FOR PROFESSIONAL INVESTORS

Money Market Solutions

LIQUIDITY AND MONEY MARKET SOLUTIONS

BNP Paribas Investment Partners, and our global fixed income asset manager Fischer Francis Trees & Watts (FFTW), are among leaders in providing global liquidity solutions to clients worldwide. We offer institutional money market funds, along with separately managed accounts, to meet investors’ needs for liquid, diversified and stable investment solutions.

Our experienced teams provide institutional investors with low-risk investment vehicles offering a variety of different structures. These funds invest principally in a diversified pool of highly-rated short-term instruments with the objective of ensuring daily liquidity and capital stability, while also delivering market based returns commensurate with risk profile.

Strict StandardsBoth BNP Paribas Investment Partners and FFTW follow conservative investment processes across multiple domiciles. Many of our funds are rated by rating agencies who require investment constraints beyond those of regulators, while some funds may not be rated based on the risk parameters of those funds. Furthermore, FFTW, based in New York, may utilize practices from US SEC Rule 2a-7 within internal guidelines for managing funds. In addition, we are members of the Institutional Money Markets Fund Association (IMMFA).

• Flexibility with AAA-rated and non-rated Money Market Funds

• Flexibility in transaction amounts, even for very large sums

• Same day settlement

• Increased diversification of credit risk and continuous counterparty monitoring

• High quality client service

Features of our strategies include:

BNP Paribas InstiCash USD

Parvest Money Market USD

Currency USD USD

Cutoff times Before 4pm CET Before 3pm CET

Fund inception date 07/10/1998 03/27/1990

Rating AAAm (S&P) Not Rated

Recommended investment horizon 1 Day 1 Day

Legal form + NationalitySub-fund of the InstiCash umbrella fund

established under Luxembourg Law

Sub-fund of the PARVEST SICAV umbrella fund established under Luxembourg Law

Management company BNP Paribas Investment Partners Luxembourg BNP Paribas Investment Partners Luxembourg

Risk profile (SRRI)1 (lowest) to 7 (highest) 1 1

Investment horizon 1 Day 1 Day

Ongoing charges 0.13% 0.20%

Minimum initial investment

Institutional Share Classes: EUR 1Mn / Privilege Share

Classes: EUR 100,000

Institutional Share Classes: EUR 3Mn / Privilege Share Classes: EUR 100,000

Custodian BNP Paribas Securities Services Luxembourg

BNP Paribas Securities Services

Dealing deadline 4PM Lux (CET) 4PM Lux (CET)

Settlement Same Day (D+0) D+3 Luxembourg

The following illustrates and compares the features and details of our funds, which include: BNP Paribas InstiCash USD and Parvest Money Market USD.

Our flagship, the BNP Paribas InstiCash USD, provides daily liquidity and capital stability while producing a risk adjusted market based rate of return for the investor. We invest substantially in all assets of high quality money market instruments issued by corporations, banks, governments, agencies, as well as collateralized repurchase agreements.

• Stable NAV and accumulating NAV shares• High quality instruments with an objective of liquidity and stability• AAAm top rating from Standard & Poor’s • Low volatility and low duration exposure• Same day settlement • Responsive customer service • Advanced risk management• US portfolio management provides superior access to USD inventory and markets

In addition, InstiCash USD offers a robust investment process with a specific focus on short-term interest rate drivers, broad credit coverage of underlying names, and diversified portfolio structures and risk controls.

OUR OFFERING

WHAT ARE THE STRENGTHS OF BNP PARIBAS INSTICASH USD?

Investors should ensure that they are fully informed about the sub-funds, classes and sub-classes of shares that are authorized to be marketed in their country of residence and the constraints applicable in each of these countries. 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.

1 Source: FFTW as of December 31, 20152 Source: BNP Paribas Investment Partners as of December 31, 2015

• Short-term interest rates positioning is an integral part of our investment process.

• Sector allocation is a key driver of performance. The portfolio management team combines spread data with expectations of changes in valuation, to determine the most attractive sector allocation for the implementation of our interest rate positioning.

• Credit approval consists of screening the universe in order to derive the Short-Term Approved List. Our Credit Research team supports the money market team through credit coverage of individual names.

• Portfolio construction is driven by relative value and risk considerations. The portfolio management team analyzes the portfolio to achieve the investment objectives. Managers implement this strategy within the investment guidelines of the portfolio.

• Risk is managed daily within our internal risk platforms where portfolios are stress tested for different market factor changes, and allocations are limited by an automated compliance system. We conduct daily risk reviews and portfolio compliance audits. Compliance tests are performed by an independent fund administrator. Stress tests simulate interest rate and spread shifts, bid-ask spreads, and liquidity events.

FFTW AND BNP PARIBAS INVESTMENT PARTNERS

Fischer Francis Trees & Watts (FFTW)FFTW was founded in 1972 and is the Global Fixed Income partner of BNP Paribas Investment Partners. With USD 44.1 billion1 in assets under management, we offer a long history of conservative management for institutional clients.

