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MARKETING COMMUNICATION 28/04/2017* TOP FUND FORTISSIMO - (C) INVESTMENT OBJECTIVE Fortissimo is a fund which is approximately 25% invested in fixed-income securities and 75% in international equity. The main objective of the fund is to produce an attractive return while accepting the risk of short-term fluctuations due to the composition of the fund. Assets are mainly invested in collective investment funds issued by different managers who, themselves, invest mainly in bonds and equity issued on all markets (and, to a lesser extent, liquidity) in order to achieve maximum profitability considering risks taken. The fund will not be able to invest in real estate funds or alternative products. CODES Capi. code ISIN CUMULATIVE AND ANNUAL PERFORMANCE (EUR) (Net) FL0000000025 Over 5 years 200 176.35 159.28 150 125 100 75 13.15 11.07 12.70 13.68 13.41 15 11.03 6.25 7.69 10 7.38 3.15 4.56 4.54 (%) Rebased to 100 175 5 0 KEY FIGURES - EUR NAV (Capi.) 12M NAV max. Capi. (28/04/17) 12M NAV min. Capi. (28/06/16) Total net assets (mln) Initial NAV 121.48 121.48 104.60 10.42 36.69 2012 2013 2014 2015 2016 2017 Fund Benchmark Past performance or achievement is not indicative of current or future performance. Source of Performance Calculation: BNP Paribas Securities Services. PERFORMANCES AS OF 28/04/2017 (EUR) (Net) CHARACTERISTICS Benchmark Nationality Legal form Launch date Base currency (of share class) Fund Manager Management Company Custodian Maximum Management fees (annual) Periodicity of NAV Calculation Minimum investment Execution/Subscription type 30% MSCI Europe (NR) + 25% Barclays Euro Aggregate (RI) + 21% MSCI USA (NR) + 12% MSCI Japan (NR) + 12% MSCI Emerging Markets (Free) (NR) Liechtenstein Collective internal fund 08 September 1992 Euro Adrian MOLLISON BNP PARIBAS INVESTMENT PARTNERS UK LTD BNP PARIBAS SECURITIES SERVICES-LUXEMBOURG BRANCH 1.67% Weekly 6,000 EUR Trade executed on NAV of D+1 Cumulative (%) 1 month 3 months Year to date April 2016 - April 2017 April 2015 - April 2016 April 2014 - April 2015 April 2013 - April 2014 April 2012 - April 2013 Annualised (%) (base 365 days) 1 year 3 years 5 years Since First NAV (15/09/1992) Fund 0.57 4.06 4.56 12.61 - 10.38 25.66 4.92 11.56 Benchmark 0.62 4.06 4.54 13.93 - 6.92 27.08 6.69 14.88 12.64 8.25 8.23 4.98 13.96 10.48 10.57 - Past performance or achievement is not indicative of current or future performance. Source of Performance Calculation: BNP Paribas Securities Services. *All data and performance are as of that date, unless otherwise stated. 1/3 www.bnpparibas-ip.com RISK ANALYSIS Volatility (%) % of positive months Tracking error (%) Sharpe ratio Alpha (%) Beta R² Max. drawdown (%) Fund Bench. 12.17 77.78 6.02 0.15 1.81 0.87 0.87 -18.89 77.78 -16.28 Period: 3 years. Frequency: weekly PORTFOLIO'S MAIN HOLDINGS Asset name % BREAKDOWN BY ASSET CLASS (%) Style UBS-ETF MSCI EUROPE UCITS A 15.69 Core ISHARES EURO AGG BOND ETF 10.47 Aggregate VANGUARD S+P 500 10.33 Core PARVEST EQUITY BEST SEL. EUROPE I 10.21 Core BLUEBAY INV GR EUR AGG BD8.96 IB Number of holdings in the portfolio: 15 Aggregate Source of data: BNP Paribas Securities Services Company UBS Fund Management Luxembourg SA Vanguard Group Ireland Ltd BNP Paribas Investment Partners Luxembourg SA BlueBay Funds Management Co SA 75.27 24.39 0.34 Equities Bonds Cash & Equivalents Source of data: BNP Paribas Securities Services BREAKDOWN BY COUNTRY (%) BREAKDOWN BY STRATEGY (%) Equities 40.69 27.64 15.89 15.78 Total exposure: 75.27 % Source of data: BNP Paribas Securities Services 50.87 24.39 9.66 6.80 3.98 3.96 0.34 Europe USA Japan Emerging Core Aggregate Not classified Value Defensive Aggressive Money and Cash Source of data: BNP Paribas Securities Services BNP Paribas Asset Management - Simplified joint-stock company with a capital of 70.300.752 euros - Registered office : 1 bld Haussmann 75009 Paris - RCS Paris 319 378 832 - Design and layout : Marketing/Communication 2/3 www.bnpparibas-ip.com GLOSSARY Alpha Alpha is an indicator used to measure the value added by an active portfolio manager relative to a passive exposure to a benchmark. A positive alpha expresses an outperformance whereas a negative alpha indicates an underperformance. A simple way to calculate alpha is to subtract a portfolio’s expected return (based on the benchmark’s performance adjusted with the beta of the portfolio, see Beta definition for further details). For instance, an alpha of 0.50 means that the portfolio outperformed the market-based return (benchmark’s performance