BNP Paribas Plan
SICAV
ANNUAL REPORT at 31102019
RCS Luxembourg B 77 227
The asset manager for a changing worldThe asset manager for a changing world
BNP Paribas Plan
Table of contents
Page
Page 1
Organisation 2
Information 3
Managers report 5
Independent auditors report 10
Financial statements at 31102019 14
Key figures relating to the last 3 years 17
Securities portfolio at 31102019
Easy Future 2021 19
Easy Future 2023 20
Easy Future 2026 21
Easy Future 2028 22
Easy Future 2033 23
Easy Future 2038 24
Easy Future 2043 25
International Derivatives 26
Pension Return 27
Notes to the financial statements 28
Unaudited appendix 38
No subscription can be received on the basis of the financial statements alone Subscriptions are only valid if made on the basis of the
current prospectus accompanied by the latest annual report and the most recent semi-annual report if published thereafter
BNP Paribas Plan
Organisation
Page 2
Registered office
10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg
Board of Directors
Chairwoman
Ms Giorgia DrsquoANNA Head of Group Networks Italy and International BNP PARIBAS ASSET MANAGEMENT
France Paris
Members
Ms Carole BORTOLI-MOULON Head of Funds and Mandates Operation BNP PARIBAS ASSET MANAGEMENT
France Paris (since 12 August 2019)
Mr Roger MINERS Global Marketing Officer BNP PARIBAS ASSET MANAGEMENT UK London
Mr Pierre PICARD Deputy Head of Group Networks BNP PARIBAS ASSET MANAGEMENT France Paris
(until 21 February 2019)
Mr Bruno PIFFETEAU Head of Global Client Services BNP PARIBAS ASSET MANAGEMENT France Paris
Company Secretary
Ms Claire COLLET-LAMBERT Head of Legal BNP PARIBAS ASSET MANAGEMENT Luxembourg
Luxembourg
Management Company
BNP PARIBAS ASSET MANAGEMENT Luxembourg 10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy
of Luxembourg
BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company as defined by Chapter 15 of the
Luxembourg Law of 17 December 2010 concerning Undertakings for Collective Investment as amended
In this capacity the Management Company exercises the functions of administration portfolio management and
marketing
The functions for calculating net asset values of transfer agent and registrar are delegated to
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Effective Investment Managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium 55 Rue du Progregraves B-1210 Brussels Belgium
bull BNP PARIBAS ASSET MANAGEMENT France 1 Boulevard Haussmann F-75009 Paris France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd 5 Aldermanbury Square London EC2V 7BP United
Kingdom
Those entities are Investment managers from the BNP Paribas Group
Depositary
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Independent Auditor
Ernst amp Young SA 35 E Avenue John F Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Guarantor
BNP PARIBAS 16 Boulevard des Italiens F-75009 Paris France
BNP Paribas Plan
Information
Page 3
Principal features
BNP Paribas Plan (the ldquoCompanyrdquo or ldquoSICAVrdquo) is an open-ended investment company (Socieacuteteacute drsquoInvestissement agrave
Capital Variable - abbreviated to ldquoSICAVrdquo) incorporated under Luxembourg law on 7 August 2000 for an indefinite
period under the name ldquoABN AMRO Target Click Fundsrdquo in accordance with the provisions of Part II of the
Luxembourg Law of 30 March 1988 governing undertakings for collective investment It was renamed ldquoABN AMRO
Structured Investments Fundsrdquo on 27 January 2006 ldquoFortis Planrdquo on 3 October 2008 and ldquoBNP Paribas Planrdquo on
1 June 2010
The Company is currently governed by the provisions of part I of the Law of 17 December 2010 as amended governing
undertakings for collective investment as well as by European Directive 200965 (UCITS IV) as amended by the
Directive 201491 (UCITS V)
There is no cross-liability between sub-funds Each sub-fund is exclusively responsible for those liabilities attributable
to it the claim of any third party against a sub-fund can only be made against the assets of that sub-fund
The Articles of Association of the SICAV have been filed with the registrar of the District Court of Luxembourg where
any interested party may consult them and obtain a copy They were last modified on 18 February 2016 and were
published in the Meacutemorial Recueil des Socieacuteteacutes et Associations on 9 March 2016
The SICAV is registered in the Luxembourg Trade and Companies Register under the number B 77 227
The Articles of Association the Prospectus the KIID and periodic reports may be consulted at the Companyrsquos
registered office and at the establishments responsible for the Companyrsquos financial service Copies of the Articles of
Association and the annual and interim reports are available upon request
Except for the newspaper publications required by Law the official media to obtain any notice to shareholders from the
Company will be on the website wwwbnpparibas-amcom
Documents and information are also available on the website wwwbnpparibas-amcom
As to net asset values the Company publishes the legally required information in the Grand Duchy of Luxembourg and
in all other countries where the shares are publicly offered
This information is also available on the website wwwbnpparibas-amcom
Purpose of the SICAV
The SICAVrsquos purpose is to manage its capital for the benefits of its shareholders Sub-funds within the SICAV invest in
a variety of transferable securities money market instruments units or shares of UCIs credit institution deposits and
derivative instruments denominated in various currencies and issued in different countries using the principle of risk
spreading and have the general investment goal of seeking the best possible result
a) Guaranteed sub-funds
Each guaranteed sub-fund has a specified life span and invests in progressively lower risk investments as its maturity
date approaches Therefore the asset allocation of the guaranteed sub-funds is expected to change over time
The Board of Directors reserves the right not to increase the guaranteed value if a sub-fundrsquos assets consist solely of
fixed income securities such as money market instruments or time deposits or UCITSUCI invested in money market
instruments This could occur when a sub-fund comes closer to its maturity date
The guaranteed sub-funds Easy Future 2021 to 2043 provide a guarantee in their respective reference currency which is
issued by BNP PARIBAS (the ldquoGuarantorrdquo) and will be effective on the maturity date of each guaranteed sub-fund
Considering the evolution of their NAVs and Guaranteed values and that their assets are only made of rates
instruments the Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed
Values after the NAV dated 28 August 2019 for the sub-fund Easy Future 2033 and after the NAV dated
12 September 2019 for the sub-funds Easy Future 2023 and Easy Future 2038 until further resolution
BNP Paribas Plan
Information
Page 4
Guarantee
The guarantor will guarantee the guaranteed value to investors at the respective maturity date of each guaranteed
sub-fund The Guarantee will apply to all Shares outstanding on the maturity date In case of a call of the Guarantee the
Guarantor will pay the Company on behalf of the relevant shareholders of any guaranteed sub-fund the total amount
callable within 15 business days upon receipt of a drawing certificate (the ldquoDrawing Certificaterdquo) to be issued by the
Company no later than 5 business days after the maturity date provided that such total amount callable may be reduced
by any additional amount (as defined in the Companys prospectus) as the case may be
The Guarantee shall be payable to any guaranteed sub-fund as from the maturity date only Shareholders who redeem
their Shares on a date other than the maturity date will be paid the NAV per Share on the date of such redemption
The Guarantor reserves the right to terminate the Guarantee
(i) in the event where the Board of Directors of the Company is no longer composed of a majority of
representatives of the BNP Paribas Group for reasons other than voluntary resignation
(ii) if the Management Company is replaced by a company chosen from outside the BNP Paribas Group without
the consent of the Guarantor (provided that the Guarantor will not unreasonably withhold its consent
regarding the replacement)
(iii) if the Management Company andor the Investment Manager is no longer directly or indirectly controlled by
the Guarantor
b) Derivative sub-fund
The ldquoInternational Derivativesrdquo (the ldquoDerivatives Fundrdquo) aims to provide its investors with capital growth through
investment in a quantitatively and dynamically managed portfolio of derivatives based on international equities and
equity indices To this end the Derivatives Fund will invest in options and futures both listed and over-the-counter
(OTC) as the Investment Manager deems appropriate The Derivatives Fund may also invest in other derivatives such
as swaps and forward foreign exchange contracts
c) Pension sub-fund
The ldquoPension Returnrdquo invests in UCITS andor UCI which invest in equities debt securities other transferable
securities money market instruments financial derivative instruments on this type of asset financial derivative
instruments based on commodities indices and real estate indices in order to achieve maximum profitability for the risk
incurred
When the investment in UCITS andor UCI is not considered attractive the sub-fund may be invested directly in
underlying targeted assets except those relating to the exposure on commodities and real estate
Emphasis is placed on international diversification of investments with a long term target risk profile comparable to
global equities For effective portfolio management the manager may vary the actual asset class weightings based on
market conditions and his forecasts The sub-fund will mainly apply ldquolong-onlyrdquo strategies so that no leverage will be
created
BNP Paribas Plan
Managers report
Page 5
Economic context
Growth picked up at the beginning of 2019 after a dip in activity at the end of 2018 as illustrated by the 06 increase
in GDP in OECD countries for Q1 2019 It then slowed down in Q2 (to +04) leading to a disappointing Q3 (+03)
Risks to global growth mounted over the months Uncertainty linked to the trade dispute between the United States and
China and protectionist policy in the US more generally weighed on business surveys and raised fears of a recession In
the manufacturing sector the global PMI (purchasing managersrsquo index) which stood at 519 in November 2018 fell
below 50 in May It slid to 493 in July its lowest point since mid-2009 In October it climbed back up to 498 The
disappointing results of this survey go some way towards explaining the downward revisions of the growth outlook
for 2019 and 2020 for most major economies both developed and emerging Against this backdrop the main central
banks which had adopted an accommodative tone at the start of 2019 took further monetary easing measures while
advocating for fiscal policy support The end of the period under review saw a marginal improvement in the perception
of the economic climate The WTI price responded to concerns about global growth by sliding to USD 42 at the end
of 2018 (compared with 653 at the end of October) It rose again in early 2019 thanks to better compliance with the
production reduction agreement by OPEC and its partners It then fluctuated in line with changes in oil production
levels and geopolitical news Following the mid-September drone attacks on Saudi facilities the WTI - which had
fluctuated since June at between USD 50 and USD 60 a barrel - rose drastically to over USD 62 The
faster-than-expected recovery in production paved the way for a slight downturn which saw the barrel end the year at
USD 5420 (-17 in 12 months)
United States
GDP growth slowed at the end of 2018 recording a 11 rise in Q4 and average growth of 29 in 2018 In 2019 it
surged in Q1 (+31) and levelled out in Q2 and Q3 (+20 then +21) driven by buoyant consumer spending After
a 3 rise in 2018 personal consumption expenditure gained 22 on average during the first three quarters of 2019
Consumer confidence was not harmed by the uncertainty linked to trade policy and is still close to the cycle peaks
reached at the end of 2018 This phenomenon is largely due to conditions in the labour market The unemployment rate
(38 in October 2018) fell in September to its lowest level in 50 years (35) Many indicators used to assess the
health of the labour market are now close to their best levels in 25 years In an environment where companies are
confirming that they are hiring and having difficulty finding qualified staff a reversal of this positive employment trend
seems unlikely The rise in wages is real but still modest whereas average hourly wages grew by 3 year-on-year
in 2018 they are now increasing by around 35 (wage data for private sector non-managerial staff) Productive
investment remains the biggest weakness in the US economy which is in ldquogood healthrdquo according to the Fedrsquos
assessment After non-residential investment contracted by 1 in Q2 and 27 in Q3 the leading indicators
(companiesrsquo investment intentions) do not appear to be particularly encouraging The key ISM manufacturing index
(purchasing managersrsquo index) fell below 50 in August reflecting a contraction in manufacturing activity The service
sector is still expanding but sent mixed signals at year-end
Europe
After a slowdown in the second half of 2018 which turned out to be less significant than initially estimated GDP
growth picked up to +04 in Q1 2019 exceeding the forecasts of limited growth based on business surveys but Q2
growth of +02 was disappointing In Q3 this index also came out at 02 which this time seemed like a pleasant
surprise given that business surveys had continued to deteriorate Year-on-year GDP growth fell from 16 in Q3 2018
to 12 a year later The composite PMI which reflects purchasing managersrsquo perception of activity (manufacturing
and service sector) slid from 531 in October 2018 to 501 in September and only slightly picked up in October (506)
Such levels are usually associated with a quasi-stagnation of the economy Real data (production and consumption) held
up better and should continue to do so as employment has steadily increased and the growth in lending is good news
for domestic demand The surveys seem to overestimate the downside risks to demand The uncertainty linked to
possible trade tensions with the United States in the automotive sector is a risk however Similarly the situation of the
German economy which is dependent on its industrial sector and export demand appears somewhat concerning
Surveys show that manufacturing activity is at its lowest level since 2012 and industrial production and orders are
moving in the wrong direction After a slight contraction in its GDP in Q2 Germany nevertheless managed to avoid a
technical recession in Q3 (+01) and the indicators published at year-end look a little more encouraging Underlying
inflation (excluding food and energy) in the eurozone remains around 1 year-on-year well below the 2 target
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
The asset manager for a changing worldThe asset manager for a changing world
BNP Paribas Plan
Table of contents
Page
Page 1
Organisation 2
Information 3
Managers report 5
Independent auditors report 10
Financial statements at 31102019 14
Key figures relating to the last 3 years 17
Securities portfolio at 31102019
Easy Future 2021 19
Easy Future 2023 20
Easy Future 2026 21
Easy Future 2028 22
Easy Future 2033 23
Easy Future 2038 24
Easy Future 2043 25
International Derivatives 26
Pension Return 27
Notes to the financial statements 28
Unaudited appendix 38
No subscription can be received on the basis of the financial statements alone Subscriptions are only valid if made on the basis of the
current prospectus accompanied by the latest annual report and the most recent semi-annual report if published thereafter
BNP Paribas Plan
Organisation
Page 2
Registered office
10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg
Board of Directors
Chairwoman
Ms Giorgia DrsquoANNA Head of Group Networks Italy and International BNP PARIBAS ASSET MANAGEMENT
France Paris
Members
Ms Carole BORTOLI-MOULON Head of Funds and Mandates Operation BNP PARIBAS ASSET MANAGEMENT
France Paris (since 12 August 2019)
Mr Roger MINERS Global Marketing Officer BNP PARIBAS ASSET MANAGEMENT UK London
Mr Pierre PICARD Deputy Head of Group Networks BNP PARIBAS ASSET MANAGEMENT France Paris
(until 21 February 2019)
Mr Bruno PIFFETEAU Head of Global Client Services BNP PARIBAS ASSET MANAGEMENT France Paris
Company Secretary
Ms Claire COLLET-LAMBERT Head of Legal BNP PARIBAS ASSET MANAGEMENT Luxembourg
Luxembourg
Management Company
BNP PARIBAS ASSET MANAGEMENT Luxembourg 10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy
of Luxembourg
BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company as defined by Chapter 15 of the
Luxembourg Law of 17 December 2010 concerning Undertakings for Collective Investment as amended
In this capacity the Management Company exercises the functions of administration portfolio management and
marketing
The functions for calculating net asset values of transfer agent and registrar are delegated to
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Effective Investment Managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium 55 Rue du Progregraves B-1210 Brussels Belgium
bull BNP PARIBAS ASSET MANAGEMENT France 1 Boulevard Haussmann F-75009 Paris France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd 5 Aldermanbury Square London EC2V 7BP United
Kingdom
Those entities are Investment managers from the BNP Paribas Group
Depositary
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Independent Auditor
Ernst amp Young SA 35 E Avenue John F Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Guarantor
BNP PARIBAS 16 Boulevard des Italiens F-75009 Paris France
BNP Paribas Plan
Information
Page 3
Principal features
BNP Paribas Plan (the ldquoCompanyrdquo or ldquoSICAVrdquo) is an open-ended investment company (Socieacuteteacute drsquoInvestissement agrave
Capital Variable - abbreviated to ldquoSICAVrdquo) incorporated under Luxembourg law on 7 August 2000 for an indefinite
period under the name ldquoABN AMRO Target Click Fundsrdquo in accordance with the provisions of Part II of the
Luxembourg Law of 30 March 1988 governing undertakings for collective investment It was renamed ldquoABN AMRO
Structured Investments Fundsrdquo on 27 January 2006 ldquoFortis Planrdquo on 3 October 2008 and ldquoBNP Paribas Planrdquo on
1 June 2010
The Company is currently governed by the provisions of part I of the Law of 17 December 2010 as amended governing
undertakings for collective investment as well as by European Directive 200965 (UCITS IV) as amended by the
Directive 201491 (UCITS V)
There is no cross-liability between sub-funds Each sub-fund is exclusively responsible for those liabilities attributable
to it the claim of any third party against a sub-fund can only be made against the assets of that sub-fund
The Articles of Association of the SICAV have been filed with the registrar of the District Court of Luxembourg where
any interested party may consult them and obtain a copy They were last modified on 18 February 2016 and were
published in the Meacutemorial Recueil des Socieacuteteacutes et Associations on 9 March 2016
The SICAV is registered in the Luxembourg Trade and Companies Register under the number B 77 227
The Articles of Association the Prospectus the KIID and periodic reports may be consulted at the Companyrsquos
registered office and at the establishments responsible for the Companyrsquos financial service Copies of the Articles of
Association and the annual and interim reports are available upon request
Except for the newspaper publications required by Law the official media to obtain any notice to shareholders from the
Company will be on the website wwwbnpparibas-amcom
