BNP Paribas L1 _“BNPP L1”_ by jizhen1947

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									                             Dated [●] 2011

                            Valid till [●] 2012




                      BNP Paribas L1
                       (“BNPP L1”)




     SINGAPORE PROSPECTUS - REQUIRED PURSUANT TO
             DIVISION 2 OF PART XIII OF THE
         SECURITIES AND FUTURES ACT (CAP. 289)




This Singapore Prospectus incorporates and accompanies the attached
Luxembourg Prospectus dated April 2011 (“Luxembourg Prospectus”),
relating to the BNP Paribas L1, an open-ended investment company
incorporated under Luxembourg laws and constituted outside Singapore.
This Singapore Prospectus is not authorised for distribution without the
Luxembourg Prospectus. Please read this Singapore Prospectus and the
Luxembourg Prospectus for full information on the BNP Paribas L1. BNP
Paribas L1 has appointed BNP Paribas Investment Partners Singapore
Limited) (whose details appear on paragraph 2.4 of this Singapore
Prospectus) as its Singapore Representative and as its agent for service of
process in Singapore.




                      GLOBAL LAW ALLIANCE LLC
                         Advocates & Solicitors
                            ii


                     BNP Paribas L1
                      (“BNPP L1”)



                      DIRECTORY



                    Registered Office

                  33 rue de Gasperich
               L-5826 Howald-Hesperange
                      Luxembourg



                   Board of Directors


               Mr Philippe MARCHESSAUX
                 Chief Executive Officer
           BNP Paribas Investment Partners, Paris

                  Mr Marnix ARICKX
              Head of Fund Engineering
   BNP Paribas Investment Partners Belgium, Brussels

                 Mr Vincent CAMERLYNCK
           International Head of Institutional Sales
          BNP Paribas Investment Partners, London

                  Mr Christian DARGNAT
  Head of Investments - Multi-Expertise Investments Centres
           BNP Paribas Investment Partners, Paris

                Mr William DE VIJLDER
 Head of Investments - Partners & Alternative Investments
       BNP Paribas Investment Partners, Brussels

                    Mr Anthony FINAN
           Head of Marketing and Communication
           BNP Paribas Investment Partners, Paris

                    Mr Marc RAYNAUD
              Head of Global Funds Solutions
           BNP Paribas Investment Partners, Paris

                   Mr Christian VOLLE
                         Director
BNP Paribas Investment Partners Luxembourg, Luxembourg


                 Management Company

    BNP Paribas Investment Partners Luxembourg S.A.
                  33 rue de Gasperich
              L-5826 Howald-Hesperange
                      Luxembourg
                         iii


             Singapore Representative

  BNP Paribas Investment Partners Singapore Limited

                 Registered Office
                  20 Collyer Quay
                #01-01 Tung Centre
                 Singapore 049319

                  Business Office
                  16 Collyer Quay
                #32-01 Hitachi Tower
                 Singapore 049318


          Custodian Bank / Paying Agent

            BNP Paribas Securities Services
                Luxembourg Branch
                33 rue de Gasperich
             L-5826 Howald-Hesperange
                  Luxembourg


            Registrar & Transfer Agent

           BNP Paribas Securities Services
                 Luxembourg Branch
                33 rue de Gasperich
             L-5826 Howald-Hesperange
                    Luxembourg


                 Accounting Agent

           BNP Paribas Securities Services
                Luxembourg Branch
                33 rue de Gasperich
             L-5826 Howald-Hesperange
                    Luxembourg


                      Auditor

           PriceWaterhouseCoopers S.àr.l.
                 400, Route d’Esch
                     B.P. 1443
                L-1014 Luxembourg


Legal Advisor to BNP Paribas L1 as to Singapore Law

              Global Law Alliance LLC
             18 Cross Street #07-06/07
             Marsh & McLennan Centre
                 Singapore 048423
                                                    iv




                                            BNP Paribas L1
                                             (“BNPP L1”)


                                     IMPORTANT INFORMATION


The funds of BNP Paribas L1 (the “Company”, which are being offered for subscription to investors in
Singapore pursuant to this Singapore Prospectus (each a “subfund” and collectively the “subfunds”)
are recognised schemes under the Securities and Futures Act (Cap. 289) of Singapore. A copy of this
Singapore Prospectus has been lodged with the Monetary Authority of Singapore (the “Authority”) and
is issued by the Company for compliance with Singapore laws and regulations relating to offers of
collective investment schemes and in particular compliance with the Securities and Futures Act and
regulations made under it.

The Authority assumes no responsibility for the contents of this Singapore Prospectus. Registration of
the Singapore Prospectus by the Authority does not imply that the Securities and Futures Act or any
other relevant legal or regulatory requirements have been complied with. The Authority has not, in
any way, considered the investment merits of the BNP Paribas L1.

This Singapore Prospectus incorporates and is not valid without the Luxembourg Prospectus dated
April 2011(the “Luxembourg Prospectus”) attached as a Schedule to this Singapore Prospectus. The
Luxembourg Prospectus forms part of this Singapore Prospectus and should be read together with
this Singapore Prospectus.

BNP Paribas L1 is an open-ended investment company with an umbrella structure, established under
Luxembourg law.

The board of directors of the Company (the “Board of Directors” or the “Directors”) has taken all
reasonable care to ensure that the facts stated in this Singapore Prospectus are true and accurate in
all material respects and that there are no other material facts the omission of which makes any
statement, whether of fact or opinion, in this Singapore Prospectus misleading. The Directors accept
responsibility accordingly.

This Singapore Prospectus does not constitute an offer or solicitation by anyone in any jurisdiction in
which such offer or solicitation is not lawful or in which the person making such offer or solicitation is
not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.

Investment in the BNP Paribas L1 requires consideration of the normal risks involved in investment
and participation in securities. Investors should also take note that each subfund intends to use or
invest in financial derivative instruments other than for the purposes of hedging and/or efficient
portfolio management. Please refer to section 5 of this Singapore Prospectus, the information under
Risks / Risk profile in relation to each subfund in the Luxembourg Prospectus and Appendix 3 –
INVESTMENT RISKS of the Luxembourg Prospectus for further details of the risks.

Investors should seek professional advice to ascertain (a) the possible tax consequences, (b) the legal
requirements and (c) any foreign exchange restrictions or exchange control requirements which they
may encounter under the laws of the countries of their citizenship, residence or domicile, and which
may be relevant to the subscription, redemption or conversion of the Shares of the Company.
                                                                        v


                                                           BNP PARIBAS L1
                                                             (“BNPP L1”)

                                                       TABLE OF CONTENTS




DIRECTORY                                                                                                                                          ii

IMPORTANT INFORMATION                                                                                                                             iv

TABLE OF CONTENTS                                                                                                                                  v

1.     BASIC INFORMATION ............................................................................................................. 1

2.     MANAGEMENT & ADMINISTRATION OF THE COMPANY ..................................................... 8

3.     INVESTMENT OBJECTIVE, FOCUS AND APPROACH......................................................... 17

4.     FEES AND CHARGES ............................................................................................................ 38

5.     RISKS ..................................................................................................................................... 38

6.     SUBSCRIPTION AND ISSUE OF SHARES ............................................................................ 48

7.     REDEMPTION OF SHARES ................................................................................................... 49

8.     CONVERSION / SWITCHING OF SHARES ............................................................................ 51

9.     OBTAINING PRICES OF SHARES......................................................................................... 51

10.    ANTI-MONEY LAUNDERING ................................................................................................. 51

11.    SUSPENSION OF DEALINGS ................................................................................................ 51

12.    PERFORMANCE, EXPENSE RATIOS AND TURNOVER RATIOS OF THE FUNDS ............. 52

13.    SOFT DOLLAR COMMISSIONS ............................................................................................ 52

14.    CONFLICTS OF INTEREST ................................................................................................... 52

15.    REPORTS............................................................................................................................... 52

16.    QUERIES AND COMPLAINTS ............................................................................................... 53

17.    OTHER MATERIAL INFORMATION....................................................................................... 53

APPENDIX I (FEES AND COMMISSIONS) ...................................................................................... 54

APPENDIX II (PERFORMANCE OF THE SUBFUNDS) ................................................................... 73


SCHEDULE - LUXEMBOURG PROSPECTUS
                                                 1


1.    BASIC INFORMATION


1.1   The Company

      BNP Paribas L1 is an open-ended investment company (société d’investissement à capital
      variable – abbreviated to SICAV), formed under Luxembourg law on 29 November 1989 for
      an indefinite period under the name “INTERSELEX WORLD”, in accordance with the
      provisions of Part I of the Luxembourg Law of 30 March 1988 governing undertakings for
      collective investment. It was renamed “INTERSELEX EQUITY” at the Extraordinary General
      Meeting on 4 November 1996, renamed “INTERSELEX” at the Extraordinary General Meeting
      on 4 May 1998, and renamed as “FORTIS L FUND” at the Extraordinary General Meeting on
      30 September 1999 and renamed as “BNP Paribas L1” as of 1 August 2010 further to the
      Extraordinary General Meeting held on 14 May 2010.

      The complete name “BNP Paribas L1” and the abbreviated form “BNPP L1” may be used
      equally in the official and commercial documents of the Company.

      The Company is governed by the provisions of Part I of the Luxembourg Law of 20 December
      2002 governing undertakings for collective investment as well as by European Council
      Directive 85/611. The Company is approved as an Undertaking for Collective Investment in
      Transferable Securities (UCITS) [Organisme de Placement Collectif en Valeurs Mobilières
      (OPCVM)] in Luxembourg.

      The Company’s capital is expressed in euros (“EUR”) and is at all times equal to the total net
      assets of the various sub-funds. It is represented by fully paid-up shares issued without a
      designated par value (“Shares”).

      The Company is registered in the Luxembourg Trade Register under the number B 32 327.

      The Company takes the form of an umbrella fund, which is a multi-subfund investment
      vehicle, with liabilities consisting of several subfunds, each representing assets comprising a
      collection of holdings, various rights and specific commitments that correspond to a distinct
      investment policy, governed as applicable by its own investment restrictions. There is no
      cross liability between the subfunds and each subfund shall be exclusively responsible for all
      liabilities attributable to it. The subfunds that are currently being offered for subscription in
      Singapore are set out in section 1.3 below.

      The subfunds may use or invest in financial derivative instruments, such as options, swaps,
      futures and other derivatives, other than for the purposes of hedging and efficient portfolio
      management.

      Where a subfund uses derivative instruments other than for the purposes of hedging or
      efficient portfolio management, this will be disclosed in section 3 of this Singapore Prospectus
      under the investment objective, focus and approach of the relevant subfund as well as in the
      relevant section applicable to that subfund in the Luxembourg Prospectus.


1.2   Full information relating to the subfunds is set out in the Luxembourg Prospectus attached as
      a Schedule to this Singapore Prospectus.


1.3   Separate classes of Shares in the Company are issued in relation to each subfund.

      As of the date of this Singapore Prospectus, Share classes Classic (Capitalisation,
      Distribution, New Distri, MD and QD), Classic EUR, Classic SGD, Classic USD, Classic H
      EUR, Classic H USD, I, IH EUR, IH USD, N and Privilege are available for subscription in
      Singapore:-
                                           2



“Classic”/“Classic EUR”/“Classic SGD”/“Classic USD”

These shares are offered to individuals and legal entities. Unless otherwise specified in Part
II of the Luxembourg Prospectus, they may, at the investor’s choice, be in registered or
uncertificated bearer form, and feature capitalisation (“Classic-Capitalisation” or “C”) or
distribution (“Classic-Distribution” or “D”) of income.

Class “I”

These shares are reserved for institutional investors and UCIs. This class is distinguished
from the “Classic” class by its commission structure and reduced subscription fee. The
special conditions applicable to this class are summarized for each Subfund in the
Luxembourg Prospectus. Shares in this class are exclusively capitalisation shares issued in
registered form.

Class “N”

These shares are offered to individuals and legal entities. At the investor’s choice, the shares
may be in registered or in bearer form (bearer shares are uncertificated) but they are
capitalisation only. This class is distinguished from the “Classic” class by its commission
structure: no issue commission, a maximum of 2% conversion commission and a maximum
5% redemption commission plus a distribution commission in addition to the management
fee.

This class will be established on a date and in subfunds to be defined by the Board of
Directors. Before subscription, investors are invited to seek information on the subfunds in
which this class is open.

Class “Privilege”

These shares are offered to individuals and legal entities. At the investor’s choice, the shares
may be in registered or in bearer form (bearer shares are uncertificated) but they are
capitalisation only. This class is distinguished from the “Classic” class by its special
management fee. The minimum holding, unless provisions to the contrary are set forth in the
Part II of the Luxembourg Prospectus, is EUR 1 million.

In some subfunds, “Classic H” and “IH” classes may be created. These classes are
distinguished by hedging, as far as possible, the exchange risk, in the currency of reference
for these classes, and of the net asset value in the currency of expression for the subfund.
The exchange risk is thus partially maintained because the above-mentioned hedging does
not take into account the currency of expression for the underlying investments of the subfund
concerned. The currency of reference for these classes appears in the name of the class (for
example, “Classic H USD” for a class hedging in USD the NAV of a subfund expressed in
EUR). The valuation currency in these classes is the currency of reference for the class. If
no specific information is given by the investor, orders received will be processed in the
currency of reference. The characteristics of these classes are identical to those of the
“Classic” and “I” classes existing in the same subfund. These classes will be established on a
date and in subfunds to be defined by the Board of Directors. Before subscription, investors
are invited to seek information on the opening of the classes, their currencies of expression
and the subfunds in which they are open. If the assets of one of these classes in any subfund
fall below one million euros or equivalent, the Board of Directors reserves the right to close
the class and merge it with the “Classic” class of the same subfund.

In respect of any subfunds, additional classes of Shares may be made available from time to
time at the discretion of the Company. The Company further reserves the right to vary the
types of Shares which are offered at any given time. Investors should contact the Singapore
Representative if they wish to make any enquiries relating to the classes of Shares which are
available for subscription.
                                            3


  Please refer to the section in the Luxembourg Prospectus on “THE SHARES” for further
  information relating to the Share Classes.

  The following table shows the reference currencies and classes of shares currently allotted to
  the respective subfunds:


                                          Reference            Alternative
   Name of BNPP L1 Subfund                                                         Share Classes
                                          Currency*            Currency**


                                                                                Classic, Classic EUR,
Bond Asia ex-Japan                          USD                EUR/GBP
                                                                                  I, N and Privilege


                                                                                Classic, Classic EUR,
Bond Best Selection World                                                       Classic SGD, Classic
                                            USD             EUR/GBP/SGD
Emerging                                                                        H EUR, I, IH EUR, N
                                                                                    and Privilege

                                                                                Classic, Classic USD,
Bond Europe Emerging                        EUR                GBP/USD
                                                                                  I, N and Privilege

                                                                                Classic, Classic USD,
Bond Europe Plus                            EUR                   USD
                                                                                  I, N and Privilege


                                                                                Classic, Classic EUR,
Bond USD                                    USD                EUR/GBP          Classic QD, I, N and
                                                                                      Privilege

                                                                                Classic, Classic USD,
Bond World                                  EUR                GBP/USD
                                                                                  I, N and Privilege

                                                                                Classic, Classic EUR,
Bond World Emerging                         USD                EUR/GBP          Classic H EUR, I, IH
                                                                                EUR, N and Privilege

                                                                                Classic, Classic EUR,
Bond World Emerging Corporate               USD                EUR/GBP
                                                                                  I, N and Privilege

                                                                                Classic, Classic EUR,
Bond World Emerging Local                   USD                EUR/GBP          Classic H EUR, I, IH
                                                                                EUR, N and Privilege


                                                                                 Classic, Classic H
                                                                                USD, Classic USD, I,
Bond World High Yield                       EUR                GBP/USD
                                                                                  IH USD, N and
                                                                                     Privilege


                                                                                   Classic, Classic H
Convertible Bond Asia                       EUR                GBP/USD          EUR, Classic H USD,
                                                                                     Classic USD,
                                                                                I, IH EUR. IH USD, N
                                 4



                               Reference    Alternative
   Name of BNPP L1 Subfund                                   Share Classes
                               Currency*    Currency**

                                                              and Privilege


                                                           Classic, Classic H
                                                          USD, Classic USD, I,
Convertible Bond World           EUR        GBP/USD
                                                            IH USD, N and
                                                               Privilege


                                                          Classic, Classic USD,
Dynamic World                    EUR        GBP/USD
                                                            I, N and Privilege


                                                          Classic, Classic EUR,
                                           EUR/GBP/SGD
Equity Asia Emerging             USD                      Classic SGD, I, N and
                                             NOK/SEK
                                                                Privilege


                                                          Classic, Classic EUR,
Equity Best Selection Asia                                Classic SGD, Classic
                                 EUR        GBP/USD
ex-Japan                                                      USD, I, N and
                                                                Privilege


                                                          Classic, Classic USD,
Equity Best Selection Europe     EUR        GBP/USD
                                                            I, N and Privilege



                                                          Classic, Classic EUR,
Equity Best Selection USA        USD        EUR/GBP        Classic H EUR, I, N
                                                              and Privilege


                                                          Classic, Classic EUR,
Equity China                     USD       EUR/GBP/JPY
                                                            I, N and Privilege


                                                          Classic, Classic USD,
Equity Europe                    EUR        GBP/USD
                                                            I, N and Privilege


                                                          Classic, Classic USD,
Equity Europe Emerging           EUR        GBP/USD
                                                            I, N and Privilege


                                                          Classic, Classic USD,
Equity Europe Finance            EUR        GBP/USD
                                                            I, N and Privilege

                                                          Classic, Classic USD,
Equity Europe Growth             EUR        GBP/USD
                                                            I, N and Privilege

                                                          Classic, Classic USD,
Equity Germany                   EUR           USD
                                                            I, N and Privilege
                                   5



                                 Reference    Alternative
   Name of BNPP L1 Subfund                                     Share Classes
                                 Currency*    Currency**


                                                            Classic, Classic USD,
Equity High Dividend Pacific       EUR        GBP/USD
                                                              I, N and Privilege


                                                            Classic, Classic EUR,
Equity High Dividend USA           USD        EUR/GBP       Classic H EUR, I, IH
                                                            EUR, N and Privilege


                                                             Classic, Classic H
Equity High Dividend World         EUR        GBP/USD       USD, Classic USD, I,
                                                              N and Privilege


                                                            Classic, Classic EUR,
Equity India                       USD        EUR/GBP
                                                              I, N and Privilege


                                                            Classic, Classic EUR,
Equity Indonesia                   USD        EUR/GBP
                                                              I, N and Privilege


                                                            Classic, Classic EUR,
Equity Japan Small Cap                                         Classic H EUR,
                                   JPY        EUR/GBP
                                                             Classic USD, I, IH
                                                            EUR, N and Privilege


Equity Middle East                                          Classic, Classic EUR,
                                   USD           EUR
                                                              I, N and Privilege


                                                            Classic, Classic USD,
Equity Russia                      EUR        GBP/USD
                                                              I, N and Privilege


                                                            Classic, Classic USD,
Equity Turkey                      EUR        GBP/USD
                                                              I, N and Privilege


                                                            Classic, Classic EUR,
Equity USA Growth
                                   USD        EUR/GBP       Classic H EUR, I, IH
                                                            EUR, N and Privilege


                                                            Classic, Classic SGD,
Equity World Consumer Durables     EUR       USD/GBP/SGD    Classic USD, I, N and
                                                                  Privilege


                                                            Classic, Classic USD,
Equity World Consumer Goods
                                   EUR        GBP/USD         I, N and Privilege
                                  6



                                Reference    Alternative
    Name of BNPP L1 Subfund                                   Share Classes
                                Currency*    Currency**


                                                           Classic, Classic EUR,
Equity World Emerging             USD       EUR/GBP/SGD    Classic SGD, I, N and
                                                                 Privilege


Equity World Energy                                        Classic, Classic USD,
                                  EUR        GBP/USD
                                                             I, N and Privilege


Equity World Finance                                       Classic, Classic USD,
                                  EUR        GBP/USD
                                                             I, N and Privilege


Equity World Health Care                                   Classic, Classic USD,
                                  EUR        GBP/USD
                                                             I, N and Privilege


Equity World Industrials                                   Classic, Classic USD,
                                  EUR        GBP/USD
                                                             I, N and Privilege


Equity World Materials                                     Classic, Classic USD,
                                  EUR        GBP/USD
                                                             I, N and Privilege


                                                           Classic, Classic USD,
Equity World Minimum Variance     EUR           USD
                                                             I, N and Privilege


Equity World Technology                                    Classic, Classic USD,
                                  EUR        GBP/USD
                                                             I, N and Privilege

                                                           Classic, Classic USD,
Equity World Telecom              EUR        GBP/USD
                                                             I, N and Privilege

Equity World Utilities                                     Classic, Classic USD,
                                  EUR        GBP/USD
                                                             I, N and Privilege


                                                           Classic, Classic USD,
Green Future                      EUR           USD
                                                             I, N and Privilege


                                                           Classic, Classic USD,
Green Tigers                      EUR        GBP/USD
                                                             I, N and Privilege


                                                           Classic, Classic SGD,
OBAM Equity World                 EUR       USD/GBP/SGD    Classic USD, I, N and
                                                                 Privilege


Opportunities USA                 USD        EUR/GBP       Classic, Classic EUR,
                                                           Classic H EUR, I, IH
                                              7



                                            Reference            Alternative
      Name of BNPP L1 Subfund                                                         Share Classes
                                            Currency*            Currency**

                                                                                   EUR, N and Privilege


Opportunities World                            EUR                GBP/USD          Classic, Classic USD,
                                                                                     I, N and Privilege

                                                                                   Classic, Classic USD,
Real Estate Securities Pacific                 EUR                GBP/USD
                                                                                     I, N and Privilege


                                                                                   Classic, Classic USD,
Real Estate Securities World                   EUR                GBP/USD
                                                                                     I, N and Privilege


Sustainable Equity World                                                           Classic, Classic USD,
                                               EUR                GBP/USD
                                                                                     I, N and Privilege


                                                                                    Classic, Classic H
                                                                                   USD, Classic USD, I,
V350                                           EUR                GBP/USD
                                                                                     IH USD, N and
                                                                                        Privilege


                                                                                   Classic, Classic EUR,
World Commodities                                                                  Classic SGD, Classic
                                               USD             EUR/GBP/SGD
                                                                                   H EUR, I, IH EUR, N
                                                                                       and Privilege


       * Reference Currency: The currency used for a subfund’s performance measurement and
        accounting purposes. The Reference Currency may differ from a subfund’s investment
        currency.

       ** Alternative Currency: Provided it has no significant adverse impact on a subfund, the
        Directors may arrange for any Share Class of any subfund to be offered in certain
        jurisdictions with a price calculated in a different currency than the Reference Currency
        (at present, USD, EUR, SGD and other major currencies). Price conversion is effectively
        instantaneous and occurs at the conversion rates then in effect. Transactions involving
        the second currency are stated and paid in that currency. The Board of Directors
        reserves the right to reject, suspend or cancel redemption or conversion orders which are
        instructed to settle in another currency than the currency in which the initial purchase or
        conversion order settled.

       Payment for Shares must normally be made in the Reference Currency or in the currency
        indicated in the “Alternative Currency” column above. In respect of any subfund,
        additional dealing currencies may be introduced from time to time at the discretion of the
        Company. In the case of any subfund which does not currently have the Singapore Dollar
        as its “Alternative Currency”, the Singapore Representative may at its discretion, arrange
        for the subfund pricing to be calculated in Singapore Dollars in the future.

       The Company further reserves the right to vary the types of dealing currencies which are
        accepted for subscription at any given time. Investors should contact the Singapore
        Representative or any of the appointed agents if they wish to make any enquiries relating
        to the dealing currencies which are acceptable for subscription.
                                                8


1.4   Date of registration and expiry date of Singapore Prospectus

      The date of registration of this Singapore Prospectus with the Authority is [●] 2011. This
      Singapore Prospectus shall be valid for a period of 12 months from the date of the registration
      [●] 2011 and shall expire on [●] 2012.


1.5   The Articles of Association

      The Articles of Association of the Company have been filed with the Registrar of the District
      Court of Luxembourg and a copy may be inspected by contacting the Singapore
      Representative at 16 Collyer Quay, #32-01 Hitachi Tower, Singapore 049318 during normal
      business hours.


1.6   Latest semi-annual reports and audited financial statements

      The latest audited financial statements and semi-annual reports may be obtained from the
      Singapore Representative at16 Collyer Quay, #32-01 Hitachi Tower, Singapore 049318.


1.7   Definitions

      Some of the capitalised terms used in this Singapore Prospectus are defined in the
      Luxembourg Prospectus. Notwithstanding and in addition, investors should note, in particular,
      the definitions for the following terms:

      “Calculation Day”Bank business day in Luxembourg following the Valuation Day.

      “NAV”                           Net Asset Value.

      “UCI”                           Undertaking for Collective Investment.

      “UCITS”                         Undertaking for     Collective Investment in Transferable
                                      Securities.

      “Valuation Day”                 Bank business day in Luxembourg during which
                                      subscription/redemption/conversion orders may be received,
                                      the frequency which is specified in Part II of the Luxembourg
                                      Prospectus.


1.8   Currency Abbreviations

      EUR                             Euro, monetary currency in use in some countries of the
                                      European Union.

      GBP                             Pound Sterling, monetary currency in use in United Kingdom.
      SGD                             Singapore Dollar, monetary currency in use in Singapore.

      USD                             United States Dollar, monetary currency in use in the United
                                      States of America


2.    MANAGEMENT & ADMINISTRATION OF THE COMPANY


2.1   Board of Directors

      The Board of Directors assumes the ultimate responsibility for the management of the
                                                  9


      Company and is therefore responsible for the Company’s investment policy. More
      information regarding powers, duties and liabilities of the Board of Directors is given in
      Luxembourg Prospectus where relevant.


2.2   The Management Company

      The Company has delegated the administration, portfolio management and marketing tasks
      of each subfund to BNP Paribas Investment Partners Luxembourg S.A. (the “Management
      Company”), a public limited company (“société anonyme”) incorporated under the laws of
      Luxembourg.

      BNP Paribas Investment Partners Luxembourg S.A.        has been managing collective
      investment schemes since April 2001. BNP Paribas Investment Partners Luxembourg S.A.
      was formerly known as BNP Paribas Asset Management Luxembourg S.A. which absorbed
      the former management company, Fortis Investment Management Management Luxembourg
      S.A.

      Please refer to the section in the Luxembourg Prospectus on “ADMINISTRATION AND
      MANAGEMENT” for further information relating to the Management Company.


2.3   Investment Managers for the Subfunds

      The Management Company has delegated the investment management functions to various
      Investment Managers. The exercise of these functions is subject to the overall supervision of
      the Board of Directors. For this purpose, the Investment Managers present periodic reports to
      the Board of Directors.

      The Management Company monitors the activities of the Investment Managers and may
      impose limitations, give additional instructions or summarily withdraw any and all
      responsibilities delegated if it believes that doing so is in the best interests of investors. Any
      delegation of duty does not vary the Management Company’s liability towards the Company.

      The following Investment Managers have been delegated investment management functions
      for the following subfunds with the permission of the Company:-



                                                                                      Year
                                                                                  Investment
                 BNPP L1                                                           Manager
                                               Investment Managers
                 Subfund                                                            started
                                                                                   managing
                                                                                     funds


                                          Fischer Francis Trees & Watts
                                          Singapore Limited

                                          Registered Office
                                          20 Collyer Quay
                                          #01-01 Tung Centre
          Bond Asia ex-Japan                                                          1997
                                          Singapore 049319

                                          Business Office
                                          16 Collyer Quay
                                          #32-01 Hitachi Tower
                                          Singapore 049318
                             10



                                                                 Year
                                                             Investment
     BNPP L1                                                  Manager
                           Investment Managers
     Subfund                                                   started
                                                              managing
                                                                funds


                       Fischer Francis Trees & Watts
                                                               1997
                       Singapore Limited


                       Fischer Francis Trees & Watts
                       UK Limited
                                                               1970
                       5 Aldermanbury Square
Bond Best Selection    London EC2V 7HR
World Emerging         United Kingdom


                       Fischer Francis Trees & Watts, Inc
                       (with effect from 1 July 2011)
                                                               1979
                       75 State Street
                       Boston, Massachusetts 02109
                       USA


                       Fischer Francis Trees & Watts
                                                               1970
                       UK Limited
Bond Europe Emerging
                       Fischer Francis Trees & Watts, Inc
                                                               1979
                       (with effect from 1 July 2011)


                       Fischer Francis Trees & Watts
                                                               1970
                       UK Limited


                       Fischer Francis Trees & Watts, Inc
                                                               1979
                       (with effect from 1 July 2011)
Bond Europe Plus

                       Fortis Investment Management
                                                               1979
                       USA, Inc.


                       BNP Paribas Asset Management            1996


                       Fischer Francis Trees & Watts
                                                               1970
                       UK Limited
Bond USD
                       Fischer Francis Treets & Watts, Inc
                                                               1979
                       (with effect from 1 July 2011)
                            11



                                                               Year
                                                           Investment
     BNPP L1                                                Manager
                          Investment Managers
     Subfund                                                 started
                                                            managing
                                                              funds


                      Fortis Investment Management
                                                             1979
                      USA, Inc.


                      Fischer Francis Trees & Watts
                                                             1970
                      UK Limited


                      Fischer Francis Trees & Watts, Inc
                                                             1979
                      (with effect from 1 July 2011)
Bond World

                      BNP Paribas Asset Management           1996


                      Fortis Investment Management
                                                             1979
                      USA, Inc.


                      Fischer Francis Trees & Watts
                                                             1970
                      UK Limited
Bond World Emerging

                      Fischer Francis Trees & Watts, Inc
                                                             1979
                      (with effect from 1 July 2011)


                      Fischer Francis Trees & Watts
                                                             1970
                      UK Limited


                      Fischer Francis Trees & Watts
Bond World Emerging                                          1997
                      Singapore Limited
Corporate

                      Fischer Francis Trees & Watts, Inc
                                                             1979
                      (with effect from 1 July 2011)


                      Fischer Francis Trees & Watts
                                                             1970
                      UK Limited


Bond World Emerging   Fischer Francis Trees & Watts
                                                             1997
Local                 Singapore Limited


                      Fischer Francis Trees & Watts, Inc
                      (with effect from 1 July 2011)         1979
                               12



                                                               Year
                                                           Investment
      BNPP L1                                               Manager
                             Investment Managers
      Subfund                                                started
                                                            managing
                                                              funds


                         Fortis Investment Management
Bond World High Yield                                        1979
                         USA, Inc.

                         BNP Paribas Investment Partners
Convertible Bond Asia                                        1994
                         UK Ltd

Convertible Bond World   BNP Paribas Asset Management        1996


                         BNP Paribas Investment Partners
Dynamic World                                                1994
                         UK Ltd


                         BNP Paribas Investment Partners
                         Asia Limited
Equity Asia Emerging                                         1991
                         30/F Three Exchange Square
                         3 Connaught Place, Central
                         Hong Kong


Equity Best Selection    BNP Paribas Investment Partners
                                                             1991
Asia ex-Japan            Asia Limited


                         BNP Paribas Asset Management        1996
Equity Best Selection
Europe
                         BNP Paribas Investment Partners
                                                             1994
                         UK Ltd


Equity Best Selection    Fortis Investment Management
                                                             1979
USA                      USA, Inc.


                         BNP Paribas Investment Partners
Equity China                                                 1991
                         Asia Limited


                         BNP Paribas Asset Management        1996

Equity Europe
                         BNP Paribas Investment Partners
                                                             1994
                         UK Ltd


Equity Europe Emerging   BNP Paribas Asset Management        1996
                               13



                                                                   Year
                                                               Investment
      BNPP L1                                                   Manager
                             Investment Managers
      Subfund                                                    started
                                                                managing
                                                                  funds


Equity Europe Finance    BNP Paribas Asset Management            1996


                         BNP Paribas Investment Partners
Equity Europe Growth                                             1994
                         UK Ltd


Equity Germany           BNP Paribas Asset Management            1996


Equity High Dividend     BNP Paribas Investment Partners
                                                                 1991
Pacific                  Asia Limited


                         River Road Asset Management LLC
Equity High Dividend
                         462 South Fourth Street, Suite 1600     2005
USA
                         Louisville, Kentucky 40202-3466
                         USA


                         BNP Paribas Investment Partners
                         Netherlands N.V.

                         Burgerweeshuispad – Tripolis 200        1982
                         PO Box 71770, NL-1008 DG
                         Amsterdam
Equity High Dividend     The Netherlands
World

                         BNP Paribas Investment Partners
                                                                 1991
                         Asia Limited


                         River Road Asset Management LLC         2005


                         BNP Paribas Investment Partners
Equity India                                                     1991
                         Asia Limited


                         BNP Paribas Investment Partners
Equity Indonesia                                                 1991
                         Asia Limited



                         BNP Paribas Investment Partners
Equity Japan Small Cap                                           1992
                         Japan Co. Ltd
                                 14



                                                              Year
                                                          Investment
      BNPP L1                                              Manager
                               Investment Managers
      Subfund                                               started
                                                           managing
                                                             funds


Equity Middle East         BNP Paribas Asset Management     1996



Equity Russia              BNP Paribas Asset Management     1996



Equity Turkey              BNP Paribas Asset Management     1996



                           Fortis Investment Management
                                                            1979
Equity USA Growth          USA, Inc.


Equity World Consumer      Fortis Investment Management
                                                            1979
Durables                   USA, Inc.


Equity World Consumer      Fortis Investment Management
                                                            1979
Goods                      USA, Inc.


                           Fortis Investment Management
Equity World Emerging                                       1979
                           USA, Inc.


                           Fortis Investment Management
Equity World Energy                                         1979
                           USA, Inc.

                           Fortis Investment Management
Equity World Finance                                        1979
                           USA, Inc.

                           Fortis Investment Management
Equity World Health                                         1979
                           USA, Inc.
Care

                           Fortis Investment Management
Equity World Industrials                                    1979
                           USA, Inc.


                           Fortis Investment Management
Equity World Materials                                      1979
                           USA, Inc.


                           Fortis Investment Management
Equity World Minimum
                           USA, Inc                         1979
Variance
                                15



                                                                   Year
                                                               Investment
      BNPP L1                                                   Manager
                              Investment Managers
      Subfund                                                    started
                                                                managing
                                                                  funds


                          Fortis Investment Management
Equity World Technology                                          1979
                          USA, Inc.


                          Fortis Investment Management
Equity World Telecom                                             1979
                          USA, Inc.


                          Fortis Investment Management
Equity World Utilities                                           1979
                          USA, Inc.


                          Impax Asset Management Limited
                          Mezzanine Floor, Pegasus House
Green Future              37-43 Sackville Street                 1998
                          London W1S 3DG
                          United Kingdom


                          BNP Paribas Investment Partners
Green Tigers                                                     1991
                          Asia Limited


                          BNP Paribas Investment Partners
OBAM Equity World                                                1982
                          Netherlands N.V.


                          Neuflize Private Assets (NPA) S.A.
                          3 Avenue Hoche
Opportunities USA                                                2000
                          F-75008 Paris
                          France



                          BNP Paribas Investment Partners
                          Belgium S.A.                           2006
                          Avenue de l’Astronomie 14
                          B-1210 Brussels, Belgium


                          BNP Paribas Investment Partners        1982
Opportunities World       Netherlands N.V.


                          Fischer Francis Trees & Watts          1970
                          UK Limited


                          BNP Paribas Asset Management
                                                                 1996
                                                 16



                                                                                      Year
                                                                                  Investment
                   BNPP L1                                                         Manager
                                               Investment Managers
                   Subfund                                                          started
                                                                                   managing
                                                                                     funds


                                          Fischer Francis Trees & Watts, Inc
                                                                                     1979
                                          (with effect from 1 July 2011)


                                          Fischer Francis & Watts Singapore
                                                                                     1997
                                          Limited

                                          BNP Paribas Investment Partners
            Real Estate Securities
                                          Netherlands N.V.                           1991
            Pacific


            Real Estate Securities        BNP Paribas Investment Partners
                                                                                     1982
            World                         Netherlands N.V.


            Sustainable Equity World      BNP Paribas Asset Management               1991


                                          Fischer Francis Trees & Watts
                                                                                     1970
                                          UK Limited
            V350
                                          Fischer Francis Trees & Watts, Inc
                                                                                     1979
                                          (with effect from 1 July 2011)


            World Commodities             BNP Paribas Asset Management               1996




2.4   The Singapore Representative

      The Company has appointed BNP Paribas Investment Partners Singapore Limited whose
      registered address is at 20 Collyer Quay, #01-01 Tung Centre, Singapore 049319 and
      business address is at 16 Collyer Quay, #32-01 Hitachi Tower, Singapore 049318, as the
      representative of the Company in Singapore (the “Singapore Representative”) to accept
      service of process on behalf of the Company.

      The Singapore Representative will carry out or will procure the carrying out of, among other
      things, the following functions:

      (a)      facilitate the issue and redemption of Shares for Singapore Shareholders;

      (b)      facilitate the publishing of the issue and redemption prices of Shares;

      (c)      facilitate the sending of reports relating to the subfunds to Singapore Shareholders,
               including the semi-annual reports and audited financial statements;
                                                       17



             (d)     facilitate the furnishing of such books relating to the sale and redemption of Shares
                     as the Authority may require;

             (e)     facilitate the inspection of the instruments constituting the Company;

             (f)     maintain in Singapore, a facility that enables the inspection of or extraction from the
                     register of the Company of information on Shareholders who subscribed for or
                     purchased Shares in Singapore;

             (g)     at the request of investors, provide copies of this Singapore Prospectus, the
                     Luxembourg Prospectus, the Articles of Association of the Company, the semi-annual
                     reports and audited financial statements relating to the subfunds; and

             (h)     accept on behalf of the Company, service of all notice and other documents
                     addressed to the Company by any Singapore Shareholder and despatch the same to
                     the Company.


      2.5    The Auditor

             The Auditor for the Company is PriceWaterhouseCoopers S.à.r.l., Luxembourg. All the
             Company’s accounts and transactions are subject to an annual audit by the auditor.


      2.6    Other Parties

             Please refer to the sections in the Luxembourg Prospectus on “GENERAL INFORMATION”
             and “ADMINISTRATION AND MANAGEMENT” for information relating to (a) the Custodian
             Bank/Principal Paying Agent and (b) Registrar and Transfer Agent.


      3.     INVESTMENT OBJECTIVE, FOCUS AND APPROACH

             The investment objective, focus and approach of each subfund are set out in the table below:-



            Name of BNPP L1
No.                                                   Investment Objective, Focus and Approach
               Subfund

                                       Investment objective: To increase asset value in the medium term.

                                       Investment policy: This subfund invests at least 2/3 of its assets in bonds or
                                       other similar securities, denominated in various currencies, of issuers that
                                       have their registered offices in or conduct the majority of their business
                                       activity in Asia (excluding Japan) and in derivative financial instruments on
 1          Bond Asia ex-Japan         this type of asset.

                                       The remaining portion, namely a maximum of 1/3 of its assets, may be
                                       invested in any other transferable securities, money market instruments,
                                       derivative financial instruments or cash, and up to 10% of its assets may
                                       be invested in other UCITS or UCI.


                                       Investment objective: To increase asset value in the medium term.
            Bond Best Selection
 2           World Emerging            Investment policy: This subfund invests at least 2/3 of its assets in a limited
                                       number of bonds and debt securities or other similar securities issued by
                                       emerging countries (Chile, Korea, Hungary, Mexico, Poland, the Slovak
                                            18



       Name of BNPP L1
No.                                        Investment Objective, Focus and Approach
          Subfund
                             Republic, the Czech Republic and Turkey, and the countries that do not
                             belong to OECD) or by companies characterised by a strong financial
                             structure and/or potential for profitable growth that have their registered
                             offices or conduct a majority of their business activities in these countries,
                             as well as in derivative financial instruments on this type of asset.

                             The remaining portion, namely a maximum of 1/3 of its assets, may be
                             invested in any other transferable securities, money market instruments,
                             derivative financial instruments or cash, and up to 5% of its assets may be
                             invested in other UCITS or UCI.

                             Certain markets are not currently considered to be regulated markets: direct
                             investments on such markets must be limited to 10% of net assets. Russia is
                             one of these non-regulated markets, except for the Russian Trading System
                             Stock Exchange ("RTS Stock Exchange") and the Moscow Interbank
                             Currency Exchange ("MICEX") which are considered to be regulated
                             Russian markets and on which investments can exceed 10% of net assets.


                             Investment objective: To increase asset value in the medium term.

                             Investment policy: This subfund invests at least 2/3 of its assets in bonds,
                             debt securities or other similar securities issued by emerging European
                             countries (Hungary, Poland, the Slovak Republic, the Czech Republic and
                             Turkey, as well as all the European countries that do not belong to OECD) or
                             by companies that have their registered offices or conduct a majority of their
                             business activities in these countries, as well as in derivative financial
                             instruments on this type of asset.

                             The remaining portion, namely a maximum of 1/3 of its assets, may be
                             invested in any other transferable securities, money market instruments,
                             derivative financial instruments or cash, and up to 10% of its assets may be
                             invested in other UCITS or UCI.

                             In order to reduce risk, the Company and the manager will adopt a
                             diversification strategy for this subfund:

 3    Bond Europe Emerging   * In terms of geographical region, investments will be limited to 25% of its
                             net inventory value per country, with an overall maximum of:

                             - 100% in securities denominated in major currencies,
                             - 70% in securities denominated in local currencies,
                             - 10% in notes and warrants on debt securities.

                             * To reduce interest rate risk, the subfund may reduce its exposure by
                             selling futures on U.S. Treasury bonds, particularly for hedging “Emerging
                             Countries” fixed-rate, USD-denominated bonds.

                             Nevertheless, these transactions entered into for hedging purposes shall not
                             result in a reduction or increase of the investment limits calculated for the
                             subfund.

                             The risk of a transaction of this type is the inverse of the price difference
                             between U.S. Treasury debt securities and "emerging country" USD-
                             denominated debt ("country spread" increase).

                             Certain markets are not currently considered to be regulated markets; direct
                                            19



       Name of BNPP L1
No.                                       Investment Objective, Focus and Approach
          Subfund
                            investments on such markets must be limited to 10% of net assets. Russia is
                            one of these non-regulated markets, except for the Russian Trading System
                            Stock Exchange ("RTS Stock Exchange") and the Moscow Interbank
                            Currency Exchange ("MICEX") which are considered to be regulated
                            Russian markets and on which investments can exceed 10 % of net assets.


                            Investment objective: To increase asset value in the medium term.

                            Investment policy: This subfund invests at least 2/3 of its assets in
                            investment grade bonds and other similar securities denominated in various
                            currencies, whose issuers have their registered offices or conduct a
                            significant portion of their business activities in Europe and in derivative
                            financial instruments on this type of asset.
 4     Bond Europe Plus
                            The remaining portion, namely a maximum of 1/3 of its assets, may be
                            invested in any other transferable securities, money market instruments,
                            derivative financial instruments or cash, and up to 10% of its assets may be
                            invested in other UCITS or UCI.

                            If these ratings criteria are not met, the manager shall adjust the portfolio’s
                            composition in the best interests of investors and in the timeliest manner.


                            Investment objective : To increase asset value in the medium term.

                            Investment policy : This subfund invests at least 2/3 of its assets in USD-
                            denominated debt or other similar securities and in derivative financial
                            instruments on this type of asset.

 5        Bond USD          The remaining portion, namely a maximum of 1/3 of its assets, may be
                            invested in any other transferable securities, money market instruments,
                            derivative financial instruments or cash, and up to 10% of its assets may be
                            invested in other UCITS or UCI.

                            After hedging, the subfund's exposure to currencies other than USD will not
                            exceed 5%.


                            Investment objective : To increase asset value in the medium term.

                            Investment policy : This subfund invests at least 2/3 of its assets in
                            investment grade bonds or other similar securities denominated in various
                            currencies and in derivative financial instruments on this type of asset.

 6        Bond World        The remaining portion, namely a maximum of 1/3 of its assets, may be
                            invested in any other transferable securities, money market instruments,
                            derivative financial instruments or cash, and up to 5% of its assets may be
                            invested in other UCITS or UCI.

                            If these rating criteria are not met, the manager shall adjust the portfolio’s
                            composition in the best interests of investors and in the timeliest manner.


                            Investment objective : To increase asset value in the medium term.
 7    Bond World Emerging
                            Investment policy : This subfund invests at least 2/3 of its assets in bonds,
                                            20



       Name of BNPP L1
No.                                       Investment Objective, Focus and Approach
          Subfund
                            debt securities or other similar securities issued by emerging countries
                            (Chile, Korea, Hungary, Mexico, Poland, the Slovak Republic, the Czech
                            Republic and Turkey, as well as all the countries that do not belong to
                            OECD) or by companies that have their registered offices or conduct a
                            significant portion the majority of their business activities in these countries,
                            as well as in derivative financial instruments on this type of asset.

                            The remaining portion, namely a maximum of 1/3 of its assets, may be
                            invested in any other transferable securities, money market instruments,
                            derivative financial instruments or cash, and up to 5% of its assets may be
                            invested in other UCITS or UCI

                            In order to reduce risk, the Company and the manager will adopt a
                            diversification strategy for this subfund:

                            * In terms of geographical region, investments will be limited to 25% of its
                            net inventory value per country, with an overall maximum of:

                            - 100% in securities denominated in major currencies.
                            - 70% in securities denominated in local currencies.
                            - 10% in notes and warrants on debt securities.

                            * To reduce interest rate risk, the subfund may reduce its exposure either by
                            selling futures on US Treasury debt securities, particularly for hedging its
                            exposure to USD-denominated fixed-rate "emerging country" debt, or by
                            entering into a 4 stage transaction consisting of (I) borrowing securities (via
                            a repurchase agreement) for a given period and accepting physical delivery,
                            (II) selling these securities, (III) repurchasing them afterwards in order to
                            then (IV) return the borrowed securities to the original lender.

                            Nevertheless, these transactions entered into for hedging purposes shall not
                            result in a reduction or increase of the investment limits calculated for the
                            subfund.

                            The risk of a transaction of this type is the inverse of the price difference
                            between U.S. Treasury debt securities and "emerging country" USD-
                            denominated debt ("country spread" increase).

                            Certain markets are not currently considered regulated markets: direct
                            investments on such markets must be limited to 10% of net assets. Russia is
                            one of these non-regulated markets, except for the Russian Trading System
                            Stock Exchange ("RTS Stock Exchange") and the Moscow Interbank
                            Currency Exchange ("MICEX") which are considered to be regulated
                            Russian markets and on which investments can exceed 10% of net assets.


                            Investment objective: To increase asset value in the medium term.

                            Investment policy: This subfund invests at least 2/3 of its assets in bonds,
                            convertible bonds and debt securities or other similar securities issued by
                            companies that have their registered offices or conduct the majority of their
 8    Bond World Emerging
                            business activities in emerging countries (Chile, Korea, Hungary, Mexico,
           Corporate
                            Poland, the Slovak Republic, the Czech Republic and Turkey, and the
                            countries that do not belong to OECD) as well as in derivative financial
                            instruments on this type of asset.

                            The remaining portion, namely a maximum of 1/3 of its assets, may be
                                           21



       Name of BNPP L1
No.                                       Investment Objective, Focus and Approach
          Subfund
                            invested in any other transferable securities, money market instruments,
                            derivative financial instruments or cash, and up to 10% of its assets may be
                            invested in other UCITS or UCI.

                            In order to reduce risk, the Company and the manager will adopt a
                            diversification strategy for this subfund:

                            * In terms of geographical region, investments will be limited to 25% of its
                            net inventory value per country, with an overall maximum of:

                            - 100% in securities denominated in major currencies,
                            - 70% in securities denominated in local currencies,
                            - 10% in notes and warrants on debt securities.

                            * To reduce interest rate risk and manage overall duration, the subfund may
                            reduce its exposure by buying and selling futures on US Treasury debt
                            securities, particularly for hedging its exposure to "emerging country" USD-
                            denominated debt dominated in USD.

                            After hedging, the subfund's exposure to currencies other than USD will not
                            exceed 5%.

                            Certain markets are not currently considered to be regulated markets: direct
                            investments on such markets must be limited to 10% of net assets. Russia is
                            one of these non-regulated markets, except for the Russian Trading System
                            Stock Exchange ("RTS Stock Exchange") and the Moscow Interbank
                            Currency Exchange ("MICEX") which are considered to be regulated
                            Russian markets and on which investments can exceed 10% of net assets.


                            Investment objective : To increase asset value in the medium term.

                            Investment policy : This subfund invests at least 2/3 of its assets in bonds
                            and debt securities or other similar securities issued by emerging countries
                            (Chile, Korea, Hungary, Mexico, Poland, the Slovak Republic, the Czech
                            Republic and Turkey, as well as all the countries that do not belong to
                            OECD) or by companies that have their registered offices or conduct a
                            majority of their business activities in these countries, and will try to take
                            advantage of the currency fluctuations in these countries and in derivative
                            financial instruments on this type of asset.

