BNP Paribas L1 SICAV. SEMI-ANNUAL Report at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

Transcription

1 BNP Paribas L1 SICAV SEMI-ANNUAL Report at 30/06/2017 R.C.S. Luxembourg B The asset manager for a changing world

2 The asset manager for a changing world

3 BNP Paribas L1 Table of contents Page Organisation 2 Information 5 Financial statements at 30/06/ Key figures relating to the last 3 years 16 Securities portfolio at 30/06/2017 Bond Euro Corporate 26 Bond Euro High Yield 32 Bond Euro Premium 33 Bond Europe Plus 34 Bond World Emerging Local 39 Bond World Plus 40 Convertible Bond Best Selection Europe 45 Convertible Bond World 46 Diversified World Balanced 47 Diversified World Growth 48 Diversified World Stability 49 Equity Belgium 50 Equity Euro 51 Equity Europe 52 Equity Europe DEFI 53 Equity Europe Low Volatility 54 Equity Italy 55 Equity Netherlands 56 Equity USA Core 57 Equity World Aqua 58 Equity World Emerging 59 Equity World Guru 60 Equity World Quality Focus 61 Japan 62 Multi-Asset Income 63 Patrimoine 81 SMaRT Food 82 Sustainable Active Allocation 83 USA 87 Notes to the financial statements 88 No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the current prospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter. Page 1

4 BNP Paribas L1 Organisation Registered office 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT France, Paris Members Mr. Marnix ARICKX, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Belgium, Brussels Mrs. Marianne DEMARCHI, Head of Group Networks, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. François HULLO, Head of External Distribution, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. Christian VOLLE, Independent Director, Paris Managing Director Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP PARIBAS ASSET MANAGEMENT France, Paris Company Secretary (non-member of the Board) Mr. Stéphane BRUNET, Chief Executive Officer, BNP PARIBAS ASSET MANAGEMENT Luxembourg, Luxembourg Management Company BNP PARIBAS ASSET MANAGEMENT Luxembourg*, 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg BNP PARIBAS ASSET MANAGEMENT Luxembourg* is a Management Company as defined in chapter 15 of the Luxembourg Law of 17 December 2010, as amended, concerning undertakings for collective investment. In this capacity, the Management Company is responsible for administration, portfolio management and marketing duties. Net asset values calculation, transfer and registrar agent are delegated to: BNP Paribas Securities Services, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Portfolio management is delegated to: Effective Investment Managers BNP Paribas Group management entities (generally named BNP PARIBAS ASSET MANAGEMENT) BNP PARIBAS ASSET MANAGEMENT France*, 1 Boulevard Haussmann, F Paris, France BNP PARIBAS ASSET MANAGEMENT Asia Ltd.*, 30/F Three Exchange Square, 8 Connaught Place, Central Hong-Kong BNP PARIBAS ASSET MANAGEMENT Belgium*, 55 Rue du Progrès, B-1210 Brussels, Belgium BNP PARIBAS ASSET MANAGEMENT Nederland N.V.*, Herengracht 595, PO box 71770, NL-1008 DG Amsterdam, The Netherlands *As of 1 June 2017, BNP PARIBAS INVESTMENT PARTNERS group has been rebranded BNP PARIBAS ASSET MANAGEMENT Page 2

5 Organisation BNP Paribas L1 BNP PARIBAS ASSET MANAGEMENT UK Ltd.*, 5 Aldermanbury Square, London EC2V 7BP, United Kingdom BNP PARIBAS ASSET MANAGEMENT USA, Inc.*, 200 Park Avenue, 11 th floor, New-York, NY 10166, USA THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France Non-group management entities Impax Asset Management Limited, Norfolk House, 31 St James s Square, London, SW1Y 4JR, United Kingdom Fund manager of the Equity World Aqua and SMaRT Food sub-funds River Road Asset Management, LLC, 462 South Fourth Street, Suite 1600 Louisville, Kentucky Fund manager for the US High Dividend equities in the Multi-Asset Income sub-fund The Company may also seek advice from the following investment advisor FundQuest Advisor, 1 Boulevard Haussmann, F Paris, France Advisor for the selection of non-group investment managers Depositary/Paying agent BNP Paribas Securities Services, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative, 2 Rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg, Grand Duchy of Luxembourg *As of 1 June 2017, BNP PARIBAS INVESTMENT PARTNERS group has been rebranded BNP PARIBAS ASSET MANAGEMENT Page 3