Documents and information are also available on the website wwwbnpparibas-amcom
As to net asset values the Company publishes the legally required information in the Grand Duchy of Luxembourg and
in all other countries where the shares are publicly offered
This information is also available on the website wwwbnpparibas-amcom
Purpose of the SICAV
The SICAVrsquos purpose is to manage its capital for the benefits of its shareholders Sub-funds within the SICAV invest in
a variety of transferable securities money market instruments units or shares of UCIs credit institution deposits and
derivative instruments denominated in various currencies and issued in different countries using the principle of risk
spreading and have the general investment goal of seeking the best possible result
a) Guaranteed sub-funds
Each guaranteed sub-fund has a specified life span and invests in progressively lower risk investments as its maturity
date approaches Therefore the asset allocation of the guaranteed sub-funds is expected to change over time
The Board of Directors reserves the right not to increase the guaranteed value if a sub-fundrsquos assets consist solely of
fixed income securities such as money market instruments or time deposits or UCITSUCI invested in money market
instruments This could occur when a sub-fund comes closer to its maturity date
The guaranteed sub-funds Easy Future 2021 to 2043 provide a guarantee in their respective reference currency which is
issued by BNP PARIBAS (the ldquoGuarantorrdquo) and will be effective on the maturity date of each guaranteed sub-fund
Considering the evolution of their NAVs and Guaranteed values and that their assets are only made of rates
instruments the Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed
Values after the NAV dated 28 August 2019 for the sub-fund Easy Future 2033 and after the NAV dated
12 September 2019 for the sub-funds Easy Future 2023 and Easy Future 2038 until further resolution
BNP Paribas Plan
Information
Page 4
Guarantee
The guarantor will guarantee the guaranteed value to investors at the respective maturity date of each guaranteed
sub-fund The Guarantee will apply to all Shares outstanding on the maturity date In case of a call of the Guarantee the
Guarantor will pay the Company on behalf of the relevant shareholders of any guaranteed sub-fund the total amount
callable within 15 business days upon receipt of a drawing certificate (the ldquoDrawing Certificaterdquo) to be issued by the
Company no later than 5 business days after the maturity date provided that such total amount callable may be reduced
by any additional amount (as defined in the Companys prospectus) as the case may be
The Guarantee shall be payable to any guaranteed sub-fund as from the maturity date only Shareholders who redeem
their Shares on a date other than the maturity date will be paid the NAV per Share on the date of such redemption
The Guarantor reserves the right to terminate the Guarantee
(i) in the event where the Board of Directors of the Company is no longer composed of a majority of
representatives of the BNP Paribas Group for reasons other than voluntary resignation
(ii) if the Management Company is replaced by a company chosen from outside the BNP Paribas Group without
the consent of the Guarantor (provided that the Guarantor will not unreasonably withhold its consent
regarding the replacement)
(iii) if the Management Company andor the Investment Manager is no longer directly or indirectly controlled by
the Guarantor
b) Derivative sub-fund
The ldquoInternational Derivativesrdquo (the ldquoDerivatives Fundrdquo) aims to provide its investors with capital growth through
investment in a quantitatively and dynamically managed portfolio of derivatives based on international equities and
equity indices To this end the Derivatives Fund will invest in options and futures both listed and over-the-counter
(OTC) as the Investment Manager deems appropriate The Derivatives Fund may also invest in other derivatives such
as swaps and forward foreign exchange contracts
c) Pension sub-fund
The ldquoPension Returnrdquo invests in UCITS andor UCI which invest in equities debt securities other transferable
securities money market instruments financial derivative instruments on this type of asset financial derivative
instruments based on commodities indices and real estate indices in order to achieve maximum profitability for the risk
incurred
When the investment in UCITS andor UCI is not considered attractive the sub-fund may be invested directly in
underlying targeted assets except those relating to the exposure on commodities and real estate
Emphasis is placed on international diversification of investments with a long term target risk profile comparable to
global equities For effective portfolio management the manager may vary the actual asset class weightings based on
market conditions and his forecasts The sub-fund will mainly apply ldquolong-onlyrdquo strategies so that no leverage will be
created
BNP Paribas Plan
Managers report
Page 5
Economic context
Growth picked up at the beginning of 2019 after a dip in activity at the end of 2018 as illustrated by the 06 increase
in GDP in OECD countries for Q1 2019 It then slowed down in Q2 (to +04) leading to a disappointing Q3 (+03)
Risks to global growth mounted over the months Uncertainty linked to the trade dispute between the United States and
China and protectionist policy in the US more generally weighed on business surveys and raised fears of a recession In
the manufacturing sector the global PMI (purchasing managersrsquo index) which stood at 519 in November 2018 fell
below 50 in May It slid to 493 in July its lowest point since mid-2009 In October it climbed back up to 498 The
disappointing results of this survey go some way towards explaining the downward revisions of the growth outlook
for 2019 and 2020 for most major economies both developed and emerging Against this backdrop the main central
banks which had adopted an accommodative tone at the start of 2019 took further monetary easing measures while
advocating for fiscal policy support The end of the period under review saw a marginal improvement in the perception
of the economic climate The WTI price responded to concerns about global growth by sliding to USD 42 at the end
of 2018 (compared with 653 at the end of October) It rose again in early 2019 thanks to better compliance with the
production reduction agreement by OPEC and its partners It then fluctuated in line with changes in oil production
levels and geopolitical news Following the mid-September drone attacks on Saudi facilities the WTI - which had
fluctuated since June at between USD 50 and USD 60 a barrel - rose drastically to over USD 62 The
faster-than-expected recovery in production paved the way for a slight downturn which saw the barrel end the year at
USD 5420 (-17 in 12 months)
United States
GDP growth slowed at the end of 2018 recording a 11 rise in Q4 and average growth of 29 in 2018 In 2019 it
surged in Q1 (+31) and levelled out in Q2 and Q3 (+20 then +21) driven by buoyant consumer spending After
a 3 rise in 2018 personal consumption expenditure gained 22 on average during the first three quarters of 2019
Consumer confidence was not harmed by the uncertainty linked to trade policy and is still close to the cycle peaks
reached at the end of 2018 This phenomenon is largely due to conditions in the labour market The unemployment rate
(38 in October 2018) fell in September to its lowest level in 50 years (35) Many indicators used to assess the
health of the labour market are now close to their best levels in 25 years In an environment where companies are
confirming that they are hiring and having difficulty finding qualified staff a reversal of this positive employment trend
seems unlikely The rise in wages is real but still modest whereas average hourly wages grew by 3 year-on-year
in 2018 they are now increasing by around 35 (wage data for private sector non-managerial staff) Productive
investment remains the biggest weakness in the US economy which is in ldquogood healthrdquo according to the Fedrsquos
assessment After non-residential investment contracted by 1 in Q2 and 27 in Q3 the leading indicators
(companiesrsquo investment intentions) do not appear to be particularly encouraging The key ISM manufacturing index
(purchasing managersrsquo index) fell below 50 in August reflecting a contraction in manufacturing activity The service
sector is still expanding but sent mixed signals at year-end
Europe
After a slowdown in the second half of 2018 which turned out to be less significant than initially estimated GDP
growth picked up to +04 in Q1 2019 exceeding the forecasts of limited growth based on business surveys but Q2
growth of +02 was disappointing In Q3 this index also came out at 02 which this time seemed like a pleasant
surprise given that business surveys had continued to deteriorate Year-on-year GDP growth fell from 16 in Q3 2018
to 12 a year later The composite PMI which reflects purchasing managersrsquo perception of activity (manufacturing
and service sector) slid from 531 in October 2018 to 501 in September and only slightly picked up in October (506)
Such levels are usually associated with a quasi-stagnation of the economy Real data (production and consumption) held
up better and should continue to do so as employment has steadily increased and the growth in lending is good news
for domestic demand The surveys seem to overestimate the downside risks to demand The uncertainty linked to
possible trade tensions with the United States in the automotive sector is a risk however Similarly the situation of the
German economy which is dependent on its industrial sector and export demand appears somewhat concerning
Surveys show that manufacturing activity is at its lowest level since 2012 and industrial production and orders are
moving in the wrong direction After a slight contraction in its GDP in Q2 Germany nevertheless managed to avoid a
technical recession in Q3 (+01) and the indicators published at year-end look a little more encouraging Underlying
inflation (excluding food and energy) in the eurozone remains around 1 year-on-year well below the 2 target
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Table of contents
Page
Page 1
Organisation 2
Information 3
Managers report 5
Independent auditors report 10
Financial statements at 31102019 14
Key figures relating to the last 3 years 17
Securities portfolio at 31102019
Easy Future 2021 19
Easy Future 2023 20
Easy Future 2026 21
Easy Future 2028 22
Easy Future 2033 23
Easy Future 2038 24
Easy Future 2043 25
International Derivatives 26
Pension Return 27
Notes to the financial statements 28
Unaudited appendix 38
No subscription can be received on the basis of the financial statements alone Subscriptions are only valid if made on the basis of the
current prospectus accompanied by the latest annual report and the most recent semi-annual report if published thereafter
BNP Paribas Plan
Organisation
Page 2
Registered office
10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg
Board of Directors
Chairwoman
Ms Giorgia DrsquoANNA Head of Group Networks Italy and International BNP PARIBAS ASSET MANAGEMENT
France Paris
Members
Ms Carole BORTOLI-MOULON Head of Funds and Mandates Operation BNP PARIBAS ASSET MANAGEMENT
France Paris (since 12 August 2019)
Mr Roger MINERS Global Marketing Officer BNP PARIBAS ASSET MANAGEMENT UK London
Mr Pierre PICARD Deputy Head of Group Networks BNP PARIBAS ASSET MANAGEMENT France Paris
(until 21 February 2019)
Mr Bruno PIFFETEAU Head of Global Client Services BNP PARIBAS ASSET MANAGEMENT France Paris
Company Secretary
Ms Claire COLLET-LAMBERT Head of Legal BNP PARIBAS ASSET MANAGEMENT Luxembourg
Luxembourg
Management Company
BNP PARIBAS ASSET MANAGEMENT Luxembourg 10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy
of Luxembourg
BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company as defined by Chapter 15 of the
Luxembourg Law of 17 December 2010 concerning Undertakings for Collective Investment as amended
In this capacity the Management Company exercises the functions of administration portfolio management and
marketing
The functions for calculating net asset values of transfer agent and registrar are delegated to
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Effective Investment Managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium 55 Rue du Progregraves B-1210 Brussels Belgium
bull BNP PARIBAS ASSET MANAGEMENT France 1 Boulevard Haussmann F-75009 Paris France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd 5 Aldermanbury Square London EC2V 7BP United
Kingdom
Those entities are Investment managers from the BNP Paribas Group
Depositary
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Independent Auditor
Ernst amp Young SA 35 E Avenue John F Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Guarantor
BNP PARIBAS 16 Boulevard des Italiens F-75009 Paris France
BNP Paribas Plan
Information
Page 3
Principal features
BNP Paribas Plan (the ldquoCompanyrdquo or ldquoSICAVrdquo) is an open-ended investment company (Socieacuteteacute drsquoInvestissement agrave
Capital Variable - abbreviated to ldquoSICAVrdquo) incorporated under Luxembourg law on 7 August 2000 for an indefinite
period under the name ldquoABN AMRO Target Click Fundsrdquo in accordance with the provisions of Part II of the
Luxembourg Law of 30 March 1988 governing undertakings for collective investment It was renamed ldquoABN AMRO
Structured Investments Fundsrdquo on 27 January 2006 ldquoFortis Planrdquo on 3 October 2008 and ldquoBNP Paribas Planrdquo on
1 June 2010
The Company is currently governed by the provisions of part I of the Law of 17 December 2010 as amended governing
undertakings for collective investment as well as by European Directive 200965 (UCITS IV) as amended by the
Directive 201491 (UCITS V)
There is no cross-liability between sub-funds Each sub-fund is exclusively responsible for those liabilities attributable
to it the claim of any third party against a sub-fund can only be made against the assets of that sub-fund
The Articles of Association of the SICAV have been filed with the registrar of the District Court of Luxembourg where
any interested party may consult them and obtain a copy They were last modified on 18 February 2016 and were
published in the Meacutemorial Recueil des Socieacuteteacutes et Associations on 9 March 2016
The SICAV is registered in the Luxembourg Trade and Companies Register under the number B 77 227
The Articles of Association the Prospectus the KIID and periodic reports may be consulted at the Companyrsquos
registered office and at the establishments responsible for the Companyrsquos financial service Copies of the Articles of
Association and the annual and interim reports are available upon request
Except for the newspaper publications required by Law the official media to obtain any notice to shareholders from the
Company will be on the website wwwbnpparibas-amcom
Documents and information are also available on the website wwwbnpparibas-amcom
As to net asset values the Company publishes the legally required information in the Grand Duchy of Luxembourg and
in all other countries where the shares are publicly offered
This information is also available on the website wwwbnpparibas-amcom
Purpose of the SICAV
The SICAVrsquos purpose is to manage its capital for the benefits of its shareholders Sub-funds within the SICAV invest in
a variety of transferable securities money market instruments units or shares of UCIs credit institution deposits and
derivative instruments denominated in various currencies and issued in different countries using the principle of risk
spreading and have the general investment goal of seeking the best possible result
a) Guaranteed sub-funds
Each guaranteed sub-fund has a specified life span and invests in progressively lower risk investments as its maturity
date approaches Therefore the asset allocation of the guaranteed sub-funds is expected to change over time
The Board of Directors reserves the right not to increase the guaranteed value if a sub-fundrsquos assets consist solely of
fixed income securities such as money market instruments or time deposits or UCITSUCI invested in money market
instruments This could occur when a sub-fund comes closer to its maturity date
The guaranteed sub-funds Easy Future 2021 to 2043 provide a guarantee in their respective reference currency which is
issued by BNP PARIBAS (the ldquoGuarantorrdquo) and will be effective on the maturity date of each guaranteed sub-fund
Considering the evolution of their NAVs and Guaranteed values and that their assets are only made of rates
instruments the Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed
Values after the NAV dated 28 August 2019 for the sub-fund Easy Future 2033 and after the NAV dated
12 September 2019 for the sub-funds Easy Future 2023 and Easy Future 2038 until further resolution
BNP Paribas Plan
Information
Page 4
Guarantee
The guarantor will guarantee the guaranteed value to investors at the respective maturity date of each guaranteed
sub-fund The Guarantee will apply to all Shares outstanding on the maturity date In case of a call of the Guarantee the
Guarantor will pay the Company on behalf of the relevant shareholders of any guaranteed sub-fund the total amount
callable within 15 business days upon receipt of a drawing certificate (the ldquoDrawing Certificaterdquo) to be issued by the
Company no later than 5 business days after the maturity date provided that such total amount callable may be reduced
by any additional amount (as defined in the Companys prospectus) as the case may be
The Guarantee shall be payable to any guaranteed sub-fund as from the maturity date only Shareholders who redeem
their Shares on a date other than the maturity date will be paid the NAV per Share on the date of such redemption
The Guarantor reserves the right to terminate the Guarantee
(i) in the event where the Board of Directors of the Company is no longer composed of a majority of
representatives of the BNP Paribas Group for reasons other than voluntary resignation
(ii) if the Management Company is replaced by a company chosen from outside the BNP Paribas Group without
the consent of the Guarantor (provided that the Guarantor will not unreasonably withhold its consent
regarding the replacement)
(iii) if the Management Company andor the Investment Manager is no longer directly or indirectly controlled by
the Guarantor
b) Derivative sub-fund
The ldquoInternational Derivativesrdquo (the ldquoDerivatives Fundrdquo) aims to provide its investors with capital growth through
investment in a quantitatively and dynamically managed portfolio of derivatives based on international equities and
equity indices To this end the Derivatives Fund will invest in options and futures both listed and over-the-counter
(OTC) as the Investment Manager deems appropriate The Derivatives Fund may also invest in other derivatives such
as swaps and forward foreign exchange contracts
c) Pension sub-fund
The ldquoPension Returnrdquo invests in UCITS andor UCI which invest in equities debt securities other transferable
securities money market instruments financial derivative instruments on this type of asset financial derivative
instruments based on commodities indices and real estate indices in order to achieve maximum profitability for the risk
incurred
When the investment in UCITS andor UCI is not considered attractive the sub-fund may be invested directly in
underlying targeted assets except those relating to the exposure on commodities and real estate
Emphasis is placed on international diversification of investments with a long term target risk profile comparable to
global equities For effective portfolio management the manager may vary the actual asset class weightings based on
market conditions and his forecasts The sub-fund will mainly apply ldquolong-onlyrdquo strategies so that no leverage will be