                            The remaining portion, namely a maximum of 1/3 of its assets, may be
      Bond World Emerging   invested in any other transferable securities, money market instruments,
 9
            Local           derivative financial instruments or cash, and up to 5% of its assets may be
                            invested in other UCITS or UCI.

                            In order to reduce risk, the Company and the manager will adopt a
                            diversification strategy for this subfund:

                            * In terms of geographical region, investments will be limited to 25% of its
                            net inventory value per country, with an overall maximum of:

                            - 100% in securities denominated in major currencies.
                            - 70% in securities denominated in local currencies.

                            * To reduce interest rate risk, the subfund may reduce its exposure either by
                            selling futures on U.S. Treasury debt securities, particularly for hedging its
                                              22



       Name of BNPP L1
No.                                         Investment Objective, Focus and Approach
          Subfund
                              exposure to USD-denominated fixed-rate "emerging country" debt, or by
                              entering into a 4 stage transaction consisting of (I) borrowing securities (via
                              a repurchase agreement) for a given period and accepting physical delivery,
                              (II) selling these securities, (III) repurchasing them afterwards in order to
                              then (IV) return the borrowed securities to the original lender.

                              Nevertheless, these transactions entered into for hedging purposes shall not
                              result in a reduction or increase of the investment limits calculated for the
                              subfund.

                              The risk of a transaction of this type is the inverse of the price difference
                              between U.S. Treasury debt securities and "emerging country" USD-
                              denominated debt ("country spread" increase).

                              Certain markets are not currently considered to be regulated markets: direct
                              investments on such markets must be limited to 10% of net assets. Russia is
                              one of these non-regulated markets, except for the Russian Trading System
                              Stock Exchange ("RTS Stock Exchange") and the Moscow Interbank
                              Currency Exchange ("MICEX") which are considered to be regulated
                              Russian markets and on which investments can exceed 10% of net assets.


                              Investment objective : To increase asset value in the medium term.

                              Investment policy: This subfund invests at least 2/3 of its assets in bond or
                              other similar securities that are rated below Baa3 (Moody's) or BBB- (S&P)
                              and denominated in various currencies throughout the world and in
                              derivative financial instruments on this type of asset.

                              The remaining portion, namely a maximum of 1/3 of its assets, may be
      Bond World High Yield   invested in any other transferable securities, money market instruments,
10
                              derivative financial instruments or cash, and up to 10% of its assets may be
                              invested in other UCITS or UCI.

                              If these rating criteria are not met, the manager shall adjust the portfolio’s
                              composition in the best interests of the investors and in the timeliest
                              manner.

                              After hedging, the subfund’s exposure to currencies other than the euro may
                              not exceed 5%.


                              Investment objective: To increase asset value in the medium term.

                              Investment policy: This subfund invests at least 2/3 of its assets in
                              convertible or similar bonds whose underlying shares are issued by
                              companies that have their registered offices or conduct a large proportion of
                              their business activities in Asia, and in derivative financial instruments on
                              this type of asset.
11    Convertible Bond Asia
                              The manager will seek to achieve a balance between the debt character of
                              convertible bonds and their dependence on their respective underlying
                              shares. In this respect, the subfund will take advantage of bond yields and
                              will also be sensitive to the performance of the underlying shares.

                              The remaining portion, namely a maximum of 1/3 of its assets, may be
                              invested in any other transferable securities, money market instruments,
                                               23



        Name of BNPP L1
No.                                          Investment Objective, Focus and Approach
           Subfund
                               derivative financial instruments or cash, and up to 5% of its assets may be
                               invested in other UCITS or UCI.

                               After hedging, the subfund’s exposure to currencies other than the euro may
                               not exceed 25%.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets in
                               convertible or similar bonds whose underlying shares are issued by
                               companies and in derivative financial instruments on this type of asset.

                               The manager will seek to achieve a balance between the debt character of
                               convertible bonds and their dependence on their respective underlying
                               shares. In this respect, the subfund will take advantage of bond yields and
12    Convertible Bond World
                               will also be sensitive to the performance of the underlying shares.

                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, and up to 10% of its assets may be
                               investeed in other UCITS or UCI.

                               After hedging, the subfund’s exposure to currencies other than the euro may
                               not exceed 25%.


                               Investment objective : To increase asset value in the medium term.

                               Investment policy : The purpose of this subfund is to invest indirectly
                               (through undertakings for collective investment (UCI) or index-based funds
                               listed on stock exchanges (ETF) in (but not limited to) transferable securities
                               markets (debt instruments, shares or similar assets), in money market
                               instruments, or cash; the subfund can be exposed to the real estate and
                               commodities markets.

                               Emphasis is placed on international diversification of investments.

                               The philosophy of the subfund's investment policy relies on the idea that it is
                               not necessary to be permanently invested in all classes of assets, the key is
                               for it to be invested in those whose value is going up. This is the reason why
13       Dynamic World
                               the portfolio manager will permanently review the composition of the
                               portfolio and rebalance accordingly, so as to get the best risk/profitability
                               ratio possible. Up to 100% of the assets may be invested in short term cash
                               instruments.

                               The subfund will apply long-only investment strategies, which means that it
                               will not use leverage effects (the underlying subfunds may use leverage).
                               The currency risk will be mostly hedged back to the base currency of the
                               subfund (euro). There is no guarantee that a full hedge will be achieved.

                               Currency forward contracts can be used to hedge the currency risk (back to
                               euro) and other derivative financial instruments can be used for hedging
                               purposes. The ETF and UCI in which the subfund is invested can use
                               derivative financial instruments.
                                                   24



         Name of BNPP L1
No.                                              Investment Objective, Focus and Approach
            Subfund

                                   Investment objective: To increase asset value in the medium term.

                                   Investment policy: This subfund invests at least 2/3 of its assets in shares
                                   or other similar securities of companies that have their registered offices or
                                   conduct the majority of their business activities in emerging countries in Asia
                                   (Korea, as well as all the countries that do not belong to OECD), as well as
14      Equity Asia Emerging       in derivative financial instruments on this type of asset.

                                   The remaining portion, namely a maximum of 1/3 of its assets, may be
                                   invested in any other transferable securities, money market instruments,
                                   derivative financial instruments or cash, provided that investments in debt
                                   securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                   assets may be invested in other UCITS or UCI.


                                   Investment objective : To increase asset value in the medium term.

                                   Investment policy : This subfund invests at least 2/3 of its assets in shares
                                   or other similar securities of a limited number of companies that have their
                                   registered offices or conduct the majority of their business activities in Asia
                                   (excluding for Japan) and that are characterised by the quality of their
                                   financial structure and/or their potential for earnings growth as well as in
15    Equity Best Selection Asia
                                   derivative financial instruments on this type of asset.
              ex-Japan
                                   The remaining portion, namely a maximum of 1/3 of its assets, may be
                                   invested in any other transferable securities, money market instruments,
                                   derivative financial instruments or cash, provided that investments in debt
                                   securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                   assets may be invested in other UCITS or UCI.


                                   Investment objective : To increase asset value in the medium term.

                                   Investment policy : This subfund invests at least 75% of its assets in shares
                                   or other similar securities of a limited number of companies that have their
                                   registered offices in Europe and are characterised by the quality of their
16      Equity Best Selection      financial structure and/or potential for earnings growth.
               Europe
                                   The remaining portion, namely a maximum of 25% of its assets, may be
                                   invested in any other transferable securities, money market instruments,
                                   derivative financial instruments or cash, provided that investments in debt
                                   securities of any kind do not exceed 15% of its assets, and up to 5% of its
                                   assets may be invested in other UCITS or UCI.


                                   Investment objective : To increase asset value in the medium term.

                                   Investment policy : This subfund invests at least 2/3 of its assets in shares
                                   or other similar securities of a limited number of companies that have their
                                   registered offices or conduct the majority of their business activities in the
17      Equity Best Selection      United States of America and that are characterised by the quality of their
                USA                financial structure and/or their potential for earnings growth and in derivative
                                   financial instruments on this type of asset.

                                   The remaining portion, namely a maximum of 1/3 of its assets, may be
                                   invested in any other transferable securities, money market instruments,
                                   derivative financial instruments or cash, provided that investments in debt
                                              25



        Name of BNPP L1
No.                                          Investment Objective, Focus and Approach
           Subfund
                               securities of any kind do not exceed 15% of its assets, and up to 5% of its
                               assets may be invested in other UCITS or UCI.


                               Investment objective : To increase asset value in the medium term.

                               Investment policy : This subfund invests at least 2/3 of its assets in shares
                               or other similar securities of companies that have their registered offices or
                               conduct the majority of their business activities in China, Hong Kong or
                               Taiwan and in derivative financial instruments on this type of asset.

                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
18          Equity China       securities of any kind do not exceed 15% of its assets, and up to 5% of its
                               assets may be invested in other UCITS or UCI.

                               The subfund is allowed to invest up to 10% of its assets in type "A" shares
                               listed on the Shanghai or Shenzhen markets and that are theoretically
                               reserved for private Chinese investors. The exposure (direct and indirect)
                               of the total subfund to type “A” shares (shares quoted in RMB on the
                               Shanghai or Shenzhen markets and that are theoretically reserved for
                               private Chinese investors) and type “B” shares (shares quoted in foreign
                               currencies on the Shanghai or Shenzhen markets and that are reserved
                               for foreign investors) will not exceed 35% of its assets.


                               Investment objective : To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 75% of its assets in shares
                               or other similar securities of companies that have their registered offices in
                               Europe.
19        Equity Europe
                               The remaining portion, namely a maximum of 25% of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 10% of its
                               assets may be invested in other UCITS or UCI.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets in shares
                               or other similar securities of companies that have their registered offices or
                               conduct the majority of their business activities in emerging countries in
                               Europe (Hungary, Poland, the Slovak Republic, the Czech Republic and
                               Turkey, and all the countries that do not belong to OECD), as well as in
                               derivative financial instruments on this type of asset.
20    Equity Europe Emerging
                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 5% of its
                               assets may be invested in other UCITS or UCI.

                               Certain markets are not currently considered to be regulated markets: direct
                               investments on such markets must be limited to 10% of net assets. Russia
                                             26



       Name of BNPP L1
No.                                         Investment Objective, Focus and Approach
          Subfund
                              is one of these non-regulated markets, except for the Russian Trading
                              System Stock Exchange ("RTS Stock Exchange") and the Moscow
                              Interbank Currency Exchange ("MICEX") which are considered to be
                              regulated Russian markets and on which investments can exceed 10% of
                              net assets.



                              Investment objective : To increase asset value in the medium term.

                              Investment policy : This subfund invests at least 2/3 of its assets in shares
                              and/or similar securities of companies that conduct a significant portion of
                              their business activities in the financial sector or related sectors and that
                              have their registered offices in Europe, as well as in derivative financial
                              instruments on this type of asset.

21    Equity Europe Finance   The remaining portion, namely a maximum of 1/3 of its assets, may be
                              invested in any other transferable securities, money market instruments,
                              derivative financial instruments or cash, provided that investments in debt
                              securities of any kind do not exceed 15% of its assets, and up to 10% of its
                              assets may be invested in other UCITS or UCI.

                              At least 75% of assets are constantly invested in shares of companies that
                              have their registered offices in a member state of the European Economic
                              Area, except for countries that do not cooperate in the fight against fraud
                              and tax evasion.


                              Investment objective: To increase asset value in the medium term.

                              Investment policy: This subfund invests at least 75% of its assets in shares
                              or other similar securities of companies that the management team deems
                              to have greater-than-average potential for growth and/or relatively stable
                              growth in profits and that have their registered offices in a country member
                              of the European Economic Area, except for countries that do not cooperate
                              in the fight against fraud and tax evasion.
22    Equity Europe Growth
                              When deciding on allocations and selecting securities, the manager will
                              seek to diversify exposure to different sectors and issuers in order to reduce
                              risk.

                              The remaining portion, namely a maximum of 25% of its assets may be
                              invested in any other transferable securities, money market instruments,
                              derivative financial instruments or cash, provided that investments in debt
                              securities of any kind do not exceed 15% of its assets, and up to 10% of its
                              assets may be invested in other UCITS or UCI.


                              Investment objective : To increase asset value in the medium term.

                              Investment policy: This subfund invests at least 2/3 of its assets in shares
                              and/or securities of companies that have their registered offices or conduct
23
         Equity Germany       the majority of their business in Germany, as well as in derivative financial
                              instruments on this type of assets.

                              The remaining portion, namely up to 1/3 of its assets, may be invested in
                              any other transferable securities, money market instruments, derivative
                                             27



      Name of BNPP L1
No.                                        Investment Objective, Focus and Approach
         Subfund
                             financial instruments or cash, provided that investments in debt securities of
                             any kind do not exceed 15% of its assets, and up to 10% of its assets may
                             be invested in other UCITS or UCI.

                             At least 75% of assets are constantly invested in shares of companies that
                             have their registered offices in a member state of the European Economic
                             Area, except for countries that do not cooperate in the fight against fraud
                             and tax evasion.


                             Investment objective: To increase asset value in the medium term.

                             Investment policy: This subfund invests at least 2/3 of its assets in shares
                             or other similar securities of companies that the management team deems
                             to have a dividend return greater than the market average of the Pacific
                             region and that have their registered offices or conduct the majority of their
                             business activities in the Pacific region, as well as in derivative financial
24    Equity High Dividend
                             instruments on this type of asset.
             Pacific
                             The remaining portion, namely a maximum of 1/3 of its assets, may be
                             invested in any other transferable securities, money market instruments,
                             derivative financial instruments or cash, provided that investments in debt
                             securities of any kind do not exceed 15% of its assets, and up to 10% of its
                             assets may be invested in other UCITS or UCI.


                             Investment objective: To increase asset value in the medium term.

                             Investment policy: This subfund invests at least 2/3 of its assets in shares or
                             other similar securities of companies that the management team deems to
                             have a dividend return greater than the market average of the United States
                             of America and that have their registered offices or conduct the majority of
      Equity High Dividend   their business activities in the United States of America, as well as in
25
              USA            derivative financial instruments on this type of asset.

                             The remaining portion, namely a maximum of 1/3 of its assets, may be
                             invested in any other transferable securities, money market instruments,
                             derivative financial instruments or cash, provided that investments in debt
                             securities of any kind do not exceed 15% of its assets, and up to 10% of its
                             assets may be invested in other UCITS or UCI.


                             Investment objective: To increase asset value in the medium term.

                             Investment policy: This subfund invests at least 2/3 of its assets in shares
                             or other similar securities of companies that the management team deems
                             to have a dividend return that is greater than the market average, as well as
      Equity High Dividend   in derivative financial instruments on this type of asset.
26
             World
                             The remaining portion, namely a maximum of 1/3 of its assets, may be
                             invested in any other transferable securities, money market instruments,
                             derivative financial instruments or cash, provided that investments in debt
                             securities of any kind do not exceed 15% of its assets, and up to 5% of its
                             assets may be invested in other UCITS or UCI.
                                               28



        Name of BNPP L1
No.                                          Investment Objective, Focus and Approach
           Subfund

                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets in shares
                               or other similar securities of companies that have their registered offices or
                               conduct the majority of their business activities in India, as well as in
                               derivative financial instruments on this type of asset.
27         Equity India
                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 5% of its
                               assets may be invested in other UCITS or UCI.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets in shares or
                               other similar securities of companies that have their registered offices or
                               conduct the majority of their business activities in Indonesia and in
                               derivative financial instruments on this type of asset.
28       Equity Indonesia
                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 10% of its
                               assets may be invested in other UCITS or UCI.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets in shares
                               or other similar securities of companies whose market capitalisation is
                               included in the reference small cap index (FTSE Japan Small Cap, MSCI
                               JAPAN Small Cap and Russell/Nomura Japan Small Cap), and/or market
                               capitalisation lower than the largest market capitalisation of such indices
                               (recorded at the beginning of each financial year) and that have their
29    Equity Japan Small Cap
                               registered offices or conduct the majority of their business activities in
                               Japan, as well as in derivative financial instruments on this type of asset.

                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 10% of its
                               assets may be invested in other UCITS or UCI.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets in shares
                               or other similar securities of companies that have their registered offices or
30      Equity Middle East     conduct the majority of their business activities in the Middle East or has
                               exposure to shares or other similar securities that are traded on Middle
                               Eastern markets through derivative financial instruments, structured
                               products (including, but not limited to, “equity-linked notes”, “equity-linked
                               certificates” and “P-notes”)or in debt securities or money market instruments
                               as part of the use of swap agreements exposed to these equities markets.
                                         29



      Name of BNPP L1
No.                                     Investment Objective, Focus and Approach
         Subfund

                          The remaining portion, namely up to 1/3 of its assets, may be invested in
                          any other transferable securities, money market instruments, derivative
                          financial instruments or cash, provided that investments in debt securities of
                          any kind do not exceed 25% of its assets, and up to 10% of its assets may
                          be invested in other UCITS or UCI.


                          Investment objective: To increase asset value in the medium term.

                          Investment policy: This subfund invests at least 2/3 of its assets in shares
                          or other similar securities of companies that have their registered offices or
                          conduct the majority of their business activities in Russia and in derivative
                          financial instruments on this type of asset.

                          The remaining portion, namely a maximum of 1/3 of its assets, may be
                          invested in any other transferable securities, money market instruments,
                          derivative financial instruments or cash, provided that investments in debt
31      Equity Russia
                          securities of any kind do not exceed 15% of its assets, and up to 5% of its
                          assets may be invested in other UCITS or UCI.

                          Certain markets are not currently considered regulated markets: direct
                          investments on such markets must be limited to 10% of net assets. Russia
                          is one of these non-regulated markets, except for the Russian Trading
                          System Stock Exchange ("RTS Stock Exchange") and the Moscow
                          Interbank Currency Exchange ("MICEX") which are considered to be
                          regulated Russian markets and on which investments can exceed 10% of
                          net assets.


                          Investment objective: To increase asset value in the medium term.

                          Investment policy: This subfund invests at least 2/3 of its assets in shares
                          or other similar securities of companies that have their registered offices or
                          conduct the majority of their business activities in Turkey, as well as in
                          derivative financial instruments on this type of asset.
32      Equity Turkey
                          The remaining portion, namely a maximum of 1/3 of its assets, may be
                          invested in any other transferable securities, money market instruments,
                          derivative financial instruments or cash, provided that investments in debt
                          securities of any kind do not exceed 15% of its assets, and up to 10% of its
                          assets may be invested in other UCITS or UCI.


                          Investment objective: To increase asset value in the medium term.

                          Investment policy: This subfund invests at least 2/3 of its assets in shares
                          or other similar securities of companies that conduct the majority of their
                          business activities in sectors that seem to have greater-than-average
                          potential for growth, relatively stable growth in profits and that have their
33    Equity USA Growth
                          registered offices or conduct the majority of their business activities in the
                          United States, as well as in derivative financial instruments on this type of
                          asset.

                          When deciding on allocations and selecting securities, the manager will
                          seek to diversify exposure to different sectors and issuers in order to reduce
                          risk.
                                              30



        Name of BNPP L1
No.                                         Investment Objective, Focus and Approach
           Subfund

                              The remaining portion, namely a maximum of 1/3 of its assets, may be
                              invested in any other transferable securities, money market instruments,
                              derivative financial instruments or cash, provided that investments in debt
                              securities of any kind do not exceed 15% of its assets and those on
                              Canadian markets do not exceed 10% of assets, and up to 5% of its assets
                              may be invested in other UCITS or UCI.


                              Investment objective : To increase asset value in the medium term.

                              Investment policy : This subfund invests at least 2/3 of its assets in shares
                              or other similar securities of companies that conduct the majority of their
                              business activities in the sectors of durable consumer goods, leisure and
                              media, and in related or connected sectors and in derivative financial
34    Equity World Consumer   instruments on this type of asset.
             Durables
                              The remaining portion, namely a maximum of 1/3 of its assets, may be
                              invested in any other transferable securities, money market instruments,
                              derivative financial instruments or cash, provided that investments in debt
                              securities of any kind do not exceed 15% of its assets, and up to 10% of its
                              assets may be invested in other UCITS or UCI.


                              Investment objective : To increase asset value in the medium term.

                              Investment policy : This subfund invests at least 2/3 of its assets in shares
                              or other similar securities of companies that conduct the majority of their
                              business activities in the sectors of durable consumer goods and in related
                              or connected sectors as well as in derivative financial instruments on this
35    Equity World Consumer   type of asset.
              Goods
                              The remaining portion, namely a maximum of 1/3 of its assets, may be
                              invested in any other transferable securities, money market instruments,
                              derivative financial instruments or cash, provided that investments in debt
                              securities of any kind do not exceed 15% of its assets, and up to 10% of its
                              assets may be invested in other UCITS or UCI.


                              Investment objective: To increase asset value in the medium term.

                              Investment policy: This subfund invests at least 2/3 of its assets in shares
                              or other similar securities of companies that have their registered offices or
                              conduct the majority of their business activities in emerging countries (Chile,
                              Korea, Hungary, Mexico, Poland, the Slovak Republic, the Czech Republic
                              and Turkey, as well as all the countries that do not belong to OECD), and in
                              derivative financial instruments on this type of asset.
36    Equity World Emerging
                              The remaining portion, namely a maximum of 1/3 of its assets, may be
                              invested in any other transferable securities, money market instruments,
                              derivative financial instruments or cash, provided that investments in debt
                              securities of any kind do not exceed 15% of its assets, and up to 5% of its
                              assets may be invested in other UCITS or UCI.

                              Certain markets are not currently considered to be regulated markets: direct
                              investments on such markets must be limited to 10% of net assets. Russia
                              is one of these non-regulated markets, except for the Russian Trading
                                                 31



        Name of BNPP L1
No.                                            Investment Objective, Focus and Approach
           Subfund
                                 System Stock Exchange ("RTS Stock Exchange") and the Moscow
                                 Interbank Currency Exchange ("MICEX") which are considered to be
                                 regulated Russian markets and on which investments can exceed 10% of
                                 net assets.


                                 Investment objective : To increase asset value in the medium term.

                                 Investment policy : This subfund invests at least 2/3 of its assets in shares
                                 or other similar securities of companies that conduct the majority of their
                                 business activities in the energy sector and in related or connected sectors,
                                 as well as in derivative financial instruments on this type of asset.
37     Equity World Energy
                                 The remaining portion, namely a maximum of 1/3 of its assets, may be
                                 invested in any other transferable securities, money market instruments,
                                 derivative financial instruments or cash, provided that investments in debt
                                 securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                 assets may be invested in other UCITS or UCI.


                                 Investment objective : To increase asset value in the medium term.

                                 Investment policy: This subfund invests at least 2/3 of its assets in shares
                                 or other similar securities of companies that conduct the majority of their
                                 business activities in the financial sector and in related or connected sectors
                                 and in derivative financial instruments on this type of asset.
38     Equity World Finance
                                 The remaining portion, namely a maximum of 1/3 of its assets, may be
                                 invested in any other transferable securities, money market instruments,
                                 derivative financial instruments or cash, provided that investments in debt
                                 securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                 assets may be invested in other UCITS or UCI.


                                 Investment objective: To increase asset value in the medium term.

                                 Investment policy: This subfund invests at least 2/3 of its assets in shares
                                 or other similar securities of companies that conduct the majority of their
                                 business activities in the healthcare sector and in related or connected
                                 sectors and in derivative financial instruments on this type of asset.
39     Equity World Health
              Care
                                 The remaining portion, namely a maximum of 1/3 of its assets, may be
                                 invested in any other transferable securities, money market instruments,
                                 derivative financial instruments or cash, provided that investments in debt
                                 securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                 assets may be invested in other UCITS or UCI.


                                 Investment objective: To increase asset value in the medium term.

                                 Investment policy: This subfund invests at least 2/3 of its assets in shares
                                 or other similar securities of companies that conduct the majority of their
40    Equity World Industrials
                                 business activities in the industrial sector and in related or connected
                                 sectors and in derivative financial instruments on this type of asset.

                                 The remaining portion, namely a maximum of 1/3 of its assets, may be
                                 invested in any other transferable securities, money market instruments,
                                               32



       Name of BNPP L1
No.                                          Investment Objective, Focus and Approach
          Subfund
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 10% of its
                               assets may be invested in other UCITS or UCI.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets in shares
                               or other similar securities of companies that conduct the majority of their
                               business activities in the materials sector (e.g. among others, in building and
                               packaging materials, base chemicals, metals, forestry, paper etc.) and
                               related or connected sectors, as well as in derivative financial instruments
41    Equity World Materials
                               on this type of asset.

                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 10% of its
                               assets may be invested in other UCITS or UCI.


                               Investment objective: To increase asset value in the medium term.

                               The subfund is managed to maximise absolute return and minimise
                               portfolio risk by keeping volatility below the average in international markets
                               while taking advantage of the risk premium inherent in any long-term
                               investment. The subfund’s market correlation is lower than subfunds with
                               classic long-only strategies. The subfund's strategy tends to outperform
                               declining markets and generally underperform rising markets.

                               Investment policy: This subfund invests at least 2/3 of its assets in shares
                               or other similar securities of companies.

                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivatives or cash, provided that investments in debt securities of any kind
                               do not exceed 15% of its assets, and the investments in other UCITS or
                               UCI do not exceed 10%.
42    Equity World Minimum
             Variance
                               The subfund's exposure to currencies is not hedged.

                               The subfund's strategy will focus on minimising risk by selecting low
                               volatility securities which are not correlated with the market and which offer
                               value growth potential.

                               The manager will follow a forecasting and risk-optimisation process when
                               constructing the portfolio. The manager will aim for low standard deviation
                               and will not excessively expose the portfolio to any particular security. In
                               addition, the manager will use a yield forecasting system adapted to market
                               fluctuations. This process enhances the subfund's performance by assisting
                               in stock selection.

                               This subfund may invest in derivative financial instruments on the
                               abovementioned types of assets for hedging purposes only, within the limits
                               defined in Appendix 2 of Part 1 of the Full Prospectus.
                                               33



        Name of BNPP L1
No.                                           Investment Objective, Focus and Approach
           Subfund

                                Investment objective: To increase asset value in the medium term.

                                Investment policy: This subfund invests at least 2/3 of its assets in shares
                                or other similar securities of companies that conduct a majority of their
                                business activities in the technology sector and in related or connected
                                sectors and in derivative financial instruments on this type of asset.
43    Equity World Technology
                                The remaining portion, namely a maximum of 1/3 of its assets, may be
                                invested in any other transferable securities, money market instruments,
                                derivative financial instruments or cash, provided that investments in debt
                                securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                assets may be invested in other UCITS or UCI.


                                Investment objective: To increase asset value in the medium term.

                                Investment policy: This subfund invests at least 2/3 of its assets in shares
                                or other similar securities of companies that conduct the majority of their
                                business activities in the telecommunications sector and in related or
                                connected sectors and in derivative financial instruments on this type of
44     Equity World Telecom     asset.

                                The remaining portion, namely a maximum of 1/3 of its assets, may be
                                invested in any other transferable securities, money market instruments,
                                derivative financial instruments or cash, provided that investments in debt
                                securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                assets may be invested in other UCITS or UCI.


                                Investment objective: To increase asset value in the medium term.

                                Investment policy: This subfund invests at least 2/3 of its assets in shares
                                or other similar securities of companies that conduct the majority of their
                                business activities in the local authorities services sector and in related or
                                connected sectors and in derivative financial instruments on this type of
45     Equity World Utilities   asset.

                                The remaining portion, namely a maximum of 1/3 of its assets, may be
                                invested in any other transferable securities, money market instruments,
                                derivative financial instruments or cash, provided that investments in debt
                                securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                assets may be invested in other UCITS or UCI.


                                Investment objective: To increase asset value in the medium term.

                                Investment policy: This subfund invests at least 2/3 of its assets in shares
                                or other similar securities of companies whose technologies, products and
                                services bring sustainable development solutions to environmental problems
46         Green Future         and in derivative financial instruments on this type of asset.

                                The remaining portion, namely a maximum of 1/3 of its assets, may be
                                invested in any other transferable securities, money market instruments,
                                derivative financial instruments or cash, provided that investments in debt
                                securities of any kind do not exceed 15% of its assets, and up to 5% of its
                                assets may be invested in other UCITS or UCI.
                                         34



      Name of BNPP L1
No.                                     Investment Objective, Focus and Approach
         Subfund

                          The manager will favour companies that develop technologies focused on
                          sustainable development. In choosing these companies, it will select those
                          that represent the best balance between level of sustainability and risk
                          profile.


                          Investment objective: To increase asset value in the medium term.

                          Investment policy: This subfund invests at least 2/3 of its assets in shares
                          or other similar securities of companies whose technologies, products and
                          services bring sustainable development solutions to environmental problems
                          in Asia and in derivative financial instruments on this type of asset.

                          The remaining portion, namely a maximum of 1/3 of its assets, may be
                          invested in any other transferable securities, money market instruments,
                          derivative financial instruments or cash, provided that investments in debt
                          securities of any kind do not exceed 15% of its assets, and up to 10% of its
                          assets may be invested in other UCITS or UCI.
47       Green Tigers
                          The manager will favour companies that develop technologies focused on
                          sustainable development. In choosing these companies, it will select those
                          that represent the best balance between level of sustainability and risk
                          profile.

                          The subfund is allowed to invest up to 10% of its assets in type "A" shares
                          listed on the Shanghai or Shenzhen markets and that are theoretically
                          reserved for private Chinese investors. The exposure (direct and indirect) of
                          the total subfund to type A shares (shares quoted in RMB on the Shanghai
                          or Shenzhen markets and that are theoretically reserved for private Chinese
                          investors) and type B shares (shares quoted in foreign currencies on the
                          Shanghai or Shenzhen markets and that are reserved for foreign investors)
                          will not exceed 35% of its assets.


                          Investment objective: To increase asset value in the medium term.

                          Investment policy: This subfund invests at least 2/3 of its assets in shares
                          or other similar securities of companies in any country, as well as in
                          derivative financial instruments on this type of asset.
48    OBAM Equity World
                          The remaining portion, namely a maximum of 1/3 of its assets, may be
                          invested in any other transferable securities, money market instruments,
                          derivative financial instruments or cash, provided that investments in debt
                          securities of any kind do not exceed 15% of its assets, and up to 5% of its
                          assets may be invested in other UCITS or UCI.


                          Investment objective: To increase asset value in the medium term.
                          Investment policy: This subfund invests in a limited number of asset groups
                          selected on the basis of financial market movements and on the manager's
                          expectations. Each asset group - representing a particular investment sector
49    Opportunities USA
                          or theme, for example - will be represented by a diversified group of
                          transferable securities.

                          To do so the subfund invests at least 75% of its assets in shares or other
                          similar securities of companies that have their registered offices or conduct
                                               35



       Name of BNPP L1
No.                                          Investment Objective, Focus and Approach
          Subfund
                               the majority of their business activities in the United States of America and
                               in derivative financial instruments on this type of asset.

                               The remaining portion, namely a maximum of 25% of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               financial derivatives or cash, and up to 5% of its assets may be invested in
                               other UCITS or UCI. It will focus its ancillary investments in convertible
                               bonds, bonds and treasury notes, provided such investments are in
                               transferable securities issued by companies that have their registered
                               offices in or conduct the majority of their business activity in the United
                               States of America.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests in a limited number (normally 3 to
                               5) of asset groups selected on the basis of financial market movements and
                               on the manager's expectations. Each asset group – representing a particular
                               investment sector or theme, for example – will be represented by a
                               diversified group of transferable securities. Consequently, this subfund may
                               invest in international equities, as well as in international convertible bonds,
50    Opportunities World
                               international bonds and treasury notes or other similar securities, provided
                               that such investments are in transferable securities issued on international
                               markets, as well as in derivative financial instruments on such asset. Assets
                               may be denominated in any currency.

                               The remaining portion may be invested in any other transferable securities,
                               money market instruments, financial derivatives or cash, and up to 10% of
                               its assets may be invested in other UCITS or UCI.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets either in
                               transferable securities or in shares and other securities issued by real estate
                               companies or companies operating in the realestate sector (real estate
                               certificates, SICAFI, closed-end REITs, etc.) and in derivative financial
                               instruments on this type of asset and in any other financial instruments
                               representing real estate. The issuers have their registered offices or conduct
51    Real Estate Securities   the majority of their business activities in the Pacific region.
             Pacific
                               The remaining portion, namely a maximum of 1/3 of its assets, may be
                               invested in any other transferable securities, money market instruments,
                               derivative financial instruments or cash, provided that investments in debt
                               securities of any kind do not exceed 15% of its assets, and up to 10% of its
                               assets may be invested in other UCITS or UCI.

                               The subfund does not directly own any real estate properties.


                               Investment objective: To increase asset value in the medium term.

                               Investment policy: This subfund invests at least 2/3 of its assets either in
52    Real Estate Securities
                               transferable securities or in shares and other securities issued by real estate
             World
                               companies or companies operating in the real estate sector (real estate
                               certificates, SICAFI, closed-end REITs, etc.) and in derivative financial
                               instruments on this type of asset and in any other financial instruments
                                                 36



         Name of BNPP L1
No.                                            Investment Objective, Focus and Approach
            Subfund
                                 representing real estate.

                                 The remaining portion, namely a maximum of 1/3 of its assets, may be
                                 invested in any other transferable securities, money market instruments,
                                 derivative financial instruments or cash, provided that investments in debt
                                 securities of any kind do not exceed 15% of its assets, and up to 5% of its
                                 assets may be invested in other UCITS or UCI.

                                 The subfund does not directly own any real estate properties.


                                 Investment objective: To increase asset value in the medium term.

                                 Investment policy: This subfund invests at least 2/3 of its assets in shares
                                 or other similar securities of companies that comply with the sustainable
                                 development criteria that cover the social responsibility and/or
                                 environmental responsibility and/or "Corporate Governance" and in
                                 derivative financial instruments on this type of asset.

                                 The remaining portion, namely a maximum of 1/3 of its assets, may be
                                 invested in any other transferable securities, money market instruments,
                                 derivative financial instruments or cash, provided that investments in debt
53    Sustainable Equity World
                                 securities of any kind do not exceed 15% of its assets, and up to 10% of its
                                 assets may be invested in other UCITS or UCI.

                                 The subfund follows a "Best in Class +" process. The issuers whose
                                 practices are considered as the Best in their Class are judged on the basis of
                                 specific criteria in regard to environmental and social conduct and corporate
                                 governance. The subfund will also select (1) issuers whose products and
                                 services contribute to resolving problems linked to the environment and
                                 sustainable development, and (2) issuers whose products and services will
                                 have positive and sustainable impacts on the environment and the social
                                 climate. This justifies the "+" in the Best in Class approach.


                                 Investment objective: To increase asset value in the medium term.

                                 Investment policy: This absolute return fund has a target volatility in the
                                 region of 350 basis points measured based on the annualised standard
                                 deviation in performance. The subfund aims to generate a positive
                                 absolute return (measured in euros) by actively managing a portfolio of
                                 negotiable debt securities on world markets by means of strategies such
                                 as stock selection, credit and duration management (defined as an interest
                                 rate sensitivity measurement), and active currency management.

54             V350              When selecting securities, the subfund’s manager will endeavour to
                                 diversify exposure across different classes of debt securities, maturities
                                 and issuers.

                                 When managing the subfund's exposure to a particular currency, the
                                 manager may seek to protect the subfund against foreign exchange risk
                                 resulting from the subfund's assets, but may also seek to buy or sell any
                                 currencies for purposes other than hedging by using derivative foreign
                                 exchange products. The use of these derivative exchange products may
                                 involve a net short exposure of the subfund to certain currencies.

                                 When managing the overall duration of the subfund, the manager may
                                          37



      Name of BNPP L1
No.                                     Investment Objective, Focus and Approach
         Subfund
                          seek to protect the subfund against the interest rate risk, but also allow the
                          subfund to benefit from interest rate variations.

                          The manager may hedge credit exposure by using credit derivatives such
                          as, among others, the credit derivatives on a single unique issuer and
                          index, but may also use these instruments for purposes other than hedging
                          in order to reflect his convictions concerning the investments via the
                          transactions on credit derivatives.

                          After hedging, the subfund’s exposure to emerging market debt securities
                          and speculative sub-investment grade debt securities and will not exceed
                          30% of its assets. It must not acquire securities with a lower than C rating
                          from Standard & Poor’s and Moody’s or equivalent from another
                          recognised rating agency, or unrated if the Fund manager considers them
                          comparable.

                          The subfund may invest in derivative financial instruments and up to 5% of
                          its assets in other UCITS or UCI.

                          Certain markets are not currently considered regulated markets: direct
                          investments on such markets must be limited to 10% of net assets. Russia
                          is one of these non-regulated markets, except for the Russian Trading
                          System Stock Exchange ("RTS Stock Exchange") and the Moscow
                          Interbank Currency Exchange ("MICEX") which are considered to be
                          regulated Russian markets and on which investments can exceed 10% of
                          net assets.


                          Investment objective: To increase asset value in the medium term. The
                          objective of this fund is to outperform its benchmark, the Dow Jones-UBS
                          Commodity Total Return Index.

                          Investment policy : This subfund can be exposed to the Dow Jones-UBS
                          Commodity Total Return Index and/or to any index representing
                          commodities, combining all sectors, that complies with the
                          recommendations of European Directive 2007/16/CEE.

                          The exposure to indices is obtained by using a synthetic replication method.
                          To do so, the subfund invests in derivative instruments on the index, such
                          as swaps (index swaps, for instance), options, futures, forward contracts
                          linked to the abovementioned indices, on a regulated or over-the-counter
                          market. In particular, the subfund can enter into swap agreements (variable
55    World Commodities
                          or fixed interest rate swap against index performance).

                          The exposure to indices representing the overall trend of prices for
                          commodities of any kind, via derivative financial instruments may vary
                          between 0 and 100% of the subfund’s net assets.

                          This subfund invests at least 2/3 of its assets in bonds or other similar
                          securities, money market instruments, transferable securities linked to prices
                          for commodities of any kind, and in derivative financial instruments on this
                          type of asset.

                          The remaining portion, namely a maximum of 1/3 of its assets, may be
                          invested in any other transferable securities, money market instruments,
                          derivative financial instruments and/or cash, and up to 10% of its assets
                          may be invested in other UCITS or UCI.
                                                 38




4.    FEES AND CHARGES


4.1   The Management Company or its authorised distributor is entitled to receive an initial sales
      charge of up to 5% of the subscription amount (to be retained by the authorised distributor). A
      fee may also be charged by the Management Company or its authorised distributors (as the
      case may be) for the redemption or the conversion of the Shares being redeemed or
      converted.


4.2   The Management Company [or its authorised delegated investment manager] (as the case
      may be) is also entitled to receive out of the assets of each subfund, a fee at a rate per
      annum at the end of each month (the “Management Fee”). This fee is accrued daily and
      payable monthly in arrears. The rate of Management Fee applicable to each subfund is more
      particularly set out in the respective section for that particular subfund in the Luxembourg
      Prospectus.


4.3   Please note that the distributors, including banks or other agents employed as agents of
      Shareholders may also impose administrative or other charges to be paid by Shareholders
      pursuant to arrangements between Shareholders and such banks or other agents.


4.4   Please refer to the relevant sections of the Luxembourg Prospectus for each subfund for
      more details of the fees and charges that are applicable to the particular subfund and class of
      Shares of the particular subfund. A summary of the applicable fees and commissions for
      each subfund is set out in Appendix I hereof.


5.    RISKS


5.1   Investors should understand that all investments involve risks and there can be no assurance
      that the subfunds will achieve their investment objectives. Investors should also remember
      that the price of Shares and any income from them may fall as well as rise and that
      Shareholders may not get back the full amount invested. Past performance is not necessarily
      a guide to or guarantee of future performance.


      The risk profile of the respective subfunds are set out in the table below:-




                         BNPP L1 Subfund                                        Risk Profile*


        Bond Asia ex-Japan                                                            Low


        Bond Best Selection World Emerging                                           Medium


        Bond Europe Emerging                                                          Low


        Bond Europe Plus                                                              Low
                                      39



Bond USD                                        Low


Bond World                                      Low


Bond World Emerging                           Medium


Bond World Emerging Corporate              Medium to High


Bond World Emerging Local                       Low


Bond World High Yield                         Medium


Convertible Bond Asia                         Medium


Convertible Bond World                        Medium


Dynamic World                                 Medium


Equity Asia Emerging                           High


Equity Best Selection Asia ex-Japan            High


Equity Best Selection Europe                  Medium


Equity Best Selection USA                     Medium


Equity China                                   High


Equity Europe                                 Medium


Equity Europe Emerging                         High


Equity Europe Finance                          High


Equity Europe Growth                          Medium


Equity Germany                                 High

                                              Medium
Equity High Dividend Pacific
                                 40



Equity High Dividend USA               High


Equity High Dividend World            Medium


Equity India                           High


Equity Indonesia                       High


Equity Japan Small Cap                Medium


Equity Middle East                    Medium


Equity Russia                          High


Equity Turkey                          High


Equity USA Growth                     Medium


Equity World Consumer Durables        Medium


Equity World Consumer Goods           Medium


Equity World Emerging                  High


Equity World Energy                    High


Equity World Finance                   High


Equity World Health Care              Medium


Equity World Industrials              Medium


Equity World Materials                 High


Equity World Minimum Variance         Medium


Equity World Technology               Medium


Equity World Telecom                  Medium
                                                 41



        Equity World Utilities                                                 Medium


        Green Future                                                            High


        Green Tigers                                                           Medium


        OBAM Equity World                                                       High


        Opportunities USA                                                      Medium


        Opportunities World                                                    Medium


        Real Estate Securities Pacific                                          High


        Real Estate Securities World                                            High


        Sustainable Equity World                                               Medium


        V350                                                                    Low


        World Commodities                                                      High



      * The risk profile ranges from “Not Significant” which represents the lowest risk to “High”
      represents the highest risk.


5.2   The investments of each subfund are subject to market fluctuations and to risks inherent in
      investments in transferable securities. Investors should be aware that the subfunds are
      subject to the type of risks as set out against the particular subfund in the table below:-



                                                              Type of Risk*


        BNPPL1 Subfund                   A   B        C   D   E      F     G     H      I   J       K

        Bond Asia ex-Japan                   x        x   x    x     x           x      x

                                             x        x   x    x     x           x      x
        Bond Best Selection World
        Emerging

        Bond Europe Emerging                 x        x   x    x     x           x      x

        Bond Europe Plus                                  x    x     x           x      x
                                       42



                                                    Type of Risk*


BNPPL1 Subfund                 A   B        C   D   E     F    G    H   I   J   K

Bond USD                                        x   x     x         x   x

Bond World                                      x   x     x         x   x

Bond World Emerging                x        x   x   x     x         x   x

                                   x        x   x   x     x         x   x
Bond World Emerging
Corporate

Bond World Emerging Local          x        x   x   x     x         x   x

                                            x   x   x     x         x   x
Bond World High Yield

                               x   x        x   x   x     x         x   x
Convertible Bond Asia

                               x            x   x   x     x         x   x
Convertible Bond World

Dynamic World                  x   x        x       x     x    x    x   x       x

Equity Asia Emerging           x   x        x       x     x             x   x

                               x   x        x       x     x             x   x
Equity Best Selection Asia
ex-Japan

                               x   x                x     x             x   x
Equity Best
Selection Europe

                               x                    x     x             x   x
Equity Best
Selection USA

Equity China                   x   x        x       x     x    x        x   x

Equity Europe                  x                    x     x             x   x

Equity Europe Emerging         x   x        x       x     x             x   x

Equity Europe Finance          x            x       x     x             x   x

                               x                    x     x             x   x
Equity Europe Growth

Equity Germany                 x                    x     x             x   x

Equity High Dividend Pacific   x   x        x       x     x             x   x

Equity High Dividend USA       x                    x     x             x   x
                                     43



                                                  Type of Risk*


BNPPL1 Subfund               A   B        C   D   E     F    G    H   I   J   K

Equity High Dividend World   x                    x     x             x   x

Equity India                 x   x        x       x     x             x   x

Equity Indonesia             x   x        x       x     x             x   x

                             x   x        x       x     x             x   x
Equity Japan Small Cap

                             x   x        x       x     x             x   x
Equity Middle East

Equity Russia                x   x        x       x     x             x   x

                             x   x                x     x             x   x
Equity Turkey

                             x                    x     x             x   x
Equity USA Growth

                             x                    x     x             x   x
Equity World Consumer
Durables

                             x                    x     x             x   x
Equity World Consumer
Goods

Equity World Emerging        x   x        x       x     x             x   x

                             x                    x     x             x   x
Equity World Energy

                             x                    x     x             x   x
Equity World Finance


Equity World Health Care     x                    x     x             x   x


                             x                    x     x             x   x
Equity World Industrials

                             x                    x     x             x   x
Equity World Materials

                             x                    x     x             x   x
Equity World Minimum
Variance

                             x                    x     x             x   x
Equity World Technology

                             x                    x     x             x   x
Equity World Telecom
                                              44



                                                             Type of Risk*


  BNPPL1 Subfund                   A     B         C   D     E     F     G      H     I     J       K

                                   x                         x     x                  x     x
  Equity World Utilities

  Green Future                     x      x        x         x     x                  x     x

  Green Tigers                     x      x        x         x     x      x           x     x

  OBAM Equity World                x      x        x         x     x                  x     x

  Opportunities USA                x                   x     x     x            x     x     x

  Opportunities World              x                   x     x     x            x     x     x

                                   x      x        x         x     x                  x
  Real Estate
  Securities Pacific

                                   x               x         x     x                  x
  Real Estate
  Securities World

                                   x                         x     x                  x     x
  Sustainable Equity World

  V350                                                 x     x     x            x     x             x

                                   x                         x     x                  x
  World Commodities


* where the “Type of Risk” is defined as follows:-


“A”:     Risk linked to Share Markets

         The risks associated with investments in shares (and similar instruments) include
         significant fluctuations in prices, negative information about the issuer or market and
         the subordination of a company’s shares to its bonds. Moreover, any fluctuations are
         often amplified in the short term. The risk that one or more companies will suffer a
         downturn or fail to grow can have a negative impact on the performance of the overall
         portfolio at a given time.

         There is no guarantee that investors will see an appreciation in value. 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.

         There is no guarantee that the investment objective will actually be achieved.

         Some subfunds may invest in initial public offerings ("IPOs"). In this case, there is a
         risk that the price of the newly floated share may see greater volatility as a result of
         factors such as the absence of an existing public market, non-seasonal transactions,
         the limited number of securities that can be traded and a lack of information about the
         issuer. A subfund may hold such securities for only a very short time, which tends to
         increase the costs.
                                          45



       Subfunds investing in growth stocks may be more volatile than the market in general
       and may react differently to economic, political and market developments and to
       specific information about the issuer. Growth stocks traditionally show higher volatility
       than other stocks, especially over short periods. These stocks may also be more
       expensive in relation to their profits than the market in general. Consequently, growth
       stocks may react with more volatility to variations in profit growth.

       Some subfunds may base their objective on simple stock market growth, which
       produces higher than average volatility.

       Managers may temporarily adopt a more defensive attitude if they consider that the
       stock market or economy of the countries in which the subfund invests is experiencing
       excessive volatility, a persistent general decline, or other unfavourable conditions. In
       such circumstances, the subfund may be unable to pursue its investment objective.

“B”:   Emerging Market and Small-Cap Risk

       Subfunds investing in emerging markets, small caps or specialised or restricted
       sectors are likely to be subject to a higher than average volatility due to a high degree
       of concentration, greater uncertainty because less information is available, there is
       less liquidity, or due to greater sensitivity to changes in market conditions (social,
       political and economic conditions). In addition, some emerging markets offer less
       security than the majority of international developed markets. For this reason,
       services for portfolio transactions, liquidation and conservation on behalf of funds
       invested in emerging markets may carry greater risk. The Company and investors
       agree to bear these risks.

       With regards to the Russian market, investments there are made with the Russian
       Trading System Stock Exchange (or “RTS Stock Exchange"), which brings together a
       large number of Russian issuers and allows for almost total coverage of the Russian
       equity universe. By investing with the RTS Stock Exchange, investors can take
       advantage of the liquidity of the Russian market without having to deal in the local
       currency, as all issuers can be directly traded in USD.

       Smaller companies may find themselves unable to generate new funds to support
       their growth and development, they may lack vision in management, or they may
       develop products for new, uncertain markets.

       Some of these markets are not currently regarded as regulated markets; direct
       investments in such markets (with the exception of ADRs and GDRs) added to
       investments in unlisted shares, is limited to 10% of net assets.

“C”:   Liquidity Risk

       There is a risk that investments made in the subfunds may become illiquid due to an
       over-restricted market (often reflected by a very broad bid-ask spread or by
       substantial price movements), or if their “rating” declines or their economic situation
       deteriorates; consequently, it may not be possible to sell or buy these investments
       quickly enough to prevent or minimize a loss in these subfunds.

“D”:   Credit Risk

       This is the risk that may derive from the rating downgrade of a bond issuer to which
       the subfunds are exposed, which may therefore cause the value of the investments to
       go down. Such risks relate to the ability of an issuer to honour its debts. Downgrades
       of an issue or an issuer rating may lead to a drop in the value of bonds in which the
       subfund has invested. Some strategies utilised may be based on bonds issued by
       issuers with a high credit risk (junk bonds). Subfunds investing in high-yield bonds
       present a higher than average risk due to the greater fluctuation of their currency or
                                          46


       the quality of the issuer. Subfunds investing in high-yield bonds present a higher than
       average risk due to the greater fluctuation of their currency or the quality of the issuer.

