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FOR PROFESSIONAL INVESTORS

Parvest Green Tigers Taking part in Asia’s green revolution

Socially Responsible Investments: Parvest Green Tigers I May 2015 I

Contents

Sustainable Thematics in Emerging Asia

Investment Process

Fund Performance and profile

2


SUSTAINABLE THEMATICS IN EMERGING ASIA

3


Airpocalypse

4


Waterpocalypsee

STR/AFP/Gettyty

5

Socially Responsible Investments: Parvest Green Tigers I May 2015 I 6

Qiu Bo/Greenpeace

Landocalypsee

Socially Responsible Investments: Parvest Green Tigers I May 2015 I 7

Air Pollution Action Plans steps up in the political agenda

Source: BNP Paribas Exane

“Growth first” “Quality first” Only “the strictest system and most tightknit law enforcement “ can

ensure ecological progress

Jiang Zemin Hu Jintao Xi Jinping

LI Kegiang

declares war

on pollution

!!!


Chinese Government 2013- 2017 Action Plan USD 294 bn investments approx. 3% Chinese GDP

8

Source: Xinhua, Exane BNP Paribas


Environmental strategy research

Sustainable transport

Clean transport

Clean transportation

technologies

Renewable and

transitional energy

Biofuels (2nd generation)

Conventional gas

Geothermal energy

Hydropower

Solar energy

Wind energy

Investable universe 6 sustainable strategies

Energy efficiency

Building energy efficiency

Industrial energy efficiency

LED technology

Power energy efficiency

Sustainable agriculture

Sustainable production

Agricultural productivity

Environmental support

services

Environmental services,

auditing and consulting

Waste management

Recycling & reuse

Water

Water infrastructure

Water treatment

Water-related technologies

Our sustainability research team analyses the

exposure of individual companies to six

sustainable strategies

Minimum 20% exposure of turnover for a

company to be included in the fund’s investable

universe

Companies located across a range of

geographies and sectors

Companies are screened for environment,

social and governance controversies

ESG scoring to exclude companies with bad

ESG practices from the universe

9


Investment Process

10

The Green Tigers Handbook

The Green Tigers Handbook outlines the environmental strategies and

technologies in detail as well as potential pitfalls

Sustainability and Economic analysis for each theme and technology included in Green Tigers, to ensure relevancy

Analysis of the thematic value chain, in order to ensure that we are targeting the parts with more environmental relevancy and discard the parts that might be hazardous

Potential ESG risks and controversies analysis ensure that the companies in our universe are consistent with the environmental focus of our fund

10


INVESTMENT PROCESS

11


Investment process Overview: from the investment universe to the portfolio

portfolio

manager

sustainability

research team focus

list

A fully integrated approach with a sound sustainability base

Asian

stocks

SRI

universe Filt

ers Green

Tigers

stock

selection

Environmental foundation Financial expertise

12


Investment process

Thematic SRI screening results in a universe of companies with leading qualities

Asian

Stocks

SRI

Universe

All companies are thoroughly analysed to ensure that they have not been involved in controversies due to poor practices so that they comply with the UN Global Compact and BNPP IP sector policies

An internal handbook outlines the activities and business models that are investable for this strategy and potential controversies that may arise in any given sector

Companies must have coherent activities and a minimum 20% of turnover in the identified themes or 40% if they are suppliers in the value chain

controversy screen

Part of the Solution

thematic analysis

THEMATIC INVESTMENT UNIVERSE

OUT IN

Companies not eligible for

investment

All companies are evaluated according to an ESG scoring process to ensure that they are actively involved in environmental, social and governance practices

Each company will be scored for its performance on environmental practices; the scoring ranges from 0 (worst) to 10 (best). Companies that score 0 are excluded from the investment universe.

ESG scoring

1st step: sustainability research - thematic process

13


Green Tigers recognised for its environmental attributes

Green Tigers sustainability features have not passed unnoticed

14

Novethic LuxFlag

The Novethic Green Fund Label is awarded to funds that finance companies who create solutions to

environmental problems. It provides investors with a guarantee of the quality and the transparency of the

environmental aspects of labelled funds, and of their contribution to sustainable development. Further

information on www.novethic.com

The Luxflag Environment label is for funds that are at least 75% invested in environmental companies, and

which generate strong performance in the management of their environmental, social and governance

responsibilities.


