through BNP Paribas L1 Real Estate Securities Europe ( size ~EUR 420 mn).

9 9 - LUXEMBOURG FUND OFFER - October What is the risk category impact? In one only instance, the merger will result in an increased risk category (merger of PARVEST Bond Europe into BNP Paribas L1 Bond Europe Plus). This relates to the wider scope of investment for the absorbing sub-fund, which encompasses non-european corporate and government bonds, compared with the absorbed sub-fund, which is primarily invested in European securities. Six of the absorbed sub-funds will be merged into lower-risk sub-funds. In all other instances, the risk category will be unaffected by the merger. Details are set out in the table below. 5 Absorbed sub-fund SRRI SRRI Absorbing sub-fund Date PARVEST Bond Europe 3 4 BNP Paribas L1 Bond Europe Plus 03/12/2012 Absorbed sub-fund SRRI SRRI Absorbing sub-fund Date BNP Paribas L1 Diversified World Conservative 3 1 BNP Paribas L1 Safe Conservative W1 26/11/2012 PARVEST Flexible Assets Plus USD 5 3 PARVEST Multi-Strategy High Vol (USD) 26/11/2012 BNP Paribas L1 Convertible Bond Euro Zone 5 4 PARVEST Convertible Bond Europe 03/12/2012 BNP Paribas L1 Dynamic World 5 4 PARVEST Diversified Dynamic 03/12/2012 BNP Paribas L1 Green Future 7 6 PARVEST Global Environment 03/12/2012 PARVEST Real Estate Securities Europe 7 6 BNP Paribas L1 Equity Best Selection Europe 03/12/2012 Absorbed sub-fund SRRI SRRI Absorbing sub-fund Date BNP Paribas L1 Lifecycle BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle BNP Paribas L1 Lifecycle /11/2012 BNP Paribas L1 Lifecycle BNP Paribas L1 Lifecycle /11/2012 PARVEST Equity Euro Small Cap 6 6 PARVEST Equity Europe Small Cap 26/11/2012 PARVEST STEP 80 World Emerging (USD) 6 6 PARVEST STEP 80 World Emerging 26/11/2012 PARWORLD STEP 90 US 7 Nd PARVEST STEP 90 US 26/11/2012 PARWORLD STEP 90 Commodities (EUR) 7 Nd PARVEST STEP 90 Commodities (EUR) 26/11/2012 BNP Paribas L1 Active Click Euro 4 4 PARVEST STEP 90 Euro 03/12/2012 BNP Paribas L1 Bond World Emerging 5 5 PARVEST Bond World Emerging 03/12/2012 BNP Paribas L1 Opportunities Euro Plus 2 2 PARVEST Enhanced Cash 6 Months 03/12/2012 BNP Paribas L1 Sustainable Equity World 6 6 PARVEST Global Environment 03/12/2012 PARVEST Bond Euro Premium 6 6 BNP Paribas L1 Bond Euro Premium 03/12/2012 PARVEST Equity World 6 6 BNP Paribas L1 Equity World Low Volatility 03/12/2012 Absorbed share class SRRI SRRI Absorbing share class Date PARVEST World Agriculture - N 6 6 PARVEST World Agriculture - Classic Cap 26/11/ Data as at the publication date of the notices to shareholders; risk scale goes from 1 (lower risk) to 7 (higher risk)

10 10 - LUXEMBOURG FUND OFFER - October What is the potential tax impact? In most European countries there will be no tax impact. In some countries, however, a merger may be considered as a taxable event. The tax impact assessment depends on the classification of the absorbed sub-fund in which the customer is invested and the customer s place of residence for tax purposes. We recommend that investors contact their tax consultant to assess the tax implications of these transactions. 6. What will be the impact on the dividend payouts? There will be no impact. The dividends from the BNPP L1 as well as the PARVEST compartments will be paid in April on a yearly basis without any exceptions, just like in What is the communication plan? For clients Clients will not receive a dedicated note. Notice to shareholders have been prepared and published in the local newspapers on 9 & 16 October Internally This document will be available online via the BNPP IP intranet for Wealth Management. A dedicated section accessible from the home page, will give you all the information on the coming mergers. 7. Will the mergers impact upon the currency of customers holdings? 