“E”:   Currency Exchange Risk

       A subfund comprises assets denominated in currencies that differ from its reference
       currency, and may be affected by exchange rate fluctuations between the reference
       currency and other currencies and by changes in exchange rate controls. If the
       currency in which a security is denominated appreciates in relation to the reference
       currency of the subfund, the exchange value of the security in the reference currency
       will appreciate; conversely, depreciation of the denomination currency will lead to
       depreciation in the exchange value of the security. When the manager carries out
       coverage (hedging) transactions to counter exchange rate risks, there is no guarantee
       that such operations will be completely effective, however.

“F”:   Taxation Risk

       The value of an investment may be affected by application of tax laws in various
       countries, including withholding tax, or changes in government ,or economic or
       monetary policy in the countries concerned. As such, no guarantee can be given that
       the financial objectives will actually be achieved.

“G”:   Risks related to investments in China

       Investments in China involve risks linked to restrictions imposed on foreign investors
       and counterparties, higher market volatility and the risk of lack of liquidity for some
       lines of the portfolio. Consequently, some shares may not be available to the subfund
       due to the number of foreign shareholders authorised or if the total investments
       permitted for foreign shareholders have been reached. In addition, the repatriation by
       foreign investors of their share of net profits, capital and dividends may be restricted
       or require the approval of the government. The Company will only invest if it
       considers that the restrictions are acceptable. However, no guarantee can be given
       that additional restrictions will not be imposed in future.

“H”:   Interest Rate Risk

       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, the
       discount rate, inflation, etc.

       The investor's attention is drawn to the fact that an increase in interest rates results in
       a decrease in the value of investments in bonds and debt instruments.

“I”:   Derivatives Risk

       With a view to carrying out covering (a strategy of using derivatives for coverage
       purposes [hedging] and/or optimising the yield of its portfolio (a strategy of using
       derivatives for investment purposes [trading], the subfund is permitted to use
       derivative techniques and instruments under the circumstances set forth in
       Appendices 1 and 2 of the Luxembourg Prospectus (in particular, warrants on
       securities, agreements regarding the exchange of securities, rates, currencies,
       inflation, volatility and other financial derivative instruments, contracts for difference
       [CFDs], credit default swaps [CDSs], futures and options on securities, rates or
       futures). The investor's attention is drawn to the fact that these derivatives include
       leveraging. Because of this, the volatility of these subfunds is increased.

       The overall risk exposure related to a subfund’s portfolio and to the derivative
       instruments’ positions of a subfund shall together not exceed 200% of the total net
       asset value of each subfund on an ongoing basis. The overall risk exposure of a
                                                 47


              subfund may not be increased by more than 10% by means of temporary borrowing,
              so that the total risk can never exceed 210% of a subfund’s net asset value.

      “J”:    Warrant Risk

              The investor’s attention is drawn to the fact that warrants are complex, volatile, high-
              risk investments: the risk of a total loss of the invested capital is great. In addition,
              one of the principal characteristics of warrants is the “leverage effect”, which is seen
              in the fact that a change in the value of the underlying asset can have a
              disproportionate effect on the value of the warrant. Finally, there is no guarantee that,
              in the event of an illiquid market, it will be possible to sell the warrant on a secondary
              market.

      “K”:    Inflation Risk

              Over time, yields of short-term investments may not keep pace with inflation, leading
              to a reduction in an investment’s purchasing power.

      In addition to the above stated risks and where applicable, the subfunds would also be subject
      to Commodity Market Risk, Counterparty Risk and Taxation Risk. Please refer to Appendix 3
      – INVESTMENT RISKS of the Luxembourg Prospectus and the relevant sections of the
      Luxembourg Prospectus for each subfund for more details of the specific risks of investing in
      the subfunds.


5.3   Additional Risks associated with the use of Financial Derivative Instruments (FDIs)

      The investor's attention is drawn to the fact that the derivatives include leveraging, meaning
      that the effect of market actions on the derivative’s value is amplified, potentially allowing a
      small market movement to generate a large loss. Leveraged derivatives, which include
      options, futures and currency forwards, can increase the subfunds’ volatility.

      Please refer to Appendix 2 – TECHNIQUES AND FINANCIAL INSTRUMENTS of the
      Luxembourg Prospectus for more details on the risks associated with the use of FDIs,
      including the extent to which the subfunds may be leveraged through the use of FDIs and the
      quantitative limits on the use of FDIs.


5.4   Net Asset Value Volatility and Risk Profile of the Subfunds

      Risk is generally determined on the basis of the calculation of the standard deviation –
      measure of dispersion on an average – on an annual basis of the monthly returns expressed
      in EUR of the total return of the subfund. The greater the standard deviation is, the wider the
      fluctuation of a subfund’s share price.

      The volatility of the NAV and risk classification of the subfunds have been defined as ranging
      from “Not significant” which represents the lowest risk to “High” which represents the highest
      risk.

      Classifications are produced using the most recent data available. Standard deviations are
      not constant over time. As policies or market circumstances change, risk characteristics
      change. Risk classifications are kept constant unless there is clear and/or persistent evidence
      of a move into a different risk category.

      Please refer to the paragraph “Risk profile” set out in the relevant sections of the Luxembourg
      Prospectus for each subfund for more details pertaining to the level of risk for the particular
      subfund.
                                                48


6.    SUBSCRIPTION AND ISSUE OF SHARES


6.1   Subscription Procedure

      Investors wishing to subscribe for Shares should complete the Application Form which
      accompanies this Singapore Prospectus. The completed Application Form may be submitted
      through the Singapore Representative or other appointed agents. Applications may also be
      made through their automated teller machines (ATMs) or the internet or any other sales
      channels, if applicable.

      Payment in full of the subscription monies must be made at the time of application.

      Investors may make their subscription payments in Singapore Dollars. The Singapore
      Representative will arrange for such subscription payments to be converted from Singapore
      Dollars to the Reference Currency of the relevant Fund at the prevailing exchange rate, for
      the account of, and at the risk and expense of, the investor.

      The Funds do not offer a cancellation period to investors.

      Please refer to the section on “THE SHARES” - “SUBSCRIPTION, CONVERSION AND
      REDEMPTION OF SHARES” of the Luxembourg Prospectus for more information on the
      subscription procedure.


6.2   Minimum Initial Investment and Minimum Subsequent Investment

      For each subfund, the Board of Directors is authorised to set minimum amounts for the initial
      investment amount and the minimum subsequent investment amount for each subfund.

      In respect of “I” share class, a minimum holding of EUR 3 million per subfund or EUR 10
      million for the whole company is applicable for the institutional investor. This minimum
      amount is not obligatory for current shareholders in this class nor for investors who are
      themselves UCIs. Save for the foregoing, there is no minimum initial investment and
      minimum subsequent investment for the subfunds.


6.3   Dealing Deadlines

      Applications for subscription of Shares must be received by the Singapore Representative or
      its appointed local agents or distributors or directly by the Transfer Agent before 4.00 p.m.
      (Singapore time) on the day preceding theCalculation Day. Instructions received by the
      Company after that time will be dealt with on the followingCalculation Day.

      Please refer to the section on “THE SHARES” - “SUBSCRIPTION, CONVERSION AND
      REDEMPTION OF SHARES” in the Luxembourg Prospectus for more information.


6.4   Pricing

      Applications for subscription of Shares, which are accepted, will be processed at a price equal
      to the Net Asset Value per Share in the relevant subfund determined, on a forward basis, as
      of the Calculation Day following the receipt of such application.

      Please refer to the section on “THE SHARES” - “CALCULATION OF THE NET ASSET
      VALUE PER SHARE” in the Luxembourg Prospectus for more information on how the Net
      Asset Value is derived.
                                                  49



6.5   Calculation of Number of Shares Allotted

      The following is an illustration3 of the number of Shares that an investor in a subfund will
      receive based on an investment amount of S$1,000 and a notional issue price of S$1.002
      after the relevant initial offer period (where applicable):-



      Investment        Initial sales           Net investment        Issue              Number of
                                 1
        sum             charge                      sum               price               Shares

      S$1,000      -    S$50.00             =     S$950.00         ÷ S$1.00          =     950.00




      1.   Please note that the above illustration assumes that the initial sales charge is 5.00 %.
      2.   The actual issue price of Shares will fluctuate according to the Net Asset Value of the relevant
           subfund.
      3.   All numerical figures used for the purpose of this illustration are hypothetical.


6.6   Confirmation of purchase

       A contract note will be sent to the applicant within two trading days of the Valuation Day of
      the currency of expression in the foreign exchange market.

      The Board of Directors and the Singapore Representative also reserve the right to reject any
      application for Shares by any person, firm or corporation at their absolute discretion. If an
      applicant is rejected, any subscription money received will be refunded without interest at the
      cost and risk of the applicant.


7.    REDEMPTION OF SHARES


7.1   How Shares may be redeemed

      Singapore Shareholders wishing to redeem Shares should complete and submit the
      Redemption Form which is available through the Singapore Representative or other
      appointed agents or any other sales channel, if applicable.

      Please refer to the section on “THE SHARES” - “SUBSCRIPTION, CONVERSION AND
      REDEMPTION OF SHARES” in the Luxembourg Prospectus for more information on the
      redemption procedure.


7.2   Minimum Holding Requirement

      Save for the minimum holding requirement in respect of “I” shares, there is no minimum
      holding requirement for a subfund.


7.3   Minimum Redemption Requirement

      There is no minimum redemption requirement for a subfund.
                                                 50


7.4   Dealing Deadline

      Applications for redemption of Shares must be received by the Singapore Representative or
      its appointed local agents or distributors or directly by the Transfer Agent before 4.00 p.m.
      (Singapore time) on the day preceding the Calculation Day. Instructions received by the
      Company after that time will be dealt with on the following Calculation Day.


7.5   Pricing

      Applications for redemption of Shares, which are accepted, will be processed at a price equal
      to the Net Asset Value per Share of the relevant subfund determined, on a forward basis, as
      of the Calculation Day following the receipt of such application.

      Please refer to the section on “THE SHARES” - “CALCULATION OF THE NET ASSET
      VALUE PER SHARE” in the Luxembourg Prospectus for more information on how the Net
      Asset Value is derived.


7.6   Calculations and payment of redemption proceeds
                                       3
      The following is an illustration of the redemption proceeds that a Shareholder in a Fund will
                                                                                                  2
      receive based on a redemption of 1000 Shares and a notional redemption price of S$1.10
      (the actual redemption price of Shares will fluctuate according to the Net Asset value of the
      relevant Fund):-



       Number of Shares                    Redemption                Redemption       Net
                          Gross redemption                         redemption
                                                                            1
       to be redeemed        price         proceeds                   Charge            proceeds

       1000               X   S$1.10         = S$1,100             -   S$11.00        = S$1,089




      1.   Please note that the above assumes a redemption charge of 1%.
      2.   The actual redemption price of Shares will fluctuate according to the Net Asset Value of the
           relevant Fund.
      3.   All numerical figures used for the purpose of this illustration are hypothetical.


7.7   Settlements for Redemption

       Redemption proceeds will be transferred to the bank account, as previously specified by the
      Shareholder, as promptly as practicable, but no later than two (2) trading days from the
      relevant Calculation Day. Any transfer costs are at the expense of the Shareholder.

      Redemption proceeds will normally be paid in the reference currency of the relevant subfund.
      However, if requested, the Singapore Representative may, at its discretion, arrange for the
      redemption proceeds to be converted from the reference currency of the relevant subfund
      into Singapore Dollars at the prevailing exchange rate, for the account of, and at the risk and
      expense of, the Shareholder.


7.8   Possible Restrictions on Redemption

      Please refer to Appendix 6 – SUSPENSION OF THE CALCULATION OF THE NET ASSET
      VALUE AND THE ISSUE, CONVERSION AND REDEMPTION OF SHARES of the
                                                51


      Luxembourg Prospectus for more information regarding possible restrictions on the
      redemption of Shares.


8.    CONVERSION / SWITCHING OF SHARES


8.1    In converting Shares of a subfund for shares of another subfund, Shareholders must meet
      the applicable minimum investment requirement imposed by the acquired subfund. A
      conversion commission of a maximum of 2% is applicable.

      Please refer to Appendix 5 – CONVERSION FORMULA and Appendix 6 – SUSPENSION OF
      THE CALCULATION OF THE NET ASSET VALUE AND THE ISSUE, CONVERSION AND
      REDEMPTION OF SHARES of the Luxembourg Prospectus for more information regarding
      the conversion formula, conditions, restrictions and procedure for the conversion / switching
      of Shares.

8.2   Singapore Shareholders wishing to convert their Shares should make their request through
      the Singapore Representative or other appointed agents or any other sales channel, if
      applicable, in such form as is prescribed. For avoidance of doubt, Singapore Shareholders
      may only convert to subfunds which are available for subscription in Singapore.


9.    OBTAINING PRICES OF SHARES


9.1   Share prices will be published in the Bloomberg two (2) trading days after the relevant dealing
      day. Investors should note however that this is dependent on the publication policies of each
      newspaper and publisher concerned. Share prices are also available on the web-site
      www.bnpparibas-ip.com.

9.2   The Board of Directors cannot accept responsibility for any errors or delays in the publication
      or non-publication of prices and reserves the right to discontinue or change publication in any
      of the above publications without notice.


10.   ANTI-MONEY LAUNDERING


      Shareholders should be aware that the Company, the Board of Directors, the Management
      Company or Singapore Representative are entitled to take appropriate steps necessary to
      counter money laundering and related issues, as may be provided under the provisions of law
      or otherwise. This may include the production of documents which may be necessary in order
      to constitute proof of identity of the investor or investors jointly.           The Singapore
      Representative may at their discretion ask for notarised true copies of the original documents
      or production of original document for verification purposes. The Company, the Management
      Company and/or Singapore Representative may require information from particular investor
      or some investors or all investors of any subfund or subfunds, production of
      information/documents or such necessary co-operation to tackle the money laundering. The
      Company, the Board of Directors, the Management Company or Singapore Representative
      may formulate any rules any time without prior notice to the investors in this behalf.


11.   SUSPENSION OF DEALINGS


      The Company may suspend the calculation of the Net Asset Value of one or more subfunds
      and the issue, redemption and conversion of Shares. For the policy and circumstances of
      suspension, please see Appendix 6 – SUSPENSION OF THE CALCULATION OF THE NET
      ASSET VALUE AND THE ISSUE, CONVERSION AND REDEMPTION OF SHARES of the
                                                   52


       Luxembourg Prospectus for more information.


12.    PERFORMANCE, EXPENSE RATIOS AND TURNOVER RATIOS OF THE FUNDS


12.1   The performance of each subfund as well as the turnover and expense ratio of each subfund
       is set out in the Appendix to this Singapore Prospectus.


12.2   Each of the Investment Managers is an active manager that defines its own investment
       universe according to the investment policy of the respective subfund. The said investment
       universe is often different from that defined by existing benchmarks (i.e. broader or differing
       set of countries, different security coverage or otherwise) and securities weightings also often
       differ from benchmark weightings. Accordingly, quoting benchmarks may be misleading and
       no applicable benchmarks have therefore been provided for the subfunds.


13.    SOFT DOLLAR COMMISSIONS


       The Management Company does not receive soft dollars in respect of the subfunds. In
       connection with transactions executed for the subfunds, the Investment Managers may have
       soft dollar arrangements in place with brokers and dealers, provided however that such
       arrangements comply with the principle that the goods and services obtained under such
       arrangements are of demonstrable benefit to the subfunds, and that transaction execution is
       consistent with best execution standards, and that brokerage rates are not in excess of
       customary institutional full-service brokerage rates.


14.    CONFLICTS OF INTEREST


       The Management Company, Investment Managers, the Custodian Bank, the Registrar,
       distributors and their respective affiliates, directors, officers and shareholders (collectively, the
       “Parties”) are or may be involved in other financial, investment and professional activities
       which may cause conflicts of interest with the management and administration of the
       Company. These include the management of other funds, purchases and sales of securities,
       brokerage services, custodian and safekeeping services and serving as directors, officers,
       advisors or agents of other funds or other companies, including companies in which a subfund
       may invest. Each of the Parties will respectively ensure that the performance of their
       respective duties will not be impaired by any such involvement that they might have. In the
       event that a conflict of interest does arise, the Directors and the relevant parties involved
       shall endeavour to resolve it fairly within reasonable time and in the interests of the
       Shareholders.


15.    REPORTS


15.1   The financial year-end of the Company is 31 December of each year.


15.2   The Company publishes a detailed annual report on its activity and the management of its
       assets. This report includes the consolidated balance sheet and income statement expressed
       in euros, a detailed breakdown of the assets of each subfund, and the statutory auditor’s
       report. In addition, every six months, the Company publishes an interim report describing the
       portfolio composition, changes in the portfolio over the period, the number of shares in
       circulation and the number of shares issued and redeemed since the last published report.
                                                 53



16.    QUERIES AND COMPLAINTS


       Investors may contact the Singapore Representative at telephone number +65-62103976 to
       raise any queries regarding the Company or the subfunds of the Company.


17.    OTHER MATERIAL INFORMATION


17.1   Liquidation and Merger of Funds

       Investors should refer to Appendix 8 – LIQUIDATION, MERGER AND ABSORPTION
       PROCEDURES of the Luxembourg Prospectus for the circumstances under which the
       subfunds or any of them may be liquidated or merged. At least thirty (30) days’ prior notice of
       any such event will be given to the Shareholders.


17.2   Tax Considerations

       Prospective investors should consult their own professional advisors as to the implications of
       buying, holding, converting, redeeming or otherwise disposing of Shares of the Company and
       to the provisions of the laws of the jurisdiction in which they are subject to tax.


17.3   Investment Restrictions

       Investors should refer to Appendix 1 – INVESTMENT RESTRICTIONS of the Luxembourg
       Prospectus as well as each section of the Luxembourg Prospectus in respect of each
       particular subfund, where the investment restrictions applicable to each subfund have been
       set out.

17.4   Supplementary Information

       At the written request of an investor, the Singapore Representative will procure that the
       supplementary information relating to the risk management process employed by the
       subfunds including the quantitative limits that are applied and any recent developments in the
       risk and yield characteristics of the main categories of investments is provided to such an
       investor, except for any information which the Management Company may deem sensitive or
       confidential in nature or information which if disclosed, would not be in the interest of the
       investors of the subfunds generally.
                                                                                54
APPENDIX I

FEES AND COMMISSIONS

Following table indicates the details of recurring and non-recuring fees and commissions:

                             Management      Performance      Distribution           Other          Taxe
     Shares / Classes                                                     (4)            (5)                (6)   Entry   Conversion   Exit
                                Fee          Commission      Commission              Fees      d’abonnement
 Bond Asia ex-Japan
 Classic / Classic EUR          1.25%            none             none               0.25%         0.05%           5%       2% (1)     none
I                               0.60%            none             none               0.12%         0.01%           5%       2% (1)     none
N                               1.25%            none            0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                       0.80%            none             none               0.25%         0.05%           5%       2% (1)     none


Bond Best Selection
World Emerging
Classic / Classic EUR /
                                1.50%            none             none               0.25%         0.05%           5%       2% (1)     none
Classic SGD
Classic H EUR                   1.50%            none             none               0.25%         0.05%           5%       2% (1)     none
I                               0.60%            none             none               0.12%         0.01%           5%       2% (1)     none
IH EUR                          0.60%            none             none               0.12%         0.01%           5%       2% (1)     none
N                               1.50%            none            0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                       0.80%            none             none               0.25%         0.05%           5%       2% (1)     none


Bond Europe Emerging
Classic / Classic USD           1.50%            none             none               0.25%         0.05%           5%       2% (1)     none
I                               0.60%            none             none               0.12%         0.01%           5%       2% (1)     none
N                               1.50%            none            0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                       0.80%            none             none               0.25%         0.05%           5%       2% (1)     none


Bond Europe Plus
Classic / Classic USD           0.75%            none             none               0.25%         0.05%           5%       2% (1)     none
I                               0.30%            none             none               0.12%         0.01%           5%       2% (1)     none
N                               0.75%            none            0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                       0.40%            none             none               0.25%         0.05%           5%       2% (1)     none
                                                                      55
                        Management   Performance    Distribution           Other          Taxe
     Shares / Classes                                           (4)            (5)                (6)   Entry   Conversion   Exit
                           Fee       Commission    Commission              Fees      d’abonnement
Bond USD

Classic / Classic EUR     0.75%         none            none               0.25%         0.05%           5%       2% (1)     none

I                         0.30%         none            none               0.12%         0.01%           5%       2% (1)     none
N                         0.75%         none           0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                 0.40%         none            none               0.25%         0.05%           5%       2% (1)     none


Bond World

Classic / Classic USD     0.75%         none            none               0.25%         0.05%           5%       2% (1)     none
I                         0.30%         none            none               0.12%         0.01%           5%       2% (1)     none
N                         0.75%         none           0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                 0.40%         none            none               0.25%         0.05%           5%       2% (1)     none


Bond World Emerging

Classic / Classic EUR     1.50%         none            none               0.25%         0.05%           5%       2% (1)     none

Classic H EUR             1.50%         none            none               0.25%         0.05%           5%       2% (1)     none
I                         0.60%         none            none               0.12%         0.01%           5%       2% (1)     none
IH EUR                    0.60%         none            none               0.12%         0.01%           5%       2% (1)     none
N                         1.50%         none           0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                 0.80%         none            none               0.25%         0.05%           5%       2% (1)     none


Bond World Emerging
Corporate

Classic / Classic EUR     1.50%         none            none               0.25%         0.05%           5%       2% (1)     none
I                         0.60%         none            none               0.12%         0.01%           5%       2% (1)     none
N                         1,50%         none           0,50%               0,25%         0,05%          none      2% (1)     5%
Privilege                 0.80%         none            none               0.25%         0.05%           5%       2% (1)     none
                                                                       56
                         Management   Performance    Distribution           Other          Taxe
     Shares / Classes                                            (4)            (5)                (6)   Entry   Conversion   Exit
                            Fee       Commission    Commission              Fees      d’abonnement
Bond World Emerging
Local
Classic / Classic EUR      1.50%         none            none               0.25%         0.05%           5%       2% (1)     none
Classic H EUR              1.50%         none            none               0.25%         0.05%           5%       2% (1)     none
I                          0.60%         none            none               0.12%         0.01%           5%       2% (1)     none
IH EUR                     0.60%         none            none               0.12%         0.01%           5%       2% (1)     none
N                          1.50%         none           0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                  0.80%         none            none               0.25%         0.05%           5%       2% (1)     none


Bond World High Yield
Classic / Classic USD      1.20%         none            none               0.25%         0.05%           5%       2% (1)     none
Classic H USD              1.20%         none            none               0.25%         0.05%           5%       2% (1)     none
I                          0.60%         none            none               0.12%         0.01%           5%       2% (1)     none
IH USD                     0.60%         none            none               0.12%         0.01%           5%       2% (1)     none
N                          1.20%         none           0.50%               0.25%         0.05%          none      2% (1)     5%
Privilege                  0.80%         none            none               0.25%         0.05%           5%       2% (1)     none


Convertible Bond Asia
Classic / Classic USD      1.20%         none            none               0.30%         0.05%           5%       2% (1)     none
Classic H EUR              1.20%         none            none               0.30%         0.05%           5%       2% (1)     none
Classic H USD              1.20%         none            none               0.30%         0.05%           5%       2% (1)     none
I                          0.60%         none            none               0.20%         0.01%           5%       2% (1)     none
IH EUR                     0.60%         none            none               0.20%         0.01%           5%       2% (1)     none
IH USD                     0.60%         none            none               0.20%         0.01%           5%       2% (1)     none
N                          1.20%         none           0.60%               0.30%         0.05%          none      2% (1)     5%
Privilege                  0.70%         none            none               0.30%         0.05%           5%       2% (1)     none


Convertible Bond World
Classic / Classic USD      1.20%         none            none               0.30%         0.05%           5%       2% (1)     none
Classic H USD              1.20%         none            none               0.30%         0.05%           5%       2% (1)     none
                                                                           57
                             Management   Performance    Distribution           Other           Taxe
     Shares / Classes                                                (4)            (5)                (6)   Entry   Conversion    Exit
                                Fee       Commission    Commission              Fees      d’abonnement
I                              0.60%          none           none               0.20%          0.01%          5%       2% (1)     none
IH USD                         0.60%         none            none               0.20%         0.01%           5%       2% (1)     none
N                              1.20%         none           0.60%               0.30%         0.05%          none      2% (1)      5%
Privilege                      0.70%         none            none               0.30%         0.05%           5%       2% (1)     none


Dynamic World
Classic / Classic USD          1.40%         none            none               0.30%         0.05%           5%       2% (1)      none
I                              0.60%         none            none               0.25%         0.01%           5%       2% (1)      none
N                              1.40%         none           0.75%               0.30%         0.05%          none      2% (1)      5%
Privilege                      0.70%         none            none               0.30%         0.05%           5%       2% (1)      none


Equity Asia Emerging
Classic / Classic EUR /        1.75%         none           none                0.35%         0.05%          5%       2% (1)      none
Classic SGD
I                              0.75%         none           none                0.30%         0.01%          5%       2% (1)      none
N                              1.75%         none           0.75%               0.35%         0.05%          none     2% (1)      5%
Privilege                      1.00%         none           none                0.35%         0.05%          5%       2% (1)      none


Equity Best Selection Asia
ex-Japan
Classic / Classic USD          1.50%         none           none                0.35%         0.05%          5%       2% (1)      none
I                              0.75%         none           none                0.30%         0.01%          5%       2% (1)      none
N                              1.50%         none           0.75%               0.35%         0.05%          none     2% (1)      5%
                               0.80%         none           none                0.35%         0.05%          5%       2% (1)      none
Privilege


Equity Best Selection
Europe
Classic / Classic USD          1.50%         none           none                0.35%         0.05%          5%       2% (1)      none
I                              0.60%         none           none                0.30%         0.01%          5%       2% (1)      none
N                              1.50%         none           0.75%               0.35%         0.05%          none     2% (1)      5%
Privilege                      0.80%         none           none                0.35%         0.05%          5%       2% (1)      none
                                                                          58

                            Management   Performance    Distribution                           Taxe
     Shares / Classes                                               (4)   Other Fees(5)                (6)   Entry   Conversion   Exit
                               Fee       Commission    Commission                         d’abonnement

Equity Best Selection USA
Classic / Classic EUR /       1.50%         none            none               0.35%          0.05%           5%       2% (1)     none
Classic H EUR
I                             0.60%         none            none               0.30%          0.01%           5%       2% (1)     none
N                             1.50%         none           0.75%               0.35%          0.05%          none      2% (1)     5%
Privilege                     0.80%         none            none               0.35%          0.05%           5%       2% (1)     none




Equity China
Classic / Classic EUR         1.75%         none            none               0.35%          0.05%           5%       2% (1)     none
I                             0.75%         none            none               0.30%          0.01%           5%       2% (1)     none
N                             1.75%         none           0.75%               0.35%          0.05%          none      2% (1)     5%
Privilege                     1.00%         none            none               0.35%          0.05%           5%       2% (1)     none




Equity Europe
Classic / Classic USD         1.50%         none            none               0.30%          0.05%           5%       2% (1)     none
I                             0.50%         none            none               0.20%          0.01%           5%       2% (1)     none
N                             1.50%         none           0.75%               0.30%          0.05%          none      2% (1)     5%

Privilege                     0.70%         none            none               0.30%          0.05%           5%       2% (1)     none




Equity Europe Emerging
Classic / Classic USD         1.75%         none            none               0.35%          0.05%           5%       2% (1)     none
I                             0.75%         none            none               0.30%          0.01%           5%       2% (1)     none
N                             1.75%         none           0.75%               0.35%          0.05%          none      2% (1)     5%
Privilege                     1.00%         none            none               0.35%          0.05%           5%       2% (1)     none
                                                                      59
                        Management   Performance    Distribution                   (5)        Taxe
     Shares / Classes                                                 Other Fees                           Entry   Conversion   Exit
                           Fee       Commission    Commission
                                                                (4)
                                                                                         d’abonnement(6)
Equity Europe Finance
Classic / Classic USD     1.50%         none            none               0.35%             0.05%          5%       2% (1)     none
I                         0.60%         none            none               0.30%             0.01%          5%       2% (1)     none
N                         1.50%         none           0.75%               0.30%             0.05%         none      2% (1)     5%
Privilege                 0.80%         none            none               0.35%             0.05%          5%       2% (1)     none


Equity Europe Growth
Classic / Classic USD     1.50%         none            none               0.35%             0.05%          5%       2% (1)     none
I                         0.60%         none            none               0.30%             0.01%          5%       2% (1)     none
N                         1.50%         none           0.75%               0.35%             0.05%         none      2% (1)      5%
Privilege                 0.80%         none            none               0.35%             0.05%          5%       2% (1)     none


Equity Germany

Classic / Classic USD     1.50%         none            none               0.35%             0.05%          5%       2% (1)     none

I                         0.60%         none            none               0.30%             0.01%          5%       2% (1)     none
N                         1.50%         none           0.75%               0.35%             0.05%         none      2% (1)     5%
Privilege                 0.80%         none            none               0.35%             0.05%          5%       2% (1)     none

Equity High Dividend
Pacific
Classic / Classic USD     1.50%         none            none               0.35%              0.05%          5%       2% (1)    none

I                         0.75%         none            none               0.30%              0.01%          5%       2% (1)    none
N                         1.50%         none           0.75%               0.35%              0.05%         none      2% (1)     5%
Privilege                 0.80%         none            none               0.35%              0.05%          5%       2% (1)    none
                                                                             60

                         Management         Performance    Distribution                   (5)        Taxe
     Shares / Classes                                                        Other Fees                           Entry   Conversion   Exit
                            Fee             Commission    Commission
                                                                       (4)
                                                                                                d’abonnement(6)

Equity High Dividend
USA

                            1.50% +
                             0.15%
Classic / Classic EUR      per year for        none            none               0.35%              0.05%          5%       2% (1)    none
                          the selection
                             advisor

                         1.50% + 0.15%
Classic H EUR            per year for the      none            none               0.35%              0.05%          5%       2% (1)    none
                        selection advisor


                         0.60% + 0.15%
I                        per year for the      none            none               0.30%              0.01%          5%       2% (1)    none
                        selection advisor


IH EUR                       0.75%             none            none               0.30%              0.01%          5%       2% (1)    none
N                            1.65%             none           0.75%               0.35%              0.05%         none      2% (1)     5%
                         0.95%0.80% +
                         0.15% per year
Privilege                                      none            none               0.35%              0.05%          5%       2% (1)    none
                        for the selection
                             advisor



Equity High Dividend
World
Classic / Classic USD        1.50%             none            none               0.35%              0.05%          5%       1% (1)    none
Classic H USD                1.50%             none            none               0.35%              0.05%          5%       2% (1)    none
I                            0.60%             none            none               0.30%              0.01%          5%       2% (1)    none
N                            1.50%             none           0.75%               0.35%              0.05%         none      2% (1)     5%
Privilege                    0.80%             none            none               0.35%              0.05%          5%       2% (1)    none
                                                                           61


                             Management   Performance    Distribution           Other          Taxe
        Shares / Classes                                                                                    Entry   Conversion   Exit
                                Fee       Commission    Commission
                                                                     (4)
                                                                                Fees
                                                                                    (5)
                                                                                          d’abonnement(6)
Equity India

Classic / Classic EUR          1.75%         none            none               0.35%         0.05%          5%       2% (1)     none
I                              0.75%         none            none               0.30%         0.01%          5%       2% (1)     none
N                              1.75%         none           0.75%               0.35%         0.05%         none      2% (1)     5%
Privilege                      1.00%         none            none               0.35%         0.05%          5%       2% (1)     none


Equity Indonesia

Classic / Classic EUR          1.75%         none            none               0.35%         0.05%          5%       2% (1)     none

I                              0.75%         none            none               0.30%         0.01%          5%       2% (1)     none
    N                          1.75%         none           0.75%               0.35%         0.05%         none      2% (1)     5%
    Privilege                  1.00%         none            none               0.35%         0.05%          5%       2% (1)     none


    Equity Japan Small Cap
Classic / Classic EUR /
                               1.75%         none           none                0.35%         0.05%          5%       2% (1)     none
Classic USD
Classic H EUR                  1.75%         none           none                0.35%         0.05%          5%       2% (1)     none
    I                          0.70%         none           none                0.30%         0.01%          5%       2% (1)     none
    IH EUR                     0.70%         none           none                0.30%         0.01%          5%       2% (1)     none
    N                          1.75%         none           0.75%               0.35%         0.05%         none      2% (1)     5%
Privilege                      1.00%         none           none                0.35%         0.05%          5%       2% (1)     none


Equity Middle East

Classic / Classic EUR           1.75%          none            none              0.35%        0.05%          5%       2% (1)     none

I                               0.75%          none            none              0.30%        0.01%          5%       2% (1)     none
N                               1.75%          none           0.75%              0. 35%       0.05%         none      2% (1)     5%

Privilege                       1.00%          none            none              0.35%        0.05%          5%       2% (1)     none
                                                                                  62
                                                 Performance    Distribution           Other           Taxe
        Shares / Classes    Management Fee                                                                          Entry   Conversion   Exit
                                                 Commission    Commission
                                                                            (4)
                                                                                       Fees
                                                                                            (5)
                                                                                                  d’abonnement(6)
Equity Russia
                             1.50% + 0.25%
                             annually for the
Classic / Classic USD                               none            none               0.35%          0.05%          5%       2% (1)     none
                               investment
                                 adviser

I                                 0.75%             none            none               0.30%          0.01%          5%       2% (1)     none


                              1.50% + 0.25%
N                             annually for the      none           0.75%               0.35%          0.05%         none      2% (1)     5%
                            investment adviser



                              0.75% + 0.25%
Privilege                   1.50% + 0.25% per       none            none               0.35%          0.05%          5%       2% (1)     none
                                year for the
                            investment adviser


    Equity Turkey

    Classic / Classic USD         1.75%             none            none               0.35%          0.05%          5%       2% (1)     none
    I                             0.75%             none            none               0.30%          0.01%          5%       2% (1)     none
    N                             1.75%             none           0.75%               0.35%          0.05%         none      2% (1)     5%
    Privilege                     1.00%             none            none               0.35%          0.05%          5%       2% (1)     none

Equity USA Growth

Classic / Classic EUR             1.50%             none            none               0.35%          0.05%          5%       2% (1)     none

Classic H EUR                     1.50%             none            none               0.35%          0.05%          5%       2% (1)     none

I                                 0.60%             none            none               0.30%          0.01%          5%       2% (1)     none

    IH EUR                        0.60%             none            none               0.30%          0.01%          5%       2% (1)     none
    N                             1.50%             none           0.75%               0.35%          0.05%         none      2% (1)     5%
Privilege                         0.80%             none            none               0.35%          0.05%          5%       2% (1)     none
                                                                             63
                                            Performance    Distribution           Other           Taxe
        Shares / Classes   Management Fee                                                                      Entry   Conversion   Exit
                                            Commission    Commission
                                                                       (4)
                                                                                  Fees
                                                                                       (5)
                                                                                             d’abonnement(6)
Equity World Consumer
Durables
Classic / Classic SGD /
                               1.50%           none            none               0.35%          0.05%          5%       2% (1)     none
Classic USD
    I                          0.60%           none            none               0.30%          0.01%          5%       2% (1)     none
    N                          1.50%           none           0.75%               0.35%          0.05%         none      2% (1)     5%
Privilege                      0.80%           none            none               0.35%          0.05%          5%       2% (1)     none


Equity World Consumer
Goods
Classic / Classic USD          1.50%           none            none               0.35%          0.05%          5%       2% (1)     none

I                              0.60%           none            none               0.30%          0.01%          5%       2% (1)     none
N                              1.50%           none           0.75%               0.35%          0.05%         none      2% (1)     5%
Privilege                      0.80%           none            none               0.35%          0.05%          5%       2% (1)     none



Equity World Emerging
Classic / Classic EUR /
                               1.75%           none            none               0.35%          0.05%          5%       2% (1)     none
Classic SGD
I                              0.75%           none            none               0.30%          0.01%          5%       2% (1)     none
N                              1.75%           none           0.75%               0.35%          0.05%         none      2% (1)     5%
Privilege                      1.00%           none            none               0.35%          0.05%          5%       2% (1)     none


Equity World Energy

Classic / Classic USD          1.50%           none            none               0.35%          0.05%          5%       2% (1)     none

I                              0.60%           none            none               0.30%          0.01%          5%       2% (1)     none

N                              1.50%           none           0.75%               0.35%          0.05%         none      2% (1)     5%

Privilege                      0.80%           none            none               0.35%          0.05%          5%       2% (1)     none
                                                                          64



                                            Performance    Distribution        Other          Taxe
        Shares / Classes   Management Fee                                                             (6)   Entry   Conversion   Exit
                                            Commission    Commission(4)        Fees(5)   d’abonnement
Equity World Finance

Classic / Classic USD          1.50%           none           none             0.35%         0.05%           5%       2% (1)     none
I                              0.60%           none           none             0.30%         0.01%           5%       2% (1)     none
N                              1.50%           none          0.75%             0.35%         0.05%          none      2% (1)     5%
Privilege                      0.80%           none           none             0.35%         0.05%           5%       2% (1)     none


Equity World Health Care

Classic / Classic USD          1.50%           none           none             0.35%         0.05%           5%       2% (1)     none
    I                          0.60%           none           none             0.30%         0.01%           5%       2% (1)     none
    N                          1.50%           none          0.75%             0.35%         0.05%          none      2% (1)     5%
    Privilege                  0.80%           none           none             0.35%         0.05%           5%       2% (1)     none


Equity World Industrials

Classic / Classic USD          1.50%           none           none             0.35%         0.05%           5%       2% (1)     none

I                              0.60%           none           none             0.30%         0.01%           5%       2% (1)     none
N                              1.50%           none          0.75%             0.35%         0.05%          none      2% (1)     5%
Privilege                      0.80%           none           none             0.35%         0.05%           5%       2% (1)     none



Equity World Materials

Classic / Classic USD          1.50%           none           none             0.35%         0.05%           5%       2% (1)     none
I                              0.60%           none           none             0.30%         0.01%           5%       2% (1)     none
N                              1.50%           none          0.75%             0.35%         0.05%          none      2% (1)     5%
Privilege                      0.80%           none           none             0.35%         0.05%           5%       2% (1)     none
                                                                               65

                                            Performance      Distribution           Other           Taxe
        Shares / Classes   Management Fee                                (4)             (5)                65)   Entry   Conversion   Exit
                                            Commission      Commission              Fees       d’abonnement


Equity World Minimum
Variance(formerly known
as Equity Best Selection
World)
                                                      (2)
Classic / Classic USD          1.50%        see below            none               0.35%           0.05%          5%       2% (1)     none
                                                      (2)
I                              0.60%        see below            none               0.30%           0.01%          5%       2% (1)     none
                                                      (2)
N                              1.50%        see below           0.75%               0.35%           0.05%         none      2% (1)     5%
                                                      (2)
Privilege                      0.80%        see below            none               0.35%           0.05%          5%       2% (1)     none


Equity World Technology

Classic / Classic USD          1.50%           none              none               0.35%           0.05%          5%       2% (1)     none

    I                          0.60%           none              none               0.30%           0.01%          5%       2% (1)     none
N                              1.50%           none             0.75%               0.35%           0.05%         none      2% (1)     5%
Privilege                      0.80%           none              none               0.35%           0.05%          5%       2% (1)     none


Equity World Telecom

Classic / Classic USD          1.50%           none              none               0.35%           0.05%          5%       2% (1)     none

I                              0.60%           none              none               0.30%           0.01%          5%       2% (1)     none

N                              1.50%           none             0.75%               0.35%           0.05%         none      2% (1)     5%
Privilege                      0.80%           none              none               0.35%           0.05%          5%       2% (1)     none


Equity World Utilities

Classic / Classic USD          1.50%           none              none               0.35%           0.05%          5%       2% (1)     none

I                              0.60%           none              none               0.30%           0.01%          5%       2% (1)     none
N                              1.50%           none             0.75%               0.35%           0.05%         none      2% (1)     5%
Privilege                      0.80%           none              none               0.355           0.05%          5%       2% (1)     none
                                                                            66


                                           Performance    Distribution           Other          Taxe
     Shares / Classes     Management Fee                              (4)            (5)                (6)   Entry   Conversion   Exit
                                           Commission    Commission              Fees      d’abonnement
Green Future

Classic / Classic USD         1.75%           none            none               0.35%         0.05%           5%       2% (1)     none

I                             0.70%           none            none               0.30%         0.01%           5%       2% (1)     none
N                             1.75%           none           0.75%               0.35%         0.05%          none      2% (1)     5%
Privilege                     1.00%           none            none               0.35%         0.05%           5%       2% (1)     none


Green Tigers

Classic / Classic USD         1.50%           none            none               0.35%         0.05%           5%       2% (1)     none
I                             0.70%           none            none               0.30%         0.01%           5%       2% (1)     none
N                             1.50%           none           0.75%               0.35%         0.05%          none      2% (1)     5%
Privilege                     0.80%           none            none               0.35%         0.05%           5%       2% (1)     none


OBAM Equity World
Classic / Classic SGD /
                              1.50%           none            none               0.35%         0.05%           5%       2% (1)     none
Classic USD
I                             0.60%           none            none               0.30%         0.01%           5%       2% (1)     none
N                             1.50%           none           0.75%               0.35%         0.05%          none      2% (1)     5%
Privilege                     0.80%           none            none               0.35%         0.05%           5%       2% (1)     none


Opportunities USA

Classic / Classic EUR         1.50%           none            none               0.35%         0.05%           5%       2% (1)     none

Classic H EUR                 1.50%           none            none               0.35%         0.05%           5%       2% (1)     none
I                             0.60%           none            none               0.30%         0.01%           5%       2% (1)     none
IH EUR                        0.60%           none            none               0.30%         0.01%           5%       2% (1)     none
N                             1.50%           none           0.75%               0.35%         0.05%          none      2% (1)      5%
Privilege                     0.80%           none            none               0.35%         0.05%           5%       2% (1)     none
                                                                             67

                                            Performance    Distribution           Other           Taxe
        Shares / Classes   Management Fee                              (4)             (5)                (6)   Entry   Conversion    Exit
                                            Commission    Commission              Fees       d’abonnement


Opportunities World
                                                                                                                               (1)
Classic / Classic USD          1.50%           none            none               0.35%          0.05%           5%       2%         none
                                                                                                                               (1)
I                              0.60%           none            none               0.30%          0.01%           5%       2%         none
N                              1.50%           none           0.75%               0.35%          0.05%          none      2% (1)      5%
                                                                                                                               (1)
Privilege                      0.80%           none            none               0.35%          0.05%           5%       2%         none


Real Estate Securities
Pacific
Classic / Classic USD          1.50%           none            none               0.35%          0.05%           5%       2% (1)     none
I                              0.60%           none            none               0.30%          0.01%           5%       2% (1)     none
N                              1.50%           none           0.75%               0.35%          0.05%          none      2% (1)      5%
Privilege                      0.80%           none            none               0.35%          0.05%           5%       2% (1)     none


Real Estate Securities
World
Classic / Classic USD          1.50%           none            none               0.35%          0.05%           5%       2% (1)     none
I                              0.60%           none            none               0.30%          0.01%           5%       2% (1)     none
N                              1.50%           none           0.75%               0.35%          0.05%          none      2% (1)      5%
Privilege                      0.80%           none            none               0.35%          0.05%           5%       2% (1)     none




Sustainable Equity World

Classic / Classic USD          1.50%           none            none               0.35%          0.05%          5%       2% (1)      none

    I                          0.60%           none            none               0.30%          0.01%          5%       2% (1)      none
    N                          1.50%           none           0.75%               0.35%          0.05%          none     2% (1)      5%
Privilege                      0.80%           none            none               0.35%          0.05%          5%       2% (1)      none
                                                                                       68


                                 Management        Performance       Distribution                   (5)        Taxe
      Shares / Classes                                                           (4)   Other Fees                      (6)   Entry   Conversion          Exit
                                    Fee            Commission       Commission                            d’abonnement

 V350
                                                                                                                                             (1)
                                     0.75%             none              none               0.20%             0.05%           5%        2%               none
  Classic / Classic USD
                                                                                                                                             (1)
 Classic H USD                       0.75%             none              none               0.20%             0.05%           5%        2%               none
                                                                                                                                             (1)
 I                                   0.40%          see below (3)        none               0.10%             0.01%           5%        2%               none
                                                                                                                                             (1)
 IH USD                              0.20%          see below (3)        none               0.10%             0.01%           5%        2%               none
                                                                                                                                             (1)
 N                                   0.75%             None              0.35%              0.20%             0.05%          none       2%               5%
                                                                                                                                             (1)
 Privilege                           0.50%             none              none               0.20%             0.05%           5%        2%               none


  World Commodities
  Classic / Classic EUR /
                                     1.50%             none              none               0.30%             0.05%           5%        2% (1)           none
  Classic SGD
 Classic H EUR                       1.50%             none              none               0.30%             0.05%           5%        2% (1)           none
 I                                   0.60%             none              none               0.30%             0.01%           5%        2% (1)           none
 IH EUR                              0.60%             none              none               0.30%             0.01%           5%        2% (1)           none
 N                                   1.50%             none              0.75%              0.30%             0.05%          none       2% (1)           5%
 Privilege                           0.80%             none              none               0.30%             0.05%           5%        2% (1)           none




Footnotes:-
(1)
          in the event of conversion to a sub fund with a higher front-end load, the difference may be payable

(2)
          Performance Commission for Equity World Minimum Variance:-

          10% of the positive difference between the annual performance of the subfund (i.e. over the accounting year) and the performance of the benchmark index (MSCI
          World). This commission is recognised each time the NAV is calculated using the “high water mark with hurdle rate".
(3)
          Performance Commission for V350 :-

          “I” Class :            15% of the positive difference between the annual performance of the subfund (i.e. over the accounting year) and the performance of the
                                 benchmark index (EONIA). This commission is recognised each time the NAV is calculated using the “high water mark with hurdle rate".
                                                                                       69
         “IH USD” Class :        15% of the positive difference between the annual performance of the subfund (i.e. over the accounting year) and the performance of the
                                 benchmark index (Merrill Lynch USD Overnight Libid (USD) RI). This commission is recognised each time the NAV is calculated using the
                                 “high water mark with hurdle rate".


Explanatory Notes:-


“High water mark”:- the manager receives performance fees only on increases in the net asset value (NAV) of the fund in excess of the highest previous net asset value.

“High water mark with hurdle rate”:- the performance fee is not charged until the performance exceeds a benchmark rate, or a fixed percentage. The fee is paid only when
the performance exceeds the high water mark and the hurdle rate. When the performance decreases under those limits, no performance fee is charged.


System for Calculating Performance Fees:
Performance fees are calculated and charged on an annual basis at the end of the (annual) performance fee period – usually at the end of the calendar year. The calculations
take into account the fund’s outperformance during the year (i.e. the performance of the fund’s NAV per share (before provision) compared to the performance of the hurdle
rate), performance fee percentage for the fund, and the fund’s total NAV at the end of the period.
During the year, performance fee provisions are calculated referencing on two amounts on a monthly basis: (1) the actual total NAV of the fund (expressed in the
denomination currency), and (2) a fictive total NAV of the fund based on the performance of the hurdle rate applied to the actually subscribed amounts (expressed in
denomination currency). At the beginning of the performance fee period, the fictive total NAV is set to equal the actual total NAV. Each following month, the fictive total NAV is
calculated separately, taking into account the previous month’s fictive total NAV (after subscriptions/redemptions) and the relative performance of the hurdle rate for the
current month, adjusted for subscriptions and redemptions for the current month. In case of redemptions, the fictive total NAV is decreased proportionately according to the
percentage of redeemed shares compared to the number of outstanding shares before subscriptions/ redemptions (i.e. the previous month’s number of shares after
subscriptions/ redemptions).
For instance, if the fictive NAV before redemptions of a fund is 150,000 EUR and 200 of the 500 outstanding shares are redeemed, the fictive total NAV after redemptions is
90,000 EUR. In case of subscriptions, the fictive total NAV is increased by the subscribed amount (expressed in the denominated currency). For instance, if at the same
month there are subscriptions for 20 shares in the fund from the above example at an NAV of 325 EUR per share, the fictive total NAV will increase from 90,000 EUR (before
subscriptions) to 96,500 EUR (after subscriptions). This way, potential performance fees for the subscribed amount will only be calculated based on the performance from the
month of subscription onwards.
In case there is a positive difference between the fund’s actual total NAV (before provision) and its fictive total NAV (before subscriptions/ redemptions), i.e. the fund has
outperformed its hurdle rate, a provision for performance fees is calculated by multiplying the difference with the fund’s performance fee percentage. This provision is then
                                               (a)
utilised in calculating the fund’s monthly NAV . For instance, if a fund’s total NAV (before provision) is 210,000 EUR and the fictive total NAV (before subscriptions/
redemptions) is 200,000 EUR, the provision for performance fees is 1,000 EUR assuming a performance fee percentage for the fund manager of 10%. If the number of
outstanding shares is 1,000, NAV per share (after provision) is 209 EUR.
Should there be a redemption while there is a provision for performance fees (i.e. the fund has outperformed its hurdle rate since the beginning of the current performance fee
period), a proportional share of the provision for performance fees is reserved and set aside. For instance, if the provision is 1,000 EUR and 30% of shares are redeemed, the
                                (b)
reserved provision is 300 EUR . This reserved provision equals the performance fee for the redeemed shares from the beginning of the current performance fee period until
redemption month.
                                                                                       70
When dividends are paid, the actual total NAV of the fund is reduced by the total amount of gross dividends paid to shareholders. As a result, the fictive total NAV has to be
adjusted accordingly. The total amount of gross dividends paid to shareholders has to be subtracted from the fictive total NAV, so that the difference between actual total NAV
and fictive total NAV remains unchanged by the dividend payment (the provision for performance fees and the reserved provision thus remain unchanged, too).
                                                                                                                                                        (c)
At the end of the current performance fee period, the provision for performance fees and the reserved provision are paid to the fund manager . Subsequently, a new
performance fee period starts, and both the provision for performance fees and the reserved provision have to be set to zero again. Moreover, in case the fund does not
apply a high watermark, the fictive total NAV has to be re-set to equal the actual total NAV of the fund (after paying performance fees). In case the fund does apply a high
watermark, the fictive total NAV has to be re-set to equal the actual total NAV of the fund (after paying performance fees) only if the provision for performance fees has been
positive at the end of the performance fee period. If the provision for performance fees has been zero at the end of the period, the fictive total NAV remains unchanged.
Therefore, a new (i.e. increased) high watermark level is defined only in case of outperformance, while underperformance needs to be compensated first before performance
fees can be charged again.

