BNP Paribas Easy SICAV

Transcription

1 BNP Paribas Easy 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 Easy Table of contents Page Organisation 3 Information 5 Financial statements at 30/06/ Key figures relating to the last 3 years 13 Barclays Euro Government Inflation Linked All Maturities 19 Barclays US Treasury 20 Energy & Metals Enhanced Roll 21 Equity Low Vol Europe 22 Equity Low Vol Germany 23 Equity Low Vol US 24 Equity Momentum Europe 25 Equity Quality Europe 26 Equity Value Europe 27 FTSE EPRA/NAREIT Developed Europe 28 FTSE EPRA/NAREIT Eurozone Capped 31 istoxx MUTB Japan Quality JPM EMBI Global Diversified Composite 34 JPM GBI EMU 39 JPM GBI Global ex EMU Hedged EUR 41 Low Carbon 100 Europe 42 Markit iboxx EUR Liquid Corporates 45 Markit iboxx Global Corporates Liquid 150 Capped (USD Hedged) 47 Markit iboxx Global Developed Markets Liquid 100 High Yield Capped (USD Hedged) 50 MSCI Emerging Markets ex Controversial Weapons 52 MSCI Emerging Markets SRI 53 MSCI EMU ex Controversial Weapons 54 MSCI Europe ex Controversial Weapons 59 MSCI Europe ex UK ex Controversial Weapons 68 MSCI Europe Small Caps ex Controversial Weapons 75 MSCI Japan ex Controversial Weapons 76 MSCI KLD 400 Social 82 MSCI North America ex Controversial Weapons 89 MSCI Pacific ex Japan ex Controversial Weapons 102 MSCI UK ex Controversial Weapons 105 MSCI World ex Controversial Weapons 108 NMX 30 Infrastructure Global 109 Page 1

4 BNP Paribas Easy Table of contents Page Notes to the financial statements 110 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 2

5 Organisation BNP Paribas Easy Registered office 10 Rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg Board of Directors Chairman Mr. Denis PANEL, Chief Executive Officer, THEAM S.A.S., Paris Members Mr. Anthony FINAN, Chief Marketing Officer & CSR Delegate, BNP PARIBAS ASSET MANAGEMENT France, Paris Mr. Laurent GAUDE, Chief Operating Officer, THEAM S.A.S., Paris Mr. Benoit PICARD, Head of Structuring, THEAM S.A.S., Paris Mr. Bruno PIFFETEAU, Head of Global Client Service, BNP PARIBAS ASSET MANAGEMENT France, Paris 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 in the meaning of Chapter 15 of the Luxembourg Law of 17 December 2010 concerning undertakings for collective investment, as amended. The Management Company performs the functions of administration, portfolio management and marketing duties. Effective Investment Manager THEAM S.A.S., 1 Boulevard Haussmann, F Paris, France NAV Calculation, Registrar and Transfer Agent BNP Paribas Securities Services, Luxembourg Branch, 60 Avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg Depositary 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 Easy 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 Easy BNP Paribas Easy (the Company ) is an open-ended investment company (Société d Investissement à Capital Variable SICAV). The Company was created as a common fund (fonds commun de placement abbreviated to FCP) bearing the name EasyETF FTSE EPRA Eurozone, under the Luxembourg Law on 7 July 2004 and for an indefinite period. It changed its name into FTSE EPRA Eurozone THEAM Easy UCITS ETF on 8 August On 28 December 2015, the Company was converted from the legal form of a common fund into the legal form of an open-ended investment company, and changed its name into BNP Paribas Easy. A notice was published in the Mémorial, Recueil Spécial des Sociétés et Associations (the Mémorial ). The latest version of the Articles of Association has been filed with the Trade and Companies Registrar of Luxembourg, where any interested party may consult it and obtain a copy. The Company is currently governed by the provisions of Part I of the Law of 17 December 2010, as amended, governing Undertakings for Collective Investment, as well as by Directive 2009/65 as amended by the Directive 2014/91. The Company s capital is expressed in euros ( EUR ) and is at all times equal to the total net of the various sub-funds. It is represented by fully paid-up shares issued without a designated par value. The capital varies automatically without the notification and specific recording measures required for increases and decreases in the capital of limited companies. Its minimum capital is defined by the Law. The Company is registered in the Luxembourg Trade Register under the number B Information to the Shareholders The Articles of Association, the Prospectus, the KIIDs, 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 the newspaper publications required by Law, the official media going forward to obtain any notice to shareholders will be our website Documents and information are also available on the website: The annual report is made public within four months of the end of the financial year and the interim report within two months of the end of the half-year. 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: Net asset values are calculated every full bank business day in Luxembourg. Page 5