6 Organisation BNP Paribas L1 Rebranding of BNP PARIBAS INVESTMENT PARTNERS BNP PARIBAS INVESTMENT PARTNERS Luxembourg becomes BNP PARIBAS ASSET MANAGEMENT Luxembourg As of 1 st June 2017, the following entities of BNP PARIBAS INVESTMENT PARTNERS group (the Group ) will be rebranded BNP PARIBAS ASSET MANAGEMENT. This rebranding solely consists in a change of name of the entities of the group without any other consequence, nor resulting in the creation of new legal entities. As a consequence, BNP PARIBAS INVESTMENT PARTNERS Luxembourg (short-named BNPP IP Lux ) will become BNP PARIBAS ASSET MANAGEMENT Luxembourg (short-named BNPP AM Lux ). All references to the former name in any correspondence and documents will refer to the latter name after that said date. This change will also be reflected in the prospectuses or offering documents of all the investment funds managed by BNP PARIBAS INVESTMENT PARTNERS Luxembourg acting as Management Company or Alternative Investment Fund Manager. The website will also be changed to bnpparibas-am.com. Likewise, this change will also impact the name of the other entities of the Group as follows: COUNTRY CURRENT NAME FUTURE NAME AUSTRALIA BELGIUM HK BNP PARIBAS INVESTMENT PARTNERS (Australia) Ltd BNP PARIBAS INVESTMENT PARTNERS BELGIUM SA BNP PARIBAS INVESTMENT PARTNERS ASIA LIMITED BNP PARIBAS ASSET MANAGEMENT Australia Limited BNP PARIBAS ASSET MANAGEMENT Belgium BNP PARIBAS ASSET MANAGEMENT Asia Limited FRANCE BNP PARIBAS ASSET MANAGEMENT S.A.S. BNP PARIBAS ASSET MANAGEMENT France JAPAN BNP PARIBAS INVESTMENT PARTNERS Japan Ltd BNP PARIBAS ASSET MANAGEMENT Japan Limited (as of 1 st December 2017) NETHERLANDS BNP PARIBAS INVESTMENT PARTNERS Nederland NV BNP PARIBAS ASSET MANAGEMENT Nederland NV SINGAPORE BNP PARIBAS INVESTMENT PARTNERS SINGAPORE LIMITED BNP PARIBAS ASSET MANAGEMENT Singapore Limited UK BNP PARIBAS INVESTMENT PARTNERS UK Ltd BNP PARIBAS ASSET MANAGEMENT UK Ltd USA Fischer Francis Trees Watts Inc BNP PARIBAS ASSET MANAGEMENT USA, Inc. Luxembourg, on 10 May 2017 BNP PARIBAS INVESTMENT PARTNERS Luxembourg (becoming BNP PARIBAS ASSET MANAGEMENT Luxembourg) Page 4