6 During the course of the merges there will only be two sub-funds affected by a change of base currency. The PARVEST STEP 80 World Emerging (USD) (Lot 2), and the PARVEST Equity World (Lot 3). In both cases the base currency will change from USD to EUR. Clients holding Classic shares (or derivatives of Classic shares) will keep their positions in the same currency. 6 For more information, we recommend that you refer to the notices to shareholders issued on 9 and 16 October 2012, and to the correlation table of absorbed and absorbing share classes for each of the sub-funds. This publication aims at giving information about upcoming changes and mergers. It shall not be deemed to replace any legal fund documents and notices to shareholders which have been published in newspapers and are also available on our website For further information, please contact your Advisory Desk

11 11 - LUXEMBOURG FUND OFFER - October 2012 Appendix: Correlation table of absorbed and absorbing share classes

12 12 - LUXEMBOURG FUND OFFER - October 2012 Appendix: Correlation table of absorbed and absorbing share classes Date Merging sub-fund name Sub-fund accounting currency Share category Capitalisation/ Distribution ISIN code Share class valuation currency 19-Nov-12 BNP Paribas L1 Lifecycle 2018 EUR Classic Capitalisation LU EUR 19-Nov-12 BNP Paribas L1 Lifecycle 2022 EUR Classic Capitalisation LU EUR 19-Nov-12 BNP Paribas L1 Lifecycle 2028 EUR Classic Capitalisation LU EUR 19-Nov-12 BNP Paribas L1 Lifecycle 2032 EUR Classic Capitalisation LU EUR 19-Nov-12 BNP Paribas L1 Lifecycle 2038 EUR Classic Capitalisation LU EUR 19-Nov-12 BNP Paribas L1 Lifecycle 2040 EUR Classic Capitalisation LU EUR 26-Nov-12 BNP Paribas L1 Diversified World Conservative EUR Classic Capitalisation LU EUR 26-Nov-12 BNP Paribas L1 Diversified World Conservative EUR Classic Distribution LU EUR 26-Nov-12 BNP Paribas L1 Diversified World Conservative EUR I Capitalisation LU EUR 26-Nov-12 PARVEST Equity Euro Small Cap EUR Classic Capitalisation LU EUR 26-Nov-12 PARVEST Equity Euro Small Cap EUR Classic Capitalisation LU USD 26-Nov-12 PARVEST Equity Euro Small Cap EUR Classic Distribution LU EUR 26-Nov-12 PARVEST Equity Euro Small Cap EUR I Capitalisation LU EUR 26-Nov-12 PARVEST Equity Euro Small Cap EUR N Capitalisation LU EUR 26-Nov-12 PARVEST Equity Euro Small Cap EUR Privilege Capitalisation LU EUR 26-Nov-12 PARVEST Flexible Assets Plus USD USD Classic Capitalisation LU USD 26-Nov-12 PARVEST Flexible Assets Plus USD USD Classic Capitalisation LU EUR 26-Nov-12 PARVEST Flexible Assets Plus USD USD Classic Distribution LU USD 26-Nov-12 PARVEST Flexible Assets Plus USD USD I Capitalisation LU USD 26-Nov-12 PARVEST Flexible Assets Plus USD USD N Capitalisation LU USD 26-Nov-12 PARVEST Flexible Assets Plus USD USD Privilege Capitalisation LU USD 26-Nov-12 PARVEST STEP 80 World Emerging (USD) USD Classic Capitalisation LU USD 26-Nov-12 PARVEST STEP 80 World Emerging (USD) USD Classic Capitalisation LU EUR 26-Nov-12 PARWORLD STEP 90 Commodities (EUR) EUR Classic Capitalisation LU EUR 26-Nov-12 PARWORLD STEP 90 US USD Classic Capitalisation LU USD 03-Dec-12 BNP Paribas L1 Active Click Euro EUR Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Bond World Emerging USD Classic Capitalisation LU USD 03-Dec-12 BNP Paribas L1 Bond World Emerging USD Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Bond World Emerging USD Classic Distribution LU USD 03-Dec-12 BNP Paribas L1 Bond World Emerging USD Classic Distribution LU EUR 03-Dec-12 BNP Paribas L1 Bond World Emerging USD Classic EUR Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Bond World Emerging USD I Capitalisation LU USD 03-Dec-12 BNP Paribas L1 Bond World Emerging USD IH EUR Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Bond World Emerging USD N Capitalisation