8 Financial statements at 30/06/2017 BNP Paribas Easy Barclays Euro Government Inflation Linked All Maturities Barclays US Treasury Energy & Metals Enhanced Roll Equity Low Vol Europe USD USD EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Transaction fees Total expenses Net result from investments ( ) ( ) Net realised result on: Investments securities (30 768) (102) Financial instruments ( ) 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 6

9 BNP Paribas Easy Equity Low Vol Germany Equity Low Vol US Equity Momentum Europe Equity Quality Europe Equity Value Europe FTSE EPRA/NAREIT Developed Europe EUR EUR EUR EUR EUR EUR ( ) ( ) (4 854) (43 062) (85 232) (53 298) (91 271) ( ) (4 854) ( ) ( ) ( ) ( ) ( ) ( ) 0 ( ) ( ) ( ) ( ) ( ) ( ) ( ) Page 7

10 Financial statements at 30/06/2017 BNP Paribas Easy FTSE EPRA/NAREIT Eurozone Capped istoxx MUTB Japan Quality 150 JPM EMBI Global Diversified Composite JPM GBI EMU EUR USD EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio ( ) ( ) Securities portfolio at market value Net Unrealised gain on financial instruments 9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Transaction fees Total expenses Net result from investments (5 191) Net realised result on: Investments securities ( ) Financial instruments (5 265) Net realised result (10 456) Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) Financial instruments Change in net due to operations ( ) Net subscriptions/(redemptions) Dividends paid 6 ( ) 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 8

11 BNP Paribas Easy JPM GBI Global ex EMU Hedged EUR Low Carbon 100 Europe Markit iboxx EUR Liquid Corporates Markit iboxx Global Corporates Liquid 150 Capped (USD Hedged) Markit iboxx Global Developed Markets Liquid 100 High Yield Capped (USD Hedged) MSCI Emerging Markets ex Controversial Weapons EUR EUR EUR USD USD USD ( ) ( ) ( ) (83 088) ( ) (49 502) ( ) ( ) ( ) ( ) ( ) ( ) (16 460) ( ) ( ) ( ) ( ) ( ) Page 9

12 Financial statements at 30/06/2017 BNP Paribas Easy MSCI Emerging Markets SRI MSCI EMU ex Controversial Weapons MSCI Europe ex Controversial Weapons MSCI Europe ex UK ex Controversial Weapons Expressed in USD EUR EUR EUR Notes Statement of net Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Transaction fees Total expenses Net result from investments (39 165) Net realised result on: Investments securities Financial instruments Net realised result Movement on net unrealised gain/(loss) on: Investments securities ( ) ( ) Financial instruments (61 760) ( ) (10 240) Change in net due to operations Net subscriptions/(redemptions) ( ) ( ) ( ) Dividends paid ( ) 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 Easy MSCI Europe Small Caps ex Controversial Weapons MSCI Japan ex Controversial Weapons MSCI KLD 400 Social MSCI North America ex Controversial Weapons MSCI Pacific ex Japan ex Controversial Weapons MSCI UK ex Controversial Weapons EUR EUR USD EUR EUR EUR ( ) (607) (37) (35 024) ( ) ( ) ( ) ( ) (36 228) (2 516) ( ) ( ) 0 ( ) ( ) ( ) (60 034) ( ) ( ) Page 11

14 Financial statements at 30/06/2017 BNP Paribas Easy MSCI World ex Controversial Weapons NMX 30 Infrastructure Global Consolidated Statement of net Expressed in USD EUR EUR Notes Assets Securities portfolio at cost price Unrealised gain/(loss) on securities portfolio Securities portfolio at market value Net Unrealised gain on financial instruments 9,10, Cash at banks and time deposits Other Liabilities Bank overdrafts Net Unrealised loss on financial instruments 9,10, Other liabilities Net asset value Statement of operations and changes in net Income on investments and Management fees Bank interest Interest on swaps Other fees Taxes Transaction fees Total expenses Net result from investments (72 894) Net realised result on: Investments securities Financial instruments (5 844) 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 0 0 ( ) Net at the end of the financial year/period Page 12