created
BNP Paribas Plan
Managers report
Page 5
Economic context
Growth picked up at the beginning of 2019 after a dip in activity at the end of 2018 as illustrated by the 06 increase
in GDP in OECD countries for Q1 2019 It then slowed down in Q2 (to +04) leading to a disappointing Q3 (+03)
Risks to global growth mounted over the months Uncertainty linked to the trade dispute between the United States and
China and protectionist policy in the US more generally weighed on business surveys and raised fears of a recession In
the manufacturing sector the global PMI (purchasing managersrsquo index) which stood at 519 in November 2018 fell
below 50 in May It slid to 493 in July its lowest point since mid-2009 In October it climbed back up to 498 The
disappointing results of this survey go some way towards explaining the downward revisions of the growth outlook
for 2019 and 2020 for most major economies both developed and emerging Against this backdrop the main central
banks which had adopted an accommodative tone at the start of 2019 took further monetary easing measures while
advocating for fiscal policy support The end of the period under review saw a marginal improvement in the perception
of the economic climate The WTI price responded to concerns about global growth by sliding to USD 42 at the end
of 2018 (compared with 653 at the end of October) It rose again in early 2019 thanks to better compliance with the
production reduction agreement by OPEC and its partners It then fluctuated in line with changes in oil production
levels and geopolitical news Following the mid-September drone attacks on Saudi facilities the WTI - which had
fluctuated since June at between USD 50 and USD 60 a barrel - rose drastically to over USD 62 The
faster-than-expected recovery in production paved the way for a slight downturn which saw the barrel end the year at
USD 5420 (-17 in 12 months)
United States
GDP growth slowed at the end of 2018 recording a 11 rise in Q4 and average growth of 29 in 2018 In 2019 it
surged in Q1 (+31) and levelled out in Q2 and Q3 (+20 then +21) driven by buoyant consumer spending After
a 3 rise in 2018 personal consumption expenditure gained 22 on average during the first three quarters of 2019
Consumer confidence was not harmed by the uncertainty linked to trade policy and is still close to the cycle peaks
reached at the end of 2018 This phenomenon is largely due to conditions in the labour market The unemployment rate
(38 in October 2018) fell in September to its lowest level in 50 years (35) Many indicators used to assess the
health of the labour market are now close to their best levels in 25 years In an environment where companies are
confirming that they are hiring and having difficulty finding qualified staff a reversal of this positive employment trend
seems unlikely The rise in wages is real but still modest whereas average hourly wages grew by 3 year-on-year
in 2018 they are now increasing by around 35 (wage data for private sector non-managerial staff) Productive
investment remains the biggest weakness in the US economy which is in ldquogood healthrdquo according to the Fedrsquos
assessment After non-residential investment contracted by 1 in Q2 and 27 in Q3 the leading indicators
(companiesrsquo investment intentions) do not appear to be particularly encouraging The key ISM manufacturing index
(purchasing managersrsquo index) fell below 50 in August reflecting a contraction in manufacturing activity The service
sector is still expanding but sent mixed signals at year-end
Europe
After a slowdown in the second half of 2018 which turned out to be less significant than initially estimated GDP
growth picked up to +04 in Q1 2019 exceeding the forecasts of limited growth based on business surveys but Q2
growth of +02 was disappointing In Q3 this index also came out at 02 which this time seemed like a pleasant
surprise given that business surveys had continued to deteriorate Year-on-year GDP growth fell from 16 in Q3 2018
to 12 a year later The composite PMI which reflects purchasing managersrsquo perception of activity (manufacturing
and service sector) slid from 531 in October 2018 to 501 in September and only slightly picked up in October (506)
Such levels are usually associated with a quasi-stagnation of the economy Real data (production and consumption) held
up better and should continue to do so as employment has steadily increased and the growth in lending is good news
for domestic demand The surveys seem to overestimate the downside risks to demand The uncertainty linked to
possible trade tensions with the United States in the automotive sector is a risk however Similarly the situation of the
German economy which is dependent on its industrial sector and export demand appears somewhat concerning
Surveys show that manufacturing activity is at its lowest level since 2012 and industrial production and orders are
moving in the wrong direction After a slight contraction in its GDP in Q2 Germany nevertheless managed to avoid a
technical recession in Q3 (+01) and the indicators published at year-end look a little more encouraging Underlying
inflation (excluding food and energy) in the eurozone remains around 1 year-on-year well below the 2 target
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Organisation
Page 2
Registered office
10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy of Luxembourg
Board of Directors
Chairwoman
Ms Giorgia DrsquoANNA Head of Group Networks Italy and International BNP PARIBAS ASSET MANAGEMENT
France Paris
Members
Ms Carole BORTOLI-MOULON Head of Funds and Mandates Operation BNP PARIBAS ASSET MANAGEMENT
France Paris (since 12 August 2019)
Mr Roger MINERS Global Marketing Officer BNP PARIBAS ASSET MANAGEMENT UK London
Mr Pierre PICARD Deputy Head of Group Networks BNP PARIBAS ASSET MANAGEMENT France Paris
(until 21 February 2019)
Mr Bruno PIFFETEAU Head of Global Client Services BNP PARIBAS ASSET MANAGEMENT France Paris
Company Secretary
Ms Claire COLLET-LAMBERT Head of Legal BNP PARIBAS ASSET MANAGEMENT Luxembourg
Luxembourg
Management Company
BNP PARIBAS ASSET MANAGEMENT Luxembourg 10 Rue Edward Steichen L-2540 Luxembourg Grand Duchy
of Luxembourg
BNP PARIBAS ASSET MANAGEMENT Luxembourg is a Management Company as defined by Chapter 15 of the
Luxembourg Law of 17 December 2010 concerning Undertakings for Collective Investment as amended
In this capacity the Management Company exercises the functions of administration portfolio management and
marketing
The functions for calculating net asset values of transfer agent and registrar are delegated to
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Effective Investment Managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium 55 Rue du Progregraves B-1210 Brussels Belgium
bull BNP PARIBAS ASSET MANAGEMENT France 1 Boulevard Haussmann F-75009 Paris France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd 5 Aldermanbury Square London EC2V 7BP United
Kingdom
Those entities are Investment managers from the BNP Paribas Group
Depositary
BNP Paribas Securities Services Luxembourg Branch 60 Avenue JF Kennedy L-1855 Luxembourg Grand Duchy of
Luxembourg
Independent Auditor
Ernst amp Young SA 35 E Avenue John F Kennedy L-1855 Luxembourg Grand Duchy of Luxembourg
Guarantor
BNP PARIBAS 16 Boulevard des Italiens F-75009 Paris France
BNP Paribas Plan
Information
Page 3
Principal features
BNP Paribas Plan (the ldquoCompanyrdquo or ldquoSICAVrdquo) is an open-ended investment company (Socieacuteteacute drsquoInvestissement agrave
Capital Variable - abbreviated to ldquoSICAVrdquo) incorporated under Luxembourg law on 7 August 2000 for an indefinite
period under the name ldquoABN AMRO Target Click Fundsrdquo in accordance with the provisions of Part II of the
Luxembourg Law of 30 March 1988 governing undertakings for collective investment It was renamed ldquoABN AMRO
Structured Investments Fundsrdquo on 27 January 2006 ldquoFortis Planrdquo on 3 October 2008 and ldquoBNP Paribas Planrdquo on
1 June 2010
The Company is currently governed by the provisions of part I of the Law of 17 December 2010 as amended governing
undertakings for collective investment as well as by European Directive 200965 (UCITS IV) as amended by the
Directive 201491 (UCITS V)
There is no cross-liability between sub-funds Each sub-fund is exclusively responsible for those liabilities attributable
to it the claim of any third party against a sub-fund can only be made against the assets of that sub-fund
The Articles of Association of the SICAV have been filed with the registrar of the District Court of Luxembourg where
any interested party may consult them and obtain a copy They were last modified on 18 February 2016 and were
published in the Meacutemorial Recueil des Socieacuteteacutes et Associations on 9 March 2016
The SICAV is registered in the Luxembourg Trade and Companies Register under the number B 77 227
The Articles of Association the Prospectus the KIID and periodic reports may be consulted at the Companyrsquos
registered office and at the establishments responsible for the Companyrsquos financial service Copies of the Articles of
Association and the annual and interim reports are available upon request
Except for the newspaper publications required by Law the official media to obtain any notice to shareholders from the
Company will be on the website wwwbnpparibas-amcom
Documents and information are also available on the website wwwbnpparibas-amcom
As to net asset values the Company publishes the legally required information in the Grand Duchy of Luxembourg and
in all other countries where the shares are publicly offered
This information is also available on the website wwwbnpparibas-amcom
Purpose of the SICAV
The SICAVrsquos purpose is to manage its capital for the benefits of its shareholders Sub-funds within the SICAV invest in
a variety of transferable securities money market instruments units or shares of UCIs credit institution deposits and
derivative instruments denominated in various currencies and issued in different countries using the principle of risk
spreading and have the general investment goal of seeking the best possible result
a) Guaranteed sub-funds
Each guaranteed sub-fund has a specified life span and invests in progressively lower risk investments as its maturity
date approaches Therefore the asset allocation of the guaranteed sub-funds is expected to change over time
The Board of Directors reserves the right not to increase the guaranteed value if a sub-fundrsquos assets consist solely of
fixed income securities such as money market instruments or time deposits or UCITSUCI invested in money market
instruments This could occur when a sub-fund comes closer to its maturity date
The guaranteed sub-funds Easy Future 2021 to 2043 provide a guarantee in their respective reference currency which is
issued by BNP PARIBAS (the ldquoGuarantorrdquo) and will be effective on the maturity date of each guaranteed sub-fund
Considering the evolution of their NAVs and Guaranteed values and that their assets are only made of rates
instruments the Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed
Values after the NAV dated 28 August 2019 for the sub-fund Easy Future 2033 and after the NAV dated
12 September 2019 for the sub-funds Easy Future 2023 and Easy Future 2038 until further resolution
BNP Paribas Plan
Information
Page 4
Guarantee
The guarantor will guarantee the guaranteed value to investors at the respective maturity date of each guaranteed
sub-fund The Guarantee will apply to all Shares outstanding on the maturity date In case of a call of the Guarantee the
Guarantor will pay the Company on behalf of the relevant shareholders of any guaranteed sub-fund the total amount
callable within 15 business days upon receipt of a drawing certificate (the ldquoDrawing Certificaterdquo) to be issued by the
Company no later than 5 business days after the maturity date provided that such total amount callable may be reduced
by any additional amount (as defined in the Companys prospectus) as the case may be
The Guarantee shall be payable to any guaranteed sub-fund as from the maturity date only Shareholders who redeem
their Shares on a date other than the maturity date will be paid the NAV per Share on the date of such redemption
The Guarantor reserves the right to terminate the Guarantee
(i) in the event where the Board of Directors of the Company is no longer composed of a majority of
representatives of the BNP Paribas Group for reasons other than voluntary resignation
(ii) if the Management Company is replaced by a company chosen from outside the BNP Paribas Group without
the consent of the Guarantor (provided that the Guarantor will not unreasonably withhold its consent
regarding the replacement)
(iii) if the Management Company andor the Investment Manager is no longer directly or indirectly controlled by
the Guarantor
b) Derivative sub-fund
The ldquoInternational Derivativesrdquo (the ldquoDerivatives Fundrdquo) aims to provide its investors with capital growth through
investment in a quantitatively and dynamically managed portfolio of derivatives based on international equities and
equity indices To this end the Derivatives Fund will invest in options and futures both listed and over-the-counter
(OTC) as the Investment Manager deems appropriate The Derivatives Fund may also invest in other derivatives such
as swaps and forward foreign exchange contracts
c) Pension sub-fund
The ldquoPension Returnrdquo invests in UCITS andor UCI which invest in equities debt securities other transferable
securities money market instruments financial derivative instruments on this type of asset financial derivative
instruments based on commodities indices and real estate indices in order to achieve maximum profitability for the risk
incurred
When the investment in UCITS andor UCI is not considered attractive the sub-fund may be invested directly in
underlying targeted assets except those relating to the exposure on commodities and real estate
Emphasis is placed on international diversification of investments with a long term target risk profile comparable to
global equities For effective portfolio management the manager may vary the actual asset class weightings based on
market conditions and his forecasts The sub-fund will mainly apply ldquolong-onlyrdquo strategies so that no leverage will be
created
BNP Paribas Plan
Managers report
Page 5
Economic context
Growth picked up at the beginning of 2019 after a dip in activity at the end of 2018 as illustrated by the 06 increase
in GDP in OECD countries for Q1 2019 It then slowed down in Q2 (to +04) leading to a disappointing Q3 (+03)
Risks to global growth mounted over the months Uncertainty linked to the trade dispute between the United States and
China and protectionist policy in the US more generally weighed on business surveys and raised fears of a recession In
the manufacturing sector the global PMI (purchasing managersrsquo index) which stood at 519 in November 2018 fell
below 50 in May It slid to 493 in July its lowest point since mid-2009 In October it climbed back up to 498 The
disappointing results of this survey go some way towards explaining the downward revisions of the growth outlook
for 2019 and 2020 for most major economies both developed and emerging Against this backdrop the main central
banks which had adopted an accommodative tone at the start of 2019 took further monetary easing measures while
advocating for fiscal policy support The end of the period under review saw a marginal improvement in the perception
of the economic climate The WTI price responded to concerns about global growth by sliding to USD 42 at the end
of 2018 (compared with 653 at the end of October) It rose again in early 2019 thanks to better compliance with the
production reduction agreement by OPEC and its partners It then fluctuated in line with changes in oil production
levels and geopolitical news Following the mid-September drone attacks on Saudi facilities the WTI - which had
fluctuated since June at between USD 50 and USD 60 a barrel - rose drastically to over USD 62 The
faster-than-expected recovery in production paved the way for a slight downturn which saw the barrel end the year at
USD 5420 (-17 in 12 months)
United States
GDP growth slowed at the end of 2018 recording a 11 rise in Q4 and average growth of 29 in 2018 In 2019 it
surged in Q1 (+31) and levelled out in Q2 and Q3 (+20 then +21) driven by buoyant consumer spending After
a 3 rise in 2018 personal consumption expenditure gained 22 on average during the first three quarters of 2019
Consumer confidence was not harmed by the uncertainty linked to trade policy and is still close to the cycle peaks
reached at the end of 2018 This phenomenon is largely due to conditions in the labour market The unemployment rate
(38 in October 2018) fell in September to its lowest level in 50 years (35) Many indicators used to assess the
health of the labour market are now close to their best levels in 25 years In an environment where companies are
confirming that they are hiring and having difficulty finding qualified staff a reversal of this positive employment trend
seems unlikely The rise in wages is real but still modest whereas average hourly wages grew by 3 year-on-year
in 2018 they are now increasing by around 35 (wage data for private sector non-managerial staff) Productive
investment remains the biggest weakness in the US economy which is in ldquogood healthrdquo according to the Fedrsquos
assessment After non-residential investment contracted by 1 in Q2 and 27 in Q3 the leading indicators
(companiesrsquo investment intentions) do not appear to be particularly encouraging The key ISM manufacturing index
(purchasing managersrsquo index) fell below 50 in August reflecting a contraction in manufacturing activity The service
sector is still expanding but sent mixed signals at year-end
Europe
After a slowdown in the second half of 2018 which turned out to be less significant than initially estimated GDP
growth picked up to +04 in Q1 2019 exceeding the forecasts of limited growth based on business surveys but Q2
growth of +02 was disappointing In Q3 this index also came out at 02 which this time seemed like a pleasant
surprise given that business surveys had continued to deteriorate Year-on-year GDP growth fell from 16 in Q3 2018
to 12 a year later The composite PMI which reflects purchasing managersrsquo perception of activity (manufacturing
and service sector) slid from 531 in October 2018 to 501 in September and only slightly picked up in October (506)
Such levels are usually associated with a quasi-stagnation of the economy Real data (production and consumption) held
up better and should continue to do so as employment has steadily increased and the growth in lending is good news
for domestic demand The surveys seem to overestimate the downside risks to demand The uncertainty linked to
possible trade tensions with the United States in the automotive sector is a risk however Similarly the situation of the
German economy which is dependent on its industrial sector and export demand appears somewhat concerning
Surveys show that manufacturing activity is at its lowest level since 2012 and industrial production and orders are
moving in the wrong direction After a slight contraction in its GDP in Q2 Germany nevertheless managed to avoid a
technical recession in Q3 (+01) and the indicators published at year-end look a little more encouraging Underlying
inflation (excluding food and energy) in the eurozone remains around 1 year-on-year well below the 2 target
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Information
Page 3
Principal features
BNP Paribas Plan (the ldquoCompanyrdquo or ldquoSICAVrdquo) is an open-ended investment company (Socieacuteteacute drsquoInvestissement agrave
Capital Variable - abbreviated to ldquoSICAVrdquo) incorporated under Luxembourg law on 7 August 2000 for an indefinite
period under the name ldquoABN AMRO Target Click Fundsrdquo in accordance with the provisions of Part II of the
