FOR PROFESSIONAL INVESTORS

The responsible food chain sector Give sense to investments and benefit from potential growth opportunity

Alexandre Jeanblanc - June 2016

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76 different toxic products found in human blood due to food

Critical water and soil pollutions

3 million people intoxicated by pesticides worldwide according to the WHO**

300 000 km² of arable land (the size of Italy) disappear each year due to over-exploitation, excessive use of chemicals fertilizers, irrigation malpractice and loss of vegetation***

More than 100,000 km2 of forests disappear each year globally

25% of soil globally are very

degraded*

In Europe, 50% of wetlands are endangered****

Health authorities are increasingly worried about the potential impact that endocrine disrupting substances might have on organic human functioning (decreasing man fertility or more frequent cancers)*****

In Europe, 20% of surface

water is at serious risk from

pollution****

*http://www.fao.org/resources/infographics/infographics-details/fr/c/266125/ ; **http://www.who.int/mediacentre/factsheets/fs313/fr/ ; ***http://www.unesco.org/mab/doc/ekocd/chapter11.htm; http://www.planetoscope.com/sols/1175-disparition-

de-surfaces-agricoles-dans-le-monde.html ; ****http://www.statistiques.developpement-durable.gouv.fr/indicateurs-indices/f/1831/1902/pesticides-eaux-douces.html ; *****An endocrine disruptor is an exogenous substance or mixture

that alters function(s) of the endocrine system and consequently causes adverse health effects in an intact organism or its progeny or (sub)populations.; by WWF in 47 people(including 39 members of European Parliament)

By WWF in 47 people(including 39 members of European Parliament

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Source: United Nations Environnent Programme (UNEP), 2009 ; CNRS, M. Gattuso, Océanographe

Accelerating climate change

Rising temperatures are accelerating glacial melt. The disappearance of this freshwater source could have catastrophic effects on ecosystems and water supplies for many people (particularly for Pakistanese, Indian and Chinese populations)

Because of the acidification of oceans, limestone aquatic organisms biodiversity will decrease by 70% and other aquatic organisms by 30% in the 100 years to come

In 2030, half the global population will live in water stressed areas

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The food value chain from production to distribution

Growers & Inputs Technology & Logistics Basic Foods &

Ingredients Food Safety

Sustainable Packaging Value Added Foods Distributors

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Reducing CO² emissions Recycling packages

Promoting healthy and

natural food

Favoring sustainable

growing practices

Reducing food waste

Some companies in the food value chain act against that backdrop

Increasing food safety

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Sustainable Packaging, Norway

An innovative company specialised in recycling, mining and food sorting.

Created the first reverse vending machine.

Recycling packages

Through its reverse vending machine, captures 35 bn used beverage containers annually; equivalent to 20 mn tons of GHG* emissions avoided (circa 2 mn car CO² emissions per year).

Reducing CO² emissions

Put in place the ISO 14001 EMS standards

Issues annually an Environmental Report (waste, water and energy).

Has committed to reducing its GHG emissions by 25% in two years.

Innovation

“Sentinel II’s high resolution sensors and simple user interface allow the customer to set the sorter to reject a broad range of defects such as green, sunburn, mold, anthracnose rot or worm damage while also removing foreign materials such as cotton stalks, corn cobs, plastic, glass, metal, wood bone and animal matter.

An enhanced, patented, high-speed rejection system efficiently removes defects and foreign material, operating at higher speeds than previous models.”

Tomra, leader in recycling

* GHG : Greenhouse Gaz

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Food Safety, France

With over 17,000 staff in around 200 laboratories across 36 countries, Eurofins Scientific is the world leader in food testing. It is also number one in the world in the field of environmental laboratory services

It comprises testing of water, air, soil, waste and other products to assess their quality and impact on health and the environment. It has extensive experience in testing for all organic and inorganic pollutants, including pesticides, chemicals, heavy metals, drugs, GMOs*.

Increasing food safety

Tests for toxins in food. Works to prevent use of non-allowed chemicals

Environmental tests on water and soil to analyse pollution. More than 70 molecules are sought in the samples

Recycling

Operations have a recycling focus.

Developed an Environmental Management System (EMS)

Eurofins, leader in food safety testing

*GMOs: Genetically Modified Organisms

Reducing food waste

Microbiological quality : Internal

development of a method to seek

bacteria in plastic corks and bottles

Control of microbial growth on surfaces

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Distributors, US

Supermarket chain specialising in organic, natural and responsibly sourced food.

Stores in the US, Canada and the UK

Has a policy of rewarding its farmer partners equitably.