Investment process 2nd step: idea generation

focus

list

Our focus list allows us to concentrate in the most attractive sectors

SRI

universe

APAC equities team advisory

Broker research

Company meetings

ESG analysts liaison

Sector follow-up

Sector database

Target price setting

Stock recommendations

2

Developed with the BNPP IP Asia Pacific equities team in Hong Kong

They help us find new opportunities and keep us updated on events affecting our holdings and strongest convictions

Incorporated their local expertise into our analysis for performance generation

Unparalleled access to brokers research and analysts

Constant interaction with our SRI research team

Focus on target price setting and high convictions

Sector database maintenance, to follow individual names and sector bias

Stock recommendations integrate short, medium and long-term criteria

Asia-Pacific equities team

advisory

buy discipline

idea generation

stock

selection

The first step is to create a focus list based on global macroeconomic conditions, regional and sector trends and country policy.

The focus list allows us to target the most attractive sectors and ensures that we are well positioned to make the most of the current conditions

focus list

15


Ho

ng

Ko

ng

Advisory

Par

is

Portfolio management

Paris–Hong Kong link

Universe definition

Portfolio construction

Risk management

Final investment decisions

First-hand knowledge of the company

Regular commentaries and updates

Local knowledge of markets

Challenge existing positions

Propose investment ideas

Green Tigers leverages BNPP IP’s global platform for improved

performance

Regular calls between the SRI team in Paris and the Asia-Pacific equities team in Hong Kong ensure that the team in

Europe is up-to-date with local events and views

2nd step: idea generation Investment process

16


Investment process 3rd step: portfolio management

portfolio

managers

Portfolio managers are the final piece of the puzzle

Idea generation

Country/sector deviations

Risk management tools

Portfolio construction

Risk management/sell discipline

Client service

Performance

portfolio management

3

portfolios

Portfolio managers are responsible for managing the risk in their portfolios

A variety of tools is used to manage risk, from standard measures such as the tracking error to proprietary tools such as Opera

Our strict sell discipline ensures that the portfolio is composed by high-conviction calls

Target price setting and risk/return profiles are constantly monitored

Extra-financial considerations play a role

Portfolio construction takes into account the extra-financial analysis and the fund managers' high-conviction calls

Portfolio managers also take into account sector and issue limits

risk management

sell discipline

portfolio construction

stock

selection

performance The whole process allows portfolio managers to deliver performance with sound sustainability credentials

17


FUND PERFORMANCE AND PROFILE

18


Strong performance since September 2012 vs. MSCI Asia Pacific ex Japan

Source: Clientperf, BNPP IP, as at the end of April 2015

Past performance or achievement is not indicative of current or future performance For information, net performance (Classic share) in euros: 16.43 % in 2014 ; 10.69 % in 2013 : 13.26 % in 2012 ; -25.12 % in 2011 ; 14.26% in 2010.

19


A major exposure to Greater China

Geographical distribution

Green Tigers MSCI Asia ex Japan

Source : BNPP IP , Bloomberg , data as the end of April 2015

Custom benchmark

China25%

Hong Kong31%

India5%

Indonesia0%

Korea17%

Philippines1%

Singapore0.25

Taiwan21%

Thailand0%

China23%

Hong Kong19%

India8%Indonesia

3%

Korea18%

Malaysia4%

Philippines1%

Singapore6%

Taiwan15%

Thailand3%

China23%

Hong Kong30%

India4%

Indonesia0%

Korea16%

Malaysia0%

Philippines2%

Singapore0%

Taiwan24%

Thailand1%

Also offering a diversified exposure to Asia emerging markets

20


The six sustainable strategies in the portfolio Strategy distribution

Green Tigers Custom benchmark

Source : BNPP IP, Bloomberg , data as at the end of April 2015

Renewable &

Transitional Energy

28%

Sustainable Transport

24%

Water11%

Energy Efficiency

35%

Env Support Services

2%

Sustainable Agri0%

Renewable &

Transitional Energy

28%

Sustainable Transport

22%Water11%

Energy Efficiency

37%

Env Support Services

1%

Sustainable Agri1%

21


Holdings Sector and market cap distribution

Sector distribution Market cap

Source : BNPP IP, Bloomberg , data as at the end of April 2015

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Green Tigers Custom Benchmark MSCI Asia ex Japan