LU USD 03-Dec-12 BNP Paribas L1 Bond World Emerging USD X Capitalisation LU USD 03-Dec-12 BNP Paribas L1 Convertible Bond Euro Zone EUR Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Convertible Bond Euro Zone EUR Classic Distribution LU EUR 03-Dec-12 BNP Paribas L1 Convertible Bond Euro Zone EUR I Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Convertible Bond Euro Zone EUR N Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Dynamic World EUR Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Dynamic World EUR Classic Distribution LU EUR 03-Dec-12 BNP Paribas L1 Dynamic World EUR I Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Dynamic World EUR Classic GBP Distribution LU GBP Disclaimer Investment in all funds mentioned in this document are subject to market fluctuations and the risk inherent in investments in securities. The value of investments and the income they generate may go down as well as up, and it is possible that investors will not recover their initial outlay. The funds referred to in this document are subfunds of the BNP Paribas L1, PARVEST, and PARWORLD UCITS IV compliant Sicavs, which are registered under Luxembourg law. Investors should ensure that they are fully informed about the sub-funds, classes and sub-classes of shares that are authorised to be marketed in their country of residence and the constraints applicable in each of these countries.

13 13 - LUXEMBOURG FUND OFFER - October 2012 Target Sub-fund name Sub-fund accounting currency Share category Capitalisation/ Distribution ISIN code Share class valuation currency Alternative valuation currency facility in target share as of 1st November 2012 BNP Paribas L1 Lifecycle 2015 EUR Classic Capitalisation LU EUR - BNP Paribas L1 Lifecycle 2020 EUR Classic Capitalisation LU EUR - BNP Paribas L1 Lifecycle 2025 EUR Classic Capitalisation LU EUR - BNP Paribas L1 Lifecycle 2030 EUR Classic Capitalisation LU EUR - BNP Paribas L1 Lifecycle 2035 EUR Classic Capitalisation LU EUR - BNP Paribas L1 Lifecycle 2035 EUR Classic Capitalisation LU EUR - BNP Paribas L1 Safe Conservative W1 EUR Classic Distribution LU EUR USD BNP Paribas L1 Safe Conservative W1 EUR Classic Distribution LU EUR USD BNP Paribas L1 Safe Conservative W1 EUR I Capitalisation LU EUR USD PARVEST Equity Europe Small Cap EUR Classic Capitalisation LU EUR - PARVEST Equity Europe Small Cap EUR Classic USD Capitalisation LU USD - PARVEST Equity Europe Small Cap EUR Classic Distribution LU EUR - PARVEST Equity Europe Small Cap EUR I Capitalisation LU EUR - PARVEST Equity Europe Small Cap EUR N Capitalisation LU EUR - PARVEST Equity Europe Small Cap EUR Privilege Capitalisation LU EUR - PARVEST Multi-Strategy High Vol (USD) USD Classic Capitalisation LU USD - PARVEST Multi-Strategy High Vol (USD) USD Classic EUR Capitalisation LU EUR - PARVEST Multi-Strategy High Vol (USD) USD Classic Distribution LU USD - PARVEST Multi-Strategy High Vol (USD) USD I Capitalisation LU USD EUR PARVEST Multi-Strategy High Vol (USD) USD N Capitalisation LU USD EUR PARVEST Multi-Strategy High Vol (USD) USD Privilege Capitalisation LU USD EUR PARVEST STEP 80 World Emerging EUR Classic USD Capitalisation LU USD - PARVEST STEP 80 World Emerging EUR Classic Capitalisation LU EUR - PARVEST STEP 90 Commodities (EUR) EUR Classic Capitalisation LU EUR USD PARVEST STEP 90 US USD Classic Capitalisation LU USD EUR PARVEST STEP 90 Euro EUR Classic Capitalisation LU EUR - PARVEST Bond World Emerging USD Classic Capitalisation LU USD EUR PARVEST Bond World Emerging USD Classic EUR Capitalisation LU EUR - PARVEST Bond World Emerging USD Classic Distribution LU USD EUR PARVEST Bond World Emerging USD Classic EUR Distribution LU EUR - PARVEST Bond World Emerging USD Classic EUR Capitalisation LU EUR - PARVEST Bond World Emerging USD I Capitalisation LU