15 BNP Paribas Easy Key figures relating to the last 3 years (Note 7) Barclays Euro Government Inflation Linked All Maturities EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track I - Capitalisation Share Track Privilege - Capitalisation Share UCITS ETF - Capitalisation Barclays US Treasury USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Energy & Metals Enhanced Roll USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Share UCITS ETF EUR - Capitalisation Equity Low Vol Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Share UCITS ETF - Distribution Equity Low Vol Germany EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Equity Low Vol US EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Share UCITS ETF - Distribution Share UCITS ETF USD - Capitalisation Equity Momentum Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Share UCITS ETF - Distribution Page 13

16 BNP Paribas Easy Key figures relating to the last 3 years (Note 7) Equity Quality Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Share UCITS ETF - Distribution Equity Value Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Share UCITS ETF - Distribution FTSE EPRA/NAREIT Developed Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF QD - Distribution FTSE EPRA/NAREIT Eurozone Capped EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Share UCITS ETF QD - Distribution istoxx MUTB Japan Quality 150 EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF H EUR - Capitalisation JPM EMBI Global Diversified Composite USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track I - Capitalisation Share Track IH EUR - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege H EUR - Capitalisation Share Track X - Capitalisation Page 14

17 BNP Paribas Easy Key figures relating to the last 3 years (Note 7) JPM GBI EMU EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track I - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege - Distribution Share Track X - Capitalisation Share UCITS ETF - Capitalisation JPM GBI Global ex EMU Hedged EUR EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track I - Capitalisation Share Track Privilege - Capitalisation Share Track X - Capitalisation Low Carbon 100 Europe EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Markit iboxx EUR Liquid Corporates EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track I - Capitalisation Share Track Privilege - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation Markit iboxx Global Corporates Liquid 150 Capped (USD Hedged) USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track I Plus RH NOK - Capitalisation Markit iboxx Global Developed Markets Liquid 100 High Yield Capped (USD Hedged) USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege RH EUR - Capitalisation Page 15

18 BNP Paribas Easy Key figures relating to the last 3 years (Note 7) MSCI Emerging Markets ex Controversial Weapons USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege GBP - Capitalisation Share Track Privilege RH EUR - Capitalisation Share Track X - Capitalisation Share UCITS ETF EUR - Capitalisation MSCI Emerging Markets SRI USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share UCITS ETF - Capitalisation MSCI EMU ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Privilege - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation MSCI Europe ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege - Distribution Share Track X - Capitalisation Share UCITS ETF - Capitalisation MSCI Europe ex UK ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation MSCI Europe Small Caps ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Privilege - Capitalisation Share UCITS ETF - Capitalisation Page 16

19 BNP Paribas Easy Key figures relating to the last 3 years (Note 7) MSCI Japan ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Classic H EUR - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege - Distribution Share Track Privilege H EUR - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation Share UCITS ETF H EUR - Capitalisation MSCI KLD 400 Social USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Classic - Distribution Share Track Privilege - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation MSCI North America ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege - Distribution Share Track Privilege GBP - Capitalisation Share Track Privilege H EUR - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation MSCI Pacific ex Japan ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege - Distribution Share Track Privilege GBP - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation MSCI UK ex Controversial Weapons EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege GBP - Capitalisation Share Track X - Capitalisation Share UCITS ETF - Capitalisation Page 17

20 BNP Paribas Easy Key figures relating to the last 3 years (Note 7) MSCI World ex Controversial Weapons USD USD USD Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share Track Classic - Capitalisation Share Track Privilege - Capitalisation Share Track Privilege H EUR - Capitalisation Share UCITS ETF - Capitalisation NMX 30 Infrastructure Global EUR EUR EUR Number of shares 31/12/ /12/ /06/ /06/2017 Net Net asset value per share Share UCITS ETF - Capitalisation Page 18