Mkt Cap in EUR Green Tigers Custom Index MSCI

Higher than 100.000 M 4.7% 5.1% 22.8%

Between 50.000 M and 100.000 M 4.4% 4.1% 6.6%

Between 10.000 M and 50.000 M 20.2% 21.7% 42.0%

Between 5.000 M and 10.000 M 36.2% 36.3% 16.1%

Between 2.500 M and 5.000 M 12.1% 12.4% 9.2%

Between 1.000 M and 2.500 M 12.9% 12.8% 3.1%

Below 1.000 M 7.1% 7.5% 0.1%

22


CONCLUSION

23


Parvest Green Tigers, a specific and unique proposition

Summary

Emerging markets

Drivers of global growth

Demographics

Innovation

Diversification strategy

Environmental focus Green Tigers

Close ties between fund managers

and extra-financial analysts

Strong environmental focus

Ability to identify better investment

opportunities

Tight risk management with a

proprietary index

Performance

Severe environmental degradation

Environment-led policy support

Need to increase living standards

and quality

Increasing public awareness

Strong growth and outlook for the

sector

Environmental challenges provide

investment opportunities

Parvest Green Tigers is a specific and unique proposition with a sound

process designed to maximise returns by focusing on being part of the

solution

24


APPENDICES

25


BIOS

26


Alvaro Ruiz-Navajas Portfolio manager

Since September 2012: portfolio manager of Parvest Green Tigers (BNP Paribas Asset Management, Paris)

Since 2011: portfolio manager and buyside analyst, Global Natural Resources (BNP Paribas Asset Management, Paris)

2009-2011: buy-side analyst, Global Equities (BNP Paribas Asset Management, Frankfurt)

2007-2009: buy-side analyst, Global Equities (Fortis Investments, Frankfurt)

2001-2002: consultant, Financial & Microfinance Institutions Latin America (German Technical Cooperation Agency, Bolivia)

2007: Ph.D. Economics, University of Manchester

2003: M.Sc. in Development Economics, University of Manchester

Professional experience

Education

27


Pierre-Marie Piquet CIO SRI equities

2015: CIO SRI equities

2011-2014: head of SRI European equity and senior portfolio manager SRI euro/European equities (BNP Paribas Asset Management, Paris)

2009-10: portfolio manager SRI “best-in-class" and asset allocation, "European Equities – Sectors & Thematics" (BNP Paribas Asset Management, Paris)

2006-08: portfolio manager and buy-side analyst, Cross Asset Arbitrage, CooperNeff Alternative Management (BNPP's hedge fund, Paris)

2004-06: head of convertible bond research (Calyon, Paris)

2001-04: sell-side analyst, convertible bonds, (Crédit Lyonnais Securities, Paris)

1999-2001: sell-side analyst, convertible bonds, derivatives research Department (Oddo Securities, Paris)

1998-99: fund manager assistant, European equities (Quilvest Gestion Privée, Paris)

2002: Certified International Investment Analyst ("CIIA") from the French Society of Financial Analysts ("Société Française Analystes Financiers; SFAF")


Education

28


Helena Viñes Fiestas Head of sustainability research

Since Sept. 2013: head of sustainability research (BNP Paribas Investment Partners, Paris)

May 2011 – Sept. 2013: co-head of SRI research and head of sustainable thematic research (BNP Paribas Investment Partners, Paris),

2005-11: policy adviser, Private Sector Advocacy Team (OXFAM, London)

2004-05: SRI analyst (CoreRatings, London)

2003-04: researcher UK Sustainable Investment and Finance Group (UKSIF, London)

2002-03: part-time SRI analyst (F&C Investment, London) and Consultant (Global Witness, London)

2002: MSc in Development Studies (faculty of economics) from London School of Economics

1999: Masters in Latin American Economics and a BA in Economics from the University of Barcelona


Education

29


BNP Paribas IP Asia Pacific equities Advisory with regional expertise

Arthur Kwong, CFA Head of Asia Pacific equities ► 15 years of investment experience, including 14 years at

BNPP IP*

► Lead portfolio manager

► General team management

► All countries in Asia Pacific

► Based in Hong Kong

Sam Lee, CFA Investment analyst ► 9 years of investment experience

► Joined BNPP IP* in 2006

► Responsible for quantitative research, style-based analysis and

portfolio construction

► Focus on Hong Kong and China


Felix Lam, CFA Portfolio manager & senior investment analyst ► 9 years of investment experience


► Primary responsibility is investment process and fundamental

equity research

► Focus on Australia and India


Anthony Ho Investment analyst ► 10 years of investment experience


► Fundamental research

► Focus on Japan, Korea and Taiwan


Hue Lu Investment specialist ► 11 years experience in financial services.