USD EUR PARVEST Bond World Emerging USD IH EUR Capitalisation LU EUR - PARVEST Bond World Emerging USD N Capitalisation LU USD EUR PARVEST Bond World Emerging USD X Capitalisation LU USD EUR PARVEST Convertible Bond Europe EUR Classic Capitalisation LU EUR USD, GBP PARVEST Convertible Bond Europe EUR Classic Distribution LU EUR USD, GBP PARVEST Convertible Bond Europe EUR I Capitalisation LU EUR USD PARVEST Convertible Bond Europe EUR N Capitalisation LU EUR USD PARVEST Diversified Dynamic EUR Classic Capitalisation LU EUR USD PARVEST Diversified Dynamic EUR Classic Distribution LU EUR USD PARVEST Diversified Dynamic EUR I Capitalisation LU EUR USD PARVEST Diversified Dynamic EUR Classic Distribution LU EUR GBP

14 14 - LUXEMBOURG FUND OFFER - October 2012 Date Merging sub-fund name Sub-fund accounting currency Share category Capitalisation/ Distribution ISIN code Share class valuation currency 03-Dec-12 BNP Paribas L1 Green Future EUR Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Green Future EUR Classic Capitalisation LU USD 03-Dec-12 BNP Paribas L1 Green Future EUR Classic Capitalisation LU SEK 03-Dec-12 BNP Paribas L1 Green Future EUR Classic Distribution LU EUR 03-Dec-12 BNP Paribas L1 Green Future EUR Classic USD Capitalisation LU USD 03-Dec-12 BNP Paribas L1 Green Future EUR I Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Green Future EUR N Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Green Future EUR Classic GBP Distribution LU GBP 03-Dec-12 BNP Paribas L1 Opportunities Euro Plus EUR Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Opportunities Euro Plus EUR Classic Distribution LU EUR 03-Dec-12 BNP Paribas L1 Opportunities Euro Plus EUR N Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Sustainable Equity World EUR Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Sustainable Equity World EUR Classic Capitalisation LU EUR 03-Dec-12 BNP Paribas L1 Sustainable Equity World EUR Classic Distribution LU EUR 03-Dec-12 BNP Paribas L1 Sustainable Equity World EUR I Capitalisation LU EUR 03-Dec-12 PARVEST Bond Euro Premium EUR Classic Capitalisation LU EUR 03-Dec-12 PARVEST Bond Euro Premium EUR I Capitalisation LU EUR 03-Dec-12 PARVEST Bond Euro Premium EUR N Capitalisation LU EUR 03-Dec-12 PARVEST Bond Europe EUR Classic Capitalisation LU EUR 03-Dec-12 PARVEST Bond Europe EUR Classic Distribution LU EUR 03-Dec-12 PARVEST Bond Europe EUR I Capitalisation LU EUR 03-Dec-12 PARVEST Bond Europe EUR N Capitalisation LU EUR 03-Dec-12 PARVEST Bond Europe EUR Privilege Capitalisation LU EUR 03-Dec-12 PARVEST Bond Europe EUR X Capitalisation LU EUR 03-Dec-12 PARVEST Equity World USD Classic Capitalisation LU USD 03-Dec-12 PARVEST Equity World USD Classic Capitalisation LU EUR 03-Dec-12 PARVEST Equity World USD Classic Distribution LU USD 03-Dec-12 PARVEST Equity World USD Classic Distribution LU EUR 03-Dec-12 PARVEST Equity World USD I Capitalisation LU USD 03-Dec-12 PARVEST Equity World USD N Capitalisation LU USD 03-Dec-12 PARVEST Equity World USD Privilege Capitalisation LU USD 03-Dec-12 PARVEST Equity World USD X Capitalisation LU USD 03-Dec-12 PARVEST Real Estate Securities Europe EUR Classic Capitalisation LU EUR 03-Dec-12 PARVEST Real Estate Securities Europe EUR Classic Capitalisation LU USD 03-Dec-12 PARVEST Real Estate Securities Europe EUR Classic Distribution LU EUR 03-Dec-12 PARVEST Real Estate Securities Europe EUR I Capitalisation LU EUR 03-Dec-12 PARVEST Real Estate Securities Europe EUR N Capitalisation LU EUR Disclaimer Investment in all funds mentioned in this document are subject to market fluctuations and the risk inherent in investments in securities. The value of investments and the income they generate may go down as well as up, and it is possible that investors will not recover their initial outlay. The funds referred to in this document are subfunds of the BNP Paribas L1, PARVEST, and PARWORLD UCITS IV compliant Sicavs, which are registered under Luxembourg law. Investors should ensure that they are fully informed about the sub-funds, classes and sub-classes of shares that are authorised to be marketed in their country of residence and the constraints applicable in each of these countries.