Luxembourg Law of 30 March 1988 governing undertakings for collective investment It was renamed ldquoABN AMRO
Structured Investments Fundsrdquo on 27 January 2006 ldquoFortis Planrdquo on 3 October 2008 and ldquoBNP Paribas Planrdquo on
1 June 2010
The Company is currently governed by the provisions of part I of the Law of 17 December 2010 as amended governing
undertakings for collective investment as well as by European Directive 200965 (UCITS IV) as amended by the
Directive 201491 (UCITS V)
There is no cross-liability between sub-funds Each sub-fund is exclusively responsible for those liabilities attributable
to it the claim of any third party against a sub-fund can only be made against the assets of that sub-fund
The Articles of Association of the SICAV have been filed with the registrar of the District Court of Luxembourg where
any interested party may consult them and obtain a copy They were last modified on 18 February 2016 and were
published in the Meacutemorial Recueil des Socieacuteteacutes et Associations on 9 March 2016
The SICAV is registered in the Luxembourg Trade and Companies Register under the number B 77 227
The Articles of Association the Prospectus the KIID and periodic reports may be consulted at the Companyrsquos
registered office and at the establishments responsible for the Companyrsquos financial service Copies of the Articles of
Association and the annual and interim reports are available upon request
Except for the newspaper publications required by Law the official media to obtain any notice to shareholders from the
Company will be on the website wwwbnpparibas-amcom
Documents and information are also available on the website wwwbnpparibas-amcom
As to net asset values the Company publishes the legally required information in the Grand Duchy of Luxembourg and
in all other countries where the shares are publicly offered
This information is also available on the website wwwbnpparibas-amcom
Purpose of the SICAV
The SICAVrsquos purpose is to manage its capital for the benefits of its shareholders Sub-funds within the SICAV invest in
a variety of transferable securities money market instruments units or shares of UCIs credit institution deposits and
derivative instruments denominated in various currencies and issued in different countries using the principle of risk
spreading and have the general investment goal of seeking the best possible result
a) Guaranteed sub-funds
Each guaranteed sub-fund has a specified life span and invests in progressively lower risk investments as its maturity
date approaches Therefore the asset allocation of the guaranteed sub-funds is expected to change over time
The Board of Directors reserves the right not to increase the guaranteed value if a sub-fundrsquos assets consist solely of
fixed income securities such as money market instruments or time deposits or UCITSUCI invested in money market
instruments This could occur when a sub-fund comes closer to its maturity date
The guaranteed sub-funds Easy Future 2021 to 2043 provide a guarantee in their respective reference currency which is
issued by BNP PARIBAS (the ldquoGuarantorrdquo) and will be effective on the maturity date of each guaranteed sub-fund
Considering the evolution of their NAVs and Guaranteed values and that their assets are only made of rates
instruments the Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed
Values after the NAV dated 28 August 2019 for the sub-fund Easy Future 2033 and after the NAV dated
12 September 2019 for the sub-funds Easy Future 2023 and Easy Future 2038 until further resolution
BNP Paribas Plan
Information
Page 4
Guarantee
The guarantor will guarantee the guaranteed value to investors at the respective maturity date of each guaranteed
sub-fund The Guarantee will apply to all Shares outstanding on the maturity date In case of a call of the Guarantee the
Guarantor will pay the Company on behalf of the relevant shareholders of any guaranteed sub-fund the total amount
callable within 15 business days upon receipt of a drawing certificate (the ldquoDrawing Certificaterdquo) to be issued by the
Company no later than 5 business days after the maturity date provided that such total amount callable may be reduced
by any additional amount (as defined in the Companys prospectus) as the case may be
The Guarantee shall be payable to any guaranteed sub-fund as from the maturity date only Shareholders who redeem
their Shares on a date other than the maturity date will be paid the NAV per Share on the date of such redemption
The Guarantor reserves the right to terminate the Guarantee
(i) in the event where the Board of Directors of the Company is no longer composed of a majority of
representatives of the BNP Paribas Group for reasons other than voluntary resignation
(ii) if the Management Company is replaced by a company chosen from outside the BNP Paribas Group without
the consent of the Guarantor (provided that the Guarantor will not unreasonably withhold its consent
regarding the replacement)
(iii) if the Management Company andor the Investment Manager is no longer directly or indirectly controlled by
the Guarantor
b) Derivative sub-fund
The ldquoInternational Derivativesrdquo (the ldquoDerivatives Fundrdquo) aims to provide its investors with capital growth through
investment in a quantitatively and dynamically managed portfolio of derivatives based on international equities and
equity indices To this end the Derivatives Fund will invest in options and futures both listed and over-the-counter
(OTC) as the Investment Manager deems appropriate The Derivatives Fund may also invest in other derivatives such
as swaps and forward foreign exchange contracts
c) Pension sub-fund
The ldquoPension Returnrdquo invests in UCITS andor UCI which invest in equities debt securities other transferable
securities money market instruments financial derivative instruments on this type of asset financial derivative
instruments based on commodities indices and real estate indices in order to achieve maximum profitability for the risk
incurred
When the investment in UCITS andor UCI is not considered attractive the sub-fund may be invested directly in
underlying targeted assets except those relating to the exposure on commodities and real estate
Emphasis is placed on international diversification of investments with a long term target risk profile comparable to
global equities For effective portfolio management the manager may vary the actual asset class weightings based on
market conditions and his forecasts The sub-fund will mainly apply ldquolong-onlyrdquo strategies so that no leverage will be
created
BNP Paribas Plan
Managers report
Page 5
Economic context
Growth picked up at the beginning of 2019 after a dip in activity at the end of 2018 as illustrated by the 06 increase
in GDP in OECD countries for Q1 2019 It then slowed down in Q2 (to +04) leading to a disappointing Q3 (+03)
Risks to global growth mounted over the months Uncertainty linked to the trade dispute between the United States and
China and protectionist policy in the US more generally weighed on business surveys and raised fears of a recession In
the manufacturing sector the global PMI (purchasing managersrsquo index) which stood at 519 in November 2018 fell
below 50 in May It slid to 493 in July its lowest point since mid-2009 In October it climbed back up to 498 The
disappointing results of this survey go some way towards explaining the downward revisions of the growth outlook
for 2019 and 2020 for most major economies both developed and emerging Against this backdrop the main central
banks which had adopted an accommodative tone at the start of 2019 took further monetary easing measures while
advocating for fiscal policy support The end of the period under review saw a marginal improvement in the perception
of the economic climate The WTI price responded to concerns about global growth by sliding to USD 42 at the end
of 2018 (compared with 653 at the end of October) It rose again in early 2019 thanks to better compliance with the
production reduction agreement by OPEC and its partners It then fluctuated in line with changes in oil production
levels and geopolitical news Following the mid-September drone attacks on Saudi facilities the WTI - which had
fluctuated since June at between USD 50 and USD 60 a barrel - rose drastically to over USD 62 The
faster-than-expected recovery in production paved the way for a slight downturn which saw the barrel end the year at
USD 5420 (-17 in 12 months)
United States
GDP growth slowed at the end of 2018 recording a 11 rise in Q4 and average growth of 29 in 2018 In 2019 it
surged in Q1 (+31) and levelled out in Q2 and Q3 (+20 then +21) driven by buoyant consumer spending After
a 3 rise in 2018 personal consumption expenditure gained 22 on average during the first three quarters of 2019
Consumer confidence was not harmed by the uncertainty linked to trade policy and is still close to the cycle peaks
reached at the end of 2018 This phenomenon is largely due to conditions in the labour market The unemployment rate
(38 in October 2018) fell in September to its lowest level in 50 years (35) Many indicators used to assess the
health of the labour market are now close to their best levels in 25 years In an environment where companies are
confirming that they are hiring and having difficulty finding qualified staff a reversal of this positive employment trend
seems unlikely The rise in wages is real but still modest whereas average hourly wages grew by 3 year-on-year
in 2018 they are now increasing by around 35 (wage data for private sector non-managerial staff) Productive
investment remains the biggest weakness in the US economy which is in ldquogood healthrdquo according to the Fedrsquos
assessment After non-residential investment contracted by 1 in Q2 and 27 in Q3 the leading indicators
(companiesrsquo investment intentions) do not appear to be particularly encouraging The key ISM manufacturing index
(purchasing managersrsquo index) fell below 50 in August reflecting a contraction in manufacturing activity The service
sector is still expanding but sent mixed signals at year-end
Europe
After a slowdown in the second half of 2018 which turned out to be less significant than initially estimated GDP
growth picked up to +04 in Q1 2019 exceeding the forecasts of limited growth based on business surveys but Q2
growth of +02 was disappointing In Q3 this index also came out at 02 which this time seemed like a pleasant
surprise given that business surveys had continued to deteriorate Year-on-year GDP growth fell from 16 in Q3 2018
to 12 a year later The composite PMI which reflects purchasing managersrsquo perception of activity (manufacturing
and service sector) slid from 531 in October 2018 to 501 in September and only slightly picked up in October (506)
Such levels are usually associated with a quasi-stagnation of the economy Real data (production and consumption) held
up better and should continue to do so as employment has steadily increased and the growth in lending is good news
for domestic demand The surveys seem to overestimate the downside risks to demand The uncertainty linked to
possible trade tensions with the United States in the automotive sector is a risk however Similarly the situation of the
German economy which is dependent on its industrial sector and export demand appears somewhat concerning
Surveys show that manufacturing activity is at its lowest level since 2012 and industrial production and orders are
moving in the wrong direction After a slight contraction in its GDP in Q2 Germany nevertheless managed to avoid a
technical recession in Q3 (+01) and the indicators published at year-end look a little more encouraging Underlying
inflation (excluding food and energy) in the eurozone remains around 1 year-on-year well below the 2 target
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Information
Page 4
Guarantee
The guarantor will guarantee the guaranteed value to investors at the respective maturity date of each guaranteed
sub-fund The Guarantee will apply to all Shares outstanding on the maturity date In case of a call of the Guarantee the
Guarantor will pay the Company on behalf of the relevant shareholders of any guaranteed sub-fund the total amount
callable within 15 business days upon receipt of a drawing certificate (the ldquoDrawing Certificaterdquo) to be issued by the
Company no later than 5 business days after the maturity date provided that such total amount callable may be reduced
by any additional amount (as defined in the Companys prospectus) as the case may be
The Guarantee shall be payable to any guaranteed sub-fund as from the maturity date only Shareholders who redeem
their Shares on a date other than the maturity date will be paid the NAV per Share on the date of such redemption
The Guarantor reserves the right to terminate the Guarantee
(i) in the event where the Board of Directors of the Company is no longer composed of a majority of
representatives of the BNP Paribas Group for reasons other than voluntary resignation
(ii) if the Management Company is replaced by a company chosen from outside the BNP Paribas Group without
the consent of the Guarantor (provided that the Guarantor will not unreasonably withhold its consent
regarding the replacement)
(iii) if the Management Company andor the Investment Manager is no longer directly or indirectly controlled by
the Guarantor
b) Derivative sub-fund
The ldquoInternational Derivativesrdquo (the ldquoDerivatives Fundrdquo) aims to provide its investors with capital growth through
investment in a quantitatively and dynamically managed portfolio of derivatives based on international equities and
equity indices To this end the Derivatives Fund will invest in options and futures both listed and over-the-counter
(OTC) as the Investment Manager deems appropriate The Derivatives Fund may also invest in other derivatives such
as swaps and forward foreign exchange contracts
c) Pension sub-fund
The ldquoPension Returnrdquo invests in UCITS andor UCI which invest in equities debt securities other transferable
securities money market instruments financial derivative instruments on this type of asset financial derivative
instruments based on commodities indices and real estate indices in order to achieve maximum profitability for the risk
incurred
When the investment in UCITS andor UCI is not considered attractive the sub-fund may be invested directly in
underlying targeted assets except those relating to the exposure on commodities and real estate
Emphasis is placed on international diversification of investments with a long term target risk profile comparable to
global equities For effective portfolio management the manager may vary the actual asset class weightings based on
market conditions and his forecasts The sub-fund will mainly apply ldquolong-onlyrdquo strategies so that no leverage will be
created
BNP Paribas Plan
Managers report
Page 5
Economic context
Growth picked up at the beginning of 2019 after a dip in activity at the end of 2018 as illustrated by the 06 increase
in GDP in OECD countries for Q1 2019 It then slowed down in Q2 (to +04) leading to a disappointing Q3 (+03)
Risks to global growth mounted over the months Uncertainty linked to the trade dispute between the United States and
China and protectionist policy in the US more generally weighed on business surveys and raised fears of a recession In
the manufacturing sector the global PMI (purchasing managersrsquo index) which stood at 519 in November 2018 fell
below 50 in May It slid to 493 in July its lowest point since mid-2009 In October it climbed back up to 498 The
disappointing results of this survey go some way towards explaining the downward revisions of the growth outlook
for 2019 and 2020 for most major economies both developed and emerging Against this backdrop the main central
banks which had adopted an accommodative tone at the start of 2019 took further monetary easing measures while
advocating for fiscal policy support The end of the period under review saw a marginal improvement in the perception
of the economic climate The WTI price responded to concerns about global growth by sliding to USD 42 at the end
of 2018 (compared with 653 at the end of October) It rose again in early 2019 thanks to better compliance with the
production reduction agreement by OPEC and its partners It then fluctuated in line with changes in oil production
levels and geopolitical news Following the mid-September drone attacks on Saudi facilities the WTI - which had
fluctuated since June at between USD 50 and USD 60 a barrel - rose drastically to over USD 62 The
faster-than-expected recovery in production paved the way for a slight downturn which saw the barrel end the year at
USD 5420 (-17 in 12 months)
United States
GDP growth slowed at the end of 2018 recording a 11 rise in Q4 and average growth of 29 in 2018 In 2019 it
surged in Q1 (+31) and levelled out in Q2 and Q3 (+20 then +21) driven by buoyant consumer spending After
a 3 rise in 2018 personal consumption expenditure gained 22 on average during the first three quarters of 2019
Consumer confidence was not harmed by the uncertainty linked to trade policy and is still close to the cycle peaks
reached at the end of 2018 This phenomenon is largely due to conditions in the labour market The unemployment rate
(38 in October 2018) fell in September to its lowest level in 50 years (35) Many indicators used to assess the
health of the labour market are now close to their best levels in 25 years In an environment where companies are
confirming that they are hiring and having difficulty finding qualified staff a reversal of this positive employment trend
seems unlikely The rise in wages is real but still modest whereas average hourly wages grew by 3 year-on-year
in 2018 they are now increasing by around 35 (wage data for private sector non-managerial staff) Productive
investment remains the biggest weakness in the US economy which is in ldquogood healthrdquo according to the Fedrsquos
assessment After non-residential investment contracted by 1 in Q2 and 27 in Q3 the leading indicators
(companiesrsquo investment intentions) do not appear to be particularly encouraging The key ISM manufacturing index
(purchasing managersrsquo index) fell below 50 in August reflecting a contraction in manufacturing activity The service
sector is still expanding but sent mixed signals at year-end
Europe
After a slowdown in the second half of 2018 which turned out to be less significant than initially estimated GDP
growth picked up to +04 in Q1 2019 exceeding the forecasts of limited growth based on business surveys but Q2
growth of +02 was disappointing In Q3 this index also came out at 02 which this time seemed like a pleasant
surprise given that business surveys had continued to deteriorate Year-on-year GDP growth fell from 16 in Q3 2018
to 12 a year later The composite PMI which reflects purchasing managersrsquo perception of activity (manufacturing
and service sector) slid from 531 in October 2018 to 501 in September and only slightly picked up in October (506)
Such levels are usually associated with a quasi-stagnation of the economy Real data (production and consumption) held
up better and should continue to do so as employment has steadily increased and the growth in lending is good news
for domestic demand The surveys seem to overestimate the downside risks to demand The uncertainty linked to
possible trade tensions with the United States in the automotive sector is a risk however Similarly the situation of the
German economy which is dependent on its industrial sector and export demand appears somewhat concerning
Surveys show that manufacturing activity is at its lowest level since 2012 and industrial production and orders are
moving in the wrong direction After a slight contraction in its GDP in Q2 Germany nevertheless managed to avoid a
technical recession in Q3 (+01) and the indicators published at year-end look a little more encouraging Underlying