21 BNP Paribas Easy Barclays Euro Government Inflation Linked All Maturities Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds France FRANCE O.A.T % 16-01/03/2021 EUR FRANCE O.A.T % 16-25/07/2047 EUR FRANCE O.A.T % 17-01/03/2028 EUR FRANCE O.A.T. I/L 0.100% 12-25/07/2021 EUR FRANCE O.A.T. I/L 0.250% 13-25/07/2024 EUR FRANCE O.A.T.I/L 0.100% 15-01/03/2025 EUR FRANCE O.A.T.I/L 0.250% 12-25/07/2018 EUR FRANCE O.A.T.I/L 0.700% 14-25/07/2030 EUR FRANCE O.A.T.I/L 1.100% 10-25/07/2022 EUR FRANCE O.A.T.I/L 1.300% 10-25/07/2019 EUR FRANCE O.A.T.I/L 1.800% 07-25/07/2040 EUR FRANCE O.A.T.I/L 1.850% 11-25/07/2027 EUR FRANCE O.A.T.I/L 2.100% 07-25/07/2023 EUR FRANCE O.A.T.I/L 2.250% 04-25/07/2020 EUR FRANCE O.A.T.I/L 3.150% 02-25/07/2032 EUR FRANCE O.A.T.I/L 3.400% 99-25/07/2029 EUR Italy ITALY BTPS I/L 0.100% 16-15/05/2022 EUR ITALY BTPS I/L 1.250% 15-15/09/2032 EUR ITALY BTPS I/L 1.300% 17-15/05/2028 EUR ITALY BTPS I/L 1.700% 13-15/09/2018 EUR ITALY BTPS I/L 2.100% 10-15/09/2021 EUR ITALY BTPS I/L 2.350% 04-15/09/2035 EUR ITALY BTPS I/L 2.350% 08-15/09/2019 EUR ITALY BTPS I/L 2.350% 14-15/09/2024 EUR ITALY BTPS I/L 2.550% 09-15/09/2041 EUR ITALY BTPS I/L 2.600% 07-15/09/2023 EUR ITALY BTPS I/L 3.100% 11-15/09/2026 EUR Germany DEUTSCHLAND I/L 0.100% 12-15/04/2023 EUR DEUTSCHLAND I/L 0.100% 15-15/04/2026 EUR DEUTSCHLAND I/L 0.100% 15-15/04/2046 EUR DEUTSCHLAND I/L 0.500% 14-15/04/2030 EUR DEUTSCHLAND I/L 1.750% 09-15/04/2020 EUR Spain SPAIN I/L BOND 0.300% 16-30/11/2021 EUR SPAIN I/L BOND 0.550% 14-30/11/2019 EUR SPAIN I/L BOND 0.650% 17-30/11/2027 EUR SPAIN I/L BOND 1.000% 15-30/11/2030 EUR SPAIN I/L BOND 1.800% 14-30/11/2024 EUR Total securities portfolio Page 19

22 BNP Paribas Easy Barclays US Treasury Expressed in USD Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Bonds United States of America US TREASURY N/B 1.375% 15-29/02/2020 USD US TREASURY N/B 1.375% 15-31/03/2020 USD US TREASURY N/B 1.375% 15-31/08/2020 USD US TREASURY N/B 1.500% 14-31/10/2019 USD US TREASURY N/B 1.625% 14-31/08/2019 USD US TREASURY N/B 1.625% 14-31/12/2019 USD US TREASURY N/B 1.750% 14-30/09/2019 USD US TREASURY N/B 2.000% 13-15/02/2023 USD US TREASURY N/B 2.375% 14-15/08/2024 USD US TREASURY N/B 2.500% 14-15/05/2024 USD US TREASURY N/B 2.625% 10-15/11/2020 USD US TREASURY N/B 2.750% 14-15/02/2024 USD US TREASURY N/B 3.625% 10-15/02/2020 USD US TREASURY N/B 3.625% 14-15/02/2044 USD US TREASURY N/B 3.750% 13-15/11/2043 USD Total securities portfolio Page 20

23 BNP Paribas Easy Energy & Metals Enhanced Roll Expressed in USD Money Market Instruments United States of America US TREASURY BILL 0.000% 16-14/09/2017 USD US TREASURY BILL 0.000% 17-03/08/2017 USD US TREASURY BILL 0.000% 17-06/07/2017 USD US TREASURY BILL 0.000% 17-07/09/2017 USD US TREASURY BILL 0.000% 17-10/08/2017 USD US TREASURY BILL 0.000% 17-13/07/2017 USD US TREASURY BILL 0.000% 17-21/09/2017 USD US TREASURY BILL 0.000% 17-24/08/2017 USD US TREASURY BILL 0.000% 17-27/07/2017 USD US TREASURY BILL 0.000% 17-31/08/2017 USD Total securities portfolio Page 21