7 Information BNP Paribas L1 BNP Paribas L1 is an open-ended investment company (Société d Investissement à Capital Variable SICAV) incorporated on 29 November 1989 under the name INTERSELEX WORLD for an indefinite period in accordance with the provisions of Part I of the law of 30 March 1988 on undertakings for collective investment. The name was changed to INTERSELEX EQUITY by an extraordinary general meeting of shareholders on 4 November 1996, and then to INTERSELEX by an extraordinary general meeting of shareholders on 4 May 1998 and to FORTIS L FUND by an extraordinary general meeting of shareholders on 30 September By an extraordinary general meeting of shareholders held on 14 May 2010, the company changed its name to BNP Paribas L1 (abbreviated as BNPP L1) with effect from 1 August The Company is currently subject to Part I of the law of 17 December 2010, as amended, on undertakings for collective investment and to European Directive 2009/65/EC (UCITS IV), as amended by the Directive 2014/91 (UCITS V). The Articles of Association of the Company have been filed with the Registrar of the District Court of Luxembourg, where any interested party may consult them and obtain a copy. They were last modified on 25 April 2016, with publication in the Mémorial on 29 April The Company is registered in the Luxembourg Trade and Companies Register under the number B Net asset values are calculated on each day of the week on which banks are open for business in Luxembourg. As to net asset values and dividends, the Company publishes the legally required information in the Grand Duchy of Luxembourg and in all other countries where the shares are publicly offered. This information is also available on the website: The Articles of Association, the Prospectus, the KIID, and periodic reports may be consulted at the Company s registered office and at the establishments responsible for the Company s financial service. Copies of the Articles of Association and the annual and interim reports are available on request. Except for newspaper publications required by Law, the official media to obtain any notice to shareholders from will be the website Documents and information are also available on the website: Page 5

8 BNP Paribas L1 Financial statements at 30/06/2017 Bond Euro Corporate Bond Euro High Yield Bond Euro Premium Bond Europe Plus Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Transaction fees Distribution fees Total expenses Net result from investments ( ) ( ) Net realised result on: Investments securities ( ) Financial instruments ( ) 0 ( ) ( ) Net realised result ( ) ( ) Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) Financial instruments Change in net due to operations ( ) ( ) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 7 ( ) ( ) 0 0 Increase/(Decrease) in net during the year/period ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 6

9 BNP Paribas L1 Bond World Emerging Local Bond World Plus Convertible Bond Best Selection Europe Convertible Bond World Diversified World Balanced Diversified World Growth USD EUR EUR EUR EUR EUR ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (25 240) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 7

10 BNP Paribas L1 Financial statements at 30/06/2017 Diversified World Stability Equity Belgium Equity Euro Equity Europe Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Transaction fees Distribution fees Total expenses Net result from investments ( ) Net realised result on: Investments securities Financial instruments (202) ( ) Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) Financial instruments ( ) Change in net due to operations (4 476) Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) ( ) Increase/(Decrease) in net during the year/period ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 8

11 BNP Paribas L1 Equity Europe DEFI Equity Europe Low Volatility Equity Italy Equity Netherlands Equity USA Core Equity World Aqua EUR EUR EUR EUR USD EUR ( ) ( ) (2 735) (72 231) (2 089) ( ) (24 819) ( ) (30 000) 0 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 9

12 BNP Paribas L1 Financial statements at 30/06/2017 Equity World Emerging Equity World Guru Equity World Quality Focus Japan Expressed in USD USD EUR JPY Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Transaction fees Distribution fees Total expenses Net result from investments ( ) ( ) ( ) Net realised result on: Investments securities Financial instruments 0 (10 528) (147) Net realised result ( ) ( ) ( ) Movement on net unrealised gain/(loss) on: Investments securities Financial instruments ( ) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) Dividends paid 7 ( ) ( ) ( ) 0 Increase/(Decrease) in net during the year/period Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 10

13 BNP Paribas L1 Multi-Asset Income Patrimoine Safe Aggressive W1 Safe Aggressive W4 Safe Aggressive W7 Safe Aggressive W10 EUR EUR EUR EUR EUR EUR ( ) (3 358) (1 486) (2 972) (2 940) (907) (387) (654) (1 061) ( ) (50 914) (33 735) (66 517) (60 370) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 11

14 BNP Paribas L1 Financial statements at 30/06/2017 Safe Conservative W1 Safe Conservative W4 Safe Conservative W7 Safe Conservative W10 Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Transaction fees Distribution fees Total expenses Net result from investments (6 754) (2 795) (4 332) (6 376) Net realised result on: Investments securities 2 (14 396) (4 839) (4 039) (4 422) Financial instruments (1 317) (261) Net realised result (22 467) (7 895) (8 316) (10 243) Movement on net unrealised gain/(loss) on: Investments securities (119) 519 Financial instruments (230) (75) (83) (83) Change in net due to operations (13 543) (7 215) (8 518) (9 807) Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid Increase/(Decrease) in net during the year/period ( ) ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 12