inflation (excluding food and energy) in the eurozone remains around 1 year-on-year well below the 2 target
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Managers report
Page 5
Economic context
Growth picked up at the beginning of 2019 after a dip in activity at the end of 2018 as illustrated by the 06 increase
in GDP in OECD countries for Q1 2019 It then slowed down in Q2 (to +04) leading to a disappointing Q3 (+03)
Risks to global growth mounted over the months Uncertainty linked to the trade dispute between the United States and
China and protectionist policy in the US more generally weighed on business surveys and raised fears of a recession In
the manufacturing sector the global PMI (purchasing managersrsquo index) which stood at 519 in November 2018 fell
below 50 in May It slid to 493 in July its lowest point since mid-2009 In October it climbed back up to 498 The
disappointing results of this survey go some way towards explaining the downward revisions of the growth outlook
for 2019 and 2020 for most major economies both developed and emerging Against this backdrop the main central
banks which had adopted an accommodative tone at the start of 2019 took further monetary easing measures while
advocating for fiscal policy support The end of the period under review saw a marginal improvement in the perception
of the economic climate The WTI price responded to concerns about global growth by sliding to USD 42 at the end
of 2018 (compared with 653 at the end of October) It rose again in early 2019 thanks to better compliance with the
production reduction agreement by OPEC and its partners It then fluctuated in line with changes in oil production
levels and geopolitical news Following the mid-September drone attacks on Saudi facilities the WTI - which had
fluctuated since June at between USD 50 and USD 60 a barrel - rose drastically to over USD 62 The
faster-than-expected recovery in production paved the way for a slight downturn which saw the barrel end the year at
USD 5420 (-17 in 12 months)
United States
GDP growth slowed at the end of 2018 recording a 11 rise in Q4 and average growth of 29 in 2018 In 2019 it
surged in Q1 (+31) and levelled out in Q2 and Q3 (+20 then +21) driven by buoyant consumer spending After
a 3 rise in 2018 personal consumption expenditure gained 22 on average during the first three quarters of 2019
Consumer confidence was not harmed by the uncertainty linked to trade policy and is still close to the cycle peaks
reached at the end of 2018 This phenomenon is largely due to conditions in the labour market The unemployment rate
(38 in October 2018) fell in September to its lowest level in 50 years (35) Many indicators used to assess the
health of the labour market are now close to their best levels in 25 years In an environment where companies are
confirming that they are hiring and having difficulty finding qualified staff a reversal of this positive employment trend
seems unlikely The rise in wages is real but still modest whereas average hourly wages grew by 3 year-on-year
in 2018 they are now increasing by around 35 (wage data for private sector non-managerial staff) Productive
investment remains the biggest weakness in the US economy which is in ldquogood healthrdquo according to the Fedrsquos
assessment After non-residential investment contracted by 1 in Q2 and 27 in Q3 the leading indicators
(companiesrsquo investment intentions) do not appear to be particularly encouraging The key ISM manufacturing index
(purchasing managersrsquo index) fell below 50 in August reflecting a contraction in manufacturing activity The service
sector is still expanding but sent mixed signals at year-end
Europe
After a slowdown in the second half of 2018 which turned out to be less significant than initially estimated GDP
growth picked up to +04 in Q1 2019 exceeding the forecasts of limited growth based on business surveys but Q2
growth of +02 was disappointing In Q3 this index also came out at 02 which this time seemed like a pleasant
surprise given that business surveys had continued to deteriorate Year-on-year GDP growth fell from 16 in Q3 2018
to 12 a year later The composite PMI which reflects purchasing managersrsquo perception of activity (manufacturing
and service sector) slid from 531 in October 2018 to 501 in September and only slightly picked up in October (506)
Such levels are usually associated with a quasi-stagnation of the economy Real data (production and consumption) held
up better and should continue to do so as employment has steadily increased and the growth in lending is good news
for domestic demand The surveys seem to overestimate the downside risks to demand The uncertainty linked to
possible trade tensions with the United States in the automotive sector is a risk however Similarly the situation of the
German economy which is dependent on its industrial sector and export demand appears somewhat concerning
Surveys show that manufacturing activity is at its lowest level since 2012 and industrial production and orders are
moving in the wrong direction After a slight contraction in its GDP in Q2 Germany nevertheless managed to avoid a
technical recession in Q3 (+01) and the indicators published at year-end look a little more encouraging Underlying
inflation (excluding food and energy) in the eurozone remains around 1 year-on-year well below the 2 target
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Managers report
Page 6
Japan
Q4 GDP growth was 15 on an annualised basis in Q4 bringing growth for 2018 to 08 after highly erratic quarterly
changes (due to extreme weather phenomena during the summer of 2018) At the start of 2019 manufacturing activity
and exports suffered due to the global slowdown but GDP rose by 20 in Q1 and by 18 in Q2 The initial estimate
of GDP growth in Q3 (+02) fell short of the expected level The year-on-year GDP figure (+13) returned to its
highest level since mid-2018 though According to the BoJrsquos quarterly business survey published at the start of
October 2019 major manufacturing companiesrsquo confidence has fallen to a six-year low The VAT hike on 1 October
complicates the analysis of consumer behaviour Retail sales gained pace in September but collapsed in October
despite the measures taken to limit the negative effects usually seen after a VAT increase Inflation is not showing any
sign of rising Quite the contrary the year-on-year growth in prices excluding food products stood at 04 in
October 2019 versus 1 a year earlier In response to this situation the Bank of Japan clearly suggested that there
could be further rate cuts There appears to be difficulty establishing a consensus within the committee however with
some members highlighting the risks to the financial system posed by negative rates
United Kingdom
In response to the decision of the United Kingdom (UK) to trigger Article 50 of the Treaty of the European Union (EU)
leading to its withdrawal from the European Union at the currently planned date of 31 January 2020 at the latest
BNPP AM has set up a comprehensive contingency plan in order to continue to serve its clients without interruption in
all cases including the event of an exit without the ratification of a withdrawal agreement In particular the investment
policy has been reviewed and any reference to the EU or the EEA (European Economic Area) has been assessed in
order to adapt accordingly all related documentation and if necessary in a limited number of occurrences to adapt the
product composition For the funds distributed in France and eligible to PEA (Plan drsquoEpargne en Actions or share
savings plan) a French tax investment scheme an impact analysis has been made appropriate measures have been set
up and will be communicated to holders concerned when the exit date is confirmed For the funds currently distributed
in the UK a notification was submitted to the FCA - Financial Conduct Authority the UK regulator to benefit from the
TPR Temporary Permission Regime to continue to market temporarily in the UK
Emerging markets
The data available have shown an erratic trend in global trade in 2019 rather than a collapse For emerging economies
the rise of protectionism is of course still a threat and the uncertainty surrounding this issue explains why business
surveys are barely improving In the manufacturing sector the aggregated emerging economy index closed at 51 in
October 2019 versus 505 a year earlier Several central banks have lowered their key rates since the start of the
summer (including Brazil Mexico Chile Peru South Korea and India) and have indicated that they may continue this
cycle Countries where there are structural weaknesses (such as an excessive deficit or inadequate currency reserves)
andor chaotic political conditions have seen their currencies sharply depreciate In China GDP growth stood at 64
year-on-year in Q1 and 62 in Q2 the lowest rate since 1992 The other economic indicators published at year-end
nonetheless showed signs of improvement as the recent monetary easing measures boosted private sector lending In
India GDP grew by 45 in Q3 year-on-year marking a six-year low despite the stimulus from public spending
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Managers report
Page 7
Monetary policy
The European Central Bank (ECB) monetary policy was adjusted in September 2019 which appeared to be the logical
outcome of the change in tone characteristic of the start of the year In the autumn of 2018 the ECB discussed the
upcoming normalisation of its asset purchases (QE) and steered expectations of an initial rate hike a year later
Mario Draghi became more cautious from the end of 2018 and after the Governing Councilrsquos meeting on
7 March 2019 monetary policy took a more accommodative turn than expected A third round of long-term bank
refinancing (Targeted Longer-Term Refinancing Operations or TLTRO-III) was announced At the end of March
Mario Draghi made it clear that the ECB could postpone its first interest rate hike if necessary Observers then began to
anticipate a further reduction in key rates On 6 June the Governing Council further eased its forward guidance
regarding monetary policy Mario Draghirsquos speech at Sintra on 18 June convinced observers that the ECB would take
new measures if inflation did not move towards its target The July meeting was marked by the reintroduction of a
downward bias and a very gloomy economic forecast particularly for the German manufacturing sector Given these
conditions the ECB chose to announce a wide range of easing measures on 12 September including a 10 bp reduction
in the deposit rate to -050 and a modulation of this rate applied to excess reserves to avoid unduly penalising banks
The other two key rates have remained unchanged since March 2016 0 for the main refinancing operations and
025 for the marginal lending facility The conditions of TLTRO-III have been relaxed The announcement in
September of the resumption of QE from 1 November created dissension within the ECB casting a shadow over the
end of Draghirsquos presidency When she took up her post on 1 November Christine Lagarde found a divided Governing
Council
The US Federal Reserve (Fed) raised its rates in December 2018 for the fourth time that year The US economyrsquos
momentum prompted the FOMCrsquos members to consider additional rate rises in 2019 From January Jerome Powell let
it be known that a pause in the cycle of rate hikes was very likely In March the conclusions of the FOMC forecasts
and various official statements confirmed this approach The other aspect of monetary policy normalisation also took a
less restrictive turn in 2019 with the Fed announcing that balance sheet size reduction operations (ongoing
since October 2017) would be stopped in September earlier than expected The real turnaround in monetary policy
came in June After the FOMC meeting of 18 and 19 June the committee indicated it would ldquoact as appropriate to
sustain the expansionrdquo in the face of increasing uncertainty (trade tensions and global growth) In July September
and October the Fed made good on its words while continuing to state that the US economy was ldquoin good healthrdquo
Following these three 25 bp rate cuts the target federal funds rate was reduced to the 150 - 175 range From July
Jerome Powell explained the lowering of rates as a ldquomid-cycle adjustmentrdquo however In September and October the
official comments confirmed this approach reducing expectations of a long cycle of monetary easing In terms of both
hikes and cuts the message is clear unless there are major changes monetary policy should stay on hold Since
September the Fed has been stepping in to limit tensions on the interbank market and has said that purchases of T-bills
will continue until at least Q2 2020 but should not be viewed as a resumption of quantitative easing
Currency markets
Until January 2019 the EURUSD exchange rate (11318 at the end of October) fluctuated erratically Political
uncertainty in Italy pushed it back to around 112 on 12 November From mid-November it trended between 113 and
116 in response to monetary policy decisions and comments on both sides of the Atlantic Despite the Fedrsquos change in
tone in early 2019 and expectations of a cut in US key rates at the end of April it moved back towards 111 and levels
not seen for two years It then fluctuated within a narrow range in May and recovered in June before adopting a
downward trend that reduced it to 109 at the end of September This trajectory also reflects doubts about the health of
Europersquos economy particularly in Germany and the implementation of further monetary easing measures by the ECB
In October the exchange rate rose again however at the start of the month before closing at 11150 The euro
benefited from the progress in discussions between the UK and the European Union Investors believed that the
likelihood of a no-deal Brexit had decreased reducing the risks to activity in the eurozone Over 12 months the
EURUSD exchange rate fell slightly (-15) which quite accurately reflects operatorsrsquo bafflement
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Managers report
Page 8
Over the last 12 months the USDJPY exchange rate fluctuated wildly within a broad range (104-114) Initially it
fluctuated at the top of the range despite the less accommodative shift in the BoJrsquos monetary policy at the start of the
period It was not until the last fortnight of 2018 that the yen appreciated as investors began to more clearly anticipate a
continued reduction of asset purchases and to factor in the prospect of a key rate hike to manage the difficulties created
for financial institutions by negative interest rates On 3 January 2019 at the start of trading in small volumes in Asia
the USDJPY exchange rate experienced a flash crash It dropped to 105 as a consequence of the steep downturn in the
stock markets before quickly rising again to 108 Until March it continued on an upwards trend to around the 112
level as the BoJ openly recognised its inability to meet its inflation target thereby opening the door to a long period of
highly accommodative monetary policy However after some erratic movements in April the yen did start to appreciate
clearly on the back of its status as a safe haven currency as equities fell Thus at the end of May the USDJPY exchange
rate fell back below 109 the threshold at which the BoJ had indicated its readiness to take action on the currency
market at the end of 2018 In August the safe-haven yen rose further trading at around 1044 upon a sharp drop in
equities From September monetary easing expectations fuelled by the BoJrsquos comments weighed on the yen The
USDJPY exchange rate closed at 10807 up 45 over 12 months
Bond markets
At the start of the period the US 10-year T-note yield which had reached its highest level since May 2011 on
5 October 2018 at nearly 325 stayed above 3 for a few weeks fluctuating as inflation and wage data and the Fedrsquos
comments were published Several factors increased expectations of a more aggressive key rate hike It began to fall
from mid-November a trend accentuated by the difficulties on the equity markets doubts about global growth and
some disappointing US economic indicators This brought the 10-year yield to 260 a level that held in January and
February before it quickly fell again in March marking the start of a strong trend The 10-year T-note yield temporarily
fell below 150 in August (the lowest level in three years) and then rose only slightly to 169 at the end of October
This 145 bp drop over 12 months reflected the Fedrsquos particularly accommodative turnaround in the Fedrsquos monetary
policy stance in the face of exogenous risks to US growth and continued low inflation The adjustment of expectations
was swift and these expectations were partly fulfilled by the three key rate cuts in July September and October In
August equity market difficulties and growth fears exacerbated by renewed trade tensions increased the reversal of the
yield curve The spread between the 10-year and three-month maturities was about -050 at the end of August and the
gap between the 10-year and two-year maturities turned negative which had not occurred since the last recession It
soon returned to positive territory The 30-year rate reached a new all-time low in August at less than 2 before moving
back up to 225 at year-end
The German 10-year Bund yield which was 039 at the end of October 2018 began to trend downward from the start
of the period under review It closed at -041 at the end of October 2019 down 80 bp over 12 months This
widespread appetite for government bonds results from expectations of an easing of monetary policy following
statements from the Fed and the ECB In the autumn of 2018 serious tensions in Italian rates resulting from the conflict
between the government elected in March and the European Commission promoted further strength in the German
market Its move back into negative territory on 22 March was triggered by a further fall in the eurozone business
surveys (PMI) but the downward trend reflects the ECBrsquos caution disappointments regarding growth and monetary
policy expectations Rates eased further in the flight to safety in May with the 10-year Bund yield dropping below
previous lows hit in July 2016 The yield continued to fall thereafter dropping below the ECBrsquos deposit rate (which was
then -040) at the beginning of July Expectations of both a cut to the ECBrsquos key interest rates and a resumption of the
securities purchase programme were at the root of this trend The easing was observed in all European markets as
investors embarked on a quest for higher yields In August the entire German yield curve turned negative with the
10-year rate at its lowest at -071 From this time rates rose moving away from these lows due to the revival of risk
appetite the improvement in the perception of global economic conditions and the fall in expectations of additional
monetary easing measures from the ECB after the announcements in September
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Managers report
Page 9
Equity markets
The erratic fluctuations in equity prices over the last 12 months resulted in a rise of 103 in the MSCI AC World index
and 9 in the MSCI Emerging index denominated in USD Our period under review began when global equities had
experienced a steep fall in October (-76) because of temporary but severe upwards pressures on US long rates given
the rise in wages and in expectations of a faster tightening of monetary policy in the US Until the end of the year
equity investorsrsquo nervousness was stoked by fears about global growth From early 2019 the change in central bankersrsquo
tone and the hope of new quantitative easing measures reassured markets and drove a spectacular equity rally in January
(+78) From this point two issues were dominant and explain the alternating bullish and bearish phases the state of