adjusted from the Beta exposure of the portfolio) by 0.50%. Beta Beta is a measure of portfolio market risk, the market being represented by financial indices (such as MSCI World) that are consistent with the portfolio’s guidelines. It measures the sensitivity of portfolio performance to the performance of the market. For example a beta of 1.5 means the portfolio will move by 1.5% for a market performance of 1%. Mathematically, it is the correlation between the portfolio and the market multiplied by their ratio of volatilities. Conversion premium Amount by which the price of a convertible security exceeds the current market value of the common stock into which it may be converted. Convexity Convexity measures the sensitivity of the price to interest rate fluctuations. Generally, bonds exhibit positive convexity. Coupon A certificate attached to a bearer security (share or bond) that entitles the holder to payment of dividend or interest. A bond will have one coupon for each interest payment. Equity risk Equity risk is "the financial risk involved in holding equity in a particular investment." Equity risk often refers to equity in companies through the purchase of stocks, and does not commonly refer to the risk in paying into real estate or building equity in properties. Information ratio The information ratio is a risk-adjusted return that measures the relationship between the portfolio's tracking error and its relative return compared with the benchmark index (called active return). Investment grade Investment grade is a high consideration of credit quality (low probability of default) assigned by a rating agency. For instance, to be classified investment grade according to Standard and Poor’s, a bond or an issuer must have a rating greater than BBB-. Investment grade is opposed to high yield. Maturity Residual duration before the redemption of the principal amount of a bond. Modified duration A measure of a bond's sensitivity to changes in interest rates. The longer the remaining term to maturity, the more bond prices react to a change in interest rates, and the higher the duration. The rule is that if the yield rises or falls by 1%, the value of the bond will fluctuate by 1% x duration. R² The Correlation Coefficient indicates the strength and direction of a linear relationship between fund performance and benchmark. The coefficient is an element of [-1,1], where 1 equals a perfectly correlated increasing linear relationship, -1 equals a perfectly correlated decreasing linear relationship, and 0 means that there is no linear correlation. Rating An evaluation of a corporate or municipal bond's relative safety from an investment standpoint. Basically, it scrutinizes the issuer's ability to repay principal and make interest payments. Sharpe ratio A measure for calculating risk-adjusted return. It indicates the return earned in excess of the risk-free rate per unit of risk. It is calculated by dividing the difference between the return and the risk-free rate by the standard deviation of the return on the investment. The Sharpe ratio indicates whether the excess return was obtained thanks to good investment management or by taking additional risk. The higher the ratio, the better the risk-adjusted return. Tracking error The tracking error measures the volatility of a portfolio's relative return in relation to its benchmark index. Volatility An asset's volatility is the standard deviation of its return. As a measure of dispersion, it evaluates the uncertainty of asset prices, which is often equated to their risk. Volatility can be calculated ex post (retrospectively) or estimated ex ante (anticipatively). YTM (Yield To Maturity) A yield calculation that takes into account the relationship between a security's maturity value, time to maturity, current price, and coupon yield. YTP / YTM Yield to maturity has a few common variations that are important to know. One such variation is Yield to put (YTP) that is the interest rate that investors would receive if they held the bond until its put date. A glossary of financial terms appearing on this document can be found at http://www.bnpparibas-ip.lu Accountancy details of the Internal Fund are available from the company upon request. Cardif Lux Vie - 23 - 25, Avenue de la Porte Neuve - L - 2227 Luxembourg - Tél. : +352 26 214 - 1 - www.cardifluxvie.lu BNP Paribas Asset Management - Simplified joint-stock company with a capital of 70.300.752 euros - Registered office : 1 bld Haussmann 75009 Paris - RCS Paris 319 378 832 - Design and layout : Marketing/Communication 3/3