15 BNP Paribas L1 Safe Defensive W1 Safe Defensive W4 Safe Defensive W7 Safe Defensive W10 Safe Dynamic W1 Safe Dynamic W4 EUR EUR EUR EUR EUR EUR ( ) (79 464) (76 260) ( ) (45 068) (30 696) (1 590) (15 798) (17 924) ( ) ( ) ( ) ( ) ( ) ( ) (11 350) (11 144) (12 871) (11 541) (60 866) (46 884) (59 730) (60 398) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 13

16 BNP Paribas L1 Financial statements at 30/06/2017 Safe Dynamic W7 Safe Dynamic W10 Safe Neutral W1 Safe Neutral W4 Expressed in EUR EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Options at market value 2, Net Unrealised gain on financial instruments 2,10,11, Cash at banks and time deposits Other Liabilities Options at market value 2, Bank overdrafts Net Unrealised loss on financial instruments 2,10,11, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management and advisory fees Bank interest Interest on swaps Other fees Taxes Transaction fees Distribution fees Total expenses Net result from investments (32 241) (36 347) ( ) (81 763) Net realised result on: Investments securities Financial instruments (15 771) (20 017) (49 834) (46 031) Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) ( ) ( ) Financial instruments Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) ( ) ( ) Dividends paid Increase/(Decrease) in net during the year/period ( ) ( ) ( ) ( ) Net at the beginning of the financial year/period Reevaluation of opening consolidated NAV Net at the end of the financial year/period Page 14

17 BNP Paribas L1 Safe Neutral W7 Safe Neutral W10 SMaRT Food Sustainable Active Allocation USA Consolidated EUR EUR EUR EUR USD EUR (90 060) (98 831) ( ) ( ) (71 570) (69 496) 0 (96 442) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 0 (39 731) ( ) 0 ( ) ( ) ( ) ( ) Page 15

18 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Bond Euro Corporate EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share N - Capitalisation Bond Euro High Yield EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share N - Capitalisation Bond Euro Premium EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Bond Europe Plus EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic New Distri - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Bond World Emerging Local USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share N - Capitalisation Page 16

19 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Bond World Plus EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic New Distri - Distribution Share Classic RH USD - Capitalisation Share Classic USD - Capitalisation Share Classic USD - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Distribution Share X - Capitalisation Convertible Bond Best Selection Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Convertible Bond World EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share N - Capitalisation Diversified World Balanced EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Distribution Diversified World Growth EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Page 17

20 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Diversified World Stability EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Distribution Equity Belgium EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share X - Capitalisation Equity Euro EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity Europe DEFI EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share I - Capitalisation Page 18

21 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Equity Europe Low Volatility EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share I - Capitalisation Share X - Capitalisation Equity Italy EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share X - Capitalisation Equity Netherlands EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity USA Core USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share Classic H EUR - Capitalisation Share I - Capitalisation Share N - Capitalisation Share Privilege - Distribution Share X - Capitalisation Equity World Aqua EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic USD - Capitalisation Share Classic USD - Distribution Share Life - Capitalisation Share Privilege GBP - Capitalisation Page 19

22 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Equity World Emerging USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share N - Capitalisation Equity World Guru USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic EUR - Capitalisation Share Classic EUR - Distribution Share I EUR - Capitalisation Share Life EUR - Capitalisation Share N - Capitalisation Share Privilege EUR - Capitalisation Share Privilege EUR - Distribution Equity World Quality Focus EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic HUF - Capitalisation Share I - Capitalisation Share Life - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Japan JPY JPY JPY Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic EUR - Capitalisation Share I - Capitalisation Page 20

23 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Multi-Asset Income EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic MD - Distribution Share Classic RH AUD MD - Distribution Share Classic RH CNH MD - Distribution Share Classic RH HKD MD - Distribution Share Classic RH SGD MD - Distribution Share Classic RH USD - Capitalisation Share Classic RH USD - Distribution Share Classic RH USD MD - Distribution Share I - Capitalisation Share I - Distribution Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Share X - Capitalisation Patrimoine EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Share Privilege - Distribution Safe Aggressive W1 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Safe Aggressive W4 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Safe Aggressive W7 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Page 21