BNP Paribas Investment PartnersBNP Paribas Investment Partners is the global brand name of the BNP Paribas Group’s investment management services. Our firm is one of the world’s largest asset managers with over USD 576 billion2 in assets under management. We offer a range of global investment products, including equities, fixed income, and alternative capabilities to the institutional market through our various investment partners around the world, including Fischer Francis Trees & Watts, Inc.

OUR TEAM

Rena WalshHead of Money Markets Fischer Francis Trees & Watts

Investment Experience: 30 years

Our New York team has been managing short-term and cash management accounts since 1974 and offers a broad range of funds to institutional investors. The portfolio managers average 22 years of experience and are supported by more than 40 specialists from Research and Strategy, Credit Analysis, Risk Control, and the Trading Desk teams. Our professionals are structured in teams to best accommodate our clients’ investment parameters, targets and limitations.

OUR INVESTMENT PROCESS

When investing, investors should consider the following risks:

• 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 or inflation.

• Credit Risk: The value of a security can fluctuate due to negative developments affecting the economy, the industry sector,

or the issuer individually.

Maureen SheehyPortfolio Manager Fischer Francis Trees & Watts

Investment Experience: 14 years

For more information on our Money Market Solutions, please contact:

www.bnpparibas-ip.com

Disclosure

This material is issued and has been prepared by Fischer Francis Trees & Watts, Inc. (“FFTW”)* a member of BNP Paribas Investment Partners (BNPP IP)**.

This material is produced for information purposes only and does not constitute 1) an offer to buy nor a solicitation to sell, nor shall it form the basis of or be relied upon in connection with any contract or commitment whatsoever or 2) any investment advice. This material makes reference to certain financial instruments (the “Financial Instrument(s)”) authorised and regulated in its/their jurisdiction(s) of incorporation.

No action has been taken which would permit the public offering of the Financial Instrument(s) in any other jurisdiction, except as indicated in the most recent prospectus, offering document or any other information material, as applicable, of the relevant Financial Instrument(s) where such action would be required, in particular, in the United States, to US persons (as such term is defined in Regulation S of the United States Securities Act of 1933). Prior to any subscription in a country in which such Financial Instrument(s) is/are registered, investors should verify any legal constraints or restrictions there may be in connection with the subscription, purchase, possession or sale of the Financial Instrument(s).

Investors considering subscribing for the Financial Instrument(s) should read carefully the most recent prospectus, offering document or other information material and consult the Financial Instrument(s)’ most recent financial reports. The prospectus, offering document or other information of the Financial Instrument(s) are available from your local BNPP IP correspondents, if any, or from the entities marketing the Financial Instrument(s).

Opinions included in this material constitute the judgment of FFTW at the time specified and may be subject to change without notice. FFTW are not obliged to update or alter the information or opinions contained within this material. Investors should consult their own legal and tax advisors in respect of legal, accounting, domicile and tax advice prior to investing in the Financial Instrument(s) in order to make an independent determination of the suitability and consequences of an investment therein, if permitted. Please note that different types of investments, if contained within this material, involve varying degrees of risk and there can be no assurance that any specific investment may either be suitable, appropriate or profitable for a client or prospective client’s investment portfolio.

Given the economic and market risks, there can be no assurance that the Financial Instrument(s) will achieve its/their investment objectives. Returns may be affected by, amongst other things, investment strategies or objectives of the Financial Instrument(s) and material market and economic conditions, including interest rates, market terms and general market conditions. The different strategies applied to the Financial Instruments may have a significant effect on the results portrayed in this material. Past performance is not a guide to future performance and the value of the investments in Financial Instrument(s) may go down as well as up. Changes in currency exchange rates may affect the value of your investment. Investors may not get back the amount they originally invested.

The performance data, as applicable, reflected in this material, do not take into account the commissions, costs incurred on the issue and redemption and taxes. This document is provided for your reference on a private and confidential basis to discuss an existing or potential advisory relationship. You are invited to meet with FFTW to discuss any of the information provided herein or otherwise, including any and all terms (including fees) that may apply to the relationship.

This document is directed only at person(s) who have professional experience in matters relating to investments (“relevant persons”). Any investment or investment activity to which this document relates is available only to and will be engaged in only with Professional Clients as defined in the rules of the Financial Services Authority. Any person who is not a relevant person should not act or rely on this document or any of its contents. *Fischer Francis Trees & Watts, Inc. is registered with the US Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended.

** “BNP Paribas Investment Partners” is the global brand name of the BNP Paribas group’s asset management services. The individual asset management entities within BNP Paribas Investment Partners if specified herein, are specified for information only and do not necessarily carry on business in your jurisdiction. For further information, please contact your locally licensed Investment Partner.

New York200 Park Avenue, 11th FloorNew York, NY 10166Tel. (212) 681-3000

Jerôme ChérelInvestment Specialist Tel. +33 (0)1 58 97 75 12jerome.cherel@bnpparibas.com

Rodolphe de Candé Director, Business Development, Liquidity Solutions for US CorporatesTel. + 1 416 365-3983rodolphe.decande@bnpparibas.com