15 15 - LUXEMBOURG FUND OFFER - October 2012 Target Sub-fund name Sub-fund accounting currency Share category Capitalisation/ Distribution ISIN code Share class valuation currency Alternative valuation currency facility in target share as of 1st November 2012 PARVEST Global Environment EUR Classic Capitalisation LU EUR - PARVEST Global Environment EUR Classic USD Capitalisation LU USD - PARVEST Global Environment EUR Classic Capitalisation LU EUR SEK PARVEST Global Environment EUR Classic Distribution LU EUR USD PARVEST Global Environment EUR Classic USD Capitalisation LU USD - PARVEST Global Environment EUR I Capitalisation LU EUR USD PARVEST Global Environment EUR N Capitalisation LU EUR USD PARVEST Global Environment EUR Classic Distribution LU EUR GBP PARVEST Enhanced Cash 6 Months EUR Classic Capitalisation LU EUR - PARVEST Enhanced Cash 6 Months EUR Classic Distribution LU EUR - PARVEST Enhanced Cash 6 Months EUR N Capitalisation LU EUR - PARVEST Global Environment EUR Classic Capitalisation LU EUR NOK PARVEST Global Environment EUR Classic USD Capitalisation LU USD - PARVEST Global Environment EUR Classic Distribution LU EUR - PARVEST Global Environment EUR I Capitalisation LU EUR - BNP Paribas L1 Bond Euro Premium EUR Classic Capitalisation LU EUR - BNP Paribas L1 Bond Euro Premium EUR I Capitalisation LU EUR - BNP Paribas L1 Bond Euro Premium EUR N Capitalisation LU EUR - BNP Paribas L1 Bond Europe Plus EUR Classic Capitalisation LU EUR - BNP Paribas L1 Bond Europe Plus EUR Classic Distribution LU EUR - BNP Paribas L1 Bond Europe Plus EUR I Capitalisation LU EUR - BNP Paribas L1 Bond Europe Plus EUR N Capitalisation LU EUR - BNP Paribas L1 Bond Europe Plus EUR Privilege Capitalisation LU EUR - BNP Paribas L1 Bond Europe Plus EUR X Capitalisation LU EUR - BNP Paribas L1 Equity World Low Volatility EUR Classic USD Capitalisation LU USD - BNP Paribas L1 Equity World Low Volatility EUR Classic Capitalisation LU USD - BNP Paribas L1 Equity World Low Volatility EUR Classic USD Distribution LU USD - BNP Paribas L1 Equity World Low Volatility EUR Classic Distribution LU EUR - BNP Paribas L1 Equity World Low Volatility EUR I Capitalisation LU EUR USD BNP Paribas L1 Equity World Low Volatility EUR N Capitalisation LU EUR USD BNP Paribas L1 Equity World Low Volatility EUR Privilege Capitalisation LU EUR USD BNP Paribas L1 Equity World Low Volatility EUR X Capitalisation LU EUR USD BNP Paribas L1 Equity Best Selection Europe EUR Classic Capitalisation LU EUR - BNP Paribas L1 Equity Best Selection Europe EUR Classic USD Capitalisation LU USD - BNP Paribas L1 Equity Best Selection Europe EUR Classic Distribution LU EUR - BNP Paribas L1 Equity Best Selection Europe EUR I Capitalisation LU EUR - BNP Paribas L1 Equity Best Selection Europe EUR N Capitalisation LU EUR -

16 16 - LUXEMBOURG FUND OFFER - October This material is issued and has been prepared by BNP Paribas Asset Management S.A.S. ( BNPP AM )*, a member of BNP Paribas Investment Partners (BNPP IP)**. This material is produced for information purposes only and does not constitute: 1. an offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or 2. any investment advice. This material makes reference to certain financial instruments (the Financial Instrument(s) ) authorised and regulated in its/their jurisdiction(s) of incorporation. No action has been taken which would permit the public offering of the Financial