This Product Highlights Sheet is an important document. Prepared on: 20.06.14 It highlights key terms and risks of this investment product and complements Prospectus 1 It is important to read Prospectus before deciding wher to purchase units in product. If you do not have a copy, please contact us to ask for one. You should not invest in product if you do not understand it or are not comfortable with accompanying risks. If you wish to purchase product, you will need to make an application in manner set out in Prospectus. PARVEST OPPORTUNITIES USA ( Sub-fund ) (will merge into Parvest Equity USA Value with effect from 18 July 2014) Product type Sub-fund of a Launch Date 21.05.2013 SICAV Management Company BNP Paribas Investment Partners Depositary BNP Paribas Securities Services ( Branch) Singapore BNP Paribas Investment Dealing Frequency Every Business Day Representative Partners Singapore Limited Capital Guaranteed No Expense Ratio as at 28 February 2014 From 1.07% 2.17% (depending on share class) WHO IS THE PRODUCT SUITABLE FOR? PRODUCT SUITABILITY The sub-fund is only suitable for investors who: o seek highest possible appreciation of capital invested while accepting a broad distribution of risks o seek capital growth over medium term o are comfortable with greater volatility and risks of an equity fund which may make use of financial derivatives as part of its investment policy, for hedging and/or for efficient portfolio management, and may also carry out securities lending transactions. KEY PRODUCT FEATURES WHAT ARE YOU INVESTING IN? You are investing in a UCITS compliant sub-fund constituted in that aims to provide you with returns through medium term capital growth by investing in companies doing business in United States of America. Holders of distribution shares may receive monthly or yearly distributions in accordance with particular distribution share class at discretion of directors and subject to approval of shareholders. However, if given market conditions, it is in shareholders interest not to distribute a dividend, n no such distribution will be carried out. Shareholders should note that where distributions calculated on basis of benchmark dividend yield are made in excess of sub-fund s income, such distributions will comprise of a capital component and will result in a decrease in net asset value of sub-fund. Capitalisation shares will retain income to reinvest. Investment Strategy This sub-fund invests in a limited number of asset groups selected on basis of financial market movements and on manager s expectations. To do so, sub-fund invests at least 75% of its assets in shares or or similar securities of companies that have ir registered offices or conduct majority of ir business activities in North America (66% of assets will be invested in shares or or similar securities of companies that have ir registered offices or conduct majority of ir business activities in United States of America) and in financial derivative instruments on this type of asset. 1 Furr information 326 for furr product suitability. Book I, page 13 for furr SICAV and page 17 for furr product share classes. 326 for furr product. The Singapore Prospectus and full Prospectus are accessible at www.bnpparibas-ip.com.sg. Hardcopies may also be obtained from Singapore Representative office at 10 Collyer Quay, #33-01 Ocean Financial Centre, Singapore 049315 or from ir authorised distributors. 1
The remaining portion, namely a maximum of 25% of its assets, may be invested in any or transferable securities, money market instruments, financial derivative instruments or cash, and up to 10% of its assets in UCITS or UCI. The sub-fund will focus its ancillary investments in convertible bonds, bonds and treasury notes, provided such investments are in transferable securities issued by companies that have ir registered offices in or conduct majority of ir business activity in United States of America. Investors should note that sub-fund may use financial derivative instruments ( FDIs ) as part of its investment strategy for investment (trading) purpose and/or hedging purposes. The sub-fund may also carry out securities lending and repurchase transactions. WHO ARE YOU INVESTING WITH? Parties Involved SICAV/Umbrella Fund: Parvest Management Company: BNP Paribas Investment Partners Investment Manager: Neuflize OBC Investissements BNP Paribas Investment Partners UK Ltd. Depositary: BNP Paribas Securities Services ( Branch) KEY RISKS WHAT ARE THE KEY RISKS OF THIS INVESTMENT? The value of product and its dividends or coupons may rise or fall These risk factors may cause you to lose some or all of your investment: Market Risks You are exposed to market risks in United States region o Your investment may go up or down due to changing economic, political or market