24 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Safe Aggressive W10 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Safe Conservative W1 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Safe Conservative W4 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Safe Conservative W7 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Safe Conservative W10 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Distribution Safe Defensive W1 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Safe Defensive W4 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share Life - Capitalisation Page 22

25 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Safe Defensive W7 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Safe Defensive W10 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Safe Dynamic W1 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share I - Capitalisation Share Life - Capitalisation Share N - Capitalisation Safe Dynamic W4 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Safe Dynamic W7 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Share N - Capitalisation Safe Dynamic W10 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Page 23

26 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) Safe Neutral W1 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Safe Neutral W4 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Safe Neutral W7 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation Safe Neutral W10 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Life - Capitalisation SMaRT Food EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Sustainable Active Allocation EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share Classic - Distribution Share Classic Solidarity - Capitalisation Share Classic Solidarity - Distribution Share I - Capitalisation Share N - Capitalisation Share Privilege - Capitalisation Page 24

27 BNP Paribas L1 Key figures relating to the last 3 years (Note 8) USA USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Classic - Capitalisation Share I - Capitalisation Share X - Capitalisation Page 25

28 BNP Paribas L1 Bond Euro Corporate Securities portfolio at 30/06/2017 Expressed in EUR Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds France ARKEMA 1.500% 15-20/01/2025 EUR AUCHAN SA 0.625% 17-07/02/2022 EUR AUTOROUTES PARIS 1.500% /01/2024 EUR AXA SA 1.125% 16-15/05/2028 EUR BANQUE FED CREDIT MUTUEL 0.375% 17-13/01/2022 EUR BANQUE FED CREDIT MUTUEL 1.250% 17-26/05/2027 EUR BANQUE FED CREDIT MUTUEL 1.875% 16-04/11/2026 EUR BANQUE FED CREDIT MUTUEL 2.000% 13-19/09/2019 EUR BANQUE FED CREDIT MUTUEL 2.375% 16-24/03/2026 EUR BANQUE FED CREDIT MUTUEL 3.000% 14-21/05/2024 EUR BANQUE FED CREDIT MUTUEL 4.000% 10-22/10/2020 EUR BNP PARIBAS 0.750% 16-11/11/2022 EUR BNP PARIBAS 1.125% 16-15/01/2023 EUR BNP PARIBAS 1.500% 13-12/03/2018 EUR BNP PARIBAS 1.500% 17-17/11/2025 EUR BNP PARIBAS 2.750% 15-27/01/2026 EUR BNP PARIBAS 2.875% 12-27/11/2017 EUR BNP PARIBAS 3.750% 10-25/11/2020 