24 BNP Paribas Easy Equity Low Vol Europe Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares France AIR LIQUIDE SA EUR AIRBUS SE EUR COMPAGNIE DE SAINT GOBAIN EUR CREDIT AGRICOLE SA EUR DANONE EUR ENGIE EUR ORANGE EUR SANOFI AVENTIS EUR SOCIETE GENERALE SA EUR VINCI SA EUR Germany ALLIANZ SE - REG EUR BASF SE EUR BAYER AG - REG EUR DAIMLER AG-REG EUR DEUTSCHE POST AG - REG EUR MUENCHENER RUECKVER AG - REG EUR SAP SE EUR SIEMENS AG - REG EUR Spain BANCO BILBAO VIZCAYA ARGENTA EUR TELEFONICA SA EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - CLASSIC EUR Total securities portfolio Page 22

25 BNP Paribas Easy Equity Low Vol Germany Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Germany ALLIANZ SE - REG EUR BAYER AG - REG EUR COMMERZBANK AG EUR CONTINENTAL AG EUR DAIMLER AG-REG EUR DEUTSCHE POST AG - REG EUR INFINEON TECHNOLOGIES AG EUR MERCK KGAA EUR SIEMENS AG - REG EUR The Netherlands AKZO NOBEL EUR ASML HOLDING NV EUR KONINKLIJKE AHOLD DELHAIZE NV EUR KONINKLIJKE DSM NV EUR RANDSTAD HOLDING NV EUR WOLTERS KLUWER EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR PROXIMUS EUR United Kingdom UNILEVER NV - CVA EUR Finland SAMPO OYJ - A EUR France AIRBUS SE EUR Total securities portfolio Page 23

26 BNP Paribas Easy Equity Low Vol US Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares France AIR LIQUIDE SA EUR AIRBUS SE EUR BOUYGUES SA EUR COMPAGNIE DE SAINT GOBAIN EUR CREDIT AGRICOLE SA EUR DANONE EUR ENGIE EUR SANOFI AVENTIS EUR SOCIETE GENERALE SA EUR TOTAL SA EUR VINCI SA EUR Germany ALLIANZ SE - REG EUR BASF SE EUR BAYER AG - REG EUR DAIMLER AG-REG EUR DEUTSCHE POST AG - REG EUR MUENCHENER RUECKVER AG - REG EUR SAP SE EUR SIEMENS AG - REG EUR The Netherlands ASML HOLDING NV EUR KONINKLIJKE AHOLD DELHAIZE NV EUR Spain BANCO BILBAO VIZCAYA ARGENTA EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - CLASSIC EUR Total securities portfolio Page 24

27 BNP Paribas Easy Equity Momentum Europe Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares France AIR LIQUIDE SA EUR AIRBUS SE EUR BOUYGUES SA EUR COMPAGNIE DE SAINT GOBAIN EUR CREDIT AGRICOLE SA EUR DANONE EUR ENGIE EUR SANOFI AVENTIS EUR SOCIETE GENERALE SA EUR TOTAL SA EUR VINCI SA EUR Germany ALLIANZ SE - REG EUR BASF SE EUR BAYER AG - REG EUR DAIMLER AG-REG EUR DEUTSCHE POST AG - REG EUR MUENCHENER RUECKVER AG - REG EUR SAP SE EUR SIEMENS AG - REG EUR The Netherlands ASML HOLDING NV EUR KONINKLIJKE AHOLD DELHAIZE NV EUR Spain BANCO BILBAO VIZCAYA ARGENTA EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - CLASSIC EUR Total securities portfolio Page 25