trading relations between the US and a number of its partners (first and foremost China) and monetary policy
announcements After the rebound in January the equity rally continued at a more measured pace before being called
into question at the beginning of May by fears of a resurgence in protectionism stoked by Donald Trumprsquos threats to
raise tariffs further on Chinese products and tax Mexican imports The speed of the -62 fall in global equities in May
is clearly one of the reasons for the reaction of central banks Observers took these very accommodating statements that
highlighted weak inflation as a firm commitment to introduce additional measures which again led to a strong equity
rally News regarding the trade talks also reassured investors President Trump lifted the threat - at least temporarily - of
imposing tariffs on Mexican products after progress was made on illegal immigration Elsewhere statements from
China and the US quickly fuelled hopes of a meeting during the G20 summit at the end of June in Osaka which resulted
in a truce in the trade war As the months went by and the soap opera of the trade negotiations dragged on investorsrsquo
bewilderment grew Confusion may become distress as illustrated by the 62 decline in global equities between
26 July and 15 August September saw this confusion gain ground again despite the lack of improvement in
fundamentals and potentially destabilising political and geopolitical events In October after a difficult start to the
month the improvement in perceptions of the global economy ensured that the rise continued The year-on-year
changes in the main developed markets (index prices in local currencies excluding reinvested dividends) are as follows
+12 for the SampP 500 +46 for the Nikkei 225 and +127 for the EUROSTOXX 50
The Board of Directors
Luxembourg 28 November 2019
Note The information stated in this report is historical and not necessarily indicative of future performance
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
Independent auditors report
Page 10
To the Shareholders of
BNP Paribas Plan
Opinion
We have audited the financial statements of BNP Paribas Plan (the ldquoFundrdquo) and of each of its sub-funds which
comprise the statement of net assets and the securities portfolio as at 31 October 2019 and the statement of operations
and changes in net assets for the year then ended and the notes to the financial statements including a summary of
significant accounting policies
In our opinion the accompanying financial statements give a true and fair view of the financial position of the Fund and
of each of its sub-funds as at 31 October 2019 and of the results of their operations and changes in their net assets for
the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and
presentation of the financial statements
Basis for Opinion
We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (the ldquoLaw of
23 July 2016rdquo) and with International Standards on Auditing (ldquoISAsrdquo) as adopted for Luxembourg by the ldquoCommission
de Surveillance du Secteur Financierrdquo (ldquoCSSFrdquo) Our responsibilities under the Law of 23 July 2016 and ISAs are
further described in the laquo responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements raquo
section of our report We are also independent of the Fund in accordance with the International Ethics Standards Board
for Accountantsrsquo Code of Ethics for Professional Accountants (ldquoIESBA Coderdquo) as adopted for Luxembourg by the
CSSF together with the ethical requirements that are relevant to our audit of the financial statements and have fulfilled
our other ethical responsibilities under those ethical requirements We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion
Other information
The Board of Directors of the Fund is responsible for the other information The other information comprises the
information included in the annual report but does not include the financial statements and our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo thereon
Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon
In connection with our audit of the financial statements our responsibility is to read the other information and in doing
so consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated If based on the work we have performed we
conclude that there is a material misstatement of this other information we are required to report this fact We have
nothing to report in this regard
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
Independent auditors report
Page 11
Responsibilities of the Board of Directors of the Fund for the financial statements
The Board of Directors of the Fund is responsible for the preparation and fair presentation of these financial statements
in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the
financial statements and for such internal control as the Board of Directors of the Fund determines is necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error
In preparing the financial statements the Board of Directors of the Fund is responsible for assessing the Fundrsquos and
each of its sub-fundsrsquo ability to continue as a going concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the Board of Directors of the Fund either intends to liquidate the
Fund or any of its sub-funds or to cease operations or has no realistic alternative but to do so
Responsibilities of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement whether due to fraud or error and to issue a report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo that
includes our opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in
accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a
material misstatement when it exists Misstatements can arise from fraud or error and are considered material if
individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements
As part of an audit in accordance with the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF
we exercise professional judgment and maintain professional skepticism throughout the audit We also
bull Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions
misrepresentations or the override of internal control
bull Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Fundrsquos
internal control
bull Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Board of Directors of the Fund
bull Conclude on the appropriateness of Board of Directors of the Fundrsquos use of the going concern basis of accounting
and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Fundrsquos or any of its sub-fundsrsquo ability to continue as a going concern If we
conclude that a material uncertainty exists we are required to draw attention in our report of the ldquoreacuteviseur
drsquoentreprises agreacuteeacuterdquo to the related disclosures in the financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit evidence obtained up to the date of our report of the
ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo However future events or conditions may cause the Fund or any of its sub-funds
(except for the sub-funds where a decision or an intention to close exists) to cease to continue as a going concern
bull In respect of sub-funds where a decision or an intention to close exists we conclude on the appropriateness of the
Board of Directors of the Funds use of the non-going concern basis of accounting We also evaluate the adequacy of
the disclosures describing the non-going basis of accounting and reasons for its use Our conclusions are based on
the audit evidence obtained up to the date of our report of the ldquoreacuteviseur drsquoentreprises agreacuteeacuterdquo
bull Evaluate the overall presentation structure and content of the financial statements including the disclosures and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
Independent auditors report
We communicate with those charged with governance regarding among other matters the planned scope and timing ofthe audit and significant audit findings including any significant deficiencies in internal control that we identify duringour audit
Ernst amp YoungSociete anonyme
Cabinet de revision agree
~CKS
Luxembourg 11 February 2020
Page 12
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
Page 13
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 14
Easy Future 2018 Easy Future 2021 Easy Future 2023 Easy Future 2026
Expressed in EUR EUR EUR EUR
Notes Statement of net assets
Assets 0 8 596 453 126 344 596 23 089 484
Securities portfolio at cost price 0 7 678 057 113 745 468 18 612 745 Unrealised gain(loss) on securities portfolio 0 437 199 8 036 413 2 698 813
Securities portfolio at market value 0 8 115 256 121 781 881 21 311 558 Options at market value 29 0 0 0 0 Net Unrealised gain on financial instruments 278 0 0 2 722 746 0 Cash at banks and time deposits 2 0 380 000 1 551 424 1 625 950 Other assets 0 101 197 288 545 151 976
Liabilities 0 519 462 2 059 769 1 180 478
Bank overdrafts 0 95 468 0 0 Net Unrealised loss on financial instruments 278 0 418 711 0 701 676 Other liabilities 0 5 283 2 059 769 478 802
Net asset value 0 8 076 991 124 284 827 21 909 006
Statement of operations and changes in net
assets
Income on investments and assets 0 1 020 206 093 1 635
Management fees 3 0 31 820 1 351 260 398 849 Bank interest 0 2 240 66 685 7 971 Other fees 4 0 27 908 728 494 127 637 Taxes 5 0 7 356 143 965 25 160 Transaction fees 11 0 0 74 215
Total expenses 0 69 324 2 290 478 559 832
Net result from investments 0 (68 304) (2 084 385) (558 197)
Net realised result on
Investments securities 0 (107 358) 2 889 289 2 010 285 Financial instruments 2 0 11 059 9 558 677 (267 032)
Net realised result 0 (164 603) 10 363 581 1 185 056
Movement on net unrealised
gain(loss) on
Investments securities 0 1 085 958 8 051 495 1 441 942 Financial instruments 0 (879 300) (14 073 901) (698 335)
Change in net assets due to operations 0 42 055 4 341 175 1 928 663
Net subscriptions(redemptions) (1 204 844) (1 196 570) (124 766 729) (19 082 272)
Increase(Decrease) in net assets during
the yearperiod (1 204 844) (1 154 515) (120 425 554) (17 153 609)
Net assets at the beginning of the
financial yearperiod 1 204 844 9 231 506 244 710 381 39 062 615
Net assets at the end of the financial
yearperiod 0 8 076 991 124 284 827 21 909 006
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
The accompanying notes form an integral part of these financial statements
Page 15
Easy Future 2028 Easy Future 2033 Easy Future 2038 Easy Future 2043 International
Derivatives Pension Return
EUR EUR EUR EUR EUR EUR
1 602 310 1 289 800 1 476 477 799 073 60 757 714 1 899 232
1 342 372 844 761 852 563 371 903 49 936 244 1 370 302 765 (1 133) (1 122) 823 (16 316) 527 561
1 343 137 843 628 851 441 372 726 49 919 928 1 897 863
0 0 0 0 2 449 0
28 152 424 562 566 259 360 880 2 139 338 0
229 784 19 475 54 787 59 140 8 694 054 1 369
1 237 2 135 3 990 6 327 1 945 0
2 462 2 830 2 926 2 906 979 454 323
0 0 0 0 921 671 0
0 0 0 0 0 0
2 462 2 830 2 926 2 906 57 783 323
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
331 1 504 2 486 3 457 57 926 0
21 542 43 863 47 987 40 833 548 004 2 307
836 2 766 3 179 3 974 13 940 6
6 895 7 966 8 618 8 237 27 400 1 242
1 246 3 851 4 222 4 004 8 783 32
5 287 0 0 0 44 218 13
35 806 58 446 64 006 57 048 642 345 3 600
(35 475) (56 942) (61 520) (53 591) (584 419) (3 600)
12 197 (2 183) (2 586) (5 469) (12 453) 8 725
1 269 925 1 453 074 1 782 846 2 403 618 4 202 484 (20)
1 246 647 1 393 949 1 718 740 2 344 558 3 605 612 5 105
(5 481) (7 600) (7 409) (3 195) (15 481) 225 257
(1 150 141) (996 002) (1 255 497) (1 545 456) 5 252 340 0
91 025 390 347 455 834 795 907 8 842 471 230 362
(3 618 687) (4 001 375) (4 218 052) (4 915 948) 9 598 196 (47 113)
(3 527 662) (3 611 028) (3 762 218) (4 120 041) 18 440 667 183 249
5 127 510 4 897 998 5 235 769 4 916 208 41 337 593 1 715 660
1 599 848 1 286 970 1 473 551 796 167 59 778 260 1 898 909
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Financial statements at 31102019
The accompanying notes form an integral part of these financial statements
Page 16
Consolidated
Expressed in EUR
Notes Statement of net assets
Assets 225 855 139
Securities portfolio at cost price 194 754 415 Unrealised gain(loss) on securities portfolio 11 683 003
Securities portfolio at market value 206 437 418 Options at market value 29 2 449 Net Unrealised gain on financial instruments 278 6 241 937 Cash at banks and time deposits 2 12 615 983 Other assets 557 352
Liabilities 4 750 610
Bank overdrafts 1 017 139 Net Unrealised loss on financial instruments 278 1 120 387 Other liabilities 2 613 084
Net asset value 221 104 529
Statement of operations and changes in net assets
Income on investments and assets 274 452
Management fees 3 2 486 465 Bank interest 101 597 Other fees 4 944 397 Taxes 5 198 619 Transaction fees 11 49 807
Total expenses 3 780 885
Net result from investments (3 506 433)
Net realised result on
Investments securities 4 790 447 Financial instruments 2 20 414 631
Net realised result 21 698 645
Movement on net unrealised gain(loss) on
Investments securities 10 765 486 Financial instruments (15 346 292)
Change in net assets due to operations 17 117 839
Net subscriptions(redemptions) (153 453 394)
Increase(Decrease) in net assets during the yearperiod (136 335 555)
Net assets at the beginning of the financial yearperiod 357 440 084
Net assets at the end of the financial yearperiod 221 104 529
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 17
Easy Future 2018 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 495 098 1 204 844 0
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 10454 10291 0 0
Easy Future 2021 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 10 364 899 9 231 506 8 076 991
Net asset value per share Share ldquoClassic - Capitalisationrdquo 11400 11261 11296 44 588840
Share ldquoPrivilege - Capitalisationrdquo 11248 11149 11223 27 090480
Easy Future 2023 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 430 486 852 244 710 381 124 284 827
Net asset value per share Share ldquoClassic - Capitalisationrdquo 12006 11629 11857 1 034 631740
Share ldquoPrivilege - Capitalisationrdquo 11771 11492 11783 13 637860
Easy Future 2026 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 60 177 916 39 062 615 21 909 006
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13061 12415 13109 167 115390 Share ldquoPrivilege - Capitalisationrdquo 12538 11992 12739 20000
Easy Future 2028 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 364 799 5 127 510 1 599 848
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 13383 12935 13662 11 691020 Share ldquoPrivilege - Capitalisationrdquo 12663 12336 13110 20000
Easy Future 2033 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 070 980 4 897 998 1 286 970
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 14598 13964 14934 8 599190
Share ldquoPrivilege - Capitalisationrdquo 13272 12797 13794 20000
Easy Future 2038 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 385 036 5 235 769 1 473 551
Net asset value per share Share ldquoClassic - Capitalisationrdquo 16023 15195 16315 9 014360
Share ldquoPrivilege - Capitalisationrdquo 13996 13379 14479 20000
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Key figures relating to the last 3 years
The accompanying notes form an integral part of these financial statements
Page 18
Easy Future 2043 EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 5 202 773 4 916 208 796 167
Net asset value per share
Share ldquoClassic - Capitalisationrdquo 16944 16129 18552 4 262670
Share ldquoPrivilege - Capitalisationrdquo 14218 13643 15817 34000
International Derivatives EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 78 097 844 41 337 593 59 778 260
Net asset value per share Share ldquoClassic - Capitalisationrdquo 1625 1525 1821 308 977520
Share ldquoI - Capitalisationrdquo 2130 2025 2446 2 213 667610
Pension Return EUR EUR EUR Number of shares
31102017 31102018 31102019 31102019
Net assets 1 947 051 1 715 660 1 898 909
Net asset value per share Share ldquoI - Capitalisationrdquo 15376 15330 17463 10 873870
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Easy Future 2021
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 19
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 8 064 737 9984
Shares 7 659 705 9483
Germany 4 605 763 5701
1 336 ADIDAS AG EUR 369 872 458
1 683 ALLIANZ SE - REG EUR 368 577 456
5 420 BASF SE EUR 369 807 458
5 520 BAYERISCHE MOTOREN WERKE AG EUR 379 279 470
4 297 DEUTSCHE BOERSE AG EUR 597 067 738
14 856 DEUTSCHE LUFTHANSA - REG EUR 230 937 286
11 644 DEUTSCHE POST AG - REG EUR 369 697 458
23 381 DEUTSCHE TELEKOM AG - REG EUR 368 672 456
56 182 EON SE EUR 507 716 629
5 835 FRESENIUS SE amp CO KGAA EUR 274 974 340
1 547 MUENCHENER RUECKVERSICHERUNG AG - REG EUR 385 203 477
3 232 SAP SE EUR 383 962 475
The Netherlands 1 905 555 2360
40 900 ING GROEP NV EUR 414 235 513
17 637 KONINKLIJKE AHOLD DELHAIZE NV EUR 393 746 487
111 726 KONINKLIJKE KPN NV EUR 310 598 385
10 296 KONINKLIJKE PHILIPS NV EUR 404 324 501
5 796 WOLTERS KLUWER EUR 382 652 474
Belgium 447 723 554
6 196 UCB SA EUR 447 723 554
France 380 380 471
2 962 AIRBUS SE EUR 380 380 471
Spain 320 284 397
124 867 CAIXABANK EUR 320 284 397
Bonds 405 032 501
France 405 032 501
400 000 FRTR FUNG STRIP 0000 09-25102021 EUR 405 032 501
SharesUnits in investment funds 50 519 063
Luxembourg 50 519 063
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 018
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 045
Total securities portfolio 8 115 256 10047
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Easy Future 2023
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 20
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 118 778 893 9557
Shares 112 497 521 9052
France 110 131 361 8861
39 710 AIR LIQUIDE SA EUR 4 729 461 381
353 061 AXA SA EUR 8 362 250 673
107 919 BNP PARIBAS EUR 5 051 688 406
47 287 BOUYGUES SA EUR 1 796 906 145
123 318 COMPAGNIE DE SAINT GOBAIN EUR 4 497 407 362
340 475 CREDIT AGRICOLE SA EUR 3 978 450 320
52 398 DANONE EUR 3 896 315 313
321 954 ENGIE EUR 4 827 700 388
17 495 ESSILORLUXOTTICA EUR 2 393 316 193
8 601 KERING EUR 4 388 230 353
10 410 LOREAL EUR 2 725 338 219
16 127 LVMH EUR 6 168 578 496
352 343 ORANGE EUR 5 087 833 409
8 656 PERNOD RICARD SA EUR 1 432 568 115
73 522 RENAULT SA EUR 3 364 367 271
47 551 SAFRAN SA EUR 6 745 109 543
79 245 SANOFI AVENTIS EUR 6 547 222 527
48 459 SCHNEIDER ELECTRIC SE EUR 4 034 696 325
350 550 SOCIETE GENERALE SA EUR 8 921 499 717
187 230 TOTAL SA EUR 8 825 086 710
60 941 VEOLIA ENVIRONNEMENT EUR 1 436 379 116
59 890 VINCI SA EUR 6 024 934 485
196 155 VIVENDI EUR 4 896 029 394
Germany 1 939 413 157
4 177 ALLIANZ SE - REG EUR 914 763 074
5 938 BASF SE EUR 405 150 033
16 309 DEUTSCHE TELEKOM AG - REG EUR 257 160 021
3 050 SAP SE EUR 362 340 029
The Netherlands 426 747 034
10 867 KONINKLIJKE PHILIPS NV EUR 426 747 034
Bonds 6 281 372 505
France 6 281 372 505
5 650 000 BNP PARIBAS 2875 13-26092023 EUR 6 281 372 505
SharesUnits in investment funds 3 002 988 242
France 3 002 988 242
2 85000 THEAM I KLE GESTION EURIBOR - 2 A EUR 3 002 988 242
Total securities portfolio 121 781 881 9799
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Easy Future 2026
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 21
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 21 114 236 9637
Shares 21 114 236 9637
France 19 767 682 9022
8 500 AIR LIQUIDE SA EUR 1 012 350 462
6 115 AIRBUS SE EUR 785 288 358
43 075 AXA SA EUR 1 020 231 466
101 164 CREDIT AGRICOLE SA EUR 1 182 101 540
20 995 DANONE EUR 1 561 188 713
68 136 ENGIE EUR 1 021 699 466
6 732 ESSILORLUXOTTICA EUR 920 938 420
4 167 LOREAL EUR 1 090 921 498
2 706 LVMH EUR 1 035 045 472
78 616 ORANGE EUR 1 135 215 518
4 479 SAFRAN SA EUR 635 346 290
12 379 SANOFI AVENTIS EUR 1 022 753 467
10 000 SCHNEIDER ELECTRIC SE EUR 832 600 380
39 390 SOCIETE GENERALE SA EUR 1 002 476 458
43 000 TOTAL SA EUR 2 026 805 924
38 848 VEOLIA ENVIRONNEMENT EUR 915 647 418
15 328 VINCI SA EUR 1 541 997 704
41 069 VIVENDI EUR 1 025 082 468