EUR BPCE 0.375% 16-05/10/2023 EUR BPCE 2.875% 16-22/04/2026 EUR BUREAU VERITAS 1.250% 16-07/09/2023 EUR CARMILA 2.375% 15-18/09/2023 EUR CARMILA 2.375% 16-16/09/2024 EUR CARREFOUR SA 1.750% 13-22/05/2019 EUR CARREFOUR SA 1.750% 14-15/07/2022 EUR CARREFOUR SA 4.000% 10-09/04/2020 EUR CASINO GUICHARD 4.481% 10-12/11/2018 EUR CASINO GUICHARD 5.976% 11-26/05/2021 EUR CFCM NORD EUROPE 2.125% 16-12/09/2026 EUR COFACE 4.125% 14-27/03/2024 EUR COFIROUTE 0.375% 16-07/02/2025 EUR CREDIT AGRICOLE SA 0.875% 15-19/01/2022 EUR CREDIT AGRICOLE SA 2.625% 15-17/03/2027 EUR CROWN EUROPEAN 2.625% /09/2024 EUR DANONE 0.424% 16-03/11/2022 EUR ENGIE 2.250% 12-01/06/2018 EUR EUTELSAT SA 2.625% 13-13/01/2020 EUR FAURECIA 3.625% 16-15/06/2023 EUR FONCIERE DES REGIONS 1.875% 16-20/05/2026 EUR GDF SUEZ 6.875% 08-24/01/2019 EUR GECINA 1.000% 16-30/01/2029 EUR GECINA 2.000% 15-17/06/2024 EUR GROUPE FNAC SA 3.250% 16-30/09/2023 EUR HOLDING DINFRA 2.250% 14-24/03/2025 EUR HSBC FRANCE 0.625% 15-03/12/2020 EUR ICADE 1.125% 16-17/11/2025 EUR JCDECAUX SA 1.000% 16-01/06/2023 EUR KERING 0.875% 15-28/03/2022 EUR KERING 1.500% 17-05/04/2027 EUR KLEPIERRE 1.250% 16-29/09/2031 EUR LOXAM SAS 3.500% 17-15/04/2022 EUR LOXAM SAS 7.000% 14-23/07/2022 EUR LVMH MOET HENNES 0.750% /05/2024 EUR MERCIALYS 1.787% 14-31/03/2023 EUR NEXANS SA 2.750% 17-05/04/2024 EUR NUMERICABLE 5.375% 14-15/05/2022 EUR NUMERICABLE 5.625% 14-15/05/2024 EUR ORANGE 1.000% 16-12/05/2025 EUR ORANGE 3.125% 13-09/01/2024 EUR PERNOD RICARD SA 1.500% 16-18/05/2026 EUR PERNOD-RICARD SA 2.125% 14-27/09/2024 EUR PEUGEOT 2.000% 17-23/03/2024 EUR PEUGEOT 2.375% 16-14/04/2023 EUR PEUGEOT 6.500% 13-18/01/2019 EUR PSA BANQUE FRANCE 0.500% 17-17/01/2020 EUR RCI BANQUE 0.500% 16-15/09/2023 EUR RCI BANQUE 0.750% 17-12/01/2022 EUR RENAULT 1.000% 17-08/03/2023 EUR RENAULT 3.125% 14-05/03/2021 EUR REXEL SA 2.625% 17-15/06/2024 EUR REXEL SA 3.250% 15-15/06/2022 EUR SANOFI 0.000% 16-13/09/2022 EUR SOCIETE FONCIERE 2.250% 15-16/11/2022 EUR SOCIETE GENERALE 0.125% /10/2021 EUR SOCIETE GENERALE 0.750% 16-26/05/2023 EUR SOCIETE GENERALE 2.625% 15-27/02/2025 EUR SOCIETE GENERALE 6.125% 08-20/08/2018 EUR SUEZ 1.000% 17-03/04/2025 EUR TDF INFRASTRUCTU 2.500% 16-07/04/2026 EUR TELEPERFORMANCE 1.500% 17-03/04/2024 EUR TEREOS FIN GROUP 4.125% 16-16/06/2023 EUR TEREOS FIN GROUP 4.250% 13-04/03/2020 EUR TOTAL CAPITAL 0.250% 16-12/07/2023 EUR UNIBAIL-RODAMCO 0.875% 16-21/02/2025 EUR VALEO SA 0.625% 17-11/01/2023 EUR VALEO SA 1.625% 16-18/03/2026 EUR VEOLIA ENVIRONNEMENT 0.314% /10/2023 EUR VEOLIA ENVIRONNEMENT 1.590% 15-10/01/2028 EUR WENDEL SA 1.000% 16-20/04/2023 EUR WENDEL SA 2.500% 15-09/02/2027 EUR WENDEL SA 2.750% 14-02/10/2024 EUR The Netherlands ABB FINANCE BV 0.750% /05/2024 EUR ABN AMRO BANK NV 7.125% 12-06/07/2022 EUR ADRIA BIDCO BV 7.875% 13-15/11/2020 EUR AEGON NV 1.000% 16-08/12/2023 EUR AKZO NOBEL NV 1.125% 16-08/04/2026 EUR ASML HOLDING NV 0.625% 16-07/07/2022 EUR BASF FIN EUROPNV 0.000% 16-10/11/2020 EUR BMW FINANCE NV 0.125% /01/2021 EUR Page 26