28 BNP Paribas Easy Equity Quality Europe Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares France AIR LIQUIDE SA EUR AIRBUS SE EUR BOUYGUES SA EUR COMPAGNIE DE SAINT GOBAIN EUR CREDIT AGRICOLE SA EUR DANONE EUR ENGIE EUR SANOFI AVENTIS EUR SOCIETE GENERALE SA EUR TOTAL SA EUR VINCI SA EUR Germany ALLIANZ SE - REG EUR BASF SE EUR BAYER AG - REG EUR DAIMLER AG-REG EUR DEUTSCHE POST AG - REG EUR MUENCHENER RUECKVER AG - REG EUR SAP SE EUR SIEMENS AG - REG EUR Spain BANCO BILBAO VIZCAYA ARGENTA EUR Belgium ANHEUSER - BUSCH INBEV SA/NV EUR The Netherlands KONINKLIJKE AHOLD DELHAIZE NV EUR Shares/Units in investment funds France BNP PARIBAS CASH INVEST - CLASSIC EUR Total securities portfolio Page 26

29 BNP Paribas Easy Equity Value Europe Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares Germany ADIDAS AG EUR ALLIANZ SE - REG EUR BASF SE EUR BAYER AG - REG EUR DAIMLER AG-REG EUR DEUTSCHE BANK AG - REG EUR DEUTSCHE POST AG - REG EUR MUENCHENER RUECKVER AG - REG EUR SAP SE EUR SIEMENS AG - REG EUR France AIR LIQUIDE SA EUR AIRBUS SE EUR BOUYGUES SA EUR COMPAGNIE DE SAINT GOBAIN EUR CREDIT AGRICOLE SA EUR DANONE EUR ENGIE EUR SANOFI AVENTIS EUR SOCIETE GENERALE SA EUR TOTAL SA EUR VINCI SA EUR The Netherlands ASML HOLDING NV EUR ING GROEP NV EUR KONINKLIJKE AHOLD DELHAIZE NV EUR KONINKLIJKE PHILIPS NV EUR Spain BANCO BILBAO VIZCAYA ARGENTA EUR INDUSTRIA DE DISENO TEXTIL EUR United Kingdom UNILEVER NV - CVA EUR Shares/Units in investment funds France BNP PARIBAS MOIS ISR - I - CAP EUR Total securities portfolio Page 27

30 BNP Paribas Easy FTSE EPRA/NAREIT Developed Europe Transferable securities admitted to an official stock exchange listing and/or traded on another regulated market Shares United Kingdom ASSURA PLC GBP BIG YELLOW GROUP PLC GBP BRITISH LAND CO PLC GBP CAPITAL & COUNTIES PROPERTIE GBP CAPITAL & REGIONAL PLC GBP CUSTODIAN REIT PLC GBP DAEJAN HOLDINGS PLC GBP DERWENT LONDON PLC GBP EMPIRIC STUDENT PROPERTY PLC GBP GCP STUDENT LIVING PLC GBP GRAINGER PLC GBP GREAT PORTLAND ESTATES PLC GBP HAMMERSON PLC GBP HANSTEEN HOLDINGS PLC GBP HELICAL PLC GBP INTU PROPERTIES PLC GBP LAND SECURITIES GROUP PLC GBP LONDONMETRIC PROPERTY PLC GBP NEWRIVER REIT PLC GBP PHOENIX SPREE DEUTSCHLAND LT GBP PRIMARY HEALTH PROPERTIES GBP REGIONAL REIT LTD GBP SAFESTORE HOLDINGS PLC GBP SEGRO PLC GBP SHAFTESBURY PLC GBP TRITAX BIG BOX REIT PLC GBP UNITE GROUP PLC GBP WORKSPACE GROUP PLC GBP Germany ADLER REAL ESTATE AG EUR ADO PROPERTIES SA EUR ALSTRIA OFFICE REIT AG EUR DEUTSCHE EUROSHOP AG EUR DEUTSCHE WOHNEN AG - BR EUR DIC ASSET AG EUR HAMBORNER REIT AG EUR LEG IMMOBILIEN AG EUR TAG IMMOBILIEN AG EUR TLG IMMOBILIEN AG EUR VONOVIA SE EUR WCM BETEILIGUNGS & GRUND AG EUR France ANF IMMOBILIER EUR FONCIERE DES REGIONS EUR GECINA SA EUR ICADE EUR KLEPIERRE EUR MERCIALYS EUR UNIBAIL RODAMCO SE EUR Sweden CASTELLUM AB SEK D.CARNEGIE AND CO SEK DIOS FASTIGHETER AB SEK FABEGE AB SEK FASTIGHETS AB BALDER - B SEK Page 28