► Joined BNPP IP in 2014

► Supports Asia Pacific and Greater China Equity investment

teams


*and predecessor companies

30


Investment process

Our strict sell discipline is based on financial and extra-financial considerations

Opportunity costs

Continuous research of investment

ideas

Strong convictions replace weaker

ones

Monitoring of target prices

Risk/return profile of existing vs.

new positions

Fundamentals Risk Management

Risk budget control (ex-ante

tracking error vs. MSCI AC Asia ex

Japan within the bucket 5-8%)

Strategy/geographical limits

(+/-10% vs. our proprietary BNPP SRI

Emerging index)

Size of position (max. 1%

overweight vs. proprietary index)

Change of circumstances

challenges the validity of the

investment case

Target price decline

Valuation de-rating

Deterioration of extra-financial

rating

Portfolio management/sell discipline

31


95

120

145

170

195

220

09/1

2

11/1

2

01/1

3

03/1

3

05/1

3

07/1

3

09/1

3

11/1

3

01/1

4

03/1

4

05/1

4

07/1

4

09/1

4

11/1

4

01/1

5

03/1

5

BNPP Emerging Asia SRI Environment Index NTRMSCI Asia ex Japan

Investment process

Risk control vs. our proprietary BNPP SRI Emerging index

A first screening analyses the big picture and ensures that we are well

positioned to make the most of the current economic climate and the

outlook

Proprietary index maintained by Standard & Poor’s* to check

Green Tigers’ risk and performance against the environmental

investment universe in emerging Asia

The index allows us to have an unparalleled view of the

performance of the environmental universe vs. the broader

market

The index assists in portfolio construction and alpha generation

Index comprised by all stocks eligible for inclusion in Green

Tigers

Portfolio management/risk management

Source : Bloomberg, May 2105; * Bloomberg ticker: BNPEASRI Index

32


Fund facts Sub-fund Parvest Green Tigers

Legal form Sub-fund of the Parvest UCITS IV compliant sicav registered under Luxembourg law

Launch date November 2008 (investment process and team change: September 2012)

Risk scale 6 on a scale of 1 to 7 (1: lower risk, 7: higher risk)

Benchmark MSCI AC Asia ex-Japan (NR) Index (EUR)

Recommended investment horizon The higher the risk, the longer the recommended investment horizon

Base currency Euro

Fund managers Alvaro Ruiz-Navajas

Management fees Max 1,5% (Classic, C-share & D-share)

Max 0,60% (Institutions, C-share)

Entry fees/redemption fees Maximum 5% / no redemption fees

Ongoing charges 2,01% (Classic, C-share)

0.96% (Institutions, C-share)

Management company

Delegated management company

BNP Paribas Investment Partners Luxembourg

BNP Paribas Asset Management Paris

ISIN codes Classic capitalisation: LU0823437925

Classic distribution: LU0823438220

Institutional: LU0823438493

Bloomberg code FORGRTC LX (Classic capitalisation, C-share)

FGRTGCD LX (Classic distribution, C-share)

FORGRTI LX (Part Institutions)

For a complete description and definition of risks, please consult the latest available prospectus and KIID of the fund.

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

33


Parvest Green Tigers: risk and reward profile

Source: BNP Paribas Investment Partners. This key investor information is accurate at 31 March 2015.

34


Disclaimers 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, ac-counting, 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 con-tents.

*BNPP AM is an investment manager registered with the “Autorité des marches financiers” in France under no. 96002, a simplified stock company with a capital of 67.373.920 euros with its registered office at 1, boulevard Haussmann, 75009

Paris, France, RCS Paris 319.378.832. www.bnpparibas-ip.com

** “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.

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