conditions that impact prices of shares or or similar securities that subfund invests in. You are exposed to credit risks o Your investment may go down due to a rating downgrade of a bond issuer to which sub-fund is exposed. Such risk relates to ability of an issuer to honour its debts. Downgrades of an issue or an issuer rating may lead to a drop in value of bonds in which sub-fund has invested. o Some strategies utilised may be based on bonds issued by issuers with a high credit risk (high-yield bonds). o Sub-funds investing in high-yield bonds present a higher than average risk due to greater fluctuation of ir currency or quality of issuer. You are exposed to inflation risk o Over time, yields of short-term investments may not keep pace with inflation, leading to a reduction in an investment s purchasing power. You are exposed to interest rate risk o The value of an investment may be affected by interest rate fluctuations. Interest rates may be influenced by several elements or events, such as monetary policy, discount rate, inflation, etc. The investor's attention is drawn to fact that an increase in interest rates results in a decrease in value of investments in bonds and debt instruments. You are exposed to currency exchange risk o The sub-fund may hold assets denominated in currencies that differ from its reference currency, and may be affected by exchange rate fluctuations between reference currency and or currencies and by changes in exchange rate Book I, pages 6 to 8 for furr details of parties involved. Book I Appendix 3 for furr risks of product. 2
controls. If currency in which a security is denominated appreciates in relation to reference currency of Sub-fund, exchange value of security in reference currency will appreciate; conversely, a depreciation of denomination currency will lead to a depreciation in exchange value of security. When manager is willing to hedge currency exchange risk of a transaction, re is no guarantee that such operation will be completely effective. You are exposed to taxation risk o The value of an investment may be affected by application of tax laws in various countries, including withholding tax, changes in government, economic or monetary policy in countries concerned. As such, no guarantee can be given that financial objectives will actually be achieved. Liquidity Risks You are exposed to liquidity risks o This risk arises from difficulty of selling an asset at a fair market price and at a desired time due to lack of buyers. o The sub-fund is not listed and you can only redeem on dealing days. o There is no secondary market for sub-fund and all redemption requests should be made to Manager. Product-Specific Risks You are exposed to concentration and sector risk o As sub-fund focuses its investments on certain markets or types of investment or sectors, such concentration does not allow sub-fund same scope of diversification of risks across different markets or types of investments or sectors as would be possible orwise. Consequently, sub-fund is particularly dependent on development of such investments in individual or related markets or sectors. You are exposed to derivative risks o The sub-fund aims to hedge and/or to leverage yield of its position. Investors should be aware that leverage increases volatility of sub-fund. You are exposed to counterparty risk o This risk relates to quality of counterparty with which management company negotiates, in particular involving payment for/delivery of financial instruments and striking of agreements involving forward financial instruments. This risk is associated with ability of counterparty to fulfil its undertakings (for example: payment delivery and reimbursement). Any securities lending transactions or repurchase agreements which may be carried out by sub-fund will furr expose investors to such counterparty risk. This risk also relates to efficient portfolio management techniques and instruments. If counterparty does not live up to its contractual obligations, it may affect investor returns. You are exposed to risks linked to equity markets o The risks associated with investments in equity (and similar instruments) include significant fluctuations in prices, negative information about issuer or market and subordination of a company s shares to its bonds. Moreover, se fluctuations are often amplified in short term. The risk that one or more companies suffer a downturn or fail to grow can have a negative impact on performance of overall portfolio at a given time. There is no guarantee that investors will see an appreciation in value. The value of investments and income y generate may go down as well as up and it is possible that investors will not recover ir initial investment. You are exposed to low interest rate consequence o This risk is present in sub-fund having debt securities in its investment universe. A very low level of interest rates may affect return on short term assets held by monetary funds which may not be sufficient to cover management and operating costs leading to re a structural decrease of net asset value of sub-fund. FEES AND CHARGES WHAT ARE THE FEES AND CHARGES OF THIS INVESTMENT? Payable directly by you as a percentage of your gross investment sum: Subscription Fee Maximum 5% Conversion Fee Maximum 2% (in event of conversion to a sub-fund with Book I Appendix 3 and page 326 for furr specific risks of product. 3