(a)      Proportional according to the percentage of redeemed shares compared to the number of outstanding shares for the current month before subscriptions/
         redemptions (i.e. the previous month’s number of shares after subscriptions/ redemptions).

(b)      Please note, the difference between the actual total NAV and the fictive total NAV in the example, i.e. the provision for performance fees, will automatically be
         reduced from 1,000 EUR to 700 EUR as a result of the redemption.

(c)      The reserved provision should actually be returned to the investors who left during the performance fee period since they paid these fees for intra-period
         outperformance (and the contract is based on performance during the entire period only). However, as this is impossible, and the investors enjoyed outperformance,
         the reserved provisions are paid to the fund manager.


Formulas:

(where “S/R” means subscriptions/redemptions)


Total NAV before provision (and before S/R) = total NAV after provision (and before S/R) + provision for performance fees (before S/R)
Number of shares before S/R = number of shares after S/R of the previous month
Fictive total NAV before S/R = fictive total NAV after S/R of the previous month * this month’s hurdle rate value/ previous month’s hurdle rate value
Fictive total NAV after S/R = [fictive total NAV before S/R * (1 – number of this month’s redeemed shares/ number of this month’s shares before S/R)] + number of this
month’s subscribed shares * NAV per share after provision and before S/R
NAV per share after provision and before S/R = total NAV after provision and before S/R / number of shares before S/R
Total NAV after provision and before S/R = total NAV before provision (and before S/R) – provision for performance fees (before S/R)
Provision for performance fees (before S/R) = maximum (0; performance fee percentage * (total NAV before provision (and before S/R) – fictive total NAV before S/R)
Reserved provision = provision for performance fees * number of this month’s redeemed shares / number of this month’s shares before S/R
                                                                                71

(4)
      “Distribution Commission” means commission calculated and deducted monthly from the average net asets of a subfund or class of shares, paid to the Management
      Company and serving to cover remuneration of the distributors, supplemental to the share of the management fee that the Management Company receives.
(5)
      “Other Fees” means the commission calculated to cover general asset deposit expenses (remuneration of the depositary bank) and daily administration expenses
      (calculation of NAV, record keeping, domicile, etc.).
(6)
      “taxe d’abonnement” means the annual subscription fee payable based on the NAV in accordance with Luxembourg law.
                                                72


APPENDIX II


PERFORMANCE OF THE SUBFUNDS


The performance of the subfunds as at 31 May 2011 is shown in the following tables.



                                 BNPP L1 SUBFUNDS
                                                                                           Since
                                                         3 years    5 years   10 years
                                                                                         inception
                                              1 year
                                                           Average annual compounded return

   Bond Asia ex-Japan                        10.04%      6.23%      6.29%      7.58%      7.72%



   Bond Best Selection World Emerging        16.43%     -0.11%      1.39%     10.56%     12.34%



   Bond Europe Emerging                      2.15%       3.70%      3.39%      5.50%      5.88%



   Bond Europe Plus                          1.86%       4.28%      1.85%      2.56%      6.73%



   Bond USD                                  6.47%       6.77%      6.26%      5.04%      5.14%



   Bond World                                -2.85%      9.23%      3.52%      1.32%      3.08%



   Bond World Emerging                       16.32%      7.10%      7.29%      9.26%      8.53%



   Bond World Emerging Corporate              N.A.        N.A.       N.A.       N.A.      5.41%



   Bond World Emerging Local                 24.30%      9.27%     11.85%       N.A.     10.90%



   Bond World High Yield                     13.88%      5.60%      4.64%      5.10%      4.72%
                                        73



                               BNPP L1 SUBFUNDS
                                                                                Since
                                               3 years   5 years   10 years
                                                                              inception
                                      1 year
                                                 Average annual compounded return

Convertible Bond Asia                 8.32%    -2.83%    1.87%      N.A.       1.97%



Convertible Bond World                12.26%   0.84%     2.19%%     N.A.       4.06%



Dynamic World                          N.A.     N.A.      N.A.      N.A.      -1.37%



Equity Asia Emerging                  29.17%    N.A.      N.A.      N.A.      36.03%



Equity Best Selection Asia ex-Japan   13.76%   4.57%     6.69%     4.50%       4.35%



Equity Best Selection Europe          21.06%   0.66%     1.01%      N.A.       5.37%



Equity Best Selection USA             27.26%   -1.31%    2.71%     0.08%       1.24%



Equity China                          17.22%   -3.06%    7.87%     8.69%       0.91%



Equity Europe                         19.68%   -3.43%    -1.34%    -1.79%      5.21%



Equity Europe Emerging                9.87%    -8.56%    1.00%     11.90%     13.75%



Equity Europe Finance                 7.52%    -12.21%   -10.38%   -5.24%     -5.51%



Equity Europe Growth                  22.79%   1.56%     2.06%     -1.20%      8.28%



Equity Germany                        21.85%   -0.83%    1.35%     -1.08%      7.82%
                                       74



                               BNPP L1 SUBFUNDS
                                                                               Since
                                              3 years   5 years   10 years
                                                                             inception
                                     1 year
                                                Average annual compounded return

Equity High Dividend Pacific         9.45%    5.55%     6.04%      N.A.       5.78%



Equity High Dividend USA             22.68%    N.A.      N.A.      N.A.      17.90%



Equity High Dividend World           15.78%   -4.20%    -2.49%     N.A.       0.68%



Equity India                         10.92%   1.33%     12.01%     N.A.      13.93%



Equity Indonesia                     38.57%   16.46%     N.A.      N.A.      22.05%



Equity Japan Small Cap               -9.48%   -12.94%    N.A.      N.A.      -14.09%



Equity Middle East                    N.A.     N.A.      N.A.      N.A.        N.A.



Equity Russia                        12.79%   -5.01%     N.A.      N.A.       2.24%



Equity Turkey                        -1.13%   5.56%     7.15%      N.A.      13.47%



Equity USA Growth                    27.61%   4.59%     7.81%     3.19%       7.14%



Equity World Consumer Durables       16.64%   7.99%     1.67%     -3.85%     -2.07%



Equity World Consumer Goods          9.59%    5.96%     4.81%     1.80%       3.41%



Equity World Emerging                30.48%   -6.49%    6.72%     12.75%      6.17%
                                                75



                                        BNPP L1 SUBFUNDS
                                                                                        Since
                                                       3 years   5 years   10 years
                                                                                      inception
                                              1 year
                                                         Average annual compounded return

Equity World Energy                           16.49%   -9.42%    4.59%     5.51%       6.85%



Equity World Finance                          0.87%    -13.99%   -12.58%   -6.55%     -0.64%



Equity World Health Care                      9.42%    5.81%     0.16%     -4.29%      3.54%



Equity World Industrials                      11.82%   -2.67%    -1.09%     N.A.       2.28%



Equity World Materials                        20.01%   -9.78%    2.69%      N.A.       8.68%



Equity World Minimum Variance (formerly       10.99%   -4.64%    -1.39%    -3.87%     -0.14%
known as Equity Best Selection World)




Equity World Technology                       2.00%    1.41%     1.38%     -6.46%      1.62%



Equity World Telecom                          18.07%   2.36%     4.91%     -2.78%      3.68%



Equity World Utilities                        -3.77%   -11.97%   -1.92%    -2.77%      0.04%



Green Future                                  3.02%    -13.03%   -6.13%     N.A.      -7.29%



Green Tigers                                  -3.27%    N.A.      N.A.      N.A.      12.95%



OBAM Equity World                             8.30%    -13.24%   -2.27%     N.A.       3.09%



Opportunities USA                             20.77%   0.23%     7.13%      N.A.       8.99%
                                                   76



                                      BNPP L1 SUBFUNDS
                                                                                               Since
                                                            3 years    5 years    10 years
                                                                                             inception
                                                 1 year
                                                              Average annual compounded return



     Opportunities World                        9.69%       3.18%      1.47%       0.07%       0.18%



     Real Estate Securities Pacific             8.21%      -1.96%       N.A.        N.A.      -6.91%



     Real Estate Securities World               12.71%     -2.42%       N.A.        N.A.      -3.13%



     Sustainable Equity World                   2.15%        N.A.       N.A.        N.A.      15.30%



     V350                                       2.69%        N.A.       N.A.        N.A.       1.83%



     World Commodities                          35.57%     -10.41%     -0.27%       N.A.       1.84%




Notes:

1.       Past performance of a subfund is not necessarily indicative of its future performance.

2.       Basis of calculation: Single pricing basis taking into account the initial sales charge with net
         dividend reinvested and no redemption charge (there is currently no imposition of a
         redemption charge).

3.       For new subfunds where no performance figures are available for the relevant period, the
         term “N.A.” has been inserted.
                                                 77




EXPENSE RATIOS AND TURNOVER RATIOS


The expense ratio and turnover ratio of each subfund as at 31 May 2011 is as follows:




             BNPP L1 SUBFUNDS                            Expense Ratio          Turnover Ratio



                                                         Classic: 1.63%
   Bond Asia ex-Japan                                                               19.88%
                                                            I: 0.74%


                                                          Classic: 1.69%
                                                      Classic H EUR: 1.69%
   Bond Best Selection World Emerging                        I: 0.73%               13.14%
                                                         IH EUR: 0.72%
                                                             N: 2.88%

                                                         Classic : 1.80%
   Bond Europe Emerging                                     I: 0.74%                    3.15%
                                                            N: 2.35%


                                                         Classic: 1.04%
   Bond Europe Plus                                         I: 0.44%                    1.72%
                                                            N: 1.60%


                                                         Classic: 1.04%
   Bond USD                                                                             7.49%
                                                            I: 0.43%


                                                         Classic: 1.04%
   Bond World                                                                           7.89%
                                                            I: 0.44%


                                                         Classic: 1.79%
   Bond World Emerging                                      I: 0.73%                    4.73%
                                                         IH EUR: 0.74%


   Bond World Emerging Corporate                         Classic : 1.86%                7.12%


                                                         Classic: 1.81%
   Bond World Emerging Local                                                            7.55%
                                                            I: 0.73%


                                                         Classic: 1.47%
   Bond World High Yield                              Classic H USD: 1.46%
                                                                                    10.90%
                                                             I: 0.74%
                                                             N: 2.03%
                                      78




          BNPP L1 SUBFUNDS                 Expense Ratio     Turnover Ratio



                                           Classic: 1.54%
Convertible Bond Asia
                                              I: 0.80%           2.29%
                                              N: 2.15%


                                           Classic: 1.54%
Convertible Bond World
                                              I: 0.80%           5.79%
                                              N: 2.15%




Dynamic World                              Classic : 1.64%      25.29%




                                           Classic: 2.09%
Equity Asia Emerging                          I: 1.06%          24.37%
                                              N: 2.79%


                                           Classic: 1.86%
Equity Best Selection Asia ex-Japan                              0.00%
                                              I: 1.03%


                                           Classic: 1.85%
Equity Best Selection Europe                                     2.07%
                                              I: 0.84%


                                           Classic: 1.85%
Equity Best Selection USA                                        5.93%
                                              I: 0.83%


                                           Classic: 2.12%
Equity China                                  I: 1.02%           1.82%
                                              N: 2.78%


                                           Classic: 1.81%
Equity Europe                                 I: 0.63%           2.91%
                                             N: 2.49%


                                           Classic: 2.12%
Equity Europe Emerging                        I: 1.03%           1.29%
                                              N: 2.79%

                                           Classic: 1.85%
Equity Europe Finance                                            1.29%
                                              I: 0.83%
                               79




          BNPP L1 SUBFUNDS             Expense Ratio       Turnover Ratio



                                       Classic: 1.79%
Equity Europe Growth                      I: 0.82%             2.66%
                                          N: 2.51%


                                       Classic: 1.77%
Equity Germany                                                 0.00%
                                          N: 2.51%


                                       Classic: 1.80%
Equity High Dividend Pacific                                   0.69%
                                          I: 1.04%


                                       Classic: 1.82%
                                    Classic H EUR: 1.90%
Equity High Dividend USA                                       0.83%
                                           I: 0.94%
                                           N: 2.54%


                                        Classic: 1.81%
Equity High Dividend World          Classic H USD: 1.78%       2.58%
                                            I: N.A.


                                       Classic: 2.09%
Equity India                              I: 1.03%             3.89%
                                          N: 2.79%


                                       Classic: 2.12%
Equity Indonesia                                               4.61%
                                          I: 1.02%


                                     Classic Dis: 2.14%
Equity Japan Small Cap
                                     Classic Cap: 2.12%        0.00%
                                          I: 0.99%


Equity Middle East                          N.A.                N.A.


                                       Classic: 2.06%
Equity Russia                             I: 1.00%             1.82%
                                          N: 2.78%


                                       Classic: 2.12%
Equity Turkey                             I: 1.02%             8.78%
                                          N: 2.86%
                                 80




          BNPP L1 SUBFUNDS            Expense Ratio    Turnover Ratio



                                      Classic: 1.82%
Equity USA Growth
                                         I: 0.84%          9.26%
                                         N: 2.55%


Equity World Consumer Durables        Classic: 1.80%
                                                          32.87%
                                         I: 0.86%


                                      Classic: 1.81%
Equity World Consumer Goods                                1.31%
                                         I: 0.77%


                                      Classic: 2.13%
Equity World Emerging                    I: 1.02%          1.26%
                                         N: 2.79%


                                      Classic: 1.80%
Equity World Energy
                                         I: 0.84%          4.47%
                                         N: 2.51%


Equity World Finance                  Classic: 1.81%
                                                           1.09%
                                         I: 0.79%


                                      Classic: 1.84%
Equity World Health Care
                                         I: 0.79%          2.45%
                                         N: 2.50%


Equity World Industrials              Classic: 1.76%       3.19%


Equity World Materials                Classic: 1.81%       0.00%


                                      Classic: 1.85%
Equity World Minimum Variance            I: 0.79%          4.06%
                                         N: 2.50%


                                      Classic: 1.84%
Equity World Technology                  I: 0.82%          1.79%
                                         N: 2.51%


Equity World Telecom                  Classic: 1.86%       0.00%
                                 81




           BNPP L1 SUBFUNDS              Expense Ratio       Turnover Ratio



Equity World Utilities                   Classic: 1.76%
                                                                 7.71%
                                            I: 0.81%


                                         Classic: 1.97%
Green Future                                I: 0.85%             0.00%
                                            N: 2.64%


                                         Classic: 1.87%
Green Tigers                                                     6.64%
                                            I: 1.00%


                                         Classic: 1.85%
OBAM Equity World                           I: 0.82%             1.81%
                                            N: 2.51%


                                         Classic: 1.81%
                                      Classic H EUR:1.77%
Opportunities USA                            I: 0.82%            3.68%
                                         IH EUR: 0.81%
                                            N: 2.52%


                                         Classic: 1.85%
Opportunities World                         I: 0.85%             2.13%
                                            N: 2.62%


                                         Classic: 1.88%
Real Estate Securities Pacific                                   0.00%
                                            I: 0.83%


                                         Classic: 1.81%
Real Estate Securities World                                     6.66%
                                            I: 0.83%


Sustainable Equity World                 Classic: 1.98%
                                                                 8.45%
                                            I: 0.84%


                                         Classic: 0.97%
                                      Classic H USD: 1.00%
V350                                                             3.17%
                                             I: 0.79%
                                             N: 1.28%


                                         Classic: 1.86%
World Commodities
                                            I: 0.83%             0.00%
                                         IH EUR: 0.83%
                                                  82


Notes:

1.       The expense ratio of the subfunds is calculated in accordance with the Investment
         Management Association of Singapore’s guidelines on the disclosure of expense ratios and
         based on figures in the subfunds’ latest audited accounts.

2.       The following expenses are excluded from the calculation of the expense ratio:

         (a)    brokerage and other transaction costs;
         (b)    performance fees;
         (c)    foreign exchange gains and losses;
         (d)    front or back-end loads arising from the purchase or sale of other funds;
         (e)    tax deducted at source or arising from income received.

3.       The turnover ratio of the subfunds is calculated based on the lesser of purchases or sales
         expressed as a percentage over average net asset value i.e. average daily net asset value.

4.       For new subfunds or certain classes of subfunds (e.g. Classic SGD for Bond Best Selection
         World Emerging, Equity Asia Emerging, Equity World Consumer Durables, Equity World
         Emerging, Obam Equity World and World Commodities; or Privilege for all subfunds) which
         have not been launched or have been lauched for less than one year, no turnover ratio or
         expense ratio is available for the relevant period.
AMENDED   ON 11TH JULY 2011
               84




SCHEDULE – LUXEMBOURG PROSPECTUS
VISA 2011/73399-51-0-PC
L'apposition du visa ne peut en aucun cas servir
d'argument de publicité
Luxembourg, le 06/04/2011
Commission de Surveillance du Secteur Financier




                                                   BNP PARIBAS L1
                                                       en abrégé BNPP L1
                                                   Société d'investissement à capital variable
                                                            de droit luxembourgeois
                                                                   ______


                                                              Prospectus




                                                         AVRIL 2011
INFORMATION REQUESTS
BNP Paribas L1
33 Rue de Gasperich
L–5826 Howald-Hesperange
NOTICE
This Prospectus may not be used for the purpose of an offer or entreaty to sell in any country or any circumstance in which such an
offer or entreaty is not authorised.
The Company is approved as an Undertaking for Collective Investment in Transferable Securities (UCITS) [Organisme de Placement
Collectif en Valeurs Mobilières (OPCVM)] in Luxembourg. It is specifically authorised to market its products in Luxembourg, Austria,
Belgium, Cyprus, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, Italy, Liechtenstein, Macao,
the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, Singapore, Slovakia, Taiwan and the United Kingdom. Not all
the subfunds, classes and sub-classes of shares are necessarily registered in these countries. It is vital that before subscribing,
potential investors ensure that they are informed about the subfunds, classes or sub-classes of shares that are authorised to be
marketed in their country of residence and the constraints applicable in each of these countries.
In particular, the Company‟s shares have not been registered in accordance with any legal or regulatory provisions in the United States
of America. Consequently, this document may not be introduced, transmitted or distributed in that country, or its territories or
possessions, or sent to its residents, nationals, or any other companies, associations or entities incorporated in or governed by the laws
of that country. Furthermore, the Company‟s shares may not be offered or sold to such persons.
In addition, no one may issue any information other than that presented in the Prospectus or the documents mentioned in it, which may
be consulted by the public. The Company‟s Board of Directors vouches for the accuracy of the information contained in the Prospectus
on the date of publication.
Lastly, the Prospectus may be updated to take account of additional or closed subfunds or any significant changes to the Company‟s
structure and operating methods. Therefore, subscribers are recommended to request any potentially more recent documents as
mentioned below under “Information for Shareholders”. Subscribers are also recommended to seek advice on the laws and regulations
(such as those relating to taxation and exchange control) applicable to the subscription, purchase, holding and redemption of shares in
their country of origin, residence or domicile.
The Prospectus is only valid if accompanied by the latest audited annual report as well as the latest interim report if the latter is more
recent than the annual report.
If there is any inconsistency or ambiguity regarding the meaning of a word or sentence in any translation of the Prospectus, the French
version shall prevail.




BNP Paribas L1 (Abbreviated as BNPP L1) - Full Prospectus - Part I - Version of APRIL 2011                                         2 / 586
                                                                                 CONTENTS


PART I OF THE PROSPECTUS
Contents .............................................................................................................................................................3
General Information ............................................................................................................................................6
Terminology ........................................................................................................................................................9
General Provisions ...........................................................................................................................................11
Administration and Management ......................................................................................................................12
Investment Policy, Objectives, Restrictions and Techniques ...........................................................................14
The Shares .......................................................................................................................................................15
Tax Provisions ..................................................................................................................................................20
General Meetings and Information for Shareholders .......................................................................................21
Appendix 1 – Investment restrictions ...............................................................................................................22
Appendix 2 – Techniques and financial instruments ........................................................................................25
Appendix 3 – Investment Risks ........................................................................................................................28
Appendix 4 – Co-management .........................................................................................................................30
Appendix 5 – Conversion Formula ...................................................................................................................31
Appendix 6 – Suspension of the Calculation of Net Asset Value and the Issue,
Conversion and Redemption of Shares ...........................................................................................................32
Appendix 7 – Composition of Assets and Valuation Rules ..............................................................................33
Appendix 8 – Liquidation, Merger and Absorption Procedures ........................................................................35
Appendix 9 – List of Sophisticated Subfunds ...................................................................................................36


PART II OF THE PROSPECTUS
Absolute Return Balanced ................................................................................................................................................ 38
Absolute Return Growth .................................................................................................................................................... 42
Absolute Return Stability ................................................................................................................................................... 46
Active Click Euro ............................................................................................................................................................... 50
Bond Asia ex-Japan .......................................................................................................................................................... 54
Bond Best Selection World Emerging ............................................................................................................................... 58
Bond Currencies World ..................................................................................................................................................... 63
Bond Euro High Yield ........................................................................................................................................................ 67
Bond Euro Long Term ....................................................................................................................................................... 71
Bond Euro Premium .......................................................................................................................................................... 75
Bond Europe Emerging ..................................................................................................................................................... 79
Bond Europe Plus ............................................................................................................................................................. 83
Bond USD ......................................................................................................................................................................... 87
Bond World ....................................................................................................................................................................... 91
Bond World Emerging ....................................................................................................................................................... 95
Bond World Emerging Corporate .................................................................................................................................... 100
Bond World Emerging Local ........................................................................................................................................... 104
Bond World High Yield .................................................................................................................................................... 110
Convertible Bond Asia..................................................................................................................................................... 115
Convertible Bond Best Selection Europe ........................................................................................................................ 120
Convertible Bond Euro Zone ........................................................................................................................................... 124
Convertible Bond World .................................................................................................................................................. 128
Diversified Active Click Balanced .................................................................................................................................... 134
Diversified Active Click Stability ...................................................................................................................................... 138
Diversified World Balanced ............................................................................................................................................. 142
Diversified World Conservative ....................................................................................................................................... 146
Diversified World Growth ................................................................................................................................................ 150
Diversified World High Growth ........................................................................................................................................ 154
Diversified World Stability ............................................................................................................................................... 158
Dynamic World ................................................................................................................................................................ 162
Equity Asia Emerging ...................................................................................................................................................... 166
Equity Best Selection Asia ex-Japan............................................................................................................................... 170
Equity Best Selection Euro .............................................................................................................................................. 175
Equity Best Selection Europe .......................................................................................................................................... 179
Equity Best Selection Europe ex-UK ............................................................................................................................... 183
Equity Best Selection USA .............................................................................................................................................. 187
Equity China .................................................................................................................................................................... 191
Equity Euro ..................................................................................................................................................................... 195
Equity Europe.................................................................................................................................................................. 199



BNP Paribas L1 (Abbreviated as BNPP L1) - Full Prospectus - Part I - Version of APRIL 2011                                                                                  3 / 586
Equity Europe Consumer Durables ................................................................................................................................. 203
Equity Europe Consumer Goods..................................................................................................................................... 207
Equity Europe Emerging ................................................................................................................................................. 211
Equity Europe Energy ..................................................................................................................................................... 215
Equity Europe Finance .................................................................................................................................................... 219
Equity Europe Growth ..................................................................................................................................................... 223
Equity Europe Health Care ............................................................................................................................................. 227
Equity Europe Industrials ................................................................................................................................................ 231
Equity Europe Materials .................................................................................................................................................. 235
Equity Europe Minimum Variance ................................................................................................................................... 239
Equity Europe Technology .............................................................................................................................................. 243
Equity Europe Telecom ................................................................................................................................................... 247
Equity Europe Utilities ..................................................................................................................................................... 251
Equity Germany .............................................................................................................................................................. 255
Equity High Dividend Pacific ........................................................................................................................................... 259
Equity High Dividend USA .............................................................................................................................................. 263
Equity High Dividend World ............................................................................................................................................ 267
Equity India ..................................................................................................................................................................... 271
Equity Indonesia.............................................................................................................................................................. 275
Equity Japan Small Cap .................................................................................................................................................. 279
Equity Middle East .......................................................................................................................................................... 283
Equity Netherlands .......................................................................................................................................................... 287
Equity Pacific ex-Japan ................................................................................................................................................... 291
Equity Russia .................................................................................................................................................................. 295
Equity Turkey .................................................................................................................................................................. 300
Equity USA ...................................................................................................................................................................... 304
Equity USA Growth ......................................................................................................................................................... 308
Equity USA Small Cap .................................................................................................................................................... 312
Equity World .................................................................................................................................................................... 316
Equity World Biotechnology ............................................................................................................................................ 320
Equity World Consumer Durables ................................................................................................................................... 324
Equity World Consumer Goods ....................................................................................................................................... 328
Equity World Emerging ................................................................................................................................................... 332
Equity World Energy ....................................................................................................................................................... 336
Equity World Finance ...................................................................................................................................................... 340
Equity World Health Care ................................................................................................................................................ 344
Equity World Industrials .................................................................................................................................................. 348
Equity World Materials .................................................................................................................................................... 352
Equity World Minimum Variance ..................................................................................................................................... 356
Equity World Technology ................................................................................................................................................ 360
Equity World Telecom ..................................................................................................................................................... 364
Equity World Utilities ....................................................................................................................................................... 368
Flexible Active 20 ............................................................................................................................................................ 372
Flexible Expertise Patrimoine .......................................................................................................................................... 376
Green Future ................................................................................................................................................................... 380
Green Tigers ................................................................................................................................................................... 384
Lifecycle 2015 ................................................................................................................................................................. 388
Lifecycle 2018 ................................................................................................................................................................. 391
Lifecycle 2020 ................................................................................................................................................................. 394
Lifecycle 2022 ................................................................................................................................................................. 397
Lifecycle 2025 ................................................................................................................................................................. 400
Lifecycle 2028 ................................................................................................................................................................. 403
Lifecycle 2030 ................................................................................................................................................................. 406
Lifecycle 2032 ................................................................................................................................................................. 409
Lifecycle 2035 ................................................................................................................................................................. 412
Lifecycle 2038 ................................................................................................................................................................. 415
Lifecycle 2040 ................................................................................................................................................................. 418
Model 1 ........................................................................................................................................................................... 421
Model 2 ........................................................................................................................................................................... 424
Model 3 ........................................................................................................................................................................... 427
Model 4 ........................................................................................................................................................................... 430
Model 5 ........................................................................................................................................................................... 433
Model 6 ........................................................................................................................................................................... 436
OBAM Equity World ........................................................................................................................................................ 439
Opportunities Euro Plus .................................................................................................................................................. 444
Opportunities USA .......................................................................................................................................................... 448
Opportunities World ........................................................................................................................................................ 453
Real Estate Securities Europe ........................................................................................................................................ 457
Real Estate Securities Pacific ......................................................................................................................................... 461
Real Estate Securities USA ............................................................................................................................................ 465



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Real Estate Securities World .......................................................................................................................................... 469
Safe Balanced W1 .......................................................................................................................................................... 473
Safe Balanced W4 .......................................................................................................................................................... 477
Safe Balanced W7 .......................................................................................................................................................... 481
Safe Balanced W10 ........................................................................................................................................................ 485
Safe Conservative W1 .................................................................................................................................................... 489
Safe Conservative W4 .................................................................................................................................................... 493
Safe Conservative W7 .................................................................................................................................................... 497
Safe Conservative W10 .................................................................................................................................................. 501
Safe Growth W1 .............................................................................................................................................................. 505
Safe Growth W4 .............................................................................................................................................................. 509
Safe Growth W7 .............................................................................................................................................................. 513
Safe Growth W10 ............................................................................................................................................................ 517
Safe High Growth W1 ..................................................................................................................................................... 521
Safe High Growth W4 ..................................................................................................................................................... 525
Safe High Growth W7 ..................................................................................................................................................... 529
Safe High Growth W10 ................................................................................................................................................... 533
Safe Stability W1 ............................................................................................................................................................. 537
Safe Stability W4 ............................................................................................................................................................. 541
Safe Stability W7 ............................................................................................................................................................. 545
Safe Stability W10 ........................................................................................................................................................... 549
Sustainable Bond Euro ................................................................................................................................................... 553
Sustainable Diversified Europe Balanced ....................................................................................................................... 557
Sustainable Diversified Europe Growth ........................................................................................................................... 561
Sustainable Diversified Europe Stability.......................................................................................................................... 565
Sustainable Equity World ................................................................................................................................................ 569
V350................................................................................................................................................................................ 573
World Commodities ......................................................................................................................................................... 578
World Volatility ................................................................................................................................................................ 583



An individual fact sheet is available for each of these subfunds. The fact sheet specifies each subfund‟s investment policy and objective,
the features of the shares, their currency of expression, valuation day, methods of subscription, redemption and/or conversion,
commissions, and, if applicable, the history and other specific characteristics of the subfund in question. Investors are reminded that,
unless otherwise stated in the fact sheets below, the general regulations stipulated in Part I of the Prospectus will apply to each
subfund.




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                                                    GENERAL INFORMATION
REGISTERED OFFICE
BNP Paribas L1
33 rue de Gasperich
L-5826 Howald-Hesperange
THE COMPANY’S BOARD OF DIRECTORS
Chairman
   Mr. Philippe MARCHESSAUX, Chief Executive Officer, BNP Paribas Investment Partners, Paris
Members
   Mr. Marnix ARICKX, Head of Fund Engineering, BNP Paribas Investment Partners Belgium, Brussels
   Mr. Vincent CAMERLYNCK, International Head of Institutional Sales, BNP Paribas Investment Partners, London
   Mr. Christian DARGNAT, Head of Investments - Multi-Expertise Investments Centres, BNP Paribas Investment Partners, Paris
   Mr. William DE VIJLDER, Head of Investments - Partners & Alternative Investments, BNP Paribas Investment Partners, Brussels
   Mr. Anthony FINAN, Head of Marketing and Communication, BNP Paribas Investment Partners, Paris
   Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris
   Mr. Christian VOLLE, Director, BNP Paribas Investments Partners Luxembourg, Howald-Hesperange, Luxembourg
Managing Director
   Mr. Anthony FINAN, Head of Marketing and Communication, BNP Paribas Investment Partners, Paris
Secretary General (non-member of the Board)
   Mr. Stéphane BRUNET, Managing Director, BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Luxembourg
STRATEGIC COMMITTEE
Chairman
   Mr. Gilles de VAUGRIGNEUSE, Director, BNP Paribas Investment Partners, Paris
Members
   Mrs. Marie-Claire CAPOBIANCO, Head of Wealth Management Networks, BNP Paribas, Paris
   Mr. Hervé CAZADE, Head of Savings and Financial Security – Retail Banking, France, BNP Paribas Assurance, Paris
   Mr. Guy de FROMENT, Senior Advisor, BNP Paribas Investment Partners, Paris
   Mr Vincent LECOMTE, COO, Wealth Management, BNP Paribas, Paris
   Mr Olivier LE GRAND, Chairman and CEO, Cortal Consors, Paris
   Mr Eric MARTIN, Chairman of the Management Board, BGI, BNP Paribas Luxembourg, Luxembourg
   Mr Yves MARTRENCHAR, Head of Distribution, Markets and Solutions - Retail Banking, BNP Paribas, Paris
   Mr Olivier MAUGARNY, Head of Products and Services - Wealth Management, BNP Paribas, Paris
   ASR Nederland N.V., represented by Mr Jack Th. M. JULICHER, Utrecht
   BNP Paribas Fortis S.A., Brussels, represented by Mr Peter VANDEKERCKHOVE, Brussels
   BGL BNP Paribas S.A., represented by Mr Carlo FRIOB, Luxembourg
PROMOTER
BNP PARIBAS S.A.
16, Boulevard des Italiens,
F-75009 Paris
MANAGEMENT COMPANY
BNP Paribas Investment Partners Luxembourg
33, rue de Gasperich
L-5826 Howald-Hesperange
BNP Paribas Investment Partners Luxembourg is a Management Company as defined by Chapter 13 of the Luxembourg law of 20
December 2002 concerning undertakings for collective investment.
The Management Company performs the administration, portfolio management and marketing duties.
The duties of the calculation of net asset values and of the transfer agent and registrar are delegated to:
    BNP Paribas Securities Services, Luxembourg Branch
     33, rue de Gasperich
     L-5826 Howald-Hesperange




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Portfolio management duties are delegated to:
BNP Paribas management entities:
 BNP Paribas Investment Partners Belgium (abbreviated to BNPP IP Belgium)
    Rue du Progrès, 55, B-1210 Brussels, Belgium
    A company incorporated under Belgian law, formed on 30 June 2006 under the name Fortis Investment Management Belgium. A
    subsidiary of BNP Paribas Investment Partners (abbreviated to BNPP IP)
    Also acting through its office:
    BNP Paribas Investment Partners Belgium S.A., German Branch
    Europaallee 12, D-60327 Frankfurt am Main
 Fortis Investment Management USA, Inc. (renamed BNP Paribas Asset Management, Inc. from dd month 2011)
    200 Park Avenue, 45th Floor, New York, NY 10166, USA
    A management company incorporated under US law, formed on 7 August 1979 under the name HARBOR CAPITAL
    MANAGEMENT COMPANY INC. A subsidiary of BNP Paribas Investment Partners Holdings USA, Inc.
 BNP Paribas Investment Partners Netherlands N.V.
    Burgerweeshuispad - Tripolis 200, PO box 71770, NL-1008 DG Amsterdam, The Netherlands
    A management company incorporated under Dutch law, formed on 23 April 1982 under the name of PIERSON CAPITAL
    MANAGEMENT NEDERLAND B.V. A subsidiary of BNPP IP
 Fischer Francis Trees & Watts Singapore Limited
    20 Collyer Quay Tung Center #01-01, Singapore 049319
    A Singapore company, formed on 26 June 1997, under the name of ABN AMRO ASSET MANAGEMENT (SINGAPORE) Ltd. A subsidiary
    of BNPP IP
 BNP Paribas Investment Partners Asia Limited
    30/F Three Exchange Square, 8 Connaught Place, Central Hong-Kong
    A Hong Kong company, formed on 29 October 1991 under the name ABN AMRO ASSET MANAGEMENT (ASIA) Ltd. A subsidiary of
    BNPP IP
 Fischer Francis Trees & Watts UK
    5 Aldermanbury Square, London EC2V 7HR, United Kingdom
    A UK company, formed on 15 May 1970 under the name of ABN AMRO ASSET MANAGEMENT HOLDING Ltd. A subsidiary of BNPP IP
 Fortis Portföy Yönetimi A.Ş
    Büyükdere caddesi No:173, Kat:, 7 34330 Levent Şişli, Istanbul, Turkey
    A Turkish company formed on 15 August 2002. A subsidiary of BNPP IP
 BNP Paribas Asset Management
    1, boulevard Haussmann, F-75009 Paris, France
    A French company, formed on 28 July 1980. A subsidiary of BNPP IP
   BNP Paribas Asset Management Brasil Ltda
    Av. Juscelino Kubitchek 510-11 Andar, 04543-00 Sao Paulo – SP, Brazil
    A Brazilian company, formed on 20 May 1998. A subsidiary of BNPP IP
   BNP Paribas Investment Partners Japan Ltd.
    Gran Tokyo North Tower, 9-1, Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-6739, Japan
    A Japanese company, formed on 9 November 1998. A subsidiary of BNPP IP
   BNP Paribas Investment Partners, SGR S.P.A.
    Via Dante 15, I-20123 Milan, Italy
    An Italian company, formed on 21 November 1983. A subsidiary of BNPP IP
   BNP Paribas Investment Partners Singapore Limited
    20 Collyer Quay Tung Center #01-01, Singapore 049319
    A Singapore company, formed on 22 December 1993. A subsidiary of BNPP IP
   BNP Paribas Investment Partners UK Limited
    5 Aldermanbury Square, London EC2V 7BP, United Kingdom
    A UK company, formed on 27 February 1990. A subsidiary of BNPP IP
   CamGestion
    1, boulevard Haussmann, F-75009 Paris, France
    A French company, formed on 21 October 1994. A subsidiary of BNPP IP
   Fischer Francis Trees & Watts, Inc.
    200 Park Avenue, New York, NY 10166, USA
    An American company, formed on 24 August 1972. A subsidiary of BNPP IP
   FundQuest
    1, boulevard Haussmann, F-75009 Paris, France
    A French company, formed on 21 October 1994. A subsidiary of BNPP IP
   FundQuest UK Limited
    5, Aldermanbury Square, London EC2V 7BP, United Kingdom
    A UK company, formed on 21 September 1995. A subsidiary of FundQuest (Holdings)
   Overlay Asset Management
    1, boulevard Haussmann, F-75009 Paris, France
    A French company, formed on 13 March 2001. A subsidiary of BNPP IP.




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Non-group management entities
 Impax Asset Management Limited
   Mezzanine Floor, Pegasus House, 37-43 Sackville Street, London W1S 3DG, United Kindom
   A UK company, formed on 10 June 1998. A subsidiary of Impax Group plc, portfolio management and financial advisory company
   Manager of the “Green Future” subfund
 Neuflize OBC Investissements (NOI)
   3 Avenue Hoche, F-75008 Paris
   A French company, approved by the AMF on 20 September 1999 under the name Asset Allocation Advisors. Renamed Neuflize
   OBC Investissements and later absorbed by Neuflize OBC Asset Management (NOAM) S.A on 1 April 2010. A subsidiary of
   Banque Neuflize OBC
   Manager of the “Convertible Bond Best Selection Europe” subfund
 Neuflize Private Assets (NPA) S.A.
   3 Avenue Hoche, F-75008 Paris
   A French company, approved by the AMF on 15 February 2000, named Fontenay Gestion until 31 March 2010. A subsidiary of
   Banque Neuflize OBC
   Manager of the “Opportunities USA“ subfund
 River Road Asset Management, LLC
   462 South Fourth Street, Suite 1600 Louisville, Kentucky 40202-3466
   An American company (Delaware), formed on 10 March 2005. Under the control of the SEC.
   Manager of assets invested in “North America High Dividend Equities”
Advice is also sought from the following advisors:
 FundQuest
   1, boulevard Haussmann, F-75009 Paris, France
   A French company, formed on 21 October 1994. A subsidiary of BNP Paribas
   Advisor on the selection of non-group portfolio managers
 TKB BNP Paribas Investment Partners ISC
   Marata Street, d.69-71 liter A, 191119, St. Petersburg, Russian Federation
   A joint-stock company under Russian law, formed on 18 November 2002. A 50% subsidiary of BNPP IP BE Holding
   Investment advisor for the “Equity Russia” subfund
CUSTODIAN BANK/PAYING AGENT
BNP Paribas Securities Services, Luxembourg Branch
33 Rue de Gasperich
L-5826 Howald-Hesperange
STATUTORY AUDITOR
PricewaterhouseCoopers S.àr.l.
400 Route d‟Esch
B.P. 1443
L-1014 Luxembourg
AMENDMENTS TO THE ARTICLES OF ASSOCIATION
The Company was formed on 29 November 1989 and a notice was published in the Mémorial, Recueil Spécial des Sociétés et
Associations (the “Mémorial”).
The Articles of Association have been modified at various times, most recently via the Extraordinary General Meeting held on 14 May
2010, with publication in the “Mémorial” on 7 July 2010.

The latest version of the Articles of Association has been filed with the Registrar of the District Court of Luxembourg, where any
interested party may consult it and obtain a copy.




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                                                              TERMINOLOGY
For purposes of this document, the following terms shall have the following meanings:
Abbreviated Form:                  BNPP L1.
Active Trading:                    Subscription, conversion or redemption in the same subfund over a short period of time and
                                   involving substantial amounts, with a view, among others, to making a quick profit. This activity is
                                   prejudicial to other shareholders as it affects the subfund‟s performance and disrupts management
                                   of the assets.
Calculation Day:                   Bank business day in Luxembourg following the Valuation Day.
CBFA:                              Commission Bancaire, Financière et des Assurances [Belgian Banking, Financial and Insurance
                                   Commission], the regulatory authority for UCI in Belgium.
CDS:                               Credit Default Swap.
CFD:                               Contract for Difference.
Circular 07/308:                   Circular issued by the CSSF on 2 August 2007 concerning the lines of conduct to be adopted by
                                   UCITS relative to the employment of a financial risk management method, as well as the utilisation
                                   of derivatives. This document is available on the CSSF website (www.cssf.lu).
Circular 08/356:                   Circular issued by the CSSF on 4 June 2008 concerning the rules applicable to undertakings for
                                   collective investment when they utilise certain techniques and instruments based on transferable
                                   securities and money market instruments. This document is available on the CSSF website
                                   (www.cssf.lu).
Company Name:                      BNP Paribas L1, abbreviated as BNPP L1.
CSSF:                              Commission de Surveillance du Secteur Financier [Luxembourg's Financial Sector Oversight
                                   Commission], the regulatory authority for UCI in the Grand Duchy of Luxembourg.
Currencies:
                                   CHF:       franc, monetary currency in use in Switzerland.
                                   CZK:       crown, monetary currency in use in the Czech Republic.
                                   EUR:       euro, monetary currency in use in some countries of the European Union.
                                   GBP:       pound sterling, monetary currency in use in the United Kingdom of Great Britain and
                                   Northern Ireland.
                                   HUF:     forint, monetary currency in use in Hungary.
                                   JPY:       yen, monetary currency in use in Japan.
                                   NOK:       crown, monetary currency in use in Norway.
                                   PLN:       zloty, monetary currency in use in Poland.
                                   RMB:       renminbi, monetary currency in use in China.
                                   SEK:       crown, monetary currency in use in Sweden.
                                   SGD:       dollar, monetary currency in use in Singapore.
                                   USD:       dollar, monetary currency in use in the United States of America.
Currency of Expression:            Currency in which the assets of a subfund are stated for accounting purposes.
Currency of Reference:             Currency in which the assets of a class of shares are stated for accounting purposes if it is different
                                   from the currency of expression.
Currency of Valuation:             Currency in which the net inventory values of a subfund or a class of shares are calculated. There
                                   may be several valuation currencies for the same subfund or class of shares.
Directive 78/660:                  European Council Directive 78/660/EEC of 25 July 1978 based on Article 54 §3 (g) of the treaty and
                                   concerning the annual accounts of certain forms of companies, as amended.
Directive 83/349:                  European Council Directive 83/349/EEC of 13 June 1983 based on Article 54 §3 (g) of the treaty
                                   and concerning consolidated accounts, as amended.
Directive 85/611:                  European Council Directive 85/611/EEC of 20 December 1985 regarding the coordination of
                                   legislative, regulatory and administrative provisions concerning undertakings for collective
                                   investment in transferable securities (UCITS), as amended by Directives 2001/107/EC and
                                   2001/108/EC (UCITS III).
Directive 2003/48:                 The directive of 3 June 2003 from the Council of the European Union (EU) on the subject of the
                                   taxation of savings income in the form of interest payments.
Directive 2006/48:                 The directive of 14 June 2006 from the European Parliament and the Council of the European
                                   Union (EU) concerning access to and engaging in the business of credit institutions.
Distribution Commission:           Commission calculated and deducted monthly from the average net assets of a subfund or class of
                                   shares, paid to the Management Company and serving to cover remuneration of the distributors,
                                   supplemental to the share of the management fee that they receive.
EDS:                               Equity Default Swap.




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High Yield:                       These bond investments correspond to the ratings assigned by the rating agencies for borrowers
                                  rated between BB+ and D on the Standard & Poor's or Fitch rating scale and Ba1 and I on the
                                  Moody‟s rating scale. These high-yield bond issues are loans that generally take the form of bonds
                                  with a five-, seven- or 10-year maturity. The bonds are issued by companies with a weak financial
                                  base. The return on the securities, and their level of risk, is significant, making them highly
                                  speculative.
Institutional Investors:          Legal entities specially approved by the Company who hold their own account or hold an account
                                  on behalf of physical persons in connection with a group savings scheme or an equivalent scheme.
                                  Portfolio managers subscribing within the scope of discretionary management mandates are not
                                  included in this category (see “Managers”)
IRS:                              Interest Rate Swap.
Investment Grade:                 These bond investments correspond to the ratings assigned by the rating agencies for borrowers
                                  rated between AAA and BBB- on the Standard & Poor's or Fitch rating scale and Aaa and Baa3 on
                                  the Moody‟s rating scale.
Law:                              Luxembourg law of 20 December 2002 concerning undertakings for collective investment. This Law
                                  transposes Directives 2001/107/EC and 2001/108/EC of 21 January 2002 into Luxembourg law.
Law of 10 August 1915:            Luxembourg law of 10 August 1915 on commercial companies, as amended.
Management Fee:                   Commission calculated and deducted monthly from the average net assets of a subfund or class of
                                  shares, paid to the Management Company and serving to cover remuneration of the asset
                                  managers and also distributors in connection with the marketing of the Company's stock.
Managers:                         The management entities, the companies affiliated with them as well as the portfolio managers
                                  subscribing only within the scope of the discretionary individual portfolio management mandate for
                                  their clients. If these clients are not considered as institutional investors, they should not have any
                                  right with regards to the assets of the portfolio at maturity. The managers and their institutional
                                  clients have to be specially approved by the Company.
Market Timing:                    Technique of arbitrage whereby an investor systematically subscribes and redeems or converts
                                  units or shares in a single UCITS within a short space of time by taking advantage of time
                                  differences and/or imperfections or deficiencies in the system of determining the NAV of the UCITS.
                                  This technique is not authorised by the Company.
NAV:                              Net Asset Value.
OECD:                             Organisation for Economic Co-operation and Development.
One-off Expenses:                 Expenses other than management, performance, distribution and other fees described above borne
                                  by each subfund. These expenses include but are not limited to legal fees, taxes, assessments or
                                  miscellaneous fees levied on subfunds and not considered as ordinary expenses.
OTC:                              Over The Counter.
Other Expenses:                   Commission calculated and deducted monthly from the average net assets of a subfund or class of
                                  shares and serving to cover general asset deposit expenses (remuneration of the depositary bank)
                                  and daily administration expenses (calculation of NAV, record keeping, domicile, etc.), except for
                                  brokerage fees, commissions for transactions not related to the deposit, interest and bank fees,
                                  one-off expenses, and the subscription tax in force in Luxembourg, as well as the specific Belgian
                                  tax.
Performance Commission:           The positive difference between the annual performance of the subfund (i.e. over the accounting
                                  year) and the performance of the benchmark index (EONIA). This commission is paid out when
                                  each net asset value is calculated using the "high water mark with hurdle rate" technique. This
                                  performance fee is payable to the manager.

Prospectus:                       The present document.
TER:                              Total Expense Ratio. This index expresses all commissions and charges levied on the assets of a
                                  subfund or share class, as necessary, and recognised retrospectively based on a percentage of the
                                  net assets in relation to the last accounting year.
TRS:                              Total Return Swap.
UCI:                              Undertaking for Collective Investment.
UCITS:                            Undertaking for Collective Investment In Transferable Securities.
Valuation Day:                    Bank business day in Luxembourg during which subscription/redemption/conversion orders may be
                                  received, the frequency of which is specified in Part II of the Prospectus and the simplified
                                  prospectuses.
VaR:                              Value-at-Risk, specific risk valuation of a subfund (see Appendix 3).