Instrument(s) in any other jurisdiction, except as indicated in the most recent prospectus, offering document or any other information material, as applicable, of the relevant Financial Instrument(s) where such action would be required, in particular, in the United States, to US persons (as such term is defined in Regulation S of the United States Securities Act of 1933). Prior to any subscription in a country in which such Financial Instrument(s) is/are registered, investors should verify any legal constraints or restrictions there may be in connection with the subscription, purchase, possession or sale of the Financial Instrument(s). Investors considering subscribing for the Financial Instrument(s) should read carefully the most recent prospectus, offering document or other information material and consult the Financial Instrument(s) most recent financial reports. The prospectus, offering document or other information of the Financial Instrument(s) are available from your local BNPP IP correspondents, if any, or from the entities marketing the Financial Instrument(s). Opinions included in this material constitute the judgment of BNPP AM at the time specified and may be subject to change without notice. BNPP AM is not obliged to update or alter the information or opinions contained within this material. Investors should consult their own legal and tax advisors in respect of legal, accounting, domicile and tax advice prior to investing in the Financial Instrument(s) in order to make an independent determination of the suitability and consequences of an investment therein, if permitted. Please note that different types of investments, if contained within this material, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for a client or prospective client s investment portfolio. Given the economic and market risks, there can be no assurance that the Financial Instrument(s) will achieve its/their investment objectives. Returns may be affected by, amongst other things, investment strategies or objectives of the Financial Instrument(s) and material market and economic conditions, including interest rates, market terms and general market conditions. The different strategies applied to the Financial Instruments may have a significant effect on the results portrayed in this material. Past performance is not a guide to future performance and the value of the investments in Financial Instrument(s) may go down as well as up. Investors may not get back the amount they originally invested. The performance data, as applicable, reflected in this material, do not take into account the commissions, costs incurred on the issue and redemption and taxes. This document is directed only at person(s) who have professional experience in matters relating to investments ( relevant persons ). Any investment or investment activity to which this document relates is available only to and will be engaged in only with Professional Clients as defined in the rules of the Financial Services Authority. Any person who is not a relevant person should not act or rely on this document or any of its contents. *BNPP AM is an investment manager registered with the Autorité des marchés financiers in France under number 96-02, a simplified joint stock company with a capital of 64,931,168 euros with its registered office at 1, boulevard Haussmann Paris, France, RCS Paris ** BNP Paribas Investment Partners is the global brand name of the BNP Paribas group s asset management services. The individual asset management entities within BNP Paribas Investment Partners if specified herein, are specified for information only and do not necessarily carry on business in your jurisdiction. For further information, please contact your locally licensed Investment Partner. 14, rue Bergère Paris - France October Design - P