Germany 1 346 554 615
4 600 ALLIANZ SE - REG EUR 1 007 400 460
21 509 DEUTSCHE TELEKOM AG - REG EUR 339 154 155
SharesUnits in investment funds 197 322 090
Luxembourg 197 322 090
55000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 52 278 024
040 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 145 044 066
Total securities portfolio 21 311 558 9727
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Easy Future 2028
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 22
Quantity Denomination Quotation currency Market value of net
assets
Transferable securities admitted to an official stock exchange listing andor traded
on another regulated market 1 292 618 8079
Shares 1 292 618 8079
France 1 292 618 8079
1 637 ACCOR SA EUR 63 057 394
2 692 AXA SA EUR 63 760 399
1 811 BOUYGUES SA EUR 68 818 430
447 CAPGEMINI SE EUR 45 125 282
3 296 CARREFOUR SA EUR 50 280 314
5 472 CREDIT AGRICOLE SA EUR 63 940 400
6 800 ENGIE EUR 101 966 637
531 ESSILORLUXOTTICA EUR 72 641 454
114 KERING EUR 58 163 364
902 LEGRAND SA EUR 63 122 395
508 MICHELIN (CGDE) EUR 55 423 346
4 968 ORANGE EUR 71 738 448
354 PERNOD RICARD SA EUR 58 587 366
3 192 PEUGEOT SA EUR 72 458 453
1 289 PUBLICIS GROUPE EUR 49 691 311
1 086 RENAULT SA EUR 49 695 311
1 463 SCOR SE EUR 55 272 345
5 127 SOCIETE GENERALE SA EUR 130 483 815
540 SODEXO SA EUR 53 244 333
958 TOTAL SA EUR 45 155 282
SharesUnits in investment funds 50 519 316
Luxembourg 50 519 316
15000 BNP PARIBAS FUNDS ABSOLUTE RETURN MULTI-STRATEGY - I CAP EUR 14 258 089
010 PARWORLD MULTI-ASSET BOOSTER - I CAP EUR 36 261 227
Total securities portfolio 1 343 137 8395
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Easy Future 2033
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 23
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 843 628 6555
France 697 093 5416
7592 BNP PARIBAS CASH INVEST - CLASSIC EUR 172 553 1341
795 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 184 798 1436
833 BNP PARIBAS MOIS ISR - I - CAP EUR 191 417 1486
14077 THEAM I KLE GESTION EURIBOR - 2 A EUR 148 325 1153
Luxembourg 146 535 1139
1 27703 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 146 535 1139
Total securities portfolio 843 628 6555
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Easy Future 2038
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 24
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 851 441 5778
France 678 173 4602
7433 BNP PARIBAS CASH INVEST - CLASSIC EUR 168 951 1147
703 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 163 477 1109
739 BNP PARIBAS MOIS ISR - I - CAP EUR 169 780 1152
16700 THEAM I KLE GESTION EURIBOR - 2 A EUR 175 965 1194
Luxembourg 173 268 1176
1 51000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 173 268 1176
Total securities portfolio 851 441 5778
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Easy Future 2043
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 25
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 372 726 4682
France 326 827 4106
2595 BNP PARIBAS CASH INVEST - CLASSIC EUR 58 983 741
306 BNP PARIBAS INVEST 3 MOIS - CLASSIC CAP EUR 71 055 892
300 BNP PARIBAS MOIS ISR - I - CAP EUR 68 904 865
12137 THEAM I KLE GESTION EURIBOR - 2 A EUR 127 885 1608
Luxembourg 45 899 576
40000 BNP PARIBAS INSTICASH EUR 1D SHORT TERM VNAV - C CAP EUR 45 899 576
Total securities portfolio 372 726 4682
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan International Derivatives
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 26
Quantity Denomination Quotation currency Market value of net
assets
Money Market Instruments 44 024 672 7365
Italy 44 024 672 7365
6 000 000 ITALY BOTS 0000 18-13122019 EUR 6 002 182 1004
7 000 000 ITALY BOTS 0000 18-14112019 EUR 7 000 490 1171
3 000 000 ITALY BOTS 0000 19-13032020 EUR 3 002 804 502
7 500 000 ITALY BOTS 0000 19-14012020 EUR 7 504 897 1256
6 000 000 ITALY BOTS 0000 19-14022020 EUR 6 004 942 1005
5 500 000 ITALY BOTS 0000 19-28022020 EUR 5 504 775 921
6 000 000 ITALY BOTS 0000 19-29112019 EUR 6 001 208 1004
3 000 000 ITALY BOTS 0000 19-31032020 EUR 3 003 374 502
SharesUnits in investment funds 5 895 256 986
France 5 895 256 986
58887 BNP PARIBAS INVEST 3 MOIS - X EUR 5 895 256 986
Total securities portfolio 49 919 928 8351
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan Pension Return
Securities portfolio at 31102019 Expressed in EUR
The accompanying notes form an integral part of these financial statements
Page 27
Quantity Denomination Quotation currency Market value of net
assets
SharesUnits in investment funds 1 897 863 9994
Luxembourg 1 550 015 8163
140 BNP PARIBAS EASY JPM EMBI GLOBAL DIVERSIFIED COMPOSITE TRACK -
I CAP USD 189 693 999
1 66027 BNP PARIBAS EASY MSCI EMERGING MARKETS EX CW TRACK - PRIV CAP USD 180 404 950
31570 BNP PARIBAS EASY MSCI EMU EX CW TRACK - PRIV CAP EUR 60 926 321
1 47881 BNP PARIBAS EASY MSCI EUROPE EX CW TRACK - PRIV CAP EUR 260 254 1371
40134 BNP PARIBAS EASY MSCI EUROPE SMALL CAPS EX CW TRACK - PRIV CAP EUR 91 843 484
16300 BNP PARIBAS EASY MSCI JAPAN EX CW TRACK - PRIV CAP EUR 198 160 1044
17509 BNP PARIBAS EASY MSCI NORTH AMERICA EX CW TRACK - PRIV CAP EUR 368 470 1939
10484 BNP PARIBAS EASY MSCI PACIFIC EX JAPAN EX CW TRACK - PRIV - CAP EUR 200 265 1055
Ireland 347 848 1831
4 70700 X-TRACKERS MSCI USA UCITS ETF 1C EUR 347 848 1831
Total securities portfolio 1 897 863 9994
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
Page 28
Notes to the financial statements
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 29
Note 1 - General Information
a) Matured sub-fund
Sub-fund Date Event
Easy Future 2018 31 October 2018
6 November 2018
Maturity of the sub-fund
Reimbursement of the shareholders
b) Sub-funds open
All the other sub-funds whose securities portfolios are detailed in this document are available for subscription as at
31 October 2019
Note 2 - Principal accounting methods
a) Presentation of the financial statements
The financial statements of the Company are presented in accordance with the legislation in force in Luxembourg for
Undertakings for Collective Investment
The financial statements of the sub-funds Easy Future 2021 2028 2033 2038 and 2043 have been prepared on a non-
going concern basis
The Company keeps its accounts in accordance with the currency of each sub-fund The consolidation currency of the
Company is the euro (EUR)
The consolidated financial statements are calculated by totalling the net assets of each sub-fund converted if necessary
into EUR at the exchange rate prevailing on the closing date
The statement of operations and changes in net assets covers the financial year from 1 November 2018
to 31 October 2019
This annual report is prepared on the basis of the last net asset value as at 31 October 2019
b) Valuation of the securities portfolio
The valuation of all securities listed on a stock exchange or on any other regulated market functioning regularly is
recognized and accessible to the public is based on the last known closing price on the valuation day and if the securities
concerned are traded on several markets on the basis of the last known closing price on the major market on which they
are traded If the last known closing price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
Unlisted securities or securities not traded on a stock exchange or another regulated market which functions in a regular
manner is recognised and accessible to the public shall be valued on the basis of the probable sale price estimated in a
prudent and bona fide manner by a qualified professional appointed for this purpose by the Board of Directors
If permitted by market practice money market instruments are valued at their nominal value plus accrued interest or
according to the linear amortisation method Any decision to value the assets in the portfolio using the linear amortisation
method must be approved by the Board of Directors which will record the reasons for such a decision The Board of
Directors will put in place appropriate checks and controls concerning the valuation of the instruments
The value of unitsshares in undertakings for collective investment are determined on the basis of the last net asset value
available on the valuation day If this price is not a true reflection the valuation shall be based on the probable sale price
estimated by the Board of Directors in a prudent and bona fide manner
c) Net realised result on investment securities
The net realised result on investment securities is calculated on the basis of the average cost of the securities sold
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 30
d) Conversion of foreign currencies
The financial statements have been drawn up in the accounting currency of each sub-fund Assets and liabilities expressed
in currencies other than the accounting currency of each sub-fund are converted into that currency at the exchange rates
prevailing on the closing date Income and expenses expressed in currencies other than the accounting currency of the
sub-fund are converted into that currency at the exchange rates prevailing on the transaction date
The purchase price of securities purchased in a currency other than that of the sub-fund is converted into the currency of
the sub-fund on the basis of the exchange rates prevailing on the date of purchase of the securities
Realised exchange gains and losses are recognised in the statement of operations and changes in net assets in the caption
ldquoNet realised result on financial instrumentsrdquo
e) Valuation of futures contracts
Unexpired futures contracts are valued at the last price known on the valuation date or closing date and the resulting
unrealised gains or losses are accounted for
Margin accounts to guarantee the liabilities on futures contracts are included in the ldquoCash at banks and time depositsrdquo
account in the statement of net assets
f) Valuation of options
The liquidation value of options traded on stock markets is based on the closing prices published by the stock markets on which
the SICAV placed the contracts in question The liquidation value of options not traded on stock markets is determined in
accordance with the rules defined by the Board of Directors in accordance with uniform criteria for each category of contract
g) Income on investments
Dividends are recognized as income on the date they are declared and to the extent that the information in question can
be obtained by the Company Interests are accrued on a daily basis net of withholding tax
h) Valuation of credit default swaps
The value of a credit default swap shall be determined by comparing the value of the protection swap leg and the value
of the premium swap leg The value of the premium leg is obtained by discounting the future premium flows using the
relevant risk-adjusted discount The value of the protection leg is the present value of the expected loss inherent to the
contract Default probabilities used to compute the expected loss are derived from the structure of par market swap rates
Par market swap rates will be obtained from a cross-section of market counterparties
The valuation of the credit default swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
i) Valuation of interest rate swaps
Interest rate swaps are 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
The valuation of the interest rate swaps disclosed in the financial statements includes the accrued interests (ldquodirty pricerdquo)
j) Valuation of total return swaps
A total return swap (TRS) is a bilateral agreement in which each party agrees to exchange payments based on the
performance of an underlying instrument represented by a security commodity basket or index thereof for a fixed or
variable rate One party pays out the total return of a specific reference asset and in return receives a regular stream of
payments The total performance will include gains and losses on the underlying as well as any interest or dividends
during the contract period according to the type of underlying The cash flows to be exchanged are calculated by reference
to an agreed upon notional amount or quantity
Total return swaps are marked to market at each NAV calculation date
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 31
Note 3 - Management fees (maximum)
The management fee is calculated and deducted monthly from the average net assets of a sub-fund share category or
share class is paid to the Management Company and serves to cover remuneration of the asset managers and also
distributors in connection with the marketing of the Companys shares
A sub-fund may not invest in a UCITS or other UCI (underlying) with a management fee exceeding 300 per annum
No management fees is applied to the ldquoXrdquo class
Sub-fund Classic Privilege I
Easy Future 2021 to 2023 075 040 NA
Easy Future 2026 to 2028 125(1) 065(2) NA
Easy Future 2033 to 2043 160(3) 080(4) NA
International Derivatives 200 NA 100
Pension Return NA 075 060
(1) Decreased to 075 when the remaining time to the Maturity Date is less than 5 years
(2) Decreased to 040 when the remaining time to the Maturity Date is less than 5 years
(3) Decreased to 125 when the remaining time to the Maturity Date is less than 10 years and 075 when the remaining time to the Maturity Date
is less than 5 years
(4) Decreased to 065 when the remaining time to the Maturity Date is less than 10 years and 040 when the remaining time to the Maturity Date
is less than 5 years
An indirect fee (ongoing charges incurred in underlying UCITS andor UCIs the Company is invested in) of maximum
100 can be supported by the sub-funds
Note 4 - Other fees
The other fees are calculated and deducted monthly from the average net assets of a sub-fund share category or share
class and serve to cover general custody assets expenses (remuneration of the Depositary) and daily administration
expenses (NAV calculation remuneration of the Guarantor (for ldquoEasy Futurerdquo sub-funds) record and book keeping
notices to the shareholders providing and printing the documents legally required for the shareholders domiciliation
auditors cost and fees) except for brokerage fees commissions for transactions not related to the deposit director fees
interest and bank fees extraordinary expenses reporting cost in relation with regulation requirements including the
European Market Infrastructure Regulation (EMIR) and the ldquotaxe drsquoabonnementrdquo in force in Luxembourg as well as any
other specific foreign tax and other regulators levy
Note 5 - Taxes
The SICAV is subject in the Grand Duchy of Luxembourg to an annual subscription tax ldquotaxe drsquoabonnementrdquo
representing 005 of the value of the net assets This rate is reduced to 001 for the following
a) sub-funds with the exclusive objective of collective investments in money market instruments and deposits with credit
institutions
b) sub-funds with the exclusive objective of collective investments with credit institutions
c) sub-funds categories or classes reserved for Institutional Investors Managers and UCIs
The following are exempt from this ldquotaxe drsquoabonnementrdquo
a) the value of assets represented by units or shares in other UCIs provided that these units or shares have already been
subject to the ldquotaxe drsquoabonnementrdquo
b) sub-funds share categories andor classes
(i) whose securities are reserved to Institutional Investors Managers or UCIs and
(ii) whose sole object is the collective investment in money market instruments and the placing of deposits with
credit institutions and
(iii) whose weighted residual portfolio maturity does not exceed 90 days and
(iv) that have obtained the highest possible rating from a recognised rating agency
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 32
c) sub-funds share categories andor classes reserved to
(i) institutions for occupational retirement pension or similar investment vehicles set up at the initiative of one or
more employers for the benefit of their employees and
(ii) companies having one or more employers investing funds to provide pension benefits to their employees
d) sub-funds whose main objective is investment in microfinance institutions
e) sub-funds shares categories andor classes
(i) whose securities are listed or traded on at least one stock exchange or another regulated market operating
regularly that is recognized and open to the public and
(ii) whose exclusive object is to replicate the performance of one or several indices
When due the ldquotaxe drsquoabonnementrdquo is payable quarterly based on the relevant net assets and calculated at the end of the
quarter for which it is applicable
In addition the Company may be subject to foreign UCIrsquos tax andor other regulatorsrsquo levy in the country where the
sub-fund is registered for distribution
Note 6 - Exchange rates
As at 31 October 2019 all sub-funds and share classes were denominated in EUR
Note 7 - Futures contracts
As at 31 October 2019 the following positions were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description Maturity
Nominal
(in EUR)
Net unrealised
gain(loss)
(in EUR)
AUD 112 P SampPASX 200 INDEX
(AS51) 19122019 11 479 421 (20 748)
CHF 90 P SMI SWISS MARKET
INDEX - FUTURE 20122019 8 346 369 209 293
EUR 21 P DAX INDEX - FUTURE 20122019 6 769 088 268 275
EUR 205 P EURO STOXX 50 -
FUTURE 20122019 7 398 450 213 200
GBP 101 P FTSE 100 INDEX 20122019 8 488 616 (76 733)
HKD 77 P HANG SENG INDEX 28112019 11 880 971 86 738
JPY 66 P NIKKEI 225 (OSE) 12122019 12 558 936 1 105 405
USD 51 P SampP 500 FUTURE 19122019 34 694 080 251 423
EUR 103 P CAC40 EURO FUTURE 15112019 5 898 810 102 485
Total 2 139 338
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for futures contracts
BNP Paribas Securities Services Paris
Note 8 - Swaps contracts
As at 31 October 2019 the Company was engaged in the following swaps contracts
Credit Default Swaps (CDS)
The Company has entered into credit default swap agreements whereby it exchanges fixed income for income linked to
changes in credit events whether with respect to an index or a bond (see details in the table below) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the unrealised capital
gain is stated under ldquoNet Unrealised gain on financial instrumentsrdquo in the Statement of net assets and the amount of net
capital loss is given under ldquoNet Unrealised loss on financial instrumentsrdquo in the Statement of net assets
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 33
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
10 000 000 EUR 20062023 BNP PARIBAS 2875
26092023 100
Net unrealised gain (in EUR) 291 945
Interest Rate Swaps (IRS)
The Company has entered into interest rate swap agreements whereby it exchanges fixed income (sum of the notional
amount and the fixed rate) for variable income (sum of the notional amount and the floating rate) and vice versa These
amounts are calculated and recognised at each calculation of the Net Asset Value the amount of the net unrealised
gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet unrealised loss on financial
instrumentsrdquo captions in the Statement of net assets
Easy Future 2023
Nominal Currency Maturity Sub-fund paid Sub-fund received
80 000 000 EUR 27102023 EURIBOR 3 M +046 0590
Net unrealised gain (in EUR) 3 385 100
Easy Future 2026
Nominal Currency Maturity Sub-fund paid Sub-fund received
19 500 000 EUR 27102026 EURIBOR 3 M +025 0882
Net unrealised gain (in EUR) 1 774 161
Easy Future 2028
Nominal Currency Maturity Sub-fund paid Sub-fund received
1 200 000 EUR 27102028 EURIBOR 3 M +048 1380
Net unrealised gain (in EUR) 136 812
Total return swaps (TRS)
The Company entered into swaps contracts whereby it exchanges the performance of funding funds (as described below)
against the total performance of a basket of funds (the ldquounderlying basketrdquo) (as described below) or the performance of
a basket shares against a fixed or floating rate The total performance includes the gain or loss generated by the underlying
basket These amounts are calculated and recognised when the net asset value is calculated