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                                                         BNP PARIBAS L1
                                                      Abbreviated as BNPP L1


                                                        PART I OF THE PROSPECTUS

                                                         GENERAL PROVISIONS

BNP Paribas L1 is an open-ended investment company (société d’investissement à capital variable – abbreviated to SICAV), formed
under Luxembourg law on 29 November 1989 for an indefinite period under the name “INTERSELEX WORLD”, in accordance with the
provisions of Part I of the Luxembourg Law of 30 March 1988 governing undertakings for collective investment. It was renamed
“INTERSELEX EQUITY” at the Extraordinary General Meeting held on 4 November 1996, renamed “INTERSELEX” at the Extraordinary
General Meeting held on 4 May 1998, renamed “FORTIS L FUND” at the Extraordinary General meeting held on 30 September 1999,
and renamed “BNP Paribas L1“ as of 1 August 2010 further to the Extraordinary General Meeting held on 14 May 2010.
The complete name “BNP Paribas L1” and the abbreviated form “BNPP L1” may be used equally in the official and commercial
documents of the Company.
The Company is currently governed by the provisions of Part I of the Law of 20 December 2002 governing undertakings for collective
investment as well as by Directive 85/611.
The Company‟s capital is expressed in euros (“EUR”) and is at all times equal to the total net assets of the various subfunds. It is
represented by fully paid-up shares issued without a designated par value, described below under “The Shares”. 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 32 327.
The Company takes the form of an umbrella fund, which is a multi-subfund investment vehicle, with liabilities consisting of several
subfunds, each representing assets comprising a collection of holdings, various rights and specific commitments that correspond to a
distinct investment policy, governed as applicable by its own investment restrictions.
The Company comprises a single legal entity.
In accordance with Article 133 (5) of the Law:
     the rights of shareholders and creditors in relation to a subfund or arising from the constitution, operation or liquidation of a subfund
      are limited to the assets of that subfund;
     the assets of a subfund are the exclusive property of shareholders in that subfund and of creditors where the credit arises from the
      constitution, operation or liquidation of the subfund;
     in relations between shareholders, each subfund is treated as a separate entity.
The Board of Directors may at any time create new subfunds, whose investment policy and offering methods will be communicated at
the appropriate time by an update to the Prospectus. Shareholders may also be informed in the press if required by regulations or if
deemed appropriate by the Board of Directors. Similarly, the Board of Directors may close certain subfunds, in accordance with the
provisions of Appendix 8.




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                                               ADMINISTRATION AND M ANAGEMENT
The Company is directed and represented by the Board of Directors acting under the authority of the General Shareholders‟ Meeting.
The Company outsources management, audit and asset custody services. The roles and responsibilities associated with these
functions are described below. The composition of the Board of Directors and the names, addresses and detailed information about the
service providers are listed above in “General Information”.
The Management Company, the Portfolio Managers, the Custodian, the Administrative agent, Distributors and other service providers
and their respective affiliates, directors, officers and shareholders are or may be involved in other financial, investment and professional
activities that may create conflicts of interest with the management and administration of the Company. These include the management
of other funds, purchases and sales of securities, brokerage services, custodian and safekeeping services and serving as directors,
officers, advisers or agents of other funds or other companies, including companies in which a subfund may invest. Each of the Parties
will ensure that the performance of their respective duties will not be impaired by any such involvement that they might have. In the
event that a conflict of interest does arise, the Directors and the relevant Parties involved shall endeavour to resolve it fairly within
reasonable time and in the interest of the Company.
Board of Directors
The Board of Directors assumes ultimate responsibility for the management of the Company and is therefore responsible for the
Company‟s investment policy.
The Board has granted Mr. Anthony FINAN (Managing Director) and Mr Stéphane BRUNET (Secretary General) powers relating to the
day-to-day management of the Company (including the right to act as an authorised signatory of the Company) as well as to the
representation of the latter.
Furthermore, the Board may seek assistance from the Strategic Committee in determining the Company‟s sales and marketing strategy.
Management Company
BNP Paribas Investment Partners Luxembourg was formed as a limited company (société anonyme) in Luxembourg on 19 February
1988. Its latest updated Articles of Association were published on 30 June 2010. Its share capital is EUR 3 million, fully paid up.
Its Board of Directors comprises the following members:
Chairman
   Mr. Marc RAYNAUD, Head of Global Funds Solutions, BNP Paribas Investment Partners, Paris
Members
  Mr. Marnix ARICKX, Head of Fund Engineering, BNP Paribas Investment Partners, Brussels
  Mr. Stéphane BRUNET, Managing Director, BNP Paribas Investment Partners Luxembourg
  Mr. Pieter CROOCKEWIT, Head of Europe, BNP Paribas Investment Partners BE Holding, Brussels
  Mrs. Charlotte DENNERY, Chief Operating Officer, BNP Paribas Investment Partners, Paris
  Mr. Anthony FINAN, Head of Marketing and Communication, BNP Paribas Investment Partners, Paris
  Mr. Eric MARTIN, Chairman of the Management Board, BGI, BNP Paribas, Luxembourg
  Mr. Christian VOLLE, Director, BNP Paribas Investments Partners Luxembourg
BNP Paribas Investment Partners Luxembourg manages the following undertakings for collective investment:
    BNP Paribas Global Fund, BNP Paribas High Quality Euro Bond Fund, BNP Paribas Islamic Fund, EasyETF, EasyETF iTraxx®
    Europe Main, EasyETF FTSE EPRA Europe, EasyETF FTSE EPRA Eurozone, EasyETF iTraxx® Europe HiVol, EasyETF iTraxx®
    Crossover, EasyETF S&P GSCI™ Light Energy Dynamic TR, EasyETF S&P GSNE™, EasyETF S&P GSAL™, EasyETF S&P
    GSCI™ Capped Commodity 35/20, EasyETF S&P GSCI™ Ultra-Light Energy, EasyETF NMX30 Infrastructure Global, Euro Floor,
    BNP PARIBAS COMFORT, BNP Paribas Flexi IV, FORTIS INVESTMENTS NON LISTED REAL ESTATE FUND OF FUNDS and
    BNP PARIBAS QUAM FUND.
The Management Company performs administration, portfolio management and marketing tasks on behalf of the Company.
Under its responsibility and at its own expense, the Management Company is authorised to delegate some or all of these tasks to third
parties of its choosing.
It has used this authority to delegate:
 net asset value calculation, transfer agent and registrar tasks to BNP Paribas Securities Services, Luxembourg branch;
 the management of the Company‟s holdings and the observance of its investment policy and restrictions, to the managers listed
     above in “General Information”. A list of the managers effectively in charge of management and details of the portfolios managed
     are appended to the Company‟s interim and annual reports. Investors may request an up-to-date list of managers specifying the
     portfolios managed by each.
Investment advice is also sought from the investment advisors mentioned above in "General Information".
In executing securities transactions and in selecting any broker, dealer or other counterpart, the Management Company and any
Portfolio Managers will use due diligence in seeking the best overall terms available. For any transaction, this will involve consideration
of all factors deemed relevant, such as market breadth, security price and the financial condition and execution capability of the
counterpart. An investment manager may select counterparts from within BNP Paribas so long as they appear to offer the best overall
terms available.
In addition, the Management Company may decide to appoint Distributors/Nominees to assist in the distribution of the Company‟s
shares in the countries where they are marketed.
Distribution and Nominee contracts will be concluded between the Management Company and the various Distributors/Nominees.
In accordance with the Distribution and Nominee Contract, the Nominee will be recorded in the register of shareholders in place of the
end shareholders.
Shareholders who have invested in the Company through a Nominee can at any time request the transfer to their own name of the
shares subscribed via the Nominee. In this case, the shareholders will be recorded in the register of shareholders in their own name as
soon as the transfer instruction is received from the Nominee.
Investors may subscribe to the Company directly without necessarily subscribing via a Distributor/Nominee.




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Custodian Bank
Custody and supervision of the Company‟s assets are entrusted to a custodian bank, which fulfils the obligations and duties prescribed
by Luxembourg law.
In accordance with standard banking practices and current regulations, the custodian bank may, under its responsibility, entrust some or
all of the assets in its safekeeping to other banking establishments or financial intermediaries.
The custodian bank must also ensure that:
(a) the sale, issue, redemption, conversion and cancellation of the Company‟s shares are conducted in accordance with the Law and
      the Articles of Association;
(b) in transactions involving the Company‟s assets, it receives the proceeds in the prescribed time; and
(c) the Company‟s income is allocated in accordance with the Articles of Association.
Statutory Auditor
All the Company‟s accounts and transactions are subject to an annual audit by the statutory auditor.




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                              INVESTMENT POLICY, OBJECTIVES, RESTRICTIONS AND TECHNIQUES
The Company‟s general objective is to provide its investors with the highest possible appreciation of capital invested while offering them
a broad distribution of risks. To this end, the Company will principally invest its assets in a range of transferable securities, money
market instruments, units in UCIs, credit institution deposits, and derivatives, denominated in various currencies and issued in different
countries.
The Company‟s investment policy is determined by the Board of Directors in light of current political, economic, financial and monetary
circumstances. The policy will vary for different subfunds, within the limits of, and in accordance with, the specific features and objective
of each as stipulated in Part II.
The investment policy will be conducted with strict adherence to the principle of diversification and spread of risks. To this end,
without prejudice to anything that may be specified for one or more individual subfunds, the Company will be subject to a ser ies of
investment restrictions as stipulated in Appendix 1. In this respect, the attention of investors is drawn to the investment risks
described in Appendix 3.
Under normal conditions, the composition of the subfund portfolios in the “Diversified” and “Safe” ranges will be orientated towards that
of "Smart Benchmark" as follows:
                                              Conservative        Stability     Balanced        Growth        High Growth
              EQUITY                             0.00%              20%          41.50%         60.00%          90.00%
              Europe Large Caps                                    6.00%         12.00%         18.00%           27.00%
              Europe Small Caps                                    2.00%          4.00%          4.00%            6.00%
              US Large Caps                                        4.00%          8.00%         12.00%           20.00%
              US Small Caps                                        1.00%          1.50%          2.00%            3.00%
              Japan                                                2.00%          4.00%          6.00%           10.00%
              Emerging Countries                                   5.00%         12.00%         18.00%           24.00%
              REAL ESTATE *                       0.00%            2.00%          3.00%          3.00%            6.00%
              Europe                                               1.00%          1.00%          1.00%            2.00%
              US                                                   1.00%          1.00%          1.00%            2.00%
              Asia                                                 0.00%          1.00%          1.00%            2.00%
              FIXED INCOME                        74.00%          61.00%         39.50%         24.00%            0.00%
              Global Government Bonds             17.00%          21.00%          9.00%          3.00%
              Euro Corporate Credits (IG)         20.00%          16.00%          9.50%          6.00%
              US Corporate Credits (IG)           9.00%            3.00%
              Euro Inflation Linked               17.00%          14.00%         10.00%          6.00%
              Euro High Yield                     4.00%            4.00%          7.00%          7.00%            0.00%
              US High Yield                       1.00%            1.00%          2.00%          2.00%            0.00%
              Emerging External Debt              2.40%            0.80%          0.80%
              Emerging Local Debt                 3.60%            1.20%          1.20%
              GLOBAL CONVERTIBLES                 12.00%           4.00%          4.00%          4.00%
              COMMODITIES **                                       1.00%          2.00%          3.00%            4.00%
              ABSOLUTE RETURN                     14.00%          12.00%         10.00%          6.00%
              TOTAL                              100.00%         100.00%        100.00%        100.00%           100.00%
     *     investments in negotiable securities issued by real estate companies or by companies in sectors linked to real estate assets
           (real estate certificates, shares, SICAFIs [closed-end real estate investment companies], closed-end REITs, etc.), in financial
           instruments representing real estate assets and in derivative financial instruments based on this type of asset
      ** investments in derivative financial instruments based on financial indices concerning commodities, and in negotiable
           securities linked to changes in commodity prices
For the purposes of active portfolio management, the manager will deviate from this composition according to market conditions and its
forecasts. The currency risk (USD, JPY, GBP) is hedged against the euro in variable proportions.
The Board of Directors has adopted a corporate governance policy, stipulating amongst others that votes can be cast at shareholders
meetings of companies in which subfunds invest. The main principles governing the Board's voting policy relates to a company's ability
to provide shareholders with transparency and accountability with respect to the shareholders' investments, that a company should be
managed to assure growth and return of the shares over the long term. The Board of Directors shall execute the voting policy in good
faith taking into account the best interest of the shareholders of the investment funds. For further reference please consult also the
website www.bnpparibas-ip.com.
Furthermore, the Company is authorised to utilise techniques and instruments on transferable securities and money market instruments
under the conditions and limits defined in Appendix 2, provided that these techniques and instruments are employed for the purposes of
efficient portfolio management. When these operations involve the use of derivatives, these conditions and limits must comply with the
provisions of the Law. Under no circumstances can these operations cause the Company and its subfunds to deviate from the
investment objectives as described in the Prospectus.
Lastly, in order to reduce operating and administrative expenses while facilitating a broad diversification of investments, t he Board of
Directors may decide, in accordance with the stipulations in Appendix 4, that some or all of the Company‟s assets be co-managed
with assets belonging to other undertakings for collective investment or that some or all of a subfund‟s assets be co -managed with
other subfunds.
Unless otherwise specified in each subfund‟s investment policy, no guaranty can be given on the realisation of the investment objectives
of the subfunds, and past performance is not an indicator of future performance.




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                                                             THE SHARES
FORM(S), CLASS(ES) AND SUB-CLASS(ES)
Within each subfund, the Board of Directors will be able to create the following classes and/or sub-classes of shares (“classes” and
“sub-classes”):
“Classic”
Offered to individuals and legal entities. Unless otherwise specified in Part II, they may be in registered or uncertificated bearer form,
and feature capitalisation (“Classic-Capitalisation” or “C”) or distribution (“Classic-Distribution” or “D”) of income.
The Board of Directors may decide to create the following different sub-classes:
- “Classic-New Distri”: distribution shares. Once this sub-class is created within a particular subfund, the “Classic-Distribution” sub-
    class in that subfund is closed.
- “Classic-Distribution PM/RV<1/1/94”: distribution shares. This sub-class is not open to subscriptions.
- “Classic-QD”: distributes the interim dividends each calendar quarter provided that this class has been active throughout the quarter
    in this subfund.
- “Classic-MD“: distributes the interim dividends each month provided that this class has been active throughout the month in this
    subfund. Following the payment of these monthly dividends, the NAV attributable to these shares may be significantly reduced.
The valuation currencies are the subfund's reference currency, the EUR and the USD.
Minimum holding: none.
"Fintro"
Distributed exclusively in Belgium by the "FINTRO" network.
Within this class, subfunds in the “Safe” range are sold in Belgium by the “FINTRO” network under the name “MAESTRO” followed by the
name of the subfund.
Offered to individuals and legal entities.
The shares are registered or uncertificated bearer shares, and are solely capitalisation shares.
The characteristics of this class are identical to those of the “Classic” class.
The valuation currencies are the EUR and the USD.
Minimum holding: none.
“UK”
Offered to individuals and legal entities in the United Kingdom.
The shares are in registered or uncertificated bearer form at the investor‟s choice, and distribution-only.
This class is distinguished from the “Classic” class by the reporting carried out as part of “UK Reporting Status” as defined by UK tax
law governing foreign funds.
The reference currency of this class is the GBP, as is the valuation currency.
Minimum holding: none.
“I”
Offered to institutional investors and UCIs.
Shares are exclusively capitalisation shares issued in registered form. Upon request by an investor, the Board of Directors may decide
that uncertificated bearer shares can be issued.
This class is distinguished from the “Classic” class by its commission structure and reduced subscription fee.
The valuation currencies are the subfund's reference currency, the EUR and the USD.
Minimum holding:
-     For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
-     For UCIs: none.
 “ASR”
Reserved for the ASR FONDS Luxembourg SICAV and Dutch insurance company ASR NEDERLAND N.V., the latter acting as
institutional investor and manager.
Shares are exclusively capitalisation shares issued in registered form.
This class is distinguished from the “Classic” class by its commission structure and a reduced subscription fee.
The valuation currencies are the subfund's reference currency, the EUR and the USD.
Minimum holding: none.
“Life”
Reserved for the Belgian insurance company AG Insurance, acting as an institutional investor and manager.
The shares are exclusively capitalisation shares issued in registered form.
This class is distinguished from the “Classic” class by its commission structure and reduced subscription fee.
The valuation currencies are the EUR and the USD.
Minimum holding: none.
“N”
Offered to individuals and legal entities.
The shares are registered or uncertificated bearer shares, and are solely capitalisation shares.
This class is distinguished from the “Classic” class by its commission structure: no issue commission, a maximum 2% conversion
commission and a maximum 5% redemption commission, plus a distribution commission in addition to the management fee.
The valuation currencies are the subfund's reference currency, the EUR and the USD.
Minimum holding: none.
“Privilege“
Offered to individuals and legal entities.
The shares are registered or uncertificated bearer shares, and are solely capitalisation shares.
This class is distinguished from the “Classic” class by its special management fee.
The valuation currencies are the subfund's reference currency, the EUR and the USD.
Minimum holding: unless provisions to the contrary are set forth in Part II, EUR 1 million per subfund.




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“X”
Reserved for all managers, institutional investors and UCIs that have received prior approval from the Board of Directors.
The shares are registered and capitalisation-only.
This class is distinguished from category “I” of the same subfund by its lack of management fee.
The valuation currencies are the subfund's reference currency, the EUR and the USD.
Minimum holding: none.
In some subfunds, "Classic H", "IH", “Privilege H" and "UKH" classes may be created. These classes are distinguished by hedging,
as far as possible, the exchange risk, in the currency of reference for these classes, of the net asset value in the currency of expression
for the subfund. The exchange risk is thus partially maintained because the above-mentioned hedging does not take into account the
currency of expression for the underlying investments of the subfund concerned. The currency of reference for these classes appears in
the name of the class (for example, "Classic H USD" for a class hedging in USD the NAV of a subfund expressed in EUR). The
valuation currency in these classes is the currency of reference for the class. If no specific information is given by the investor, orders
received will be processed in the currency of reference. The characteristics of these classes are identical to those of the "Classic", "I",
"Privilege" and "UK" classes existing in the same subfund. These classes will be established on a date and in subfunds to be
defined by the Board of Directors. Before subscription, investors are invited to seek information on the opening of the
classes, their currencies of expression and the subfunds in which they are open. If the assets of one of these classes in any
subfund fall below one million euros or equivalent, the Board of Directors reserves the right to close the class and merge it with the
“Classic” class of the same subfund.
The Board of Directors may offer categories of shares that are issued and valued in a single currency. The currency a given class is issued
and valued in is indicated by the denomination of the class (for example “Classic USD” for a class issued and valued only in USD).
The Board of Directors also has the option of added new valuation currencies to a subfund or class of share. If this option is utilised, the
simplified prospectus(es) of the subfund(s) concerned will be modified accordingly.
Before subscribing, the investor should check in Part II which classes and sub-classes are available for each subfund. If it transpires
that the shares of a class or sub-class are held by persons other than those authorised, the Board of Directors will convert them, at no
charge, into “Classic” class shares.
The register of shareholders is kept in Luxembourg by the registrar indicated above in the “General Information” section. Unless
otherwise specified, shareholders requiring their shares to be held in registered form will not receive a certificate representing their
shares. Instead, they will be sent confirmation of their entry in the register.
The shares must be fully paid-up and are issued without a par value. Unless otherwise indicated, there is no limitation on their number.
The rights attached to the shares are those described in the law of 10 August 1915, unless exempted by the Law.
Fractions of shares may be issued up to one-thousandth of a share.
All the Company‟s whole shares, whatever their value, have equal voting rights. The shares of each subfund and/or each class and/or
sub-class have an equal right to the liquidation proceeds of the subfund and/or each class and/or sub-class.

DIVIDENDS
Capitalisation shares retain their income to reinvest it.
The general meeting of shareholders holding distribution shares for each subfund concerned decides each year on the Board of
Directors‟ proposal to pay a dividend, which is calculated according to the legal and bylaws limitations provided for this purpose. In this
respect, the general meeting reserves the right to distribute the net assets of each of the Company‟s subfunds up to the limit of the legal
minimum capital.
If, given market conditions, it is in the shareholders‟ interest not to distribute a dividend, then no such distribution will be carried out.
If it deems it advisable, the Board of Directors may decide to distribute advances on dividends.
The Board of Directors determines the payment methods for the dividends and advances on dividends that are decided on. Dividends
shall, in principle, be paid in the reference currency of the share class.
Dividends and advances on dividends, even when legally required, shall be paid by the Company regardless of the date of presentation
for payment.




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SUBSCRIPTION, CONVERSION AND REDEMPTION OF SHARES
The local offering documentation of the Company may provide the possibility for investors to adhere to regular savings plans.
In the event that a regular plan is terminated prior to the agreed final date, the sum of subscription fees payable by the shareholders
concerned may be greater than it would have been in the case of standard subscriptions.
Preliminary Information
Subscriptions, conversions and redemptions of shares are made with reference to their unknown net asset value (NAV). They may
concern a number of shares or an amount.
The Board of Directors reserves the right to:
(a) refuse a share subscription or conversion requests for any reason whatsoever in whole or in part;
(b) redeem, at any time, shares held by persons who are not authorised to buy or hold the Company‟s shares;
(c) reject subscription, conversion or redemption requests from any investor who it suspects of using practices associated with Market
      Timing or Active Trading, and, where applicable, take the necessary measures to protect the Company‟s other investors.
For each subfund, the Board of Directors is authorised to set minimum amounts for subscription, conversion, redemption and holding.
Should a share-redemption or conversion request have the effect of reducing the number or the total net book value of the shares held
by a shareholder in a given class/subclass of shares to below the number or value decided upon by the Board of Directors, the
Company shall be entitled to oblige such a shareholder to redeem all of the latter‟s shares in that class/subclass.
Lastly, in certain cases stipulated in Appendix 6, the Board of Directors is authorised to temporarily suspend the issue, conversion and
redemption of shares in any subfund, class and/or sub-class, and the calculation of their net asset value.
In connection with anti-money laundering procedures, the subscription form must be accompanied by the identity card or
passport of the subscriber, in the case of an individual, authenticated by a competent authority (for example, an embassy,
consulate, notary, police superintendent) or by a financial institution subject to equivalent identification standards to those
applicable in Luxembourg or the Articles of Association, and an extract from the trade and companies register for a legal
entity, in the following cases:
1. direct subscription to the Company;
2. subscription through a professional financial sector intermediary resident in a country that is not subject to an obligation
     for identification equivalent to Luxembourg standards as regards preventing the use of the financial system for the
     purposes of money laundering;
3. subscription through a subsidiary or branch office, the parent company of which would be subject to an obligation for
     identification equivalent to that required under Luxembourg law, if the law applicable to the parent company does not
     oblige it to ensure that its subsidiaries or branch offices adhere to these provisions.
The Company is also bound to identify the source of funds if they come from financial institutions that are not subject to an
obligation for identification equivalent to those required under Luxembourg law. Subscriptions may be temporarily frozen
pending identification of the source of the funds.
It is generally accepted that finance sector professionals resident in countries that have signed up to the conclusions of the
FATF (Financial Action Task Force) on money laundering are deemed to have an obligation for identification equivalent to that
required under Luxembourg law.
Processing of Personal Information
In submitting a subscription request, the investor authorises the Company to store and utilise all of the confidential information that it
may acquire on it with a view to managing its account or their business relationship. To the extent that this usage so requires, the
investor also authorises the sharing of this information with different service providers of the Company. It is to be noted that some
service providers established outside of the European Union may be subject to less stringent rules on the safeguarding of information.
The information may be used for purposes of filing, order processing, responding to shareholder requests, and providing them with
information on other Company products and services. Neither the Company nor its Management Company will disclose confidential
information on shareholders unless required to do so by specific regulations.
Subscriptions
All the terms and conditions for subscriptions made during the launch of a subfund, class and/or sub-class (“initial subscription period”)
are described in Part II. At the end of the initial subscription period, the shares will be issued at a price corresponding to the net asset
value per share plus the issue commission described in Part II.
Furthermore, investors who subscribe through a paying agent may incur costs related to the work carried out by the paying agent in
question in the countries in which the shares are offered.
For an order to be executed at the asset value on a given valuation day, it must be received by the Company before the time and date
specified in the detailed conditions for each subfund in Part II. Orders received after this deadline will be processed at the asset value
on the next valuation day after the valuation day in question.
In order to be accepted by the Company, the order must include all necessary information relating to the identification of the subscribed
shares and the identity of the subscriber as described above.
Unless otherwise specified for a particular subfund, the subscription price of each share is payable in one of the valuation currencies of
the shares concerned within the time period defined in Part II, increased, where necessary, by the applicable subscription fee. At the
shareholder's request, the payment may be made in a currency other than one of the valuation currencies. The exchange expenses will
then be borne by the shareholder and added to the subscription price.
The Company reserves the right to postpone subscription requests if it is not certain that the appropriate payment will reach the
custodian bank within the required payment time or if the order is incomplete. The shares will not be assigned until the duly completed
subscription request has been received accompanied by the payment or a document irrevocably guaranteeing that the payment will be
made before the deadline. The Company cannot be held responsible for the delayed processing of incomplete orders.
The Board of Directors may accept the issue of shares in exchange for the contribution in kind of transferable securities, in accordance
with the conditions defined by Luxembourg law, in particular with respect to the obligation for the submission of a valuation report by the
statutory auditor mentioned under “General Information” above, and provided that these transferable securities meet the Company‟s
investment policy and restrictions for the subfund concerned as described in Part II. Unless otherwise specified, the costs of such a
transaction will be borne by the applicant.




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Conversions
Without prejudice to the specific provisions of a subfund and/or class and/or sub-class, shareholders may request the conversion of
some or all of their shares into shares of another subfund and/or class and/or sub-class. The number of newly issued shares and the
costs arising from the transaction are calculated in accordance with the formula described in Appendix 5.
Furthermore, shareholders who request conversion through a paying agent may incur costs related to the work carried out by the paying
agent in question in the countries in which the shares are offered.
Conversions are only permitted between the following classes of shares:

            To        Classic                     UK            I                                                      Privilege
                     Classic H      Fintro                     IH         X        ASR          Life         N
        From                                     UKH                                                                  Privilege H
       Classic
      Classic H         Yes          Yes         Yes          Yes        Yes       Yes          Yes         Yes           Yes

        Fintro          Yes          Yes         Yes          Yes        Yes       Yes          Yes         Yes           Yes
         UK
        UKH             Yes          Yes         Yes          Yes        Yes       Yes          Yes         Yes           Yes
           I                                                                                                Yes
          IH            Yes          Yes         Yes          Yes        Yes       Yes          Yes                       Yes

          X             Yes          Yes         Yes          Yes        Yes       Yes          Yes         Yes           Yes
         ASR            Yes          Yes         Yes          Yes        Yes       Yes          Yes         Yes           Yes
         Life           Yes          Yes         Yes          Yes        Yes       Yes          Yes         Yes           Yes
           N             No           No          No          No         Yes        No          No          Yes           Yes
       Privilege
      Privilege H       Yes          Yes         Yes          Yes        Yes       Yes          Yes         Yes           Yes

For a conversion order to be executed at the asset value on a given valuation day, it must be received by the Company before the time
and date specified for each subfund in Part II. Orders received after this deadline will be processed at the asset value on the next
valuation day after the valuation day in question.
Conversion requests for bearer shares can only be processed if accompanied by representative securities, if applicable, with unexpired
coupons attached.
Redemptions
Subject to the exceptions and limitations prescribed in the Prospectus, all shareholders are entitled, at any time, to have their shares
redeemed by the Company. The shares redeemed by the Company will be cancelled.
For an order to be executed at the asset value on a given valuation day, it must be received by the Company before the time and date
specified in the conditions for each subfund in Part II. Orders received after this deadline will be processed at the asset value on the
next valuation day after the valuation day in question.
In order to be accepted by the Company, the order must include all necessary information relating to the identification of the shares in
question and the identity of the shareholder as described above.
Unless otherwise specified for a particular subfund, the redemption amount for each share will be reimbursed in the subscription
currency, less, where necessary, the applicable redemption commission.
At the shareholder‟s request, the payment may be made in a currency other than the subscription currency of the redeemed shares, in
which case the exchange costs will be borne by the shareholder and charged against the redemption price. The redemption price of
shares may be higher or lower than the price paid at the time of subscription (or conversion), depending on whether the net asset value
has appreciated or depreciated in the interval.
Furthermore, shareholders who request redemption through a paying agent may incur costs related to the work carried out by the
paying agent in question in the countries in which the shares are offered.
The redemption proceeds will only be paid when the custodian bank has received the bearer securities representing the redeemed
shares, with unexpired coupons attached, or a guarantee from an independent custodian of the forthcoming delivery of the securities.
The Company reserves the right to postpone redemption requests if the order is incomplete. The Company cannot be held responsible
for the delayed processing of incomplete orders.
The Board of Directors is entitled to meet payment of the redemption price for each consenting shareholder, by the allocation in kind of
transferable securities from the relevant subfund, provided that the remaining shareholders are not prejudiced and that a valuation
report is produced by the Company‟s statutory auditors. The type and kind of assets that may be transferred in such cases will be
determined by the manager, taking into account the investment policy and restrictions of the subfund in question. The costs of such
transfers will be borne by the applicant.




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CALCULATION OF THE NET ASSET VALUE PER SHARE
Each net asset value calculation will be made as follows under the responsibility of the Board of Directors:
1. The net asset value per share of each subfund, class and/or sub-class will be calculated, unless otherwise stated in Part II, daily for
   every banking day in Luxembourg, provided that the financial markets corresponding to a significant proportion (approximately 50%)
   of the subfund‟s assets were open at least one day after the date that served as the basis for calculating the previous NAV.
   It will be calculated in the valuation currencies specified in Part II for each subfund.
2. The net asset value per share will be calculated with reference to the total net assets of the corresponding subfund, class and/or
   sub-class. The total net assets of each subfund, class and/or sub-class will be calculated by adding all the asset items held by each
   (including the entitlements or percentages held in certain internal sub-portfolios as more fully described in point 4, below) from which
   any related debts and commitments will be subtracted, all in accordance with the description in point 4, paragraph 4, below.
3. The net asset value per share of each subfund, class and/or sub-class will be calculated by dividing its respective total net assets by
   the number of shares in issue.
4. Internally, in order to ensure the overall financial and administrative management of the set of assets belonging to one or more
   subfunds, classes and/or sub-classes of shares, the Board of Directors may create as many internal sub-portfolios as there are sets
   of assets to be managed (the “internal sub-portfolios”).
   Accordingly, one or more subfunds, classes and/or sub-classes of shares that have entirely or partially the same investment policy
   may combine the assets acquired by each of them in order to implement this investment policy in an internal sub-portfolio created
   for this purpose. The portion held by each subfund, class and/or sub-class of shares within each of these internal sub-portfolios may
   be expressed either in terms of percentages or in terms of entitlements, as specified in the following two paragraphs. The creation of
   an internal sub-portfolio will have the sole objective of facilitating the Company‟s financial and administrative management.
   The holding percentages will be established solely on the basis of the contribution ratio of the assets of a given internal sub-
   portfolio. These holding percentages will be recalculated on each valuation day to take account of any redemptions, issues,
   conversions, distributions or any other events generally of any kind affecting any of the subfunds, classes and/or sub-classes of
   shares concerned that would increase or decrease their participation in the internal sub-portfolio concerned.
   The entitlements issued by a given internal sub-portfolio will be valued as regularly and according to identical methods mutatis
   mutandis as those mentioned in points 1, 2 and 3, above. The total number of entitlements issued will vary according to the
   distributions, redemptions, issues, conversions, or any other events generally of any kind affecting any of the subfunds, classes
   and/or sub-classes of shares concerned that would increase or decrease their participation in the internal sub-portfolio concerned.
5. Whatever the number of classes and/or sub-classes created within a particular subfund, the total net assets of the subfund will be
   calculated at the intervals defined by Luxembourg law, the Articles of Association and/or the Prospectus. The total net assets of
   each subfund will be calculated by adding together the total net assets of each class and/or sub-class created within the subfund.
6. Without prejudice to the information in point 4, above, concerning entitlements and holding percentages, and without prejudice to
   the particular rules that may be defined for one or more particular subfunds, the net assets of the various subfunds will be valued in
   accordance with the rules stipulated in Appendix 7.
7. Swing pricing:
   In certain market conditions, taking account of the volume of purchase and sale transactions in a given subfund, class or
   sub-class and the size of these transactions, the Board of Directors may consider that it is in the interests of shareholders
   to calculate the NAV per share based on the purchase and sale prices of the assets and/or by applying an estimate of the
   difference between the buy and sell price applicable on the markets on which the assets are traded. The Board of Directors
   may further adjust the NAV for transaction fees and sales commissions, provided these fees and commissions do not
   exceed 1% of the NAV of the subfund, class or sub-class at that time.




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                                                           TAX PROVISIONS
TAXATION OF THE COMPANY
At the date of the Prospectus, the Company is not liable to any Luxembourg income tax or capital gains tax.
The Company is liable to an annual subscription fee in Luxembourg representing 0.05% of the net asset value. This rate is reduced to
0.01% for:
a) subfunds with the exclusive objective of collective investments in money market instruments and deposits with credit institutions;
b) subfunds with the exclusive objective of collective investments with credit institutions;
c) subfunds, classes and/or sub-classes reserved for institutional investors, managers and UCIs.
The value of assets represented by units in other UCIs is exempt from this subscription fee, provided that these units have already been
subject to the subscription fee.
When due, the subscription fee is payable quarterly based on the relevant net assets and calculated at the end of the quarter for which it
is applicable.
In Belgium, the Company is also subject to an annual tax on UCIs, representing 0.08% of the net amount publicly sold in Belgium by the
Company, from the date of its registration with the CBFA.
TAXATION OF THE COMPANY’S INVESTMENTS
Some of the Company‟s portfolio income, especially income in dividends and interest, as well as certain capital gains, may be subject to
tax at various rates and of different types in the countries in which they are generated. This income and capital gains may also be
subject to withholding tax. Under certain circumstances, the Company may not be eligible for the international agreements preventing
double taxation that exist between the Grand Duchy of Luxembourg and other countries. Strictly speaking, according to some States
only taxable persons in Luxembourg qualify under these agreements.
TAXATION OF SHAREHOLDERS
a)     Residents of the Grand Duchy of Luxembourg
On the date of the Prospectus, the dividends earned and the capital gains made on the sale of shares by residents of the Grand Duchy
of Luxembourg are not subject to withholding tax.
Dividends are taxable, however, at the base rate.
Capital gains made on the sale of shares are not subject to income tax if the shares are held for a period of over six months, except in
the case of resident shareholders holding over 10% of the Fund's shares.
b)     Non-residents
In principle, according to current law and in the event that the provisions of Directive 2003/48 as specified in item c) below do not apply:
-     the dividends earned and the capital gains made on the sale of shares by non-residents are not subject to withholding tax;
-     the capital gains made by non-residents on the sale of shares are not subject to Luxembourg income tax, except in two specific
      cases:
          when the shareholder who holds over 10% of the Fund's shares sells his shares within six months of purchase;
          when the shareholder who holds over 10% of the Fund's shares has been a resident for over fifteen years and has become a
            non-resident taxpayer less than five years prior to the sale of the shares.
Nevertheless, if there is a convention against dual taxation between the Grand Duchy and the shareholder's country of residence, the
capital gains made on the sale of shares are tax-exempt in principle in Luxembourg, with the taxation authority being attributed to the
shareholder's country of residence.
c)     Residents of another member state of the European Union, including the French overseas departments, the Azores, Madeira, the
        Canary Islands, the Åland Islands and Gibraltar.
Any individual who receives dividends from the Company or the proceeds from the sale of shares in the Company through a paying
agent based in a state other than the one in which he resides is advised to seek information on the legal and regulatory provisions
applicable to him.
Most countries covered by Directive 2003/48 will report to the tax authorities in the state of residence of the beneficial owner of the
income the amounts of income from debt claims included in the amount distributed by the Company (if the subfund invests more than
15% of its assets in debt claims as defined by Article 6 of Directive 2003/48) or included in the capital gain from the sale, refund or
redemption of shares in the Company (if the subfund invests more than 25% of its assets in debt claims as defined by Article 6 of
Directive 2003/48).
In lieu of such reporting, the Grand Duchy of Luxembourg, as well as certain other countries, including Austria and Switzerland, will
generally apply a withholding tax on the interest and other income related to interest paid to a beneficial owner resident in another
member state. This withholding tax will be 20% until 30 June 2011 and 35% from 1 July 2011. Such withholding will be taken into
consideration for tax purposes by the tax authority of the state of residence of the individual, in accordance with applicable tax law. The
beneficial owner may instruct the paying agent to submit to the information-exchange system or to use a tax certificate as an alternative
to the withholding tax.
d)     Residents of third countries or territories
In principle, no withholding tax is levied on interest paid to residents of third countries or territories.
However, withholding tax is levied, in accordance with Directive 2003/48, on interest and related income paid out to beneficial owners
resident in the Netherlands Antilles, Aruba, Guernsey, Jersey, the Isle of Man, the British Virgin Islands and Montserrat.
The foregoing provisions are based on the Law and on the practices currently in force, and are subject to change. Potential
investors are advised to seek information in their country of origin, place of residence or domicile on the possible tax
consequences associated with their investment. The attention of investors is also drawn to certain tax provisions specific to
individual countries in which the Company publicly markets its shares.




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                                GENERAL MEETINGS AND INFORMATION FOR SHAREHOLDERS
GENERAL SHAREHOLDERS’ MEETINGS
The Annual General Shareholders‟ Meeting is held at 2.30 pm on the third Friday of April at the Company‟s registered office or any other
location in the Grand Duchy of Luxembourg specified in the notice to attend the meeting. If that day is not a bank business day in
Luxembourg, the Annual General Meeting will be held on the following bank business day. Other General Meetings may be convened in
accordance with the prescriptions of Luxembourg law and the Company‟s Articles of Association.
Notices inviting shareholders to attend General Meetings will be published according to the forms and times prescribed in Luxembourg
law and the Company‟s Articles of Association.
Similarly, General Meetings will be conducted as prescribed by Luxembourg law and the Company‟s Articles of Association.
Every share, irrespective of its unit value, entitles its holder to one vote. All shares have equal weight in decisions to be taken at the
General Meeting when decisions concern the Company as a whole. When decisions concern the specific rights of shareholders of one
subfund, one class or one sub-class, only the holders of shares of that subfund, class or sub-class may vote.
INFORMATION FOR SHAREHOLDERS
Net Asset Values and Dividends
The net asset value and the issue, conversion and redemption prices of the shares of each subfund, class or sub-class are published on
each valuation day at the Company‟s registered office, at the offices of the local agents, as well as in any newspaper designated by the
Board of Directors.
Notification of any dividend payments to be made will be published in the Luxemburger Wort newspaper and in any other newspapers
deemed appropriate by the Board of Directors in countries in which the Company publicly markets its shares. This information is also
available on the website: www.bnpparibas-ip.com.
Financial Year
The Company‟s financial year starts on 1 January and ends on 31 December.
Financial Reports
The Company publishes an annual report on the last day of the financial year, certified by the auditors, as well as a non-certified, semi-
annual interim report on the last day of the sixth month of the financial year.
The financial reports of each subfund are published in the reference currency of the subfund, although the consolidated accounts of the
Company are expressed in euro.
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.
Documents for Consultation
The Articles of Association, the Prospectus 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.
Information on changes to the Company will be published in the Luxemburger Wort newspaper and in any other newspapers deemed
appropriate by the Board of Directors in countries in which the Company publicly markets its shares.
The documents and information are also available on the website: www.bnpparibas-ip.com.




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                                             APPENDIX 1 – INVESTMENT RESTRICTIONS
1. A subfund‟s investments consist exclusively of:
    a) transferable securities and money market instruments listed or traded on a regulated market;
    b) transferable securities and money market instruments traded on another market of a European Union member state that is
        regulated, operating regularly, recognised and open to the public;
    c) transferable securities and money market instruments officially listed on a stock market in a state that is not part of the
        European Union or traded on another market in one of these states that is regulated, operating regularly, recognised, and open
        to the public;
    d) newly issued transferable securities and money market instruments, provided that:
        - the issue conditions include an undertaking that an application is to be made for official listing on a stock market or other
             regulated market, operating regularly, recognised, and open to the public;
        - admission to listing is obtained within one year of the issue;
    e) units in UCITS authorised under Directive 85/611 and/or other UCIs, whether or not they are located in a European Union
        member state, provided that:
        - these other undertakings for collective investment are authorised in accordance with legislation requiring that the
             organisations are subject to supervision deemed by the CSSF as equivalent to that prescribed by EU legislation and that
             there is a sufficient guarantee of cooperation between the supervisory authorities;
        - the level of protection guaranteed to holders of units in these other UCIs is equivalent to that prescribed for holders of units
             in UCITS and, in particular, that the rules regarding the division of assets, borrowings, loans, and short-selling of
             transferable securities and money market instruments are equivalent to the requirements of Directive 85/611;
        - the activities of these other UCIs are described in interim and annual reports enabling a valuation of the assets and
             liabilities, profits and transactions for the period in question;
        - the proportion of assets in the UCITS or other UCIs that are to be acquired, which, according to their constitutional
             documents, may be wholly invested in units of other UCITS or other UCIs, does not exceed 10%;
    f) deposits with a credit institution that are redeemable on request or that may be withdrawn and have a maturity of twelve months
        or less, provided that the credit institution has its registered office in a European Union member state or, if the registered office
        of the credit institution is located in another country, is subject to prudential rules deemed by the CSSF as equivalent to those
        prescribed in EU legislation;
    g) derivative financial instruments, including equivalent instruments with cash settlement, which are traded on a regulated market
        of the type described in clauses a), b) and c) above, and/or derivative financial instruments traded over the counter (“OTC
        derivatives”), provided that:
        - the underlying asset consists of instruments coming under this point 1., financial indexes, interest rates, exchange or
             currency rates, in which the corresponding subfund may make investments in accordance with its investment objectives, as
             described in the Company‟s Articles of Association.
        - the counterparties to OTC derivatives transactions are establishments subject to prudential supervision and belonging to
             categories authorised by the CSSF, and
        - the OTC derivatives are reliably and verifiably valued on a daily basis and can, whenever the Company so chooses, be sold,
             liquidated or closed by a symmetrical transaction, at any time and at their fair value;
    h) money market instruments other than those traded on a regulated market and specified in Article 1 of the Law, as long as the
        issue or issuer of these instruments are themselves subject to regulations designed to protect investors and savings and that
        these instruments are:
        - issued or guaranteed by a central, regional or local authority, by a central bank of a member state, by the European Central
             Bank, by the European Union or the European Investment Bank, by a third-party state, or in the case of a federal state, by
             one of the members comprising the federation, or by an international public organisation to which one or more member
             states belong, or
        - issued by a company whose securities are traded on the regulated markets specified in clauses a), b) or c) above, or
        - issued or guaranteed by an establishment subject to prudential supervision according to the criteria defined by EU law, or by
             an establishment that is subject to and conforms to prudential regulations deemed by the CSSF as being at least as strict as
             those prescribed by EU legislation, or
        - issued by other entities belonging to categories approved by the CSSF as long as the investments in these instruments are
             subject to investor-protection rules that are equivalent to those prescribed in the first, second or third sub-clauses
             immediately preceding, and that the issuer is a company with capital and reserves totalling at least ten million euros
             (10,000,000 euros), which presents and publishes its annual accounts in accordance with Directive 78/660, or is an entity
             within a group of companies including one or more listed companies whose purpose is the financing of the group, or is an
             entity whose purpose is the financing of securitisation vehicles benefiting from a bank financing line.
2. Nevertheless:
    a) a subfund may invest a maximum of 10% of its assets in transferable securities and money market instruments other than those
        listed in point 1.;
    b) neither the Company nor any of the subfunds may own or invest in property, and the Company may only acquire movable
        property if it is indispensable to the direct operation of its activity;
    c) a subfund may not acquire gold, precious metals, commodities or certificates representing any of these.
3. A subfund may hold cash, on an ancillary basis.




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4.
   a) A subfund may not invest more than 10% of its assets in transferable securities or money market instruments issued by a
       single entity.
       A subfund may not invest more than 20% of its assets in deposits invested in a single entity.
       The counterparty risk for a subfund in an OTC derivatives transaction may not exceed 10% of its assets if the counterparty is
       one of the credit institutions specified in clause 1.f), or 5% of its assets in other cases.
   b) The total value of the transferable securities and money market instruments held by a subfund with issuers in each of which it
       invests more than 5% of its assets may not exceed 40% of the value of its assets. This limit does not apply to deposits with
       financial institutions under prudential supervision and OTC derivatives transactions with these institutions.
       Notwithstanding the individual limits defined in clause a), a subfund may not combine:
       - investments in transferable securities or money market instruments issued by a single entity,
       - deposits with a single entity, and/or
       - risks arising from OTC derivatives transactions with a single entity,
       that are greater than 20% of its assets.
   c) The limit stipulated in the first paragraph of clause a) may be increased to a maximum of 35% if the transferable securities or
       money market instruments are issued or guaranteed by a European Union member state, by its regional public authorities, by a
       third-party state or by international public organisations to which one or more member states belong.
   d) The limit stipulated in the first paragraph of clause a) may be increased to a maximum of 25% for certain bonds, if they are
       issued by a credit institution which has its registered office in a European Union member state and which is legally subject to
       special supervision by the public authorities that is designed to protect bondholders. In particular, funds arising from the issue of
       these bonds must be invested, in accordance with legislation, in assets which, throughout the lifetime of the bonds, are able to
       cover the debts resulting from the bonds and which, in the event of the issuer‟s bankruptcy, would be used in priority for
       redemption of the principal and payment of the accrued interest.
       If a subfund invests more than 5% of its assets in the bonds described in the first paragraph and issued by a single issuer, the
       total value of these investments may not exceed 80% of the value of the subfund‟s assets.
   e) The transferable securities and money market instruments mentioned in clauses c) and d) are not included in the application of
       the 40% limit mentioned in clause b).
       The limits stipulated in clauses a), b), c) and d) cannot be combined; consequently, investments in transferable securities or
       money market instruments issued by a single entity, or in deposits or derivative instruments made with this entity in accordance
       with clauses a), b), c) and d), may not in total exceed 35% of the subfund‟s assets.
       Companies that are grouped together into a consolidated accounting entity as defined by Directive 83/349 or in accordance with
       recognised international accounting rules are considered as a single entity for the calculation of the limits stipulated in this point
       4.
       A single subfund may invest a cumulative total of up to 20% of its assets in the transferable securities and money market
       instruments of a single group.
5. Without prejudice to the limits specified in point 8., the limits specified in point 4. are increased to a maximum of 20% for
   investments in shares and/or bonds issued by a single entity, if the subfund‟s investment policy is designed to replicate the
   composition of a particular index of shares or bonds that is recognised by the CSSF, provided that:
   - the composition of the index is sufficiently diversified;
   - the index constitutes a representative benchmark for the market to which it refers;
   - appropriate publication has been made.
   The limit stipulated in the preceding sentence is 35% if this is justified by exceptional market conditions, especially on regulated
   markets where certain transferable securities or certain money market instruments are largely dominant. Investment to this limit is
   only permissible for a single issuer.
6. As an exception to point 4., under the principle of the diversification of risks, a subfund may invest up to 100% of its
   assets in different issues of transferable securities and money market instruments issued or guaranteed by a European
   Union member state, by its regional public authorities, by a state that is not part of the European Union or by international
   public organisations to which one or more member states of the European Union belong.
   These securities must come from at least six different issues, while securities from a single issue may not account for
   more than 30% of the total.
7.
   a) A subfund may acquire units in UCITS and/or other UCIs specified in clause 1.e), provided that it does not invest more than
       20% of its assets in a single UCITS or other UCI. For the purposes of the application of this investment limit, each subfund in a
       multi-subfund UCI, as defined by Article 133 of the Law, is considered as a separate issuer, provided that the principle of
       segregation of the commitments of the different subfunds with regard to third parties is assured.
   b) Investments in units of UCIs other than UCITS may not in total exceed 30% of the assets of a subfund. If a subfund has
       acquired units in UCITS and/or other UCIs, the assets of these UCITS or other UCIs are not combined for the purposes of the
       limits stipulated in point 4.