a higher subscription, difference may be payable) Redemption Fee None Payable by sub-fund: Category Management (maximum) Performance Distribution (maximum) Or s Taxe d abonnement (1) Classic 1.50% No none 0.40% 0.05% Classic EUR 1.50% No none 0.40% 0.05% Classic RH 1.50% No none 0.40% 0.05% EUR Classic RH GBP 1.50% No none 0.40% 0.05% I 0.60% No none 0.35% 0.01% I RH EUR 0.60% No none 0.35% 0.01% Privilege 0.75% No none 0.40% 0.05% (1) The annual subscription payable based on Net Asset Value in accordance with law to relevant tax authority. In addition, SICAV may be subject to foreign UCI s tax in country where sub-fund is registered for distribution. Advisory : 0.15% maximum Investors should note that re is no cancellation period for your investment. VALUATIONS AND EXITING FROM THIS INVESTMENT HOW OFTEN ARE VALUATIONS AVAILABLE? The Net Asset Value per share will usually be calculated every Valuation Day unless 50% or more of underlying assets cannot be valued (due to but not limited to stock exchange closure for listed assets). The Net Asset Value per share is available at Company s registered office, from local agents and in any newspaper designated by Board of Directors and website of Singapore representative www.bnpparibas-ip.com.sg. and as well on www.bnpparibasip.com. HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE RISKS AND COSTS IN DOING SO? You can exit sub-fund on any Valuation Day which is also a Singapore Business Day by completing and submitting relevant redemption form which is available from approved distributor through whom you have purchased shares, or any or sales channel, if applicable. Payment will normally take place within seven (7) Singapore business days from relevant Valuation Day. Your exit price is determined as follows:- - Applications for redemption of Shares must be received by Singapore Representative or its appointed local agents or distributors or directly by Transfer Agent before 4.00 p.m. ( time) on Valuation Day. Instructions received after that time will be processed on following Valuation Day. Approved distributors in Singapore may impose different Singapore dealing deadlines of ir own that are earlier than dealing deadlines. Singapore investors should confirm applicable Singapore dealing deadline with relevant approved distributor. - The sale proceeds that you will receive will be exit price multiplied by number of shares sold, less any charges. An example (assuming an exit charge of 5%) is as follows : No. of shares to Redemption Gross Redemption Redemption Net Redemption be redeemed price proceeds Charge proceeds 1,000 x US$100 = US$100,000 - US$5,000 US$95,000 327 for furr Book I, pages 22 to 24 for more Please also refer to Singapore Section 22 for furr CONTACT INFORMATION HOW DO YOU CONTACT US? If you have any queries, please contact Singapore Representative, BNP Paribas Investment Partners Singapore Limited, at 10 Collyer Quay, #33-01 Ocean Financial Centre, Singapore 049315 (Telephone number +65-62101288). 4
APPENDIX : GLOSSARY OF TERMS Business Day Capitalisation shares Distribution shares SICAV Singapore Business Day Taxe d abonnement UCIs UCITS Valuation Day Each day of week on which banks are open for business in. Shares that retain ir income to reinvest it. Shares that may be paid dividends as may be proposed by Board of Directors and subject to approval of a general meeting of shareholders holding such distribution shares which is calculated according to legal and by laws limitations provided for this purpose. An open-ended investment company (société d investissement à capital variable). A day (excluding Saturday and Sunday) on which commercial banks in Singapore are open for business. The annual subscription payable based on Net Asset Value in accordance with law. Undertaking for Collective Investment. Undertaking for Collective Investment in Transferable Securities. Each open bank day in and subject to exceptions in Prospectus. It corresponds also to date attached to Net Asset Value when it is published; trade date attached to orders; and with regards to exceptions in valuation rules, closing date prices used for valuation of underlying assets in subfund s portfolios. 5