For the sub-funds Easy Future 2028 to 2043 the swaps contracts embedded a dynamic asset allocation strategy (Constant
Proportion Portfolio Insurance or ldquoCPPIrdquo) which actively allocates between 2 assets classes (riskless assets and risky
assets) aiming to protect capital at maturity
The amount of the net unrealised gain(loss) is included under the ldquoNet unrealised gain on financial instrumentsrdquo or ldquoNet
unrealised loss on financial instrumentsrdquo captions in the Statement of net assets
Easy Future 2021
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
6 800 000 8419 BNP PARIBAS
PARIS FRANCE EUR 29102021
PERFORMANCE OF
THE BASKET
SHARES
537
Net unrealised loss
(in EUR) (418 711)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 34
The basket of shares consists of the following
ADIDAS AG DEUTSCHE LUFTHANSA
- REG KONINKLIJKE KPN NV
AIRBUS SE DEUTSCHE POST AG - REG KONINKLIJKE PHILIPS NV
ALLIANZ SE - REG DEUTSCHE TELEKOM AG
- REG
MUENCHENER
RUECKVERSICHERUNG AG
- REG
BASF SE EON SE SAP SE
BAYERISCHE MOTOREN
WERKE AG FRESENIUS SE amp CO KGAA UCB SA
CAIXABANK ING GROEP NV WOLTERS KLUWER
DEUTSCHE BOERSE AG KONINKLIJKE AHOLD
DELHAIZE NV
Easy Future 2023
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
30 000 000 2414 BNP PARIBAS
PARIS FRANCE EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
908
79 000 000 6356
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102023
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +046
Net unrealised loss
(in EUR) (954 299)
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SANOFI AVENTIS
ALLIANZ SE - REG ESSILORLUXOTTICA SAP SE
AXA SA KERING SCHNEIDER ELECTRIC SE
BASF SE KONINKLIJKE PHILIPS NV SOCIETE GENERALE SA
BNP PARIBAS LOREAL TOTAL SA
BOUYGUES SA LVMH VEOLIA ENVIRONNEMENT
COMPAGNIE DE SAINT
GOBAIN ORANGE VINCI SA
CREDIT AGRICOLE SA PERNOD RICARD SA VIVENDI
DANONE RENAULT SA
DEUTSCHE TELEKOM AG
- REG SAFRAN SA
Easy Future 2026
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
19 000 000 8672
JP MORGAN
LONDON GREAT-
BRITAIN
EUR 27102026
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +030
Net unrealised loss
(in EUR) (2 475 837)
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 35
The basket of shares consists of the following
AIR LIQUIDE SA ENGIE SCHNEIDER ELECTRIC SE
AIRBUS SE ESSILORLUXOTTICA SOCIETE GENERALE SA
ALLIANZ SE - REG LOREAL TOTAL SA
AXA SA LVMH VEOLIA ENVIRONNEMENT
CREDIT AGRICOLE SA ORANGE VINCI SA
DANONE SAFRAN SA VIVENDI
DEUTSCHE TELEKOM AG
- REG SANOFI AVENTIS
Easy Future 2028
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
1 200 000 7501
JP MORGAN SEC
LIMITED GREAT-
BRITAIN
EUR 27102028
PERFORMANCE OF
THE BASKET
SHARES
EURIBOR 3 M +048
Net unrealised loss
(in EUR) (108 660)
The basket of shares consists of the following
ACCOR SA ESSILORLUXOTTICA PUBLICIS GROUPE
AXA SA KERING RENAULT SA
BOUYGUES SA LEGRAND SA SCOR SE
CAPGEMINI SE MICHELIN (CGDE) SOCIETE GENERALE SA
CARREFOUR SA ORANGE SODEXO SA
CREDIT AGRICOLE SA PERNOD RICARD SA TOTAL SA
ENGIE PEUGEOT SA
Easy Future 2033
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
872 300 6778 BNP PARIBAS
PARIS FRANCE EUR 31102033
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 424 562
Easy Future 2038
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
910 300 6178 BNP PARIBAS
PARIS FRANCE EUR 29102038
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 566 259
Easy Future 2043
Nominal of net assets
engaged Counterparty Currency Maturity Sub-fund paid Sub-fund received
429 000 5388 BNP PARIBAS
PARIS FRANCE EUR 30102043
Performance of the
funding funds Performance of the basket fund
Net unrealised gain
(in EUR) 360 880
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 36
The funding funds consist of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS INVEST 3 MOIS THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV BNP PARIBAS MOIS ISR
The basket fund consists of the following BNP Paribas Group funds
BNP PARIBAS CASH INVEST BNP PARIBAS MOIS ISR THEAM I KLE GESTION
EURIBOR 2
BNP PARIBAS INSTICASH EUR
1D SHORT TERM VNAV
BNP PARIBAS FUNDS
Absolute Return Multi Strategy
BNP PARIBAS INVEST 3 MOIS PARWORLD Multi-Asset
Booster
Counterparties to swaps contracts
BNP Paribas Paris
JP Morgan London
JP Morgan Securities Limited
Note 9 - Options positions
For options contracts with the same Description Currency Maturity Date Strike and Counterparty the positions are
consolidated In this context the optionsrsquo quantities can be 0
As at 31 October 2019 the following positions on options were outstanding
International Derivatives
Currency Quantity Purchase
Sale Description
Maturity
date Strike
Nominal
(in EUR)
Market value
(in EUR)
JPY 64 P PUT NIKKEI 225 (OSE)
08112019 16250 08112019 16 250000 8 623 023 531
EUR 100 P PUT DAX INDEX -
OPTION 15112019 9550 15112019 9 550000 4 775 000 50
EUR 100 P PUT CAC 40 INDEX
15112019 4400 15112019 4 400000 4 400 000 80
EUR 203 P PUT EURO STOXX 50 -
OPTION 15112019 2700 15112019 2 700000 5 481 000 203
AUD 284 P
PUT SampPASX 200
INDEX (AS5
21112019 5200
21112019 5 200000 9 119 709 175
CHF 83 P PUT SMI OPTIONS
15112019 8300 15112019 8 300000 6 257 892 151
GBP 101 P PUT FTSE 100 INDEX
15112019 5400 15112019 5 400000 6 326 045 0
USD 135 P PUT SampP 500 INDEX -
SPX 15112019 2250 15112019 2 250000 27 226 281 847
HKD 72 P PUT HANG SENG INDEX
28112019 20200 28112019 20 200000 8 316 465 412
Total 2 449
As at 31 October 2019 the cash margin balance in relation to futures andor options amounted to 3 415 795 EUR
Broker for Options
BNP Paribas Securities Services Paris
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Notes to the financial statements at 31102019
Page 37
Note 10 - Changes in the composition of the securities portfolio
The list of changes in the composition of the securities portfolio is available free of charge at the Management Companyrsquos
registered office and from local agents
Note 11 - Transaction fees
Transaction fees incurred by the Company relating to purchase or sale of transferable securities money market
instruments derivatives or other eligible assets are mainly composed of standard fees sundry fees on transaction stamp
fees brokerage fees custody fees VAT fees stock exchange fees and RTO (Reception and Transmission of Orders) fees
In line with bond market practice a bid-offer spread is applied when buying or selling these securities Consequently in
any given transaction there will be a difference between the purchase and sale prices quoted by the broker which
represents the brokerrsquos remuneration
Note 12 - Global overview of collateral
As at 31 October 2019 the Company pledged the following collateral in favour of the swap contracts counterparties
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2021 EUR 380 000 Cash
Easy Future 2026 EUR 750 000 Cash
As at 31 October 2019 the counterparties to the swap contracts immobilised the following collateral in favour of the
Company
Sub-fund Currency OTC
collateral Type of collateral
Easy Future 2023 EUR 2 420 000 Cash
Easy Future 2033 EUR 435 326 FR0000571150 - FRANCE OAT 6000 25102025
NL0000102234 - NETHERLANDS GOVERNMENT 4000 15012037
Easy Future 2038 EUR 588 642 FR0011619436 - FRANCE OAT 2250 25052024
NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Easy Future 2043 EUR 371 695 NL0011896857 - NETHERLANDS GOVERNMENT 0000 15012022
Note 13 - List of Investment managers
bull BNP PARIBAS ASSET MANAGEMENT Belgium abbreviated to BNPP AM BE
bull BNP PARIBAS ASSET MANAGEMENT France abbreviated to BNPP AM France
bull BNP PARIBAS ASSET MANAGEMENT UK Ltd abbreviated to BNPP AM UK
Sub-fund Investment managers
Easy Future 2021 to 2043 BNPP AM France
Pension Return BNPP AM BE
International Derivatives BNPP AM France
Subdelegating to BNPP AM UK for the FX Management and Cash management
Note 14 ndash Subsequent events
bull The sub-funds Easy Future 2021 2023 2026 2028 2033 2038 and 2043 are closed as from 15 November 2019
(valuation day) to new investors subscription and conversion-in (soft closure)
bull Liquidation of the sub-funds Easy Future 2021 2028 2033 2038 2043 on 7 February 2020 Shareholders will be
reimbursed on 13 February 2020
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Unaudited appendix
Page 38
Global market risk exposure
The Management Company of the SICAV after a risk profile assessment decided between the commitment approach
and the VaR (99 1 Month) to determine the global market risk exposure
The VaR limit use (minimum maximum and average) is calculated by dividing the Daily VaR by the daily VaR limit
(20 for absolute return VaR sub-funds and 2 times benchmark VaR for relative VaR sub-funds)
Sub-funds
Global
Risk
calculation
Method
VaR
model
Reference
Portfolio VaR limit
Lowest
utilisation
of VaR
limit
Highest
utilisation
of VaR
limit
Average
utilisation
of VaR
limit
Average
level of
leverage
reached
during the
year
Easy Future 2021 Absolute
VaR
Historic
Var
No
Benchmark 20 162 966 343 95
Easy Future 2023 Absolute
VaR
Historic
Var
No
Benchmark 20 419 931 504 153
Easy Future 2026 Absolute
VaR
Historic
Var
No
Benchmark 20 804 1553 1152 178
Easy Future 2028 Absolute
VaR
Historic
Var
No
Benchmark 20 1295 1931 1599 181
Easy Future 2033 Absolute
VaR
Historic
Var
No
Benchmark 20 1552 3176 1995 49
Easy Future 2038 Absolute
VaR
Historic
Var
No
Benchmark 20 2146 3659 2793 45
Easy Future 2043 Absolute
VaR
Historic
Var
No
Benchmark 20 2663 5457 3424 40
International
Derivatives
Absolute
VaR
Historic
Var
No
Benchmark 20 7061 10229 8121 176
The commitment approach is used for the sub-fund Pension Return
When calculating global exposure using the commitment approach duration netting rules have been taken into account
to reduce the global exposure as defined in the Committee of European Securities Regulators (ldquoCESRrdquo)rsquos guidelines
Statistics
Representation of the net asset value per share in base currency
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2021 - Classic EUR 11400 11261 11296 10868
Easy Future 2021 - Privilege EUR 11248 11149 11223 10868
Easy Future 2023 - Classic EUR 12006 11629 11857 11427(1)
Easy Future 2023 - Privilege EUR 11771 11492 11783 11427(1)
Easy Future 2026 - Classic EUR 13061 12415 13109 12379
Easy Future 2026 - Privilege EUR 12538 11992 12739 12379
Easy Future 2028 - Classic EUR 13383 12935 13662 12659
Easy Future 2028 - Privilege EUR 12663 12336 13110 12659
Easy Future 2033 - Classic EUR 14598 13964 14934 13353(2)
Easy Future 2033 - Privilege EUR 13272 12797 13794 13353(2)
Easy Future 2038 - Classic EUR 16023 15195 16315 14154(1)
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Unaudited appendix
Page 39
Sub-funds Currency 31102017 31102018 31102019 Guaranteed Value at Maturity
Easy Future 2038 - Privilege EUR 13996 13379 14479 14154(1)
Easy Future 2043 - Classic EUR 16944 16129 18552 14856
Easy Future 2043 - Privilege EUR 14218 13643 15817 14856
(1) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 12 September 2019 until further resolution
(2) The Board of Directors decided as authorised by the Prospectus not to increase the current Guaranteed Value after
the NAV dated 28 August 2019 until further resolution
Remuneration policy
Below are the quantitative information on remuneration as required by Article 22 of the AIFM directive
(Directive 2011 61 EC of 8 June 2011) and by Article 69 (3) of the UCITS V directive (Directive 201491EU
of 23 July 2014) in a format compliant with the recommendations of the AFG (French Asset Management
Association)1
Aggregate quantitative information for members of staff of BNP PARIBAS ASSET MANAGEMENT
Luxembourg (ldquoBNPP AM Luxembourgrdquo) (art 22-2-e of AIFM directive and art 69-3 (a) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
(fixed + variable)
Of which total variable
remuneration (K EUR)
All staff of BNPP AM Luxembourg 84 8 242 1 080
Aggregate quantitative information for members of staff whose actions have a material impact on the risk profile
of the firm and who are indeed ldquoIdentified Staffrdquo2 (art 22-2-f of AIFM directive and art 69-3 (b) of the UCITS V
directive)
Business Area Number of Staff Total Remuneration (K EUR)
Identified Staff of BNPP AM Luxembourg 5 946
Of which AIF UCITS and European mandates Portfolio managers 0 0
Other information about BNPP AM Luxembourg
ndash Number of AIF and UCITS Funds under management
Number of sub-funds (31122018) AuM (billion Eur) (31122018)3
UCITS 210 762
AIFs 22 27
1 NB 1 The remuneration amounts above are not directly reconcilable with the accounting data of the year as they reflect the amounts allocated at the closing in May 2018 of
the annual compensation review process (CRP) based on the scope of employees as at 31 October 2017 Thus for example these amounts include all variable remuneration
awarded during this CRP whether this variable remuneration is deferred or not and whether the employees ultimately remained in the company or not
NB 2 As a reminder level 3 of UCITS V regulation (eg minimum deferred etchellip) was published in March 2016 and applies for the first time in performance year 2017 ie
to variable remuneration that was awarded in March 2018 2 The identified staff is determined based on end of year review 3 The amounts indicated take into account the master-feeder funds
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Unaudited appendix
Page 40
ndash Under the supervision of the BNP PARIBAS ASSET MANAGEMENT Holdingrsquos remuneration committee and its
board of directors an independent and central audit of the Global BNP PARIBAS ASSET MANAGEMENT
remuneration policy and its implementation over the 20172018 financial year was conducted between May and
July 2018 The results of this audit which covered Fentities included in the integrated perimeter with an AIFM
andor UCITS licence was rated ldquoGenerally satisfactoryrdquo
Indeed no significant issues were found However in line with the BNP PARIBAS ASSET MANAGEMENTS
continuous improvement approach a recommendation was issued which aims to better align the deferred
compensation terms of an executive of BNP PARIBAS ASSET MANAGEMENT who is also subject to the
remuneration framework steaming from by the French transposition of EU Directive CRD IV
ndash In 2018 the remuneration policy was adapted under the supervision of French AMF regulatory authority and in
accordance with the requirements of the UCITS Directive to improve the alignment of interest of identified staff
through the award of new deferred instruments In particular the performance of the most representative funds of
BNP PARIBAS ASSET MANAGEMENT has an increased weight in these new instruments
ndash More information on the determination of the variable remuneration and in deferred instruments is set out in the
qualitative disclosure on the remuneration policy which is available on the website of the company
Regulation on transparency of Securities Financing Transactions and Reuse of
collateral (SFTR)
This collateral applies to all OTC activity of the Company There is no way to distinguish it upon type of instrument it
is related to
Easy Future 2021
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
BNP PARIBAS Cash EUR 380 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 380 000
Easy Future 2023
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 2 120 000 Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
JP MORGAN
SECURITIES PLC Cash EUR 300 000
Less than
one day
BNP PARIBAS
SECURITIES SERVICES NA No
Total
(absolute value) EUR 2 420 000
Easy Future 2026
Counterparty name Type Sub-fund
Currency
Market Value
(absolute value) Maturity
Safekeeping of collateral
received
Safekeeping of collateral
granted Reinvestment
JP MORGAN AG Cash EUR 750 000 Less than
one day NA Pooled NA
Total
(absolute value) EUR 750 000
Easy Future 2028
No collateral received or granted at year-end
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
BNP Paribas Plan
Unaudited appendix
Page 41
Easy Future 2033
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping of
collateral
received
Safekeeping of
collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
Aa2
(Moodys) EUR 137 594
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS SECURITIES
SERVICES
NA No
BNP PARIBAS Other
collateral
than cash
Aaa
(Fitch) EUR 338 457
Above
one year
NETHERLANDS
GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 476 051
Easy Future 2038
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS
Other
collateral than cash
Aa2
(Moodys) EUR 234 558
Above
one year
FRANCE
(GOVT OF)
BNP PARIBAS
SECURITIES SERVICES
NA No
BNP PARIBAS
Other
collateral
than cash
AAA (SampP)
EUR 366 097 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS
SECURITIES
SERVICES
NA No
Total
(absolute value) EUR 600 655
Easy Future 2043
Counterparty name Type Rating Sub-fund
Currency
Market
Value
(absolute
value)
Maturity Issuers
Safekeeping
of collateral
received
Safekeeping
of collateral
granted
Reinvestment
BNP PARIBAS Other
collateral
than cash
AAA (SampP)
EUR 379 281 Above
one year NETHERLANDS GOVERNMENT
BNP PARIBAS SECURITIES
SERVICES
NA No
Total
(absolute value)
EUR 379 281
Data on cost and return
There are no fee sharing arrangements on Total Return Swaps and 100 of the costsreturns generated are recognised in
the Companys statement of operations and changes in net assets
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
ADDITIONAL INFORMATION FOR INVESTORS IN THE FEDERAL REPUBLIC OF GERMANY
For the following sub-funds of BNP Paribas Plan no notification for distribution in the Federal Republic of Germany was submitted and shares in these sub-funds may NOT be offered to investors within the scope of the German investment law As a consequence the following sub-funds are NOT available to investors in Germany
BNP PARIBAS PLAN - PENSION RETURN BNP PARIBAS PLAN ndash EASY FUTURE 2021 BNP PARIBAS PLAN ndash EASY FUTURE 2028 BNP PARIBAS PLAN ndash EASY FUTURE 2033 BNP PARIBAS PLAN ndash EASY FUTURE 2038 BNP PARIBAS PLAN ndash EASY FUTURE 2043
BNP ASSET MANAGEMENT Belgium Zweigniederlassung Deutschland Europa-Allee 12 60327 Frankfurt am Main has undertaken the function of Information Agent in the Federal Republic of Germany (hereinafter the ldquoGerman Information Agentrdquo)
Applications for the redemptions and conversion of shares may be sent to BNP Paribas Securities Services Luxembourg Branch 60 Avenue J-F Kennedy L-1855 Luxembourg (hereinafter ldquothe Paying Agentrdquo)
All payments to investors including redemption proceeds and potential distributions may upon request be paid through the Paying Agent
The prospectus the key investor information documents the articles of association of the company and the annual and semi-annual reports may be obtained free of charge in hardcopy form at the office of the German Information Agent during normal opening hours
Issue redemption and conversion prices of shares and any other information to the shareholders are also available free of charge from the Paying Agent
No units of EU UCITS will be issued as printed individual certificates The issue redemption and conversion prices of shares are published on wwwbnpparibas-amde and any other information to the shareholders will be published in Germany in the Federal Gazette (ldquowwwbundesanzeigerderdquo) and on the website ldquowwwwmdatenderdquo except for the publications concerning the payment of dividends the exchange ratio and the convening notices to General Meeting which are available via the website In addition communications to investors in the Federal Republic of Germany will be by means of a durable medium (section 167 of the Investment Code) in the following cases
bull suspension of the redemption of the units bull termination of the management of the fund or its liquidation bull any amendments to the company rules which are inconstant with the previous investment principles which affect material investor
rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool bull merger of the fund with one or more other funds and bull the change of the fund into a feeder fund or the modification of a master fund
The asset managerfor a changing
world
The asset managerfor a changing
world