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     c) Due to the fact that the Company may invest in UCI units, the investor is exposed to a risk of fees doubling (for example, the
        management fees of the UCI in which the Company is invested).
        A subfund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 2.50% per annum.
        When a subfund invests in other UCITS and/or other UCIs which are managed, directly or by delegation, by the same
        management company or by any other company with which the management company is associated within the context of a
        management or control community or significant direct or indirect ownership, the subfund will not incur any subscription or
        redemption fee for the units of these underlying assets.
        The maximum annual management fee payable directly by the subfund is defined in Part II.
8.
    a) The Company may not acquire shares accompanied by voting rights that entitle it to exercise significant influence on an issuer‟s
         management.
    b) In addition, the Company may not acquire more than:
         - 10% of shares without voting rights in a single issuer;
         - 10% of bonds from a single issuer;
         - 25% of units in a single UCITS and/or other UCI;
         - 10% of money market instruments issued by a single issuer.
         The limits stipulated in the second, third and fourth indents above need not be respected at the time of acquisition if, at that
         time, the gross amount of bonds or money market instruments, or the net amount of securities issued, cannot be calculated.
    c) Clauses a) and b) do not apply with regard to:
         - transferable securities and money market instruments issued or guaranteed by a European Union member state or its regional
           public authorities;
         - transferable securities and money market instruments issued or guaranteed by a state that is not part of the European Union;
         - transferable securities and money market instruments issued by international organisations with a public remit to which one or
           more member states of the European Union belong;
         - shares held by the Company in the capital of a company from a state outside the European Union investing its assets mainly
           in securities of issuers from that state when, by virtue of its legislation, such a holding constitutes for the Company the only
           possibility of investing in securities of issuers from this state. However, this exemption is only applicable if, in its investment
           policy, the company from the state outside the European Union respects the limits established in points 4., 7. and 8. a) and b).
           In the event of the limits stipulated in points 4. and 7. being exceeded, point 9. will apply mutatis mutandis;
9. The subfunds are not bound to conform to the limits stipulated in this Appendix during the exercise of subscription rights on
    transferable securities or money market instruments that form part of their assets.
    While continuing to respect the principle of the diversification of risks, newly authorised subfunds may be exempted from points 4.,
    5., 6. and 7. for six months following the date of their authorisation.
    If the limits stated in the first paragraph are exceeded by the subfund unintentionally or following the exercise of subscription rights,
    the subfund must aim as a priority in its sales transactions, to regularise this situation taking account of the interests of
    shareholders.
10. A subfund may acquire foreign currencies by means of a back-to-back loan.
    A subfund may borrow:
    a) up to 10% of its assets, provided that these are temporary borrowings;
    b) up to 10% of its assets, provided that these are borrowings to enable the acquisition of property that is indispensable to the
         direct pursuit of its activities; in this case, these borrowings and those specified in paragraph a) may not, under any
         circumstances, jointly exceed 15% of its assets.
11. Without prejudice to the application of points 1., 2., 3. and Appendix 2, a subfund may not grant credits or stand surety for a third
    party.
    The preceding paragraph does not prevent a subfund‟s acquisition of transferable securities, money market instruments or other
    financial instruments specified in clauses 1.e), g) and h), that are not fully paid-up.
12. A subfund may not short-sell transferable securities, money market instruments or other financial instruments specified in clauses 1.
    e), g) and h).
As a general rule, the Board of Directors reserves the right to introduce other investment restrictions at any time when indispensable for
conforming to the laws and regulations in force in certain states where the Company‟s shares may be offered and sold. On the other
hand, where permitted by current regulations applicable to the Company, the Board of Directors reserves the right to exempt one or
more subfunds from one or more of the investment restrictions specified above. These exceptions will be mentioned in the investment
policies summarised in Part II for each of the subfunds concerned.




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                                   APPENDIX 2 – TECHNIQUES AND FINANCIAL INSTRUMENTS
Without prejudice to any stipulations for one or more particular subfunds, the Company is authorised, for each subfund and in conformity
with the conditions set out below, to use derivative financial instruments in accordance with point 1.g) of Appendix 1 of the Prospectus.
Each subfund ensures that the total risk associated with derivative instruments does not exceed 100% of the total net value of its
portfolio.
The risks are calculated by taking account of the current value of the underlying assets, the counterparty risk, the foreseeable
development of the markets and the time available for liquidating the positions.
Each subfund may, in the context of its investment policy and within the limits defined in point 1 of Appendix 1 of the Prospectus, invest
in derivative financial instruments provided the total risk to which the underlying assets are exposed does not exceed the investment
limits stipulated in point 4 of Appendix 1. When a subfund invests in derivative financial instruments based on an index, these
investments are not necessarily combined with the limits stipulated in point 4 of Appendix 1 of the Prospectus.
When a transferable security or a money market instrument comprises a derivative instrument, the derivative instrument must be taken
into account for the application of the present provisions.
1. General Information
The Company may have recourse to derivative instruments, whose underlying assets may be transferable securities or money market
instruments, both for coverage (hedging) and for trading purposes.
The sophisticated subfunds have recourse, for a major part, to derivative financial instruments and/or have recourse to more complex
strategies or instruments both for hedging and for trading purposes. These subfunds are listed in Appendix 9.
The non-sophisticated subfunds have recourse to less complex positions on derivative financial instruments or to derivative financial
instruments used for hedging purposes only.
If the aforesaid transactions involve the use of derivative instruments, these conditions and limits must correspond to the provisions of
Appendix 1 of the Prospectus.
If a subfund has recourse to derivative instruments for investment (trading) purposes, it may use such instruments only within the limits
of its investment policy.
Each subfund ensures that the total risk associated with derivative financial instruments does not exceed the total net value of its
portfolio. The risks are calculated by taking account of the current value of the underlying assets, the counterparty risk, the foreseeable
development of the markets and the time available for liquidating the positions.
1.1. Risk evaluation systems adapted to the risk profile of a subfund
      The Company employs a risk management process that allows it at all times to monitor and measure the risks associated with the
      positions and their contribution to the overall risk profile of the portfolio.
      Each subfund must employ risk evaluation systems adapted to its particular risk profile in order to ensure accurate evaluation of all
      the risks borne.
1.2. Limitation of the total risk associated with derivative financial instruments
      Each subfund ensures that the total risk associated with derivative instruments does not exceed the total net value of its portfolio.
      This means that the total risk associated with the use of derivative financial instruments cannot exceed 100% of the net assets of a
      subfund, and therefore that the total risk exposure of a subfund cannot exceed 200% of the net assets on an ongoing basis, after
      taking account of collateral for the evaluation of counterparty risk and any netting.
1.3. Limitation of temporary recourse to borrowing
      The total risk exposure of the subfund may not be increased by more than 10% through temporary borrowing, so that the total risk
      can never exceed 210% of the NAV.
1.4. Method of calculating total market risk
      Calculation of market risk
      For non-sophisticated subfunds and sophisticated subfunds, market risk is evaluated using a VaR (Value at Risk) approach
      combined with stress tests: a VaR approach must be applied on a regular basis. In this type of approach, the maximum potential
      loss capable of being generated by the portfolio and the derivatives of a subfund is estimated for a given time horizon and a given
      degree of confidence. The subfund must use stress tests in order to facilitate the management of risks associated with possible
      abnormal movements of the market.
      To calculate Value at Risk, the following parameters must be used: a 99% degree of confidence, a holding period of one month (20
      days), an actual (historical) observation period for risk factors of at least 1 year (250 days) unless a shorter observation period is
      justified by a significant increase in price volatility, quarterly data updates and calculations carried out daily, in principle.
        As an exception to the above, and provided there is adequate justification, parameters other than those described above may be
      used on a case-by-case basis, subject to prior approval by the CSSF.
      Calculation of counterparty risk
      In conformity with point 4.a) of Appendix 1 of the Prospectus, the counterparty risk for a subfund in an over-the-counter derivatives
      transaction may not exceed 10% of its assets if the counterparty is one of the credit institutions cited in clause 1.f) of Appendix 1 of
      the Prospectus, or 5% of its assets in other cases. Point III.2 of Circular 07/308 deals in more detail with the rules for determining
      counterparty risk.
      In conformity with item 1.g) of Appendix 1 of the Prospectus, over-the-counter derivative financial instruments must form the
      subject of a precise valuation, verifiable by the Company on a daily and independent basis.




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2. Provisions Concerning Specific Derivative Instruments
When buying or selling a credit default swap (CDS), the Company hedges against the risk of an issuer‟s default by paying a quarterly
premium. In the event of payment default, settlement may be made either in cash, in which case the buyer of the protection receives the
difference between the face value and the recoverable value, or in the form of an in-kind settlement, in which case the buyer of the
protection sells the defaulting security, or another security chosen from a basket of deliverable securities agreed in the CDS contract, to
the seller of the protection and recovers the face value. The events that constitute default are defined in the CDS contract, along with
the procedures for delivery of the bonds and debt certificates. The Company may also resell the CDS and thus reproduce the credit risk
by acquiring call options in exchange.
When buying an equity default swap (EDS), the Company hedges against the risk of a sharp fall (the current market norm is 70%) in the
value of the underlying security on the stock markets, regardless of the cause for the fall, by paying a quarterly premium. When the risk
is realised, i.e. when the closing price on the stock market reaches or exceeds the threshold (of – 70%), the payment is made in cash:
the buyer of the protection receives a pre-determined percentage (the current European market norm is 50%) of the notional amount
initially assured. The Company may also sell an EDS and thus reproduce the risk of a fall in the market price in return for a quarterly
premium.
A Total Return Swap (TRS) is a swap contract on the total performance of a bond or other underlying asset (share, index, etc.) against a
reference rate plus a spread. Total performance includes interest coupons, dividends and the profits and losses of the underlying asset
during the lifetime of the contract, according to the type of underlying asset involved.
A contract for difference (CFD) is a contract between two parties whereby they agree on a cash payment between them in the amount
of the difference between two valuations of the underlying asset, at least one of which is unknown when they enter into the contract. By
entering into a CFD, the Company undertakes to pay (or receive) the difference between the valuation of the underlying asset at the
time of entering into the contract and the valuation of the underlying asset at a particular moment in the future.
The Company may trade only with first-rank financial institutions participating in these markets and specialising in this type of
transaction.
The use of CDSs, CFDs and EDSs for purposes other than hedging must comply with the following conditions: (a) they must be used
exclusively in the interests of shareholders, with the aim of providing an attractive return with respect to the risks incurred; (b) the total
risk associated with CDSs, CFDs and EDSs may not under any circumstances exceed 100% of the net assets of each subfund. In
addition, the total risk arising from CDSs, CFDs and EDSs, as well as the total risk arising from other techniques used, may not under
any circumstances exceed 200% of the total net asset value of each subfund on an ongoing basis; (c) the general investment
restrictions defined in Appendix 1 are applied to the issuer of the CDSs, CFDs and EDSs and to the final debtor risk of the CDSs, CFDs
and EDSs; (d) the use of CDSs, CFDs and EDSs is consistent with the investment and risk profiles of the subfunds concerned; (e) each
subfund must ensure that it has adequate permanent cover of the risks associated with CDSs, CFDs and EDSs so that it is capable of
honouring redemption requests from shareholders, and (f) the CDSs, CFDs and EDSs selected are sufficiently liquid to allow the
subfunds concerned to sell/unwind the contracts in question at the determined theoretical prices.
3. Securities Lending
The Company may enter into securities lending and borrowing transactions provided that they comply with the following CSSF 08/356
circular rules:
3.1. The Company may only lend or borrow securities through a standardised system organised by a recognised clearing institution or
       through a first class financial institution specialising in this type of transaction.
     The CSSF requires the following from the borrower:
     -    Collateral from the borrower is mandatory;
     -    The borrower must be subject to prudential supervision rules which are considered by the CSSF as equivalent to those
          provided by the Community Law.
3.2. Limits on securities lending transactions
     The Company must ensure that the amount of its securities lending transactions is kept at 50% (unless appropriately amended if
     applicable) of the total value of the securities in the Company‟s portfolio, or must be able to ask for the restitution of the securities
     lent such that it may at any time meet its redemption obligation and that these transaction do not compromise the management of
     the Company‟s assets in accordance with its investment policy.
3.3. Limitation of the counterparty risk and receipt of appropriate collateral
     At any time, in securities lending transactions, the value of collateral received by the fund must cover at least the total value of the
     lent securities (interest, dividends and other potential rights included).
     Counterparty Risk vis-à-vis one single counterparty is limited to 10% of its assets if the counterparty is an EC credit institution as
     defined in point 1.f of the Appendix to the Prospectus, and no more than 5% if not.
     Daily valuation of the collateral is required.
3.4. Acceptable receiving collateral
     a) Liquid assets (cash, short term bank deposits, money market instruments, letter of credit);
     b) OECD sovereign bonds;
     c) Shares or units issued by money market UCIs (daily calculation and S&P AAA rating or equivalent);
     d) Shares or units issued by UCITS investing in bonds/shares mentioned below:
     e) Bonds issued or guaranteed by first class issuers offering adequate liquidity;
     f)    Shares listed or dealt on a regulated market of the EU or on a stock exchange of a Member State of the OECD, provided that
           they are included in a main index and that their issuer is not affiliated to the counterparty;
     g) Direct investments in bonds or shares with the characteristics mentioned in (e) and (f )




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3.5. Reinvestment of cash provided as collateral
      The Company may re-invest the cash it has received as collateral in the following eligible instruments:
      a) Money market UCIs (daily calculation and S&P AAA rating or equivalent);
      b) Short-term bank deposits;
      c) Money market instruments;
      d) Short-term bonds issued or guaranteed by a Member State of the European Union, Switzerland, Canada, Japan or the United
            States or by their local authorities or by supranational institutions and undertakings with EU, regional or world-wide scope;
      e) Bonds issued or guaranteed by first class issuers offering adequate liquidity, and
      f)    Reverse repurchase agreement transactions
           -      The financial assets other than bank deposit and units of UCIs that the Company has acquired by reinvesting the cash
                  collateral must not be issued by an entity affiliated to the counterparty;
           -      The financial assets acquired via the reinvestment of the cash collateral must not be kept with the counterparty, except if
                  it is legally segregated from the counterparty‟s assets;
           -      The financial assets acquired via the reinvestment of the cash collateral may not be pledged unless the Company has
                  sufficient liquidities to be able to return the received collateral in the form of cash.
3.6. Reinvested cash collateral limits applicable
      The reinvestment of the cash collateral is not subject to the diversification rules provided that an excessive concentration is
      avoided with respect to the issuers and the chosen instruments.
      No diversification rules shall apply regarding the reinvestment in shares or units of money market UCIs or short term bonds.
      The reinvestment of cash collateral in bank deposits is subject to the following limit: investments with a same entity must not
      exceed 20% of the net assets pursuant to point 4 a) of Appendix 1 of the Prospectus.
      Once the return of reinvested cash collateral is greater than the related risk free rate, the global risk exposure must be calculated
      on every position according to reinvested cash collateral.
4.     Repurchase Agreements
4.1. In accordance with the CSSF 08/356 circular, each subfund may, on an ancillary basis, engage in repurchase agreements which
      consist of purchases and sales of securities with clauses reserving the seller‟s right to buy the sold securities back from the
      purchaser at a price and time stipulated between the two parties at the time of entering into the contract. Each subfund may
      engage in repurchase agreements either as buyer or seller. However, the involvement of a subfund in such agreements is subject
      to the following rules:
      (a) Each subfund may buy or sell securities with repurchase options only if the counterparties in these agreements are first-rank
           financial institutions specialising in this type of transaction; and
      (b) During the lifetime of a repurchase agreement, a subfund may not sell the securities forming the subject of the contract until
           the counterparty‟s repurchase option has been exercised or the repurchase term has expired.
      In addition, each subfund must ensure that it keeps the scale of repurchase agreements at such a level that it is capable at all
      times of meeting its share/unit repurchase obligations to shareholders/unitholders.
4.2. Eligible Securities for repurchase and reverse repurchase transaction
      a) Short-term bank certificates;
      b) Money market instruments;
      c) Bonds issued or guaranteed by a member of state of the OECD or by their local authorities or by supranational institutions
            and undertakings of a community, regional or worldwide nature;
      d) Money market UCIs ( daily calculation and S&P AAA rated or equivalent);
      e) Bonds issued by non-governmental issuers offering an adequate liquidity;
      f)    Shares listed or dealt on a regulated market of the EU or on a stock exchange of a member state of the OECD, provided that
            they are included in a main index.
4.3. Limits for repurchase transactions
The securities which are the subject of repurchase transactions must be compliant with the investment policy of the Company and must
together with the other securities which the Company holds in its portfolio, globally comply with the investment restrictions of the
Company.
5. Temporary Purchases of Securities
Each subfund may:
(I) Borrow securities (via a repurchase agreement) for a given period, accepting physical delivery of these securities;
(II) Sell these securities;
(III) Repurchase them subsequently;
(IV) In order to then returns the borrowed securities to the original lender;
provided such transaction does not represent more than 10% of its net assets and is only made with first-rank financial institutions.
6. Particular Requirements in Taiwan
In addition to the prohibition on investing in gold, property and commodities (general rules already cited in point 2. b) and c) of Appendix
1) each subfund registered and marketed in Taiwan shall comply with the following additional requirements:
-     The total value of open long positions on derivatives may not exceed 40% of the net assets of the subfund;
-     The total value of open short positions on derivatives may not exceed the total market value of the corresponding securities held by
      the subfund.




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                                                 APPENDIX 3 – INVESTMENT RISKS
Potential investors are asked to read the prospectus carefully in its entirety before making an investment. Any investments may also be
affected by changes relating to rules governing exchange rate controls, taxation and deductions at source, as well as those relating to
economic and monetary policies.
Investors are also warned that subfund performance may not be in line with stated aims and that the capital they invest (after
subscription commissions have been deducted) may not be returned to them in full.
Subfunds are exposed to various risks that differ according to their investment policies. The main risks that subfunds are likely to be
exposed to are listed below. Investors are asked to refer to the simplified prospectus in order to identify the specific risks that apply to
each subfund.
Risk Linked to Share Markets
The risks associated with investments in shares (and similar instruments) include significant fluctuations in prices, negative information
about the issuer or market and the subordination of a company‟s shares to its bonds. Moreover, any fluctuations are often amplified in
the short term. The risk that one or more companies will suffer a downturn or fail to grow can have a negative impact on the
performance of the overall portfolio at a given time.
There is no guarantee that investors will see an appreciation in value. 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.
There is no guarantee that the investment objective will actually be achieved.
Some subfunds may invest in initial public offerings ("IPOs"). In this case, there is a risk that the price of the newly floated share may
see greater volatility as a result of factors such as the absence of an existing public market, non-seasonal transactions, the limited
number of securities that can be traded and a lack of information about the issuer. A subfund may hold such securities for only a very
short time, which tends to increase the costs.
Subfunds investing in growth stocks may be more volatile than the market in general and may react differently to economic, political and
market developments and to specific information about the issuer. Growth stocks traditionally show higher volatility than other stocks,
especially over short periods. These stocks may also be more expensive in relation to their profits than the market in general.
Consequently, growth stocks may react with more volatility to variations in profit growth.
Some subfunds may base their objective on simple stock market growth, which produces higher than average volatility.
Managers may temporarily adopt a more defensive attitude if they consider that the stock market or economy of the countries in which
the subfund invests is experiencing excessive volatility, a persistent general decline, or other unfavourable conditions. In such
circumstances, the subfund may be unable to pursue its investment objective.
Derivatives Risk
With a view to carrying out covering (a strategy of using derivatives for coverage purposes [hedging]) and/or optimising the yield of its
portfolio (a strategy of using derivatives for investment purposes [trading]), the subfund is permitted to use derivative techniques and
instruments under the circumstances set forth in Appendices 1 and 2 of the prospectus (in particular, warrants on securities,
agreements regarding the exchange of securities, rates, currencies, inflation, volatility and other financial derivative instruments,
contracts for difference [CFDs], credit default swaps [CDSs], futures and options on securities, rates or futures).
The investor's attention is drawn to the fact that these derivatives include leveraging. Because of this, the volatility of these subfunds is
increased.
Currency Exchange Risk
A subfund comprises assets denominated in currencies that differ from its reference currency, and may be affected by exchange rate
fluctuations between the reference currency and the other currencies and by changes in exchange rate controls. If the currency in which
a security is denominated appreciates in relation to the reference currency of the subfund, the exchange value of the security in the
reference currency will appreciate; conversely, depreciation of the denomination currency will lead to depreciation in the exchange value
of the security.
When the manager carries out coverage (hedging) transactions to counter exchange rate risks, there is no guarantee that such
operations will be completely effective, however.
Interest Rate Risk
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, the discount rate, inflation, etc.
The investor's attention is drawn to the fact that an increase in interest rates results in a decrease in the value of investments in bonds
and debt instruments.
Credit Risk
This is the risk that may derive from the rating downgrade of a bond issuer to which the subfunds are exposed, which may therefore
cause the value of the investments to go down. Such risks relate to the ability of an issuer to honour its debts.
Downgrades of an issue or issuer rating may lead to a drop in the value of bonds in which the subfund has invested.
Some strategies utilised may be based on bonds issued by issuers with a high credit risk (junk bonds).
Subfunds investing in high-yield bonds present a higher than average risk due to the greater fluctuation of their currency or the quality of
the issuer.
Liquidity Risk
There is a risk that investments made by the subfunds may become illiquid due to an over-restricted market (often reflected by a very
broad bid-ask spread or by substantial price movements), if their “rating” declines or if the economic situation deteriorates;
consequently, it may not be possible to sell or buy these investments quickly enough to prevent or minimize a loss in these subfunds.
Commodity Market Risk
Commodity markets may experience significant, sudden price variations that have a direct effect on the valuation of shares and
securities that equate to the shares in which a subfund may invest and/or indices that a subfund may be exposed to.
Moreover, the underlying assets may evolve in a markedly different way from traditional securities markets (share markets, bond
markets etc.)




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Counterparty Risk
This risk relates to the quality of the counterparty with which the management company negotiates, in particular involving payment
for/delivery of financial instruments and the striking of agreements involving forward financial instruments. This risk is associated with
the ability of the counterparty to fulfil its undertakings (for example: payment, delivery and reimbursement).
Warrant Risk
The investor‟s attention is drawn to the fact that warrants are complex, volatile, high-risk instruments: the risk of a total loss of the
invested capital is great. In addition, one of the principal characteristics of warrants is the “leverage effect”, which is seen in the fact that
a change in the value of the underlying asset can have a disproportionate effect on the value of the warrant. Finally, there is no
guarantee that, in the event of an illiquid market, it will be possible to sell the warrant on a secondary market.
Inflation Risk
Over time, yields of short-term investments may not keep pace with inflation, leading to a reduction in an investment‟s purchasing
power.
Taxation Risk
The value of an investment may be affected by the application of tax laws in various countries, including withholding tax, or changes in
government or economic or monetary policy in the countries concerned. As such, no guarantee can be given that the financial
objectives will actually be achieved.
Emerging Market and Small-Cap Risk
Subfunds investing in emerging markets, small caps or specialised or restricted sectors are likely to be subject to a higher than
average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less
liquidity, or due to greater sensitivity to changes in market conditions (social, political and economic conditions). In add ition, some
emerging markets offer less security than the majority of international developed markets. For this reason, services for port folio
transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk . The Company
and investors agree to bear these risks.
With regards to the Russian market, investments there are made with the Russian Trading System Stock Exchange (or “RTS Stock
Exchange"), which brings together a large number of Russian issuers and allows for almost total coverage of the Russian equity
universe. By investing with the RTS Stock Exchange, investors can take advantage of the liquidity of the Russian market without having
to deal in the local currency, as all issuers can be directly traded in USD.
Smaller companies may find themselves unable to generate new funds to support their growth and development, they may lack vision in
management, or they may develop products for new, uncertain markets.
Some of these markets are not currently regarded as regulated markets; direct investment in such markets (with the exception of ADRs
and GDRs), added to investments in unlisted shares, is limited to 10% of net assets.
Risks Related to Investments in China
Investments in China involve risks linked to restrictions imposed on foreign investors and counterparties, higher market volatility and the
risk of lack of liquidity for some lines of the portfolio. Consequently, some shares may not be available to the subfund due to the number
of foreign shareholders authorised or if the total investments permitted for foreign shareholders have been reached. In addition, the
repatriation by foreign investors of their share of net profits, capital and dividends may be restricted or require the approval of the
government. The Company will only invest if it considers that the restrictions are acceptable. However, no guarantee can be given that
additional restrictions will not be imposed in future.




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                                                  APPENDIX 4 – CO-MANAGEMENT
In order to reduce operating and administrative expenses while enabling greater diversification of investments, the Board of Directors
may decide to co-manage some or all of the Company‟s assets with assets belonging to other undertakings for collective investment or
to co-manage some or all of the assets of subfunds together. In the following paragraphs, the term “co-managed entities” refers either
overall to the Company and all the other entities with which and between which a co-management arrangement exists, or to the co-
managed subfunds. The term “co-managed assets” refers to all the assets belonging to these co-managed entities that are co-managed
by virtue of this co-management arrangement.
Under co-management, the manager makes investment, disinvestment or portfolio adjustment decisions for the co-managed entities as
a whole that will affect the Company‟s portfolio composition or the composition of the portfolios of its co-managed subfunds. Of the total
co-managed assets, each co-managed entity owns a share of the co-managed assets corresponding to the proportion of its net assets
in relation to the total value of the co-managed assets. This proportional holding will be applied to each line of the portfolio held or
acquired under co-management. In the case of investment and/or disinvestment decisions, these proportions will not be affected and
the additional investments will be allocated to the co-managed entities in the same proportions, and assets sold will be deducted
proportionally from the co-managed assets held by each co-managed entity.
In the case of new subscriptions to one of the co-managed entities, the subscription proceeds will be allocated to the co-managed
entities according to the amended proportions resulting from the increase of the net assets of the co-managed entity that received the
subscriptions, and all the lines of the portfolio will be adjusted by transferring the assets from one co-managed entity to another to adapt
to the amended proportions. Similarly, in the event of redemptions of shares in one of the co-managed entities, the necessary cash may
be deducted from the cash held by the co-managed entities in the amended proportions resulting from the decrease in the net assets of
the co-managed entity from which the redemptions were made, and, in this case, all the lines of the portfolio will be adjusted in the
proportions thus amended. Investors should be aware that, without specific intervention by the Company‟s competent authorities, the
co-management technique can result in the composition of the assets of the Company or of one or more of its co-managed subfunds
being influenced by events specific to other co-managed entities such as subscriptions and redemptions. Accordingly, all other things
being equal, subscriptions made to one of the entities with which the Company is co-managed or to one of the co-managed subfunds
will result in an increase in the Company‟s cash assets or those of the other co-managed subfund(s). Conversely, redemptions made
from one of the entities with which the Company is co-managed or from one of the co-managed subfunds will result in a decrease in the
cash assets of the Company or of the other co-managed subfund(s). Subscriptions and redemptions may, however, be retained in the
specific account held for each co-managed entity outside the co-management arrangement through which subscriptions and
redemptions are normally made. Assigning major subscriptions and redemptions to the specific account, and the option of the
Company‟s Board of Directors to decide at any given moment to discontinue the co-management arrangement, will enable the
Company‟s portfolio adjustments or the portfolio adjustments of its subfunds to be compensated if these adjustments are considered to
be against the interests of the Company or its subfunds and investors. In the case when an adjustment to the composition of the
Company‟s portfolio or to the portfolio of one or more of its co-managed subfunds is necessitated by redemptions or payments of
expenses attributable to another co-managed entity (i.e. not attributable to the Company) would risk resulting in a breach of the
corresponding investment restrictions, the assets concerned will be excluded from the co-management arrangement before the
adjustment is implemented in such a way that the portfolio movements are not affected.
Co-managed assets will only be co-managed with assets designed to be invested according to an identical investment objective
applicable to that of the co-managed assets in such a way as to ensure that the investment decisions are fully compatible with the
investment policy of the Company or its subfunds. The co-managed assets will only be co-managed with assets for which the custodian
bank also acts as custodian so as to ensure that the custodian bank can, with regard to the Company or its subfunds, fully exercise its
functions and responsibilities in accordance with the provisions of the Law.
The custodian bank will at all times ensure a rigorous segregation of the Company‟s assets in relation to the assets of the other co-
managed entities or between the assets of co-managed subfunds and as such will be able, at any given time, to determine the assets
belonging to the Company or co-managed subfunds. Given that the co-managed entities may have investment policies that are not
strictly identical to the Company‟s investment policy, it is possible that the joint policy applied will be more restrictive than that of the
Company or than that of one or more of the co-managed subfunds.
A joint management agreement has been and/or will be signed between the Company, the custodian bank/central administration agent
and the manager in order to define the rights and obligations of each party. The Board of Directors may, at any given moment and
without prior notice, decide to discontinue the co-management arrangement.
Investors may at any time contact the Company‟s registered office for information on the percentage of assets co-managed and the
entities with which such co-management is in force at the time of request.




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                                             APPENDIX 5 – CONVERSION FORMULA
The number of shares allocated to a new subfund, new class or new sub-class will be established according to the following formula:

                                                   A = [(B x (C - (C x F)) x D) / E] + X
where
- "A" represents the number of shares to be allocated to the new subfund, new class or new sub-class;
- "B" represents the number of shares to be converted from the original subfund, original class or original sub-class;
- "C" represents the net asset value, on the applicable valuation day, of the shares to be converted from the original subfund, original
   class or original sub-class;
- "D" represents the exchange rate applicable on the day of the transaction between the currencies of the shares to be converted;
- "E" represents the net asset value, on the applicable valuation day, of the shares to be allocated to the new subfund, new class or
   new sub-class;
- "F" represents the commission rate for conversions mentioned in the description of each subfund in Part II;
- "X" is the unassigned balance which, if any, will be reimbursed to the shareholder. Investors are reminded that the Company may
   issue fractions of shares up to one thousandth.




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        APPENDIX 6 – SUSPENSION OF THE CALCULATION OF NET ASSET VALUE AND THE ISSUE, CONVERSION
                                       AND REDEMPTION OF SHARES

The Board of Directors is authorised to temporarily suspend with immediate effect the calculation of the value of the net assets of one or
more subfunds, and suspend issues, conversions and redemptions in the following cases:
(a) during any period in which one or more foreign exchange markets or stock exchanges that are the principal markets or stock
      exchanges on which a substantial portion of a subfund‟s investments are quoted at a given moment are closed except for normal
      days of closure, or during which trading is subject to significant restrictions or is suspended;
(b) when the political, economic, military, monetary, or social situation, or any other event of force majeure, outside the Company‟s
      responsibility or power, makes it impossible to access its assets by reasonable and normal means, without severely prejudicing the
      interests of the shareholders;
(c) during any break in the communications normally used to determine the price of any of the Company‟s investments or current
      prices on any market or stock exchange;
(d) when restrictions on foreign currencies or the movement of capital prevent transactions from being made on the Company‟s behalf
      or when the Company‟s assets cannot be purchased or sold at normal exchange rates;
(e) as soon as a decision is taken to liquidate the Company or one or more of its subfunds;
(f) in order to establish the exchange parity in the case of a merger, asset contribution, split-off, or any restructuring operation, of, by
      or in one or more of the Company‟s subfunds and for a maximum period of two bank business days in Luxembourg;
(g) or any other cases when the Board of Directors considers by reasoned decision that such a suspension is necessary to safeguard
      the general interests of the shareholders concerned.
In the event that the total net redemption/conversion requests received for a particular subfund on a given net asset value calculation
day concern over 10% of the net assets of the subfund in question, the Board of Directors may decide to reduce and/or defer the
redemption/conversion requests presented on a pro-rata basis in order to limit the number of shares redeemed/converted on that day to
10% of the net assets of the subfund concerned. Any redemption/conversion requests deferred in this way will be received in priority
over redemption/conversion requests received on the next net asset value calculation day, subject always to the aforementioned limit of
10% of net assets.
In exceptional circumstances that could have a negative effect on the interests of shareholders, or in the event of subscription,
redemption or conversion requests for more than 10% of the net assets of a subfund, the Board of Directors reserves the right not to set
the value of a share until it has made the necessary purchases and sales of transferable securities on behalf of the subfund without
delay. In such cases, subscriptions, redemption and conversion requests in the course of execution will be processed simultaneously on
the basis of the net value thus calculated.
Every investor who has made a request for subscription, redemption or conversion will be advised of the suspension of the calculation
of the net asset value. Suspended requests may be withdrawn by written instructions provided that these are received by the Company
before the end of the suspension. Suspended requests will be taken into account on the first valuation day following the end of the
suspension. In the event that not all the suspended requests can be processed on a single valuation day, the earliest requests will have
priority over the most recent.




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                               APPENDIX 7 – COMPOSITION OF ASSETS AND VALUATION RULES
The Company‟s assets primarily include:
(1) all cash in hand or on deposit including interest due not received and interest accrued on deposits before the payment date;
(2) all notes and bills payable on demand and accounts receivable (including the results of sales of securities before the proceeds have
     been received);
(3) all securities, units, shares, bonds, options or subscription rights and other investments and transferable securities owned by the
     Company;
(4) all dividends and distributions to be received by the Company in cash or securities that the Company is aware of;
(5) all interest due not received and all interest yielded before the payment date by securities owned by the Company, unless such
     interest is included in the principal of these stocks;
(6) the Company‟s establishment costs, where these have not been amortised;
(7) all other assets of any nature whatsoever, including prepaid expenses.
Without prejudice to anything specified for an individual subfund, class and/or sub-class, the value of these assets will be determined as
follows:
(a) the value of cash in hand or on deposit, notes and bills payable on demand and accounts receivable, prepaid expenses, and
     dividends and interest announced or due but not yet paid, will be constituted by the face value of these assets, unless it seems
     unlikely that this value can be achieved; in which case, the value will be determined by deducting such amount as the Company
     considers appropriate in order to reflect the real value of these assets;
(b) the value of units in undertakings for collective investment will be determined according to the latest available net asset value;
(c) the valuation of any security admitted to official listing or traded on any other regulated market, operating regularly, which is
     recognised and open to the public, is based on the closing price on the applicable valuation day, or the price on the market day
     following that day for Asian markets, and, if the security is traded on several markets, on the basis of the security‟s principal market;
     if the last known price is not representative, the valuation will be based on the probable realisation value that the Board of Directors
     will estimate prudently and in good faith;
(d) securities not listed or traded on a stock market or any other regulated market, operating regularly, which is recognised and open to
     the public, will be valued on the basis of their probable realisation value estimated regularly, prudently and in good faith by a
     qualified professional appointed for this purpose by the Board of Directors in agreement with the custodian bank;
(e) securities expressed in a currency other than the currency of expression of the subfund concerned will be converted on the basis of
     the exchange rate applicable on the valuation day;
(f) the Board of Directors is authorised to draft or amend the rules relating to the determination of the relevant valuation prices.
     Decisions taken in this regard will be reflected in the Prospectus;
(g) IRS will be valued on the basis of the difference between the value of all future interest payable by the Company to its counterparty
     on the valuation date at the zero coupon swap rate corresponding to the maturity of these payments and the value of all future
     interest payable by the counterparty to the Company on the valuation date at the zero coupon swap rate corresponding to the
     maturity of these payments;
(h) the internal valuation model for CDS utilises as inputs the CDS rate curve, the recovery rate and a discount rate (LIBOR or market
     swap rate) to calculate the mark-to-market. This internal model also produces the rate curve for default probabilities. To establish
     the CDS rate curve, data from a certain number of counterparties active in the CDS market are used. The manager uses the
     valuation of the counterparties‟ CDS to compare them with the values obtained from the internal model. The starting point for the
     construction of the internal model is parity between the variable portion and fixed portion of the CDS on signing the CDS.
 (i) since EDS are triggered by an event affecting a share, their valuation depends mainly on the volatility of the share and its
     asymmetrical position. The higher the volatility, the greater the risk that the share will reach the 70% threshold and therefore the
     greater the EDS spread. The spread of a company‟s CDS also reflects its volatility, since high volatility of the share indicates high
     volatility of the assets of the company in question and therefore a high probability of a credit event. Given that the spreads of both
     EDS and CDS are correlated with the implicit volatility of the shares, and that these relations have a tendency to remain stable over
     time, an EDS can be considered as a proxy for a CDS. The key point in the valuation of an EDS is to calculate the implicit
     probability of a share event. Two methods are generally accepted: the first consists of utilising the market spread of the CDS as
     input in a model to evaluate the EDS; the second utilises the historic data of the share in question to estimate the probability.
     Although historic data are not necessarily a good guide as to what may happen in the future, such data can reflect the general
     behaviour of a share in the face of crises. In comparing the two approaches, it is very rare to see historic probabilities higher than
     the shares‟ implicit probabilities;
(j) the valuation of a CFD and TRS will at any given time reflect the difference between the latest known price of the underlying stock
     and the valuation that was taken into account when the transaction was signed.




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The Company‟s liabilities primarily include:
(1) all loans, bills due and accounts payable;
(2) all known obligations, whether payable or not, including all contractual obligations reaching maturity, due for payment in cash or in
    kind (including the amount of dividends announced by the Company but not yet paid);
(3) all reserves, authorised or approved by the Board of Directors, primarily those that have been constituted to meet a potential capital
    loss on any of the Company‟s investments;
(4) any other commitment of the Company, of any kind whatsoever, except for those represented by the Company‟s own resources. To
    value the amount of these other commitments, the Company will take into account all the expenses to be borne by it including, but
    not limited to, the costs of any amendments to the bylaws, the Prospectus and any other document relating to the Company,
    management, performance, distribution and any other one-off commissions and fees, all taxes and duties withheld by government
    authorities and stock markets, financial, banking or broking expenses incurred during the purchase or sale of assets or otherwise.
    To value the amount of these commitments, the Company will take into account, on a time-prorated basis, any recurrent or
    occasional administrative and other expenses.
The assets, liabilities, expenses and fees that are not attributable to a subfund, class or sub-class will be charged to the different
subfunds, classes or sub-classes in equal shares or, where this is justified by the amounts in question, in proportion to their respective
net assets. Each of the Company‟s shares that is in the process of being redeemed will be considered as a share issued and
outstanding until the close on the valuation day applicable to that share‟s redemption and, from the close of that day until the price is
paid, its price will be considered as a liability of the Company. Each share to be issued by the Company in accordance with subscription
requests received will be treated as being issued at the close of the valuation day of its issue price and its price will be treated as an
amount due to the Company until it is received by the Company. As far as possible, every investment or disinvestment decided by the
Company will be taken into account on the valuation day.
Swing pricing:
Under certain market conditions and taking into account the volume of buy and sell transactions within a subfund, a class or a
sub-class, and the size of the latter, the Board of Directors may feel that it is in the interest of the shareholders to calculate the
NAV per share on the basis of the share purchase and sale prices and/or by applying an estimate of the spread between the
buy price and the sell price applicable to the markets on which the shares are traded. The Board of Directors may again adjust
the aforesaid NAVs for all transaction expenses and sales commissions, subject to these expenses and commissions not
exceeding 1% of the NAV of the subfund, class or sub-class at that time.




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                            APPENDIX 8 – LIQUIDATION, MERGER AND ABSORPTION PROCEDURES
Liquidation, merger and contribution of a subfund
The General Shareholders‟ Meeting of a subfund can decide:
- either on the straightforward liquidation of the subfund or class of shares;
- or on the closure of the subfund by contribution to another subfund of the Company;
- or on the closure of the subfund by contribution to another UCI incorporated under Luxembourg law within the limits authorised by
   the Law.
In this case, no quorum is required and resolutions are taken by a simple majority of shares present or represented.
In the case of contribution to a collective investment fund, the formal agreement of the shareholders concerned will be required and the
decision taken regarding contribution will only affect those shareholders who declare in favour of the contribution.
The same decisions can be taken by a majority of the Board of Directors only in the following cases:
- when the net assets of the subfund concerned fall below a threshold that is considered sufficient to ensure the efficient management
   of the subfund or class of shares;
- when substantial changes occur in the political, economic and social situation, or when justified by the interests of shareholders.
The decisions thus taken either by the General Meeting or by the Board of Directors will be published in the press as prescribed in the
Prospectus for notices to shareholders.
In the case of closure of a subfund by contribution, for a period of one month from the publication of a notice described in the preceding
paragraph, shareholders of that subfund will have the option of requesting redemption of their shares. No redemption fees will be
charged in this case. At the end of this period, any shareholders of that subfund who have not requested redemption will be bound by
the contribution decision.
In the two-month period preceding the liquidation or merger of a subfund, its investment policy as described in Part II may be departed
from.
In the case of straightforward liquidation of a subfund, the net assets will be distributed to the eligible parties in proportion to the shares
held in the subfund concerned. Any assets not distributed after a period of nine months from the date of closure of the liquidation will be
deposited at the Public Trust Office (Caisse de Consignation) until the end of the legally specified limitation period.
For purposes related to this matter, the steps taken for a subfund may be the same as those taken for a share class.
Dissolution and liquidation of the Company
The Board of Directors may, at any time and for any reason whatsoever, propose to the General Meeting the dissolution and liquidation
of the Company. The General Meeting will give its ruling in accordance with the same procedure as for amendments to the Articles of
Association.
If the Company‟s share capital falls below two-thirds of the minimum capital specified in Article 5 of the Articles of Association, the
question of dissolving the Company will be submitted by the Board of Directors to the General Meeting. The General Meeting, for which
no quorum is applicable, will decide based on a simple majority of the votes of shareholders present or represented.
The question of the Company‟s dissolution will also be submitted by the Board of Directors to the General Meeting when the share
capital falls below one-quarter of the minimum capital specified in Article 5 of the Articles of Association. In this case, the dissolution will
be declared, without any quorum, by shareholders possessing one-quarter of the shares represented.
In the event of the Company‟s dissolution, the liquidation will be conducted by one or more liquidators that may be individuals or legal
entities, and will be appointed by the General Shareholders‟ Meeting, which will determine their powers and remuneration, without
prejudice to the application of the Law.
The net proceeds of the liquidation of each subfund, class and/or sub-class will be distributed by the liquidators to the shareholders of
each subfund, class and/or sub-class in proportion to the number of shares they hold in the subfund, class and/or sub-class.
In the case of straightforward liquidation of the Company, the net assets will be distributed to the eligible parties in proportion to the
shares held in the Company. Net assets not distributed within a maximum period of nine months effective from the date of the liquidation
will be deposited at the Public Trust Office (Caisse de Consignation) until the end of the legally specified limitation period.
The calculation of the net asset value, and all subscriptions, conversions and redemptions of shares in these subfunds, classes and/or
sub-classes will also be suspended throughout the liquidation period.
The General Meeting must be held within forty days of the date on which it is recognised that the Company‟s net assets have fallen
below the minimum legal threshold of two-thirds or one-quarter, as applicable.




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                                     APPENDIX 9 – LIST OF SOPHISTICATED SUBFUNDS


Absolute Return Balanced                        Flexible Active 20                           Safe Balanced W1
Absolute Return Growth                          Flexible Expertise Patrimoine                Safe Balanced W4
Absolute Return Stability                       Lifecycle 2015                               Safe Balanced W7
Active Click Euro                               Lifecycle 2015                               Safe Balanced W10
Bond Asia ex Japan                              Lifecycle 2018                               Safe Conservative W1
Bond Best Selection World Emerging              Lifecycle 2020                               Safe Conservative W4
Bond Currencies World                           Lifecycle 2022                               Safe Conservative W7
Bond Euro High Yield                            Lifecycle 2025                               Safe Conservative W10
Bond Euro Long Term                             Lifecycle 2028                               Safe Growth W1
Bond Euro Premium                               Lifecycle 2030                               Safe Growth W4
Bond Europe Emerging                            Lifecycle 2032                               Safe Growth W7
Bond Europe Plus                                Lifecycle 2035                               Safe Growth W10
Bond USD                                        Lifecycle 2038                               Safe High Growth W1
Bond World                                      Lifecycle 2040                               Safe High Growth W4
Bond World Emerging                             Model 1                                      Safe High Growth W7
Bond World Emerging Corporate                   Model 2                                      Safe High Growth W10
Bond World Emerging Local                       Model 3                                      Safe Stability W1
Bond World High Yield                           Model 4                                      Safe Stability W4
Convertible Bond Asia                           Model 5                                      Safe Stability W7
Convertible Bond Best Selection Europe          Model 6                                      Safe Stability W10
Convertible Bond Euro Zone                      OBAM Equity World                            Sustainable Bond Euro
Convertible Bond World                          Opportunities Euro Plus                      Sustainable Diversified Europe Balanced
Diversified Active Click Balanced               Opportunities USA                            Sustainable Diversified Europe Growth
Diversified Active Click Stability              Opportunities World                          Sustainable Diversified Europe Stability
Diversified World Balanced                                                                   V350
Diversified World Conservative                                                               World Commodities
Diversified World Growth                                                                     World Volatility
Diversified World High Growth
Diversified World Stability




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                                                        PART II




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                                   BNP Paribas L1 Absolute Return Balanced
                                     abbreviated BNPP L1 Absolute Return Balanced
Absolute Return Balanced


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value over the medium term and generate a performance 2% (before commissions and fees) greater than its
benchmark index, the EONIA (the "Euro Overnight Index Average") which reflects the weighted average rate of day to day
interbank investments), and decorrelated from stock and bond market trends.
It is possible that this objective may not be achieved, and no guarantee can be given in this respect.

Investment policy
This subfund invests both in international equities and in other securities, in international convertible and exchangeable bonds
or in other debt securities with similar features, in international bonds and treasury notes, provided that such investments are in
transferable securities issued on international markets, as well as in derivative financial instruments on these types of assets.
On an ancillary basis, it may also invest in any other transferable securities admitted to the official listing on a securities
exchange, in money market instruments, derivative financial instruments and cash, and up to 10% of its assets may be invested
in other UCITS or UCI.
The manager will emphasize his talent in selecting individual securities, namely his ability to choose transferable securities that
should have a greater performance than the general market. Emphasis will also be placed on decisions to eliminate or increase
general market risk.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                  1.52%            1,91%             -4,92%
  I                        2.16%            2,57%             -4,31%
  N                         NA                NA                NA
  X                         NA                NA                NA
  Classic USD               NA                NA                NA
  Privilege                 NA                NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the defensive profile.
Recommended investment horizon: 2 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.




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                                  BNP Paribas L1 Absolute Return Balanced
                                     abbreviated BNPP L1 Absolute Return Balanced

ISIN code
LU0161139562 "Classic-Capitalisation"
LU0161139646 "Classic-Distribution"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0161139729

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0161140065

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531549219 "X-Capitalisation"

Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531548914 "Classic USD-Capitalisation"
LU0531549052 "Classic USD-Distribution"

Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531549136 "Privilege-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  0,75%              none               none             0,200%               0,05%            0,99%
 I                        0,20%            voir infra           none              0,15%               0,01%            0,31%
 N                        0,75%              none               0,35%            0,200%               0,05%             NA
 X                         none              none               none              0,15%               0,01%             NA
 Classic USD              0,75%              none               none             0,200%               0,05%             NA
 Privilege                0,30%              none               none             0,200%               0,05%             NA

Comments on the performance commission
“I” Class: 10% of the positive difference between the annual performance of the subfund (i.e. over the accounting year) and the
performance of the benchmark index (EONIA). This commission is recognised each time the NAV is calculated using the "high
water mark with hurdle rate".
In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.




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                                       BNP Paribas L1 Absolute Return Balanced
                                        abbreviated BNPP L1 Absolute Return Balanced

Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                   Exit
                                                             (1)
 Classic                        5%                      2%                       none
                                                             (1)
 I                              5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" and "I" classes on 3 February 2003 under the name "Fortis L Fund Dynamic
Treasury Euro 200".
The "N" class was launched on 4 February 2010 under the name "P".
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
Historical information:
Current name of the subfund first applied on 1 November 2003
The "P" class renamed "N" on 1 September 2010




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                                 BNP Paribas L1 Absolute Return Balanced
                                    abbreviated BNPP L1 Absolute Return Balanced

Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.




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                                    BNP Paribas L1 Absolute Return Growth
                                      abbreviated BNPP L1 Absolute Return Growth
Absolute Return Growth


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value over the medium term and generate a performance 4% (before commissions and fees) greater than its
benchmark index, the EONIA (the "Euro Overnight Index Average") which reflects the weighted average rate of day to day
interbank investments), and decorrelated from stock and bond market trends.
It is possible that this objective may not be achieved, and no guarantee can be given in this respect.

Investment policy
This subfund invests both in international equities and in other securities, in international convertible and exchangeable bonds
or in other debt securities with similar features, in international bonds and treasury notes, provided that such investments are in
transferable securities issued on international markets, as well as in derivative financial instruments on these types of assets.
On an ancillary basis, it may also invest in any other transferable securities admitted to the official listing on a securities
exchange, in money market instruments, derivative financial instruments, cash, and up to 10% of its assets may be invested in
other UCITS or UCI.
The manager will emphasize his talent in selecting individual securities, namely his ability to choose transferable securities that
should have a greater performance than the general market. Emphasis will also be placed on decisions to eliminate or increase
general market risk.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                 3.18%             2,85%             -5,70%
  Classic H CZK            NA                 NA                NA
  I                       4.02%             3,72%             -4,92%
  N                       2.83%             2,59%             -6,14%
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 3 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.