Favors practices protecting pollinators

Promoting healthy and

natural food

Focuses on foods with nutritional and ecologic value.

Bans hydrogenated fats or artificial colors, flavors, preservatives or sweeteners

Promoting sustainable

growing practices

Responsibly grown rating system :

Controlling farm measures to protect human

health and environment. Protecting air, soil

and water (rivers, lakes, and oceans)

Water conservation and protection : Using a

drip irrigation system to save water

Whole Foods Market, leader in organic and natural food retailing

Food safety

Bans endocrine-active materials in

products and packagings, such as

bisphenol A or phthalates

Bans irradiated food

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Sustainability exclusion rules

Exclusion of activities – “WHAT”

Full exclusion

Producers and developers of GMOs

Food & Agri commodities traders

Producers of first generation biofuels

Producers of inorganic fertilisers

Producers of palm oil

Limited at 5% of revenues

Production of tobacco

Production of alcoholic beverages

Production of aspartame and artificial sweeteners

Production of Bisphenol A (BPA)

Production of artificial food colourings or dyes

Limited at 20% of revenues

Highly processed and low nutrition foods (“junk food”)

Carbonated soft drinks and sodas

Exclusion of companies with poor or

controversial processes – “HOW”

Land management and local communities

Bio-diversity and land use

Labour management and health & safety

Supply chain management (responsible sourcing)

Animal welfare

Product safety and marketing practices

Chemical safety management

Toxic Emissions and waste

Water management

Carbon Emissions

In the full Sustainability Framework all these activities and risks are described and the policies and processes required are detailed.

Companies with major controversies within these areas will be excluded from

the Sustainable Universe, following the Precautionary Principle

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Environmental, Social and Governance issues

Environment

Specific risk factors : e.g. Hazardous waste, toxics in production

Environmental issues: Fines for pollutions, spills

Risk/issues addressed : Relevant policies, management systems

Are process well disclosed : Policies, CRS-report, EMS disclosed

Are processes well integrated : E-committees, HSE officer

Are opportunities captured : Resource effectiveness, industry leadership

Social

Specific risk factors : Heath & Safety, lack of training, employment rights

Social issues : OSHA incident database

Risks/issues addressed : policies, systems, standards

Process disclosure : Policies, H&S statistics, systems

Process integration : HSE committee/officer

Opportunities captured : H&S training, industry leadership

Governance

Board structure and effectiveness : tenures,

experience, independence

Shareholders rights : Voting rights, anti-takeover

defences

Ownership structure: Dominant , controversial

shareholders

Management remuneration: alignment to long-

term performance

Behaviour, reputation, internal controls: anti-

trust, litigation, related transactions

Proxy voting practices: following local best

practice

Accounting practices: aggressive or conservative

10

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Expected superior outperformance

11

Source: BNP Paribas Asset Management. Data as of 31 May 2016. Investors should ensure that they are fully informed about the sub-funds, classes and sub-classes of shares that are authorised to be marketed in their country of residence and the

constraints applicable in each of these countries. The investments in the above funds are subject to market fluctuations and the risks inherent in investments in securities. 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.

Past performance or achievement is not indicative of current or future performance.

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SMaRT Food, to solve environmental issues and promote high quality food

Response to increasing

concerns about

environmental issues

Respect of strict ESG

criteria

Long-term value creation

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Risk factors

• The “AQUA strategy” is primarily exposed to equity-market risk: its minimum exposure is 90% of net assets of which a

maximum of 50% is to emerging markets (the supervision and operating conditions of some of these markets may deviate from

international standards).

• The benchmark index is the MSCI World (NR) EUR. The investment objective is not to match the index, and as such the

performance of the “AQUA strategy” can differ significantly from that of the benchmark.

• The “AQUA strategy” is exposed to the small- and mid-caps market. A downturn on these markets may result in a decrease in

net asset value that is quicker or stronger than on other markets.

• Investors are informed that the performance of the “AQUA strategy” may not meet their expectations and that their invested

capital may not be fully returned to them.

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Disclaimer

This document is issued and has been prepared by BNP Paribas Asset Management S.A.S. (BNPP AM)* a member of BNP Paribas Investment Partners (BNPP IP)**.

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*BNPP AM is an investment manager registered with the “Autorité des marchés financiers” in France under number 96002, a simplified joint stock company with a capital of 67,373,920 euros with its registered office at 1, boulevard

Haussmann 75009 Paris, France, RCS Paris 319 378 832. www.bnpparibas-ip.com.

**“BNP Paribas Investment Partners” is the global brand name of the BNP Paribas group’s asset management services. The individual asset management entities within BNP Paribas Investment Partners if specified herein, are

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