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                                    BNP Paribas L1 Absolute Return Growth
                                      abbreviated BNPP L1 Absolute Return Growth

ISIN code
LU0161140149 "Classic-Capitalisation"
LU0161140222 "Classic-Distribution"

Shares – “Classic H CZK” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0372929157

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0161140495

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0161140578

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531550142 "X-Capitalisation"

Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531549722 "Classic USD-Capitalisation"
LU0531549995 "Classic USD-Distribution"

Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531550068 "Privilege-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  1,00%              none               none             0,200%               0,05%            1,25%
 Classic H CZK            1,00%              none               none             0,200%               0,05%             NA
 I                        0,25%            voir infra           none              0,15%               0,01%            0,37%
 N                        1,00%              none               0,35%            0,200%               0,05%            1,52%
 X                         none              none               none              0,15%               0,01%             NA
 Classic USD              1,00%              none               none             0,200%               0,05%             NA
 Privilege                0,30%              none               none              0,20%               0,05%             NA

Comments on the performance commission
“I” Class: 10% of the positive difference between the annual performance of the subfund (i.e. over the accounting year) and the




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                                       BNP Paribas L1 Absolute Return Growth
                                          abbreviated BNPP L1 Absolute Return Growth

performance of the benchmark index (EONIA). This commission is recognised each time the NAV is calculated using the "high
water mark with hurdle rate".
In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                   Exit
                                                             (1)
 Classic                        5%                      2%                       none
                                                             (1)
 Classic H CZK                  5%                      2%                       none
                                                             (1)
 I                              5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
CZK, reference currency of the "Classic H CZK" class
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
In the "Classic H CZK" class it is calculated in CZK only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  44 / 586
                                   BNP Paribas L1 Absolute Return Growth
                                     abbreviated BNPP L1 Absolute Return Growth

Launch date:
The subfund was launched in the "Classic", "I" and "N" classes (under the name "P") on 3 February 2003 under the name
"Fortis L Fund Dynamic Treasury Euro 400".
The "Classic H CZK" class was launched on 1 July 2008. The first NAV was set at the CZK equivalent of EUR 100.00.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
Historical information:
Current name of the subfund first applied on 1 November 2003
Absorption on 13 July 2009 of the "Absolute Return Equity Europe" subfund of the SICAV
The "P" class renamed "N" on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  45 / 586
                                    BNP Paribas L1 Absolute Return Stability
                                     abbreviated BNPP L1 Absolute Return Stability
Absolute Return Stability


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value over the medium term and generate a performance 1% (before commissions and fees) greater than its
benchmark index, the EONIA (the "Euro Overnight Index Average") which reflects the weighted average rate of day to day
interbank investments), and decorrelated from stock and bond market trends.
It is possible that this objective may not be achieved, and no guarantee can be given in this respect.

Investment policy
This subfund invests both in international equities and in other securities, in international convertible and exchangeable bonds
or in other debt securities with similar features, in international bonds and treasury notes, provided that such investments are in
transferable securities issued on international markets, as well as in derivative financial instruments on these types of assets.
On an ancillary basis, it may also invest in any other transferable securities admitted to the official listing on a securities
exchange, in money market instruments, derivative financial instruments, cash, and up to 10% of its assets may be invested in
other UCITS or UCI.
The manager will emphasize his talent in selecting individual securities, namely his ability to choose transferable securities that
should have a greater performance than the general market. Emphasis will also be placed on decisions to eliminate or increase
general market risk.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is not subject to any risk deemed pertinent or significant as understood in the meaning of the aforementioned
recommendation.

Annual performance
                            2010             2009               2008
  Classic                   0.57%           1,64%             -1,88%
  I                         0.98%           2,09%             -1,50%
  N                         0.37%           1,36%             -2,45%
  X                          NA               NA                NA
  Classic USD                NA               NA                NA
  Privilege                  NA               NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the conservative profile.
Recommended investment horizon: 1 year
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                    46 / 586
                                   BNP Paribas L1 Absolute Return Stability
                                     abbreviated BNPP L1 Absolute Return Stability

ISIN code
LU0161138671 "Classic-Capitalisation"
LU0161138838 "Classic-Distribution"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0161139059

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0161139216

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531550654 "X-Capitalisation"

Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531550225 "Classic USD-Capitalisation"
LU0531550498 "Classic USD-Distribution"

Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531550571 "Privilege-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  0,50%              none               none             0,200%               0,05%            0,77%
 I                        0,15%            voir infra           none              0,15%               0,01%            0,29%
 N                        0,50%              none               0,35%            0,200%               0,05%            0,94%
 X                         none              none               none              0,15%               0,01%             NA
 Classic USD              0,50%              none               none             0,200%               0,05%             NA
 Privilege                0,30%              none               none             0,200%               0,05%             NA

Comments on the performance commission
“I” Class: 10% of the positive difference between the annual performance of the subfund (i.e. over the accounting year) and the
performance of the benchmark index (EONIA). This commission is recognised each time the NAV is calculated using the "high
water mark with hurdle rate".
In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     47 / 586
                                       BNP Paribas L1 Absolute Return Stability
                                         abbreviated BNPP L1 Absolute Return Stability

Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                   Exit
                                                             (1)
 Classic                        5%                      2%                       none
                                                             (1)
 I                              5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic", "I" and "N" classes (under the name "P") on 3 February 2003 under the name
"Fortis L Fund Dynamic Treasury Euro 100".
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
Historical information:
Current name of the subfund first applied on 1 November 2003
The "P" class renamed "N" on 1 September 2010




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  48 / 586
                                  BNP Paribas L1 Absolute Return Stability
                                    abbreviated BNPP L1 Absolute Return Stability

Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  49 / 586
                                         BNP Paribas L1 Active Click Euro
                                          abbreviated BNPP L1 Active Click Euro
Active Click Euro


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term through partial participation in the performance of euro zone stock markets and by
limiting the subfund's risk of loss in the value of inventory.

Investment policy
This subfund invests at least 2/3 of its assets in shares issued by companies who have their registered offices or conduct a
significant part of their business in the euro zone, debt securities, money market instruments and similar denominated in euros,
as well as derivative financial instruments on these types of assets.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
Investments in debt securities of any kind may not exceed 25% of its assets.
The manager will, as much as possible, maintain 90% of the NAV on a daily basis, provided that it is 5% higher than the last
preserved NAV. The NAV level thus preserved will be adjusted upwards every time the NAV calculated on a valuation day is 5
% higher than net asset value previously preserved.
On December 16 of each year, the last preserved NAV will be replaced by a 90% level of the amount of the last preserved NAV
on the same day. Consequently, the newly preserved NAV can be lower or higher than the last preserved NAV.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                -1.37%             -1,10%            -8,11%
  I                        NA                 NA                NA
  N                        NA                 NA                NA
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 4 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation", in registered form or as uncertificated bearer shares.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  50 / 586
                                         BNP Paribas L1 Active Click Euro
                                          abbreviated BNPP L1 Active Click Euro

ISIN code
LU0157735456

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0157735613

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0157735969

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531551546 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation", in registered form or as uncertificated bearer shares.
ISIN code
LU0531551389 "Classic USD-Capitalisation"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531551462 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe          TER at
                          fee            commission            commission                          d’abonnement     31.12.10
 Classic                  1,20%              none                 none                0,25%           0,05%          0,68%
 I                        0,60%              none                 none                0,200%          0,01%            NA
 N                        1,20%              none                0,75%                0,25%           0,05%            NA
 X                        none               none                 none                0,200%          0,01%            NA
 Classic USD              1,20%              none                 none                0,25%           0,05%            NA
 Privilege                0,80%              none                 none                0,25%           0,05%            NA

Comments on the performance commission
In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                    51 / 586
                                             BNP Paribas L1 Active Click Euro
                                              abbreviated BNPP L1 Active Click Euro

                               Entry                Conversion                    Exit
                                                             (1)
 I                              5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 15 November 2002.
The "I" class was launched on 15 November 2002. The first NAV was set at EUR 100.00 per share.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
none
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  52 / 586
                                        BNP Paribas L1 Active Click Euro
                                         abbreviated BNPP L1 Active Click Euro

Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                53 / 586
                                       BNP Paribas L1 Bond Asia ex-Japan
                                        abbreviated BNPP L1 Bond Asia ex-Japan
Bond Asia ex-Japan


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in bonds or other similar securities, denominated in various currencies, of issuers
that have their registered offices in or conduct the majority of their business activity in Asia (excluding Japan) and in derivative
financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
Risks
Risks linked to emerging markets:
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.
Risks linked to the quality of issuers:
By investing a significant portion of its assets in high-yield bonds that are rated below Baa3 by Moody’s or BBB- by
S&P, this subfund presents a greater than average risk due to the low quality of the issuers of such bonds.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                          2010               2009              2008
  Classic                12.97%             28,96%              NA
  I                      13.78%               NA                NA
  N                        NA                 NA                NA
  X                        NA                 NA                NA
  Classic EUR              NA                 NA                NA
  Privilege                NA                 NA                NA
Past performance is not an indicator of future results.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                    54 / 586
                                       BNP Paribas L1 Bond Asia ex-Japan
                                        abbreviated BNPP L1 Bond Asia ex-Japan

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation", "Classic-Distribution", "Classic-MD" and "Classic-QD", in registered form or as uncertificated bearer
shares.
ISIN code
LU0377063028 "Classic-Capitalisation"
LU0377063291 "Classic-Distribution"
LU0531551629 "Classic-MD"
LU0377063374 "Classic-QD"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0377063614

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0377063887

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531552270 "X-Capitalisation"


Shares – “Classic EUR” Class
"Classic EUR-Capitalisation" and "Classic EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531551892 "Classic EUR-Capitalisation"
LU0531551975 "Classic EUR-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: the USD equivalent of EUR 1 million per subfund
ISIN code
LU0531552197 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  1,25%              none               none              0,25%               0,05%            1,63%




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                   55 / 586
                                           BNP Paribas L1 Bond Asia ex-Japan
                                            abbreviated BNPP L1 Bond Asia ex-Japan

                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 I                          0,60%                 none                 none                0,120%            0,01%        0,74%
 N                          1,25%                 none                0,50%                0,25%             0,05%         NA
 X                           none                 none                 none                0,120%            0,01%         NA
 Classic EUR                1,25%                 none                 none                0,25%             0,05%        1,63%
 Privilege                  0,80%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic EUR                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
USD, currency of expression of the subfund
EUR, reference currency of the "Classic EUR" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic-Capitalisation" and "Classic-Distribution" classes it is calculated in GBP as well.
In the "Classic-MD" class it is calculated in USD only.
In the "Classic EUR" class it is calculated in EUR only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                        56 / 586
                                      BNP Paribas L1 Bond Asia ex-Japan
                                       abbreviated BNPP L1 Bond Asia ex-Japan

Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 8 December 2008 by contribution of the "A" and "B" classes of the "Asia
Bond Fund" subfund of the ABN AMRO Funds SICAV.
The "Classic-QD" class was launched on 8 December 2008.
The "I" class was launched on 02 February 2009.
The "Classic EUR" class was launched on 1 September 2010. The first NAV was set at EUR 100.00 per share.
The “Classic-MD”, "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per
share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
none
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




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                                     BNP Paribas L1 Bond Best Selection World Emerging
                                        abbreviated BNPP L1 Bond Best Selection World Emerging
Bond Best Selection World Emerging


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in a limited number of bonds and debt securities or other similar securities issued
by emerging countries (Chile, Korea, Hungary, Mexico, Poland, the Slovak Republic, the Czech Republic and Turkey, and the
countries that do not belong to OECD) or by companies characterised by a strong financial structure and/or potential for
profitable growth that have their registered offices or conduct a majority of their business activities in these countries, as well as
in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.
Certain markets are not currently considered to be regulated markets: direct investments on such markets must be limited to
10% of net assets. Russia is one of these non-regulated markets, except for the Russian Trading System Stock Exchange
("RTS Stock Exchange") and the Moscow Interbank Currency Exchange ("MICEX") which are considered to be regulated
Russian markets and on which investments can exceed 10% of net assets.
Risks
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.
Investments may be made on the "Russian Trading System Stock Exchange" (or "RTS Stock Exchange") that brings
together a large number of Russian issuers and allows nearly exhaustive coverage of the whole of Russian shares.
Choosing the RTS Stock Exchange makes it possible to benefit from the liquidity of the Russian market without having
to use local currency given that the RTS Stock Exchange allows processing of all issuers directly in USD.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                                      2010         2009          2008
  Classic                            16.52%       47,00%         NA
  Classic H EUR                      15.81%       46,05%         NA
  UK                                 20.15%       30,77%         NA
  I                                  17.65%       48,37%         NA
  IH EUR                             16.82%       47,61%         NA
  N                                  15.07%       46,64%         NA
  X                                   NA           NA            NA
  Classic EUR                         NA           NA            NA




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                          BNP Paribas L1 Bond Best Selection World Emerging
                              abbreviated BNPP L1 Bond Best Selection World Emerging

                          2010               2009              2008
 Classic SGD               NA                 NA                NA
 Privilege                 NA                 NA                NA
 Classic GBP             16.52%             47,00%              NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation", "Classic-Distribution", "Classic-MD" and "Classic-QD" in registered form or as uncertificated bearer
shares.
ISIN code
LU0377066807 "Classic-Capitalisation"
LU0377067011 "Classic-Distribution"
LU0531552783 "Classic-MD"
LU0377067367 "Classic-QD"

Shares – “Classic H EUR” Class
"Classic H EUR-Capitalisation" and "Classic H EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0377067797 "Classic H EUR-Capitalisation"
LU0377068092 "Classic H EUR-Distribution"

Shares – “UK” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0377068332

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0377068688

Shares – “IH EUR” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0377068928

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0377069223




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                          BNP Paribas L1 Bond Best Selection World Emerging
                              abbreviated BNPP L1 Bond Best Selection World Emerging

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531553245 "X-Capitalisation"


Shares – “Classic EUR” Class
"Classic EUR-Capitalisation" and "Classic EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531552866 "Classic EUR-Capitalisation"
LU0531552940 "Classic EUR-Distribution"


Shares – “Classic SGD” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0531553088 "Classic SGD-Capitalisation"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: the USD equivalent of EUR 1 million per subfund
ISIN code
LU0531553161 "Privilege-Capitalisation"


Shares – “Classic GBP” Class
"Classic GBP-Capitalisation" in registered form or as uncertificated bearer shares.
ISIN code
LU0589906634 "Classic GBP-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe            TER at
                          fee            commission            commission                          d’abonnement       31.12.10
 Classic                  1,50%              none                 none                0,25%           0,05%            1,69%
 Classic H EUR            1,50%              none                 none                0,25%           0,05%            1,69%
 UK                       1,50%              none                 none                0,25%           0,05%            1,72%
 I                        0,60%              none                 none                0,12%           0,01%            0,73%
 IH EUR                   0,60%              none                 none                0,12%           0,01%            0,72%
 N                        1,50%              none                0,50%                0,25%           0,05%            2,88%
 X                         none              none                 none                0,12%           0,01%             NA
 Classic EUR              1,50%              none                 none                0,25%           0,05%            1,80%
 Classic SGD              1,50%              none                 none                0,25%           0,05%            1,80%
 Privilege                0,80%              none                 none                0,25%           0,05%             NA
 Classic GBP              1,50%              none                 none                0,25%           0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none




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                             BNP Paribas L1 Bond Best Selection World Emerging
                                 abbreviated BNPP L1 Bond Best Selection World Emerging

                               Entry                 Conversion                   Exit
                                                             (1)
 Classic H EUR                  5%                      2%                       none
                                                             (1)
 UK                             5%                      2%                       none
                                                             (1)
 I                              5%                      2%                       none
                                                             (1)
 IH EUR                         5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic EUR                    5%                      2%                       none
                                                             (1)
 Classic SGD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
                                                             (1)
 Classic GBP                    5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
USD, currency of expression of the subfund
EUR, reference currency of the "Classic EUR", "Classic H EUR" and "IH EUR" classes
GBP, reference currency of the "Classic GBP" and "UK" classes
SGD, reference currency of the "Classic SGD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic-Capitalisation" class it is calculated in GBP and in NOK as well.
In the "Classic-Distribution" class it is calculated in GBP as well.
In the "Classic-MD" class it is calculated in USD only.
In the "Classic EUR", "Classic H EUR" and "IH EUR" classes it is calculated in EUR only.
In the "Classic SGD" class it is calculated in SGD only.
In the "Classic GBP" and "UK" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none




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                         BNP Paribas L1 Bond Best Selection World Emerging
                             abbreviated BNPP L1 Bond Best Selection World Emerging

Launch date:
The subfund was launched in the "Classic", "Classic H EUR", "I", "IH EUR" and "N" classes (under the name "P") on 8
December 2008 by contribution of the "A" and "B"; "AH (EUR)", "BH (EUR)" and "DH (EUR)"; "I"; "IH (EUR)" as well as "D"
classes of the "Global Emerging Markets Bond Fund" subfund of the ABN AMRO Funds SICAV.
The "Classic-QD" class was launched on 8 December 2008.
The "UK" class was launched on 8 December 2008.
The "Classic EUR" class was launched on 1 September 2010. The first NAV was set at EUR 100.00 per share.
The "Classic SGD" class was launched on 1 September 2010. The first NAV was set at the SGD equivalent of USD 100.00 per
share.
The “Classic-MD”, "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per
share.
The “Classic GBP" class was launched on 1 April 2011. The first NAV was set at GBP 100.00 per share.
Historical information:
The "P" class renamed "N" on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  62 / 586
                                    BNP Paribas L1 Bond Currencies World
                                      abbreviated BNPP L1 Bond Currencies World
Bond Currencies World


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in investment grade bonds or other similar securities that offer a gross yield
superior to that of Belgian government bonds and are denominated in various currencies, as well as in derivative financial
instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
Emphasis will be placed on investments in debt securities denominated in currencies whose interest rates are higher than those
of the euro.
If these ratings criteria are not met, the manager shall adjust the portfolio‟s composition in the best interests of investors and in
the timeliest manner.
Risks
Risks linked to emerging markets:
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                          2010               2009              2008
  Classic                16.15%             11,75%            -1,11%
  I                      16.88%             12,41%            -0,41%
  N                        NA                 NA                NA
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
Past performance is not an indicator of future results.




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                                     BNP Paribas L1 Bond Currencies World
                                       abbreviated BNPP L1 Bond Currencies World

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-New Distri", in registered form or as uncertificated bearer shares.
"Classic-Distribution" shares are not available for subscription.
ISIN code
LU0011928255 "Classic-Capitalisation"
LU0030437460 "Classic-Distribution"
LU0270761579 "Classic-New Distri"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159059566

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159059996

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531557238 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531556933 "Classic USD-Capitalisation"
LU0531557071 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531557154 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management          Performance        Distribution       Other fees             Taxe            TER at
                          fee             commission         commission                            d’abonnement       31.12.10
 Classic                  0,75%               none                  none          0,25%               0,05%            1,05%
 I                        0,30%               none                  none          0,12%               0,01%            0,45%




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                                        BNP Paribas L1 Bond Currencies World
                                          abbreviated BNPP L1 Bond Currencies World

                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 N                          0,75%                 none                0,50%                0,25%             0,05%         NA
 X                           none                 none                 none                0,12%             0,01%         NA
 Classic USD                0,75%                 none                 none                0,25%             0,05%         NA
 Privilege                  0,40%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                Conversion                     Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic-Capitalisation" and "Classic-New Distri" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                        65 / 586
                                   BNP Paribas L1 Bond Currencies World
                                     abbreviated BNPP L1 Bond Currencies World

Launch date:
The subfund was launched in the "Classic" class on 30 August 1985 under the name "G-Rentinplus".
The "I" class was launched on 16 August 2002 under the name "Fortis L Fund Bond High Yield".
The "Classic-New Distri" class was launched on 1 October 2006.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
Renamed "G-Bond Fund-G-Rentinplus" on 30 October 1992
Contribution on 4 May 1998 to Interselex SICAV by creation of the "Bond Rentinplus"
Renamed "Bond High Yield" on 30 September 1999
Absorption on 4 November 2002 of the "High Yield Bond" subfund of the Panelfund SICAV
Renamed "Bond Currencies High Yield" on 1 February 2004
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  66 / 586
                                      BNP Paribas L1 Bond Euro High Yield
                                        abbreviated BNPP L1 Bond Euro High Yield
Bond Euro High Yield


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in euro-denominated bonds or other similar securities that are rated below Baa3
by Moody's or BBB- by S&P and issued by companies, as well as in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.
If these ratings criteria are not met, the manager shall adjust the portfolio‟s composition in the best interests of investors and in
the timeliest manner.
After hedging, the subfund‟s exposure to currencies other than the euro will be nil.
Risks
By investing a significant portion of its assets in high-yield bonds that are rated below Baa3 by Moody's or BBB- by
S&P, this subfund presents a greater than average risk due to the quality of its issuers.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                13.72%             59,87%            -34,62%
  I                      14.55%             61,10%            -34,14%
  IH NOK                 16.14%               NA                NA
  Life                     NA                 NA                NA
  N                        NA                 NA                NA
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.




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                                      BNP Paribas L1 Bond Euro High Yield
                                       abbreviated BNPP L1 Bond Euro High Yield

ISIN code
LU0161744247 "Classic-Capitalisation"
LU0161743942 "Classic-Distribution"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0161744593

Shares – “IH NOK” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the NOK equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0424826336

Shares –“Life” Class
Exclusively capitalisation shares, issued in registered form.
ISIN code
LU0589906717

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0161744759

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531555968 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531555612 "Classic USD-Capitalisation"
LU0531555703 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531555885 "Privilege-Capitalisation"




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                   68 / 586
                                          BNP Paribas L1 Bond Euro High Yield
                                           abbreviated BNPP L1 Bond Euro High Yield

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    1,20%                 none                 none                0,25%             0,05%        1,53%
 I                          0,60%                 none                 none                0,12%             0,01%        0,74%
 IH NOK                     0,60%                 none                 none                0,12%             0,01%        0,73%
 Life                       1.085%                none                0,115%               0,17%             0,01%         NA
 N                          1,20%                 none                0,50%                0,25%             0,05%         NA
 X                           none                 none                 none                0,12%             0,01%         NA
 Classic USD                1,20%                 none                 none                0,25%             0,05%         NA
 Privilege                  0,80%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 IH NOK                         5%                       2%                        none
                                                              (1)
 Life                          none                      2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
NOK, reference currency of the "IH NOK" class
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
In the "IH NOK" class it is calculated in NOK only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                        69 / 586
                                     BNP Paribas L1 Bond Euro High Yield
                                      abbreviated BNPP L1 Bond Euro High Yield

Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" and "I" classes on 17 November 2003 under the name "Bond Corporate High Yield
Euro".
The "IH NOK" class was launched on 1 May 2009.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The “Life" class was launched on 1 April 2011. The first NAV was set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  70 / 586
                                     BNP Paribas L1 Bond Euro Long Term
                                       abbreviated BNPP L1 Bond Euro Long Term
Bond Euro Long Term


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in euro-denominated bonds or other similar securities whose average residual
duration is over 10 years, as well as in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                 0.81%             1,89%              9,75%
  I                       1.35%             2,41%             10,33%
  N                        NA                 NA                NA
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0075912765 "Classic-Capitalisation"
LU0075913490 "Classic-Distribution"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                   71 / 586
                                         BNP Paribas L1 Bond Euro Long Term
                                           abbreviated BNPP L1 Bond Euro Long Term

- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159065456

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159065530

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531561180 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531560885 "Classic USD-Capitalisation"
LU0531560968 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531561008 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    0,70%                 none                 none                0,25%             0,05%        0,98%
 I                          0,25%                 none                 none                0,12%             0,01%        0,35%
 N                          0,70%                 none                0,50%                0,25%             0,05%         NA
 X                           none                 none                 none                0,12%             0,01%         NA
 Classic USD                0,70%                 none                 none                0,25%             0,05%         NA
 Privilege                  0,30%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                        72 / 586
                                    BNP Paribas L1 Bond Euro Long Term
                                      abbreviated BNPP L1 Bond Euro Long Term

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 21 April 1997 under the name "G-Bond Fund-Long Duration Bond".
The "I" class was launched on 16 August 2002.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
Contribution on 4 May 1998 to Interselex SICAV by creation of the "Bond Long Duration Euro"
Renamed "FORTIS L FUND Bond Long Euro" on 30 September 1999
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  73 / 586
                                    BNP Paribas L1 Bond Euro Long Term
                                      abbreviated BNPP L1 Bond Euro Long Term

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                74 / 586
                                       BNP Paribas L1 Bond Euro Premium
                                        abbreviated BNPP L1 Bond Euro Premium
Bond Euro Premium


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests indirectly in the bond market. It is managed in a synthetic manner and invests a minimum of 75% of its
assets in equity and similar securities, the performance of which is swapped against that of the reference benchmark (IBOXX €
euro zone 3-5) through a swap contract (Total Return Swap).
As such, there is no exposure to equity markets.
The use of financial derivative instruments does not generate a leverage effect, insofar as the maximum exposure resulting from
those instruments never exceeds the NAV of the subfund.
The remainder of its assets, namely a maximum of 25%, may be invested in any other transferable securities, money market
instruments, derivative financial instruments or cash, within the limit of 15% in debt securities of any kind and within the limit of
10% in other UCITS or UCI.
The subfund‟s exposure to currencies other than the euro will be nil.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                 5.31%             7,56%              7,39%
  I                        NA                 NA                NA
  N                        NA                 NA                NA
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0172350877 "Classic-Capitalisation"
LU0172351099 "Classic-Distribution"




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                                       BNP Paribas L1 Bond Euro Premium
                                        abbreviated BNPP L1 Bond Euro Premium

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0172351172

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0172351255

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531975232 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531974938 "Classic USD-Capitalisation"
LU0531975075 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531975158 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe            TER at
                          fee            commission            commission                          d’abonnement       31.12.10
 Classic                  0,75%              none                 none                0,25%           0,05%            1,04%
 I                        0,30%              none                 none                0,12%           0,01%             NA
 N                        0,75%              none                0,50%                0,25%           0,05%             NA
 X                         none              none                 none                0,12%           0,01%             NA
 Classic USD              0,75%              none                 none                0,25%           0,05%             NA
 Privilege                0,40%              none                 none                0,25%           0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none
                                                         (1)
 I                           5%                     2%                        none
                                                         (1)
 N                          none                    2%                        5%




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     76 / 586
                                           BNP Paribas L1 Bond Euro Premium
                                            abbreviated BNPP L1 Bond Euro Premium

                               Entry                 Conversion                   Exit
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the assets of the subfund were open at least one day after the day that served as the basis for calculating the preceding NAV
and the benchmark index cited in the investment policy is available and/or published according to its forecast schedule. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 1 September 2003 under the name "Bond World 2001".
The "I" class was launched on 1 September 2003. The first NAV was set at EUR 100.00 per share.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
Absorption on 8 December 2008 of the "2001 Euro Bond Fund" subfund of the ABN AMRO Funds SICAV
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:




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                                      BNP Paribas L1 Bond Euro Premium
                                       abbreviated BNPP L1 Bond Euro Premium

(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




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                                    BNP Paribas L1 Bond Europe Emerging
                                      abbreviated BNPP L1 Bond Europe Emerging
Bond Europe Emerging


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in bonds, debt securities or other similar securities issued by emerging European
countries (Hungary, Poland, the Slovak Republic, the Czech Republic and Turkey, as well as all the European countries that do
not belong to OECD) or by companies that have their registered offices or conduct a majority of their business activities in these
countries, as well as in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
In order to reduce risk, the Company and the manager will adopt a diversification strategy for this subfund:
* In terms of geographical region, investments will be limited to 25% of its net inventory value per country, with an overall
maximum of:
- 100% in securities denominated in major currencies,
- 70% in securities denominated in local currencies,
- 10% in notes and warrants on debt securities.
* To reduce interest rate risk, the subfund may reduce its exposure by selling futures on U.S. Treasury bonds, particularly for
hedging "Emerging Countries" fixed-rate, USD-denominated bonds.
Nevertheless, these transactions entered into for hedging purposes shall not result in a reduction or increase of the investment
limits calculated for the subfund.
The risk of a transaction of this type is the inverse of the price difference between U.S. Treasury debt securities and "emerging
country" USD-denominated debt ("country spread" increase).
Certain markets are not currently considered to be regulated markets; direct investments on such markets must be limited to
10% of net assets. Russia is one of these non-regulated markets, except for the Russian Trading System Stock Exchange
("RTS Stock Exchange") and the Moscow Interbank Currency Exchange ("MICEX") which are considered to be regulated
Russian markets and on which investments can exceed 10 % of net assets.
Risks
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.
Investments may be made on the "Russian Trading System Stock Exchange" (or "RTS Stock Exchange") that brings
together a large number of Russian issuers and allows nearly exhaustive coverage of the whole of Russian shares.
Choosing the RTS Stock Exchange makes it possible to benefit from the liquidity of the Russian market without having
to use local currency given that the RTS Stock Exchange allows processing of all issuers directly in USD.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                   79 / 586
                                    BNP Paribas L1 Bond Europe Emerging
                                      abbreviated BNPP L1 Bond Europe Emerging

Annual performance
                          2010               2009               2008
 Classic                  5.74%             17,04%              -8,26%
 I                        6.83%             18,25%              -7,32%
 N                        5.04%             16,43%              -8,97%
 X                         NA                 NA                 NA
 Classic USD               NA                 NA                 NA
 Privilege                 NA                 NA                 NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0088340327 "Classic-Capitalisation"
LU0088340673 "Classic-Distribution"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159064301

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159064566

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531557667 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531557311 "Classic USD-Capitalisation"
LU0531557402 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund




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                                        BNP Paribas L1 Bond Europe Emerging
                                          abbreviated BNPP L1 Bond Europe Emerging

ISIN code
LU0531557584 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    1,50%                 none                 none                0,25%             0,05%        1,80%
 I                          0,60%                 none                 none                0,12%             0,01%        0,74%
 N                          1,50%                 none                0,50%                0,25%             0,05%        2,35%
 X                           none                 none                 none                0,12%             0,01%         NA
 Classic USD                1,50%                 none                 none                0,25%             0,05%         NA
 Privilege                  0,80%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP and in PLN as well.
In the "I" and "P" class it is calculated in PLN as well.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                        81 / 586
                                   BNP Paribas L1 Bond Europe Emerging
                                     abbreviated BNPP L1 Bond Europe Emerging

NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 1 June 1998 under the name "Interselex-Bond Europe Emerging".
The "I" and "N" classes (under the name "P") were launched on 16 August 2002.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
Historical information:
Current name first applied on 30 September 1999
Absorption on 4 November 2002 of the "Bonds Eastern Europe" subfund of the Panelfund SICAV
the "P" class renamed "N" on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  82 / 586
                                         BNP Paribas L1 Bond Europe Plus
                                          abbreviated BNPP L1 Bond Europe Plus
Bond Europe Plus


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in investment grade bonds and other similar securities denominated in various
currencies, whose issuers have their registered offices or conduct a significant portion of their business activities in Europe and
in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
If these ratings criteria are not met, the manager shall adjust the portfolio‟s composition in the best interests of investors and in
the timeliest manner.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                 4.75%              7,61%             -1,88%
  I                       5.37%              8,18%             -1,26%
  N                       4.10%              6,84%                  NA
  X                         NA                NA                    NA
  Classic USD               NA                NA                    NA
  Privilege                 NA                NA                    NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-New Distri", in registered form or as uncertificated bearer shares.
"Classic-Distribution" shares are not available for subscription.
ISIN code
LU0010000809 "Classic-Capitalisation"
LU0010001013 "Classic-Distribution"
LU0270761819 "Classic-New Distri"




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     83 / 586
                                        BNP Paribas L1 Bond Europe Plus
                                          abbreviated BNPP L1 Bond Europe Plus

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159056380

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159056620

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531558632 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531558392 "Classic USD-Capitalisation"
LU0531558475 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531558558 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe            TER at
                          fee            commission            commission                          d’abonnement       31.12.10
 Classic                  0,75%              none                 none                0,25%           0,05%            1,04%
 I                        0,30%              none                 none                0,12%           0,01%            0,44%
 N                        0,75%              none                0,50%                0,25%           0,05%            1,60%
 X                         none              none                 none                0,12%           0,01%             NA
 Classic USD              0,75%              none                 none                0,25%           0,05%             NA
 Privilege                0,40%              none                 none                0,25%           0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none
                                                         (1)
 I                           5%                     2%                        none
                                                         (1)
 N                          none                    2%                        5%




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     84 / 586
                                            BNP Paribas L1 Bond Europe Plus
                                              abbreviated BNPP L1 Bond Europe Plus

                               Entry                 Conversion                   Exit
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 4 May 1998 under the name "Interselex-Bond Rentinvest" by contribution of
the "G-Rentinvest" and "G-Capital Rentinvest" subfunds of the SICAV G-Bond Fund.
The "I" class was launched on 16 August 2002.
The "Classic-New Distri" class was launched on 1 October 2006.
The "N" class was launched on 8 December 2008 under the name "P" through absorption of the "D" class of the "Europe Bond
Fund" subfund of the ABN AMRO Funds SICAV.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
Historical information:
Current name of the subfund first applied on 30 September 1999
Absorption on 20 June 2001 of the "International Bond Fund" subfund of the Banque Belge Asset Management Fund SICAV
Absorption on 18 August 2003 of the "CHF" and "Multi Currency" subfunds of the Generalux SICAV
Absorption on 8 December 2008 of the "Europe Bond Fund" and "Global Bond Fund Alrenta" subfunds of the ABN AMRO
Funds SICAV
the "P" class renamed "N" on 1 September 2010




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  85 / 586
                                       BNP Paribas L1 Bond Europe Plus
                                        abbreviated BNPP L1 Bond Europe Plus

Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




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                                              BNP Paribas L1 Bond USD
                                               abbreviated BNPP L1 Bond USD
Bond USD


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in USD-denominated debt or other similar securities and in derivative financial
instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
After hedging, the subfund's exposure to currencies other than USD will not exceed 5%.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                          2010               2009              2008
 Classic                  6.93%             9,80%             1,03%
 I                        7.67%             10,47%            1,61%
 N                         NA                 NA                NA
 X                         NA                 NA                NA
 Classic EUR               NA                 NA                NA
 Privilege                 NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation", "Classic-Distribution" and "Classic-QD", in registered form or as uncertificated bearer shares.
"Classic-Distribution PM/RV<1/1/94" shares are not available for subscription.
ISIN code
LU0061749734 "Classic-Capitalisation"
LU0061749817 "Classic-Distribution"
LU0162803307 "Classic-Distribution PM/RV<1/1/94"
LU0372941368 "Classic-QD"




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                                              BNP Paribas L1 Bond USD
                                              abbreviated BNPP L1 Bond USD

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159072072

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159072312

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531562584 "X-Capitalisation"


Shares – “Classic EUR” Class
"Classic EUR-Capitalisation" and "Classic EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531562238 "Classic EUR-Capitalisation"
LU0531562311 "Classic EUR-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: the USD equivalent of EUR 1 million per subfund
ISIN code
LU0531562402 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe            TER at
                          fee            commission            commission                          d’abonnement       31.12.10
 Classic                  0,75%              none                 none                0,25%           0,05%            1,04%
 I                        0,30%              none                 none                0,12%           0,01%            0,43%
 N                        0,75%              none                0,50%                0,25%           0,05%             NA
 X                         none              none                 none                0,12%           0,01%             NA
 Classic EUR              0,75%              none                 none                0,25%           0,05%            1,02%
 Privilege                0,40%              none                 none                0,25%           0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none
                                                         (1)
 I                           5%                     2%                        none
                                                         (1)
 N                          none                    2%                        5%




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     88 / 586
                                                   BNP Paribas L1 Bond USD
                                                   abbreviated BNPP L1 Bond USD

                               Entry                 Conversion                   Exit
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic EUR                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
USD, currency of expression of the subfund
EUR, reference currency of the "Classic EUR" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic-Capitalisation" and "Classic-Distribution" classes it is calculated in GBP as well.
In the "Classic EUR" class it is calculated in EUR only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 14 November 1995 under the name "G-Bond Fund-G-USD Bond".
The "I" class was launched on 16 August 2002.
The "Classic-QD" class was launched on 1 July 2008.
The "Classic EUR" class was launched on 1 September 2010. The first NAV was set at EUR 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at USD 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
Contribution on 4 May 1998 to Interselex SICAV by creation of the "Bond USD" subfund
Current name first applied on 30 September 1999
Absorption on 2 November 2001 of the "Bond North America" subfund of the Fortis L Universal Fund SICAV
Absorption on 18 August 2003 of the "USD" subfund of the Generalux SICAV
Absorption on 5 May 2008 of the "Bond Corporate USD" and "Bond Medium Term USD" subfunds of the SICAV
Absorption on 8 December 2008 of the "US Bond Fund" subfund of the ABN AMRO Funds SICAV




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  89 / 586
                                             BNP Paribas L1 Bond USD
                                             abbreviated BNPP L1 Bond USD

Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  90 / 586
                                             BNP Paribas L1 Bond World
                                              abbreviated BNPP L1 Bond World
Bond World


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in investment grade bonds or other similar securities denominated in various
currencies and in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.
If these ratings criteria are not met, the manager shall adjust the portfolio‟s composition in the best interests of investors and in
the timeliest manner.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                           2010              2009               2008
  Classic                12.16%             5,63%              9,26%
  UK                       NA                 NA                NA
  I                      12.86%             6,18%              9,83%
  N                        NA                 NA                NA
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
  Classic GBP            12.16%             5,63%              9,26%
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the defensive profile.
Recommended investment horizon: 4 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
"Classic-Distribution PM/RV<1/1/94" shares are not available for subscription.
ISIN code
LU0132149724 "Classic-Capitalisation"
LU0132150227 "Classic-Distribution"




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                      91 / 586
                                             BNP Paribas L1 Bond World
                                              abbreviated BNPP L1 Bond World

LU0152670112 "Classic-Distribution PM/RV<1/1/94"

Shares – “UK” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0372942333

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159063832

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159064053

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531563046 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531562667 "Classic USD-Capitalisation"
LU0531562741 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531562824 "Privilege-Capitalisation"


Shares – “Classic GBP” Class
"Classic GBP-Capitalisation" in registered form or as uncertificated bearer shares.
ISIN code
LU0589906808 "Classic GBP-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  0,75%              none               none              0,25%               0,05%            1,04%
 UK                       0,75%              none               none              0,25%               0,05%             NA
 I                        0,30%              none               none              0,12%               0,01%            0,44%
 N                        0,75%              none               0,50%             0,25%               0,05%             NA




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     92 / 586
                                                 BNP Paribas L1 Bond World
                                                  abbreviated BNPP L1 Bond World

                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 X                           none                 none                 none                0,12%             0,01%         NA
 Classic USD                0,75%                 none                 none                0,25%             0,05%         NA
 Privilege                  0,40%                 none                 none                0,25%             0,05%         NA
 Classic GBP                0,75%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 UK                             5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
                                                              (1)
 Classic GBP                    5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
GBP, reference currency of the "Classic GBP" and "UK" classes
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic-Capitalisation" class it is calculated in GBP and in SEK as well .
In the "Classic-Distribution" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
In the "Classic GBP" and "UK" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                        93 / 586
                                            BNP Paribas L1 Bond World
                                            abbreviated BNPP L1 Bond World

Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 14 March 1990 under the name "Gammafund-International Bonds".
The "I" class was launched on 16 August 2002.
The "UK" class was launched on 11 August 2008.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
The “Classic GBP" class was launched on 1 April 2011. The first NAV was set at GBP 100.00 per share.
Historical information:
Contribution on 30 June 1998 to Fortis Fund SICAV by creation of the "Bond Global" subfund, renamed "Fortis L Universal
Fund-Bond World" on 30 September 1999
Contribution on 2 November 2001 to the SICAV by creation of the current subfund
absorption 4 November 2002 of the following subfunds:
- "Bonds World" subfund of the Maestro Lux SICAV;
- "International Bonds" subfund of the Panelfund SICAV
Absorption on 18 August 2003 of the "JPY" subfund of the Generalux SICAV
Absorption on 8 December 2008 of the "Global Bond Fund" subfund of the ABN AMRO Funds SICAV
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  94 / 586
                                      BNP Paribas L1 Bond World Emerging
                                        abbreviated BNPP L1 Bond World Emerging
Bond World Emerging


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets bonds, debt securities or other similar securities issued by emerging countries
(Chile, Korea, Hungary, Mexico, Poland, the Slovak Republic, the Czech Republic and Turkey, as well as all the countries that
do not belong to OECD) or by companies that have their registered offices or conduct a significant portion of their business
activities in these countries, as well as in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.
In order to reduce risk, the Company and the manager will adopt a diversification strategy for this subfund:
* In terms of geographical region, investments will be limited to 25% of its net inventory value per country, with an overall
maximum of:
- 100% in securities denominated in major currencies,
- 70% in securities denominated in local currencies,
- 10% in notes and warrants on debt securities.
* To reduce interest rate risk, the subfund may reduce its exposure either by selling futures on U.S. Treasury debt securities,
particularly for hedging its exposure to USD-denominated fixed-rate "emerging country" debt, or by entering into a 4-stage
transaction consisting of (I) borrowing securities (via a repurchase agreement) for a given period and accepting physical
delivery, (II) selling these securities, (III) repurchasing them afterwards in order to then (IV) return the borrowed securities to the
original lender.
Nevertheless, these transactions entered into for hedging purposes shall not result in a reduction or increase of the investment
limits calculated for the subfund.
The risk of a transaction of this type is the inverse of the price difference between U.S. Treasury debt securities and "emerging
country" USD-denominated debt ("country spread" increase).
Certain markets are not currently considered to be regulated markets: direct investments on such markets must be limited to
10% of net assets. Russia is one of these non-regulated markets, except for the Russian Trading System Stock Exchange
("RTS Stock Exchange") and the Moscow Interbank Currency Exchange ("MICEX") which are considered to be regulated
Russian markets and on which investments can exceed 10% of net assets.
Risks
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.
Investments may be made on the "Russian Trading System Stock Exchange" (or "RTS Stock Exchange") that brings
together a large number of Russian issuers and allows nearly exhaustive coverage of the whole of Russian shares.
Choosing the RTS Stock Exchange makes it possible to benefit from the liquidity of the Russian market without having
to use local currency given that the RTS Stock Exchange allows processing of all issuers directly in USD.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                       95 / 586
                                     BNP Paribas L1 Bond World Emerging
                                       abbreviated BNPP L1 Bond World Emerging

The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                           2010              2009               2008
 Classic                 14.15%             36,90%            -23,51%
 Classic H EUR             NA                 NA                NA
 UK                        NA                 NA                NA
 I                       15.37%             38,33%            -22,73%
 IH EUR                  14.32%             37,65%            -20,76%
 N                         NA                 NA                NA
 X                         NA                 NA                NA
 Classic EUR               NA                 NA                NA
 Privilege                 NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0081707894 "Classic-Capitalisation"
LU0081707464 "Classic-Distribution"

Shares – “Classic H EUR” Class
"Classic H EUR-Capitalisation" and "Classic H EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0293287065 "Classic H EUR-Capitalisation"
LU0293287222 "Classic H EUR-Distribution"

Shares – “UK” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0224374883

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159060069

Shares – “IH EUR” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                   96 / 586
                                     BNP Paribas L1 Bond World Emerging
                                       abbreviated BNPP L1 Bond World Emerging

- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0293287578

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159060226

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531563558 "X-Capitalisation"


Shares – “Classic EUR” Class
"Classic EUR-Capitalisation" and "Classic EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531563129 "Classic EUR-Capitalisation"
LU0531563392 "Classic EUR-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: the USD equivalent of EUR 1 million per subfund
ISIN code
LU0531563475 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe            TER at
                          fee            commission            commission                          d’abonnement       31.12.10
 Classic                  1,50%              none                 none                0,25%           0,05%            1,79%
 Classic H EUR            1,50%              none                 none                0,25%           0,05%             NA
 UK                       1,50%              none                 none                0,25%           0,05%             NA
 I                        0,60%              none                 none                0,12%           0,01%            0,73%
 IH EUR                   0,60%              none                 none                0,12%           0,01%            0,74%
 N                        1,50%              none                0,50%                0,25%           0,05%            2,30%
 X                         none              none                 none                0,12%           0,01%             NA
 Classic EUR              1,50%              none                 none                0,25%           0,05%             NA
 Privilege                0,80%              none                 none                0,25%           0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none
                                                         (1)
 Classic H EUR               5%                     2%                        none
                                                         (1)
 UK                          5%                     2%                        none
                                                         (1)
 I                           5%                     2%                        none




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     97 / 586
                                         BNP Paribas L1 Bond World Emerging
                                           abbreviated BNPP L1 Bond World Emerging

                               Entry                 Conversion                   Exit
                                                             (1)
 IH EUR                         5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic EUR                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
USD, currency of expression of the subfund
GBP, reference currency of the "UK" class
EUR, reference currency of the "Classic EUR", "Classic H EUR" and "IH EUR" classes
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" and "I" class it is calculated in GBP as well.
In the "Classic EUR", "Classic H EUR" and "IH EUR" classes it is calculated in EUR only.
In the "UK" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 6 October 1997 under the name "G-Bond Fund-G-World Emerging Bond".
The "I" class was launched on 16 August 2002.
The "UK" class was launched on 24 October 2005.
The "IH EUR" class was launched on 1 April 2007.
The "Classic H EUR" class was launched on 1 April 2007. The first NAV was set at EUR 100.00 per share.
The "Classic EUR" class was launched on 1 September 2010. The first NAV was set at EUR 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at USD 100.00 per share.
The "N" class was launched on 13 December 2010. The first NAV was set at USD 100.00 per share.
Historical information:
Contribution on 4 May 1998 to Interselex SICAV by creation of the "Bond World Emerging"




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                                    BNP Paribas L1 Bond World Emerging
                                      abbreviated BNPP L1 Bond World Emerging

Current name first applied on 30 September 1999
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




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                                BNP Paribas L1 Bond World Emerging Corporate
                                 abbreviated BNPP L1 Bond World Emerging Corporate
Bond World Emerging Corporate


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in bonds, convertible bonds and debt securities or other similar securities issued
by companies that have their registered offices or conduct the majority of their business activities in emerging countries (Chile,
Korea, Hungary, Mexico, Poland, the Slovak Republic, the Czech Republic and Turkey, and the countries that do not belong to
OECD) as well as in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
In order to reduce risk, the Company and the manager will adopt a diversification strategy for this subfund:
* In terms of geographical region, investments will be limited to 25% of its net inventory value per country, with an overall
maximum of:
- 100% in securities denominated in major currencies,
- 70% in securities denominated in local currencies,
- 10% in notes and warrants on debt securities.
* To reduce interest rate risk and manage overall duration, the subfund may reduce its exposure by buying and selling futures
on U.S. Treasury debt securities, particularly for hedging its exposure to "emerging country" USD-denominated debt
denominated in USD.
After hedging, the subfund‟s exposure to currencies other than the USD may not exceed 5%.
Certain markets are not currently considered to be regulated markets: direct investments on such markets must be limited to
10% of net assets. Russia is one of these non-regulated markets, except for the Russian Trading System Stock Exchange
("RTS Stock Exchange") and the Moscow Interbank Currency Exchange ("MICEX") which are considered to be regulated
Russian markets and on which investments can exceed 10% of net assets.
Risks
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.
Investments may be made on the "Russian Trading System Stock Exchange" (or "RTS Stock Exchange") that brings
together a large number of Russian issuers and allows nearly exhaustive coverage of the whole of Russian shares.
Choosing the RTS Stock Exchange makes it possible to benefit from the liquidity of the Russian market without having
to use local currency given that the RTS Stock Exchange allows processing of all issuers directly in USD.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance




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                              BNP Paribas L1 Bond World Emerging Corporate
                                  abbreviated BNPP L1 Bond World Emerging Corporate

                           2010              2009               2008
 Classic                   NA                 NA                NA
 UK                        NA                 NA                NA
 I                         NA                 NA                NA
 N                         NA                 NA                NA
 X                         NA                 NA                NA
 Classic EUR               NA                 NA                NA
 Privilege                 NA                 NA                NA
 Classic GBP               NA                 NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0422804707 "Classic-Capitalisation"
LU0421763623 "Classic-Distribution"

Shares – “UK” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0589907012

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0421768937

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0421766568

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531556859 "X-Capitalisation"


Shares – “Classic EUR” Class
"Classic EUR-Capitalisation" and "Classic EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531556420 "Classic EUR-Capitalisation"
LU0531556693 "Classic EUR-Distribution"




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                                BNP Paribas L1 Bond World Emerging Corporate
                                    abbreviated BNPP L1 Bond World Emerging Corporate



Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: the USD equivalent of EUR 1 million per subfund
ISIN code
LU0531556776 "Privilege-Capitalisation"


Shares – “Classic GBP” Class
"Classic GBP-Capitalisation" in registered form or as uncertificated bearer shares.
ISIN code
LU0589906980 "Classic GBP-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    1,50%                 none                 none                0,25%             0,05%        1,86%
 UK                         1,50%                 none                 none                0,25%             0,05%         NA
 I                          0,60%                 none                 none                0,12%             0,01%        0,73%
 N                          1,50%                 none                0,50%                0,25%             0,05%         NA
 X                           none                 none                 none                0,12%             0,01%        0,13%
 Classic EUR                1,50%                 none                 none                0,25%             0,05%        1,79%
 Privilege                  0,80%                 none                 none                0,25%             0,05%         NA
 Classic GBP                1,50%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 UK                             5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic EUR                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
                                                              (1)
 Classic GBP                    5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
USD, currency of expression of the subfund
EUR, reference currency of the "Classic EUR" class
GBP, reference currency of the "Classic GBP" and "UK" classes
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic EUR" class it is calculated in EUR only.
In the "Classic GBP" and "UK" class it is calculated in GBP only.




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                             BNP Paribas L1 Bond World Emerging Corporate
                                abbreviated BNPP L1 Bond World Emerging Corporate

Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched from 1 to 30 September 2010:
- in the "Classic", "X ", "Privilege" and "I" classes at USD 100.00 per share,
- in the "Classic EUR" at EUR 100.00 per share.
The first NAV will be calculated on 4 October 2010.
The first subscriptions are payable on 6 October 2010.
The "Classic GBP" and "UK" classes were launched on 1 April 2011. The first NAVs were set at GBP 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
none
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




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                                 BNP Paribas L1 Bond World Emerging Local
                                    abbreviated BNPP L1 Bond World Emerging Local
Bond World Emerging Local


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in bonds and debt securities or other similar securities issued by emerging
countries (Chile, Korea, Hungary, Mexico, Poland, the Slovak Republic, the Czech Republic and Turkey, as well as all the
countries that do not belong to OECD) or by companies that have their registered offices or conduct a majority of their business
activities in these countries, and will try to take advantage of the currency fluctuations in these countries and in derivative
financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.
In order to reduce risk, the Company and the manager will adopt a diversification strategy for this subfund:
* In terms of geographical region, investments will be limited to 25% of its net inventory value per country, with an overall
maximum of:
- 100% in securities denominated in major currencies,
- 70% in securities denominated in local currencies,
* To reduce interest rate risk, the subfund may reduce its exposure either by selling futures on U.S. Treasury debt securities,
particularly for hedging its exposure to USD-denominated fixed-rate "emerging country" debt, or by entering into a 4-stage
transaction consisting of (I) borrowing securities (via a repurchase agreement) for a given period and accepting physical
delivery, (II) selling these securities, (III) repurchasing them afterwards in order to then (IV) return the borrowed securities to the
original lender.
Nevertheless, these transactions entered into for hedging purposes shall not result in a reduction or increase of the investment
limits calculated for the subfund.
The risk of a transaction of this type is the inverse of the price difference between U.S. Treasury debt securities and "emerging
country" USD-denominated debt ("country spread" increase).
Certain markets are not currently considered to be regulated markets: direct investments on such markets must be limited to
10% of net assets. Russia is one of these non-regulated markets, except for the Russian Trading System Stock Exchange
("RTS Stock Exchange") and the Moscow Interbank Currency Exchange ("MICEX") which are considered to be regulated
Russian markets and on which investments can exceed 10% of net assets.
Risks
Risks linked to emerging markets
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.
Investments may be made on the "Russian Trading System Stock Exchange" (or "RTS Stock Exchange") that brings
together a large number of Russian issuers and allows nearly exhaustive coverage of the whole of Russian shares.
Choosing the RTS Stock Exchange makes it possible to benefit from the liquidity of the Russian market without having
to use local currency given that the RTS Stock Exchange allows processing of all issuers directly in USD.
Currency exchange risk
The subfund comprises assets denominated in currencies that differ from its reference currency, and may be affected
by exchange rate fluctuations between the reference currency and the other currencies and by changes in exchange
rate controls. If the currency in which a security is denominated appreciates in relation to the reference currency of the
subfund, the exchange value of the security in the reference currency will appreciate; conversely, depreciation of the
denomination currency will lead to depreciation in the exchange value of the security.




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                                 BNP Paribas L1 Bond World Emerging Local
                                   abbreviated BNPP L1 Bond World Emerging Local

However, if a manager enters into transactions to hedge exchange rate risk, there is no guarantee that such operations
will be fully effective.
Risks linked to derivative instruments
For hedging purposes, and/or trading purposes to maximise portfolio yield, the subfund may use the derivative
instruments and techniques set out in Appendices 1 and 2 of the Prospectus (specifically, warrants on securities, swap
agreements relating to interest rates, currencies, inflation, volatility and other financial derivative instruments,
contracts for difference (CFD), credit default swaps (CDS), as well as futures and options on securities, rates or
futures, etc).
Investors should note that the use of derivatives for investment includes leveraging. Because of this, the volatility of
return on the subfund is increased.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                          2010               2009              2008
 Classic                 18.46%             17,98%            -8,75%
 Classic H EUR             NA                 NA                NA
 UK                        NA                 NA             26,20%
 I                       19.68%             19,19%            -7,85%
 IH EUR                  18.64%               NA                NA
 N                         NA                 NA                NA
 X                         NA                 NA                NA
 Classic EUR               NA                 NA                NA
 Classic HUF               NA                 NA                NA
 Privilege                 NA                 NA                NA
 Classic GBP             18.46%             17,98%            -8,75%
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation", "Classic-Distribution" and "Classic-MD" in registered form or as uncertificated bearer shares.
ISIN code
LU0251280011 "Classic-Capitalisation"
LU0251280102 "Classic-Distribution"
LU0531563632 "Classic-MD"

Shares – “Classic H EUR” Class
"Classic H EUR-Capitalisation" and "Classic H EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0372943497 "Classic H EUR-Capitalisation"
LU0372944032 "Classic H EUR-Distribution"




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                                 BNP Paribas L1 Bond World Emerging Local
                                   abbreviated BNPP L1 Bond World Emerging Local

Shares – “UK” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0251280441

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0251280367

Shares – “IH EUR” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0372945351

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0253917057

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531564283 "X-Capitalisation"


Shares – “Classic EUR” Class
"Classic EUR-Capitalisation" and "Classic EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531563715 "Classic EUR-Capitalisation"
LU0531563988 "Classic EUR-Distribution"


Shares – “Classic HUF” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0531564010 "Classic HUF-Capitalisation"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: the USD equivalent of EUR 1 million per subfund
ISIN code
LU0531564101 "Privilege-Capitalisation"




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                                     BNP Paribas L1 Bond World Emerging Local
                                       abbreviated BNPP L1 Bond World Emerging Local

Shares – “Classic GBP” Class
"Classic GBP-Capitalisation" in registered form or as uncertificated bearer shares.
ISIN code
LU0589907103 "Classic GBP-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    1,50%                 none                 none                0,25%             0,05%        1,81%
 Classic H EUR              1,50%                 none                 none                0,25%             0,05%        1,74%
 UK                         1,50%                 none                 none                0,25%             0,05%         NA
 I                          0,60%                 none                 none                0,12%             0,01%        0,73%
 IH EUR                     0,60%                 none                 none                0,12%             0,01%        0,73%
 N                          1,50%                 none                0,50%                0,25%             0,05%        2,15%
 X                           none                 none                 none                0,12%             0,01%         NA
 Classic EUR                1,50%                 none                 none                0,25%             0,05%        1,80%
 Classic HUF                1,50%                 none                 none                0,25%             0,05%         NA
 Privilege                  0,80%                 none                 none                0,25%             0,05%         NA
 Classic GBP                1,50%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 Classic H EUR                  5%                       2%                        none
                                                              (1)
 UK                             5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 IH EUR                         5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic EUR                    5%                       2%                        none
                                                              (1)
 Classic HUF                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
                                                              (1)
 Classic GBP                    5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
USD, currency of expression of the subfund
EUR, reference currency of the "Classic EUR", "Classic H EUR" and "IH EUR" classes
GBP, reference currency of the "Classic GBP" and "UK" classes
HUF, reference currency of the "Classic HUF" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic-Capitalisation" and "I" classes it is calculated in GBP as well.
In the "Classic-Distribution" class it is calculated in GBP and in PLN as well.
In the "Classic-MD" class it is calculated in USD only.




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                                BNP Paribas L1 Bond World Emerging Local
                                  abbreviated BNPP L1 Bond World Emerging Local

In the "Classic EUR", "Classic H EUR" and "IH EUR" classes it is calculated in EUR only.
In the "Classic HUF" class it is calculated in HUF only.
In the "Classic GBP" and "UK" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" and "I" classes on 10.05.06.
The "UK" class was launched on 6 November 2006.
The "IH EUR" class was launched on 1 July 2008.
The "Classic H EUR" class was launched on 6 April 2010.
The "Classic EUR" class was launched on 1 September 2010. The first NAV was set at EUR 100.00 per share.
The "Classic HUF" class was launched on 1 September 2010. The first NAV was set at the HUF equivalent of USD 100.00 per
share.
The "Classic-MD", "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per
share.
The "N" class was launched on 31 December 2010. The first NAV was set at USD 100.00 per share.
The "Classic GBP" class was launched on 1 April 2011. The first NAV was set at GBP 100.00 per share.
Historical information:
none
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.




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                                BNP Paribas L1 Bond World Emerging Local
                                  abbreviated BNPP L1 Bond World Emerging Local

   




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                                     BNP Paribas L1 Bond World High Yield
                                       abbreviated BNPP L1 Bond World High Yield
Bond World High Yield


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in bond or other similar securities that are rated below Baa3 (Moody's) or BBB-
(S&P) and denominated in various currencies throughout the world and in derivative financial instruments on this type of asset.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
If these ratings criteria are not met, the manager shall adjust the portfolio‟s composition in the best interests of investors and in
the timeliest manner.
After hedging, the subfund‟s exposure to currencies other than the euro may not exceed 5%.
Risks
By investing a significant portion of its assets in high-yield bonds that are rated below Baa3 by Moody's or BBB- by
S&P, this subfund presents a greater than average risk due to the quality of its issuers.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                          2010               2009              2008
  Classic                10.76%             43,31%              NA
  Classic H USD          11.91%             43,56%              NA
  UK                       NA                 NA                NA
  I                      11.54%             44,26%              NA
  IH USD                 11.86%               NA                NA
  N                      10.10%             42,23%              NA
  X                        NA                 NA                NA
  Classic USD              NA                 NA                NA
  Privilege                NA                 NA                NA
  Classic GBP            10.76%             43,31%              NA
Past performance is not an indicator of future results.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                    110 / 586
                                     BNP Paribas L1 Bond World High Yield
                                       abbreviated BNPP L1 Bond World High Yield

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the dynamic profile.
Recommended investment horizon: 8 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation", "Classic-Distribution" and "Classic-MD" in registered form or as uncertificated bearer shares.
ISIN code
LU0377069652 "Classic-Capitalisation"
LU0377069900 "Classic-Distribution"
LU0531559101 "Classic-MD"

Shares – “Classic H USD” Class
"Classic H USD-Capitalisation" and "Classic H USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0377070403 "Classic H USD-Capitalisation"
LU0377071047 "Classic H USD-Distribution"

Shares – “UK” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0589907368

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0377071476

Shares – “IH USD” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0377333264

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0377071989

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531559523 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.




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                                         BNP Paribas L1 Bond World High Yield
                                           abbreviated BNPP L1 Bond World High Yield

ISIN code
LU0531559283 "Classic USD-Capitalisation"
LU0531559366 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531559440 "Privilege-Capitalisation"


Shares – “Classic GBP” Class
"Classic GBP-Capitalisation" in registered form or as uncertificated bearer shares.
ISIN code
LU0589907285 "Classic GBP-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    1,20%                 none                 none                0,25%             0,05%        1,47%
 Classic H USD              1,20%                 none                 none                0,25%             0,05%        1,46%
 UK                         1,20%                 none                 none                0,25%             0,05%         NA
 I                          0,60%                 none                 none                0,12%             0,01%        0,74%
 IH USD                     0,60%                 none                 none                0,12%             0,01%        0,74%
 N                          1,20%                 none                0,50%                0,25%             0,05%        2,03%
 X                           none                 none                 none                0,12%             0,01%         NA
 Classic USD                1,20%                 none                 none                0,25%             0,05%        1,50%
 Privilege                  0,80%                 none                 none                0,25%             0,05%         NA
 Classic GBP                1,20%                 none                 none                0,25%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 Classic H USD                  5%                       2%                        none
                                                              (1)
 UK                             5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 IH USD                         5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
                                                              (1)
 Classic GBP                    5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
GBP, reference currency of the "Classic GBP" and "UK" classes




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     112 / 586
                                    BNP Paribas L1 Bond World High Yield
                                      abbreviated BNPP L1 Bond World High Yield

USD, reference currency of the "Classic-MD", "Classic USD", "Classic H USD" and "IH USD" classes
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic-Capitalisation" class it is calculated in GBP and in NOK as well.
In the "Classic-Distribution" class it is calculated in GBP and in PLN as well.
In the "Classic-MD", "Classic USD", "Classic H USD" and "IH USD" class it is calculated in USD only.
In the "Classic GBP" and "UK" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched on 8 December 2008 in the "Classic", "Classic H USD", "I" and "N" classes (under the name "P")
under the name "Bond High Yield World" by contribution of the "A" and "B"; "AH (USD)" and "BH (USD)"; "I" as well as "D"
classes of the "High Yield Bond Fund" subfund of the ABN AMRO Funds SICAV.
The "IH USD" class was launched on 8 December 2008.
The “Classic-MD” and "Classic USD" classes were launched on 1 September 2010. The first NAVs were set at USD 100.00 per
share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "Classic GBP" and "UK" classes were launched on 1 April 2011. The first NAVs were set at GBP 100.00 per share.
Historical information:
Absorption on 13 July 2009 of the "Bond High Yield World" subfund of the SICAV
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                113 / 586
                                    BNP Paribas L1 Bond World High Yield
                                      abbreviated BNPP L1 Bond World High Yield

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




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                                     BNP Paribas L1 Convertible Bond Asia
                                      abbreviated BNPP L1 Convertible Bond Asia
Convertible Bond Asia


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in convertible or similar bonds whose underlying shares are issued by companies
that have their registered offices or conduct a large proportion of their business activities in Asia , and in derivative financial
instruments on this type of asset.
The manager will seek to achieve a balance between the debt character of convertible bonds and their dependence on their
respective underlying shares. In this respect, the subfund will take advantage of bond yields and will also be sensitive to the
performance of the underlying shares.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.
After hedging, the subfund‟s exposure to currencies other than the euro may not exceed 25%.
Risks
The subfund invests in emerging markets. It may therefore show greater than average volatility due to a high degree of
concentration, greater uncertainty because less information is available, less liquidity, or greater sensitivity to changes
in market conditions (social, political and economic conditions). In addition, some emerging markets offer less
security than the majority of international developed markets. For this reason, services for portfolio transactions,
liquidation and custody on behalf of funds invested in emerging markets may carry greater risk. The Company and
investors agree to bear these risks.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                          2010              2009              2008
  Classic                7.42%             27,97%            -40,10%
  Classic H EUR            NA                NA                NA
  Classic H USD            NA                NA                NA
  UKH                      NA                NA                NA
  I                      8.15%             28,84%            -39,71%
  IH EUR                   NA                NA                NA
  IH USD                   NA                NA                NA
  N                      6.72%             27,08%            -40,48%
  X                        NA                NA                NA
  Classic USD              NA                NA                NA
  Privilege                NA                NA                NA
  Classic GBP            7.42%             27,97%            -40,10%




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  115 / 586
                                     BNP Paribas L1 Convertible Bond Asia
                                       abbreviated BNPP L1 Convertible Bond Asia

Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0244322540 "Classic-Capitalisation"
LU0244322623 "Classic-Distribution"

Shares – “Classic H EUR” Class
"Classic H EUR-Capitalisation" and "Classic H EUR-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0372930759 "Classic H EUR-Capitalisation"
LU0372931138 "Classic H EUR-Distribution"

Shares – “Classic H USD” Class
"Classic H USD-Capitalisation" and "Classic H USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0372931641 "Classic H USD-Capitalisation"
LU0372932029 "Classic H USD-Distribution"

Shares – “UKH” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0317287547

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0244323191

Shares – “IH EUR” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0372933696

Shares – “IH USD” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none




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                                     BNP Paribas L1 Convertible Bond Asia
                                       abbreviated BNPP L1 Convertible Bond Asia

ISIN code
LU0317288271

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0244323357

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531553757 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531553328 "Classic USD-Capitalisation"
LU0531553591 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531553674 "Privilege-Capitalisation"


Shares – “Classic GBP” Class
"Classic GBP-Capitalisation" in registered form or as uncertificated bearer shares.
ISIN code
LU0589907442 "Classic GBP-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  1,20%              none               none              0,30%               0,05%            1,54%
 Classic H EUR            1,20%              none               none              0,30%               0,05%             NA
 Classic H USD            1,20%              none               none              0,30%               0,05%             NA
 UKH                      1,20%              none               none              0,30%               0,05%             NA
 I                        0,60%              none               none              0,20%               0,01%            0,80%
 IH EUR                   0,60%              none               none              0,20%               0,01%             NA
 IH USD                   0,60%              none               none              0,20%               0,01%             NA
 N                        1,20%              none               0,60%             0,30%               0,05%            2,15%
 X                         none              none               none              0,20%               0,01%             NA
 Classic USD              1,20%              none               none              0,30%               0,05%            1,55%
 Privilege                0,70%              none               none              0,30%               0,05%             NA
 Classic GBP              1,20%              none               none              0,30%               0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  117 / 586
                                         BNP Paribas L1 Convertible Bond Asia
                                           abbreviated BNPP L1 Convertible Bond Asia

Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                   Exit
                                                             (1)
 Classic                        5%                      2%                       none
                                                             (1)
 Classic H EUR                  5%                      2%                       none
                                                             (1)
 Classic H USD                  5%                      2%                       none
                                                             (1)
 UKH                            5%                      2%                       none
                                                             (1)
 I                              5%                      2%                       none
                                                             (1)
 IH EUR                         5%                      2%                       none
                                                             (1)
 IH USD                         5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
                                                             (1)
 Classic GBP                    5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
GBP, reference currency of the "Classic GBP" and "UKH" classes
USD, reference currency of the "Classic USD", "Classic H USD" and "IH USD" classes
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD", "Classic H USD" and "IH USD" classes it is calculated in USD only.
In the "Classic H EUR" and "IH EUR" classes it is calculated in EUR only.
In the "Classic GBP" and "UKH" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                118 / 586
                                    BNP Paribas L1 Convertible Bond Asia
                                      abbreviated BNPP L1 Convertible Bond Asia

Launch date:
The subfund was launched in the "Classic" and "I" classes on 6 March 2006 under the name "Bond Convertible Asia".
The "N" class was launched on 26 April 2007 under the name "P".
The "IH USD" class was launched on 1 September 2007. The first NAV was set at USD 100.00 per share.
The "UKH" class was launched on 2 November 2007. The first NAV was set at GBP 100.00 per share.
The "Classic H EUR" and "IH EUR" classes were launched on 1 July 2008. The first NAV was set at EUR 100.00 per share.
The "Classic H USD" class was launched on 1 July 2008. The first NAV was set at USD 100.00 per share.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The “Classic GBP" class was launched on 1 April 2011. The first NAV was set at GBP 100.00 per share.
Historical information:
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                119 / 586
                                         BNP Paribas L1 Convertible Bond Best Selection Europe
                                           abbreviated BNPP L1 Convertible Bond Best Selection Europe
Convertible Bond Best Selection Europe


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in convertible and exchangeable bonds or other similar securities whose
underlying shares are issued by companies with a solid financial structure and/or potential for earnings growth that have their
registered offices or conduct a large proportion of their business activities in Europe, and in derivative financial instruments on
this type of asset.
The manager will seek to achieve a balance between the debt character of convertible bonds and their dependence on their
respective underlying shares. In this respect, the subfund will take advantage of bond yields and will also be sensitive to the
performance of the underlying shares.
At least 2/3 of the subfund„s assets will be euro-denominated.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                                          2010         2009           2008
  Classic                                 6.48%       40,46%          NA
  Classic H USD                           7.66%       40,68%          NA
  UKH                                      NA           NA            NA
  I                                       7.18%       41,32%          NA
  N                                        NA           NA            NA
  X                                        NA           NA            NA
  Classic USD                              NA           NA            NA
  Privilege                                NA           NA            NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation", "Classic-Distribution" and "Classic-QD", in registered form or as uncertificated bearer shares.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                    120 / 586
                        BNP Paribas L1 Convertible Bond Best Selection Europe
                            abbreviated BNPP L1 Convertible Bond Best Selection Europe

ISIN code
LU0377063960 "Classic-Capitalisation"
LU0377064000 "Classic-Distribution"
LU0377064265 "Classic-QD"

Shares – “Classic H USD” Class
"Classic H USD-Capitalisation" and "Classic H USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0377064778 "Classic H USD-Capitalisation"
LU0377065072 "Classic H USD-Distribution"

Shares – “UKH” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0377065585

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0377065825

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0377066633

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531552601 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531552353 "Classic USD-Capitalisation"
LU0531552437 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531552510 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  1,20%              none               none              0,30%               0,05%            1,46%




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  121 / 586
                          BNP Paribas L1 Convertible Bond Best Selection Europe
                               abbreviated BNPP L1 Convertible Bond Best Selection Europe

                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic H USD              1,20%                 none                 none                0,30%             0,05%        1,51%
 UKH                        1,20%                 none                 none                0,30%             0,05%         NA
 I                          0,60%                 none                 none                0,20%             0,01%        0,80%
 N                          1,20%                 none                0,75%                0,30%             0,05%         NA
 X                           none                 none                 none                0,20%             0,01%         NA
 Classic USD                1,20%                 none                 none                0,30%             0,05%         NA
 Privilege                  0,70%                 none                 none                0,30%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 Classic H USD                  5%                       2%                        none
                                                              (1)
 UKH                            5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
GBP, reference currency of the "UKH" class
USD, reference currency of the "Classic USD" and "Classic H USD" classes
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic USD" and "Classic H USD" classes it is calculated in USD only.
In the "UKH" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
Neuflize OBC Investissement (NOI), Paris, France
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     122 / 586
                       BNP Paribas L1 Convertible Bond Best Selection Europe
                           abbreviated BNPP L1 Convertible Bond Best Selection Europe

Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic", "Classic H USD" and "I" classes on 24 November 2008 under the name "Bond Best
Selection Convertible Europe" by contribution of the "A" and "B", "AH (USD)" as well as "I" classes of the "Europe Convertible
Bond Fund" subfund of the ABN AMRO Funds SICAV.
The "Classic-QD" class was launched on 24 November 2008.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at USD 100.00 per share.
The "UKH" class will be launched at the price of GBP 100.00 per share at a date yet to be defined by the Board of
Directors. Investors should check the launch date of this class before subscribing.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch
date of this class before subscribing.
Historical information:
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                123 / 586
                                     BNP Paribas L1 Convertible Bond Euro Zone
                                      abbreviated BNPP L1 Convertible Bond Euro Zone
Convertible Bond Euro Zone


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in convertible or similar bonds whose underlying shares are issued by companies
that have their registered offices or conduct a large proportion of their business activities in the euro zone, as well as in
derivative financial instruments on this type of asset.
The manager will seek to achieve a balance between the debt character of convertible bonds and their dependence on their
respective underlying shares. In this respect, the subfund will take advantage of bond yields and will also be sensitive to the
performance of the underlying shares.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 5% of its assets may be invested in other UCITS or UCI.
After hedging, the subfund‟s exposure to currencies other than the euro may not exceed 5%.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                             2010            2009               2008
  Classic                    7.63%          37,45%            -35,58%
  UKH                         NA              NA                NA
  I                          8.37%          38,39%            -35,16%
  N                          6.93%          36,46%            -35,98%
  X                           NA              NA                NA
  Classic USD                 NA              NA                NA
  Privilege                   NA              NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0128352480 "Classic-Capitalisation"
LU0128353298 "Classic-Distribution"




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                 124 / 586
                                  BNP Paribas L1 Convertible Bond Euro Zone
                                   abbreviated BNPP L1 Convertible Bond Euro Zone

Shares – “UKH” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0317284957

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0158090604

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0158086834

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531554219 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531553831 "Classic USD-Capitalisation"
LU0531554052 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531554136 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  1,20%              none               none              0,30%               0,05%            1,52%
 UKH                      1,20%              none               none              0,30%               0,05%             NA
 I                        0,60%              none               none              0,20%               0,01%            0,80%
 N                        1,20%              none               0,60%             0,30%               0,05%            2,14%
 X                         none              none               none              0,20%               0,01%             NA
 Classic USD              1,20%              none               none              0,30%               0,05%             NA
 Privilege                0,70%              none               none              0,30%               0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  125 / 586
                                    BNP Paribas L1 Convertible Bond Euro Zone
                                       abbreviated BNPP L1 Convertible Bond Euro Zone

Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                   Exit
                                                             (1)
 Classic                        5%                      2%                       none
                                                             (1)
 UKH                            5%                      2%                       none
                                                             (1)
 I                              5%                      2%                       none
                                                             (1)
 N                             none                     2%                        5%
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none
                                                             (1)
 Privilege                      5%                      2%                       none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
GBP, reference currency of the "UKH" class
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
In the "UKH" class it is calculated in GBP only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 18 April 2001 under the name "Bond Convertible Europe".
The "I" and "N" classes (under the name "P") were launched on 16 August 2002.
The "UKH" class was launched on 2 November 2007. The first NAV was set at GBP 100.00 per share.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                126 / 586
                                BNP Paribas L1 Convertible Bond Euro Zone
                                  abbreviated BNPP L1 Convertible Bond Euro Zone

Historical information:
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                127 / 586
                                    BNP Paribas L1 Convertible Bond World
                                      abbreviated BNPP L1 Convertible Bond World
Convertible Bond World


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests at least 2/3 of its assets in convertible or similar bonds whose underlying shares are issued by companies
and in derivative financial instruments on this type of asset.
The manager will seek to achieve a balance between the debt character of convertible bonds and their dependence on their
respective underlying shares. In this respect, the subfund will take advantage of bond yields and will also be sensitive to the
performance of the underlying shares.
The remaining portion, namely a maximum of 1/3 of its assets, may be invested in any other transferable securities, money
market instruments, derivative financial instruments or cash, and up to 10% of its assets may be invested in other UCITS or
UCI.
After hedging, the subfund‟s exposure to currencies other than the euro may not exceed 25%.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                          2010               2009             2008
  Classic                 7.69%             27,40%          -30,35%
  Classic H CZK            NA                 NA              NA
  Classic H PLN           9.91%             29,10%          -39,57%
  Classic H USD            NA                 NA              NA
  UK                       NA                 NA              NA
  I                       8.44%             28,30%          -29,89%
  IH NOK                   NA                 NA              NA
  IH USD                  9.16%               NA              NA
  Life                     NA                 NA              NA
  N                       7.00%             26,52%          -30,76%
  X                        NA                 NA              NA
  Classic USD              NA                 NA              NA
  Classic H NOK            NA                 NA              NA
  Privilege                NA                 NA              NA
  Classic GBP             7.69%             27,40%          -30,35%
Past performance is not an indicator of future results.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                 128 / 586
                                    BNP Paribas L1 Convertible Bond World
                                      abbreviated BNPP L1 Convertible Bond World

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0194604442 "Classic-Capitalisation"
LU0194604798 "Classic-Distribution"

Shares – “Classic H CZK” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0372936798

Shares – “Classic H PLN” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0293287909

Shares – “Classic H USD” Class
"Classic H USD-Capitalisation" and "Classic H USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0372937259 "Classic H USD-Capitalisation"
LU0372937507 "Classic H USD-Distribution"

Shares – “UK” Class
Exclusively distribution shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0589907798

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0194605092

Shares – “IH NOK” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: the NOK equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0531554649 "IH NOK-Capitalisation"


Shares – “IH USD” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  129 / 586
                                    BNP Paribas L1 Convertible Bond World
                                      abbreviated BNPP L1 Convertible Bond World

- For institutional investors: the USD equivalent of EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0317284874

Shares –“Life” Class
Exclusively capitalisation shares, issued in registered form.
ISIN code
LU0589907871

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0194605258

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531554995 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531554300 "Classic USD-Capitalisation"
LU0531554482 "Classic USD-Distribution"


Shares – “Classic H NOK” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0531554565 "Classic H NOK-Capitalisation"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531554722 "Privilege-Capitalisation"


Shares – “Classic GBP” Class
"Classic GBP-Capitalisation" in registered form or as uncertificated bearer shares.
ISIN code
LU0589907525 "Classic GBP-Capitalisation"

Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance        Distribution        Other fees             Taxe            TER at
                          fee            commission         commission                             d’abonnement       31.12.10
 Classic                  1,20%              none               none              0,30%               0,05%            1,54%
 Classic H CZK            1,20%              none               none              0,30%               0,05%            1,53%
 Classic H PLN            1,20%              none               none              0,30%               0,05%            1,46%
 Classic H USD            1,20%              none               none              0,30%               0,05%             NA




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                  130 / 586
                                        BNP Paribas L1 Convertible Bond World
                                          abbreviated BNPP L1 Convertible Bond World

                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 UK                         1,20%                 none                 none                0,30%             0,05%         NA
 I                          0,60%                 none                 none                0,20%             0,01%        0,80%
 IH NOK                     0,60%                 none                 none                0,20%             0,01%        0,83%
 IH USD                     0,60%                 none                 none                0,20%             0,01%        0,79%
 Life                       1,085%                none                0,115%               0,17%             0,01%         NA
 N                          1,20%                 none                0,60%                0,30%             0,05%        2,15%
 X                           none                 none                 none                0,20%             0,01%         NA
 Classic USD                1,20%                 none                 none                0,30%             0,05%        1,55%
 Classic H NOK              1,20%                 none                 none                0,30%             0,05%         NA
 Privilege                  0,70%                 none                 none                0,30%             0,05%         NA
 Classic GBP                1,20%                 none                 none                0,30%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 Classic H CZK                  5%                       2%                        none
                                                              (1)
 Classic H PLN                  5%                       2%                        none
                                                              (1)
 Classic H USD                  5%                       2%                        none
                                                              (1)
 UK                             5%                       2%                        none
                                                              (1)
 I                              5%                       2%                        none
                                                              (1)
 IH NOK                         5%                       2%                        none
                                                              (1)
 IH USD                         5%                       2%                        none
                                                              (1)
 Life                          none                      2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Classic H NOK                  5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
                                                              (1)
 Classic GBP                    5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
CZK, reference currency of the "Classic H CZK" class
GBP, reference currency of the "Classic GBP" and "UK" classes
NOK, reference currency of the "Classic H NOK" and "IH NOK" classes
PLN, reference currency of the "Classic H PLN" class
USD, reference currency of the "Classic USD", "Classic H USD" and "IH USD" classes
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic GBP" and "UK" classes it is calculated in GBP only.
In the "Classic USD", "Classic H USD" and "IH USD" class it is calculated in USD only.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     131 / 586
                                   BNP Paribas L1 Convertible Bond World
                                     abbreviated BNPP L1 Convertible Bond World

In the "Classic H CZK" class it is calculated in CZK only.
In the "Classic H NOK" and "IH NOK" class it is calculated in NOK only.
In the "Classic H PLN" class it is calculated in PLN only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic", "I" and "N" classes (under the name "P") on 8 September 2004 under the name
"Bond Convertible World".
The "Classic H PLN" class was launched on 1 April 2007.
The "IH USD" class was launched on 1 September 2007.
The "Classic H CZK" class was launched on 1 July 2008. The first NAV was set at the CZK equivalent of EUR 100.00.
The "Classic H NOK" and "IH NOK" classes were launched on 1 July 2008. The first NAV was set in NOK as the equivalent of
EUR 100.00 per share.
The "Classic H USD" class was launched on 1 July 2008. The first NAV was set at USD 100.00 per share.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "Classic GBP" and "UK" classes were launched on 1 April 2011. The first NAVs were set at GBP 100.00 per share.
The “Life" class was launched on 1 April 2011. The first NAV was set at EUR 100.00 per share.
Historical information:
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                 132 / 586
                                   BNP Paribas L1 Convertible Bond World
                                     abbreviated BNPP L1 Convertible Bond World

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                               133 / 586
                                       BNP Paribas L1 Diversified Active Click Balanced
                                            abbreviated BNPP L1 Diversified Active Click Balanced
Diversified Active Click Balanced


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
The mission of this subfund is to offer an exposure on bond and equity markets, money market instruments, and undertakings
for collective investment whose mission, in turn, is to invest primarily in the above-mentioned asset classes and, on an ancillary
basis, in cash instruments, in order to achieve maximum profitability for the risk incurred. Moreover, emphasis is placed on
international diversification of investments.
The investments in debt securities of any kind may not represent more than 25% of its assets and those in other UCITS or UCI
10% of its assets.
Risk is closely dependent on the percentages of exposure to the various asset classes. Accordingly, the Diversified Active Click
Stability subfund, which is the least risk-prone of the Diversified Active Click subfunds, will primarily offer exposure to low-risk
bonds or to absolute return type investments, with only a limited exposure to equities. The Diversified Active Click Balanced
subfund presents a greater degree of risk, as it offers on average a more or less equal exposure to equities and low-risk bonds
or absolute return type investments.
Its objective is to offer to shareholders the opportunity to participate, to a certain extent, in the performance of equity and bond
markets while preserving, as far as possible, 50% of the highest net asset value recorded since the launch of the subfund,
provided that the highest NAV is 5% higher than the initial NAV or the last preserved NAV.
Any NAV level thus preserved will never be lowered. It will be raised every time the net asset value calculated on each valuation
day is 5% higher than the highest net asset value preserved previously. The term "click" is used to describe this effect.
It is possible that this objective may not be achieved, and no guarantee can be given in this respect.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                                     2010            2009           2008
  Classic                           10.58%          18,52%         -31,01%
  N                                  NA               NA             NA
  X                                  NA               NA             NA
  Classic USD                        NA               NA             NA
  Privilege                          NA               NA             NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 4 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                   134 / 586
                                BNP Paribas L1 Diversified Active Click Balanced
                                    abbreviated BNPP L1 Diversified Active Click Balanced

Shares – “Classic” Class
"Classic-Capitalisation", in registered form or as uncertificated bearer shares.
ISIN code
LU0183967859

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0183968238

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531994373 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation", in registered form or as uncertificated bearer shares.
ISIN code
LU0531994027 "Classic USD-Capitalisation"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531994290 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    1,50%                 none                 none                0,30%             0,05%        1,81%
 N                          1,50%                 none                0,75%                0,30%             0,05%         NA
 X                           none                 none                 none                0,250%            0,01%         NA
 Classic USD                1,50%                 none                 none                0,30%             0,05%         NA
 Privilege                  0,70%                 none                 none                0,30%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                 Conversion                    Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     135 / 586
                            BNP Paribas L1 Diversified Active Click Balanced
                               abbreviated BNPP L1 Diversified Active Click Balanced

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 12 January 2004 under the name "Strategy Active Click Balanced".
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                 136 / 586
                            BNP Paribas L1 Diversified Active Click Balanced
                               abbreviated BNPP L1 Diversified Active Click Balanced

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                               137 / 586
                                        BNP Paribas L1 Diversified Active Click Stability
                                             abbreviated BNPP L1 Diversified Active Click Stability
Diversified Active Click Stability


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
The mission of this subfund is to offer an exposure on bond and equity markets, money market instruments, and undertakings
for collective investment whose mission, in turn, is to invest primarily in the above-mentioned asset classes and, on an ancillary
basis, in cash instruments, in order to achieve maximum profitability for the risk incurred. Moreover, emphasis is placed on
international diversification of investments.
The investments in debt securities of any kind may not represent more than 25% of its assets and those in other UCITS or UCI
10% of its assets.
Risk is closely dependent on the percentages of exposure to the various asset classes. Accordingly, the Diversified Active Click
Stability subfund, which is the least risk-prone of the Diversified Active Click subfunds, will primarily offer exposure to low-risk
bonds or to absolute return type investments, with only a limited exposure to equities. The Diversified Active Click Balanced
subfund presents a greater degree of risk, as it offers on average a more or less equal exposure to equities and low-risk bonds
or absolute return type investments.
Its objective is to offer to shareholders the opportunity to participate, to a certain extent, in the performance of equity and bond
markets while preserving, as far as possible, 50% of the highest net asset value recorded since the launch of the subfund,
provided that the highest NAV is 5% higher than the initial NAV or the last preserved NAV.
Any NAV level thus preserved will never be lowered. It will be raised every time the net asset value calculated on each valuation
day is 5% higher than the highest net asset value preserved previously. The term "click" is used to describe this effect.
It is possible that this objective may not be achieved, and no guarantee can be given in this respect.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                                     2010             2009           2008
  Classic                            6.48%           10,58%         -20,54%
  N                                  5.71%            9,89%         -21,00%
  X                                   NA               NA             NA
  Classic USD                         NA               NA             NA
  Privilege                           NA               NA             NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the defensive profile.
Recommended investment horizon: 3 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                   138 / 586
                                 BNP Paribas L1 Diversified Active Click Stability
                                     abbreviated BNPP L1 Diversified Active Click Stability

Shares – “Classic” Class
"Classic-Capitalisation", in registered form or as uncertificated bearer shares.
ISIN code
LU0183968741

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0183969046

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531994613 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation", in registered form or as uncertificated bearer shares.
ISIN code
LU0531994456 "Classic USD-Capitalisation"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531994530 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                         Management          Performance            Distribution          Other fees          Taxe        TER at
                             fee             commission             commission                            d’abonnement   31.12.10
 Classic                    1,50%                 none                 none                0,30%             0,05%        1,79%
 N                          1,50%                 none                0,75%                0,30%             0,05%        2,51%
 X                           none                 none                 none                0,250%            0,01%         NA
 Classic USD                1,50%                 none                 none                0,30%             0,05%         NA
 Privilege                  0,70%                 none                 none                0,30%             0,05%         NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                               Entry                Conversion                     Exit
                                                              (1)
 Classic                        5%                       2%                        none
                                                              (1)
 N                             none                      2%                        5%
                                                              (1)
 X                              5%                       2%                        none
                                                              (1)
 Classic USD                    5%                       2%                        none
                                                              (1)
 Privilege                      5%                       2%                        none
(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                     139 / 586
                             BNP Paribas L1 Diversified Active Click Stability
                                abbreviated BNPP L1 Diversified Active Click Stability

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" and "N" classes (under the name "P") on 12 January 2004 under the name "Strategy
Active Click Stability".
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
Historical information:
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and
(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011                                140 / 586
                             BNP Paribas L1 Diversified Active Click Stability
                                abbreviated BNPP L1 Diversified Active Click Stability

   




BNP Paribas L1 (abbreviated BNPP L1) - Full Prospectus - Part II - Version of APRIL 2011   141 / 586
                                      BNP Paribas L1 Diversified World Balanced
                                       abbreviated BNPP L1 Diversified World Balanced
Diversified World Balanced


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests in bond and equity markets, money market instruments, and undertakings for collective investment which,
in turn, invest primarily in the above-mentioned asset classes and, on an ancillary basis, in cash instruments, as well as in
derivative financial instruments in order to achieve maximum profitability for the risk incurred. Emphasis is placed on
international diversification of investments.
The risk is closely related to the percentages invested in the different asset classes. Therefore, under normal conditions, the
portfolio's composition will be aligned to that of the Smart Benchmark - Balanced (see Part I of the Full Prospectus). For
effective portfolio management, the manager may deviate from this composition based on market conditions and his forecasts.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to medium market risk and performance risk.

Annual performance
                              2010           2009              2008
  Classic                    9.59%          18,41%            -31,17%
  I                          10.77%         19,71%            -30,43%
  N                           NA              NA                NA
  X                           NA              NA                NA
  Classic USD                 NA              NA                NA
  Privilege                   NA              NA                NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the moderate profile.
Recommended investment horizon: 6 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0132151118 "Classic-Capitalisation"
LU0132151464 "Classic-Distribution"

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.




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                                  BNP Paribas L1 Diversified World Balanced
                                    abbreviated BNPP L1 Diversified World Balanced

Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0159091536

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0159091882

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531995776 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531995347 "Classic USD-Capitalisation"
LU0531995420 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531995693 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe            TER at
                          fee            commission            commission                          d’abonnement       31.12.10
 Classic                  1,50%              none                 none                0,30%           0,05%            1,77%
 I                        0,50%              none                 none                0,250%          0,01%            0,67%
 N                        1,50%              none                0,75%                0,30%           0,05%             NA
 X                         none              none                 none                0,250%          0,01%             NA
 Classic USD              1,50%              none                 none                0,30%           0,05%             NA
 Privilege                0,70%              none                 none                0,30%           0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none
                                                         (1)
 I                           5%                     2%                        none
                                                         (1)
 N                          none                    2%                        5%
                                                         (1)
 X                           5%                     2%                        none
                                                         (1)
 Classic USD                 5%                     2%                        none
                                                         (1)
 Privilege                   5%                     2%                        none




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                                     BNP Paribas L1 Diversified World Balanced
                                        abbreviated BNPP L1 Diversified World Balanced

(1) in the event of conversion to a subfund with a higher front-end load, the difference may be payable

Additional information
Currency of expression:
EUR, currency of expression of the subfund
USD, reference currency of the "Classic USD" class
Net Asset Value (NAV) Calculation Currencies:
It is calculated in EUR and in USD every banking day in Luxembourg, provided a significant proportion (approximately 50%) of
the subfund's assets are available for trading the day after the day used as the basis for calculating the preceding NAV. It is
available at the Company‟s registered office, from local agents, and in any newspapers designated by the Board of Directors.
In the "Classic" class it is calculated in GBP as well.
In the "Classic USD" class it is calculated in USD only.
Terms of subscription / conversion / redemption:
In order to be processed at a specific net asset value, requests for subscriptions, conversions and redemptions must be
received by local agents or distributors or directly by the transfer agent before 4.00 p.m. in Luxembourg on the day preceding
the valuation day.
Requests for subscriptions, conversions and redemptions sent by fax or any other method of communication requiring manual
processing must reach the transfer agent before 12 p.m. in Luxembourg on the day preceding the valuation day.
Payment will be in one of the calculation currencies for the shares concerned. Payment will take place within two trading days of
the valuation day for the currency of expression in the foreign exchange market.
Promoter:
BNP Paribas S.A., Paris, France
Management Company and Central Administration Agent:
BNP Paribas Investment Partners Luxembourg, Howald-Hesperange, Grand Duchy of Luxembourg
Financial Manager:
BNP Paribas Investment Partners
NAV Calculation Agent, Transfer Agent and Registrar:
BNP Paribas Securities Services, Luxembourg branch
Custodian Bank:
BNP Paribas Securities Services, Luxembourg branch
Auditor:
PricewaterhouseCoopers S.à r.l., Luxembourg
Supervisory Authority:
Commission de Surveillance du Secteur Financier, Luxembourg
Listing:
none
Launch date:
The subfund was launched in the "Classic" class on 5 May 1997 under the name "Fortis Bank Lux Fund-Neutral".
The "I" class was launched on 16 August 2002.
The "Classic USD" class was launched on 1 September 2010. The first NAV was set at USD 100.00 per share.
The "Privilege" and "X" classes were launched on 1 September 2010. The first NAVs were set at EUR 100.00 per share.
The "N" class will be launched at a date yet to be defined by the Board of Directors. Investors should check the launch date of
this class before subscribing.
Historical information:
Renamed "Fortis Fund-Neutral" on 30 June 1998 and after "Fortis L Universal Fund-Balanced World" on 30 September 1999
Contribution on 2 November 2001 to the SICAV by creation of the "Strategy Balanced World"
Absorption on 18 August 2003 of the "Neutral" subfund of the General Management SICAV
Absorption on 13 July 2009 of the "Strategy Balanced USD" subfund of the SICAV
Current name first applied on 1 September 2010
Taxation:
Potential shareholders are recommended to seek full information in their country of origin, place of residence or domicile on the
possible tax consequences associated with their investment.
Specific information:
“The local offering documentation of the sicav may provide:
(i) the possibility for investors to adhere to regular savings plans; and




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                                 BNP Paribas L1 Diversified World Balanced
                                   abbreviated BNPP L1 Diversified World Balanced

(ii) the faculty for the investors to appoint a distributor or a local paying agent to send orders in its own name on behalf of
individual investors and be recorded as holder of the shares on behalf of the effective underlying shareholder (so called
nominee), and
(iii) the possibility for local paying agents to charge a fee to investors for its services".

Upon request, the Full Prospectus, the annual and semi-annual reports and all other information can be obtained free of charge:
    at the registered office of the Company;
    from the financial service agents;
    on the Web site http://www.bnpparibas-ip.com/.
   




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                                       BNP Paribas L1 Diversified World Conservative
                                         abbreviated BNPP L1 Diversified World Conservative
Diversified World Conservative


The Company
BNP Paribas L1 was established in Luxembourg on 29 November 1989 for an indefinite period as an open-ended investment
company (société d'investissement à capital variable - abbreviated to SICAV) with multiple subfunds in accordance with the
provisions of Part I of the Law of 30 March 1988 governing collective investment undertakings.
It is currently subject to the provisions of Part I of the Law of 20 December 2002 governing collective investment undertakings
and to European Directive 85/611/EEC as amended by Directives 2001/107/EC and 2001/108/EC.
The full name (BNP Paribas L1) and the abbreviated name (BNPP L1) may be used interchangeably in the company's official
and commercial documents.

Investment objective
To increase asset value in the medium term

Investment policy
This subfund invests in bond markets, money market instruments, and undertakings for collective investment which, in turn,
invest primarily in the above-mentioned asset classes and, on an ancillary basis, in any other transferable securities and cash
instruments, as well as in derivative financial instruments in order to achieve maximum profitability for the risk incurred.
Emphasis is placed on international diversification of investments.
The risk is closely related to the percentages invested in the different asset classes. Therefore, under normal conditions, the
portfolio's composition will be aligned to that of the Smart Benchmark - Conservative (see Part I of the Full Prospectus). For
effective portfolio management, the manager may deviate from this composition based on market conditions and his forecasts.
He is not authorised to invest in equities unless such investment results from the transformation of convertible bonds held in the
portfolio.

Risk profile
Potential investors should read the entire prospectus carefully before investing. There is no guarantee that the investment
objectives of the sub-funds will be realised and past performance is no guarantee of future performance. Investments may also
be affected by changes that may be made to regulations on exchange control, tax or withholding at source, as well as by the
impact of the political, economic and monetary situation.
The attention of investors is also drawn to the fact that the sub-funds may not perform in line with their objective and that the
capital invested (after deduction of subscription fees) may not be recovered in full.
This subfund is subject to low market risk and performance risk.

Annual performance
                                 2010            2009           2008
  Classic                        6.33%          11,72%        -15,82%
  I                               NA              NA            NA
  N                               NA              NA            NA
  X                               NA              NA            NA
  Classic USD                     NA              NA            NA
  Privilege                       NA              NA            NA
Past performance is not an indicator of future results.

Investor type profile
Five investor profiles have been defined: conservative, defensive, moderate, dynamic and aggressive.
This subfund complies with the conservative profile.
Recommended investment horizon: 3 years
This information is presented for illustrative purposes only. It does not imply an undertaking by the Company.

Shares – “Classic” Class
"Classic-Capitalisation" and "Classic-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0291277274 "Classic-Capitalisation"
LU0291277431 "Classic-Distribution"




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                               BNP Paribas L1 Diversified World Conservative
                                  abbreviated BNPP L1 Diversified World Conservative

Shares – “I” Class
Exclusively capitalisation shares, issued in registered form. At an investor's request, the Board of Directors may decide to issue
uncertificated bearer shares.
Minimum holding:
- For institutional investors: EUR 3 million per subfund or EUR 10 million for the whole Company.
- For UCI: none
ISIN code
LU0291277787

Shares – “N” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
ISIN code
LU0291277860

Shares – “X” Class
Exclusively capitalisation shares, issued in registered form.
Reserved for all Managers, institutional clients or UCI pre-approved by the Board of Directors
ISIN code
LU0531996154 "X-Capitalisation"


Shares – “Classic USD” Class
"Classic USD-Capitalisation" and "Classic USD-Distribution", in registered form or as uncertificated bearer shares.
ISIN code
LU0531995859 "Classic USD-Capitalisation"
LU0531995933 "Classic USD-Distribution"


Shares – “Privilege” Class
Exclusively capitalisation shares, issued in registered form or as uncertificated bearer shares.
Minimum holding: EUR 1 million per subfund
ISIN code
LU0531996071 "Privilege-Capitalisation"


Commissions and fees
Maximum recurring fees and commissions payable by the subfund
                      Management         Performance           Distribution          Other fees        Taxe            TER at
                          fee            commission            commission                          d’abonnement       31.12.10
 Classic                  1,00%              none                 none                0,30%           0,05%            1,30%
 I                        0,40%              none                 none                0,200%          0,01%            0,59%
 N                        1,00%              none                0,75%                0,30%           0,05%             NA
 X                         none              none                 none                0,200%          0,01%             NA
 Classic USD              1,00%              none                 none                0,30%           0,05%             NA
 Privilege                0,50%              none                 none                0,30%           0,05%             NA

In Belgium, the Company is also subject to an annual tax on UCI representing 0,08% of the net amounts sold publicly by the
Company in Belgium from the date it is registered with the CBFA.
Maximum non-recurring commissions and fees payable by the investor to the placing agent
                            Entry               Conversion                    Exit
                                                         (1)
 Classic                     5%                     2%                        none
                                                         (1)
 I                           5%                     2%                        none
                                                         (1)
 N                          none                    2%                        5%




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                                  BNP Paribas L1 Diversified World Conservative
                                     abbreviated BNPP L1 Diversified World Conservative

                               Entry                 Conversion                   Exit
                                                             (1)
 X                              5%                      2%                       none
                                                             (1)
 Classic USD                    5%                      2%                       none